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U.S. Code as of:
01/19/04
Section 3755. Prerequisites to foreclosure
(a) In general
(1) Upon breach of covenant or condition
The Secretary is authorized to foreclose a mortgage under this
chapter upon the breach of a covenant or condition in the
mortgage agreement.
(2) No other pending proceedings
(A) Prior to commencement
No foreclosure may be commenced under this chapter unless any
previously pending judicial or nonjudicial proceeding that has
been separately instituted by the Secretary to foreclose the
mortgage (other than under this chapter), has been withdrawn,
dismissed, or otherwise terminated.
(B) After commencement
No separately instituted foreclosure proceeding on a mortgage
which is the subject of a foreclosure proceeding under this
chapter shall be instituted by the Secretary during the
pendency of foreclosure pursuant to this chapter.
(b) Other rights unaffected
Nothing in this chapter shall preclude the Secretary from -
(1) enforcing any right, other than foreclosure, under
applicable Federal or State law, including any right to obtain a
monetary judgment; or
(2) foreclosing under this chapter if the Secretary has
obtained or is seeking any other remedy available pursuant to
Federal or State law, or under the mortgage agreement, including
the appointment of a receiver, mortgagee-in-possession status, or
relief under an assignment of rents.
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