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SEWERS § 21-40 (B) In the event the guaranteed borrower fails to pay the required payment on the loan within ninety days of the date upon which payment is due, the loan shall be considered in default and the County of Hawai`i will repay the loan in full to the designated bank, and will assume the designated bank's status as creditor. (2) An agreement with the County of Hawaii giving the County of Hawai`i a lien on the property to be connected. The County of Hawaii may initiate foreclosure proceedings immediately upon default by the owner and any non- payment of a payment required by a payment plan under section 21-41. Upon execution, the loan agreement and the lien document shall be recorded at the bureau of conveyances. (c) For the protection of the interest of the County of Hawaii, a title search for any property upon which the County of Hawai`i will have a lien shall be conducted prior to execution of any agreements, and the cost of the search shall be paid from the loan proceeds. (1992, ord 92-136, sec 1; am 2001, ord 01-108, sec 1; am 2002, ord 02-66, sec 18; am 2012, ord 12-15, sec 4; ord 12-158, sec 2.) Section 21-41. Default procedure. In the event of a default, after the County of Hawai`i has paid the designated bank or financial institution, the director of finance shall have the discretion to negotiate with the guaranteed borrower a plan for repayment of the loan to the County of Hawai`i. In negotiating the loan repayment, the director of finance shall take into consideration the following guidelines: (a) In the event that the guaranteed borrower is capable of paying the monthly interest on the loan, the repayment plan shall include a minimum monthly payment at least equal to the amount of monthly interest, and at the same rate of interest charged by the designated bank. (b) In the event that the guaranteed borrower is unable to pay an amount equal to the monthly interest, the director of finance may negotiate a smaller monthly payment. (c) If no agreement on the plan for repayment is reached within ninety days of default, the County of Hawai`i shall immediately initiate foreclosure proceedings against the subject property. (d) In the event that the guaranteed borrower is a corporation or is an owner holding property in a trust, then the County of Hawai`i may initiate foreclosure proceedings immediately upon default by the owner and payment of the loan by the County of Hawai`i. (1992, ord 92-136, sec 1; am 2012, ord 12-15, sec 5.) Section 21-42. Reserved. (1992, ord 92-136, sec 1; am 2001, ord 01-108, sec 1; am 2002, ord 02-66, sec 19; am 2012, ord 12-10, sec 3.) 21-21