HAR §15-305-2. Definitions

Unless otherwise clear from the context or unless further defined herein, the definitions of terms in chapter 516, HRS, shall be applicable to this chapter. As used in this chapter: "Additional deposit" means one or more additional deposits of not less than $500, which shall be used to pay for administrative costs and tract costs not covered by the initial deposit. Such a deposit may be collected in advance if the projected costs exceed the initial deposit. "Corporation" means the Hawaii housing finance and development corporation. "Executive director" means the executive director employed by the corporation or the executive director's designated representative. "Initial deposit" means a fee of not less than $1,000 assessed to all lessees applying to purchase the leased fee interest in their respective residential houselots. The initial deposit, which may also be referred to as an application fee, shall be used to cover tract costs. "Lessor" means the fee simple owner, and legal and equitable owners who lease or sublease land to another and their heirs, successors, legal representatives, and assigns. 305-3
   -~ 7 56 §15-305-2 "Lessor's costs" means actual out-of-pocket expenses of appraisal, survey, and attorney's fees that the owner, the lessor and the legal and equitable owners of the land designated for acquisition may have incurred as a result of the designation. "Qualified lessee" means a person who has applied, petitioned, and qualified for the designation and condemnation of the person's leasehold lot and who has executed a contract to purchase with the corporation. "Substit:uting lessee" means a person who substitutes the person's self for the original applicant subject to outright -purchase or by an agreement of sale pursuant to the consent of the substitution by the executive director. "Tract costs" means direct costs incurred by a particular development tract in conjunction with the designation, condemnation, acquisition and disposition of the leased fee interest in the residential lots of the tract. Such costs may include but are not limited to costs of administrative salaries for direct time spent on a particular tract by the corporation's personnel, appraisals, attorney's fees, public hearing expenses, escrow fees, and title reports._ [Eff .IIIN 1 ~ 2nn1' ] (Auth: §§. 516-7, 516-33) (Imp: HRS §~~16-2, "s'i6-6, 516-7, 516-33.5)