STG Example Policy (Leasehold Estates) 3 - Insuring Fee and Leasehold Estate in the Same Policy
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 THE FEE AND THE LEASEHOLD ESTATES
IN THE SAME POLICY
Order No. To be filled out.
Policy No.: To be filled out.
Date of Policy: Month-Day-Year-Hour
Amount of Insurance: $100,000.00
1. Name of Insured: Peppermint Patti
2. The estate or interest in the land which is covered by this policy is:
Fee simple as to Parcel I and a Leasehold Estate as to Parcel II.
3. Title to the estate or interest in the land is vested in: Peppermint Patti
4. The land referred to in this policy is described as follows:
LOT 2, BLOCK 1, ROYAL ACRES, a subdivision of land in Peanutsville City, Schultz County, State of Comics, according to the recorded plat thereof.
“The leasehold estate created by the Lease executed by Charlie Brown, as lessor, to Peppermint Patti, as lessee, dated 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. Mortgage dated October 1, 1988, recorded October 3, 1988 at 8:30 a.m., in Book XX, Page YY, executed by Peppermint Patti to ABC Corporation, stating that it secures the sum of $100,000.00.
7. Affecting The Fee Simple Only
8. Affecting The Leasehold Estate Only
9. Policy Modification Endorsement attached hereto, is incorporated into and made an integral part of this Schedule B.
No guidelines are available for this form at this time.