Haw. Code R. § 15-305-17 - Financial qualification
(a) After the
setting of the qualification amounts, the corporation shall give each lessee
who has submitted an application to purchase a notice by certified mail sent to
the lessee's last known address, informing the lessee of the qualification
amount for the lot and requesting that the lessee submit the following
financial information;
(1) An accurate and
updated financial statement; and
(2) A true and correct copy of a letter of
credit, certificate of deposit, proof of funds, or loan commitment letter
demonstrating that the lessee is able to pay the qualification
amount.
(3) Evidence of other
assets such as precious metals, coins, jewelry, stocks, bonds, etc., may be
acceptable as proof of funds provided that verification is made and attested to
by, a qualified independent financial officer, broker, appraiser,
etc,
(b) The lessee
shall comply with the requirements of subsection (a) within sixty days from the
date of notice,
(c) Failure of a
lessee to submit the required documentation shall make the lessee's application
defective, thereby precluding the lessee from proceeding with designation of
the lessee's lot as described in paragraph 15-305-21(1).
(d) If after first designation, a lessee is
then able to submit the required documentation within sixty-calendar days after
the date of frist designation, the lessee's lot may be designated as described
in subparagraph 15-305-21(4) (A).
(e) Proof of funds may be waived in instances
where a settlement has been reached for a development tract and financing for
the fee purchase is to be provided by the lessor. All parties involved must
agree to forego the proof of funds in these types of situations. The lessor,
however, shall be required to submit a listing of all lessees to whom financing
will be committed. Any lessee who does not qualify for lessor financing shall
be required to submit proof of funds as cited in subsection (a).
Notes
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