(a) Default, whether in the payment of any debt or in the performance of any covenant or agreement, shall constitute default under all instruments evidencing a debt from the borrower to the State.(b) Upon such a default, the State, at its option, may declare all or any part of that indebtedness immediately due and payable.(c) Failure of the State to exercise this option shall not constitute a waiver of the State's right to exercise the option in the event of any subsequent default.[Eff 1/31/85; comp 9/20/86] (Auth: HRS § 155-4) (Imp: HRS §§ 155-4, 155-12)