Page:United States Statutes at Large Volume 124.djvu/1506

 124 STAT. 1480 PUBLIC LAW 111–203—JULY 21, 2010 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.—If the receiver repudiates any con- tract (which meets the requirements of subsection (a)(6)) 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.—If any purchaser of real property under any contract described in subparagraph (A) remains in possession of such property pursuant to clause (ii) of subparagraph (A)— (i) the purchaser— (I) shall continue to make all payments due under the contract after the date of the repudiation 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 covered financial company under the con- tract; and (ii) the Corporation as receiver shall— (I) not be liable to the purchaser for any dam- ages arising after such date as a result of the repudiation, other than the amount of any offset allowed under clause (i)(II); (II) deliver title to the purchaser in accordance with the provisions of the contract; and (III) have no obligation under the contract other than the performance required under sub- clause (II). (C) ASSIGNMENT AND SALE ALLOWED.— (i) IN GENERAL.—No provision of this paragraph shall be construed as limiting the right of the Corpora- tion as receiver to assign the contract described in subparagraph (A) and sell the property, subject to the contract and the provisions of this paragraph. (ii) NO LIABILITY AFTER ASSIGNMENT AND SALE.— If an assignment and sale described in clause (i) is consummated, the Corporation as receiver shall have no further liability under the contract described in subparagraph (A) or with respect to the real property which was the subject of such contract. (7) PROVISIONS APPLICABLE TO SERVICE CONTRACTS.— (A) SERVICES PERFORMED BEFORE APPOINTMENT.—In the case of any contract for services between any person and any covered financial company for which the Corpora- tion has been appointed receiver, any claim of such person for services performed before the date of appointment shall be— (i) a claim to be paid in accordance with sub- sections (a), (b), and (d); and