SECTION 33 - OPTION INSURANCE

1. A TIRSA Option Endorsement may only be issued as an endorsement to an owner's policy, with or without a TIRSA Leasehold Endorsement or TIRSA Cooperative Endorsement. If the TIRSA Option Endorsement is issued together with a TIRSA Leasehold Endorsement or TIRSA Cooperative Endorsement, the amount of the insurance afforded by the TIRSA Option Endorsement shall be an amount separate and distinct from the amount set forth in the owner's policy for the TIRSA Leasehold Endorsement or TIRSA Cooperative Endorsement coverage. The TIRSA Option Endorsement may not be issued in an amount less than the consideration paid for the Option and may be issued in any additional amount, not to exceed the full amount of the purchase price for the Land set forth in the Option Agreement plus the cost of contemplated improvements and related costs as provided for in the TIRSA Option Endorsement, as desired by the purchaser of such insurance.
   
2. The charge for the TIRSA Option Endorsement to an owner's policy, when issued without a TIRSA Leasehold Endorsement or TIRSA Cooperative Endorsement, shall be the applicable owner's rate for the amount of such insurance purchased. A fee of $200 for each title continuation search shall be made and collected at the time of each such continuation.
   
3.  
   1. Upon the simultaneous issuance of an owner's policy (together with either the TIRSA Leasehold or TIRSA Cooperative Endorsement attached) with a TIRSA Option Endorsement, the charge for coverage under such Endorsement that does not exceed the amount of the owner's policy shall be calculated at thirty percent (30%) of owner's rate. The charge for coverage under such Endorsement in excess of the amount of the owner's policy shall be calculated at the applicable full owner's rate.
      
   2. Upon the simultaneous but separate issuance of an owner's policy together with a TIRSA Option Endorsement and an owner's policy (together with either the TIRSA Leasehold Endorsement or a TIRSA Cooperative Endorsement attached) insuring the identical property or a part thereof, the charge for the owner's policy shall be at the owner's rate, and the charge for the owner's policy with the TIRSA Option Endorsement that does not exceed the amount of the owner's leasehold or cooperative leasehold policy shall be calculated at thirty percent (30%) of the owner's rate. The rate for the amount of the owner's policy with the TIRSA Option Endorsement in excess of the amount of the owner's leasehold or cooperative policy shall be calculated at the full owner's rate.
      
   3. A fee of $200 for each title continuation search shall be made and collected at the time of each continuation.
      
4. The amount paid for the TIRSA Option Endorsement shall not become a credit toward the premium for the subsequent purchase of fee or leasehold insurance.