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2011 Hawaii Code
DIVISION 1. GOVERNMENT
TITLE 13. PLANNING AND ECONOMIC DEVELOPMENT
201H. Hawaii Housing Finance and Development Corporation
§201H-20 Subordination of mortgage to agreement with government.


HI Rev Stat § 201H-20 (2011 through Reg Sess) What's This?

[§201H-20] Subordination of mortgage to agreement with government. The corporation may agree in any mortgage made by it that the mortgage shall be subordinate to a contract for the supervision by a governmental agency of the operation and maintenance of the mortgaged property and the construction of improvements thereon. In that event, any purchaser or purchasers at a sale of the property of the corporation pursuant to a foreclosure of the mortgage or any other remedy in connection therewith shall obtain title subject to the contract. [L 2005, c 196, pt of §20; am L 2006, c 180, §15]

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