§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.