reglab/housing_qa huggingface dataset:
HI Rev Stat § 516-25 (2021)
2021 Hawaii Revised Statutes|Title 28. Property|516. Residential Leaseholds|516-25 Interest acquired.

  §516-25 Interest acquired. (a) Upon acquisition of the leased fee interest in residential houselots within all or a portion of a development tract as provided in this part, the property interest acquired by the Hawaii housing finance and development corporation is all of the right, title, and interest of the fee owner, and of the lessor and all legal and equitable owners, if any, in and to the residential houselots acquired; subject to existing leases of residential houselots within the development tract, and to all covenants, conditions, easements, reservations, and restrictions of record running with the land or contained in the agreement of sale, deed, or other conveyance held by the fee owner, lessor, and legal and equitable owners or permitted or suffered by lessees of existing residential houselot leases, which are not inconsistent with the intent of this part. The acquisition terminates all the right, title, and interest of the fee owner, lessor, and all legal and equitable owners, whether the interest be a remainder, vested or contingent, a reversion, or other beneficial interest in the property, present or prospective.  (b) If the leasehold is subject to any mortgage, lien, or encumbrance suffered or permitted by the lessee, including, but not limited to, rights arising through divorce, marriage, or assignment, the purchase of the leased fee by the lessee shall in no manner affect or impair the mortgage, lien, or encumbrance or the security afforded thereby to the holder thereof, and the leasehold shall continue, notwithstanding the purchase of the leased fee by the lessee, for the purpose and to extent necessary to avoid any impairment of such leasehold security, unless the holder of the leasehold mortgage, lien, or encumbrance shall in writing consent to the transfer thereof to the fee as herein provided. Upon the written consent by the holder thereof, each such mortgage, lien, or encumbrance to which the leasehold is subject and to which such consent refers shall be transferred to and shall bind the fee acquired by the lessee, and shall thereafter continue in full force and effect as a mortgage, lien, or encumbrance of the fee acquired by the lessee, in the same order and priority among such mortgages, liens, and encumbrances so transferred to the fee as the same applied to and bound the lessee's immediate, previous leasehold interest. [L 1967, c 307, §14; HRS §516-25; am L 1975, c 184, §2(9); am L 1987, c 337, §16; am L 1988, c 104, §2; am L 1997, c 350, §14; am L 2005, c 196, §26(b); am L 2006, c 180, §16]
HI Rev Stat § 516-26 (2021)
2021 Hawaii Revised Statutes|Title 28. Property|516. Residential Leaseholds|516-26 Interest in compensation paid by the corporation.

  §516-26 Interest in compensation paid by the corporation. The fee owner, lessor, and all legal and equitable owners shall share in the compensation paid by the Hawaii housing finance and development corporation as their respective interests appear. Notwithstanding any contrary provision in any contract or lease, a developer or other person entitled to share in the lease rentals shall share in such compensation paid by the corporation to the extent of the developer's or other person's interest as may be determined by agreement of those entitled to share in the compensation paid by the corporation, or in the absence of such agreement, pursuant to chapter 658A. [L 1967, c 307, §15; HRS §516-26; am L 1975, c 184, §2(10); gen ch 1985; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 1997, c 350, §14; am L 2001, c 265, §4; am L 2005, c 196, §26(b); am L 2006, c 180, §16]
HI Rev Stat § 516-27 (2021)
2021 Hawaii Revised Statutes|Title 28. Property|516. Residential Leaseholds|516-27 Compulsory or involuntary conversion.

  §516-27 Compulsory or involuntary conversion. It is the intent of the legislature, within the meaning of section 1033 or section 1231 of the Internal Revenue Code or the applicable provisions of chapter 235, Hawaii Revised Statutes, as well as all other statutes, rules, regulations, administrative orders, and legal interpretations within the federal and state governments relating to taxation, that any conveyance of title to property by a fee owner to the corporation under this part shall constitute a compulsory or involuntary conversion (as a result of the exercise of the power of condemnation or the threat of imminence thereof), and that such fee owner shall not be deemed, by reason, in whole or in part, of any provision of this part or by reason of the execution by the fee owner of leases to the property and other properties subsequent to June 24, 1967, to hold the property primarily for sale to customers in the ordinary course of trade or business. [L 1967, c 307, §16; HRS §516-27; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 2005, c 196, §26(b); am L 2006, c 180, §16]
HI Rev Stat § 516-28 (2021)
2021 Hawaii Revised Statutes|Title 28. Property|516. Residential Leaseholds|516-28 Disposition, generally.

