§ 7756. Defaults and Loan Cancellations.
25 CA ADC § 7756Barclays Official California Code of Regulations
25 CCR § 7756
§ 7756. Defaults and Loan Cancellations.
(b) In the event of a breach or violation by the Recipient of any of the provisions of the Standard Agreement, the Development Agreement, the homeownership project development loan promissory note, or the homeownership project development loan deed of trust, or any other agreement pertaining to the homeownership development project, the Department may give written notice to the sponsor to cure the breach or violation within a period of not less than fifteen (15) days. If the breach or violation is not cured to the satisfaction of the Department within the specified time period, the Department, at its option, may declare a default under the relevant document and may seek legal remedies for the default including the following:
(1) the Department may accelerate all amounts, including outstanding principal and interest, due under the loan and demand immediate repayment thereof. Upon a failure to repay such accelerated amount in full, the Department may proceed with a foreclosure in accordance with the provisions of the deed of trust and state law regarding foreclosures;
Credits
Note: Authority cited: Sections 50406(n) and 50650.2, Health and Safety Code. Reference: Sections 50650.2, 50650.3(b) and 50650.7, Health and Safety Code.
History
1. New section filed 9-29-2003; operative 9-29-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 40).
This database is current through 6/21/24 Register 2024, No. 25.
Cal. Admin. Code tit. 25, § 7756, 25 CA ADC § 7756
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