Page 193 - ALTA Endorsements Guide

ALTA ENDORSEMENT RETURN TO TABLE OF CONTENTS

Endorsement 31-06
Severable Improvements
Adopted 02-03-11

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

1. As used in this endorsement, “Severable Improvement” means property affixed to the Land on or after Date of Policy that by law does not constitute
real property because:
a. of its character and manner of attachment to the Land; and
b. it can be severed from the Land without causing material damage to it or to the Land.

2. In the event of a loss by reason of a defect, lien, encumbrance, or other matter covered by this Policy (“Defect”), the calculation of the loss shall include
(but not to the extent that these items of loss are included in the valuation of the Title determined pursuant to Section 8 of the Conditions or any other
endorsement to the Policy):
a. the diminution in value of the Insured’s interest in any Severable Improvement resulting from the Defect, reduced by the salvage value of the
Severable Improvement; and
b. SAMPLE
the reasonable cost actually incurred by the Insured in connection with the removal or relocation of the Severable Improvement resulting
from the Defect and the cost of transportation of that Severable Improvement for the initial one hundred miles incurred in connection with
the relocation.

3. This endorsement relates solely to the calculation of the Insured’s loss resulting from a claim based on a defect, lien, encumbrance or other matter
otherwise insured against by the Policy. This Policy does not insure against loss or damage (and the Company will not pay any costs, attorneys’ fees
or expenses) relating to:
a. the attachment, perfection or priority of any security interest in the Severable Improvement;
b. the vesting or ownership of title to or rights in any Severable Improvement;
c. any defect in or lien or encumbrance on the title to any Severable Improvement; or
d. the determination of whether any specific property is real or personal in nature.

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]

Visit us online at: oldrepublictitle.com/ncs 193