SECTION 15 - OWNER'S POLICY TO FORECLOSING LENDER

1. Whenever an application for an owner's policy is made within 5 years of the date of a loan policy insuring a mortgage by the existing insured lender and the lender (or its assignee or subsidiary) has acquired title by a Referee's deed in foreclosure or conveyance in lieu of foreclosure of the insured mortgage, the charge for such insurance shall be seventy percent (70%) of the owner's rate as applied to the unpaid principal balance due on the previously insured mortgage, plus the full owner's rate on any excess.

   The provisions of this section do not apply to the issuance of a TIRSA Owner's Extended Protection Policy.