Section 15-19-62 - Disposition of land bid in by authority at sale for default Whenever any land has been bid in by the authority at any sale for default of the owner thereof, the authority in disposing thereof as may by law be authorized, may sell the same upon the following terms and conditions:
(1) A down payment of twenty per cent of the sale price;(2) The balance payable in monthly installments of not less than one and one-third per cent of the total sale price, plus interest at the prevailing rate established by the authority for payment of the unpaid balance of the property owners' share of the cost of assessments within an assessment area created and established under section 15-19-23;(3) Failure for thirty days to pay any installment due shall effect an entire forfeiture of the purchaser's right, title and interest in the land and in any payments previously made by him on account thereof;(4) The building restrictions as the authority may prescribe; and(5) The land when sold shall be subject to real property taxes.[Eff 9/17/84] (Auth: HRS §§ 206E-4, 206E-6) (Imp: HRS §§ 206E-4, 206E-6)