This article provides an example template of the ALTA LLC Fairway Endorsement that can be utilized when underwriting title insurance policies. Request your free copy of our endorsement book to learn more!
LLC FAIRWAY ENDORSEMENT
The Company agrees that it will not interpose as a defense to a claim of coverage under this Policy the fact that a dissolution of the insured limited liability company has occurred, or a new limited liability company has been formed solely by reason of the withdrawal or replacement of one or more of the members of the original insured limited liability company so long as the insured remains as the title holder, and no new limited liability company is explicitly formed. The company reserves all of its rights and defenses under the policy which it would have had against the insured or its constituent members before or after any withdrawal or replacement.
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.
Contact Commercial Partners Title
Commercial Partners Title Company has decades of experience working on commercial transactions of all shapes and sizes. Our team of escrow agents, title closers, and underwriters can help you through all the details of your transaction. Contact us today at our Minneapolis office to learn more.