Haw. Rev. Stat. § 516-65

Current through Chapter 253 of the 2024 Legislative Session

Section 516-65 - Extension

From time to time during the first twenty years of the term of any lease, the lessee shall have the right to extend the lease term to fifty-five years, commencing on the first day of the calendar month in which the lessee gives written notice thereof to the lessor, subject to the following conditions:

(1) At the time the right to extend the lease is exercised, the unexpired term of the lease is less than fifty years;

(2) The extension is for the purpose of mortgaging the leasehold interest;

(3) The lessee is not then in default in any respect under the lease; and

(4) The notice is accompanied by payment of a reasonable service charge.

This section applies only to leases executed and effective subsequent to June 24, 1967.

HRS § 516-65

L 1967, c 307, §38; HRS § 516-65