HRS §206-32
Mortgage can be made secondary to a government supervision contract
This section lets the Board of Land and Natural Resources agree that its mortgage is secondary to a government contract for supervising the property's operation, maintenance, and improvements. If the property is sold through foreclosure or another remedy, the buyer gets the rights under that contract.
landlordstenants
The statute, as written — Subordination of mortgage to agreement with government
The board of land and natural resources may agree in any mortgage made by it that the mortgage shall be subordinate to a contract for the supervision by a government 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 board pursuant to a foreclosure of the mortgage or any other remedy in connection therewith, shall obtain title to the contract.
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