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

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

(2)  Agree not to sell or otherwise dispose ofmortgaged or pledged property except on written consent of the director, andexcept 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 propertymortgaged, together with the costs and expenses of any foreclosure of themortgage; and

(4)  Keep insured to the satisfaction of the directorall buildings and other insurable property covered by any mortgage. [L 1961, c189, §18; Supp, §98P-18; HRS §209-32; ree L 1976, c 205, §1(2); am L 1987, c336, §7; am L 1990, c 293, §8]