If any mortgagor or a member of the mortgagor’s immediate family, including a father, mother, son, daughter, brother, sister, or spouse, desires to repurchase land lost through foreclosure or by a deed given in lieu of foreclosure, such repurchase may be made by matching the highest bid within one hour after public sale. The terms and conditions of any sale under this section must be established by the board of university and school lands, consistent with this title and the fiduciary responsibilities of the board.