Stewart Title Guaranty Endorsement No. 108 Wind Energy - Personal Property Endorsement
ATTACHED TO POLICY NUMBER
The Company acknowledges that some improvements located or to be located on the Land may constitute personal property ("Personal Property")
In the event of a loss by reason of a defect, lien, encumbrance or other matter covered by this Policy, the Company shall include in the calculation of the loss (but not to the extent that these items of loss are included in the valuation of the Title determined pursuant to Section 8 of the Conditions or any other endorsement to the Policy):
(a) the diminution in value of any Personal Property, including without limitation by reason of removal, transportation or relocation thereof, resulting from the defect insured against, to the extent of the Insured's interest in the Personal Property, reduced by the amount of any applicable liens, encumbrances or security interests and salvage value; and
(b) the reasonable cost actually incurred by the Insured in connection with the removal, transportation or relocation of the Personal Property resulting from the defect insured against;
For purposes of this policy the term "Personal Property" shall mean any of the following which by law constitutes personal property: those wind-powered electricity generating facilities, substations, transmission and collector lines and interconnections, transformers, turbines, circuit breakers, footings, towers, poles, crossarms, guy lines, anchors, wires, control systems, communications or radio relay systems, safety protection facilities, roads, and other buildings, structures, fixtures, improvements, facilities, machinery, equipment, appliances and other items associated with or incidental to the generation, conversion, storage, switching, metering, step-up, step down, transmission, conducting, wheeling, sale or other use or conveyance of electricity now or in the future affixed to the Land.
This endorsement relates solely to the calculation of the Insured's loss resulting from a claim based on a defect, lien or encumbrance or other matter otherwise insured against by the Policy. This Policy does not insure against loss or damage (and the Company will not pay any costs, attorney's fees or expenses) relating to: (1) the attachment, perfection or priority of any security interest in the Personal Property; (2) the vesting or ownership of title to or rights in any Personal Property; (3) any defect in or lien or encumbrance on the title to any Personal Property; or (4) the determination of whether any specific property is real or personal in nature.
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.
Signed under seal for the Company, but this endorsement is to be valid only when it bears an authorized countersignature.
No guidelines are available for this form at this time.