- (a) the lender must give notice to the corporation of any default in payment of principal or interest on such mortgage by the owner;
(b) the corporation, shall have 60 days upon receipt of such notice to cure the default and make the project economically viable by:
- (1) assisting the owner in entering into a mortgage modification agreement with the lender;
- (2) finding an eligible applicant to purchase the project and assure its obligations; or
- (3) such other action as deemed appropriate, consistent with the provisions of the act; and
- (c) the provisions of this section shall be made part of the regulatory agreement or other instrument.
In cases of projects subject to mortgages made by any lender, except as to loans made by the corporation: