Hawaii Revised Statutes 516-182 – Restrictions on sale and use of residential lots acquired from proceeds of eligible loan
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Terms Used In Hawaii Revised Statutes 516-182
- Eligible loan: means a loan to an eligible borrower for the purchase of the leased fee interest in the eligible borrower's houselot; provided that the property financed is and will be occupied as the principal place of residence by the eligible borrower, and meets other requirements as established by rules adopted by the corporation. See Hawaii Revised Statutes 516-91
- Onsite improvements: means all physical improvements placed on a residential lot intended for occupancy which improvements are for the benefits of occupants of that lot, including, but not limited to, dwelling units, garages, service buildings, stairs, walkways, driveways, walls, trees, shrubs, landscaping, and pools. See Hawaii Revised Statutes 516-1
No interest in property acquired from the proceeds of an eligible loan made under this part, so long as any part of such eligible loan is outstanding, shall be transferred unless contemporaneously with such transfer all interest in onsite improvements situated on such property are transferred to the same transferee.