HAR §4-8-34
HAR §4-8-34. Default
Cite as Haw. Code R. § 4-8-34
(a) Default, whether in the
payment of any debt or in the performance of any
covenant or agreement, shall constitute default under
all instruments evidencing a debt from the borrower to
the State.
(b)
Upon such a default, the State, at its
option, may declare all or any part of that
indebtedness immediately due and payable.
(c) Failure of the State to exercise this option
shall not constitute a waiver of the State's right to
exercise the option in the event of any subsequent
default. [Eff 1/31/85; comp 9/20/86] (Auth: HRS
§155-4) (Imp: HRS §§155-4, 155-12)