§209-32  Conditions of loans.  Every
applicant who is granted a loan under the provisions of this part shall:



(1)  Expend the loan funds only for those purposes
authorized by the director of business, economic development, and tourism;



(2)  Agree not to sell or otherwise dispose of
mortgaged or pledged property except on written consent of the director, and
except upon such conditions as the director may prescribe in writing;



(3)  Undertake to pay, when due, all taxes, liens,
judgments, or assessments which may be lawfully assessed against the property
mortgaged, together with the costs and expenses of any foreclosure of the
mortgage; and



(4)  Keep insured to the satisfaction of the director
all buildings and other insurable property covered by any mortgage. [L 1961, c
189, §18; Supp, §98P-18; HRS §209-32; ree L 1976, c 205, §1(2); am L 1987, c
336, §7; am L 1990, c 293, §8]