Page:United States Statutes at Large Volume 106 Part 5.djvu/154

 106 STAT. 3792 PUBLIC LAW 102-550 —OCT. 28, 1992 (b) DEFINITION.—Section 363(2) of the Multifamily Mortgage Foreclosure Act of 1981 (12 U.S.C. 3702(2)) is amended to read as follows: "(2) 'multifamily mortgage' means a mortgage held by the Secretary pursuant to— "(A) section 608 or 801, or title II or X, of the National Housing Act; "(B) section 312 of the Housing Act of 1964, as it existed immediately before its repeal by section 289 of the Cranston-Cjronzalez National Affordable Housing Act; "(C) section 202 of the Housing Act of 1959, as it existed immediately before its amendment by section 801 of the Cranston-Gonzalez National Affordable Housing Act; V "(D) section 202 of the Housing Act of 1959, as amended by section 801 of the Cranston-Cxonzalez National Affordable Housing Act; and "(E) section 811 of the Cranston-Cronzalez National Affordable Housing Act.". (c) PREREQUISITES TO FORECLOSURE. — -The last sentence of section 366 of the Multifamily Mortgage Foreclosure Act of 1981 (12 U.S.C. 3705) is amended by striking "status" and all that follows through "rents" and inserting the following: "status, relief under an assignment of rents, or transfer to a nonprofit entity pursuant to section 202 of the Housing Act of 1959 (as amended by section 801 of the Cranston-Gonzalez National Affordable Housing Act) or section 811 of the Cranston-Gronzalez National Affordable Housing Act". (d) NOTICE. —Section 367(b)(1) of the Multifamily Mortgage Foreclosure Act of 1981 (12 U.S.C. 3706(b)(1)) is amended to read as follows: "(b)(1) Except as provided in paragraph (2)(A), the Secretary may require, as a condition and term of sale, that the purchaser at a foreclosure sale under this part agree to continue to operate the security property in accordance with the terms of the program under which the mortgage insurance or assistance was provided, or any applicable regulatory or other agreement in effect with respect to such property immediately prior to the time of foreclosure sale.". SEC. 518. MORTGAGEE REVIEW BOARD. Section 202(c)(3)(C) of the National Housing Act (12 U.S.C. 1708(c)(3)(C)) is amended— (1) by inserting "temporarily" after "order"; (2) by inserting "(i)" after "Administration if"; (3) by inserting "(ii)" after "violations and"; and (4) by striking the period after "6 months" and inserting the following: ", and for not longer than 1 year. The Board may extend the suspension for an additional 6 months if it determines the extension is in the public interest. If the Board and the mortgagee agree, these time limits may be extended.". SEC. 519. DEFINITION OF MORTGAGEE. Section 202(c) of the National Housing Act (12 U.S.C. 1708(c)) is amended— (1) by striking paragraph (6)(D); and (2) by redesignating paragraph (7) as paragraph (8), and inserting the following after paragraph (6):

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