(a) In the event of default under the provisions of any security agreement relating to a loan or conditional sale contract which, according to its terms, gives the secured party the right to foreclose its security interest in a manufactured home, mobilehome, truck camper, or floating home subject to registration under this part which is not inventory of a dealer, including the right to repossess the property, notwithstanding any contrary provisions in the security agreement or conditional sale contract or in any other agreement entered into prior to default, the secured party may foreclose its security interest only by satisfying the requirements of this section. (1) Unless the registered owner of the manufactured home, mobilehome, truck camper, or floating home has abandoned the property or has voluntarily surrendered possession of the property to the foreclosing creditor, the foreclosing creditor shall deposit or cause to be deposited in the United States mail an envelope addressed to each registered owner as shown on the current registration of the manufactured home, mobilehome, truck camper, or floating home, registered or certified with postage prepaid, containing a notice in substantially the following form and in at least 10-point type, which notice shall be signed by the foreclosing creditor: NOTICE OF DEFAULT To: (names of all registered owners) You (if the registered owner is not the person who is in default, substitute name of defaulting person(s)) are in default under the terms of the (identify security agreement by title or caption and date) in that (describe default) . This default gives the creditor named below the right to sell your manufactured home, mobilehome, truck camper, or floating home which is registered with the Department of Housing and Community Development under registration number(s) (give registration number(s)) , located at (give location of property as shown on current registration) unless the default is promptly cured. You may cure the default by (describe conditions precedent to reinstatement required to cure default) or by entirely repaying the outstanding secured indebtedness on or before (state final date available for cure, which date shall be no earlier than 45 days after mailing of the notice) To cure the default you may also be required to reimburse the creditor for its reasonable attorneyâs fees and legal expenses and for any other sums to which the creditor may have become entitled under the terms of your credit agreement after the date of this notice. You may entirely repay the outstanding obligation by paying the creditor (state dollar amount required to obtain release of security interest, and if the amount may increase due to passage of time, state that fact) plus any amount necessary to reimburse the creditor for its reasonable attorneyâs fees and legal expenses and any other sums to which the creditor may have become entitled after the date of this notice under the terms of your agreement. (2) Within five days following the mailing of the notice of default required by paragraph (1), the foreclosing creditor shall forward a copy thereof to the legal owner shown on the current registration card, if different than the foreclosing creditor, and to each junior lienholder shown on the current registration card, if different than the foreclosing creditor, and, effective July 1, 1985, to the department. The notice shall be forwarded to each party in the same manner as provided for mailing the original notice to the registered owner. (3) In the event of default under the provisions of any security agreement relating to a loan or conditional sale contract which, according to its terms, gives the secured party the right to foreclose its security interest in a manufactured home, mobilehome, truck camper, or floating home, each registered owner and each junior lienholder having a security interest which is subordinate to the security interest of the foreclosing creditor shall have the r
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