Variable Rate Mortgage Negative Amortization Form printable pdf download

13.14.18.13 NM FORM 15: VARIABLE RATE MORTGAGE - NEGATIVE AMORTIZATION

ENDORSEMENT:

Variable Rate Mortgage Negative Amortization Endorsement

Attached to Policy No. _____________

Issued by

Blank Title Insurance Company

[NM Form 15; ALTA Form 6.2-06]

The Company insures against loss or damage sustained by the Insured by reason of:

(1) The invalidity or unenforceability of the lien of the Insured Mortgage resulting from its provisions that provide

for (a) interest on interest, (b) changes in the rate of interest, or (c) the addition of unpaid interest to the principal

balance of the loan.

(2) Loss of priority of the lien of the Insured Mortgage as security for the principal balance of the loan, including

any unpaid interest which was added to principal in accordance with the provisions of the insured mortgage, interest

on interest, or interest as changed in accordance with the provisions of the insured mortgage, which loss of priority

is caused by (a) changes in the rate of interest, (b) interest on interest, or (c) increases in the unpaid principal balance

of the loan resulting from the addition of unpaid interest.

"Changes in the rate of interest", as used in this endorsement shall mean only those changes in the rate of interest

calculated pursuant to the formula provided in the loan documents secured by the Insured Mortgage at Date of

Policy.

This endorsement does not insure against loss or damage based upon.

1. usury, or

2. any consumer credit protection or truth in lending law

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.

[Witness clause optional]

Dated: ______________________

BLANK TITLE INSURANCE COMPANY

Authorized signatory ________________________________

[6-16-86, 5-1-88; 13.14.18.29 NMAC - Rn, 13 NMAC 14.8.A.13, 5-15-00; 13.14.18.29 NMAC; A, 8-1-01; A, 7-1-

05; 13.14.18.29 NMAC - Rn, 13.14.18.28 NMAC & A, 8-1-08; A, 09-15-10]

Variable Rate Mortgage Negative Amortization Form