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FEDERAL REGISTER, Tuesday, August 1, 1939
of title insurance and fire, or other haz ard insurance, except such claims as may have been released with the prior ap proval of the Administrator, the Admin istrator shall promptly accept convey ance of such property and such assign ment, notwithstanding that the build ings or improvements thereon may be incomplete, or may have been destroyed, damaged, or injured in whole or in part, and shall deliver to the mortgagee a Debentures of the Housing In surance Fund as set forth in Section 204 of the Act, in a principal amount equal to the principal of the mortgage which has been advanced with the writ ten approval of the Administrator and which is unpaid on the date of the in stitution of foreclosure proceedings or the acquisition of the property after default other than by foreclosure, plus the amount of all payments which have been made by the mortgagee for taxes, ground rents, and water rates, which are liens prior to the mortgage, special assessments which are noted on the ap plication for insurance or which become liens after the insurance of the mort gage, insurance on the mortgaged prop erty, and any mortgage insurance pre miums paid after either of such dates, less any amount received on account of the mortgage, and any amount received as rent or other income from the prop erty, after deducting therefrom reason able expenses incurred in handling the property, after either of such dates:
Provided, That such debentures shall be issued in multiples of $50 and any dif ference, net to exceed $50, between 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. Such debentures shall be dated as of the date foreclosure proceedings were instituted, or the property was otherwise acquired by the mortgagee after default, and shall bear interest from such date at a rate to be deter mined by the Administrator at the time the mortgage is offered for insurance, but not to exceed three per centum 3% per annum, payable sem ian n u ally on the first day of January 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 on the property in ex change for which the debentures were issued. Such debentures shall be regis tered as to principal and interest and all or any such debentures may be re deemed at the option of the Administra tor, with the approval of the Secretary of the Treasury, at par and accrued in terest on any interest payment date on three 3 months notice of redemption given in such manner as the Adminis trator shall prescribe.
b A certificate of claim in accord ance with Section 204 e 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 204
f of the Act. This certificate shall be for an amount which the Administrator shall determine to be sufficient to pay all amounts due under the mortgage and not covered by the amount of debentures and shall include a reasonable amount for necessary expenses incurred by the mortgagee in connection with the fore closure proceedings or the acquisition of the mortgaged property otherwise and the conveyance thereof to the Admin istrator. Each such certificate of claim shall provide that there shall accrue to the holder thereof with respect to the face amount of such certificate, an in crement a t the rate of three per centum 3% per annum, which shall not be compounded. If any excess is realized from the property conveyed to the Ad ministrator and the claims assigned therewith, after deducting all expenses incurred by the Administrator in han dling, dealing with, and disposing of such property and in collecting iSuch 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 204
f of the Act.! Art. V, par. 31
533.8 Title in case of assignment.
Title satisfactory to the Administrator within the meaning of Section 533.7 will be such title as was vested in the mort gagor as of the date the mortgage was filed for record, free and clear of all liens and encumbrances which may have a t tached, or defects which may have arisen subsequent to the recording of such mortgage, except such liens or other matters as may be approved by the Ad ministrator. The Administrator will not object to the title because of mechanics liens excepted from the title evidence as unfiled a t the date of recording of the mortgage or of any advance thereunder, provided th at advances under the mort gage are disbursed with the approval of the Administrator and th at the certifi cation of a title insurer or title attorney satisfactory to the Administrator be ob tained to the effect that, as of the date of each advance, no lien appeared of record and the title policy or title opin ion had been extended accordingly.!
Art. V, par. 4
> 533.9 Evidence of title. The mort gagee, at the time a deed is tendered in accordance with Section 533.7, shall fur nish to the Administrator without ex pense to him satisfactory evidence of such title. Such title evidence shall be executed as of a date to include the recordation of the deed to the Adminis trator and, at the option of the mortga gee, may be in the form of an owners policy of title insurance, or a satisfactory abstract and attorneys opinion covering the period subsequent to the recording of the iportgage, or a satisfactory continua tion Of the title evidence accepted by the Administrator at the time the mortgage was insured,! Art. V, par. 51
533.10 Fire and hazard insurance.
The mortgagee without cost, or expense
3495

to the Administrator shall, in default of the mortgagor, keep the mortgaged premises insured against fire and other hazards as provided in the mortgage. In the event the mortgagee fails to pay any premiums necessary to keep the mort gaged premises so insured and such fail ure shall continue for fifteen 15 days after receipt of written notice of such failure from the Administrator to the mortgagee, the contract of insurance shall, at the election of the Administra tor, thereupon terminate. In the event a loss has occurred to the mortgaged property under any policy of fire or other hazard insurance and the amount of any funds received by the mortgagee in pay ment of such loss shall be sufficient to pay in full the entire mortgage indebted ness, the mortgage shall, upon receipt of such funds by the mortgagee, be deemed paid and the contract of mortgage insur ance made with the Administrator shall thereupon terminate. If, however, any funds so received shall be insufficient to pay such mortgage indebtedness in full, the mortgagee shall not exercise its op tion under the mortgage to use the pro ceeds of such insurance for the repairing, replacing, or rebuilding of such premises or to apply such proceeds to the mort gage indebtedness without prior written approval of the Administrator. If the Administrator shall fail to give his ap proval to the use or application of such funds for either of said purposes within fifteen 15 days after written request by the mortgagee, the mortgagee may use or apply such funds for any of the pur poses specified in the mortgage without the approval of the Administrator.!
Art. V. par. 61
533.11 Mortgage default. If after the mortgage becomes in default, as pro vided in Section 533.5, the mortgagee does not make the assignment provided in Section 533.6, or does not foreclose or otherwise acquire the mortgaged prop erty and make the conveyance provided in Section 533.7, and written notice thereof is given to the Administrator, or in the event that the mortgagor pays the, obligation under the mortgage in full prior to the maturity thereof and the mortgagee pays the adjusted premium charge required under the provisions of Section 533.3 of these Regulations and written notice thereof is given to the Administrator, the obligation to pay the annual premium charge shall cease, and all rights of the mortgagee and the mortgagor under Sections 533.6 and 533.7 shall terminate as of the date of such notice.! Art. V, par. 71
533.12 Termination. In the event th at the mortgagee fails to comply with the provisions of Sections 533.5 a and 533.6, or Sections 533.5 b and 533.7, then the contract of insurance shall thereupon terminate.! Art. V, par. 81
Assignments 533.13 In general. Bonds or other obligations issued in connection with an insured mortgage executed in the form