§ 5-107. Judgment and remedy.
This matter shall be heard and decided by the Trial Court in a prompt and reasonable time period not to exceed sixty (60) days from the date or service of the complaint on the borrower/mortgagor. If the alleged default has not been cured at the time of trial and the Trial Court finds for the lender/mortgagee, the Trial Court shall enter judgment:
A. Foreclosing the interest of the borrower/mortgagee and each other defendant, including subordinate lienholder, in the mortgage; and
B. Assigning the mortgage to the lender/mortgagee or the lender’s designated assignee. In the case of a leasehold or permit mortgage, the lease will be assigned to the lender/mortgage or the lender’s designated assignee, subject to the following provisions:
1. The lender shall give the Osage Nation the right of first refusal on any acceptable offer to purchase the lease or leasehold or permit mortgage which may be subsequently obtained by the lender or lender’s designated assignee.
2. The lender or lender’s designated assignee may only transfer, sell or assign the lease and/or leasehold or permit mortgage to a member of the Osage Nation, the Nation or the Osage Nation Housing Authority.
3. Any other transfer, sale or assignment of the lease or leasehold or permit mortgage shall only be made to a member of the Osage Nation, or the Osage Nation Housing Authority during the remaining period of the leasehold. ONCA 11-41, eff. Apr. 12, 2011.