Add 'Basic Manual Of Title Insurance, Section III'

Basic-Manual-Of-Title-Insurance%2C-Section-III.md

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+<br>Effective November 1, 2024 (Order 2024-8851)<br>
+<br>R-6. Subsequent Issuance of Mortgagee Policy<br>
+<br>1. Subsequent to Owner Policy - When a Mortgagee Policy( ies) is asked for, subsequent to the issuance of an Owner Policy which excepted to the Vendor's Lien, the premium shall be one-half the Basic Rate. The lien to be guaranteed should be as initially created, and excepted to in the Owner Policy, and not an extension or rearrangement thereof. Such Mortgagee Policy( ies) shall be released in the quantity of the existing unsettled [balance](http://www.clicksproperty.com) of said insolvency. The Company will be provided such proof as it may require confirming such unpaid balance, that the indebtedness is not in default which there has actually been no acceleration of maturity. THIS RULE MAY NOT BE APPLIED in connection with the issuance of a series of Mortgagee Policies provided by factor of notes being assigned to individual systems in connection with a master policy covering the aggregate indebtedness, including enhancements. Individual Mortgagee Policies should be released at the Basic Rates.<br>
+<br>2. Subsequent to Mortgagee Policy - When a Mortgagee Policy( ies) is requested, for any factor whatsoever, on a lien currently covered by an existing Mortgagee Policy( ies), but not on a renewal or extension thereof, the new policy remaining in the amount of the current unpaid balance of the indebtedness, the premium for the new policy will be at the Basic Rate, but a credit for three-tenths (3/10) of said [premium](https://www.incredge.com) might be permitted.
+3. Subsequent to Mortgagee Policy - When an insolvent insurance company is [positioned](https://immocia.net) in long-term receivership by a court of proficient jurisdiction and a Mortgagee Policy( ies) is asked for on a lien currently covered by an existing Mortgagee Policy( ies) of said insolvent insurance provider, however not on a loan to take up, restore, extend or satisfy an existing lien, the new policy being in the amount of the current overdue balance of the indebtedness, the premium for the new policy will be at the standard rate, however a credit for half of stated premium will be permitted, unless such credit would reduce the premium to less than the minimum Basic Rate, in which case the rate shall be the minimum Basic Rate. The insured shall give up the existing Mortgagee Policy( ies) to the Company when putting the order for a new Mortgagee Policy( ies). The date of Policy for the new policy( ies) shall be the same Date of Policy as the existing Mortgagee Policy( ies).<br>
+<br>R-7. Mortgagee Policies Covering First and Subordinate Liens Issued Simultaneously<br>
+<br>When a Mortgagee Policy is provided on a First Lien, and other policy( ies) is provided on Subordinate Lien( s), created in the exact same deal, covering the exact same land or a part thereof, the premium for the First Lien policy shall be calculated on the overall of the combined liens