Hawaii Revised Statutes 53-35 – Transfer of title or foreclosure of project
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Terms Used In Hawaii Revised Statutes 53-35
- 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.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- 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
Until the expiration of thirty-five years from the date of acquisition of property of or in a redevelopment project by a redevelopment corporation, it shall not have power to sell the property or any interest therein without the consent of the redevelopment agency. Upon acquisition of the project by any person, firm, or corporation other than another redevelopment corporation, by lease or sale, or upon the initiation of foreclosure proceedings any tax exemption or partial tax exemption granted to the project shall immediately terminate.