Options and procedures on default

The business failing to comply with any requirements other than repayment contained in the training agreement must be sent written notice from job service North Dakota which specifies the issues of noncompliance and must be allowed twenty days from the date the notice is sent to affect and cure. If noncompliance is of such a nature that a cure cannot be reasonably accomplished within twenty days, job service North Dakota may extend the period of corrective action to a maximum of sixty days. Job service North Dakota shall notify the lending institution, local development corporation, state tax commissioner, and state treasurer within five working days, using a designated notice of possible default form, whenever job service North Dakota determines that an event of default has occurred or is likely to occur. Job service North Dakota shall document its efforts to reconcile the condition responsible for the default and shall provide the lender, state tax commissioner, and state treasurer with copies of all related correspondence upon request. If job service North Dakota's efforts to reconcile are successful, job service North Dakota shall notify the lender, local development corporation, state tax commissioner, and state treasurer in writing to continue project operations. Continuation of project operations may be subject to new conditions imposed by job service North Dakota as part of the reconciliation. When job service North Dakota's efforts to reconcile are unsuccessful, job service North Dakota shall provide a copy of the final determination to the lending institution, local development corporation, state tax commissioner, and state treasurer.