Section 15-308-87 - Release by the corporation of right to purchase(a) The corporation may release the right to purchase as set forth in section 201H-47, HRS, if the property is financed under a federally subsidized mortgage program and when fiscal considerations will not allow the repurchase of the dwelling unit.(b) The corporation's right to repurchase prescribed in sections 201H-47 to 201H-51, HRS, shall be automatically extinguished and shall not attach in subsequent transfers of title when a mortgage holder or other party becomes the owner of the dwelling unit pursuant to a mortgage foreclosure, foreclosure under power of sale, or a conveyance in lieu of foreclosure after a foreclosure action is commenced; or when a mortgage is assigned to a federal housing agency. If requested by the owner, the corporation shall at the owner's expense execute a written release in a form which may be recorded.[Eff 1/15/2022] (Auth: HRS § 201H-4) (Imp: HRS §§ 201H-47, 201H-50, 201H-51)