Chicago Title Insurance Company, NCS

- 30 - ALTA ENDORSEMENTS SAMPLES AND DESCRIPTIONS PLANNED UNIT DEVELOPMENT – CURRENT ASSESSMENTS – FORM 5.1-06 ALTA Endorsement — Form 5.1-06 is available for owner’s and loan policies. While designed for policies on individual residences located in planned unit developments, it may be considered in any situation in which a homeowners association or other type of master agreement has been recorded. This endorsement contains the same basic insurance coverages as detailed in Form 5-06. The only difference is the Form 5.1-06 does not insure the priority of the lien of the Insured Mortgage over future homeowner’s assessments. Rather, it insures against loss or damage by reason of any homeowner’s charges or assessments which are due and unpaid at Date of Policy. As is the case with the Form 5-06, this endorsement may be issued only after the relevant aspects of the development in which the property is located have been reviewed. Of particular import is the necessity of obtaining satisfactory evidence that there are no unpaid liens for any homeowners’ 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 5.1-06 (Planned Unit Development – Current Assessments – 10/16/08) Form 5.1-06 Planned Unit Development – Current Assessments