Page:United States Statutes at Large Volume 52.djvu/62

 75TH CONG., 3D SESS.-CH. 13 -FEB. 3, 1938 may become the purchaser of the property at such sale. The Admin- istrator is authorized to pay from the Housing Fund such sums as may be necessary to defray such taxes, insurance, costs, fees, and other expenses in connection with the acquisition or foreclosure of property under this section. Pending such acquisition by voluntary conveyance or by foreclosure, the Administrator is authorized, with respect to any mortgage assigned to him under the provisions of subsection (g), to exercise all the rights of a mortgagee under such mortgage, including the right to sell such mortgage, and to take such action and advance such sums as may be necessary to preserve or protect the lien of such mortgage. "(1) Notwithstanding any other provisions of law relating to the acquisition, handling, or disposal of real and other property by the United States, the Administrator shall also have power, for the pro- tection of the interests of the Housing Fund, to pay out of the Hous- ing Fund all expenses or charges in connection with, and to deal with, complete, reconstruct, rent, renovate, modernize, insure, make contracts for the management of, or establish suitable agencies for the management of, or sell for cash or credit or lease in his discretion, any property acquired by him under this section; and notwithstand- ing any other provision of law, the Administrator shall also have power to pursue to final collection by way of compromise or other- wise all claims assigned and transferred to him in connection with the assignment, transfer, and delivery provided for in this section, and at any time, upon default, to foreclose on any property secured by any mortgage assigned and transferred to or held by him: Pro- vided, That section 3709 of the Revised Statutes shall not be con- strued to apply to any contract for hazard insurance, or to any purchase or contract for services or supplies on account of such property if the amount thereof does not exceed $1,000. "(m) Premium charges, adjusted premium charges, and appraisal and other fees, received on account of the insurance of any mortgage insured under this section or section 210, the receipts derived from any such mortgage or claim assigned to the Administrator and from any property acquired by the Administrator, and all earnings on the assets of the Housing Fund, shall be credited to the Housing Fund. The principal of and interest paid and to be paid on debentures issued in exchange for any mortgage or property insured under this sec- tion or section 210, cash adjustments, and expenses incurred in the handling of such mortgages or property and in the foreclosure and collection of mortgages and claims assigned to the Administrator under this section or section 210, shall be charged to the Housing Fund. "(n) In the event that a mortgage insured under this section becomes in default through failure of the mortgagor to make any payment due under or provided to be paid by the terms of the mort- gage and such mortgage continues in default for a period of thirty days, but the mortgagee does not foreclose on or otherwise acquire the roperty, or does not assign and transfer such mortgage and the credit instrument secured thereby to the Administrator, in accordance with subsection (g), and the Administrator is given written notice thereof, or in the event that the mortgagor pays the obligation under the mortgage in full prior to the maturity thereof, and the mortgagee pays any adjusted premium charge required under the provisions of subsection (e), and the Administrator is given written notice by the mortgagee of the payment of such obligation, the obligation to pay the annual premium charge for insurance shall cease, and all rights of the mortgagee and the mortgagor under this section shall terminate as of the date of such notice. Payment of taxes, etc. Exercise of rights pending acquisition. Powers of Adminis- trator with respect to acquired property. Establishment agoncis. of Collection of claims. Foreclosures. Proviso. Contracts for hazard insurance. R. S. §3709. 41U.S. C. §5. Credit of charges and fees received to Housing Fund. Designated pay- ments chargeable to Housing Fund. Termination of rights of mortgagor and mortgagee. Failure of mortga- gee to foreclose, etc., or assign mortgage in default. Payment prier to maturity by mortga- gor and payment of adjusted premium charge by mortgagee. Premium charges, cessation. 21 52 STAT. ]

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