The corporation may:

1. (1) Renegotiate, refinance, or foreclose any loan in default;
2. (2) Waive any default or consent to the modification of the terms of any loan or security agreement;
3. (3) Commence any action to protect or enforce any right conferred upon it by any law, mortgage, insurance policy, contract, or other agreement;
4. (4) Bid for and purchase the property secured by the loan at any foreclosure or other sale, or acquire or take possession of the property secured by the loan; and
5. (5) Operate, manage, lease, dispose of, or otherwise deal with the property secured by the loan.

[L 2006, c 180, pt of §4; am L 2017, c 12, §11]