South Dakota Administrative Rules
Title 68 - Tourism and State Development
Article 68:01 - Economic development finance authority
Chapter 68:01:02 - APEX loan program
Section 68:01:02:19 - Default on loan agreement

(1) Declare immediately due and payable the entire principal amount then outstanding and the accrued interest;

(2) Take possession of the facility; repair, maintain, operate, sell, lease, or otherwise dispose of the facility to another entity; and charge the account of the borrower for expenses for repair, maintenance, and operation of the project and other expenses necessary to cure the cause of the default;

(3) Take any other action considered appropriate by the authority to protect the interest of the authority and USDA RD;

(4) Exercise any and all rights of a creditor under the South Dakota uniform commercial code or any other statute; and

(5) Take any action allowed by, enforce any responsibility imposed upon the borrower by, or enforce any remedies agreed to in the loan agreement executed between the borrower and the authority.