Page:United States Statutes at Large Volume 69.djvu/521

 69 S T A T. ]

PUBLIC LAW 221-AUG. 4, 1955

b. The Commission may sell any such notes and mortgages on terms set by the Commission. SEC. 63. COMMISSION INDEMNITY.—For a period of not more than fifteen years after the date of enactment of this Act, the Commission shall indemnify the purchaser (except a purchaser taking advantage of the provisions of subsection 36(d)), and any successor in title, of any such single family or duplex house as set forth in this chapter. This indemnity shall be deemed to be incorporated in the deeds given on the sale of Government-owned houses. One person may not invoke the indemnity in respect of more than one house. SEC. 64. COMMUNITY EMPLOYMENT AND POPULATION.—The indemnity obligation specified in section 63 shall arise only if, for the six months just preceding the date on which it is invoked— (a) the total number of operating, maintenance, and administrative employees in the project area, as determinecl by the Commission, has been less than fourteen thousand three hundred and thirty-seven in the case of Oak Ridge or seven thousand six hundred and twenty-two in the case of Richland; and (b) the population in the community has been less than twentynine thousand two hundred and fifty in the case of Oak Ridge or twenty-five thousand two hundred in the case of Richland. For purposes of this section employment shall be determined on the basis of the pay period or periods ending nearest the 15th of each month. SEC. 65. AMOUNT or INDEMNITY.—The indemnity obligation of the Commission specified in section 63 shall be for such amount, less the sales price of the property, as would have remained unpaid under a loan entered into on the date of the execution of the original deed by the Commission— (1) which was in the amount of the purchase price from the Commission and provided for equal monthly payments of principal and interest over a period of twenty years computed on the basis of the average interest and other charges recorded for property of the same class at the community; and (2) on which all payments due to the date when notice was received by the Commission had been made. SEC. 66. CONDITIONS OF INDEMNITY.—The Commission shall make the indemnity payment specified by section 65 only if the Commission receives a notice from the then owner of the property that he is about to sell the property for a sum less than the unpaid balance of the real or hypothetical loan calculated pursuant to section 65. Such payment shall be made only if— a. notice is given to the Commission at a time when the conditions of section 64 are satisfied; b. the sale is made within such time as the Commission may prescribe and in a manner which the Commission determined to afford adequate assurance of a fair price without excessive costs; and c. the Commission is given such prior notice of the sale and such opportunity to become a purchaser as it shall prescribe. I n such circumstances the Commission is hereby authorized to purchase the property. Sales pursuant to this section and payment by the Commission of such amount, if any, as is owing pursuant to sections 63 through 66 shall end the obligation of the Commission under sections 63 through 66 with respect to that property.

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