STG Affidavit Relating to Academic Facility Guideline 1

Explanation:

This Affidavit can be used to omit or insure over an exception for recovery rights of the United States of America in connection with grants made to institutions of higher education under the Higher Education Act of 1965, as amended (the "Act"), to aid in the construction, reconstruction and renovation of academic facilities.

See: Underwriting Manual, Section 18.04: Schools - Higher Education Act

Underwriting Requirements:

(1) This Affidavit can be executed only by the academic institution that was in title when the facility was completed. The institution must not be liquidating or otherwise ceasing its existence.

(2) The Affiant should review the definitions of "academic facility" in prior versions of the Act.

(3) The Affidavit must contain the specific language of Section A and/or B, exactly as set forth in the form. Any changes to the Affidavit must be approved by a Senior Underwriter.

(4) If you are unable to obtain an acceptable affidavit from the academic institution, it may be necessary to obtain independent verification from the United States government regarding grants under the Act.