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<SEC-DOCUMENT>0001104659-06-070365.txt : 20061102
<SEC-HEADER>0001104659-06-070365.hdr.sgml : 20061102
<ACCEPTANCE-DATETIME>20061101190718
ACCESSION NUMBER:		0001104659-06-070365
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20061027
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20061102
DATE AS OF CHANGE:		20061101

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAUI LAND & PINEAPPLE CO INC
		CENTRAL INDEX KEY:			0000063330
		STANDARD INDUSTRIAL CLASSIFICATION:	CANNED, FRUITS, VEG & PRESERVES, JAMS & JELLIES [2033]
		IRS NUMBER:				990107542
		STATE OF INCORPORATION:			HI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06510
		FILM NUMBER:		061180324

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 187
		STREET 2:		120 KANE ST
		CITY:			KAHULUI MAUI
		STATE:			HI
		ZIP:			96733
		BUSINESS PHONE:		8088773351

	MAIL ADDRESS:	
		STREET 1:		PO BOX 187
		CITY:			KAHULUI
		STATE:			HI
		ZIP:			96733
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a06-22987_18k.htm
<DESCRIPTION>CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES
<TEXT>
<html>

<head>






</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">
 <div style="border:none;border-top:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><a name="scotch"></a></p> </div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">UNITED STATES</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington,
D.C. 20549</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM 8-K</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">CURRENT REPORT</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pursuant to Section 13 or 15(d) of</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">the Securities Exchange Act of 1934</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report
(Date of earliest event reported)&#160; <b>October 27, 2006</b></font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">Maui Land &amp; Pineapple Company, Inc.</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of
Registrant as Specified in Its Charter)</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Hawaii</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0-6510</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">99-0107542</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of
  incorporation)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File Number)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification
  No)</font></p>
  </td>
 </tr>
</table>

</div>

<p align="center" style="margin:12.0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">120 Kane
Street, P.O. Box 187, Kahului, Maui, Hawaii, 96733-6687</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
principal executive offices)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(808)
877-3351</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s
telephone number, including area code)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Not
Applicable</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former name or
former address, if changed since last report)</font></p>

<p style="margin:5.0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions: </font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160;&#160;&#160;&#160;&#160; Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160;&#160;&#160;&#160;&#160; Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160;&#160;&#160;&#160;&#160; Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160;&#160;&#160;&#160;&#160; Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">

<div>
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
1.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Entry into a Material
Definitive Agreement.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On October, 27, 2006, Maui
Land &amp; Pineapple Company, Inc. (the &#147;Company&#148;), as Borrower, entered into a
Loan Agreement with the Bank of Hawaii, as Lender, which was subsequently assigned
by the Bank of Hawaii to GE Capital Public Finance, Inc.&#160; Pursuant to the terms of a Mortgage, Security
Agreement, Assignment of Leases and Rents and Fixture Filing executed by the
Company in favor of the Lender, the loan is secured by approximately 20 acres
of land and other real estate comprising the Company&#146;s cannery property.&#160; The principal amount of the loan is $10
million and interest on the loan accrues at a fixed rate of 6.93%.&#160; The loan is fully amortized over a 20-year
term with monthly interest and principal payments of $77,169 commencing on
December 1, 2006.&#160; The Company may prepay
the outstanding principal of the loan at anytime subject to a prepayment
penalty of 2% in the first year and 1% in the second year of the loan.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing descriptions of the Loan Agreement and Mortgage, Security
Agreement, Assignment of Leases and Rents and Fixture Filing do not purport to
be complete and are qualified in their entirety by reference to such documents,
copies of which are attached hereto as Exhibits 10.1 and 10.2, respectively,
and are incorporated herein by reference.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 74.75pt;text-indent:-74.75pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.03</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.</b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s
entry into the </font>Loan
Agreement as described in Item 1.01 constitutes the creation of a direct
financial obligation.&#160; The disclosure set
forth above under Item 1.01 is hereby incorporated by reference into this Item
2.03.</p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial Statements
and Exhibits</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Exhibits</u></font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;margin-left:40.0pt;">
