Hawaii Revised Statutes 516-91 – Definitions
Terms Used In Hawaii Revised Statutes 516-91
- acquisition loan programs: includes all or any part of the loan to lenders program, the purchase of existing loans program, the advance commitments program, and the eligible loan funding program authorized under this part. See Hawaii Revised Statutes 516-91
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Hawaii housing finance and development corporation created by chapter 201H. See Hawaii Revised Statutes 516-1
- Eligible borrower: means any lessee, irrespective of race, creed, national origin, or sex, who:
(1) Qualifies to purchase the leased fee interest in the lessee's property under this chapter;
(2) Has never before obtained a loan under this part; and
(3) Meets other qualifications as established by rules adopted by the corporation. See Hawaii Revised Statutes 516-91
- Eligible loan: means a loan to an eligible borrower for the purchase of the leased fee interest in the eligible borrower's houselot; provided that the property financed is and will be occupied as the principal place of residence by the eligible borrower, and meets other requirements as established by rules adopted by the corporation. See Hawaii Revised Statutes 516-91
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- leased fee interest: means all of the interests of the fee owner, lessor, and all legal and equitable owners of the land which is leased, other than the lessee's interest as defined by this chapter. See Hawaii Revised Statutes 516-1
- Lessee: means any person to whom land is leased or subleased, and the lessee's heirs, successors, legal representatives, and assigns. See Hawaii Revised Statutes 516-1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Trust indenture: means an agreement by and between the corporation and the trustee, which sets forth the duties of the trustee with respect to the revenue bonds, the security therefor, and other provisions as deemed necessary or convenient by the corporation to secure the revenue bonds. See Hawaii Revised Statutes 516-91
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means a national or state bank or trust company within or without the State which enters into a trust indenture. See Hawaii Revised Statutes 516-91
The following words or terms as used in this part shall have the following meanings unless a different meaning clearly appears from the context:
“Eligible borrower” means any lessee, irrespective of race, creed, national origin, or sex, who:
(1) Qualifies to purchase the leased fee interest in the lessee’s property under this chapter;
(2) Has never before obtained a loan under this part; and
(3) Meets other qualifications as established by rules adopted by the corporation.
“Eligible loan” means a loan to an eligible borrower for the purchase of the leased fee interest in the eligible borrower’s houselot; provided that the property financed is and will be occupied as the principal place of residence by the eligible borrower, and meets other requirements as established by rules adopted by the corporation.
“Fee title acquisition loan programs” or “acquisition loan programs” includes all or any part of the loan to lenders program, the purchase of existing loans program, the advance commitments program, and the eligible loan funding program authorized under this part.
“Mortgage lender” means any bank, trust company, savings bank, national banking association, savings and loan association, building and loan association, mortgage banker, credit union, insurance company, or any other financial institution, or a holding company for any of the foregoing, which:
(1) Is authorized to do business in the State;
(2) Customarily provides services or otherwise aids in the financing of mortgages on single family or multi-family residential property; and
(3) Is a financial institution whose accounts are federally insured, or is an institution which is an approved mortgagee for the Federal Housing Administration, or is an approved lender for the Department of Veterans Affairs or the United States Department of Agriculture, or is an approved mortgage loan servicer for the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation.
“Revenue bond” means bonds, notes, or other evidence of indebtedness of the corporation issued to finance any of the acquisition loan programs under this part.
“Trustee” means a national or state bank or trust company within or without the State which enters into a trust indenture.
“Trust indenture” means an agreement by and between the corporation and the trustee, which sets forth the duties of the trustee with respect to the revenue bonds, the security therefor, and other provisions as deemed necessary or convenient by the corporation to secure the revenue bonds.