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B-188240 1 (1977-08-10)

handle is hein.gao/gaobadeye0001 and id is 1 raw text is: I DOCUMENT RESUME 03155 - rA22333451 rReimbursement of a Lose Sustained on r Property Improvement Loani. B-188240. August 10, 1977. 5 pp.. Decision re: Boston Five Cents Savings Bank; by Robert F. Keller, Deputy Comptroller General Issue Area: Domestic Housing and Commanity Development (2100). Contact: Office of the General Counsel: General Government Matters. Budget Function: Community and Regional Development: Disaster Relief and Insurance (453). Organization Concerned: Department of Housing and arban Development. Authority: National Housing Act, as amended (12 U.S.,'!- 1701 at seq.). Rousing and Community Development Act of 1974 (P.L. 93-383; 80 Stat. 633). 24 C.P.R. 201.2(d) (2) (1). B-131963 (1957). B-148816 (1962). B-149800 (1962). B-164118 (1969), B-172121 (1971). 55 Comp. Gen. 125. ntah Power and Light Co. v. Tnited States, 243 U.S. 389, 409 (1917). B. C. Tyner, Authorized Certifying officer for the Department of Housing and Uiban Development, tequested advice concerning a claim for payment of a loss sustained on a property improvement loan made to Jame5 and Myra Rodrigues. Since the maturity date of the note submitted for insurance was subsequently extended by the lender's written agreement beyond the maximum statutory term for such losses in effect at the time the loan was made, the lender's claim for reimbursement if its losses on the note must be denied. The bank's contention that it should be allowed to -escind the extension agreement must be relected since the agreement was clear and unambiguous and there was no basis to justify the rescission. (Iuthor/sc) I

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