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3494

FEDERAL REGISTER, Tuesday, August 1, 1939

mortgage, th at the amount stated in the instrument of assignment is actually due and owing under the mortgage, that there are no offsets or counterclaims thereto, and th at the mortgagee has a good right to assign the mortgage and the other items enumerated below :
1 All rights and interests arising under the mortgage so in default;
2 All claims of the mortgagee against the mortgagor or others, arising out of the mortgage transaction;
3 All policies of title or other in surance or surety bonds or other guar anties and any and all claims there under;
4 Any balance of the mortgage loan not advanced to the mortgagor;
5 Any cash or property held by the mortgagee or to which it is entitled, as deposits made for the account of the mortgagor and which have not been ap plied in reduction of the principal of the mortgage indebtedness; and 6 All records, documents, books, papers, and accounts relating to the mortgage transaction.
Nothing contained in this paragraph shall be so construed as to prevent the mortgagee from taking action at a later date than herein specified, provided the Administrator agrees in writing.
b By conveyance of property.If the mortgagor fails to make any pay ment to the mortgagee required by the mortgage, or to perform any other cov enant or obligation under the mortgage, and such failure continues for the period of grace, if any, set forth in the mort gage, the mortgage shall be considered in default and the mortgagee, within the period set forth in the contract of in surance after the occurrence of a default arising on account of such failure to make any such payment or within the period set forth in the contract of in surance after the mortgagee shall have knowledge of the occurrence of a default arising on account of such failure to perform any other covenant or obliga tion under the mortgage, shall give no tice in writing to the Administrator of such default. At any time within the period set forth in the contract of in surance from the date of such notice, the mortgagee, a t its election, shall either 1 With, and subject to, the consent of the Administrator, acquire by means other than foreclosure of the mortgage, possession of, and title to, the mortgaged property; or 2 Institute proceedings for the fore closure of the mortgage: Provided, That if the laws of the State in which the mortgaged property is situated do not permit the institution of such proceed ings within such period of time, the mortgagee shall institute such proceed ings within sixty 60 days after the expiration of the time during which the institution of such proceedings is pro hibited by such laws. Nothing contained in this paragraph shall be so construed as to prevent the mortgagee from taking
action at a later date than herein speci fied, provided the Administrator so agrees in writing. The mortgagee shall promptly give notice in writing to the Administrator of the institution of fore closure proceedings under this para graph and shall exercise reasonable dili gence in prosecuting such proceedings to completion.
If after default and prior to the com pletion of foreclosure proceedings the mortgagor shall pay to the mortgagee all periodic payments in default and such expenses as the mortgagee shall have incurred in connection with the fore closure proceedings, notice thereof shall be given to the Administrator by the mortgagee, and the insurance shall con tinue as if such default had not oc curred.! Art. V, par. 1
533.6 Computation of benefits re ceived by assignment. If the mortgagee elects to proceed under, and does proceed under and in accordance with, the pro visions of Section 533.5 a , and furnishes evidence satisfactory to the Administra tor that there are no past due and un paid ground rents, general taxes, or spe cial assessments, and furnishes the war ranties described in said Section 533.5
a, the Administrator shall deliver to the mortgagee a Debentures of the Housing Insur ance Fund as set forth, in Section 207 of the Act, having a total face value equal to the original face amount of the mort gage plus such amounts as have been paid by the mortgagee for 1 taxes, special assessments, and water rates, which are liens prior to the mortgage ; 2 insurance on the property; and 3 expenses for the completion or preservation of the prop erty, subsequent to the default, and which have been approved by the Administra tor, as reasonable and necessary; less the sum of i that part of the amount of the principal obligation that has been repaid, ii an amount equivalent to the two per centum 2 % of the principal amount of the mortgage advanced to the mortgagor and unpaid, and iii any net income re ceived by the mortgagee from the prop erty: Provided, That such debentures shall be issued in multiples of $50 and any difference, not in excess of $50, be tween the amount of debentures to which the mortgagee is otherwise entitled here under and the aggregate face value of the debentures issued shall be paid in cash by the Administrator to the mortgagee.
Such debentures shall be dated as of the date of such assignment, transfer, and delivery, and shall.bear interest from such date at a rate to be determined by the Administrator, at the time the mort gage is insured, but not to exceed three per centum 3% per annum, payable spm ia.nnua.lly on the first day of Jan
uary and the first day of July of each year, and shall mature three 3 years after the first day of July following the maturity date of the mortgage in ex change for which the debentures were is sued. Such debentures shall be regis
tered as to principal and interest and all or any such debentures may be redeemed at the option of the Administrator, with the approval of the Secretary of the Treasury, at par and accrued interest on any interest payment date on three 3
months notice of redemption given in such manner as the Administrator shq.n prescribe.
b A certificate of claim in accord ance with Section 207 h of the Act which shall become payable, if at all, upon the sale and final liquidation of the interest of the Administrator in such property, in accordance with Section 207
h of the Act. This certificate shall be for an amount which the Administrator determines to be sufficient, when added to the face value of the debentures issued and the cash adjustment paid to the mortgagee, to equal the amount which the mortgagee would have re ceived if, on the date of the assignment, transfer and delivery to the Adminis trator provided for in Section 533.5 a, the mortgagor had extinguished the mortgage indebtedness by payment in full of all obligations under the mort gage. Such certificate of claim shall provide that there shall accrue to the holder of such certificate, with respect to the face amount of such certificate, an increment at the rate of three per centum 3% per annum, which shall not be compounded. If any excess is realized from the mortgage, and all claims in connection therewith so as signed, transferred and delivered, and from the property covered by such mort gage and all claims in connection with such property, after deducting all ex penses incurred by the Administrator in handling, dealing with, acquiring title to, and disposing of such mortgage and property and in collecting such claims, such excess shall be applied in payment of the certificate of claim and any bal ance thereafter shall be paid to the mortgagor, as provided in Section 207
h 1 of the Act.t Art. V, par. 21
533.7 Computation of benefits re ceived by conveyance. If the mortgagee elects to proceed under, and does proceed under and in accordance with, the pro visions of Section 533.5 b, and at any time within thirty 30 days or such further time as may be allowed by the Administrator in writing after acquir ing title to and possession of the mort gaged property in accordance with such Section 533.5 b, tenders to the Admin istrator possession of, and a deed con taining a covenant which warrants against acts of the mortgagee and all claiming by, through, or under it con veying title to, such property, satisfac tory to the Administrator, as provided in Section 533.8, and assigns without recourse or warranty any and all claims which it has acquired in connection with the mortgage transaction and as a re sult of the foreclosure proceedings or other means by which it acquired such property, including any claim on account