The lender shall establish a repayment schedule for each approved loan taking into consideration the repayment schedule submitted by the borrower in the qualified application and the reasonableness of the projected financial information. Failure to make any payment as scheduled shall be considered an event of default on the loan and shall constitute grounds for demand for full and immediate repayment of the loan, with approval of the lender and the Authority.

Source Note:The provisions of this §30.11 adopted to be effective November 15, 1993, 18 TexReg 7539.