The Commission shall make the indemnity payment specified by only if the Commission receives a notice from the then owner of the property that he is about to sell the property for a sum less than the unpaid balance of the real or hypothetical loan calculated pursuant to such section. Such payment shall be made only if—

((a)) notice is given to the Commission at a time when the conditions of are satisfied;

((b)) the sale is made within such time as the Commission may prescribe and in a manner which the Commission determined to afford adequate assurance of a fair price without excessive costs; and

((c)) the Commission is given such prior notice of the sale and such opportunity to become a purchaser as it shall prescribe.