Haw. Code R. § 4-153-25 - Consent to mortgage
(a) Whenever under
this chapter or under any agricultural park lease issued by the board, consent
of the State is required as a condition precedent to the mortgage of, or the
creation of a security interest in public land, the chairperson may, upon due
application, grant the consent, and if the mortgage or security interest is to
a recognized lending institution authorized to do business in the State of
Hawaii, the consent shall extend to foreclosure and sale at the foreclosure to
any purchaser, provided that the purchaser is qualified under this chapter to
lease and hold the land or any interest therein.
(b) The holder of record having a security
interest includes any insurer or guarantor of the obligation or condition of
the mortgage, including any federal mortgage lending agency and its respective
successors and assigns or any lending institution authorized to do business in
the State of Hawaii; provided that the consent to mortgage to a nongovernmental
holder shall not confer any greater rights or powers in the holder than those
which would be required by any federal mortgage lending agency.
Notes
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