LA ALTA Endorsement 1 (Street Assessments)

Explanation:

This endorsement assures the insured mortgagee under a mortgagee's policy that there are no street improvements under construction or completed which at the date of the issuance are prior or at a later date may be prior to the lien of the insured mortgage. It may be given upon request by endorsement or by additional coverage within the body of a mortgagee's policy if the issuing company is provided with satisfactory evidence to justify such coverage.

Underwriting Requirements:

Usually assessment liens are disclosed through a search of the mortgage indices (exception—in Jefferson Parish assessments are recorded in distinct mortgage books with a separate index and must be searched separately). However, assessments for improvements in progress or recently completed may not appear as existing liens in the records. Assessment liens subsequently perfected may gain priority over the lien of the insured mortgage. Underwriting requirements are as follows:

1. Verify by inspection, survey, or affidavit there are no recent street improvements adjoining the premises.
   
2. Check for existing assessment liens in the appropriate parish indices. (Your abstractor should show all street contracts filed within the last year.)
   
3. Verify with the applicable municipal department that there have been no assessments.
   
4. In Orleans parish only, check tax certificate to verify there are no assessments shown.
   
5. If a lien is found, except to it on Schedule B of the commitment and the subsequent policy.

Charge: $30.