203.666—Processing defaulted mortgages on property in Allegany Reservation of Seneca Nation of Indians.
(a) Applicability.
This section applies to mortgages authorized by section 203(q) of the National Housing Act ( § 203.43j) only if the default occurred before the mortgagor and the lessee execute a lease renewal or a new lease either with a term of not less than five years beyond the maturity date of the mortgage, or with a term established by an arbitration award.
(b) Claims through assignment.
Before a mortgagee requests the Secretary to accept assignment under § 203.350(d) the mortgagee must submit documents showing that the requirements of § 203.604 have been met.