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Endorsement 20-06
First Loss - Multiple Parcel Transactions
Adopted 06-17-06

ENDORSEMENT
Attached to Policy No. __________
Issued by
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY

This endorsement is effective only if the Collateral includes at least two parcels of real property.

1. For the purposes of this endorsement:
a. “Collateral” means all property, including the Land, given as security for the Indebtedness.
b. “Material Impairment Amount” means the amount by which any matter covered by the policy for which a claim is made diminishes the value of
the Collateral below the Indebtedness.

2. In the event of a claim resulting from a matter insured against by the policy, the Company agrees to pay that portion of the Material Impairment
Amount that does not exceed the extent of liability imposed by Section 8 of the Conditions without requiring:
a. maturity of the Indebtedness by acceleration or otherwise,
pursuit by the Insured of its remedies against the Collateral, or
b. SAMPLE
c. pursuit by the Insured of its remedies under any guaranty, bond or other insurance policy.
3. Nothing in this endorsement shall impair the Company’s right of subrogation. However, the Company agrees that its right of subrogation shall be
subordinate to the rights and remedies of the Insured. The Company’s right of subrogation shall include the right to recover the amount paid to the
Insured pursuant to Section 2 of this endorsement from any debtor or guarantor of the Indebtedness, after payment or other satisfaction of the
remainder of the Indebtedness and other obligations secured by the lien of the Insured Mortgage. The Company shall have the right to recoup from
the Insured Claimant any amount received by it in excess of the Indebtedness up to the amount of the payment under Section 2.

This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any
prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement
is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and
provisions of the policy and of any prior endorsements.

[Witness clause optional]

OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY

By: ______________________________
[Authorized Signatory]

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