(1) A licensee must
provide written notification to the LLA within 10 calendar days after receipt
of any notice of default, or any notice of potential default, with respect to a
real estate contract, trust deed, mortgage, or other security interest
affecting any property occupied or used by the licensee.
(2) The licensee must provide a copy of the
notice of default or warning of potential default to the LLA.
(3) The
licensee must provide written updates
to the LLA at least every 30 days until the default or warning of potential
default has been resolved and no additional defaults or potential defaults have
been declared and no additional warnings have been issued. Written updates must
include:
(a) The current status on what
action has been or is about to be taken by the licensee with respect to the
notice received.
(b) The action
demanded or threatened by the holder of the security interest.
(c) Any other information reasonably
requested by the LLA.
(4) The licensee must provide written
notification within 24 hours to the LLA upon final resolution of the matters
leading up to or encompassed by the notice of default or the notice warning of
potential default.
(5) If the
subject default property is licensed as an AFH, the
licensee must provide
written notification of the following within 24 hours to the LLA, and all the
residents and the residents' representatives, if applicable, regarding:
(a) The filing of any litigation regarding
such security interest, including the filing of a bankruptcy petition by or
against the licensee or an entity owning any property occupied or used by the
licensee.
(b) The entry of any
judgment with respect to such litigation.
(c) The passing of the date 40 days before
any sale scheduled pursuant to the exercise of legal rights under a security
interest, or a settlement or compromise related thereto, of the licensee's
property or property occupied or used by the licensee.
(d) The sale, pursuant to the exercise of
legal rights under a security interest, or a settlement or compromise related
thereto, of the licensee's property or property occupied or used by the
licensee.
