HAR §15-316-25. Option period

(a) The sales price of the dwelling unit shall be established at the beginning of the rental term and shall remain fixed as specified in section 201H- 181, HRS, after the rental agreement is executed. (b) The participant shall have the option of purchasing the unit at any time within the option period and shall have the right to remain in the unit for as long as the option period is effective, provided that all conditions set forth in this chapter are met. (c) During the rental period, the corporation shall credit a portion of the participant's rent toward the purchase price of 316-10 the unit, which amount shall be determined on a project-by- project basis and specified in the rent-to-own program agreement; (d) When a participant decides to exercise the option to purchase the rented unit, the participant must submit a written request to the corporation of its intention and provide satisfactory evidence of qualification for a mortgage loan from a reputable lender registered to conduct business in Hawaii. (e) If the participant does not elect to purchase the unit, qualify for a loan or is unable to obtain financing to purchase the unit within the option period, the renter shall forfeit the right to continue living in the unit, and the unit shall be rented to another potential purchaser. [Eff ] (Auth: HRS §§201H-4, 201H-181)(Imp: HRS §201H-181)