 <tr style="page-break-inside:avoid;">
  <td width="93" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:69.8pt;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlHTMLTableLeft --><!-- SET mrlNoTableShading -->Exhibit Number</p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="511" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:383.05pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="93" valign="top" style="padding:0pt .7pt 0pt 0pt;width:69.8pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="511" valign="top" style="padding:0pt .7pt 0pt 0pt;width:383.05pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="93" valign="top" style="padding:0pt .7pt 0pt 0pt;width:69.8pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
  </td>
  <td width="14" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="511" valign="top" style="padding:0pt .7pt 0pt 0pt;width:383.05pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement (Real Estate) between Bank of Hawaii,
  as Lender, and Maui Land &amp; Pineapple Company, Inc., as Borrower, dated
  October 1, 2006.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="93" valign="top" style="padding:0pt .7pt 0pt 0pt;width:69.8pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="511" valign="top" style="padding:0pt .7pt 0pt 0pt;width:383.05pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="93" valign="top" style="padding:0pt .7pt 0pt 0pt;width:69.8pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font></p>
  </td>
  <td width="14" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="511" valign="top" style="padding:0pt .7pt 0pt 0pt;width:383.05pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mortgage, Security Agreement, Assignment of Leases
  and Rents and Fixture Filing, dated October 1, 2006.</font></p>
  </td>
 </tr>
</table>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="54%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.28%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->MAUI LAND &amp; PINEAPPLE COMPANY, INC.</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: &nbsp;November
  1, 2006</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.24%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ ROBERT I.
  WEBBER</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert I. Webber</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT INDEX</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.64%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Exhibit Number</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:83.98%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:13.64%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:83.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.64%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:83.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement (Real Estate) between Bank of Hawaii,
  as Lender, and Maui Land &amp; Pineapple Company, Inc., as Borrower, dated
  October 1, 2006.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.64%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:83.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.64%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:83.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mortgage, Security Agreement, Assignment of Leases
  and Rents and Fixture Filing, dated October 1, 2006.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">4</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
10.1</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LOAN AGREEMENT (REAL ESTATE)</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
 <tr style="page-break-inside:avoid;">
  <td width="129" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.6pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableLeft --><!-- SET mrlNoTableShading -->Lender:</p>
  </td>
  <td width="543" valign="top" style="padding:0pt .7pt 0pt 0pt;width:407.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bank of Hawaii</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="129" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="543" valign="top" style="padding:0pt .7pt 0pt 0pt;width:407.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commercial Real Estate Loan Division</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="129" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="543" valign="top" style="padding:0pt .7pt 0pt 0pt;width:407.45pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">130 Merchant Street, 17</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&nbsp;Floor</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="129" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="543" valign="top" style="padding:0pt .7pt 0pt 0pt;width:407.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Honolulu, HI 96813</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="129" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="543" valign="top" style="padding:0pt .7pt 0pt 0pt;width:407.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn: Tony Mizuno</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="129" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="543" valign="top" style="padding:0pt .7pt 0pt 0pt;width:407.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="129" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrower:</font></p>
  </td>
