Page:United States Statutes at Large Volume 122.djvu/2772

 12 2 STA T . 2 749PUBLIC LA W 11 0– 2 8 9 —J UL Y3 0, 2008 ‘ ‘ (I I )thedisaf fi rm a nc e o rre pu diation b ecomes effecti v e , un l ess the lessor is in default or breach of the terms of the lease ‘‘(ii) have no claim for dama g es under an y accelera - tion clause or other penalty provision in the lease; and ‘‘(iii) have a claim for any unpaid rent, sub j ect to all appropriate offsets and defenses, due as of the date of the appointment, w hich shall be paid in accord- ance with this subsection and subsection (e) . ‘‘( 5 ) LEAS ES UND E RWHIC H T HE RE G U L ATED ENTIT Y IS THE LESS O R. — ‘‘( A ) IN GENERAL.—If the conservator or receiver repudi- ates an une x pired written lease of real property of the regulated entity under which the regulated entity is the lessor and the lessee is not, as of the date of such repudi- ation, 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 ) P RO V ISIONS A P PLICA B LE TO LESSEE RE M AINING IN POSSESSION.—If any lessee under a lease described under subparagraph (A) remains in possession of a leasehold interest under clause (ii) of subparagraph (A)— ‘‘(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; and ‘‘(II) may offset against any rent payment which accrues after the date of the repudiation of the lease, and any damages which accrue after such date due to the nonperformance of any obliga- tion of the regulated entity 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)(II). ‘‘( 6 ) C ONTRACTS F OR THE SALE OF REAL PROPERTY.— ‘‘(A) IN GENERAL.—If the conservator or receiver repudi- ates any contract 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 repudiation; or ‘‘(ii) remain in possession of such real property. ‘‘(B) PROVISIONS APPLICABLE TO PURCHASER REMAINING IN POSSESSION.—If any purchaser of real property under any contract described under subparagraph (A) remains in possession of such property under clause (ii) of subpara- graph (A)— ‘‘(i) the purchaser— Payments.

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