OTIRO No. 90-06 Substitute Insured Endorsement (9-4-23)

OTIRO 90-06 SUBSTITUTE INSURED ENDORSEMENT
(FOR USE WITH ALTA 1970, 1992 & 2006 OWNER’S POLICY)
ATTACHED TO POLICY NUMBER ______________

ISSUED BY
STEWART TITLE GUARANTY COMPANY

The Company hereby amends the policy by changing the Insured previously named in the policy to: ______________.

This endorsement is effective only if:

(1)  the above named Insured, on or before the date of this endorsement, acquired an insurable interest in the Land for no present monetary consideration, and

(2)  one or more of the following describes the relationship between the above named Insured and the previous Insured:

(a)   the above named Insured is the immediate successor in interest upon dissolution of the previous Insured; or

(b)   the above named Insured is a partnership, limited partnership, limited liability partnership, limited liability company or corporation of which the previous Insured is the sole or all of the partners, members or shareholders; or

(c)   the above named Insured is the sole or all of the partners, members or shareholders of the previous insured partnership, limited partnership, limited liability partnership, limited liability company or corporation, as the case may be; or

(d)   the above named Insured is a wholly owned subsidiary of the previous Insured; or

(e)   the previous Insured is a wholly owned subsidiary of the above named Insured; or

(f)    the above named Insured is the trustee of an intervivos trust created by the previous Insured; or

(g)  the above named Insured includes one or more of the previously Insured and (a), (b), (c), (d), (e), or (f) describes the relationship between all others of the above named Insured and the previously Insured.

This endorsement does not extend the coverage of the policy to any later date than the Date of Policy, nor does it impose any liability on the Company for loss or damage resulting from

(i)    the failure of the above named Insured to acquire an insurable estate or interest in the Land, or

(ii)   any defect, lien or encumbrance attaching by reason of the acquisition of an estate or interest in the Land by such above named insured.

The total liability of the Company under the policy and any endorsements therein shall not exceed, in the aggregate, the face amount of the policy and costs which the Company is obligated under the Conditions to pay.

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.