§206-32 - Subordination of mortgage to agreement with government. - Hawaii Statutes

     §206-32  Subordination of mortgage to agreement with government.  The board of land and natural resources may agree in any mortgage made by it that the mortgage shall be subordinate to a contract for the supervision by a government of the operation and maintenance of the mortgaged property and the construction of improvements thereon.  In that event, any purchaser or purchasers at a sale of the property of the board pursuant to a foreclosure of the mortgage or any other remedy in connection therewith, shall obtain title to the contract. [L 1961, c 6, §30; Supp, §98J-30; HRS §206-32]