SECTION 1 - RATES AND RULES

1. The rates herein are the rates for ordinary residential and commercial transactions for title insurance coverage provided by the standard forms of policies set forth in this manual. Unless specifically stated otherwise in this manual, or in a policy, endorsement or other form, residential real property means: (i) A one to four family dwelling; (ii) An individual condominium used as a dwelling: or (iii) An individual cooperative apartment/unit used as a dwelling.
   
   
2. With the exception of simultaneously issued policies wherever set forth in this manual, the premium charged may not be less than the minimum charge shown in Part II of this manual.
   
   
3. Premiums for policies shall be rounded to the nearest dollar. Forty-nine cents or less shall be rounded down and fifty cents and above shall be rounded up.
   
   
4. "Company" as used herein means each Title Insurance Company to which this manual applies and any Title Insurance Agent acting on behalf of such Title Insurance Company in the transactions described herein.
   
   
5. The Company, upon notification to its applicant, may decline to search, examine or insure any title, or to issue any endorsement to a policy. It may, at any time, in its sole discretion, refuse an application or cancel any unclosed application of the applicant, without liability on the part of the Company. Any such notification, refusal or cancellation shall be in writing.
   
   
6. The Company may impose additional work charges in especially difficult titles. Extra charges may be made at or after the receipt of the application for examination of title which may involve additional tax lots, multiple chains of title, land under water, land in bed of streets, rights-of-way, driveways, easements, strips and gores, foreclosures, proceedings under federal bankruptcy or state insolvency related statutes, or which involve other unusual difficulties, or for unusual expenditures for travel, or for recording instruments, telephone, telegraph or delivery charges. The Company may impose additional charges for closing attendance in excess of two hours and for any closings extending beyond normal business hours and where additional attendances are necessary or travel arrangements and distance warrant.
   
   
7. Nothing herein shall prohibit a Company from charging an additional special risk premium of up to 25% of the applicable premium for affirmative risk coverage(s) not contained in the endorsements contained in Part III, hereof provided, however, that such coverage is not inconsistent with Section 4, herein. A special risk premium in excess of 25% of the applicable premium must be approved in advance by the Superintendent of Insurance.
   
   
8. The Company shall withhold delivery of the policy and have no liability until all applicable charges and the premiums and fees set forth in this manual have been paid in full. A policy, form, endorsement, guarantee, certificate or other service authorized in this manual which is ordered directly by an agency of, and for the use of, the United States Government may be delivered prior to payment therefore. Payment for such policy or other service shall be made by said agency of the United States Government not more than 60 days after delivery.
   
   
9. All charges pursuant to this manual must be paid at the time of closing, unless otherwise set forth herein.
   
   
10. All charges, fees and premiums set forth in this manual, pursuant to Section 2314 of the Insurance Law, are mandatory upon each Company upon approval by the Superintendent of Insurance, and cannot be waived, reduced or increased, except as provided in Paragraph F, Section 1 hereof or as provided in Section 2339 of the Insurance Law.
    
    
11. A policy other than a mortgage policy, shall be issued only in the name of the present owner(s) of the insured estate. No additional party holding a separate estate or interest may be named as an insured "as its interest may appear".
    
    
12. In the absence of a survey acceptable to the Company, or the issuance of a TIRSA SURVEY ENDORSEMENT (Loan Policy) (1 - 4 Family) (9/1/93), the policy must contain the following language: "subject to any state of facts an accurate survey would show".
    
    
13. Whenever the terms "mortgage" or "loan" appear in this manual it shall mean an instrument creating a security interest in real property.