Form and contents of contracts, mortgages, and other instruments

Contracts entered into pursuant to this chapter and other instruments executed pursuant to this chapter shall be in such form and contain such provisions, consistent with this chapter, as the Commission shall prescribe; and shall be as simple and concise as possible. Any mortgage shall contain terms which will place the United States in the same position, with respect to any mortgages it may hold under the provisions of subchapter V, as that occupied by a private lender under the applicable State laws for the relief of mortgagors with respect to deficiency judgments. (Source: (Aug. 4, 1955, ch. 543, ch. 11, § 113, 69 Stat. 483.))