  §516-28 Disposition, generally. It shall be the policy of the Hawaii housing finance and development corporation to encourage the widespread fee simple ownership of residential lots situated within a development tract. Where necessary or desirable, the corporation may lease the residential lots. Not more than one lot shall be sold in fee simple or leased to a purchaser or lessee. A husband and wife together, unless separated and living apart under a decree of separation issued by a court of competent jurisdiction, shall be entitled to only one lot. [L 1967, c 307, §17; HRS §516-28; am L 1975, c 184, §2(11); am L 1987, c 337, §16; am L 1988, c 104, §2; am L 1997, c 350, §14; am L 2005, c 196, §26(b); am L 2006, c 38, §27 and c 180, §16]
HI Rev Stat § 516-29 (2021)
2021 Hawaii Revised Statutes|Title 28. Property|516. Residential Leaseholds|516-29 Notice of disposition.

  §516-29 Notice of disposition. Except in case of a sale of the leased fee interest to the lessee of a residential lot under lease, no sale or lease of any residential lots shall be made by the Hawaii housing finance and development corporation unless it has given public notice on at least two different days in the county of its intent to sell or lease. The notice shall state, in general terms, the size, location, and prices or lease rentals of the lots to be sold or leased, the terms of the sale or lease, and the last date on which applications will be received by the corporation, which date shall not be less than thirty days after the first notice. The notice shall also state the times and places at which more detailed information with respect to the sale or lease may be secured by interested persons. [L 1967, c 307, §18; HRS §516-29; am L 1968, c 46, §2f; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 1997, c 350, §14; am L 1998, c 2, §105; am L 2005, c 196, §26(b); am L 2006, c 180, §16]
HI Rev Stat § 516-30 (2021)
2021 Hawaii Revised Statutes|Title 28. Property|516. Residential Leaseholds|516-30 Purchase of leased fee interest.

  §516-30 Purchase of leased fee interest. 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 section 516-32 and the purpose of this chapter. [L 1967, c 307, §19; HRS §516-30; am L 1975, c 184, §2(12); gen ch 1985; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 1997, c 350, §14; am L 2001, c 60, §2; am L 2005, c 196, §26(b); am L 2006, c 180, §16] Case Notes  State may use power of eminent domain to redefine, rearrange, or redistribute interests in land. 471 F. Supp. 871 (1979).
HI Rev Stat § 516-31 (2021)
2021 Hawaii Revised Statutes|Title 28. Property|516. Residential Leaseholds|516-31 Disposition by lease.

  §516-31 Disposition by lease. The Hawaii housing finance and development corporation may lease any of the residential lots in a development tract at lease rentals and upon terms and conditions as it may determine. The leases shall be subject to all of the rights of lessees enumerated in part III. The corporation, in its discretion, may utilize any of the residential lots and rent out the same for periods of twenty years or less for the purposes set forth in chapter 201H, or for any other purpose, all upon terms and conditions as the corporation may determine. [L 1967, c 307, §20; HRS §516-31; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 1997, c 350, §14; am L 1998, c 11, §26 and c 212, §46; am L 2005, c 196, §26(b); am L 2006, c 180, §16; am L 2007, c 249, §28]
HI Rev Stat § 516-32 (2021)
2021 Hawaii Revised Statutes|Title 28. Property|516. Residential Leaseholds|516-32 Not for profit.

  §516-32 Not for profit. It is declared to be the policy of the State that the Hawaii housing finance and development corporation shall carry out its responsibilities under this part in an efficient manner so as to enable it to fix the sales prices and rentals for residential lots at the lowest possible rates consistent with the purpose of this part; and that the corporation shall not administer this part for profit or as a source of revenue to the State. To this end, the corporation shall fix the sales prices for residential lots or rentals for lots at no higher rates or prices than it shall find to be necessary in order to produce revenues that (together with all other available moneys, revenues, income, and receipts of the corporation from whatever sources derived under the administration of this part) will be sufficient to:  (1) Pay, as the same becomes due, the principal and interest on the bonds of the corporation;  (2) Meet the cost of and provide for the administration of this part; and  (3) Create a reserve sufficient to meet the largest principal and interest payments that will be due on the bonds in any one year thereafter and to maintain the reserve. [L 1967, c 307, §21; HRS §516-32; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 1997, c 350, §14; am L 2005, c 196, §26(b); am L 2006, c 180, §16; am L 2018, c 18, §37]
HI Rev Stat § 516-33.5 (2021)
2021 Hawaii Revised Statutes|Title 28. Property|516. Residential Leaseholds|516-33.5 Deposits by lessees.

