§171-81 - Surrender of lease. - Hawaii Statutes

     §171-81  Surrender of lease.  If at any time the lessee desires to surrender the lessee's lease and improvements, the board of land and natural resources may accept the surrender and purchase the improvements for their fair market value, as determined by appraisers, with funds from the special land and development fund, provided the board has a firm offer from a person, who is qualified to take the residential lease under this part, to take the lease and purchase the improvements for not less than the amount to be paid therefor by the board and who has a commitment from a recognized lending institution to finance the purchase.  Upon acceptance of the surrender and purchase of the improvements, the board shall sell the improvements to that person and make a new lease to the person. [L 1962, c 32, pt of §2; Supp, §103A-77; HRS 171-81; gen ch 1985]