Section - 19 - Default in Payment.

    (1) Where the mortgagor fails to make an instalment payment fourteen days after the due date for such payment, the financial institution shall draw the attention of the mortgagor in writing to this fact and demand urgent steps to be taken to remedy such default by the mortgagor.

    (2) If no payment is made and the immediately following month's instalment also falls into arrears the financial institution shall send to the mortgagor a demand note in the prescribed form for the immediate payment of the total amount which has fallen into arrears.

    (3) A copy of the demand note shall be forwarded to the Bank.

    (4) The demand note shall be delivered either by hand and a receipt acknowledged in writing by the mortgagor, or shall be sent by registered mail to the address provided by the mortgagor, and where the latter method is used the demand note shall be deemed to have been received by the mortgagor at the time at which it would have been delivered in the ordinary course of post.

    (5) If a settlement of the arrears is not made after the date of issue of the demand note and the mortgagor does not make a satisfactory arrangement with the financial institution for the settlement of the amount outstanding, the mortgagor shall be regarded to be in default as soon as the fourth succeeding month's instalment also falls into arrears.