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us/statute/12/1713/n — Default or payment; rights of parties · Axiom

Default or payment; rights of parties

In the event that a mortgage insured under this section becomes in default through failure of the mortgagor to make any payment due under or provided to be paid by the terms of the mortgage and such mortgage continues in default for a period of thirty days, but the mortgagee does not foreclose on or otherwise acquire the property, or does not assign and transfer such mortgage and the credit instrument secured thereby to the Secretary, in accordance with subsection (g), and the Secretary is given written notice thereof, or in the event that the mortgagor pays the obligation under the mortgage in full prior to the maturity thereof, and the mortgagee pays any adjusted premium charge required under the provisions of subsection (e), and the Secretary is given written notice by the mortgagee of the payment of such obligation, the obligation to pay the annual premium charge for insurance shall cease, and all rights of the mortgagee and the mortgagor under this section shall terminate as of the date of such notice.

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statutes/12/1713.yaml

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Rules

mortgage_fee_simple_or_lease_years_minimum

Parameter

source: 12 USC 1713(a)

- name: mortgage_fee_simple_or_lease_years_minimum
  kind: parameter
  dtype: Count
  source: 12 USC 1713(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: under a lease for not less than ninety-nine years which is renewable
  versions:
    - effective_from: '0001-01-01'
      formula: '99'

mortgage_remaining_lease_years_minimum

Parameter

source: 12 USC 1713(a)

- name: mortgage_remaining_lease_years_minimum
  kind: parameter
  dtype: Count
  source: 12 USC 1713(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: >-
              under a lease having a period of not less than fifty years to run from the date the
              mortgage was executed
  versions:
    - effective_from: '0001-01-01'
      formula: '50'

mortgage_principal_value_cap_rate

Parameter

source: 12 USC 1713(c)

- name: mortgage_principal_value_cap_rate
  kind: parameter
  dtype: Rate
  source: 12 USC 1713(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: Not to exceed 90 per centum of the estimated value of the property or project
  versions:
    - effective_from: '0001-01-01'
      formula: '0.90'

no_bedroom_family_unit_limit

Parameter

source: 12 USC 1713(c)

- name: no_bedroom_family_unit_limit
  kind: parameter
  dtype: Money
  unit: USD
  source: 12 USC 1713(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: $38,025 per family unit without a bedroom
  versions:
    - effective_from: '0001-01-01'
      formula: '38025'

one_bedroom_family_unit_limit

Parameter

source: 12 USC 1713(c)

- name: one_bedroom_family_unit_limit
  kind: parameter
  dtype: Money
  unit: USD
  source: 12 USC 1713(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: $42,120 per family unit with one bedroom
  versions:
    - effective_from: '0001-01-01'
      formula: '42120'

two_bedroom_family_unit_limit

Parameter

source: 12 USC 1713(c)

- name: two_bedroom_family_unit_limit
  kind: parameter
  dtype: Money
  unit: USD
  source: 12 USC 1713(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: $50,310 per family unit with two bedrooms
  versions:
    - effective_from: '0001-01-01'
      formula: '50310'

three_bedroom_family_unit_limit

Parameter

source: 12 USC 1713(c)

- name: three_bedroom_family_unit_limit
  kind: parameter
  dtype: Money
  unit: USD
  source: 12 USC 1713(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: $62,010 per family unit with three bedrooms
  versions:
    - effective_from: '0001-01-01'
      formula: '62010'

four_or_more_bedroom_family_unit_limit

Parameter

source: 12 USC 1713(c)

- name: four_or_more_bedroom_family_unit_limit
  kind: parameter
  dtype: Money
  unit: USD
  source: 12 USC 1713(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: $70,200 per family unit with four or more bedrooms
  versions:
    - effective_from: '0001-01-01'
      formula: '70200'

manufactured_home_space_limit

Parameter

source: 12 USC 1713(c)

