APT

Apartments

When insuring an apartment complex, you need to verify whether an unrecorded laundry or similar automatic service lease exists. You must make appropriate exception to rights of other tenants. You also must verify whether other leases exist. An exception to rights of parties or tenants in possession will be satisfactory if the leases create no other rights (e.g. option to purchase).

Requirement

APTR01 STG

Laundry and Automated Service Leases

The Company requires (i) satisfactory evidence that the land is not subject to any right, title or interest in and to any laundry facilities or automated services located on the land or (ii) an exception to “Rights of automated service or laundry facility providers, if any.”
Comment: When insuring an apartment complex, you need to verify whether an unrecorded laundry or similar automatic service lease exists. You also must verify whether other leases exist. An exception to rights of parties or tenants in possession will be satisfactory if the leases create no other rights (e.g. option to purchase).

Exception

APTX01 STG

Laundry and Automated Service Leases

Rights of automated service or laundry facility providers, if any.
Comment: When insuring an apartment complex, you need to verify whether an unrecorded laundry or similar automatic service lease exists. You also must verify whether other leases exist. An exception to rights of parties or tenants in possession will be satisfactory if the leases create no other rights (e.g. option to purchase).