This form should not be used if a comparable ALTA version is available. If a comparable ALTA version is available, the most current version of the ALTA form available in each state should be used, unless approved by a Stewart underwriter.
ENDORSEMENT
Attached To and Made a Part of
Policy No. __________
Issued By
STEWART TITLE GUARANTY COMPANY
The Company hereby insures the Insured:
| (a) That in the event of a loss otherwise insured against by this policy, such loss shall include the interest of the Insured in any improvements located on the land described in the mortgage insured hereunder, regardless of the fact that the parties may have characterized some or all of such improvements as personal property. |
| (b) That at such time when the erection of improvements contemplated upon the land herein shall be commenced, liability under this policy shall increase, as the improvements progress, in the amount equal to the greatest of (i) the cost of the improvements, (ii) the value of the improvements, or (iii) the amounts advanced by the Insured on or subsequent to the Date of Policy which are secured by the insured mortgage, but in each case only up to the face amount of the policy. |
THIS ENDORSEMENT MAY NOT BE ISSUED WITHOUT APPROVAL FROM STEWART TITLE GUARANTY UNDERWRITING PERSONNEL
This endorsement is made a part of the policy and is subject to all of the terms and provisions thereof and of any prior endorsements thereto. Except to the extent expressly stated, it neither modifies any of the terms and provisions of the policy and any prior endorsements, nor does it extend the effective date of the policy and any prior endorsements, nor does it increase the face amount thereof.
[Witness clause optional]
This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.
For issuing guidelines on this form, see Guidelines.