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2014 Hawaii Revised Statutes
TITLE 13. PLANNING AND ECONOMIC DEVELOPMENT
206. Oahu Land Development
206-32 Subordination of mortgage to agreement with government.

HI Rev Stat § 206-32 (2014) What's This?

§206-32 Subordination of mortgage to agreement with government. The board of land and natural resources may agree in any mortgage made by it that the mortgage shall be subordinate to a contract for the supervision by a government 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 board pursuant to a foreclosure of the mortgage or any other remedy in connection therewith, shall obtain title to the contract. [L 1961, c 6, §30; Supp, §98J-30; HRS §206-32]

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