Bulletin: VA2013004

Dear Associates:

Effective June 21, 2013, the Virginia Bureau of Insurance has approved Stewart Title Guaranty Company to issue the following ALTA policy forms and endorsements:

ALTA® Residential Limited Coverage Junior Loan Policy (08-01-12)
The ALTA Residential Limited Coverage Junior Loan Policy includes the Insuring Provisions, Exclusions from Coverage, Conditions and Schedule. This form does not insure the validity of the insured’s mortgage and it does not insure that the Grantee (who will generally be the mortgagor) owns the land. It does provide defense costs as stated and does insure a later owner of the debt secured by the insured’s mortgage. This form is issued before the Junior Mortgage is executed: it is similar to a commitment to insure. For guidelines, click here.

ALTA® Endorsement JR 1 Revised (08-01-12)
This form is a continuation endorsement to the Junior Loan Policy. It is generally requested at the time the Insured’s mortgage is executed. It will show intervening liens or deeds recorded after the Policy and it will show the Insured’s mortgage. For guidelines, click here.

ALTA® Endorsement JR 2 (Future Advance) (08-01-12)
The ALTA Endorsement JR 2 endorses the ALTA Residential Limited Coverage Junior Loan Policy to provide insurance as to future advance provisions and provisions providing for changes in the rate of interest in the insured's mortgage. For guidelines, click here.

ALTA® Limited Pre-Foreclosure Policy (12-03-12)
The Limited Pre-Foreclosure Policy is issued to lenders whose liens are in default and who will foreclose or acquire title by deed in lieu of foreclosure. The policy insures certain matters recorded in the public records on or after the date of the foreclosing mortgage. This endorsement allows for Date of Policy changes and amendments to Schedules A and B. For guidelines, click here.

ALTA® Endorsement (Limited Pre-Foreclosure Date-Down) (12-03-12)
This endorsement allows for Date of Policy changes and amendments to Schedules A and B of the Limited Pre-Foreclosure Policy. For guidelines, click here.

ALTA® Short Form Residential Loan Policy (12-03-12)
This form was updated to improve readability and clarity.

ALTA® U.S. Policy Revised (9-28-91) (M-9131) (12-03-12)
This form was update to improve readability and clarity.

ALTA® Endorsement 3.2-06 Zoning – Land Under Development (04-02-12)
This endorsement insures against loss or damage in the event that the Land does not meet the zoning classification set forth in the endorsement, or zoning ordinances or amendments have been violated. Guideline.

ALTA® Endorsement 9-06 Restrictions, Encroachments, Minerals – Loan Policy (04-02-12)
This endorsement insures against loss or damage by reason of the violation of a Covenant that: (a) divests, subordinates, or extinguishes the lien of the Insured Mortgage; (b) results in the invalidity, unenforceability or lack of priority of the lien of the Insured Mortgage; or (c) causes a loss of the Insured’s Title acquired in satisfaction or partial satisfaction of the Indebtedness. This endorsement also insures against violations of restrictions, encroachments over easements, building lines or property lines, and damage by reason of mineral development. Guideline.

ALTA® Endorsement 9.1-06 Covenants, Conditions and Restrictions – Unimproved Land – Owner’s Policy (04-02-12)
This endorsement insures against loss or damage by reason of: (a) A violation on the Land of an enforceable Covenant; or (b) A notice of a violation, recorded in the Public Records of an enforceable Covenant relating to environmental protection. Guideline.

ALTA® Endorsement 9.2-06 Covenants, Conditions and Restrictions – Improved Land – Owner’s Policy (04-02-12)
This endorsement insures against loss or damage by reason of: (a) A violation on the Land of an enforceable Covenant; (b) Enforced removal of an Improvement as a result of a violation of a building setback line shown on a plat of subdivision recorded or filed in the Public Records; or (c) A notice of a violation, recorded in the Public Records, of an enforceable Covenant relating to environmental protection describing any part of the Land and referring to that Covenant, but only to the extent of the violation of the Covenant referred to in that notice. Guideline.

