Section 15-216-37 - Sale or transfer of reserved housing units Sale or transfer of reserved housing units during the regulated term shall be as follows:
(1) The authority or an entity approved by the authority shall have the first option to purchase the unit in the manner indicated in section 15-216-36 (first option to purchase);(2) The owner shall notify the authority in writing of the intent to sell the reserved housing unit;(3) The authority shall notify the owner of its decision within sixty days of receipt of the owner's notification required in subsection(2) above. The authority may: (A) Wave its option to purchase the unit,(B) Agree to purchase the unit, or(C) Designate another buyer for the unit;(4) If the authority fails to notify the owner of a decision in the manner prescribed in subsection (3), the authority shall have waived its first option to purchase the unit ;(5) The authority may purchase the unit either outright, free and clear of all liens and encumbrances; or by transfer subject to an existing mortgage. If by outright purchase, the owner shall ensure that all existing mortgages, liens, and encumbrances have been satisfactorily paid; and(6) In any purchase by transfer subject to an existing mortgage, the authority shall agree to assume and to pay the balance on any first mortgage created for the purpose of enabling the owner to obtain funds for the purchase of the unit and any other mortgages which were created with the approval and consent of the authority. In these cases, the amount to be paid to the owner by the authority shall be the difference between the price as determined in section 15-216-36 (first option to purchase) (1) or (2) and the principal balance of all mortgages outstanding and assumed at the time of transfer, of title to the authority.[Eff OCT 27 2012] (Auth: HRS §§ 206E-4, 206E-5, 206E-7) (Imp: HRS §§ 206E-4, 206E-5, 206E-7)