- (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 assist the owner in curing the default; 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: