Page 44 - Guide to the Most Requested Commercial Title Insurance Endorsements eBook

ALTA Table of Contents Quick Reference Index

ENDORSEMENT 1 2 3 1 2 3 4 5 6

MORTGAGE MODIFICATION ENDORSEMENT SERIES
ALTA ENDORSEMENTS 11, 11.1, 11.2

I. Purpose:

The ALTA 11 is issued with the standard ALTA Loan Policy in those cases where a
mortgage or deed of trust is modified after its original date by agreement of the
parties.

This endorsement is not the same as a "date-down" endorsement as it does not
extend all the coverages under the policy to the date of recording of the mortgage
modification agreement. However, it is typically issued in conjunction with a "date-
down" endorsement bringing forward the date of policy to the recording date of the
modification as permitted by state statute or regulation.

II. Coverage Provided:

a. ALTA 11 (Mortgage Modification): Insures against loss or damage due to invalidity
or unenforceability of the mortgage as a result of the terms of the modification
agreement. It also insures that priority of the mortgage, as modified, continues
over any defects, liens, and encumbrances on the title, other than those listed as
exceptions in either the policy or the endorsement.

b. ALTA 11.1 (Mortgage Modification with Subordination): Insures against loss or
damage due to the invalidity or unenforceability of the mortgage as a result of the
terms of the modification agreement. It also insures that priority of the mortgage,
as modified, continues over any defects, liens, and encumbrances on the title,
other than those listed as exceptions in either the policy or the endorsement.
Finally, this endorsement is issued when an intervening lien appears in the title
search and is subordinated by agreement to the insured mortgage.

c. ALTA 11.2 (Mortgage Modification with Additional Amount of Insurance): This
endorsement insures against loss or damage due to invalidity or enforceability of
the mortgage as a result of the terms of the modification agreement. It also
insures that priority of the mortgage, as modified, continues over any defects,
liens, and encumbrances on the title, other than those listed as exceptions in
either the policy or the endorsement. Finally, this endorsement is issued when an
intervening lien appears in the title search and is subordinated by agreement to
the insured mortgage. The ALTA 11.2 is used when a mortgage/deed of trust is
being modified or amended and the amount of the mortgage/deed of trust is
being increased.

7 NCS Commercial Endorsement Guide | oldrepublictitle.com/ncs 44