In this article, we provide an example template of the ALTA endorsement for the assignment of rents or leases that can be used when underwriting title insurance. Request your free copy of our endorsement book to learn more about this and other ALTA endorsements.
ASSIGNMENT OF RENTS OR LEASES ENDORSEMENT (ALTA 37-06) (Adopted 12/3/2012)
- The insurance provided by this endorsement is subject to the Exclusions from Coverage, the Exceptions from Coverage contained in Schedule B, and the Conditions in the policy.
- The Company insures against loss or damage sustained by the Insured by reason of:
- any defect in the execution of the [Insert Title of Assignment of Rents or Leases Document] referred to in paragraph ____ [of Part II] of Schedule B; or any assignment of the lessor’s interest in any lease or leases or any assignment of rents, affecting the Title and recorded in the Public Records at Date of Policy other than as set forth in any instrument referred to in Schedule B.
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.
Commercial Partners Title
At Commercial Partners Title Company, we have been underwriting title insurance policies for decades. During that time we have built up a reputation as being the experts in commercial real estate transactions. Contact us today at our downtown Minneapolis office to learn more about our services or to set up a time to speak with one of our experts about your next commercial transaction!