Section 2850 - Default-Renegotiation of Contract(a) A local agency will be considered by the Agency to be in default if the agency fails to make any payment within thirty (30) days of the date the payment is due, or if a bankruptcy petition is filed by or against the agency, or if the agency fails to keep any other agreement contained in the resale contract.(b) Should purchaser default under the terms of the resale contract, the Agency will renegotiate purchaser's contract, provided purchaser submits a written request for renegotiation with the Agency within 30 calendar days after purchaser's default.(c) Should purchaser continue to default beyond the renegotiation period, or default a second time after purchaser's contract has been renegotiated, the Agency will take possession of its security (apparatus and equipment) for resale to another qualified buyer.Cal. Code Regs. Tit. 19, § 2850
1. New section filed 1-6-89; operative 2-5-89 (Register 89, No. 3).
2. Change without regulatory effect amending section and NOTE filed 5-12-2010 pursuant to section 100, title 1, California Code of Regulations (Register 2010, No. 20). Note: Authority cited: Sections 8585 and 8589.19(a), Government Code. Reference: Sections 8585 and 8589.18, Government Code.
1. New section filed 1-6-89; operative 2-5-89 (Register 89, No. 3).
2. Change without regulatory effect amending section and Note filed 5-12-2010 pursuant to section 100, title 1, California Code of Regulations (Register 2010, No. 20).