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.
(LIMITED) OPTION ENDORSEMENT
(Execution)
Attached to Policy No. _________
Issued by
STEWART TITLE GUARANTY COMPANY
The Company hereby insures the Insured (a) that the Acquisition Option (the "Option"), Notice of said Option being separately filed under _______________ , has been executed by all of the fee simple owners of subject property, and parties having an interest therein at Date of Policy (except those parties whose interests are excepted in Schedule B of the Policy) and (b) the rights, if any, of the optionee under said Option are vested in the Insured subject to the terms and provisions thereof and subject to the following further exceptions:
| (1) Matters arising subsequent to Date of Policy. |
| (2) Any loss or damage by reason of bankruptcy, receivership or similar insolvency proceeding of the owner or optionor subsequent to Date of Policy. |
| (3) This Endorsement does not insure the enforceability of said Option, nor does it insure against the failure of any party to perform in accordance with the terms of the Option. |
| (4) This Endorsement does not assure against loss or damage based upon usury (if option to lender). |
| (5) The Company assumes no obligation for any legal fees in connection with right to enforce the Option or in connection with any matters as to which exception is taken as stated above. |
| The Endorsement is made a part of the Policy and is subject to all 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 this Policy and any prior Endorsements, nor does it increase the face amount thereof. |
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.