[§667-94] Cure of default. (a) If the default is cured as required by the notice of default and intention to foreclose, or if the parties have agreed on a payment plan, the association shall rescind the notice of default and intention to foreclose. Within fourteen days of the date of the cure or an agreement on a payment plan, the association shall so notify any person who was served with the notice of default and intention to foreclose. If the notice of default and intention to foreclose was recorded, a release of the notice of default and intention to foreclose shall be recorded.
(b) If the default is not cured as required by the notice of default and intention to foreclose, or the parties have not agreed on a payment plan, the association, without filing a court action and without going to court, may foreclose the association's lien under power of sale to sell the unit at a public sale. [L 2012, c 182, pt of §3(2)]
Section: Previous 667-83 667-84 667-85 667-86 667-91 667-92 667-93 667-94 667-95 667-96 667-97 667-98 667-99 667-100 667-101 NextLast modified: October 27, 2016