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U.S. Code as of:
01/19/04
Section 3706. Notice of default and foreclosure sale; condition and term of sale
(a) The notice of default and foreclosure sale to be served in
accordance with this chapter shall be subscribed with the name and
address of the foreclosure commissioner and the date on which
subscribed, and shall set forth the following information:
(1) the names of the Secretary, the original mortgagee and the
original mortgagor;
(2) the street address or a description of the location of the
security property, and a description of the security property, or
so much thereof as is to be offered for sale, sufficient to
identify the property to be sold;
(3) the date of the mortgage, the office in which the mortgage
is recorded, and the liber and folio or other description of the
location of recordation of the mortgage;
(4) the failure to make payment, including the due date of the
earliest installment payment remaining wholly unpaid as of the
date the notice is subscribed, or the description of other
default or defaults upon which foreclosure is based, and the
acceleration of the secured indebtedness;
(5) the date, time, and place of the foreclosure sale;
(6) a statement that the foreclosure is being conducted
pursuant to this chapter;
(7) the types of costs, if any, to be paid by the purchaser
upon transfer of title; and
(8) the amount and method of deposit to be required at the
foreclosure sale (except that no deposit shall be required of the
Secretary), the time and method of payment of the balance of the
foreclosure purchase price and other appropriate terms of sale.
(b)(1) Except as provided in paragraph (2)(A), the Secretary may
require, as a condition and term of sale, that the purchaser at a
foreclosure sale under this chapter agree to continue to operate
the security property in accordance with the terms of the program
under which the mortgage insurance or assistance was provided, or
any applicable regulatory or other agreement in effect with respect
to such property immediately prior to the time of foreclosure sale.
(2)(A) In any case where the majority of the residential units in
a property subject to such a sale are occupied by residential
tenants at the time of the sale, the Secretary shall require, as a
condition and term of sale, any purchaser (other than the
Secretary) to operate the property in accordance with such terms,
as appropriate, of the programs referred to in paragraph (1).
(B) In any case where the Secretary is the purchaser of a
multifamily project, the Secretary shall manage and dispose of such
project in accordance with the provisions of section 203 of the
Housing and Community Development Amendments of 1978 [12 U.S.C.
1701z-11].
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