§171-62 Sales; payment, default. When the board of land and natural resources is authorized to sell, it may do so upon part credit and part cash, the balance to be paid in stated installments, and deliver possession of the premises under an agreement of sale. The rate of interest on the agreement of sale shall not exceed the current rate of interest. Upon payment of the purchase price, plus interest, and upon due performance of the conditions of the sale, the purchaser shall be entitled to a land patent or a deed to the premises.
If any default is made in payment or in the performance or observance of any condition of sale, the sale or agreement of sale shall be forfeited upon notice of default by the board as provided in section 171-20. [L 1962, c 32, pt of §2; Supp, §103A-58; HRS §171-62]