Breach of contract

Breach of contract. (1) Upon breach of contract by the recipient, the department may do any of the following: (a) Declare the unpaid loan balance due and immediately payable. (b) Increase the interest rate on the unpaid balance of the loan to the market interest rate in effect on the date the financial assistance agreement was executed. (c) Rescind any grant and convert the grant amount to a loan. (d) Immediately terminate the financial assistance agreement and disburse no additional funds if the financial assistance has not been fully disbursed. (e) Seek an injunction or any other equitable or judicial relief from a court of appropriate jurisdiction. (f) Seek any other appropriate administrative remedy. (2) DOA’s receipt of any payment after the occurrence of a breach of contract does not constitute the department’s waiver of any rights and remedies under this section.