Source: http://rabbit.monqcle.com/contents/statutes/HI/DIVISION%203.%20PROPERTY%3B%20FAMILY/TITLE%2028.%20PROPERTY/Chapter%20514E%20Time%20Sharing%20Plans/%C2%A7514E-25%C2%A0%20Lien%20payment%20deposit
Timestamp: 2019-08-17 10:31:44
Document Index: 467972770

Matched Legal Cases: ['§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§514', '§13', '§667', '§36']

Hawaii | §514E-25 Lien payment deposit. | Rabbit Crowd Library
[§514e-4] County Authority.
[§514e-6.5] Voting Rights For Time Share units.
[§514e-7] Maintenance Charges.
[§514e-8.5]Classes Of Time Share interests.
[§514e-8.6] One-To-One Use-Right To use-Night Requirement.
[§514e-9.1] Disclosure Statement; prospective Purchasers.
[§514e-9.5] Exchange Program; General provisions.
[§514e-9.8]Time Share Interest owner Referrals.
[§514e-10.2] Limited Permit.
[§514e-10.3]Time Share Owners association; Budgets And Reserves.
[§514e-11.3] Remedies; Sales Voidable; When and By Whom.
[§514e-11.4] Defense To Action.
[§514e-12.5] Statutory Or Common-Law remedies.
[§514e-13] Authority Of Director.
[§514e-14] Preexisting Time Share Units And plans.
514e 15 Severability
§514e-1.5 Time Share Administrator; Duties.
514e 1 Definitions
§514e-2.5 Licensing Of Sales Agents And acquisition Agents.
514e 2 6repealed
§514e-2 Status Of Property.
514e 3 Taxation
§514e-5.5 Foreign Time Share Plans; exemption.
§514e-5 Geographic Limitations.
§514e-6 Time Sharing In Projects.
§514e-8 Mutual Right To Cancel.
§514e-9 Disclosure Statement.
§514e-10.5 Consultant Review Of Developer filing.
§514e-10 Registration Required; Developer, acquisition Agent, Plan Manager, And Exchange Agent; Registration Renewal.
§514e-11.1 Deceptive Trade Practices.
§514e-11.2 Power To Enjoin.
§514e-11 Prohibited Practices.
§514e-12 Civil Penalty; Suspension Or revocation Of Registrations.
§514e-16 Deposit Of Purchaser's Funds, notes, And Contracts Into Escrow.
§514e-17 Release Of Purchaser's Funds, notes, And Contracts From Escrow Without A Closing.
§514e-18 Release Of Purchaser's Funds, notes, And Contracts From Escrow Upon Closing.
§514e-19 Protection Of Purchasers From blanket Liens.
§514e-20 Effect Of Recording A nondisturbance Agreement.
§514e-21 Effect Of Recording A Notice Of time Share Plan.
§514e-22 General Requirements For Trusts.
§514e-23 Requirements For Trustees.
§514e-24 Additional Requirements For Lien payment Trusts.
§514e-25 Lien Payment Deposit.
§514e-26 Termination Of A Trust.
§514e-27 Alternative Arrangements For purchaser Protection.
§514e-28 Requirements For Surety Bonds And letters Of Credit.
§514e-29 Association; Lien For Delinquent assessments.
§514e-30 Scope Of Chapter.
• All Places • Hawaii Revised Statutes • Division 3. Property; Family • Title 28. Property • Chapter 514e Time Sharing Plans
(a) The lien payment deposit shall consist of either (i) nondelinquent purchase money contracts from purchasers of time share interests in the time share plan or (ii) other assets deposited into trust by the developer and approved by the director.
(b)(1) The purchase money contracts must have an aggregate remaining principal balance of not less than, and any other assets deposited must have a liquidated value of not less than, one hundred ten per cent of the difference between (i) the aggregate remaining principal balance owing under blanket liens against the time share unit or time share interests in it, including any prepayment penalties, release prices, and similar charges, (ii) the amount of money, or its equivalent, in the trust and available at any time to be applied to the reduction of the principal balance of the blanket lien. The developer shall have the burden of establishing to the satisfaction of the director the liquidated value of assets other than purchase money contracts from purchasers in the time share plan.
