Chicago Title Insurance Company, NCS

- 24 - ALTA ENDORSEMENTS SAMPLES AND DESCRIPTIONS CONDOMINIUM – CURRENT ASSESSMENTS – FORM 4.1 ALTA Endorsement — Form 4.1 is available for owner’s and loan policies. It provides insurance to owners of condominium units and to their mortgage lenders. This endorsement contains the same basic insurance coverages as detailed in Form 4. The only difference is the Form 4.1 does not insure the priority of the lien of the Insured Mortgage over future condominium assessments. Rather, it insures the lender against loss or damage by reason of the priority of any lien for condominium charges or assessments which exist at date of policy over the lien of the Insured Mortgage. As is the case with the Form 4, this endorsement may be issued only after the relevant aspects of the condominium project in which the unit is located have been reviewed. Of particular import is the necessity of obtaining satisfactory evidence that there are no unpaid liens for any condominium charges or assessments and that any right of first refusal which could have been exercised at date of policy has been duly waived. If, after reviewing the relevant documentation it is determined that one or more of the coverages may not be provided, it may be possible in some jurisdictions to issue a modified version of this endorsement which deletes those unavailable coverages. ALTA Endorsement — Form 4.1 (Condominium – Current Assessments – 07/01/2021) Form 4.1 Condominium – Current Assessments