MI Construction Loan Disbursement Endorsement 1

ENDORSEMENT ATTACHED TO AND MADE A PART

OF THE POLICY OF TITLE INSURANCE

SERIAL NUMBER

ISSUED BY

STEWART TITLE GUARANTY COMPANY

HEREIN CALLED THE COMPANY

File Number:

Upon disbursement of the amount shown at (b) below in connection with subject property, we hereby extend the date of our title insurance policy to the date below increasing the coverage to the amount stated in (c) below; and further, we insure against loss or damage by reason of the establishment of priority over the lien of the said mortgage of any statutory lien for labor or material arising from non payment of bills covering the improvements set forth in the sworn statements and documents evidencing work progress submitted to the Company in connection with said disbursement and for which funds were actually advanced.

(a) $_______________________ (Total previously insured to date)

(b) $_______________________ (Amount to be presently disbursed)

(c) $_______________________ (Total amount of insurance)

The following exceptions are hereby added to Schedule B of said Policy:

_________________________________________________________________________________________________________________

Nothing herein contained, nor in the policy previously issued, shall subject Stewart Title Guaranty Company to liability for the completion of the improvements presently under construction on the insured premises or to liability for non-compliance with plans and specifications in connection with the construction, and Stewart Title Guaranty Company in no way guarantees the sufficiency of the mortgage proceeds as adequate to complete said improvements. Stewart Title Guaranty Company does not insure against liens for labor performed and materials furnished after Date of Endorsement.

Date of Endorsement: ___________________

Signed under seal for the Company, but this endorsement is to be valid only when it bears an authorized countersignature.

Countersigned:

_________________________________________
Authorized Countersignature