Page:United States Statutes at Large Volume 82.djvu/553

 82

STAT.

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PUBLIC LAW 90-448-AUG. 1, 1968

511

gage. This premium shall be payable in cash or in debentures of the insurance fund under which the loan is insured at par plus accrued interest. I n the event of a failure of the borrower to make any payment due under such loan or under the original mortgage, both the loan and original mortgage shall be considered in default, and if such default contmues for a period of thirty days, the lender shall be entitled to insurance benefits, computed in the same manner as for the original mortgage, except that in determining the interest rate under section 224 for the debentures representing the portion of the claim es Stat. eoe; applicable to the loan, the date of the commitment to insure the ^^f^usc^mso loan and the insurance date of the loan shall be taken into consideration rather than the commitment or insurance date for the original mortgage." S U P P L E M E N T A R Y LOANS FOR COOPERATIVE H O U S I N G P U R C H A S E D FROM THE FEDERAL (JOVERNMENT

SEC. 313. Section 213(j) of the National Housing Act is amended— (1) by inserting after the first sentence of paragraph (1) the following sentence: "The Secretary is further authorized to make commitments to insure and to insure supplementary cooperative loans (including advances during construction or improvement) with respect to any property purchased from the Federal Government by a nonprofit corporation or trust of the character described in paragraph (1) of subsection (a), if the property is covered by an uninsured mortgage representing a part of the purchase price."; and (2) by adding before the semicolon at the end of paragraph (2)(B) the following: "; except that, in the case of repairs or improvements to a property covered by an uninsured mortgage dated more than twenty years prior to the date of the commitment to insure, of such magnitude that the Secretary deems them to be a major rehabilitation or modernization of such property, the loan may have a maturity date up to ten years in excess of the remaining term of the uninsured mortgage"'. EQUIPMENT IN NURSING

75 Stat. 179. ^^ ^^^ i7i5e.

64 Stat. 54.

HOMES

SEC. 314. Section 232 of the National Housing Act is amended— (1) by striking out subsection (b)(2) and inserting in lieu thereof the following: "(2) the term 'mortgage' means a first mortgage on real estate in fee simple, or on the interest of either the lessor or lessee thereof (A) under a lease for not less than ninety-nine years which is renewable, or (B) under a lease having a period of not less than fifty years to run from the date the mortgage was executed. The term 'first mortgage' means such classes of first liens as are commonly given to secure advances (including but not limited to advances during construction) on, or the unpaid purchase price of, real estate under the laws of the State in which the real estate is located, together with the credit instrument or instruments, if any, secured thereby, and any mortgage may be in the form of one or more trust mortgages or mortgage indentures or deeds of trust, securing notes, bonds, or other credit instruments, and, by the same instrument or by a separate instrument, may create a security interest in initial equipment, whether or not attached to the realty. The term 'mortgagor' shall have the meaning set forth in section 207(a) of this Act."; (2) by striking out so much of subsection (d) as precedes paragraph (1) and inserting in lieu thereof the following:

J3 Stat. 663.^ ^^^"''

52 Stat. le. ^ '^^

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