NY TIRSA New York City "Air Rights" Endorsement 1993

THIS FORM IS NO LONGER USED IN THE STATE OF NEW YORK

STEWART TITLE INSURANCE COMPANY

HEREIN CALLED THE COMPANY

NEW YORK CITY "AIR RIGHTS" ENDORSEMENT

Attached to and made a part of Policy Number ______________________________

This Policy insures that all Parties in Interest, as such term is defined in Section 12-10 of the Zoning Resolution of the City of New York effective December 15, 1961, as amended, have joined in, waived or subordinated their interest to the declaration of Zoning Lot Restrictions ("Declaration").

This Policy also insures that the Zoning Lot Development Agreement (ZLDA) between ______________________________ as Seller, and _____________________________ as Purchaser, dated ____________________ and to be recorded is a valid agreement as of the date of this policy in accordance with and subject to its terms, covenants and conditions, binding upon all Parties in Interest as defined under Section 12-10(d) of the Zoning Resolution of the City of New York as amended to date, and on the premises described therein, and is effective to transfer to the insured the floor area development rights as therein provided in favor of the premises described in Schedule "A" of this policy; except

(i) that this policy does not insure the amount of any floor area development rights that may be attributable to any of the properties described in the ZLDA, and

(ii) nothing herein shall be deemed a waiver of the provisions of Exclusions from Coverage 1(a) of the policy.

This Policy insures an Easement for Light and Air over Lots ____ and ____ of Block ____ as shown on the Tax Map of the City of New York and negative covenants not to build over and above the existing building ______________________ over ________________ and _______________ for the benefit of the insured, as is set forth, defined and limited in a Zoning Lot and Development Agreement (ZLDA) ___________ __________________, and recorded in the Office of the Register of the City of New York on _______________, 20 _____ in Reel ______ Page ______.

This endorsement is made a part of the policy and is subject to all of the terms and provisions thereof and of any prior endorsements thereto. Except to the extent expressly stated, it neither modifies any of the terms and provisions of the policy and any prior endorsements, nor does it extend the effective date of the policy and any prior endorsements, nor does it increase the face amount thereof.

For issuing guidelines on this form, see Guidelines