§516-65  Extension.  From time to time
during the first twenty years of the term of any lease, the lessee shall have
the right to extend the lease term to fifty-five years, commencing on the first
day of the calendar month in which the lessee gives written notice thereof to
the lessor, subject to the following conditions:



(1)  At the time the right to extend the lease is
exercised, the unexpired term of the lease is less than fifty years;



(2)  The extension is for the purpose of mortgaging
the leasehold interest;



(3)  The lessee is not then in default in any respect
under the lease; and



(4)  The notice is accompanied by payment of a
reasonable service charge.



This section applies only to leases executed
and effective subsequent to June 24, 1967. [L 1967, c 307, §38; HRS §516-65]