Report Title:

Real Property; Leasehold

Description:

Due to the economic emergency affecting the State of Hawaii, places a temporary moratorium on all commercial, retail, and industrial lease rent increases, including annual or periodic rent step-ups already negotiated, commencing on      , and ending December 31, 2010.  (HB1601 HD1)

HOUSE OF REPRESENTATIVES	H.B. NO.	1601
TWENTY-FIFTH LEGISLATURE, 2009		H.D. 1
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO REAL PROPERTY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  Due to the economic emergency affecting the State of Hawaii, there shall be a temporary moratorium on all commercial, retail, and industrial lease rent increases, including annual or periodic rent step-ups already negotiated, for the period commencing on      , and ending on December 31, 2010.  The term "rent" shall not include additions to rent such as pro-rata maintenance fees, pro-rata operating expenses, real property taxes, utilities, chill water charges, Hawaii general excise tax, and any other expense that would constitute a reimbursement of costs to the lessor.  This moratorium does not affect the lessor's right to terminate the lease or to pursue summary possession or collection of a debt arising from a lessee's default for non-payment of rent and charges payable under this moratorium, nor does it affect a lessor's rights and remedies under the lease for breach of a non-monetary default, all such rights and remedies are not affected by this legislation.

     SECTION 2.  This Act shall take effect upon its approval.