Hawaii Revised Statutes 171-81 – Surrender of lease
Terms Used In Hawaii Revised Statutes 171-81
- Appraisers: means one or more, but not more than three, real estate appraisers appointed by the board. See Hawaii Revised Statutes 171-71
- Board: means the board of land and natural resources. See Hawaii Revised Statutes 171-1
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Land: includes all interests therein and natural resources including water, minerals, and all such things connected with land, unless otherwise expressly provided. See Hawaii Revised Statutes 171-1
- lease: means a residential lease made by the board of land and natural resources under this part. See Hawaii Revised Statutes 171-71
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lessee: means the lessee under a residential lease and the successors in interest of the lessee. See Hawaii Revised Statutes 171-71
- Person: means one or more individuals and does not include any partnership, firm, or corporation. See Hawaii Revised Statutes 171-71
If at any time the lessee desires to surrender the lessee’s lease and improvements, the board of land and natural resources may accept the surrender and purchase the improvements for their fair market value, as determined by appraisers, with funds from the special land and development fund, provided the board has a firm offer from a person, who is qualified to take the residential lease under this part, to take the lease and purchase the improvements for not less than the amount to be paid therefor by the board and who has a commitment from a recognized lending institution to finance the purchase. Upon acceptance of the surrender and purchase of the improvements, the board shall sell the improvements to that person and make a new lease to the person.