The Contract of Insurance shall terminate if any of the following occurs:
(a)
The mortgage is paid in full;
(b)
The HFA acquires the mortgaged property and notifies the Commissioner that it will not file an insurance claim;
(c)
A party other than HFA acquires the property at a foreclosure sale;
(d)
The HFA notifies the Commissioner of Termination of Insurance (voluntary termination);
(e)
The HFA or its successors commit fraud or make a material misrepresentation to the Commissioner with respect to information culminating in the Contract of Insurance on the mortgage or while the Contract of Insurance is in existence;
(f)
The receipt by the Commissioner of an Application for Final Claims Settlement;
(g)
If the HFA acquires the mortgaged property and fails to make an initial claim.