ALTA® Endorsement 9.3-06 Covenants, Conditions and Restrictions – Loan Policy (04-02-12)
This endorsement insures against loss or damage by reason of: A violation of a Covenant that: (1) divests, subordinates, or extinguishes the lien of the Insured Mortgage, (2) results in the invalidity, unenforceability or lack of priority of the lien of the Insured Mortgage, or (3) causes a loss of the Insured’s Title acquired in satisfaction or partial satisfaction of the Indebtedness; A violation on the Land of an enforceable Covenant; Enforced removal of an Improvement as a result of a violation of a building setback line shown on a plat of subdivision recorded or filed in the Public Records; or A notice of a violation of an enforceable Covenant relating to environmental protection describing any part of the Land and referring to that Covenant. Guideline.

ALTA® Endorsement 9.7-06 Restrictions, Encroachments, Minerals – Land Under Development – Loan Policy (04-02-12)
This endorsement insures against loss or damage sustained by reason of: (a) a violation of a covenant; (b) a violation of a covenant by an Improvement on the Land or a Future Improvement; (c) enforced removal of an Improvement or Future Improvement on the Land as a result of a violation of a building setback line shown on a plat of subdivision; (d) a notice of a violation of an enforceable covenant related to environmental protection. This endorsement also insures against loss or damage sustained by reason of an encroachment or damage to an improvement located on the Land. This endorsement also insures against violations of restrictions, encroachments over easements, building lines or property lines, and damage by reason of mineral development. Guideline.

ALTA® Endorsement 9.8-06 Covenants Conditions and Restrictions – Land Under Development – Owner’s Policy (04-02-12)
This endorsement insures against loss or damage sustained by reason of: (a) a violation of a covenant by an Improvement on the Land or a Future Improvement; (b) enforced removal of an Improvement or Future Improvement on the Land as a result of a violation of a building setback line shown on a plat of subdivision; (c) a notice of a violation of an enforceable covenant related to environmental protection. Guideline.

ALTA® Endorsement 13-06 Leasehold – Owner’s (04-02-12)
This endorsement sets forth the kinds of damages that may be covered due to the loss of the lease (including relocation of improvements). Guideline.

ALTA® Endorsement 13.1-06 Leasehold – Loan (04-02-12)
This endorsement sets forth the kinds of damages that may be covered due to the loss of the lease (including relocation of improvements). Guideline.

ALTA® Endorsement 28.1-06 (Encroachments – Boundaries and Easements (04-02-12)
This endorsement insures against loss or damage sustained by reason of: (a) An encroachment of any Improvement located on the Land onto adjoining land or onto that portion of the Land subject to an easement; (b) An encroachment of any Improvement located on adjoining land onto the Land; (c) Enforced removal of any Improvement located on the Land as a result of an encroachment; or (d) Enforced removal of any Improvement located on the Land that encroaches onto adjoining land. Guideline.

ALTA® Endorsement 30.1-06 Commercial Participation Interest (08-01-12)
This new endorsement insures as of the Date of Policy against loss or damage by reason of (a) the invalidity or unenforceability of the lien of the Insured Mortgage resulting from the provisions of the Insured Mortgage or Loan Documents containing a participation interest; (b) lack of priority of the lien of the Insured Mortgage at Date of Policy, securing (i) the unpaid principal balance of the loan and (ii) the interest on the loan, including the participation interest, if any which lack of priority is caused by the provisions of the Loan Documents for payment or allocation to the Insured of any participation interest. Guidelines.

ALTA® Endorsement 35-06 Minerals and Other Subsurface Substances – Buildings (04-02-12)
This endorsement insures against loss or damage sustained by reason of the enforced removal or alteration of any Improvement resulting from the future extraction or development of minerals or any other subsurface substances. Guideline.

ALTA® Endorsement 35.1-06 Minerals and Other Subsurface Substances – Improvements (04-02-12)
This endorsement insures against loss or damage sustained by reason of the enforced removal or alteration of any Improvement, resulting from the future extraction or development of minerals or any other subsurface substances. "Improvement" means each itemized improvement. Guideline.

ALTA® Endorsement 35.2-06 Minerals and Other Subsurface Substances – Described Improvements (04-02-12)
This endorsement insures against loss or damage sustained by reason of the future enforced removal or alteration of any Improvement resulting from the extraction or development of minerals or any other subsurface substances. "Improvement" means each itemized improvement. Guideline.

