HAR §15-309-15. Restrictions

(a) Real property purchased under this chapter shall be occupied at all times by the qualified purchaser until such time the appreciated equity value [corporation's equity[, including any accrued interest,] and equity percentage share, if any,] is paid in full to the corporation, except in hardship cases where the inability to reside on the property arises out of unforeseeable circumstances as determined by the corporation and the qualified purchaser is granted a temporary waiver of the owner occupancy requirement. The qualified purchaser shall submit an application for relief to the corporation for review and approval. (b) Unit owners shall not transfer title to the dwelling unit unless the appreciated equity value [corporation's equity, including any accrued interest,] is paid in full to the corporation prior to the transfer. This restriction includes, but is not limited to, transfers to the owner's spouse, child, parent, sibling, or an inter vivos trust where the owner is the beneficiary of the trust. [Eff 1/15/24; am and comp ] (Auth: SLH 2023, Act 92, §1) (Imp: SLH 2023, Act 92, §1)