Haw. Code R. § 15-308-108 - Cancellation of the corporation's share of the net appreciation

(a) The corporation's right to be paid a share of the net appreciation shall constitute a lien on the property until all of the following events have occurred:

(1) The corporation has been fully paid its share of the net appreciation and any other amounts that are due and owing the corporation;

(2) The corporation releases the shared appreciation equity program restriction; and

(3) The release is recorded at the bureau of conveyances by the purchaser.

(b) Should no amount be due the corporation following all computations, the corporation may issue a release of the shared appreciation equity program upon the request of the owner. In the event the corporation provides written notice to the owner that no amount is due, the owner, at the owner's own expense, shall draft and have recorded such instruments as are necessary to make the release effective. The owner shall submit a recorded copy of the release instruments to the corporation within forty-five days of the date of the corporation's written notice in order to have the shared appreciation equity program restriction cancelled.

Notes

Haw. Code R. § 15-308-108

[Eff 1/15/2022] (Auth: HRS § 201H-4) (Imp: HRS§ 201H-47) Am and comp 12/10/2022