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(b) All sueh timely applieations fef guafanteed loans shali be sent by g designated <br /> bank to the difeeter- of finanee. Any ownef whose applieation for- a sewef eefifleetion lean is <br /> fefeffed to the difeetof of finanee by a designated bank and is deemed to have a feason <br /> ability to fepay the loan may paftieipate in a loan uaf anteed by the County of l4a-wai'i <br /> (1) A loan agfeement�vvith a designated bank, with the Gotinly of Hawai'i as gtfafantof o <br /> the <br /> , r <br /> (A) The money will be paid by the bank difeefly to the eantfaetef peffofffling the <br /> eonneetion; and <br /> designated bank, and will assume the designated bank's(B) In the event the guafatiteed beffowef fails to pay the feqtiif ed payment on the lo <br /> within ninety days of the date upon whieh payment is due, the loaR shall be- <br /> eansidefed in defatilt and the County of 14a7wai'i will r-epay the loan in fitil to the <br /> . <br /> (2) An agfeement with the County of 14awai'i giving the County of Hawai'i a lien oii <br /> i M.M.e d i-Ately upon deffitilt by the awnef and any non payment of a payment fequifed by <br /> -a paymepA plan tffldef seetion 21 4 1. Upon exeettfion, the loan agfeement and the lien <br /> (e) For-the pfoteetion of the ipAefest of the Goui4y of I-lawai'i, a title sear-eh for- any pr-opefty <br /> upon whieh the Gotmiy of .`s <br /> will have a lien shall be eondtieted pfief to exeetftion 0::[F <br /> any agfeements, and the eost of the sear-eh shall be paid from the loan pfoe <br /> Seettex-2-4,. D„&nit „ edur-.. <br /> in the event of a defatilt, aftef the County of 14awai'i has paid the designeAed bank o <br /> the loan fepayment, the difeeter-of fifianee shall talce into eonsidefalion the following . <br /> loan,(a) in the event that the guafanleed beffewef is eapable of paying the mon4hly interest on the <br /> the fepayment plan shall ineltide a minimum monthly payfaefA at least eqttal to th-e <br /> payment,afnettfit of monthly intefest, and at the same rate of intefest ehafged by the designated bapAc. <br /> (b) in the event that the guafaR4eed boffewer-is unable to pay an amotint eqttal to the tnonthly <br /> (e) if no agfeement an the plan fo. —pay......i is feaehed within ninety days of defatilt, the <br /> County of Hawai'i shall immediately initiate f6feelesufe pr-oeeeditigs against the subj <br /> pfopefly. <br /> a tfust, then the County of 14awai'i may initiate fi)r-eelosur-e pr-eeeedifigs immediately upon <br /> default by the ow-nef and payment of the loan by the County of Ha-wai'i. <br /> Cee�tten 2 1 �Reserved.2 <br /> � rs=--. <br /> Seetion 21 43. Reserved. <br /> Seetion 21 44. Waiver of liabilit� <br /> , <br /> 19 <br />