A recipient may be declared in default if one or more of the following conditions exists as determined by the Authority and/or lender, whichever is applicable, and any other reasons that may be identified in the closing documents of the loan:
  (1) The recipient does not pay a scheduled principal or interest payment;
  (2) The recipient fails to comply with any condition, covenant, obligation, provision, requirement, or term of the note, loan agreement, or instrument securing the loan;
  (3) The recipient fails personally to complete the project as described in the application;
  (4) The recipient fails to provide the lender with financial statements and any other documents as required by these rules; or
  (5) The recipient fails to meet the project goals defined in the application.

Source Note: The provisions of this §28.84 adopted to be effective May 18, 2022, 47 TexReg 2856