HAR §15-308-105. Definition of sale or transfe·r

:~~lfor purposes of this subchapter, a sale or transfer means when one of the following occurs: (1) When ownership interest in the dwelling unit is sold or transferred; (2) When the dwelling unit is no longer used as the owner's primary residence; or (3) When the dwelling unit or any part of the dwelling unit is rented to someone else, and 308-42 Corporation ' s Percentage Share multiplied by Net Appreciation as determined in section 15-308- 103 ( a ) . (b) If the corporation ' s share is not paid when due , interest on the corporation ' s share of net appreciation shall accrue at the simple annual rate of twelve per cent per year until paid . The corporation shall also be entitled to be paid the cost of reasonable attorney ' s fees and costs to enforce the payment o f the corporation ' s percentage share of the net appreciation due . ( c) If the corporation ' s share is not paid when due as a result of a non-occupancy violation : ( 1 ) The owner shall provide evidence of the effective date of non-occupancy . In the event sufficient evidence is not provided by the owner, the corporation shall make the final determination of the effective date of non-occupancy . ( 2 ) I f the owner fails to provide the effective date of non-occupancy, the corporation may commence legal action against the purchaser to pay the shared appreciation equity program amount due . ( 3 ) I f a sale occurs after the non-occupancy violation, allowable closing cost shall not be allowed as a deduction in determining the corporation ' s share of net appreciation due . ( d) The corporation shall pursue legal action to recover the total amount owed . [Eff 1 /15/22 ;
comp FC 1 () 2022 (Auth : HRS $201H-4 ) ( Imp : HRS §2 01H-4 7 ) s t