Page:United States Statutes at Large Volume 103 Part 1.djvu/567

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 539 "(iii) have a claim for any unpaid rent, subject to all appropriate offsets and defenses, due as of the date of the appointment which shall be paid in accordance with this subsection and subsection (b). " (5) LEASES UNDER WHICH THE CREDIT UNION IS THE LESSOR.— "(A) IN GENERAL.— If the conservator or liquidating agent Real property, repudiates an unexpired written lease of real property of the credit union under which the credit union 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 term 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.— If 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 credit union under the lease after such date; and "(ii) the conservator or liquidating agent 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)(II). " (6) CONTRACTS FOR THE SALE OF REAL PROPERTY. — "(A) IN GENERAL. —I f the conservator or liquidating agent repudiates any contract (which meets the requirements of each paragraph of section 208(a)(3)) for the sale of real property and the purchaser of such real property under such contract is in possession and is not, as of the date of such repudiation, in default, such purchaser may either— '(i) treat the contract as terminated by such repudi- ation; or "(ii) remain in possession of such real property. "(B) PROVISIONS APPLICABLE TO PURCHASER REMAINING IN POSSESSION. —I f any purchaser of real property under any contract described in subparagraph (A) remains in posses- sion of such property pursuant to clause (ii) of such subparagraph— "(i) the purchaser— "(I) shall continue to make all payments due under the contract after the date of the repudi- ation of the contract; and "(II) may offset against any such payments any damages which accrue after such date due to the nonperformance (after such date) of any obligation of the credit union under the contract; and "(ii) the conservator or liquidating agent shall—

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