A recipient may be declared in default if one or more of the following conditions exists as determined by the Authority and/or lender, whichever is applicable, and any other reasons that may be identified in the closing documents of the loan:(1) The recipient does not pay a scheduled principal or interest payment;(2) The recipient fails to comply with any condition, covenant, obligation, provision, requirement, or term of the note, loan agreement, or instrument securing the loan;(3) The recipient fails personally to complete the project as described in the application;(4) The recipient fails to provide the lender with financial statements and any other documents as required by these rules; or(5) The recipient fails to meet the project goals defined in the application.