prepayment of mortgages by nonprofit educational institutions

prepayment of mortgages by nonprofit educational institutions Sec. 120. Title V of the National Housing Act is amended by adding at the end thereof the following new section: “prepayment of mortgages by nonprofit educational institutions “Sec. 517. (a) Notwithstanding any other provision of this Act, no adjusted premium charge shall be collected in connection with the payment in lull, 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 intends 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).”