- name: manufactured_home_space_limit
  kind: parameter
  dtype: Money
  unit: USD
  source: 12 USC 1713(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: or not to exceed $17,460 per space
  versions:
    - effective_from: '0001-01-01'
      formula: '17460'

family_unit_base_limit

Derived

source: 12 USC 1713(c)

- name: family_unit_base_limit
  kind: derived
  entity: Mortgage
  dtype: Money
  period: Year
  unit: USD
  source: 12 USC 1713(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/12/1713
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/1713#no_bedroom_family_unit_limit
            output: no_bedroom_family_unit_limit
            hash: sha256:local
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/1713#one_bedroom_family_unit_limit
            output: one_bedroom_family_unit_limit
            hash: sha256:local
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/1713#two_bedroom_family_unit_limit
            output: two_bedroom_family_unit_limit
            hash: sha256:local
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/1713#three_bedroom_family_unit_limit
            output: three_bedroom_family_unit_limit
            hash: sha256:local
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/1713#four_or_more_bedroom_family_unit_limit
            output: four_or_more_bedroom_family_unit_limit
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        if bedroom_count == 0: no_bedroom_family_unit_limit else: if bedroom_count == 1:
        one_bedroom_family_unit_limit else: if bedroom_count == 2: two_bedroom_family_unit_limit
        else: if bedroom_count == 3: three_bedroom_family_unit_limit else:
        four_or_more_bedroom_family_unit_limit

principal_obligation_value_limit

Derived

source: 12 USC 1713(c)

- name: principal_obligation_value_limit
  kind: derived
  entity: Mortgage
  dtype: Money
  period: Year
  unit: USD
  source: 12 USC 1713(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: Not to exceed 90 per centum of the estimated value of the property or project
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/1713#mortgage_principal_value_cap_rate
            output: mortgage_principal_value_cap_rate
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: mortgage_principal_value_cap_rate * estimated_completed_property_or_project_value

default_continuation_days_for_insurance_benefits

Parameter

source: 12 USC 1713(g)

- name: default_continuation_days_for_insurance_benefits
  kind: parameter
  dtype: Count
  source: 12 USC 1713(g)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: if such default continues for a period of thirty days
  versions:
    - effective_from: '0001-01-01'
      formula: '30'

mortgage_payment_default_continues_for_benefits

Derived

source: 12 USC 1713(g)

- name: mortgage_payment_default_continues_for_benefits
  kind: derived
  entity: Mortgage
  dtype: Judgment
  period: Day
  source: 12 USC 1713(g)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: predicate
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: >-
              failure of the mortgagor to make any payment due ... shall be considered a default ...
              and, if such default continues for a period of thirty days
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/1713#default_continuation_days_for_insurance_benefits
            output: default_continuation_days_for_insurance_benefits
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        mortgagor_failed_to_make_payment_due
        and default_continues_days >= default_continuation_days_for_insurance_benefits

mortgagee_assignment_package_delivered

Derived

source: 12 USC 1713(g)

- name: mortgagee_assignment_package_delivered
  kind: derived
  entity: Mortgage
  dtype: Judgment
  period: Day
  source: 12 USC 1713(g)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: >-
              upon assignment, transfer, and delivery to the Secretary ... of (1) all rights and
              interests ... (6) all records, documents, books, papers, and accounts
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        rights_and_interests_under_defaulted_mortgage_assigned
        and mortgage_transaction_claims_assigned
        and title_or_other_insurance_claims_delivered
        and unadvanced_loan_balance_delivered
        and mortgagor_deposit_cash_or_property_delivered
        and mortgage_transaction_records_delivered

mortgagee_entitled_to_insurance_benefits_after_assignment

Derived

source: 12 USC 1713(g)

- name: mortgagee_entitled_to_insurance_benefits_after_assignment
  kind: derived
  entity: Mortgage
  dtype: Judgment
  period: Day
  source: 12 USC 1713(g)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/12/1713
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/1713#mortgage_payment_default_continues_for_benefits
            output: mortgage_payment_default_continues_for_benefits
            hash: sha256:local
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/1713#mortgagee_assignment_package_delivered
            output: mortgagee_assignment_package_delivered
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        mortgage_payment_default_continues_for_benefits
        and mortgagee_assignment_package_delivered

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Default or payment; rights of parties

Official source

in view

Whole section

▸rulespec code

Shown source

statutes/12/1713.yaml

Displaying the canonical repository encoding.

