(A) Matters involving foreclosure actions shall be heard and decided by the Tribal Court in a prompt and reasonable time period not to exceed sixty (60) days from the date of service of the complaint on the borrower/mortgagor. If the alleged default has not been cured at the time of trial and the Tribal Court finds for the lender/mortgagee, the Tribal Court shall enter judgment foreclosing the interest of the borrower/mortgagor and each other defendant, including subordinate lienholder, in the mortgage, transferring the mortgage to the lender/mortgagee or the lender’s designated assignee. Upon request by the foreclosing party, the Court may order the sale or the transfer of the foreclosed interest. Any sale shall be executed by a duly authorized law enforcement officer or officer of the Court, appointed by the Court for such a purpose in the manner specified in this chapter or applicable law.
(B) In the case of a leasehold mortgage, the lease will be assigned to the lender/mortgagee or the lender’s designated assignee, subject to the following provisions:
(1) The lender shall give the Tribe the right of first refusal on any acceptable offer to purchase the lease or leasehold mortgage which is 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 mortgage to a Tribal member, the Tribe, or the Tribal Housing Authority.
(3) Any other transfer, sale or assignment of the lease or leasehold mortgage shall only be made to a Tribal member, the Tribe, or the Tribal Housing Authority during the remaining period of the leasehold.