The corporation may agree in any mortgage made by it that the mortgage shall be subordinate to a contract for the supervision by a governmental agency of the operation and maintenance of the mortgaged property and the construction of improvements thereon. In that event, any purchaser or purchasers at a sale of the property of the corporation pursuant to a foreclosure of the mortgage or any other remedy in connection therewith shall obtain title subject to the contract.
Haw. Rev. Stat. § 201H-20
Subordination of mortgage to agreement with government
L 2005, c 196, pt of §20; am L 2006, c 180, §15
Official source: Hawaii State Legislature. Reproduced from public-domain Hawaii statutes; confirm against the official source for the current text. Not legal advice.