OTIRO Endorsement No. 90.2 - Substitute Assured Endorsement for Trustee Sale or Foreclosure Guarantee
ATTACHED TO POLICY NO. [FILL IN]
STEWART TITLE GUARANTY COMPANY
[Date : [FILL IN] ]
[Premium : [FILL IN] ]
The Company hereby amends the Guarantee by changing the Assured previously named in the Guarantee to the following substitute Assured:
This endorsement does not insure against loss or damage, and the Company will not pay costs, attorneys' fees, or expenses, by reason of any claim arising or resulting from
(i) the failure of the above substitute Assured to acquire an insurable estate or interest in said land;
(ii) any defect, lien or encumbrance attaching by reason of the acquisition of an estate or interest in the land by the above substitute Assured; or
(iii) the transaction by which the substitute Assured acquired an estate or interest in the land being deemed, by reason of the operation of federal bankruptcy, state insolvency or similar creditors' rights laws,
1. a fraudulent conveyance or fraudulent transfer or
2. a preferential transfer.
This endorsement is not effective if, at Date of Endorsement, (a) the note or notes secured by the lien of the trust deed identified in the Guarantee as the trust deed to be foreclosed are not properly endorsed and delivered to the substitute Assured beneficiary of the trust deed, or (b) said substitute Assured beneficiary, when the note or notes are transferable records, does not have "control" of the single authoritative copy of each "transferable record" as these terms are defined by applicable electronic transactions laws.
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.
[Witness clause optional]
[Order Reference: [FILL IN] ]
[STEWART TITLE GUARANTY COMPANY]
No guidelines are available for this form at this time.