12 U.S.C. § 3705
Foreclosure by the Secretary under this chapter of a multifamily mortgage may be commenced, as provided in section 3707 of this title, upon the breach of a covenant or condition in the mortgage agreement for which foreclosure is authorized under the mortgage, except that no such foreclosure may be commenced unless any previously pending proceeding, judicial or nonjudicial, separately instituted by the Secretary to foreclose the mortgage other than under this chapter has been withdrawn, dismissed, or otherwise terminated. No such separately instituted foreclosure proceeding on the mortgage shall be instituted by the Secretary during the pendency of foreclosure pursuant to this chapter. Nothing in this chapter shall preclude the Secretary from enforcing any right, other than foreclosure, under applicable State law, including any right to obtain a monetary judgment. Nothing in this chapter shall preclude the Secretary from foreclosing under this chapter where the Secretary has obtained or is seeking any other remedy available pursuant to Federal or State law or under the mortgage agreement, including, but not limited to, the appointment of a receiver, mortgagee-in-possession status, relief under an assignment of rents, or transfer to a nonprofit entity pursuant to section 1701q of this title or section 8013 of title 42.
12 U.S.C. § 3705
EDITORIAL NOTES
AMENDMENTS1992- Pub. L. 102-550 substituted "status, relief under an assignment of rents, or transfer to a nonprofit entity pursuant to section 1701q of this title or section 8013 of title 42" for "status or relief under an assignment of rents" in last sentence.
- Secretary
- "Secretary" means the Secretary of Housing and Urban Development and the Secretary of Agriculture.
- State
- "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;
- mortgage agreement
- "mortgage agreement" means 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;
- mortgage
- "mortgage" means a deed of trust, mortgage, deed to secure debt, security agreement, or any other form of instrument under which any interest in property, real, personal or mixed, or any interest in property including leaseholds, life estates, reversionary interests, and any other estates under applicable State law, is conveyed in trust, mortgaged, encumbered, pledged, or otherwise rendered subject to a lien, for the purpose of securing the payment of money or the performance of an obligation;
- multifamily mortgage
- "multifamily mortgage" means a mortgage held by the Secretary pursuant to-(A) section 608 or 801, or title II or X, of the National Housing Act [ 12 U.S.C. 1743, 1748, 1707 et seq., 1749aa et seq.];(B) section 312 of the Housing Act of 1964 [ 42 U.S.C. 1452b ], as it existed immediately before its repeal by section 289 of the Cranston-Gonzalez National Affordable Housing Act;(C) section 202 of the Housing Act of 1959 [ 12 U.S.C. 1701q ], as it existed immediately before its amendment by section 801 of the Cranston-Gonzalez National Affordable Housing Act;(D) section 202 of the Housing Act of 1959 [ 12 U.S.C. 1701q ], as amended by section 801 of the Cranston-Gonzalez National Affordable Housing Act; and(E) section 811 of the Cranston-Gonzalez National Affordable Housing Act [ 42 U.S.C. 8013 ].