COM 0585.000 2010-2012 - Laserfiche WebLink

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(iii) A person or persons or other legal entity who hold equitable title pursuant to an agreement of sale of real property which is required to be connected to sewer lines pursuant to Chapter 21, Article 5 of the Code; or (iv) A person or persons or other legal entity who hold, under a lease for a term of five years or more for residential or commercial purposes, real property which is required to be connected to sewer lines pursuant to Chapter 21 of the Code. (e) "Self-directed revocable living trust" means a trust formed for the purpose of management and administration of real property and in which the owner(s) of an interest in real property becomes settler(s) and trustee(s) of the trust by making said real property the trust res, and administering said property for the benefit of the owner(s). 3. Conditions and Terms for a Guaranteed Loan. (a) Any application or request by the owner for a guaranteed loan must be submitted to the designated bank no more than sixty calendar days after the date of notification by the director of environmental management requiring the owner to connect to the sewer. All such timely applications or requests for guaranteed loans shall be sent by any receiving designated bank to the director. Upon notification, the County will send the owner an Agreement with Guaranteed Borrower form to complete. (b) The owner seeking a guaranteed loan must receive two letters of declination from financial institutions in good standing with the State of Hawaii Department of Commerce and Consumer Affairs. At least one of the declinations must come from a designated bank. (c) The designated bank agrees to complete a Request for Loan Guarantee form and provide the County with the borrower's financial information including application, personal or business financial information, and credit report. By signing the Agreement with Guaranteed Borrowers form, the borrower consents to the release of this information to the County. (d) The designated bank agrees the loan to a guaranteed borrower will be at a rate of interest and terms offered at the inception of the program for that increment. (i) The interest rate will be no greater than . (ii) The term of the loan will be no greater than . (iii) The loan will be a non-revolving, fully amortizing credit facility. (iv) The guaranteed borrower has a right to prepay the loan at any time without penalty. (e) The County will guarantee an amount no greater than the contractor price. Furthermore, the loan guarantee will be limited to the assessed value of the parcel to be connected and any improvements at the time of the loan application; and also be restricted to hook up and the cost of reasonable restoration of the parcel and improvements to the condition existing at the time of the loan application plus loan fees and costs. Should the designated bank extend a loan greater than the guaranteed amount, the additional loan amount shall be evidenced and secured by a separate note and mortgage on a subordinated basis to the note and mortgage for the guaranteed loan.