HAR §4-153-25. Consent to mortgage

(a) Whenever under this chapter or under any agricultural park lease issued by the board, consent of the State is required as a condition precedent to the mortgage of, or the creation of a security interest in public land, the chairperson may, upon due application, grant the consent, and if the mortgage or security interest is to a recognized lending institution authorized to do business in the State of Hawaii, the consent shall extend to foreclosure and sale at the foreclosure to any purchaser, provided that the purchaser is qualified under this chapter to lease and hold the land or any interest therein. (b) The holder of record having a security interest includes any insurer or guarantor of the obligation or condition of the mortgage, including any federal mortgage lending agency and its respective successors and assigns or any lending institution authorized to do business in the State of Hawaii; provided that the consent to mortgage to a nongovernmental holder shall not confer any greater rights or powers in the holder than those which would be required by any federal mortgage lending agency. [Eff 3/6/92; comp ] (Auth: HRS §§166-6, 166- 9) (Imp: HRS §§166-6, 166-9)