The purchaser of a unit pursuant to a recorded agreement of sale shall have all the rights of a unit owner, including the right to vote; provided that the seller may retain the right to vote on matters substantially affecting the seller’s security interest in the unit, including but not limited to, the right to vote on:

(1) Any partition of all or part of the project;
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Terms Used In Hawaii Revised Statutes 514B-124

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Declaration: means any instrument, however denominated, that creates a condominium, including any amendments to the instrument. See Hawaii Revised Statutes 514B-3
  • Project: means a real estate condominium project; a plan or project whereby a condominium of two or more units located within the condominium property regime are created. See Hawaii Revised Statutes 514B-3
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Unit: means a physical or spatial portion of the condominium designated for separate ownership or occupancy, the boundaries of which are described in the declaration or pursuant to § 514B-35, with an exit to a public road or to a common element leading to a public road. See Hawaii Revised Statutes 514B-3
  • Unit owner: means the person owning, or the persons owning jointly or in common, a unit and its appurtenant common interest; provided that to such extent and for such purposes as provided by recorded lease, including the exercise of voting rights, a lessee of a unit shall be deemed to be the unit owner. See Hawaii Revised Statutes 514B-3
(2) The nature and amount of any insurance covering the project and the disposition of any proceeds thereof;
(3) The manner in which any condemnation of the project shall be defended or settled and the disposition of any award or settlement in connection therewith;
(4) The payment of any amount in excess of insurance or condemnation proceeds;
(5) The construction of any additions or improvements, and any substantial repair or rebuilding of any portion of the project;
(6) The special assessment of any expenses;
(7) The acquisition of any unit in the project;
(8) Any amendment to the declaration or bylaws;
(9) Any removal of the project from the provisions of this chapter; and
(10) Any other matter that would substantially affect the security interest of the seller.

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