HAR §6-27-23. Affidavit of occupancy

Consistent with the purpose of the member home program, every applicant who will reside on the mortgaged property applying for a member home loan shall file with the lender an affidavit stating that: (1) The applicant will occupy the mortgaged property as the applicant’s principal home within forty-five days after the notice from the contractor or developer that the residence is ready for occupancy or within forty-five days after the date of closing of the loan where an existing structure of residence is acquired; (2) The applicant will occupy the residence as a principal home for at least one year; (3) If the applicant fails to comply, any and all indebtedness owing by and chargeable to the applicant by way of a mortgage loan made on the basis of the application filed in §6-27-25 connection with the loan shall become immediately due and payable in full, unless for good cause shown, the period to occupy is extended by the system in writing. [Eff 2/9/89] (Auth: HRS §§88-28, 88-119.5) (Imp: HRS §§88-119, 88­ 119.5)