  <td width="543" valign="top" style="padding:0pt .7pt 0pt 0pt;width:407.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maui Land &amp; Pineapple Company, Inc.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="129" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="543" valign="top" style="padding:0pt .7pt 0pt 0pt;width:407.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">120 Kane Street</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="129" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="543" valign="top" style="padding:0pt .7pt 0pt 0pt;width:407.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kahului, HI 96733-6687</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="129" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="543" valign="top" style="padding:0pt .7pt 0pt 0pt;width:407.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn: Vice President/Treasurer</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="129" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="543" valign="top" style="padding:0pt .7pt 0pt 0pt;width:407.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone: (302) 996-6800</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="129" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="543" valign="top" style="padding:0pt .7pt 0pt 0pt;width:407.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecopier: (302) 996-6838</font></p>
  </td>
 </tr>
</table>

<p style="margin:12.0pt 0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS LOAN AGREEMENT (REAL
ESTATE) dated as of October 1, 2006 (this &#147;Agreement&#148;) between Bank of Hawaii,
a Hawaii corporation, as lender (with its successors and assigns, &#147;Lender&#148;),
and Maui Land &amp; Pineapple Company, Inc., a Hawaii corporation, as borrower
(&#147;Borrower&#148;).&#160; The effective date of this
Agreement is the Closing Date.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
Borrower desires to obtain a loan from Lender to finance or refinance the
acquisition and construction of certain property and improvements thereon.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW,
THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, and in consideration of the premises contained in this Agreement,
Lender and Borrower agree as follows:</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE I</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DEFINITIONS AND EXHIBITS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
1.01.&#160; <b><i style="font-weight:bold;">Definitions</i></b><i>.</i>&#160; The following terms
used herein will have the meanings indicated below unless the context clearly
requires otherwise:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Agreement</i>&#148; means this Agreement, including all exhibits
hereto, as any of the same may be supplemented or amended from time to time in
accordance with the terms hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Borrower</i>&#148; means
Maui Land &amp; Pineapple Company, Inc., a Hawaii corporation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Business Day</i>&#148; means a day other than a Saturday or Sunday on
which banks are generally open for business in New York, New York and Kahului,
Hawaii.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Closing Date</i>&#148; means October 27, 2006.</font></p>


 <p style="font-size:10.0pt;line-height:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">1</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Consolidated Cash Flow Available for Debt Service</i>&#148; means,
with respect to the applicable period of determination, for Borrower and its
Subsidiaries on a consolidated basis (a)&nbsp;the sum of Consolidated Net
Income, interest expense, depreciation, amortization and other non-cash
charges, minus (ii)&nbsp;dividends and distributions paid out to shareholders
during such Fiscal Year.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Consolidated Debt Service</i>&#148; means, with respect to the
applicable period of determination, for Borrower and its Subsidiaries on a
consolidated basis the aggregate of (a)&nbsp;interest expense, (b) current
maturities of long term debt during the period of determination, and (c) the
current portion of capital leases that are due during the period of
determination.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Consolidated Funded Debt</i>&#148;
shall mean, as at any date of determination, for Borrower and its Subsidiaries
on a consolidated basis, all indebtedness for borrowed money evidenced notes,
bonds, debentures, or similar evidences of indebtedness, and which by its term
matures more than one year from, or is directly or indirectly renewable or
extendible at such person&#146;s option under a revolving credit or similar
agreement obligating the lender or lenders thereunder to extend credit over a
period of more than one year from the date of creation thereof, and
specifically including (i)&nbsp;capital lease obligations, (ii)&nbsp;current maturities
of long-term debt, and (iii)&nbsp;revolving credit and short-term debt
extendible beyond one year at the option of the debtor.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Consolidated Net Income</i>&#148;
shall mean, for any period, on a consolidated basis, the net income, if any, of
Borrower and its Subsidiaries, determined in accordance with GAAP.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Consolidated Net Worth</i>&#148;
shall mean, as at any date of determination, on a consolidated basis, the gross
book value of the assets of Borrower, minus the sum of (a)&nbsp;all reserves
applicable thereto, and (b)&nbsp;all liabilities of Borrower (including
subordinated liabilities).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Consolidated Total Capitalization</i>&#148; shall mean, as at any
date of determination, the sum of (a)&nbsp;Consolidated Funded Debt, plus
(b)&nbsp;Consolidated Net Worth.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Contractor</i>&#148; means any contractor that is constructing the
Improvements on the Property.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Construction Contract</i>&#148; means Borrower&#146;s construction
