Page:United States Statutes at Large Volume 103 Part 1.djvu/263

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 235 receiver shall not be liable for any damages (other than damages determined pursuant to subparagraph (B)) for the disaffirmance or repudiation of such lease. "(B) PAYMENTS OF RENT. —Notwithstanding subparagraph (A), the lessor under a lease to which such subparagraph applies shall— "(i) be entitled to the contractual rent accruing before the later of the date— "(I) the notice of disaffirmance or repudiation is mailed; or "(II) the disaffirmance or repudiation becomes effective, unless the lessor is in default or breach of the terms of the lease; "(ii) have no claim for damages under any accelera- Claims. tion clause or other penalty provision in the lease; and "(iii) have a claim for any unpaid rent, subject to all Claims, appropriate offsets and defenses, due as of the date of the appointment which shall be paid in accordance with this subsection and subsection (k). " (5) LEASES UNDER WHICH THE INSTITUTION IS THE LESSOR. — "(A) IN GENERAL. — If the conservator or receiver repudi- ates an unexpired written lease of real property of the insured depository institution under which the institution is the lessor and the lessee is not, as of the date of such repudiation, in default, the lessee under such lease may either— "(i) treat the lease as terminated by such repudi- ation; or "(ii) remain in possession of the leasehold interest for the balance of the tiBrm of the lease unless the lessee defaults under the terms of the lease after the date of such repudiation. " (B) PROVISIONS APPLICABLE TO LESSEE REMAINING IN POSSESSION.— I f any lessee under a lease described in subparagraph (A) remains in possession of a leasehold in- terest pursuant to clause (ii) of such subparagraph— "(i) the lessee— "(I) shall continue to pay the contractual rent pursuant to the terms of the lease after the date of the repudiation of such lease; "(II) may offset against any rent payment which accrues after the date of the repudiation of the lease, any damages which accrue after such date due to the nonperformance of any obligation of the insured depository institution under the lease after such date; and "(ii) the conservator or receiver shall not be liable to the lessee for any damages arising after such date as a result of the repudiation other than the amount of any offset allowed under clause (i)(ID- "(6) CONTRACTS FOR THE SALE OF REAL PROPERTY. — "(A) IN GENERAL. — If the conservator or receiver repudi- ates any contract (which meets the requirements of each paragraph of section 13(e)) for the sale of real property and the purchaser of such real property under such contract is

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