Sec. 1904.5. Defaults on mortgages not made by the corporation

In cases of projects subject to mortgages made by any lender, except as to loans made by the corporation:

(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.