Hawaii Revised Statutes 516-30 – Purchase of leased fee interest
Terms Used In Hawaii Revised Statutes 516-30
- Appraisal: A determination of property value.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Hawaii housing finance and development corporation created by chapter 201H. See Hawaii Revised Statutes 516-1
- Development tract: means a single contiguous area of real property not less than five acres in size which has been developed and subdivided into residential lots, including residential lots which may have been converted to fee simple and streets and roadways developed as an integral part of the development tract. See Hawaii Revised Statutes 516-1
- leased fee interest: means all of the interests of the fee owner, lessor, and all legal and equitable owners of the land which is leased, other than the lessee's interest as defined by this chapter. See Hawaii Revised Statutes 516-1
- Lessee: means any person to whom land is leased or subleased, and the lessee's heirs, successors, legal representatives, and assigns. See Hawaii Revised Statutes 516-1
The lessee of a residential lot within a development tract, whether the lessee was a lessee at the time of the acquisition or became a lessee after the acquisition of the development tract, who has applied to the corporation and has qualified for purchase of the leased fee interest shall purchase from the Hawaii housing finance and development corporation by contract within sixty days of acquisition of the interest by the corporation, the leased fee interest to the lot, subject to the terms, covenants, and conditions of the contract executed with the corporation; provided that the lessee is not then in default in the performance of the lessee’s obligations under the lease; and further provided that should any of the lessees fail or refuse to enter into such a contract, then in such event, each such lessee shall pay to the corporation the lessee’s pro rata share of all direct costs incurred by the corporation in the acquisition of the houselots within the development tract including but not limited to appraisal costs, costs of publication, and survey, and the corporation is authorized to take whatever action it deems necessary to collect such costs; and provided further that in case of a wilful breach of the purchase agreement the corporation shall be entitled to any available remedy, including the sale of its interest in the houselot; and further provided that the sales price shall be at the lowest possible price consistent with § 516-32 and the purpose of this chapter.