contract with any Contractor.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Construction Costs</i>&#148; means the contract price paid or to be
paid to Contractor or reimbursed to Borrower for any portion of construction of
the Improvements, including administrative, engineering, legal, financial and
other costs incurred by Lender, Borrower or any Contractor in connection with
the acquisition and construction of the Improvements.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Damaged Property</i>&#148; has the meaning assigned to such term in
Section 8.01 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Damaged Property
Amount</i>&#148; means an amount equal to the product of (a) the then
Prepayment Amount, and (b) a percentage equal to the original appraised value
of the Damaged Property divided by the original appraised value of all of the
Property.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Default</i>&#148; means an event that, with giving of notice or
passage of time or both, would constitute an Event of Default as provided in
Article X hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Environmental
Indemnity Agreement</i>&#148; means the Environmental Indemnity Agreement
Regarding Hazardous Substances dated of even date herewith by Borrower and
Guarantor for the benefit of Lender, as hereafter modified or amended.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Environmental Laws</i>&#148; means any federal, state and local laws
relating to emissions, discharges, releases of Hazardous Wastes or Materials
into ambient air, surface water, ground water or land, or otherwise relating to
the manufacture, processing, distribution, use, treatment, storage, disposal,
transport or handling of Hazardous Wastes or Materials.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Equipment</i>&#148; has the meaning assigned to such term in the
Master Security Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Fixed Charge Coverage Ratio</i>&#148; means the ratio of (a) Borrower&#146;s
Consolidated Cash Flow Available for Debt Service to (b) Borrower&#146;s
Consolidated Debt Service.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>GAAP</i>&#148; means generally accepted accounting principles under
the United States as established by the Financial Accounting Standards Board
applied on a consistent basis.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Guarantor</i>&#148;
means Maui Pineapple Company, Ltd., a Hawaii corporation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Guaranty Agreement</i>&#148;
means the Guaranty Agreement dated as of October 1, 2006 by Guarantor for the
benefit of Lender.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Hazardous Waste or Materials</i>&#148; means any substance or
material defined in or designated as hazardous or toxic wastes, hazardous or
toxic material, a hazardous, toxic or radioactive substance, or other similar
term, by any Environmental Law now or hereafter in effect.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Improvements</i>&#148; has the meaning set forth in the definition of
&#147;Property.&#148;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Leases</i>&#148; has the meaning set forth in the definition of &#147;Property.&#148;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Lender</i>&#148; means (i)&nbsp;Bank of Hawaii, acting as lender
under this Agreement, (ii)&nbsp;any surviving, resulting or transferee
corporation of Bank of Hawaii and (iii)&nbsp;except where the context requires
otherwise, any assignee(s) of Lender.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Liens</i>&#148; means any mortgage, pledge, lien, charge, license or
encumbrance.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Loan</i>&#148; means the
loan from Lender to Borrower pursuant to this Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Loan Payments</i>&#148; means the loan payments payable by Borrower
pursuant to the provisions of this Agreement as specifically set forth in
Exhibit A hereto.&#160; As provided in Article
II hereof, Loan Payments shall be payable by Borrower to Lender in the amounts
set forth in Exhibit A hereto.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Loan Proceeds</i>&#148; means the total amount of money to be paid
pursuant to Section 2.02 hereof by Lender to Borrower.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Make Whole Amount</i>&#148; means (i)&nbsp;the net present value of
the remaining scheduled principal and interest payments (including any balloon
or other amount of principal payable that but for the prepayment of the Loan
would be payable on or prior to the scheduled maturity date hereof), discounted
to the prepayment date at a per annum interest rate equal to the then
Reinvestment Rate minus (ii)&nbsp;the principal balance outstanding as of the
prepayment date (immediately prior to any such prepayment); provided, that the
Make Whole Amount shall be deemed zero if the calculation results in a negative
number.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Master Security Agreement</i>&#148; means the Master Security
Agreement dated as of September 29, 2006 and schedules thereto between
Guarantor and GE Capital Public Finance, Inc. and the promissory notes issued
thereunder.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Material Adverse Effect</i>&#148;
means a material adverse effect or change on (a) the business, assets,
operations, properties or condition (financial or otherwise) of Borrower or
Guarantor, (b)&nbsp;the ability of Borrower to perform or pay its obligations
hereunder or on any other material obligation in accordance with the terms
thereof, (c) the ability of Guarantor to perform its obligations under the
Guaranty Agreement, (d) Lender&#146;s Lien on the Property or the priority of such
