Apartments
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Standard Exceptions
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Table of Contents
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).
Requirements
APTR01
STG
12/01/1995
V
2
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).
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).
See Underwriting Manual
Exceptions
APTX01
STG
12/01/1995
V
2
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).
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).