Page:United States Statutes at Large Volume 95.djvu/449

 PUBLIC LAW 97-35—AUG. 13, 1981

95 STAT. 423

conveyed in trust, mortgaged, encumbered, pledged, or otherwise rendered subject to a lien, for the purpose of securing the pa3niient of money or the performance of an obligation; (2) "multifamily mortgage" means a mortgage held by the Secretary pursuant to title 11 of the National Housing Act or section 312 of the Housing Act of 1964 covering any property, 12 USC 1707. except a property on which there is located a one- to four-family ^^ use I452b. residence; (3) "mortgage agreement" meeins the note or debt instrument and the mortgage instrument, deed of trust instrument, trust deed, or instrument or instruments creating the mortgage, including any instrument incorporated by reference therein (including any applicable regulatory agreement), and any instrument or agreement amending or modifying any of the foregoing; (4) "mortgagor" means the obligor, grantor, or trustor named in the mortgage agreement and, unless the context otherwise indicates, includes the current owner of record of the security property whether or not personally liable on the mortgage debt; (5) "person" includes any individual, group of individuals, association, partnership, corporation, or organization; (6) "record" and "recorded" include "register" and "registered" in the instance of registered land; (7) "security property" means the property, real, personal or mixed, or an interest in property, including leaseholds, life estates, reversionary interests, and any other estates under applicable State law, together with fixtures and other interests subject to the lien of the mortgage under applicable State law; (8) "State" means the several States, the District of Columbia, the Commonwealth of Puerto Rico, the territories and possessions of the United States, and the Trust Territory of the Pacific Islands, and Indian tribes as defined by the Secretary; (9) "county" means county as defined in section 2 of title I, United States Code; and i use 2. (10) "Secretary" means the Secretary of Housing and Urban Development. APPLICABILITY

SEC. 364. Multifamily mortgages held by the Secretary encumber- 12 USC 3703. ing real estate located in any State may be foreclosed by the Secretary in accordance with this part, or pursuant to other foreclosure procedures available, at the option of the Secretary. DESIGNATION OF FORECLOSURE COMMISSIONER

SEC. 365. A foreclosure commissioner or commissioners designated 12 USC 3704. pursuant to this part shall have a nonjudicial power of sale as provided in this part. Where the Secretary is the holder of a multifamily mortgage, the Secretary may designate a foreclosure commissioner and, with or without cause, may designate a substitute foreclosure commissioner to replace a previously designated foreclosure commissioner, by executing a duly acknowledged, written designation stating the name and business or residential address of the commissioner or substitute commissioner. The designation shall be effective upon execution. Except as provided in section 368(b), a copy of the designation shall be mailed with each copy of the notice of default and foreclosure sale served by mail in accordance with section 369(1). The foreclosure commissioner, if a natural person, shall be a resident of the State in which the security property is located and, if

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