Lien, or (e) the validity or enforceability of this Agreement, the Mortgage,
the Environmental Indemnity Agreement or the Guaranty Agreement or the rights
and remedies available to Lender hereunder or thereunder.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Mortgage</i>&#148;
means the Mortgage, Security Agreement, Assignment of Leases and Rents and
Fixture Filing dated as of even date herewith by Borrower in favor of Lender,
as hereafter modified or amended.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Permitted Exceptions</i>&#148; means:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Liens existing on the date hereof and
listed on Exhibit B to the Mortgage and any renewals or extensions thereof,
provided that (i) the property covered thereby is not changed, (ii) the amount
secured or benefited thereby is not increased, and (iii) the direct or any
contingent obligor with respect thereto is not changed;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Liens for taxes not yet delinquent or
which are being contested in good faith and by appropriate proceedings
diligently conducted, if adequate reserves with respect thereto are maintained
on the books of Borrower in accordance with GAAP;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; carriers&#146;, warehousemen&#146;s, mechanics&#146;,
materialmen&#146;s, repairmen&#146;s or other like Liens arising in the ordinary course
of business which are not overdue for a period of more than 30 days or which
are being contested in good faith and by appropriate proceedings diligently
conducted, if adequate reserves with respect thereto are maintained on the
books of Borrower; and</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Liens securing judgments for the
payment of money which (i) are being contested in good faith and by appropriate
proceedings diligently conducted, if adequate reserves with respect thereto are
maintain on the books of Borrower in accordance with GAAP and (ii) do not
otherwise constitute on Event of Default under Section 10.01 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Prepayment Amount</i>&#148; means the amount which Borrower may or
must from time to time pay or cause to be paid to Lender in order to prepay the
Loan, as provided in Section 2.07 hereof, such amounts being set forth in
Exhibit A hereto, together with the Make Whole Amount and any accrued interest
and all other amounts due hereunder.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Property</i>&#148;
means, collectively, all of Borrower&#146;s estate, right, title and interest, now
owned or hereafter acquired, including any reversion or remainder interest, in
the real property located in the City of Kahului, County of Maui, State of
Hawaii described on Exhibit&nbsp;A to the Mortgage, including all heretofore or
hereafter vacated alleys and streets abutting the property, and all easements,
rights, appurtenances, tenements, hereditaments, rents, royalties, mineral, oil
and gas rights and profits, water, water rights and water stock appurtenant to
the property (collectively &#147;Premises&#148;); together with all of Borrower&#146;s estate,
right, title and interest, now owned or hereafter acquired, in:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all buildings, structures,
improvements, parking areas, landscaping, equipment, software intangibles,
fixtures and articles of property now or hereafter erected on, attached to, or
used or adapted for use in the operation of the Premises, including (without
limitation) all heating, air conditioning, manufacturing and incinerating
apparatus and equipment; all boilers, engines, motors, dynamos, generating
equipment, piping and plumbing fixtures, water heaters, ranges, cooking
apparatus and mechanical kitchen equipment, refrigerators, freezers, cooling, ventilating,
sprinkling and vacuum cleaning systems, fire extinguishing apparatus, gas and
electric fixtures, carpeting, floor coverings, underpadding, elevators,
escalators, partitions, mantels, built-in mirrors, window shades, blinds,
draperies, screens, storm sash, awnings, signs, furnishings of public spaces,
halls and lobbies, and shrubbery and plants, and including also all interest of
any owner of the Premises in any of such items hereafter at any time acquired
under conditional sale contract, chattel mortgage or other title retaining or
security instrument, all of which property mentioned in this clause&nbsp;(a)
shall be deemed part of the realty covered by this Agreement and not severable
wholly or in part without material injury to the freehold of the Premises (all
of the foregoing together with replacements and additions thereto are referred
to herein as &#147;Improvements&#148;);</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all compensation, awards, damages,
rights of action and proceeds, including interest thereon and/or the proceeds
of any policies of insurance therefor, arising out of or relating to a
(i)&nbsp;taking or damaging of the Premises or Improvements thereon by reason
of any public or private improvement, condemnation proceeding (including change
of grade), sale or transfer in lieu of condemnation, or fire, earthquake or
other casualty, or (ii)&nbsp;any injury to or decrease in the value of the
Premises or the Improvements for any reason whatsoever;</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; return premiums or other payments
upon any insurance any time provided for the benefit of or naming Lender, and
refunds or rebates of taxes or assessments on the Premises;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all the right, title and interest of
Borrower in, to and under all written and oral leases and rental agreements
(including extensions, renewals and subleases; all of the foregoing shall be
referred to collectively herein as the &#147;Leases&#148;) now or hereafter affecting the
