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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 7 - Agriculture |
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Subtitle B - Regulations of the Department of Agriculture |
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Chapter XVII - Rural Utilities Service, Department of Agriculture |
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Part 1738 - Rural Broadband Loans, Loan/Grant Combinations, and Loan Guarantees |
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Subpart F - Closing, Servicing, and Reporting for Loan and Loan/Grant Combination Awards |
§ 1738.253 - Servicing of loan and loan/grant combinations.
Latest version.
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§ 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:
(2)(1) A late charge shall be charged on any payment not made in accordance with the terms of the note.
loanThe Agency may exercise the default remedies provided in the
,Award documents and any remedy permitted by law
but is not required to do so.
3(
not2) If the Agency chooses not to
exercise its default remedies, it does not waive its right to do so in the future.