17Remedies where default by borrower

17 Remedies where default by borrower

Where:

(a) the Corporation calls in an amount secured by a mortgage; or

(b) in accordance with an agreement for the erection, completion or enlargement of a dwelling‑house by the Corporation under section 17A of the Act, the amount secured by a mortgage becomes repayable;

the borrower shall forthwith pay that amount, and, in default, the borrower shall be deemed to be in default in repayment of the principal sum secured by the mortgage and the Corporation shall have the same remedies for the recovery of that principal sum (including any accrued interest) as are provided by or under the mortgage or by the Act or these Regulations for the recovery of sums payable by the borrower.