The Contract of Insurance shall terminate if any of the following occurs:
The mortgage is paid in full;
The HFA acquires the mortgaged property and notifies the Commissioner that it will not file an insurance claim;
A party other than HFA acquires the property at a foreclosure sale;
The HFA notifies the Commissioner of Termination of Insurance (voluntary termination);
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;
The receipt by the Commissioner of an Application for Final Claims Settlement;
If the HFA acquires the mortgaged property and fails to make an initial claim.
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