OTIRO Endorsement No. 62.3 Standard Bondholder's Coverage - Lease or Subleas Validity Endorsement





Date :
Premium :

The Company assures the owners of the Indenture referred to in Paragraph [4] of Schedule A of this policy, as their interests may appear, that

The (sub)lease referred to in Paragraph [FILL IN] of Schedule [FILL IN] of this policy is valid at the date of this policy as to the Land described therein, and at the commencement of its term will be binding as to said Land, subject to the effect of:

(a) Any facts, rights, interest or claims which are not shown by the Public Records but which could be ascertained by making inquiry of the lessors, or their successors in interest, in the lease referred to in Schedule [FILL IN]; (or the sublessors, or their successors in interest, in the sublease above-referred to;)

(b) Any failure to comply with the covenants, conditions and provisions of said lease (or of said sublease);

(c) Any acts of a party or parties to said (sub)lease, or of its or their successors in interest, or any action in eminent domain, by which any rights or interests or obligations thereunder are released or impaired; and

(d) Any termination of said (sub)lease under any of the provisions thereof.

The Company hereby insures said assureds against loss of principal, interest or other sums secured by the Indenture referred to in Paragraph [4] of Schedule A of this policy which said assureds shall sustain in the event the assurances in this endorsement prove to be incorrect.

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 issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Order Reference: 


BY: _______________________________
Authorized Signer

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