§516-65  Extension.  From time to time during the first twenty years of the term of any lease, the lessee shall have the right to extend the lease term to fifty-five years, commencing on the first day of the calendar month in which the lessee gives written notice thereof to the lessor, subject to the following conditions:

     (1)  At the time the right to extend the lease is exercised, the unexpired term of the lease is less than fifty years;

     (2)  The extension is for the purpose of mortgaging the leasehold interest;

     (3)  The lessee is not then in default in any respect under the lease; and

     (4)  The notice is accompanied by payment of a reasonable service charge.

     This section applies only to leases executed and effective subsequent to June 24, 1967. [L 1967, c 307, §38; HRS §516-65]