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U.S. Code as of:
01/19/04
Section 3705. Prerequisites to foreclosure
Foreclosure by the Secretary under this chapter of a multifamily
mortgage may be commenced, as provided in section 3707 of this
title, upon the breach of a covenant or condition in the mortgage
agreement for which foreclosure is authorized under the mortgage,
except that no such foreclosure may be commenced unless any
previously pending proceeding, judicial or nonjudicial, separately
instituted by the Secretary to foreclose the mortgage other than
under this chapter has been withdrawn, dismissed, or otherwise
terminated. No such separately instituted foreclosure proceeding on
the mortgage shall be instituted by the Secretary during the
pendency of foreclosure pursuant to this chapter. Nothing in this
chapter shall preclude the Secretary from enforcing any right,
other than foreclosure, under applicable State law, including any
right to obtain a monetary judgment. Nothing in this chapter shall
preclude the Secretary from foreclosing under this chapter where
the Secretary has obtained or is seeking any other remedy available
pursuant to Federal or State law or under the mortgage agreement,
including, but not limited to, the appointment of a receiver,
mortgagee-in-possession status, relief under an assignment of
rents, or transfer to a nonprofit entity pursuant to section 1701q
of this title or section 8013 of title 42.
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