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42 U.S.C. § 2365 — Amount of indemnity
Federal law — U.S. Code and appendices · legal_authorities
The indemnity obligation of the Commission specified in [section 2363 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section2363&num=0&edition=prelim) shall be for such amount, less the sales price of the property, as would have remained unpaid under a loan entered into on the date of the execution of the original deed by the Commission—
(1) which was in the amount of the purchase price from the Commission and provided for equal monthly payments of principal and interest over a period of twenty years computed on the basis of the average interest and other charges recorded for property of the same class at the community; and
(2) on which all payments due to the date when notice was received by the Commission had been made.
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Stable record: federal_law:legal_authorities:record_usc_824c87f5ea34a2ebd97ab9b3
Source file: Laws/federal/codes/united-states-code/title-42/section-2365-amount-of-indemnity--4b23f94c9e.md
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Passage SHA-256: dafcf04da7d933ce12ad9cde51ad1c29eefbe7477b00e365c450fb793f414c99
Source location: Title 42, Chapter 24, § 2365; chapter-024-disposal-of-atomic-energy-communities.md
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The indemnity obligation of the Commission specified in [section 2363 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section2363&num=0&edition=prelim) shall be for such amount, less the sales price of the property, as would have remained unpaid under a loan entered into on the date of the execution of the original deed by the Commission—
(1) which was in the amount of the purchase price from the Commission and provided for equal monthly payments of principal and interest over a period of twenty years computed on the basis of the average interest and other charges recorded for property of the same class at the community; and
(2) on which all payments due to the date when notice was received by the Commission had been made.
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Federal law — U.S. Code and appendices · legal_authorities
For a period of not more than fifteen years after August 4, 1955, or, in the case of Los Alamos, not more than fifteen years after the date it is included within this chapter, the Commission shall indemnify the purchaser (except a purchaser taking advantage of the provisions of [section 2326(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section2326/d&num=0&edition=prelim)), and any successor in title, of any such single family or duplex house as set forth in this subchapter. This indemnity shall be deemed to be incorporated in the deeds given on the sale of Government-owned houses. One person may not invoke the indemnity in respect of more than one house.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 2363
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Federal law — U.S. Code and appendices · legal_authorities
The Commission shall make the indemnity payment specified by [section 2365 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section2365&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section2364&num=0&edition=prelim) 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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 2366
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Federal law — U.S. Code and appendices · legal_authorities
Page 5595
TITLE 42—THE PUBLIC HEALTH AND WELFARE
§ 2365
(2) sell or enter into contracts to sell to a
servicer any notes and mortgages with respect
to which a servicing contract has been entered
into by the servicer with the Commission: Pro-
vided, That with respect to sales of notes and
mortgages under (2) the Commission shall com-
ply with section 6101 of title 41 unless it deter-
mines that such compliance would not be fea-
sible.
(Aug. 4, 1955, ch. 543, ch. 6, § 62, 69 Stat. 478; July
25, 1956, ch. 731, § 2, 70 Stat. 653; Pub. L. 87–719,
§§ 15, 16, Sept. 28, 1962, 76 Stat. 665; Pub. L. 90–19,
§ 11, May 25, 1967, 81 Stat. 23.)
Editorial Notes
CODIFICATION
In subsec. (d), ‘‘section 6101 of title 41’’ substituted
for ‘‘section 3709 of the Revised Statutes’’ in two places
on authority of Pub. L. 111–350, § 6(c), Jan. 4, 2011, 124
Stat. 3854, which Act enacted Title 41, Public Con-
tracts.
AMENDMENTS
1967—Subsec. (a). Pub. L. 90–19 substituted ‘‘Secretary
of Housing and Urban Development’’ for ‘‘Federal Hous-
ing Commissioner’’.
1962—Subsec. (a). Pub. L. 87–719, § 15, substituted
‘‘such property’’ for ‘‘house, apartment building, or
dormitory’’.
Subsec. (d). Pub. L. 87–719, § 16, inserted provisions re-
specting servicing contracts and compliance with ad-
vertising requirements for public purchases when fea-
sible.
1956—Subsec. (a). Act July 25, 1956, reenacted subsec.
(a) without change.
Subsecs. (b), (c). Act July 25, 1956, added subsecs. (b)
and (c) and redesignated former subsec. (b) as (d).
Subsec. (d). Act July 25, 1956, redesignated former
subsec. (b) as (d) and included notes and mortgages ac-
quired under subsec. (c) of this section.
Statutory Notes and Related Subsidiaries
TRANSFER OF FUNCTIONS
Atomic Energy Commission abolished and
Source: Supplied 2024 U.S. Code historical extraction · 42 U.S.C. § 2365
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