Section 6-27-23 - Affidavit of occupancyConsistent with the purpose of the member home program, every applicant who will reside on the mortgaged property applying for a member home loan shall file with the lender an affidavit stating that:
(1) The applicant will occupy the mortgaged property as the applicant's principal home within forty-five days after the notice from the contractor or developer that the residence is ready for occupancy or within forty-five days after the date of closing of the loan where an existing structure of residence is acquired;(2) The applicant will occupy the residence as a principal home for at least one year;(3) If the applicant fails to comply, any and all indebtedness owing by and chargeable to the applicant by way of a mortgage loan made on the basis of the application filed in connection with the loan shall become immediately due and payable in full, unless for good cause shown, the period to occupy is extended by the system in writing.[Eff 2/9/89] (Auth: HRS §§ 88-28, 88-119.5) (Imp: HRS §§ 88-119, 88-119.5)