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2023 Hawaii Revised Statutes
Title 28. Property
516D. Residential Leasehold Condominiums and Cooperatives
PART I. GENERAL PROVISIONS
PART II. RIGHTS OF LESSEES
- 516D-11 Residential lease; disclosure.
- 516D-11.5 Civil penalty. Failure to furnish disclosures substantially complying with the requirements of section 516D-11 shall entitle the buyer to the recovery of a civil penalty of $1,000 in any proceeding at law brought within one year of the violation and the violator shall be liable further for the actual damages of the buyer, if any, reasonable attorneys' fees and court costs. [L 1991, c 276, §7]
- 516D-11.6 Suggested form of a standardized summary of lease provisions. A standardized summary of lease provisions executed pursuant to section 516D-11 of this chapter may, but need not, be substantially in the following form: STANDARDIZED SUMMARY OF LEASE PROVISIONS This receipt dated _______________, between________________ ______________________________________ (the "buyer"), and ______________________________________ (the "seller"), for the sale of the property at _____________________________________, tax map key no. ( ) / / / (the "property"). Lessor: _______________________________________________________ Sublessor: ____________________________________________________ Lease Expiration: ____________ Surrender Clause: (yes or none) Lease Rent: $__________ per __________ until __________ $__________ per __________ until __________ $__________ per __________ until __________ Renegotiation Dates: __________________________________________ Renegotiation Terms: __________________________________________ ________________________________________________________________ I understand the information above is a summary of the terms of the lease and that for more detailed information I should read the lease. I understand that the subject property is leasehold property and I will acquire the right to occupy and use the leased real property for the time stated in the lease agreement. I will not acquire outright or absolute ownership of the land or fee simple ownership. The land is owned by lessor or the leased fee owner, to whom I, the lessee, will agree to make lease rent payments and comply with the terms of the lease or be subject to the lessor's enforcement actions. The lease rent payments are usually fixed for specific amounts at fixed periods of time, then subject to renegotiation. Renegotiation may be based on formula or arbitration set in the lease agreement or by law or by agreement between the lessor and lessee. THE RENEGOTIATED LEASE RENTS MAY INCREASE SIGNIFICANTLY. AT THE END OF THE LEASE
- 516D-12 Mandatory arbitration of rent renegotiation.
Case Notes
Chapter did not preempt ordinance relating to residential condominium leasehold conversion. 76 H. 46, 868 P.2d 1193 (1994).
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