NY TIRSA New York City “Air Rights” Endorsement Guideline 1993
Explanation:Purpose Of Endorsement:
This endorsement, available only for policies insuring property located in New York City, insures that all parties in interest have joined in, waived or subordinated their interests to the Zoning Lot Declaration; that the Zoning Lot Development Agreement is valid and effective; and insures easements for light and air and negative covenants.
Underwriting Requirements:Requirements For Issuance:
(a) The premises to be insured must be located in New York City;
(b) The Zoning Lot Certification as to “parties in interest” (as defined in the New York City Zoning Resolution of December 15, 1961, as amended) must be reviewed (or prepared), and all such parties in interest must have, by recorded instruments, waived, subordinated to or joined in the Declaration of Zoning Lot Restrictions;
(c) The Zoning Lot Development Agreement must be reviewed and recorded;
(d) Any easements of light and air or negative covenants not to build must be reviewed.
Issued With The Following Policies:
Owner’s and loan policies, where applicable and if requested.
The underwriting guidelines contained herein have been provided for general reference. The facts, circumstances, and location of the subject property should be considered when determining the issuance of the requested form or endorsement. Please note that all of the forms and endorsements included in this system may not be available in all states. Accordingly, please contact the appropriate Stewart Title Guaranty Company underwriting personnel in order to determine availability.
Compliance with the underwriting guidelines contained herein in no way obligates Stewart Title Guaranty Company to issue any form or endorsement.
This guideline applies to the following form(s):