ALTA® Endorsement 35.3-06 Minerals and Other Subsurface Substances – Land Under Development (04-02-12)
This endorsement insures against loss or damage sustained by reason of the future enforced removal or alteration of an Improvement or a Future Improvement, resulting from use of the surface of the Land for the extraction or development of minerals or any other subsurface substances. Guideline.

ALTA® Endorsement 36-06 Energy Project – Leasehold/Easement – Owner’s (04-02-12)
This endorsement sets forth the kinds of damages that may be covered due to the loss of an Energy Project Lease or Easement (including relocation of improvements). Guideline.

ALTA® Endorsement 36.1-06 Energy Project – Leasehold/Easement – Loan (04-02-12)
This endorsement sets forth the kinds of damages that may be covered due to the loss of an Energy Project Lease or Easement (including relocation of improvements). Guideline.

ALTA® Endorsement 36.2-06 Energy Project – Leasehold – Owner’s (04-02-12)
This endorsement sets forth the kinds of damages that may be covered due to the loss of an Energy Project Lease (including relocation of improvements). Guideline.

ALTA® Endorsement 36.3-06 Energy Project – Leasehold – Loan (04-02-12)
This endorsement sets forth the kinds of damages that may be covered due to the loss of an Energy Project Lease (including relocation of improvements). Guideline.

ALTA® Endorsement 36.4-06 Energy Project – Covenants, Conditions and Restrictions – Land Under Development – Owner’s (04-02-12)
This endorsement insures against loss or damage sustained by the Insured by reason of: (a) A violation of an enforceable Covenant by any Electricity Facility or Severable Improvement; (b) Enforced removal of any Electricity Facility or Severable Improvement as a result of a violation of a building setback line shown on a plat of subdivision; or (c) A notice of a violation of an enforceable Covenant relating to environmental protection, describing any part of the Land and referring to that Covenant, but only to the extent of the violation of the Covenant referred to in that notice. Guideline.

ALTA® Endorsement 36.5-06 Energy Project – Covenants, Conditions and Restrictions – Land Under Development – Loan (04-02-12)
This endorsement insures against loss or damage sustained by reason of: (a) A violation of a Covenant that: divests, subordinates, or extinguishes, or results in the invalidity, unenforceability, or lack of priority of the lien of the Insured Mortgage; or causes a loss of the Insured’s Title acquired in satisfaction or partial satisfaction of the Indebtedness; (b) A violation of an enforceable Covenant by any Electricity Facility or Severable Improvement; (c) Enforced removal of any Electricity Facility or Severable Improvement, as a result of a violation of a building setback line shown on a plat of subdivision; or (d) A notice of a violation of an enforceable Covenant relating to environmental protection, describing any part of the Land and referring to that Covenant, but only to the extent of the violation of the Covenant referred to in that notice. Guideline.

ALTA® Endorsement 36.6-06 Energy Project – Encroachments (04-02-12)
This endorsement insures against loss or damage sustained by reason of encroachments or enforced removal of any Electricity Facility or Severable Improvement, as a result of an encroachment [or] Damage to any Electricity Facility or Severable Improvement that is located on or encroaches onto that portion of the Land subject to an easement. Guideline.

ALTA® Endorsement 37-06 (Assignment of Rents or Leases) (12-03-12)
This endorsement insures against any defect in the assignment of rents or leases or  any assignment of the lessor’s interest in any lease or leases or any assignment of rents affecting the Title and recorded in the Public Records at Date of Policy other than as set forth in any instrument referred to in Schedule B. For guidelines, click here.

ALTA® Endorsement 38-06 (Mortgage Tax) (12-03-12)
Upon payment of any deficiency in the Mortgage Tax, including interest and penalties, by the Insured, the Company insures against loss or damage sustained by the Insured by reason of: (a) the invalidity or unenforceability of the lien of the Insured Mortgage as security for the Indebtedness resulting from the failure to pay, at the time of recoding, any portion of the Mortgage Tax; or (b) the lack of priority of the lien of the Insured Mortgage as security for the Indebtedness resulting from the failure to pay, at the time of recording, any portion of the Mortgage Tax. For guidelines, click here.

All agents using AFW or AFW+ must contact PropertyInfo Customer Care (888-526-3282) to get the new rate(s) changes implemented in their AFW or AFW + systems.

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.