1. U.S. Code
  2. title 42
  3. chapter 24
  4. subchapter V
  5. § 2363

Collapse to view only § 2363. Indemnity obligation of Commission; incorporation by reference in deed

§ 2361. Contract to purchase by priority purchaser

The Commission may, in the sale of any single-family or duplex house to a priority purchaser, enter into a contract to purchase which provides that the purchaser shall conclude his purchase within not more than three years after the date the contract is entered into. Such contracts to purchase shall provide for such periodic payments, including payments on account of principal, interest, or tax equivalents, as the Commission shall prescribe.

(Aug. 4, 1955, ch. 543, ch. 6, § 61, 69 Stat. 478.)

CITE AS: 42 USC 2361

§ 2362. Financing by Commission
(a) Acceptance of residential property notes
(b) Advances
(c) Acceptance of commercial property notes
(d) Sale of notes and mortgages
(Aug. 4, 1955, ch. 543, ch. 6, § 62, 69 Stat. 478; July 25, 1956, ch. 731, § 2, 70 Stat. 653; Pub. L. 87–719, §§ 15, 16, Sept. 28, 1962, 76 Stat. 665; Pub. L. 90–19, § 11, May 25, 1967, 81 Stat. 23.)

CITE AS: 42 USC 2362

§ 2363. Indemnity obligation of Commission; incorporation by reference in deed

For a period of not more than fifteen years after August 4, 1955, or, in the case of Los Alamos, not more than fifteen years after the date it is included within this chapter, the Commission shall indemnify the purchaser (except a purchaser taking advantage of the provisions of section 2326(d) of this title), and any successor in title, of any such single family or duplex house as set forth in this subchapter. 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.

(Aug. 4, 1955, ch. 543, ch. 6, § 63, 69 Stat. 479; Pub. L. 87–719, § 17, Sept. 28, 1962, 76 Stat. 666.)

CITE AS: 42 USC 2363

§ 2364. Community employment and population
The indemnity obligation specified in section 2363 of this title 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 determined 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 or four thousand six hundred and twenty in the case of Los Alamos; and
(b) the population in the community has been less than twenty-nine thousand two hundred and fifty in the case of Oak Ridge or twenty-five thousand two hundred in the case of Richland or eleven thousand seven hundred and sixty-nine in the case of Los Alamos.
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.
(Aug. 4, 1955, ch. 543, ch. 6, § 64, 69 Stat. 479; Pub. L. 87–719, §§ 18, 19, Sept. 28, 1962, 76 Stat. 666.)

CITE AS: 42 USC 2364

§ 2365. Amount of indemnity
The indemnity obligation of the Commission specified in section 2363 of this title 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.
(Aug. 4, 1955, ch. 543, ch. 6, § 65, 69 Stat. 479.)

CITE AS: 42 USC 2365

§ 2366. Conditions of indemnity; purchase of property by Commission
The Commission shall make the indemnity payment specified by section 2365 of this title 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 such section. Such payment shall be made only if—
(a) notice is given to the Commission at a time when the conditions of section 2364 of this title 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.
In such circumstances the Commission is 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 2363 to 2366 of this title shall end the obligation of the Commission under sections 2363 to 2366 of this title with respect to that property.
(Aug. 4, 1955, ch. 543, ch. 6, § 66, 69 Stat. 479.)

CITE AS: 42 USC 2366