  §516-33.5 Deposits by lessees. (a) The corporation may require the submission of a deposit by any lessee applying to the corporation for the purchase of a residential lot under this chapter. The amount of the deposit shall be established by rule. All interests earned on deposits submitted by lessees shall accrue to the lessees.  (b) The deposit may be applied by the corporation to payment of appraisal, survey, attorney fees, and any other cost the corporation has incurred as a result of the designation, with the remainder of the deposit to be applied toward the purchase of the owner's fee interest. The corporation shall incur no liability for such deposits under this section. [L 1978, c 140, §3; am L 1983, c 270, §3; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 2001, c 60, §3; am L 2005, c 196, §26(b); am L 2006, c 180, §16]
HI Rev Stat § 516-34 (2021)
2021 Hawaii Revised Statutes|Title 28. Property|516. Residential Leaseholds|516-34 Mortgages, agreements of sale, other instruments.

  §516-34 Mortgages, agreements of sale, other instruments. (a) If an applicant who wishes to purchase the leased fee interest in the applicant's residential leasehold lot is unable to obtain sufficient funds at reasonable rates from private lenders, the Hawaii housing finance and development corporation may, by way of mortgage, agreement of sale or other instruments to secure the indebtedness, loan to the purchaser up to ninety per cent of the purchase price; provided that such agreement of sale shall be for a term not to exceed three years; provided further that the corporation, upon its discretion, may extend such agreement of sale for not more than two years if the lessee requests such extension. In case of any dispute of the extension of the agreement of sale, the lessee shall bear the burden of proof to show good cause for such extension.  (b) The purchaser of the leased fee interest shall pay not less than ten per cent of the price and execute with the corporation an agreement of sale, or mortgage, or other instrument to secure the indebtedness under the terms of which the unpaid balance and the interest thereon, at a reasonable rate determined by the corporation, shall be paid in monthly installments over such periods as the corporation may determine. Every mortgage, agreement of sale, other instruments to secure the indebtedness, or instrument of indebtedness shall be freely assignable by the corporation and may contain such other provisions as are usually found in such instruments and shall provide that the purchaser may prepay the whole or any part of the unpaid balance of the purchase price plus accrued interest at any time without prepayment penalty.  (c) If the purchaser defaults on the payment of any loan, the corporation shall take all necessary action to collect the delinquent principal and interest on the loan and may take all actions allowed to holders of obligations, including the power to repossess, purchase, lease, rent, repair, renovate, modernize, and sell the property foreclosed. [L 1967, c 307, §23; HRS §516-34; am L 1968, c 46, §2g; am L 1975, c 184, §2(14); gen ch 1985; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 1997, c 350, §14; am L 2005, c 196, §26(b); am L 2006, c 180, §16]
HI Rev Stat § 516-35.1 (2021)
2021 Hawaii Revised Statutes|Title 28. Property|516. Residential Leaseholds|516-35.1 Foreclosure and sale by mortgagees.

  §516-35.1 Foreclosure and sale by mortgagees. If the leased fee, fee simple title or lease to a lot, purchased or acquired from the Hawaii housing finance and development corporation under this chapter is secured by a mortgage held by a lending institution authorized to do business as a lending institution either in the State or elsewhere in the United States, upon foreclosure of the mortgage, the leased fee, the fee simple title or the lease may be sold to any purchaser, including the holder of the mortgage, without regard to whether or not the purchaser is qualified under the provisions of this chapter to own or otherwise acquire the leased fee, the fee simple title, or the lease. The mortgage so held, and the interest so acquired by the purchaser on such foreclosure, shall be freely assignable, notwithstanding the provisions of section 516-35. The term, "lending institution," includes an insurer or guarantor of the obligation or condition of the mortgage, including the Federal Housing Administration, the Federal National Mortgage Association, the Department of Veterans Affairs, or any other federal agency and their respective successors and assigns or any lending institution authorized to do business in the State or elsewhere in the United States; provided that the rights and powers of nongovernmental holders of mortgages shall not be any greater than those of the aforementioned federal agencies.  Notwithstanding any provision in this chapter to the contrary, in sales by the corporation of the leased fee or the fee simple title, or in leases of lots, the corporation may waive or modify any restrictions contained in this chapter, if such waiver or modification is necessary to enable any of aforementioned federal agencies or any lending institution authorized to do business in the State or elsewhere in the United States to participate in any loan secured by a mortgage on the leased fee, the fee simple interest or the lease; provided any such waiver or modification shall not confer any greater rights or powers in the holder than those which would be required by the Federal Housing Administration. [L 1968, c 46, §2i; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 1997, c 350, §14; am L 2005, c 196, §26(b); am L 2006, c 180, §16; am L 2017, c 12, §1]
HI Rev Stat § 516-40 (2021)
2021 Hawaii Revised Statutes|Title 28. Property|516. Residential Leaseholds|516-40 Bonds as legal investments.

