§ 1738.253 - Servicing of loan and loan/grant combinations.

§ 1738.253 Servicing of loan and loan/grant combinations.

(a) Borrowers must make payments on the broadband loan as required in the note.

(b) Borrowers Awardees must comply with all terms, conditions, affirmative covenants, and negative covenants contained in the loan Award documents.

(c) In the event of default of any required payment or other term or condition:

(1) A late charge shall be charged on any payment not made in accordance with the terms of the note.

(2)

The Agency may exercise the default remedies provided in the

loan

Award documents and any remedy permitted by law

,

but is not required to do so.

(

3

2) If the Agency chooses not to

not

exercise its default remedies, it does not waive its right to do so in the future.