265

In case of default by the mortgagor, the mortgagee shall promptly notify the Agency in writing. Upon receiving such notice the Agency shall determine the course of action to be followed by the mortgagee. When deemed practicable, and for a provisional period after the default or menace of default by the mortgagor, the Agency may make the corresponding payments on the mortgage to the mortgagee, which payments shall be repaid under the terms that the Agency may determine. When deemed advisable, the Agency may also revise the financing conditions. Once the mortgagee complies with all the requirements imposed by the Agency in accordance with the Mortgage Security Insurance Regulation, he shall be entitled to receive the benefits of the insurance hereby authorized. History —June 25, 1965, No. 87, p. 216, § 5; July 23, 1974, No. 215, Part 2, p. 123, § 1.