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 this chapter; 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 for a guaranteed loan must be submitted to a 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 request for guaranteed loans shall be sent by any receiving designated bank to the director. (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 owner agrees to permit the release of all financial information submitted to the financial institution or acquired by the financial institution in order for the County to render a decision to guarantee the owner's loan. The owner agrees to provide additional financial information should it be requested in the future. (d) 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 amount shall be evidenced and secured by a separate note and mortgage that is subordinated to the note and mortgage of the guaranteed loan. (e) The guaranteed borrower is responsible for all closing costs. (f) The loan proceeds will be directly disbursed to the contractor performing the connection. (g) Should the note and mortgage be assigned to the County, the guaranteed borrower agrees to abide by all terms and conditions including maintaining hazard insurance on the property. 4. Default; Assignment of Note and Mortgage; Foreclosure