12 U.S.C. § 1735h — Untitled legal text

Page 807 TITLE 12—BANKS AND BANKING § 1736 a military base or other Federal installation was ter- minated subsequent to Nov. 1, 1964, as the result of closing of such base or installation, formerly defined as an individual who was unemployed, although willing to work, as the result of the closing of a Federal installa- tion, and providing in subpar. (B) for dwelling situated at or near the base or installation and substituting ‘‘payments due under such mortgage’’ for ‘‘payments of principal and/or interest under such mortgage’’. Subsec. (b)(1). Pub. L. 89–754 substituted ‘‘payments due under such mortgage’’ for ‘‘payments of principal and/or interest under such mortgage’’. Subsec. (b)(2). Pub. L. 89–754 struck out subpar. (A) providing for determination that mortgagor is not in default with respect to any condition or covenant of the mortgage other than requiring the payment of in- stallments of principal and/or interest under the mort- gage and incorporated without subpar. designation pro- vision for determination that such action is necessary to avoid foreclosure, formerly providing in subpar. (B) that such action was the only available means of avoid- ing foreclosure of such mortgage. Subsec. (b)(3). Pub. L. 89–754 substituted in introduc- tory text ‘‘the Federal mortgage agency, the mort- gagor, and the mortgagee shall enter into a binding agreement’’ for ‘‘the Federal mortgage agency shall re- quire such mortgagor to enter into a binding agree- ment’’, designated existing provisions as subpar. (A), provided for payment of interest at rate not to exceed the rate provided in the mortgage, and added subpar. (B). Subsec. (b)(4). Pub. L. 89–754 increased the period from one to two years in subpar. (A), substituted sub- par. (B) provision for expiration date as thirty days after date on which mortgagor gives notice in writing to Federal mortgage agency of ability to resume obli- gation to make payments due under his mortgage for former provision as the date thirty days after date on which mortgagor to whom certificate was issued ceased to be a distressed mortgagor, now incorporated in sub- par. (C), redesignated former subpar. (B) as (C), pro- viding for a determination by the Federal mortgage agency, and struck out former subpar. (C) provision for date on which mortgagor becomes in default with re- spect to any condition or covenant in his mortgage other than that requiring the payment by him of in- stallments of principal and/or interest under the mort- gage. Subsec. (c)(1). Pub. L. 89–754 substituted ‘‘payments due under the mortgage’’ for ‘‘payments of principal, and, if so specified in the certificate, of interest, under the mortgage’’. Subsec. (c)(2). Pub. L. 89–754 substituted ‘‘may in- clude’’ for ‘‘shall include’’ and ‘‘unpaid payments under such mortgage’’ for ‘‘unpaid principal and interest charges which had accrued and subsequent to the date on which such mortgagor became a distressed mort- gagor as defined in subsection (a) of this section’’, and authorized payments of reasonable allowance for fore- closure costs actually paid by the mortgagee if a fore- closure action was dismissed as result of issuance of moratorium certificate and taxes and insurance pre- miums on mortgaged property as deemed necessary when not provided for through payments to a tax and insurance account held by the interested mortgagee. Subsec. (c)(3). Pub. L. 89–754 substituted ‘‘payments due under the mortgage’’ for ‘‘payments of principal, and, if so specified in the certificate, of interest, under the mortgage’’. Subsec. (d). Pub. L. 89–754 reenacted subsec. (d) with- out change. Subsec. (e). Pub. L. 89–754 substituted ‘‘Secretary of Housing and Urban Development’’ for ‘‘Federal Housing Commissioner’’ in two places and made fund available for payment of administrative expenses incurred in connection with assistance to distressed mortgagors and unavailable for payment of administrative ex- penses of the Administrator of Veterans’ Affairs. § 1735h. Repealed. Pub. L. 89–754, title X, § 1013(j), Nov. 3, 1966, 80 Stat. 1292 Section, Pub. L. 89–117, title I, § 108(a)–(d), (f), Aug. 10, 1965, 79 Stat. 460, 461, provided for acquisition of prop- erty at or near military bases which have been ordered to be closed. See section 3374 of Title 42, The Public Health and Welfare. SUBCHAPTER VI—WAR HOUSING INSURANCE Editorial Notes AMENDMENTS 1942—Act May 26, 1942, ch. 319, § 14(a), 56 Stat. 305, amended subchapter heading, substituting ‘‘WAR’’ for ‘‘DEFENSE’’. § 1736. Definitions As used in this subchapter— (a) The term ‘‘mortgage’’ means a first mort- gage on real estate, in fee simple, or on a lease- hold (1) under a lease for not less than ninety- nine years which is renewable; or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was executed; and the term ‘‘first mortgage’’ means such classes of first liens as are commonly given to secure advances on, or the unpaid purchase price of, real estate, under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby. (b) The term ‘‘mortgagee’’ includes the origi- nal lender under a mortgage, and his successors and assigns approved by the Secretary; and the term ‘‘mortgagor’’ includes the original bor- rower under a mortgage and his successors and assigns. (c) The term ‘‘maturity date’’ means the date on which the mortgage indebtedness would be extinguished if paid in accordance with periodic payments provided for in the mortgage. (d) The term ‘‘State’’ includes the several States, and Puerto Rico, the District of Colum- bia, Guam, and the Virgin Islands. (June 27, 1934, ch. 847, title VI, § 601, as added Mar. 28, 1941, ch. 31, § 1, 55 Stat. 55; amended Apr. 20, 1950, ch. 94, title I, § 122, 64 Stat. 59; July 14, 1952, ch. 723, § 10(a)(2), 66 Stat. 603; Pub. L. 86–70, § 10(a), June 25, 1959, 73 Stat. 142; Pub. L. 86–624, § 6, July 12, 1960, 74 Stat. 411; Pub. L. 90–19, § 1(a)(3), May 25, 1967, 81 Stat. 17.) Editorial Notes AMENDMENTS 1967—Subsec. (b). Pub. L. 90–19 substituted ‘‘Sec- retary’’ for ‘‘Commissioner’’. 1960—Subsec. (d). Pub. L. 88–624 struck out ‘‘Hawaii,’’ before ‘‘Puerto Rico’’. 1959—Subsec. (d). Pub. L. 86–70 struck out ‘‘Alaska,’’ before ‘‘Hawaii’’. 1952—Subsec. (d). Act July 14, 1952, inserted ‘‘Guam,’’ after ‘‘District of Columbia,’’. 1950—Act Apr. 20, 1950, substituted ‘‘Commissioner’’ for ‘‘Administrator’’ wherever appearing. Statutory Notes and Related Subsidiaries SEPARABILITY Act Mar. 28, 1941, ch. 31, § 9, 55 Stat. 62, provided that: ‘‘If any provision of this Act [enacting sections 1736 to