Hawaii Revised Statutes 171-65 – Leases, leases with option to purchase, sales permitted; when
Terms Used In Hawaii Revised Statutes 171-65
- Board: means the board of land and natural resources. See Hawaii Revised Statutes 171-1
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Land: includes all interests therein and natural resources including water, minerals, and all such things connected with land, unless otherwise expressly provided. See Hawaii Revised Statutes 171-1
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- lease: means a residential lease made by the board of land and natural resources under this part. See Hawaii Revised Statutes 171-71
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
Land intended for disposition as farm lot for truck crops or for horticultural, pasture, or special livestock use, may be disposed of by lease, lease with option to purchase, or in fee simple. Such disposition may be by drawing of lot, without recourse to public auction, notwithstanding any other provision in this chapter to the contrary; provided that the right to any values in the land not attributable to these agricultural uses shall be reserved to the State.
Dispositions under this section shall be made only to individuals who satisfy the requirements established by the board and then only if the individual, either oneself or whose spouse, or both, does not already own lands of comparable use in the State; provided that the ownership by the individual or the individual’s spouse of lands of comparable use shall not be a disqualification in applying for a lease within an agricultural park.