Section 15-308-90 - Repurchase under foreclosure of properties subject to restrictionsThe corporation may repurchase a property that is the subject of a mortgage foreclosure or foreclosure under power of sale when the property is encumbered with the right-to-repurchase restrictions set forth in sections 201H-47, 201H-49, and 201H-51, HRS, and the shared appreciation equity program.
(1) For property encumbered by the restrictions set forth in sections 201H-47, 201H-49, and 201H-51, HRS: (A) The price may be determined by the guidelines set forth in section 15-308-105(a) (1) to (3), or at a price that will enable the corporation to resell the property; or(B) The corporation may waive its option to purchase the property and shall be entitled to the proceeds remaining in excess of the customary and actual costs and expenses of the foreclosure sale, encumbrances of record, purchaser's costs of improvements and simple annual interest of one per cent on purchaser's original cost and capital improvements.(2) For property encumbered by the shared appreciation equity program restriction only: (A) The property may be repurchased when the price, determined by adding the corporation's share of net appreciation amount plus the superior encumbrances of record, will enable the corporation to resell the property.(B) The corporation shall be entitled to its share of net appreciation when the property is transferred as the result of the foreclosure sale.(C) If the corporation's share is not paid when due, interest on the corporation's amount will accrue interest at the simple annual rate of twelve per cent until paid. The corporation shall pursue foreclosure or legal action.
[Eff 1/15/2022] (Auth: HRS § 201H-4) (Imp: HRS §§ 201H-107, 201H-47, 201H-49, 201H-51)