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(a) In the event that a guaranteed borrower fails to pay the required payment on the <br /> loan within ninety days of the date upon which payment is due, the loan shall be <br /> considered in default. <br /> (b) Upon assignment of the note and mortgage to the County, the guaranteed <br /> borrower may request a modification of the rate and terms of the note. If the <br /> guaranteed borrower and the County cannot agree on new rates and terms, the <br /> County shall proceed with foreclosure. <br /> (c) The note may be modified no more than two times. After the second note <br /> modification, the County shall foreclose on the property, or if additional collateral <br /> has been secured, take possession and liquidate chattel should the loan become <br /> 90 days delinquent. <br /> 5. Entire Agreement; Amendment. This agreement between the County and <br /> guaranteed borrower is intended to be a complete agreement of the terms, <br /> superseding all prior written and oral agreements. This agreement may be amended <br /> or modified only in writing by both parties. <br /> 6. Governing Law. This agreement shall be governed by the laws of the State of <br /> Hawaii. <br /> COUNTY OF HAWAII <br /> By: By: <br /> Name: Owner: <br /> Title: <br />