NJRB 5-57 Application of Mortgage Payments ("Last Dollar") Endorsement (11-1-23)

NJRB 5-57 APPLICATION OF MORTGAGE PAYMENTS (“LAST DOLLAR”) ENDORSEMENT
THIS ENDORSEMENT IS ISSUED AS PART OF POLICY NUMBER ______________________

ISSUED BY
STEWART TITLE GUARANTY COMPANY

1. Paragraph 10.a. of the Conditions of the Policy is supplemented to provide that the Company, by the issuance of the policy in an amount which is less than the face amount of the Insured Mortgage, agrees that, if the Insured applies all payments by the mortgagor to the release of security other than the Land, until such time as the aggregate principal indebtedness outstanding is reduced to the amount of this policy, the Amount of Insurance afforded under this policy will not be reduced by such payments.
2. Any subsequent payments which would have the effect of reducing the indebtedness below the amount of this policy will concurrently reduce the Amount of Insurance under this policy by $1.00 for each $1.00 of principal reduction made.

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 of Endorsement: __________