NY TIRSA Leasehold Endorsement for ALTA Loan Policy Guideline 1996
Explanation:Purpose Of Endorsement:
To amend the 1992 ALTA forms of title insurance policy to permit the insurance of leasehold interests and mortgages secured by leasehold interests.
(a) Policy conditions and stipulations Section 1 is amended to add a subparagraph (h) which defines “leasehold estate”;
(b) Two sections are added to the policy conditions and stipulations, related to (i) the valuation of the estate or interest insured in the event of loss, and (ii) enumerating additional items which, to the extent applicable, will be included in the computation of loss to the extent not provided for in the valuation provision.
Underwriting Requirements:Requirements For Issuance:
(a) Must be issued with every policy insuring a leasehold interest, with the exception of insurance of a cooperative leasehold;
(b) the lease, or a memorandum of lease containing the names of the parties, description of the demised premises, commencement and expiration dates including any renewals, rental payment amounts and other matters, must be recorded, and must contain lien law clause.
Issued With The Following Policies:
(a) The TIRSA LEASEHOLD ENDORSEMENT (Loan Policy)(For ALTA. 10/17/92) is issued with every loan policy insuring a leasehold mortgage (except for cooperative leaseholds);
(b) The TIRSA LEASEHOLD ENDORSEMENT (Owner’s Policy)(For ALTA. 10/17/92) is issued with every leasehold owner’s policy (except for cooperative leaseholds).
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):None