AZ Collateral Assignment of Mortgage Endorsement 27
Attached to Policy No. __________
STEWART TITLE GUARANTY COMPANY
The Company assures:
(a) That the beneficial interest under the mortgage referred to in paragraph _____ of Schedule _____ has been assigned to said Assured as collateral security by instrument dated _____, recorded _____________________________ as __________.
(b) That no reconveyance, either full or partial, of said mortgage, or any modification or subordination thereof, appears of record.
The Company hereby insures said Assured against loss which said Assured shall sustain in the event that the assurances herein shall prove to be incorrect.
Impairment, loss or failure of title to the beneficial interest transferred to the Assured is expressly excluded from the coverage hereof if resulting from:
(a) lack of possession of the original promissory note secured by the insured mortgage, or
(b) the absence from the original promissory note of a proper endorsement to the insured assignee.
The liability of the Company under this endorsement shall not exceed the sum of $____________ and costs which the Company is obligated under the Conditions and Stipulations of said policy to pay; and the total liability of the Company under said policy and any endorsements therein shall not exceed, in the aggregate, the face amount of said policy and costs which the Company is obligated under the Conditions and Stipulations thereof to pay.
This endorsement is made a part of said policy and is subject to the Exclusions from Coverage, Schedules, Conditions and Stipulations therein, except as modified by the provisions hereof.
This endorsement is not to be construed as insuring the title to said estate or interest as of any later date than the date of said policy, except as herein expressly provided as to the subject matter hereof.
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