§ 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.