Hawaii Revised Statutes 206E-118 – Advance commitments program

(a) The authority may contract with a mortgage lender for the advance commitment to purchase eligible loans or eligible project loans.

Authority: means the Hawaii community development authority. See Hawaii Revised Statutes 206E-101
Contract: A legal written agreement that becomes binding when signed.
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Project: means a specific work or improvement, including real and personal properties, or any interest therein, acquired, owned, constructed, reconstructed, rehabilitated, or improved by the authority, including a commercial project, a redevelopment project, or a residential project, all as defined as follows, or any combination thereof, which combination shall hereinafter be called and known as a "multipurpose project". See Hawaii Revised Statutes 206E-2
Revenue bonds: means bonds, notes, or other evidence of indebtedness of the authority issued to finance any of the reserved housing loan programs under this part. See Hawaii Revised Statutes 206E-101

(b) The contract may contain provisions as determined by the authority to be necessary or appropriate to provide security for its revenue bonds.

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