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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 22 - Foreign Relations |
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Chapter II - Agency for International Development |
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Part 241 - Republic of Iraq Loan Guarantees Issued Under the Further Continuing and Security Assistance Appropriations Act of 2017 |
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Subpart D - Contract Rights and Obligations - Multifamily Projects Without a HUD-Insured or HUD-Held Mortgage |
§ 241.850 - Notice of default.
Latest version.
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(a) If the default is not cured within the 30 day grace period, as defined in § 241.530(d), the lender shall, within 30 days thereafter, notify the Commissioner in writing of such default.
(b) The lender shall give notice in writing to the Commissioner of the failure of the borrower to comply with any covenant or obligation under the security instrument or note regardless of the fact that the lender may not have elected to accelerate the debt.