STG Example Policy (Leasehold Estates) 8 - Insuring a Mortgage on a Subleasehold 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 SUBLEASEHOLD 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:
Subleasehold estate created by the sublease executed by Peppermint Patti, sublessor, to Snoopy Brown, sublessee, dated October 1, 1988, recorded October 3, 1988, at 8:29 a.m., in Book XX, Page YY.
3. The subleasehold term insured is: Five years, beginning October 1, 1988 and ending October 1, 1993.
4. Title to the estate or interest in the land is vested in: Snoopy Brown
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 XX, Page YY, executed by Snoopy Brown 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:
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. Special Exceptions Affecting The Fee Simple
7. Special Exceptions Affecting The Subleasehold Estate
8. Terms and provisions of the lease executed by Charlie Brown, as lessor, to Peppermint Patti, lessee, dated October 31, 1987, recorded November 1, 1987 in Book XX, Page YY.
No guidelines are available for this form at this time.