A Template of the Sears Endorsement for Future Improvements img

A Template of the Sears Endorsement for Future Improvements

calender icon 11/14/2022    poster icon  Mark Goodman

Below is an example template of the ALTA Sears Endorsement for Future Improvements for use in title insurance. 

SEARS ENDORSEMENT – FUTURE IMPROVEMENTS

The Company agrees that if (1) upon the completion of the improvements on the land or (2) within five years after the date of this policy, whichever first occurs, application is made to increase the face amount of the policy and/or to issue a new policy to the then insured under the policy, and/or to issue a new policy to such mortgagee(s), trustee(s) under deed(s) of trust beneficiary(s) of deed(s) of trust, parties to sale and leaseback or other types of financial transactions (hereinafter severally and collectively, as indicated by the context, referred to as “Lending Institution(s)” as may be designated by the present Insured or the then Insured under the policy, it will issue additional title insurance coverage insuring such title and/or interest as may then exist in the Insured and/or Lending Institution in and to said premises, not to exceed the value of the land and the improvements constructed thereon on the date of said application, provided the company may then extend its examination of the title to the then current date and subject to such matters, if any, created first appearing the public records, attaching and/or which has become known to either the Insured or the Company subsequent to the effective date of this policy, will increase its liability to the requested amount upon payment of its usual charges for such additional insurance coverage; and further provided, however, that the Company shall not be obligated to issue additional insurance coverage which would exceed the amount of the usual reinsurance retention of the Company if, after the exercise of its reasonable efforts, it is to obtain such reinsurance or co-insurance as may be required in order for it to issue the full amount of additional insurance for which application is made.

This endorsement is made a part of the policy and is subject to all of the terms and provisions thereof and of any prior endorsements thereto. Except to the extent expressly stated, it neither modifies any of the terms and provisions of the policy and any prior endorsements, nor does it extend the effective date of the policy and any prior endorsements, nor does it increase the face amount thereof.