Terms Used In Hawaii Revised Statutes > Chapter 516 > Part V - Fee Title Acquisition Loan Program

• acquisition loan programs: includes all or any part of the loan to lenders program, the purchase of existing loans program, the advance commitments program, and the eligible loan funding program authorized under this part. See Hawaii Revised Statutes 516-91
• 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
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Eligible borrower: means any lessee, irrespective of race, creed, national origin, or sex, who:

  (1) Qualifies to purchase the leased fee interest in the lessee's property under this chapter;

  (2) Has never before obtained a loan under this part; and

  (3) Meets other qualifications as established by rules adopted by the corporation. See Hawaii Revised Statutes 516-91

• 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
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• 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}
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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
• legal and equitable owners: include individuals, both masculine and feminine, and, except as to the term "lessee" the terms also include corporations, firms, associations, trusts, estates, and the State or its political subdivisions. 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
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage lender: means any bank, trust company, savings bank, national banking association, savings and loan association, building and loan association, mortgage banker, credit union, insurance company, or any other financial institution, or a holding company for any of the foregoing, which:

  (1) Is authorized to do business in the State;

  (2) Customarily provides services or otherwise aids in the financing of mortgages on single family or multi-family residential property; and

  (3) Is a financial institution whose accounts are federally insured, or is an institution which is an approved mortgagee for the Federal Housing Administration, or is an approved lender for the Department of Veterans Affairs or the United States Department of Agriculture, or is an approved mortgage loan servicer for the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation. See Hawaii Revised Statutes 516-91

• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Revenue bond: means bonds, notes, or other evidence of indebtedness of the corporation issued to finance any of the acquisition loan programs under this part. See Hawaii Revised Statutes 516-91
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trust indenture: means an agreement by and between the corporation and the trustee, which sets forth the duties of the trustee with respect to the revenue bonds, the security therefor, and other provisions as deemed necessary or convenient by the corporation to secure the revenue bonds. See Hawaii Revised Statutes 516-91
• Trustee: A person or institution holding and administering property in trust.
• Trustee: means a national or state bank or trust company within or without the State which enters into a trust indenture. See Hawaii Revised Statutes 516-91