Re: Land Lease Renegotiation
In 1967, the state legislature passed the Hawaii Land Reform Act, which called for mandatory conversion of leasehold to fee simple via eminent domain. Note that this law only applied to single family residential homes, not to condos or co-ops.
http://www.capitol.hawaii.gov/sessio...B1606_HD1_.HTM
Accordingly, in 1967, the legislature enacted Act 307, Session Laws of Hawaii 1967, that allowed lessees of long-term leasehold interests in single family residential development tracts the right to purchase the fee interest in their residential lots through a condemnation process involving the fee simple landowners and what is now the Hawaii housing finance and development corporation, where the latter would condemn the fee interest, pay the fee owner fair compensation for the fee interest, and in turn, sell the acquired fee interest to the leasehold homeowner.
So yes, once a fair compensation price has been established, then the land owner would be compelled to sell if the leaseholder comes up with the amount necessary to purchase the fee interest.
Originally posted by tutusue
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http://www.capitol.hawaii.gov/sessio...B1606_HD1_.HTM
Accordingly, in 1967, the legislature enacted Act 307, Session Laws of Hawaii 1967, that allowed lessees of long-term leasehold interests in single family residential development tracts the right to purchase the fee interest in their residential lots through a condemnation process involving the fee simple landowners and what is now the Hawaii housing finance and development corporation, where the latter would condemn the fee interest, pay the fee owner fair compensation for the fee interest, and in turn, sell the acquired fee interest to the leasehold homeowner.
So yes, once a fair compensation price has been established, then the land owner would be compelled to sell if the leaseholder comes up with the amount necessary to purchase the fee interest.
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