Agreements Signed Under HRS Section 514B Sample Clauses

Agreements Signed Under HRS Section 514B. 98 of the Condominium Property Act. Hawaii Revised Statutes (“HRS”) Section 514B-98 of the Condominium Property Act requires that for a thirty-day period following the initial date of sale of units in a condominium project, at least 50% of the units being sold shall be offered for sale only to prospective owner-occupants. Seller reserves the right to substitute a unit designated for owner-occupants with another unit within the project, subject to the requirements of the Condominium Property Act. Pursuant to the Condominium Property Act, the Seller will use a public lottery system to determine the order in which prospective owner-occupant purchasers would be given an opportunity to select one of the designated residential units. From the date of the first published announcement until five calendar days after the last published announcement, the Seller’s real estate broker shall compile and maintain a list of all prospective owner-occupant purchasers who have submitted to the Seller or the Seller’s real estate broker a duly executed owner-occupant affidavit. All prospective owner-occupant purchasers on this list shall be included in the public lottery which shall be conducted on the date, time, and location as set forth in the published announcement. The public lottery shall be conducted without regard to the order in which the owner-occupant affidavits were submitted. After the public lottery, each prospective owner-occupant purchaser, in the order in which they are selected in the lottery, shall be given the opportunity to select one of the designated residential units, execute a sales contract, and submit an xxxxxxx money deposit in the amount designated by Seller. Those prospective owner-occupant purchasers selected in the lottery who did not have the opportunity to select one of the designated units but who submitted an xxxxxxx money deposit in the amount designated by the Seller shall be placed on a back-up reservation list in the order in which they were designated in the public lottery. If this Agreement is signed under HRS Section 514B-98 of the Condominium Property Act, Xxxxx shall execute an owner-occupant affidavit. The Buyer’s failure, upon reasonable request of the Seller, to execute the owner-occupant affidavit shall constitute a default by Buyer under this Agreement. If this Agreement is signed under HRS Section 514B-98 of the Condominium Property Act, Buyer will not sell or offer to sell, lease or offer to lease, rent or offer to rent, assig...
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