STG Example Policy (Leasehold Estates) 4 - Insuring a Mortgage on a Leasehold Estate
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.
INSURING A MORTGAGE ON A LEASEHOLD ESTATE
Order No. To be filled out.
Policy No.: To be filled out.
Date of Policy: Month-Day-Year-Hour
Loan No.: To be filled out.
Amount of Insurance: $80,000.00
1. Name of Insured: ABC Corporation
2. The estate or interest in the land which is covered by this policy is the leasehold estate, as leasehold estate is defined in section 1(h) of the Conditions and Stipulations of this policy, created by the instrument herein referred to as the Lease which is identified as follows:
The leasehold estate created by the lease executed by Charlie Brown, as lessor, to Peppermint Patti, as lessee, dated October 31, 1987, and recorded November 1, 1987.
3. The leasehold term insured is: The primary term of 12 years, beginning October 31, 1987 and ending October 31, 1999.
4. Title to the estate or interest in the land is vested in: Peppermint Patti
5. The insured mortgage and assignments thereof, if any, are described as follows:
Mortgage dated October 1, 1988, recorded October 3, 1988 at 8:30 a.m., in Book 22, Page 11, executed by Peppermint Patti to ABC Corporation, stating that it secures the sum of $80,000.00.
6. The land referred to in this policy is described as follows:
The leasehold estate created by the lease executed by Charlie Brown, as lessor, to Peppermint Patti, as lessee, dated for a term of 12 years, beginning October 31, 1987 recorded November 1, 1987 in Book XX, Page YY, demising and leasing for a term of 12 years, beginning October 31, 1987, and ending October 31, 1999, the following described premises, to-wit:
LOT 1, BLOCK 1, ROYAL ACRES, a subdivision of land in Peanutsville City, Schultz County, State of Comics, according to the recorded plat thereof.
This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of:
1. Rights or claims of parties in possession not shown by the public records.
2. Encroachments, overlaps, boundary line disputes, and any other matters which would be disclosed by an accurate survey and inspection of the premises.
3. Easements or claims of easements not shown by the public records.
4. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the public records.
5. Taxes or special assessments which are not shown as existing liens by the public records.
6. Exceptions Affecting The Fee Simple
7. Exceptions Affecting The Leasehold Estate
No guidelines are available for this form at this time.