The authority may:

(1) Renegotiate, refinance, or foreclose any loan in default;

Terms Used In Hawaii Revised Statutes 206E-123

  • Authority: means the Hawaii community development authority. See Hawaii Revised Statutes 206E-101
  • Contract: A legal written agreement that becomes binding when signed.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • 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
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(2) Waive any default or consent to the modification of the terms of any loan or security agreement;
(3) Commence any action to protect or enforce any right conferred upon it by any law, mortgage, insurance policy, contract, or other agreement;
(4) Bid for and purchase the property secured by the loan at any foreclosure or other sale or acquire or take possession of the property secured by the loan; and
(5) Operate, manage, lease, dispose of, or otherwise deal with the property secured by the loan.

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