15.3.2.010 Notice of Default Required

(a) In the event that a Borrower defaults in performance under a Mortgage, the Lender shall provide a written Notice of Default prior to enforcing the terms and conditions of the Mortgage and prior to availing itself of the remedies under this Act.

(b) All Notices of Default on a Mortgage shall be properly served by Lender on Borrower and all Subordinate Lienholders.