(a) A distressed property lease shall be in writing and shall fully disclose:

contract signature

Need help reviewing a real estate contract?
Have it reviewed by a lawyer, get answers to your questions and move forward with confidence.
Connect with a lawyer now

Terms Used In Hawaii Revised Statutes 480E-9

  • Distressed property: means any residential real property that:

    (1) Is in foreclosure or at risk of foreclosure because payment of any loan that is secured by the residential real property is more than sixty days delinquent;

    (2) Had a lien or encumbrance charged against it because of nonpayment of any taxes, lease assessments, association fees, or maintenance fees;

    (3) Is at risk of having a lien or encumbrance charged against it because the payments of any taxes, lease assessments, association fees, or maintenance fees are more than ninety days delinquent;

    (4) Secures a loan for which a notice of default has been given;

    (5) Secures a loan that has been accelerated; or

    (6) Is the subject of any solicitation, representation, offer, agreement, promise, or contract to perform any mortgage assistance relief service. See Hawaii Revised Statutes 480E-2

  • Distressed property lease: means any agreement or obligation regarding the lease or rental of a distressed property effected directly or indirectly by or through a distressed property consultant or distressed property purchaser. See Hawaii Revised Statutes 480E-2
  • 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
  • Person: means any individual, partnership, corporation, limited liability company, association, or other group or entity, however organized. See Hawaii Revised Statutes 480E-2
(1) All rights and obligations of the distressed property lessor and distressed property lessee;
(2) The exact terms of the agreement between the distressed property lessor and distressed property lessee;
(3) The exact period of time the distressed property lease is to be in effect; and
(4) The total amount and terms of compensation to be directly or indirectly received by the distressed property lessor.
(b) Distressed property lessees shall be afforded all rights under the landlord-tenant law of the State. No distressed property lease shall provide a distressed property lessee with rights less than those provided by the State’s landlord-tenant law as set forth in chapters 521 and 666.
(c) The first page of a distressed property lease shall contain in a type size no smaller than fourteen-point boldface type:

(1) A description of the distressed property;
(2) The name, street address, and telephone number of the distressed property lessor; and
(3) The name and address of the distressed property lessor to which lease or rental payments, correspondence, and notices are to be mailed.
(d) A distressed property lease shall be dated and signed by the distressed property lessor. If the distressed property lessor is a person other than an individual, the individual executing the distressed property lease on behalf of the distressed property lessor shall identify the title and office held by the individual.
(e) A distressed property lease shall be dated and signed by all lessees of the distressed property.
(f) The distressed property lessor shall provide each distressed property lessee with a copy of the distressed property lease immediately upon execution by all parties to the distressed property lease. A distressed property lease shall not be effective until all parties to the distressed property lease have signed the lease.

  Previous
Next  
 Chapter 480E Contents