§206-35  Agreement to secure federalcontributions; default.  In addition to the powers conferred upon the boardof land and natural resources by other provisions of this chapter, the board,in any contract for annual contributions with the federal government, mayobligate itself (which obligation shall be specifically enforceable and shallnot constitute a mortgage, notwithstanding any other laws) to convey to thefederal government possession of or title to the project to which the contractrelates, upon the occurrence of a substantial default (as defined in thecontract) with respect to the covenants or conditions to which the board issubject.  The contract may provide further that in case of such conveyance, thefederal government may complete, operate, manage, lease, convey, or otherwisedeal with the project in accordance with the terms of the contract; providedthat the contract shall require that, as soon as practicable after the federalgovernment is satisfied that all defaults with respect to the project have beencured and that the project will thereafter be operated in accordance with theterms of the contract, the federal government shall reconvey to the board theproject as then constituted. [L 1961, c 6, §33; Supp, §98J-33; HRS §206-35]