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1. A Mortgage and Note to protect the County from possible losses. The Mortgage and Note will be recorded with the Bureau of Conveyances, State of Hawai`i, or the Assistant Registrar of the Land Court, as applicable, and b. If the Applicant qualifies for a grant consistent with Subsection 3.5 c. Preferred Terms, the Applicant will be required to sign a Grant Agreement. 3.11 LIFE ESTATES AND TRUSTS a. Non-Eligible Heirs. If an owner with an existing rehabilitation loan wants to create a life estate or trust where the title to the real property is to be transferred to another party, but retains the right to occupy the property for the duration of their life, the owner shall pay the County all monies due under the rehabilitation loan or the County may re-issue the existing loan for a new, revised loan that enjoins the new owners of record into the Mortgage and Note or loan guaranty from the County. The owners shall pay $50.00 for all expenses related to the re-issue of the rehabilitation loan. b. Eligible Heirs. If a remainderman or trustee of a proposed life estate or trust is a family member who would otherwise qualify under the rules established for the RRP, the County may re-issue the existing loan for a new, revised loan, pursuant to Subsection 3.9 a. Transfer Property to Heir, above, that enjoins the new owners of record into the Mortgage and Note or guaranty from the County. 3.12 CHANGE OF TENANCY a. At the discretion of the Housing Administrator, the applicant may be allowed to change the tenancy of the real property repaired and encumbered under this program, provided however, the homeowner remain eligible under Section 4.0 APPLICANT ELIGIBILITY, of these rules. b. Cost and Expenses: The homeowner may be charged a fee of $50.00 to prepare the amended documents, recordation fees and other applicable administrative processing costs. 7019RBLA -9- RRP RULES/07-07-2016