absolute conveyance of the same shall be made by the owner thereof to
the State association of the State where the land is located, in such
form and manner as the attorney of such association shall prescribe;
and the owner shall lawfully waive any claim or right of defense that
he might otherwise have in case of foreclosure proceedings under the
laws of the State in which the real estate is located. And, further,
the owner of said real estate shall, in such manner and form as
the attorney of the association shall prescribe, appoint the local
association through which the loan was negotiated as a trustee for the
benefit of the State association to take possession of the property
in case of default in payment of interest, taxes, or insurance, or in
case of waste of any kind, and shall give such local association full
authority and power to manage the property, or sell the same whenever,
in the judgment of the executive committee of such local association,
it is advisable to do so: _Provided, however_, That such sales shall
be made only after the property has been duly advertised in accordance
with the law made and provided for sale of real estate in the State
where located after foreclosure proceedings have been had and judgment
entered.