Premises including, without limitation, all rents, issues, profits and other
revenues and income therefrom and from the renting, leasing or bailment of
Improvements and equipment, all guaranties of tenants&#146; performance under the
Leases, all letter-of-credit rights and all other supporting obligations
associated with the Leases and all rights and claims of any kind that Borrower
may have against any tenant under the Leases or in connection with the
termination or rejection of the Leases in a bankruptcy or insolvency
proceeding; and the leasehold estate, if applicable;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; plans, specifications, contracts,
documents and agreements relating to the design or construction of the
Improvements; Borrower&#146;s rights under any payment, performance or other bond in
connection with the design or construction of the Improvements; all landscaping
and construction materials, supplies and equipment used or to be used or
consumed in connection with construction of the Improvements, whether stored on
the Premises or at some other location; and contracts, agreements and purchase
orders with contractors, subcontractors, suppliers and materialmen incidental
to the design or construction of the Improvements;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all contracts, accounts, deposit
accounts, documents, rights, claims or causes of action to the extent
pertaining to or affecting the Premises or the Improvements, including, without
limitation, all options or contracts to acquire other property for use in
connection with operation or development of the Premises or Improvements,
promissory notes, management contracts, service or supply contracts, deposits,
bank accounts, general intangibles (including without limitation trademarks,
trade names, symbols and payment intangibles), permits, licenses, franchises
and certificates, and all commitments or agreements, now or hereafter in
existence, intended by the obligor thereof to provide Borrower with proceeds to
satisfy the loan evidenced hereby or improve the Premises or Improvements, and
the right to receive all proceeds due under such commitments or agreements,
including refundable deposits and fees;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all books, records, surveys, reports
and other documents related to the Premises, the Improvements, the Leases or
other items of collateral described herein; and</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all additions, accessions,
replacements, substitutions, proceeds and products of the real and personal
property, tangible and intangible, described herein.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Reinvestment Rate</i>&#148; means the per annum interest rate that is
equal to the sum of (a)&nbsp;1.90% plus (b)&nbsp;the stated yield to maturity
of United States Treasury Notes having a life equal to the remaining term of
the Loan as stated in the most current Federal Reserve Statistical Release
H.15(519) on the day Lender receives notice of the prepayment.&#160; If no maturity exactly</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">corresponds to the
remaining term of the Loan, the Treasury Note life to be adopted from Federal
Reserve Statistical Release H.15(519) shall correspond to a full number of
years period, excluding partial years of such remaining term.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>State</i>&#148; means
the State of Hawaii.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Subsidiaries</i>&#148;
means any corporation, partnership, limited liability company, joint venture or
any other legal entity that in accordance with GAAP would be properly
consolidated on the books of Borrower.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Terrorism Laws&#148;</font></i>
means Executive Order&nbsp;13224 issued by the President of the United States
of America, the Terrorism Sanctions Regulations (Title&nbsp;31 Part&nbsp;595 of
the U.S. Code of Federal Regulations), the Terrorism List Governments Sanctions
Regulations (Title&nbsp;31 Part&nbsp;596 of the U.S. Code of Federal
Regulations) and the Foreign Terrorist Organizations Sanctions Regulations
(Title&nbsp;31 Part&nbsp;597 of the U.S. Code of Federal Regulations), and all
other present and future federal, state and local laws, ordinances,
regulations, policies and any other requirements of any governmental authority
(including, without limitation, the United States Department of the Treasury
Office of Foreign Assets Control) addressing, relating to, or attempting to
eliminate, terrorist acts and acts of war, each as hereafter supplemented,
amended or modified from time to time, and the present and future rules,
regulations and guidance documents promulgated under any of the foregoing, or under
similar laws, ordinances, regulations, policies or requirements of other states
or localities.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>UCC</i>&#148; means the
Uniform Commercial Code as adopted and in effect in the State.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.02.&#160; <b><i style="font-weight:bold;">Exhibits</i></b><i>.</i>&#160; The following
exhibits are attached hereto and made a part hereof:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Exhibit A</font></i>:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Schedule of Loan Payments setting
forth the Loan Payments and Prepayment Amounts.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Exhibit B</font></i>:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [Reserved.]</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Exhibit C</font></i>:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Form of Certificate of Chief