(2) If the blanket lien payment deposit consists of purchase money contracts, the payments required to be made by purchasers under the contracts shall:
(A) Be due on or before the dates on which payments become due on the blanket liens;
(B) If paid when due, be equal to at least one hundred ten per cent of the amount required to be paid on the blanket liens on such date; and
(C) Be sufficient to pay, in full, during the term of such contracts (i) all amounts secured by the blanket liens, including prepayment penalties and release prices, if any; and (ii) all service charges payable to the trustee, any collection agent, and any other servicing agent pursuant to the trust instrument.
(3) If the developer proposes to deposit into trust assets other than purchase money contracts, such assets must be sufficient to pay debt service installments on the blanket lien as they become due and to create a sinking fund or other arrangement adequate to extinguish the debt secured by the blanket lien at its maturity.
(c)(1) In lieu of the requirements of subsection (b), the developer may elect to follow the requirements of paragraphs (2), (3), (4), and (5) of this subsection if the following requirements are met:
(A) The developer owns or leases under a lease for a term of not less than thirty years all the noncommercial portions of a hotel, condominium, cooperative, or other project;
(B) No more than seventy-five per cent of the appraised value of the project is subject to a mortgage or other lien. The appraised value shall be based on the use of the project prior to the creation of the time share plan;
(C) (i) As security for the obligations of the developer to the owners, the developer executes and records a mortgage in favor of the trustee under the lien payment trust or the association, in either case as trustee on behalf of the owners, twenty-five per cent of the appraised value of the project; or (ii) the developer conveys or transfers the project to a trust meeting the requirements of sections 514E-22 and 23, and under the terms of the trust instrument the twenty-five per cent of the beneficial interest in the trust is held for the benefit of, or conveyed or transferred to, the association, acting as trustee for the owners, as security for the obligations of the developer to owners; and
(D) The developer files a verified statement of the program of financing acceptable to the director containing a cash flow analysis showing that the developer has adequate funds to pay the debt service installments on the blanket liens on the project during the sales period and to extinguish the debt secured by the blanket lien at its maturity, whether from sales proceeds, loan commitments, income from operations of the project, or other sources.
(2) The purchase money contracts must have an aggregate remaining principal balance of not less than, and any other assets deposited must have a liquidated value of not less than, one hundred ten per cent of the difference between (i) a pro rata share of the aggregate remaining principal balance owing under blanket liens against the time share unit or time share interests in it, including any prepayment penalties, release prices and similar charges, (ii) a pro rata share of the amount of money, or its equivalent, in the trust and available at any time to be applied to the reduction of the principal balance of the blanket lien. The developer shall have the burden of establishing to the satisfaction of the director the liquidated value of assets other than purchase money contracts from purchasers in the time share plan.
(3) If the blanket lien payment deposit consists of purchase money contracts, the payments required to be made by purchasers under the contracts must:
(B) If paid when due, be equal to at least one hundred ten per cent of a pro rata share of the amount required to be paid on the blanket liens on such date; and
(C) Be sufficient to pay, in full, during the term of such contracts (i) a pro rata share of all amounts secured by the blanket liens, including prepayment penalties and release prices, if any; and (ii) all service charges payable to the trustee, any collection agent, and any other servicing agent pursuant to the trust instrument.
(4) If the developer proposes to deposit into trust assets other than purchase money contracts, such assets must be sufficient to pay a pro rata share of the debt service installments on the blanket lien as they become due and to create a sinking fund or other arrangement adequate to extinguish the debt secured by the blanket lien at its maturity.
(5) For purposes of this subsection, the term "pro rata share" means a share proportionate to the ratio that the number of time share units in which the sale of time share interests have been closed bears to the total number of time share units in the project. No more than fifty-one weeks of use annually may be attributed to each time share unit in determining the pro rata share.
(6) The developer may elect to terminate the use of the provisions of this subsection upon satisfying all of the requirements of either subsection (b) or section 514E-26(c).
(d) For purposes of this section, a purchase money contract is deemed delinquent when an installment payment is more than fifty-nine days past due. [L 1982, c 186, §13]
• DIVISION 3. PROPERTY; FAMILY • TITLE 28. PROPERTY • Chapter 514E Time Sharing Plans
§667-3 Proceeds, How applied.
• DIVISION 3. PROPERTY; FAMILY • TITLE 28. PROPERTY • Chapter 507 Liens
§36-30 Special Fund Reimbursements For departmental Administrative Expenses.