782
PUBLIC LAW 88-560-SEPT. 2, 1964
[78 STAT.
term as the Commissioner may prescribe but not to exceed forty years from the beginning of amortization of the mortgage, and shall bear interest (exclusive of premium charges for insurance) at not to exceed 5 ^ per centum per annum on the amount of the principal obligation outstanding at any time. The Commissioner may consent to the release of a part or parts of the mortgaged property from the lien of the blanket mortgage upon such terms and conditions as he may prescribe and the blanket mortgage may provide for such release. The project covered by the blanket mortgage may include five or more family units and such commercial and community facilities as the Commissioner deems adequate to serve the occupants."; (8) by striking out "this section" each time it appears in the suDsection redesignated as subsection (g) by paragraph (7) of this subsection and inserting in lieu thereof "subsection (c) of this section"; (9) by inserting after the subsection redesignated as subsection is) by paragraph (7) of this subsection the following new subsection: " (h) The provisions of subsections (d), (e), (g), (h), (i), (j), (k), 12 USC 1713. (1), (m), (n), and (p) of section 207 shall be applicable to mortgages insured under subsection (d) of this section, except that all references to the Housing Insurance Fund, or Housing Fund, shall be construed to refer to the Apartment Unit Insurance Fund."; and. (10) by amending the subsection redesignated as subsection (j) by paragraph (7) of this subsection to read as follows: 12 USC 1715p, "(j) The provisions of sections 225 and 230 shall be applicable to 1715U. the mortgages insured under subsection (c) of this section." 12 USC 1715c. (jj^ Section 212(a) of such Act is amended by adding at the end thereof the following new sentence: "The provisions of this section shall also apply to the insurance of any mortgage under section Ante, p. 780. 234(d)." 12 USC 1715r, (c) Section 227(a) of such Act is amended by striking out "or (vii)" and inserting in lieu thereof " (vii)", and by inserting before the semicolon at the end thereof ", or (viii) under section 234(d)". PREPAYMENT OF MORTGAGES BY NONPROFIT EDUCATIONAL INSTITUTIONS
1734."^^ ^"^^'
^^^- 120. Title V of the National Housing Act is amended by adding at the end thereof the following new section: "PREPAYMENT or
MORTGAGES BY NONPROFIT EDUCATION AI> INSTITUTIONS
"SEC. 617. (a) Notwithstanding any other provision of this Act, no adjusted premium charge shall be collected in connection with the payment in full, prior to maturity, of any mortgage insured under this Act, if the mortgagor certifies to the Commissioner that the loan was paid in full by or on behalf of a nonprofit educational institution which mtends to use the property for educational purposes. "(b) The Commissioner shall refund any adjusted premium charge collected subsequent to July 1, 1962, and prior to the date of the enactment of the Housing Act of 1964, in connection with the payment in full, prior to maturity, of any mortgage insured under this Act, if the mortgagor under such mortgage makes the certification prescribed by subsection (a). "
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