Endorsements
AccessInsures against loss sustained by the Insured if the land does not abut on a physically open street.
Requirements: The name of the street is to be entered in the endorsement (Loan Policy).
Additional Interest
Insures against loss or damage sustained
by reason of a final decree that the mortgage, as it secures
additional interest, is invalid or unenforceable or does not
share the same priority as is afforded the principal of the loan
secured by the mortgage.
Requirements: The mortgage must secure amounts defined as
"additional interest" (Loan Policy).
Cluster
Aggregates the amount of insurance
available under several policies insuring the same loan.
Requirements: Mortgages on multiple sites need to be
cross-defaulted and cross-collateralized, unless
cross-collateralization would increase the amount of the
mortgage recording tax. Only mortgage policies of the same title
insurer can be "clustered". Applicable mortgage recording tax
must be paid. Policy amounts must reflect either fair market
value or be computed on a uniformly applied loan-to-value ratio
(Loan Policy).
Comprehensive (Alta 9) (Restrictions,
Encroachments, Minerals)
Affords assurances in connection with
recorded covenants and restrictions, setback lines, mineral
rights, easements and the maintenance of existing improvements.
Requirements: An updated, certified survey is to be
reviewed in conjunction with the recorded easements and
restrictive covenants (Loan Policy).
Condominium
Affords assurance that the unit is part
of a validly organized condominium. Insures against outstanding
common charges and assessments and any right of refusal to
purchase and against the consequences of either an encroachment
of a unit or a violation of restrictive covenants.
Requirements: Provide any required waiver of a right of
first refusal and consent to mortgage. Confirm that there are no
outstanding common charges or assessments (Owner's and Loan
Policies).
Contiguity
Insures against loss or damage if the
parcels of land described in the policy are not contiguous to
each other along their common boundary line(s).
Requirements: Provide any required waiver of a right of
first refusal and consent to mortgage. Confirm that there are no
outstanding common charges or assessments (Owner's and Loan
Policies).
Contract Vendee (Commercial)
Insures the validity and enforceability
of a contract of sale to purchase commercial property.
Requirements: The contract or a memorandum of contract
must be recorded (Owner's Policy).
Contract Vendee (Residential)
Insures the validity and enforceability
of a contract of sale to purchase commercial property.
Requirements: The contract or a memorandum of contract
must be recorded (Owner's Policy).
Cooperative - Loan Policy
Affords assurance that the cooperative
corporation is duly formed and holds title to the land and
building of which the unit is a part. Insures against
outstanding maintenance charges and assessments, and any right
of first refusal to purchase. Insures against the consequences
of either an encroachment of the building or a violation of
restrictive covenants. Provides a means to determine the value
of the estate insured in the event of a loss.
Requirements: Provide any required waiver of a right of
first refusal and consent to a mortgage. Confirm that there are
no outstanding maintenance charges or assessments (Owner's and
Loan Policies).
Cooperative - Owners Policy
Affords assurance that the cooperative
corporation is duly formed and holds title to the land and
building of which the unit is a part. Insures against
outstanding maintenance charges and assessments, and any right
of first refusal to purchase. Insures against the consequences
of either an encroachment of the building or a violation of
restrictive covenants. Provides a means to determine the value
of the estate insured in the event of a loss.
Requirements: Provide any required waiver of a right of
first refusal and consent to a mortgage. Confirm that there are
no outstanding maintenance charges or assessments (Owner's and
Loan Policies).
Development Rights (New York City)
Insures that all "parties-in-interest"
under the Zoning Resolution are bounded by the Declaration of
Zoning Lot Restrictions and that the Zoning Lot and Development
Agreement ("ZLDA") validly transfers floor area development
rights. It also insures an easement for light and air and a
negative covenant not to build over and above the transferor's
building if provided in the ZLDA.
Requirements: All "parties-in-interest" under the New
York City Zoning Resolution must join in or consent to the
development rights transfer. The Declaration of Restrictions,
ZLDA, and any waivers are to be recorded. An easement of light
and air and a negative covenant not to build must be granted by
the ZLDA. Mortgages on the burdened parcel(s) are to be
subordinated to the easement of light and air (Owner's and Loan
Policies).
Environmental Protection Lien (New York
City)
Insures the priority of the lien of a
mortgage property over recorded environmental protection liens
not excepted in the policy or under state statutes not
specifically excluded from coverage.
Requirements: None (Loan Policy).
Environmental Protection Lien (New York)
Insures the priority of the lien of a
mortgage property over recorded environmental protection liens
not excepted in the policy or under state statutes not
specifically excluded from coverage.
Requirements: None (Loan Policy).
Fairway
Assures that the post-policy transfer of
an interest in an insured partnership will not terminate policy
coverage.
Requirements: None (Owner's Policy).
Fannie Mae Balloon Mortgage
Insures against loss of priority due to
the exercise of the Conditional Right to Refinance and the
extension of the loan term.
Requirements: Standard Fannie Mae mortgage form (Loan
Policy).