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.
PARI PASSU ENDORSEMENT
Attached to and Forming a Part of
Policy of Title Insurance No. ___________
Issued by
STEWART TITLE GUARANTY COMPANY
Paragraph 10 of the Covered Risks of the policy which reads:
"The lack of priority of the lien of the Insured Mortgage upon the Title over any other lien or encumbrances." |
is hereby deleted, and there is substituted in lieu thereof the following as Covered Risk 10:
"(a) The lack of priority of the lien of the Insured Mortgage referred to in subparagraph 4.a of Schedule A upon the Title over any other lien or encumbrance, except the Insured Mortgage referred to in subparagraph 4.b of Schedule A; or |
(b) The lack of priority of the lien of the Insured Mortgage referred to in subparagraph 4.b of Schedule A upon the Title over any other lien or encumbrance, except the Insured Mortgage referred to in subparagraph 4.a of Schedule A; or; |
(3) The lack of priority of the lien of the Insured Mortgage referred to in subparagraph 4.c of Schedule A upon the Title over any other lien or encumbrance, except the Insured Mortgage referred to in subparagraph 4.a of Schedule A and the Insured Mortgage referred to in subparagraph 4.b of Schedule A." |
THIS ENDORSEMENT MAY NOT BE ISSUED WITHOUT APPROVAL FROM STEWART TITLE GUARANTY UNDERWRITING PERSONNEL
Except where used in this Endorsement, the term "Insured Mortgage" wherever used in said Policy shall be construed as referring to all of the mortgages described in Schedule A.
The Company hereby insures the Insured, except as stated in Schedule B Part I, against loss sustained by the Insured if there are any matters affecting the priority of the lien of the Insured Mortgage shown in subparagraph 4.b of Paragraph 4 of Schedule A which have intervened between the time of the recording of the Insured Mortgage shown in subparagraph 4.a of Paragraph 4 of Schedule A and the Insured mortgage shown in the subparagraph 4.b of Paragraph 4 of Schedule A, and if there are any matters affecting the priority of the lien of the Insured Mortgage shown in subparagraph 4.c of Paragraph 4 of Schedule A which have intervened between the time of the recording of the Insured Mortgages shown in subparagraphs 4.a and 4.b of Paragraph 4 of Schedule A and the Insured Mortgage shown in subparagraph 4/c of Paragraph 4 of Schedule A.
There is hereby added to the Conditions at the end of Section 11, Payment of Loss, the following new sentence:
"If payment is made under this Policy, payment shall be made ratably to the owners of the Indebtedness secured by the liens of the Insured Mortgages, as their interests may appear." |
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.
REQUIRE EXCEPTION TO INTERCREDITOR AGREEMENT AND RECORD
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.