  §516-40 Bonds as legal investments. The State and all of its public officers, municipal corporations, political subdivisions, and public bodies, all banks, bankers, trust companies, savings banks and institutions, including savings and loan associations, all investment companies, insurance companies, insurance associations, and other persons carrying on an insurance business in the State, and all personal representatives, guardians, trustees, and other fiduciaries in the State may legally invest moneys or funds belonging to them or within their control and available for investment under other provisions of law, in any bonds or other obligations issued by the Hawaii housing finance and development corporation under this part, and such bonds and other obligations of the corporation shall be authorized security for all public deposits and shall be fully negotiable in the State. It is the purpose of this section to authorize any of the foregoing to use any funds owned or controlled by them, including (but not limited to) sinking, insurance, investments, retirement, compensation, pension, and trust funds and funds held on deposit, for the purchase of any such bonds or other obligations; provided that nothing contained in this section shall operate to relieve any person, firm, or corporation from liability for failure to exercise reasonable care in selecting investments or, in the case of a guardian or trustee, from liability for failure to exercise the judgment and care to observe the duties required of a guardian or trustee by article 8 of chapter 412 and section 554-6. [L 1967, c 307, §29; HRS §516-40; am L 1976, c 200, pt of §1; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 1993, c 350, §32; am L 1997, c 350, §14; am L 2005, c 196, §26(b); am L 2006, c 180, §16]
HI Rev Stat § 516-41 (2021)
2021 Hawaii Revised Statutes|Title 28. Property|516. Residential Leaseholds|516-41 Exemption from taxation and assessments.

  §516-41 Exemption from taxation and assessments. The Hawaii housing finance and development corporation and the property acquired by it under this part, if not leased or sold, are exempt from any and all taxes and assessments. Bonds, notes, debentures, and other evidences of indebtedness issued by the corporation are declared to be issued for a public purpose and to be public instrumentalities and, together with interest thereon, shall be exempt from taxes. [L 1967, c 307, §30; HRS §516-41; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 1997, c 350, §14; am L 2005, c 196, §26(b); am L 2006, c 180, §16]
HI Rev Stat § 516-42 (2021)
2021 Hawaii Revised Statutes|Title 28. Property|516. Residential Leaseholds|516-42 Investment of reserves.

  §516-42 Investment of reserves. The Hawaii housing finance and development corporation may invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement, in property or securities in which savings banks may legally invest funds subject to their control. No provisions with respect to the acquisition, operation, or disposition of property by other public bodies are applicable to the corporation under this part unless otherwise specifically provided by law. [L 1967, c 307, §31; HRS §516-42; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 1997, c 350, §14; am L 2005, c 196, §26(b); am L 2006, c 180, §16]
HI Rev Stat § 516-43 (2021)
2021 Hawaii Revised Statutes|Title 28. Property|516. Residential Leaseholds|516-43 Security for funds deposited.

  §516-43 Security for funds deposited. The Hawaii housing finance and development corporation, by resolution, may provide that all moneys deposited by it shall be secured by:  (1) Any securities by which funds deposited by the state director of finance may be legally secured as provided in section 38-3; or  (2) An undertaking with sureties as are approved by the corporation faithfully to keep and pay over upon the order of the corporation any deposits and agreed interest thereon, and all banks and trust companies may give any security for those deposits. [L 1967, c 307, §32; HRS §516-43; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 1997, c 350, §14; am L 2005, c 196, §26(b); am L 2006, c 180, §16; am L 2018, c 18, §38]
HI Rev Stat § 516-44 (2021)
2021 Hawaii Revised Statutes|Title 28. Property|516. Residential Leaseholds|516-44 REPEALED.

  §516-44 REPEALED. L 2015, c 237, §39.
HI Rev Stat § 516-45 (2021)
2021 Hawaii Revised Statutes|Title 28. Property|516. Residential Leaseholds|516-45 General obligation bonds.

  §516-45 General obligation bonds. The director of finance may, from time to time, issue general obligation bonds in such amounts as may be authorized by the legislature, for the purpose of acquisition by the Hawaii housing finance and development corporation of residential houselots within development tracts pursuant to chapter 516, part II or for the acquisition of suitable properties to exchange pursuant to section 516-24.5 or for the acquisition by the department of land and natural resources under section 171-50.1 of suitable properties for exchange pursuant to section 171-50.2 to effectuate the purpose of this chapter. Pending the receipt of funds from the issuance and sale of general obligation bonds, amounts required within the limits of legislative authorization may be advanced to the Hawaii housing finance and development corporation from the general fund of the State. Upon the receipt of the bond funds, the general fund shall be reimbursed the amount advanced. [L 1971, c 215, §4; am L 1975, c 184, §2(17); am L 1987, c 337, §16; am L 1988, c 104, §2; am L 1997, c 350, §14; am L 2005, c 196, §26(b); am L 2006, c 180, §16; am L 2015, c 237, §38] Note  Part IIA heading was deleted by L 1980, c 107, §3.