HAR §15-301-18. Default of loan

The occurrence of any of the following events shall be sufficient grounds for the corporation, at its option, to treat the loan to be in default: (1) The property described in the mortgage or security agreement is conveyed or transferred; provided, however, that a transfer of title will be permitted if it appears to the satisfaction of the corporation that the transfer was effected for estate planning purposes and the corporation's security interest is unaffected by the transfer; (2) The eligible leaseholder fails to comply with any agreement executed for the purpose of securing the loan; or 301-6 §15-301-21 (3) The corporation determines that any statement made by the eligible leaseholder in the loan application or loan document is false or fraudulent. [Eff SEP 1 7 2007 ] (Auth: HRS §201H-81) (Imp: HRS §201H-81) §15-301-19 Corporation's rights upon default of loan. With respect to any loan made under this chapter, which is in default under the terms thereof, the corporation may: (1) Renegotiate, refinance, or foreclose the loan; (2) Waive any default or consent to the modification of the terms of the loan or the security agreement; (3) Commence any action to protect or enforce any right conferred upon the corporation by any law, mortgage, insurance policy, contract, or other agreement; (4) Bid for and purchase the property secured by the loan at any foreclosure or other sale, or acquire or take possession of the property secured by the loan; or (5) Operate, manage, lease, dispose of, or otherwise deal with the property secured by the loan. [Eff Sl="P 1 7 ?nnt ] (Auth: HRS §201H-81) (Imp: 'rtRS-- ~~H-81)