§2366 Conditions of indemnity; purchase of property by Commission

Summary

The Commission will pay the indemnity required by section 2365 only if the current owner tells the Commission they plan to sell the property for less than the unpaid balance of the real or hypothetical loan calculated under section 2365. Payment happens only when three things are true: the notice is given while the conditions of section 2364 are met; the sale occurs within the time and in the way the Commission sets so a fair price can be expected without excessive costs; and the Commission gets advance notice and a chance to buy the property as it requires.