Page 47 - ALTA Endorsements Guide

A L T A E N D O R S E M E N T

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(iv) if a government agency or instrumentality is the Insured Claimant, the
amount it paid in the acquisition of the Title or the Insured Mortgage in
satisfaction of its insurance contract or guaranty.
(b) If the Company pursues its rights under Section 5 of these Conditions and is
unsuccessful in establishing the Title or the lien of the Insured Mortgage, as
insured, the Insured Claimant shall have the right to have the loss or damage
determined either as of the date the claim was made by the Insured Claimant or
as the date it is settled and paid.
6. Section 10 of the Conditions of this policy is amended to read:
10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY

(a) All payments under this policy, except payments made for costs, attorneys’ fees,
and expenses, shall reduce the Aggregate Amount of Insurance by the amount of
the payment.
(b) However, any payments made prior to the acquisition of Title as provided in
Section 2 of these Conditions shall not reduce the Aggregate Amount of
Insurance afforded under this endorsement except to the extent that the
payments reduce the Indebtedness.
(c) The voluntary satisfaction or release of the Insured Mortgage shall terminate all
liability of the Company under this policy, except as provided in Section 2 of
these Conditions, but it will not reduce the Aggregate Amount of Insurance for
the other policies identified in Section 1 of this endorsement.
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.

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