Financial Officer.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Exhibit D</font></i>:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Survey Requirements.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Exhibit E</font></i>:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Permanent Loan Insurance
Requirements.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.03.&#160; <b><i style="font-weight:bold;">Rules of Construction</i></b><i>. </i>&#160;(a) The singular
form of any word used herein, including the terms defined in Section 1.01
hereof, shall include the plural, and vice versa.&#160; The use herein of a word of any gender shall
include correlative words of all genders.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Unless otherwise specified,
references to Articles, Sections and other subdivisions of this Agreement are
to the designated Articles, Sections and other subdivision of this</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement as originally
executed.&#160; The words &#147;hereof,&#148; &#147;herein,&#148; &#147;hereunder&#148;
and words of similar import refer to this Agreement as a whole.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The headings or titles of the several
articles and sections shall be solely for convenience of reference and shall
not affect the meaning, construction or effect of the provisions hereof.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
II</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FINANCING
OF PROPERTY AND TERMS OF LOAN</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.01.&#160; <b><i style="font-weight:bold;">Construction of
Improvements</i></b><i>.</i>&#160; Borrower has caused to be constructed, or
will cause to be constructed, the Improvements pursuant to each Construction
Contract with each Contractor.&#160; Borrower
shall remain liable to each Contractor in respect of its duties and obligations
in accordance with each Construction Contract and shall bear the risk of loss
with respect to any loss or claim relating to any portion of the Improvements
covered by any Construction Contract, and Lender shall not assume any such
liability or risk of loss.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
2.02.&#160; <b><i style="font-weight:bold;">Loan</i></b><i>.</i>&#160; Lender hereby
agrees, subject to the terms and conditions of this Agreement, to make a loan
to Borrower in the amount of $10,000,000; and Borrower hereby agrees to borrow
such amount from Lender.&#160; Upon
fulfillment of the conditions set forth in Article III hereof, Lender shall
disburse the Loan Proceeds to First American Title Insurance Company, Inc. (&#147;Title
Company&#148;).&#160; Borrower&#146;s obligation to
repay the Loan shall commence, and interest shall begin to accrue, on the date
that Loan Proceeds are&#160; disbursed to
Title Company.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
2.03.&#160; <b><i style="font-weight:bold;">Interest</i></b><i>.</i>&#160; The principal
amount of the Loan outstanding from time to time shall bear interest (computed
on the basis of actual days elapsed in a 360-day year) at an annual rate equal
to 6.93%.&#160; Interest accruing on the
principal balance of the Loan outstanding from time to time shall be payable as
provided in Exhibit A&#160; and upon earlier
demand in accordance with the terms hereof or prepayment in accordance with
Section 2.07 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
2.04.&#160; <b><i style="font-weight:bold;">Payments</i></b><i>.</i>&#160; Borrower shall pay
Loan Payments, in the amounts and on the dates set forth in Exhibit A
hereto.&#160; Additionally, Borrower shall pay
to Lender an amount equal to the product of (i) the lesser of (A) 15% per annum
and (B) the highest rate permitted by law and (ii) the delinquent amount of any
Loan Payment not paid when due.&#160; All
amounts required to be paid by Borrower hereunder shall be paid in lawful money
of the United States of America in immediately available funds.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
2.05 <b><i style="font-weight:bold;">Payment on Non-Business Days</i></b><i>.</i>&#160; Whenever any
payment to be made hereunder shall be stated to be due on a day which is not a
Business Day, such payment may be made on the next succeeding Business Day, and
such extension of time shall in such case be included in the computation of
interest or the fees hereunder, as the case may be.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
2.06.&#160; <b><i style="font-weight:bold;">Loan
Payments To Be Unconditional</i></b><i>.</i>&#160; The obligations of Borrower to pay the Loan
Payments required under this Article&nbsp;II and to make other payments
hereunder and to perform and observe the covenants and agreements contained
herein shall be absolute and unconditional in all events, without abatement,
diminution, deduction, setoff or defense for any reason, including (without
limitation) any failure of the Improvements to be constructed, any defects,
malfunctions, breakdowns or infirmities in the Improvements or any accident,
condemnation, destruction or unforeseen circumstances.&#160; Notwithstanding any dispute between Borrower
and any of Lender, any Contractor or any other person, Borrower shall make all
Loan Payments when due and shall not withhold any Loan Payments pending final
resolution of such dispute, nor shall Borrower assert any right of set-off
or counterclaim against its obligation to make such payments required under
this Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
2.07.&#160; <b><i style="font-weight:bold;">Prepayments</i></b><i>.</i>&#160; (a) Borrower may,
in its discretion, prepay the Loan in whole at any time on any payment date by
paying the applicable Prepayment Amount.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower shall prepay the Loan in
whole or in part at any time pursuant to Article VIII hereof by paying the
