HRS §201H-20
Mortgage can be made secondary to a government supervision agreement
This section lets the corporation agree in a mortgage that the mortgage comes after a government agency's contract to supervise the property's operation, maintenance, and improvements. If the mortgage is foreclosed, the buyer takes the property still subject to that government contract.
everyone
The statute, as written — Subordination of mortgage to agreement with government
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.
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