This encoding covers the parent provision us/statute/12/1713; no dedicated encoding exists for this exact provision yet.

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Rules

mortgage_fee_simple_or_lease_years_minimum

Parameter

source: 12 USC 1713(a)

- name: mortgage_fee_simple_or_lease_years_minimum
  kind: parameter
  dtype: Count
  source: 12 USC 1713(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: under a lease for not less than ninety-nine years which is renewable
  versions:
    - effective_from: '0001-01-01'
      formula: '99'

mortgage_remaining_lease_years_minimum

Parameter

source: 12 USC 1713(a)

- name: mortgage_remaining_lease_years_minimum
  kind: parameter
  dtype: Count
  source: 12 USC 1713(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: >-
              under a lease having a period of not less than fifty years to run from the date the
              mortgage was executed
  versions:
    - effective_from: '0001-01-01'
      formula: '50'

mortgage_principal_value_cap_rate

Parameter

source: 12 USC 1713(c)

- name: mortgage_principal_value_cap_rate
  kind: parameter
  dtype: Rate
  source: 12 USC 1713(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: Not to exceed 90 per centum of the estimated value of the property or project
  versions:
    - effective_from: '0001-01-01'
      formula: '0.90'

no_bedroom_family_unit_limit

Parameter

source: 12 USC 1713(c)

- name: no_bedroom_family_unit_limit
  kind: parameter
  dtype: Money
  unit: USD
  source: 12 USC 1713(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: $38,025 per family unit without a bedroom
  versions:
    - effective_from: '0001-01-01'
      formula: '38025'

one_bedroom_family_unit_limit

Parameter

source: 12 USC 1713(c)

- name: one_bedroom_family_unit_limit
  kind: parameter
  dtype: Money
  unit: USD
  source: 12 USC 1713(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: $42,120 per family unit with one bedroom
  versions:
    - effective_from: '0001-01-01'
      formula: '42120'

two_bedroom_family_unit_limit

Parameter

source: 12 USC 1713(c)

- name: two_bedroom_family_unit_limit
  kind: parameter
  dtype: Money
  unit: USD
  source: 12 USC 1713(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: $50,310 per family unit with two bedrooms
  versions:
    - effective_from: '0001-01-01'
      formula: '50310'

three_bedroom_family_unit_limit

Parameter

source: 12 USC 1713(c)

- name: three_bedroom_family_unit_limit
  kind: parameter
  dtype: Money
  unit: USD
  source: 12 USC 1713(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: $62,010 per family unit with three bedrooms
  versions:
    - effective_from: '0001-01-01'
      formula: '62010'

four_or_more_bedroom_family_unit_limit

Parameter

source: 12 USC 1713(c)

- name: four_or_more_bedroom_family_unit_limit
  kind: parameter
  dtype: Money
  unit: USD
  source: 12 USC 1713(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: $70,200 per family unit with four or more bedrooms
  versions:
    - effective_from: '0001-01-01'
      formula: '70200'

manufactured_home_space_limit

Parameter

source: 12 USC 1713(c)

- name: manufactured_home_space_limit
  kind: parameter
  dtype: Money
  unit: USD
  source: 12 USC 1713(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: or not to exceed $17,460 per space
  versions:
    - effective_from: '0001-01-01'
      formula: '17460'

family_unit_base_limit

Derived

source: 12 USC 1713(c)

