Chicago Title Insurance Company, NCS

- 284 - ALTA ENDORSEMENTS SAMPLES AND DESCRIPTIONS PARI PASSU MORTGAGE – FORM 45-06 When 2 different mortgagees agree to share the same priority, they are termed “pari passu”. It means they share priority equally and without preference regardless of their recording order. This endorsement addresses the needs of lenders who are obtaining co-equal lien priority with other lenders relating to a specific parcel or parcels of real property collateral of a debtor. The endorsement insures against loss by reason of the unenforceability of the lien resulting solely from the agreement to share priority, and the lack of equal priority among the mortgages. It also requires that the pari passu lenders must simultaneously foreclose their mortgages and abide by the terms of the Intercreditor Agreement. The agreement between creditors must be recorded. ALTA Endorsement — Form 45-06 (Pari Passu Mortgage – 12/1/14) Form 45-06 Pari Passu Mortgage