Policy Endorsements (4 of 4)
Tax Parcel (More Than One Tax Lot)
Insures against loss or damage is the land insured is not assessed for real estate tax purposes as a separate tax lot or as separate tax lots.
Requirements: Review of municipality's tax map (Loan Policy).
Tax Parcel (Single Tax Lot)
Insures against loss or damage is the land insured is not assessed for real estate tax purposes as a separate tax lot or as separate tax lots.
Requirements: Review of municipality's tax map (Loan Policy).
Variable Rate Mortgage - Alta Endorsement 6
ALTA Endorsement 6 insures against loss of priority by reason of changes in the rate of interest on the principal indebtedness secured by the insured mortgage. The Fixed Rate Conversion endorsement also insures against loss of priority by reason of provisions in the mortgage which permit the borrower to convert to a fixed rate. The Negative Amortization endorsement also insures against loss of priority by reason of the capitalization of interest.
Requirements: The mortgage must provide for changes in the interest rate. For the Negative Amortization endorsement to be issued, mortgage recording tax is to be paid on a maximum stated principal amount of indebtedness including the amount of interest that may be capitalized, and a mortgage recording tax affidavit is required (Loan Policies).
Variable Rate Mortgage - Fixed Rate Conversion
ALTA Endorsement 6 insures against loss of priority by reason of changes in the rate of interest on the principal indebtedness secured by the insured mortgage. The Fixed Rate Conversion endorsement also insures against loss of priority by reason of provisions in the mortgage which permit the borrower to convert to a fixed rate. The Negative Amortization endorsement also insures against loss of priority by reason of the capitalization of interest.
Requirements: The mortgage must provide for changes in the interest rate. For the Negative Amortization endorsement to be issued, mortgage recording tax is to be paid on a maximum stated principal amount of indebtedness including the amount of interest that may be capitalized, and a mortgage recording tax affidavit is required (Loan Policies).
Variable Rate Mortgage - Negative Amortization
ALTA Endorsement 6 insures against loss of priority by reason of changes in the rate of interest on the principal indebtedness secured by the insured mortgage. The Fixed Rate Conversion endorsement also insures against loss of priority by reason of provisions in the mortgage which permit the borrower to convert to a fixed rate. The Negative Amortization endorsement also insures against loss of priority by reason of the capitalization of interest.
Requirements: The mortgage must provide for changes in the interest rate. For the Negative Amortization endorsement to be issued, mortgage recording tax is to be paid on a maximum stated principal amount of indebtedness including the amount of interest that may be capitalized, and a mortgage recording tax affidavit is required (Loan Policies).
Waiver of Arbitration
Deletes the provision of the policy enabling either the Company or the Insured to elect arbitration when the amount of insurance is $1,000,000 or less. Under the Policy without endorsement, arbitration must be agreed to by the Company and the Insured when the amount of insurance exceeds $1,000,000 (Owner's and Loan Policies).
Requirements: None