- name: family_unit_base_limit
  kind: derived
  entity: Mortgage
  dtype: Money
  period: Year
  unit: USD
  source: 12 USC 1713(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/12/1713
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/1713#no_bedroom_family_unit_limit
            output: no_bedroom_family_unit_limit
            hash: sha256:local
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/1713#one_bedroom_family_unit_limit
            output: one_bedroom_family_unit_limit
            hash: sha256:local
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/1713#two_bedroom_family_unit_limit
            output: two_bedroom_family_unit_limit
            hash: sha256:local
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/1713#three_bedroom_family_unit_limit
            output: three_bedroom_family_unit_limit
            hash: sha256:local
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/1713#four_or_more_bedroom_family_unit_limit
            output: four_or_more_bedroom_family_unit_limit
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        if bedroom_count == 0: no_bedroom_family_unit_limit else: if bedroom_count == 1:
        one_bedroom_family_unit_limit else: if bedroom_count == 2: two_bedroom_family_unit_limit
        else: if bedroom_count == 3: three_bedroom_family_unit_limit else:
        four_or_more_bedroom_family_unit_limit

principal_obligation_value_limit

Derived

source: 12 USC 1713(c)

- name: principal_obligation_value_limit
  kind: derived
  entity: Mortgage
  dtype: Money
  period: Year
  unit: USD
  source: 12 USC 1713(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: Not to exceed 90 per centum of the estimated value of the property or project
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/1713#mortgage_principal_value_cap_rate
            output: mortgage_principal_value_cap_rate
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: mortgage_principal_value_cap_rate * estimated_completed_property_or_project_value

default_continuation_days_for_insurance_benefits

Parameter

source: 12 USC 1713(g)

- name: default_continuation_days_for_insurance_benefits
  kind: parameter
  dtype: Count
  source: 12 USC 1713(g)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: if such default continues for a period of thirty days
  versions:
    - effective_from: '0001-01-01'
      formula: '30'

mortgage_payment_default_continues_for_benefits

Derived

source: 12 USC 1713(g)

- name: mortgage_payment_default_continues_for_benefits
  kind: derived
  entity: Mortgage
  dtype: Judgment
  period: Day
  source: 12 USC 1713(g)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: predicate
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: >-
              failure of the mortgagor to make any payment due ... shall be considered a default ...
              and, if such default continues for a period of thirty days
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/1713#default_continuation_days_for_insurance_benefits
            output: default_continuation_days_for_insurance_benefits
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        mortgagor_failed_to_make_payment_due
        and default_continues_days >= default_continuation_days_for_insurance_benefits

mortgagee_assignment_package_delivered

Derived

source: 12 USC 1713(g)

- name: mortgagee_assignment_package_delivered
  kind: derived
  entity: Mortgage
  dtype: Judgment
  period: Day
  source: 12 USC 1713(g)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/12/1713
            excerpt: >-
              upon assignment, transfer, and delivery to the Secretary ... of (1) all rights and
              interests ... (6) all records, documents, books, papers, and accounts
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        rights_and_interests_under_defaulted_mortgage_assigned
        and mortgage_transaction_claims_assigned
        and title_or_other_insurance_claims_delivered
        and unadvanced_loan_balance_delivered
        and mortgagor_deposit_cash_or_property_delivered
        and mortgage_transaction_records_delivered

mortgagee_entitled_to_insurance_benefits_after_assignment

Derived

source: 12 USC 1713(g)

- name: mortgagee_entitled_to_insurance_benefits_after_assignment
  kind: derived
  entity: Mortgage
  dtype: Judgment
  period: Day
  source: 12 USC 1713(g)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/12/1713
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/1713#mortgage_payment_default_continues_for_benefits
            output: mortgage_payment_default_continues_for_benefits
            hash: sha256:local
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/1713#mortgagee_assignment_package_delivered
            output: mortgagee_assignment_package_delivered
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        mortgage_payment_default_continues_for_benefits
        and mortgagee_assignment_package_delivered