Default and remedy (Repealed)

(a) The failure of the Borrower to abide by the terms of the loan agreement, promissory note or other document delivered by the Borrower to the Authority or the Department in connection with such loan shall be considered a default under such promissory note. (b) The promissory note shall contain a provision that the failure of the Borrower to make a payment of principal or interest due under the promissory note within fifteen days from the due date shall constitute a default. (c) The promissory note shall provide that upon default, any and all sums owing by the Borrower under the promissory note shall, at the option of the Commissioner, become immediately due and payable. (d) The promissory note shall provide that in the event of default, interest on the promissory note, at the option of the Commissioner, shall automatically increase by an annual rate of 3% greater than the interest rate of the loan and shall apply not only after default, but also after any judgment rendered upon the said promissory note. (e) The promissory note shall provide for payment for reasonable attorneys' fees and legal costs in the event of default. (f) The promissory note shall contain such other clauses and covenants as the Commissioner in his discretion may require.