HAR §15-305-35. Appraisal fee

(a) The executive director may assess and collect from the lessees who have indicated a desire to acquire the leased fee interest in their residential lots an amount reasonably necessary for the services of an appraiser or appraisers contracted by the executive director to determine the owner's basis of the leased fee interest to be acquired. The appraisal fee shall be included in the initial deposit and additional deposit required by section 516-33.5, HRS, and section 15-305-11. 305-18 §15-305-38 (b) Each lessee failing to pay any fee assessed in subsection (a) within thirty calendar days after written notice to pay such fee may.be prohibited from acquiring the leased fee interest of the lessee's lot pursuant to chapter 516, HRS. . [Ef f JUN 15 2007 ] (Auth: HRS §516-7) (Imp: HRS §516-7) §15-305-36 Disposition; purchase of fee interest by lessee. The lessee shall purchase the fee interest of the lessee's leasehold lot within sixty calendar days of the acquisition of the interest by the corporation pursuant to the contract to purchase. The lessee, however, shall not be in default in the performance of the lease obligation. [Eff JUN 15 2007 ] · (Auth: HRS §516-7) (Imp: HRS §516-30) §15-305-37 Disposition; purchase of fee interest by the corporation. (a) Upon acquisition of the fee interest in leasehold lots of a development tract, the corporation shall sell the fee interest to the lessees of the leasehold lots as prescribed in section 15-305- 36. (b) If the lessee fails to purchase the fee interest, the corporation may lease the acquired residential lot for periods of twenty years or less to the lessee at a lease rental rate sufficient to pay for the principal and interest on bonds issued, or for other financing, for the purpose of this chapter, as well as expenses incurred in administering chapter 516, HRS. [Eff JUN 15 2007 ] (Auth: HRS §516-7) (Imp: HRS §§516-6, 516-29, 516-30, 516-31, 516-32)