42 U.S.C. § 2366 : US Code - Section 2366: Conditions of indemnity; purchase of property by Commission

Search 42 U.S.C. § 2366 : US Code - Section 2366: Conditions of indemnity; purchase of property by Commission

The Commission shall make the indemnity payment specified by
section 2365 of this title only if the Commission receives a notice
from the then owner of the property that he is about to sell the
property for a sum less than the unpaid balance of the real or
hypothetical loan calculated pursuant to such section. Such payment
shall be made only if -
(a) notice is given to the Commission at a time when the
conditions of section 2364 of this title are satisfied;
(b) the sale is made within such time as the Commission may
prescribe and in a manner which the Commission determined to
afford adequate assurance of a fair price without excessive
costs; and
(c) the Commission is given such prior notice of the sale and
such opportunity to become a purchaser as it shall prescribe.
In such circumstances the Commission is authorized to purchase the
property. Sales pursuant to this section and payment by the
Commission of such amount, if any, as is owing pursuant to sections
2363 to 2366 of this title shall end the obligation of the
Commission under sections 2363 to 2366 of this title with respect
to that property.