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 |
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