PREREQUISITES TO FORECLOSURE.

SEC. 806. [12 U.S.C. 3755] PREREQUISITES TO FORECLOSURE. (a) In General.— (1) Upon breach of covenant or condition.—The Secretary is authorized to foreclose a mortgage under this title upon the breach of a covenant or condition in the mortgage agreement. (2) No other pending proceedings.— (A) Prior to commencement.—No foreclosure may be commenced under this title unless any previously pending judicial or nonjudicial proceeding that has been separately instituted by the Secretary to foreclose the mortgage (other than under this title), has been withdrawn, dismissed, or otherwise terminated. (B) After commencement.—No separately instituted foreclosure proceeding on a mortgage which is the subject of a foreclosure proceeding under this title shall be instituted by the Secretary during the pendency of foreclosure pursuant to this title. (b) Other Rights Unaffected.—Nothing in this title shall preclude the Secretary from— (1) enforcing any right, other than foreclosure, under applicable Federal or State law, including any right to obtain a monetary judgment; or (2) foreclosing under this title if the Secretary has obtained or is seeking any other remedy available pursuant to Federal or State law, or under the mortgage agreement, including the appointment of a receiver, mortgagee-in-possession status, or relief under an assignment of rents.