Source: https://www.vuwriter.com/en/standard-exceptions/1996-9/SE00004874.html
Timestamp: 2019-04-21 08:34:33+00:00

Document:
To insure a transfer or mortgage by a governmental body, you must verify that (1) it has legal authority (e.g., by statute) to engage in the transaction (the entity may not be able to mortgage in some cases); (2) it has provided all necessary notices and secured all required appraisals (e.g., it may be required to publish and secure an appraisal); (3) it has secured all required approvals (e.g., counsel, commissioner, or board approval; some transfers require public vote of the populace); (4) the proper persons signed the instruments; (5) the instrument contains the appropriate statutory language.
The Company requires for its review satisfactory evidence that this transaction by the seller/borrower has been properly approved as required by applicable law, and that all required notices and appraisals have occurred. At the time the company is furnished those items, the Company may make additional requirements or exceptions.
Comment: To insure a transfer or mortgage by a governmental body, you must verify that (1) it has legal authority (e.g., by statute) to engage in the transaction (the entity may not be able to mortgage in some cases); (2) it has provided all necessary notices and secured all required appraisals (e.g., it may be required to publish and secure an appraisal); (3) it has secured all required approvals (e.g., counsel, commissioner, or board approval; some transfers require public vote of the populace); (4) the proper persons signed the instruments; (5) the instrument contains the appropriate statutory language.
(d) A copy of the IDA resolution authorizing the transaction to be insured, showing that the resolution was adopted by a majority of the members.
(b) The Attorney General of the State of New York is required to prepare the conveyance, and must approve the form and manner of the instrument’s execution.
(c) That the making of the mortgage will not conflict with specific legislation, trusts, endowments, or other agreements relating to specific funds or properties of the mortgagor.
(d) (in duplicate original) That the transaction is exempt from the mortgage recording tax pursuant to Tax Law § 253.3., by virtue of the mortgage being made to the New York State Dormitory Authority.
(c) Proof is required that the terms, conditions and provisions of agreement between ______________ and the Dormitory Authority do not limit the power of the Dormitory Authority to enter into the transaction; policy will except the terms, conditions and provisions, including the reversionary right, pursuant to Public Authorities Law § 1680.2.(d), upon payment or discharge of the obligation.
(c) Policy excepts the terms, provisions, covenants, conditions and restrictions affecting the property as set forth in the [Urban Renewal Plan][Declaration of Restrictions][ Land Disposition Agreement][Contract of Sale], including any reverter provision.
(a) The Attorney General must approve the form and manner of execution of the instrument to be insured, pursuant to subdivision 18 of Highway Law § 30.
(c) The Commissioner of Transportation must execute the closing instrument.
Proof is required that the Governor of New York (pursuant to Unconsolidated Laws §§ 7151 and 7152) and the Governor of New Jersey (pursuant to N.J.S.A. § 32:2-28, ff.) have either approved or not vetoed the proposed transaction, unless the need to do so has been dispensed with.
The requirements of Unconsolidated Laws §6951 must be strictly met.
Consent of the New York State Department of Transportation pursuant to Unconsolidated Laws §6409 and the equivalent New Jersey agency under equivalent statute must be obtained.

References: § 253
 § 1680
 § 30
 § 32
 §6951
 §6409