NJRB 5-33 Reverse Annuity Mortgage Endorsement (11-1-23)

NJRB 5-33 REVERSE ANNUNITY MORTGAGE ENDORSEMENT 
THIS ENDORSEMENT IS ISSUED AS PART OF POLICY NUMBER ______________________

ISSUED BY
STEWART TITLE GUARANTY COMPANY

1.     For purposes of this endorsement, “Loan Documents” means the Insured Mortgage, Loan Agreement, and Note.

2.     The Company insures against loss or damage sustained by the Insured by reason of the invalidity, unenforceability, or loss of priority of the lien of the Insured Mortgage as security for the Indebtedness as set forth in the Loan Documents; provided, however, that such invalidity, unenforceability or loss of priority is caused or created by the provisions of the Loan Documents.

3.     This endorsement does not insure against loss or damage based upon (a) usury, or (b) any Consumer Protection Law.

4.     This endorsement does not insure that advances made after Date of Policy pursuant to the Loan Documents have priority over the following matters, arising after Date of Policy:

a.   Real Estate Taxes, Special Assessments, or Municipal Liens.

b.   Federal Tax Liens.

c.   Bankruptcies affecting the estate or interest of the owner of the Land.

d.   Environmental Protection Liens.

5.     This endorsement does not insure that advances made after Date of Policy pursuant to the Loan Documents have priority over liens, encumbrances, or other matters if an event, entitling the insured to declare the loan to be in default under the terms of the Loan Documents, the existence of which event of default is Known to the Insured, occurs before the date of any such advance.

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.

Date: ____________