43Default by applicant or borrower

43 Default by applicant or borrower

(1) If an applicant for an advance or a borrower who is erecting, completing or enlarging a dwelling‑house himself or is employing a builder for the purpose of the work:

(a) fails to proceed with the work at the rate and in the manner specified in a notice given by the Corporation;

(b) fails in the opinion of the Corporation during the progress of the work to preserve to the best of his ability the dwelling‑house from destruction or damage; or

(c) fails in any way to comply with the conditions under which the advance is being made;

he shall be deemed to be in default under the mortgage and the Corporation may:

(d) by notice in writing at once call in the amount secured by the mortgage whether as principal, interest or otherwise; or

(e) enter on the land that is the subject of the mortgage and complete the work either by contract or otherwise.

(2) Where the Corporation completes the work in the circumstances referred to in paragraph (e) of the last preceding subregulation, the amount expended by the Corporation shall be deemed to have been advanced to and be due by the applicant or borrower under the mortgage.