§171-81  Surrender of lease.  If at any
time the lessee desires to surrender the lessee's lease and improvements, the
board of land and natural resources may accept the surrender and purchase the
improvements for their fair market value, as determined by appraisers, with
funds from the special land and development fund, provided the board has a firm
offer from a person, who is qualified to take the residential lease under this
part, to take the lease and purchase the improvements for not less than the amount
to be paid therefor by the board and who has a commitment from a recognized
lending institution to finance the purchase.  Upon acceptance of the surrender
and purchase of the improvements, the board shall sell the improvements to that
person and make a new lease to the person. [L 1962, c 32, pt of §2; Supp,
§103A-77; HRS 171-81; gen ch 1985]