Section 457-301-13 - Loan AdministrationA. Notes shall be payable to the Authority, unless the Authority has provided that the community action agency shall administer the Maine Job Start Program and control a portion of the job start revolving loan fund, in which event notes shall be payable to the community action agency. All loan administration, including accounting, monitoring and collection, shall be the responsibility of the Authority, unless the Authority has provided that the community action agency shall administer the Maine Job Start Program and control a portion of the job start revolving loan fund, in which event loan administration shall be the responsibility of the community action agency. Upon default under the loan documentation for any loan, whether a default in payment or otherwise, the chief executive officer may allow the defaulting borrower such time to cure the default as the chief executive officer may deem reasonable, may revise the terms and conditions of the loan to accord with the borrower's financial condition and business prospects, may require additional security or may declare an immediate default and proceed to take such action as is necessary to enforce the Authority's rights, or in the event the Authority has provided that the community action agency shall administer the Maine Job Start Program and control a portion of the job start revolving loan fund, then such action as is necessary to enforce the community action agency's rights under the loan documents and to collect the loan. In determining how to proceed after a borrower defaults, the chief executive officer shall consider the purposes of the Act and the job-start program, the borrower's progress and prospects, the impact of enforcement and collection on the borrower and the likelihood that the loan will be repaid if a waiver or extension is granted.B. If the chief executive officer determines that the loan should be enforced and collected, the borrower shall be given notice of the default or defaults, shall be given a grace period of thirty (30) days in which to cure the default or defaults, and shall be notified that if he fails to cure the default or defaults, the Authority, or, if the Authority has provided that the community action agency shall administer the Maine Job Start Program and control a portion of the job start revolving loan fund, then, the community action agency, may proceed to enforce its rights under the loan documents.C. In order to protect the integrity of the job-start fund, the chief executive officer may apply payments or other monies received on loans which are in default first to expenses of collection, and preservation of collateral, second to accrued interest and third to outstanding principal.94- 457 C.M.R. ch. 301, § 13