Commonwealth Land Title Insurance Company, NCS

ALTA ENDORSEMENTS - 198 - SAMPLES AND DESCRIPTIONS CONSTRUCTION LOAN ENDORSEMENTS – ALTA 32 SERIES CONSTRUCTION LOAN – FORM 32 CONSTRUCTION LOAN – DIRECT PAYMENT – FORM 32.1 ALTA Endorsement — Form 32 and Form 32.1-are only available for loan policies. They insure against loss or damage sustained by the Insured by reason of (a) The invalidity or unenforceability of the lien of the Insured Mortgage as security for each Construction Loan Advance made on or before the Date of Coverage; (b) The lack of priority of the lien of the Insured Mortgage as security for each Construction Loan Advance made on or before the Date of Coverage, over any lien or encumbrance on the Title recorded in the Public Records and not shown in Schedule B; and (c) The lack of priority of the lien of the Insured Mortgage, as security for each Construction Loan Advance made on or before the Date of Coverage over any Mechanic’s Lien, if notice of the Mechanic’s Lien is not filed or recorded in the Public Records, but only to the extent that the charges for the services, labor, materials or equipment for which the Mechanic’s Lien is claimed were designated for payment in the documents supporting a Construction Loan Advance disbursed by or on behalf of the Insured on or before Date of Coverage. These endorsements require extensive discussions with senior underwriting and are only available in certain states. ALTA Endorsement — Form 32 & 32.1 (Construction Loan – 07/01/21) & (Construction Loan – Direct Payment – 07/01/21) Form 32 Construction Loan