BLANK TITLE INSURANCE COMPANY

NEW YORK CITY "DEVELOPMENT 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").

The Policy further insures that the Zoning Lot Development Agreement ("ZLDA") between __________________ and ______________________ , dated ____________________ and to be recorded is a valid agreement as of Date of Policy in accordance with and subject to its terms, covenants and conditions, binding upon all Parties in Interest as defined in Section 12-10(d) of the Zoning Resolution of the City of New York as amended to Date of Policy, 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 the Policy; except

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

The Policy further insures an Easement for Light and Air over Lot(s) ________ in Block ______ as shown on the Tax Map of the City of New York for the County of _________ and negative covenants not to build over  the existing building thereon for the benefit of the insured, as is set forth, defined and limited in the ZLDA between _____________ and _______________ , dated ________ and recorded in the public records of __________ County on ____________ 19 ___ 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.

Dated:_____________________

BLANK TITLE INSURANCE COMPANY

BY:___________________________

TIRSA NEW YORK CITY "DEVELOPMENT RIGHTS" ENDORSEMENT (4/24/01)