RELATING TO UPDATING PUBLIC LAND LEASES ISSUED PURSUANT TO CHAPTER 171, HAWAII REVISED STATUTES.
What changed between versions
Lease extensions must now be drafted on the most current approved lease form and incorporate current Board policies.
Updated lease terms and conditions authorized under current law now control over conflicting terms in the original lease being extended.
Extended lease terms now include requirements for removal bonds and updated leasing practices before execution.
New provisions allow lease extensions for mortgage qualification, loan qualification, or to amortize substantial improvements made by lessees.
New definitions added for 'Government use', 'Mixed-use', 'Resort use', and 'Substantial improvements' to clarify lease extension criteria.
The Act takes effect on July 1, 2040, with no retroactive effect on rights or duties that matured before that date.