applicable Prepayment Amount.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower shall prepay the Loan in
full immediately upon demand of Lender after the occurrence of an Event of
Default by paying the applicable Prepayment Amount.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon
any prepayment in part of the Loan, the prepayment shall be applied to the Loan
Payments and any other amounts due hereunder as determined by Lender.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE III</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONDITIONS PRECEDENT</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lender&#146;s agreement to
make the loan to Borrower hereunder and to disburse the Loan Proceeds shall be
subject to the condition precedent that Lender shall have received all of the
following, each in form and substance satisfactory to Lender:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Agreement, properly executed on
behalf of Borrower, and each of the Exhibits hereto properly completed.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Guaranty Agreement, properly
executed on behalf of Guarantor.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Mortgage, properly executed on
behalf of Borrower.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Environmental Indemnity
Agreement, properly executed on behalf of Borrower and Guarantor.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A certificate of the Secretary or an
Assistant Secretary of Borrower, certifying as to (i) the resolutions of the
board of directors and, if required, the shareholders of Borrower, authorizing
the execution, delivery and performance of this Agreement, the Mortgage, the
Environmental Indemnity Agreement and any related</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">documents, (ii) the bylaws of Borrower, and (iii) the
signatures of the officers or agents of Borrower authorized to execute and
deliver this Agreement, the Mortgage, the Environmental Indemnity Agreement and
other instruments, agreements and certificates on behalf of Borrower.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Currently certified copies of the
Articles of Incorporation of Borrower.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A Certificate of Good Standing issued
as to Borrower by the Department of Commerce and Consumer Affairs of the State
of Hawaii.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A certificate of the Secretary or an
Assistant Secretary of Guarantor, certifying as to (i) the resolutions of the
board of directors and, if required, the shareholders of Guarantor, authorizing
the execution, delivery and performance of the Guaranty Agreement and the
Environmental Indemnity Agreement and any related documents, (ii) the bylaws of
Guarantor, and (iii) the signatures of the officers or agents of Guarantor
authorized to execute and deliver the Guaranty Agreement, the Environmental
Indemnity Agreement and other instruments, agreements and certificates on
behalf of Guarantor.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Currently certified copies of the
Articles of Incorporation of Guarantor.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A Certificate of Good Standing
issued as to Guarantor by the Department of Commerce and Consumer Affairs of
the State of Hawaii.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Current searches of appropriate
filing offices showing that (i)&nbsp;no state or federal tax liens have been
filed and remain in effect against Borrower, (ii)&nbsp;no financing statements
have been filed and remain in effect against Borrower relating to the Property
except those financing statements filed by Lender, and (iii)&nbsp; all
financing statements necessary to perfect the security interest created
pursuant to this Agreement and the Mortgage have been filed.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financing statements authorized by
Borrower as debtor, and naming Lender as secured party.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An appraisal of the Property addressed
to Lender, in form and substance acceptable to Lender and prepared by an MAI
certified appraiser acceptable to Lender in conformance with the guidelines and
recommendations set forth in the Uniform Standards of Professional Appraisal
Practice (USPAP) and the requirements of the Code of Professional Ethics and
Standards of Professional Appraisal Practice of the Appraisal Institute.&#160; In addition to the foregoing requirements,
whenever the income approach is utilized by the appraiser, the report shall
include a direct capitalization analysis as well as a discounted cash flow
analysis and a final estimate of value based on the property&#146;s fee simple
estate.</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certificates of the insurance
required hereunder, containing a lender&#146;s loss payable clause or endorsement in
favor of Lender and the permanent loan insurance requirements set forth in
Exhibit&nbsp;E hereto.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An &#147;as built&#148; ALTA survey of the
Property prepared in compliance with the requirements set forth in
Exhibit&nbsp;D hereto.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An ALTA (or equivalent) mortgagee
policy of title insurance in the amount of $10,000,000, with reinsurance and
endorsements as Lender may require, containing no exceptions to title (printed
or otherwise) which are unacceptable to Lender, and insuring that the Mortgage
is a first-priority lien on the Premises.&#160;
Without limitation, such policy shall (i)&nbsp;be in the 1970 ALTA (as
amended 84) form or, if not available, ALTA 1992 form (deleting arbitration and
creditors&#146; rights, if permissible) or, if not available, the form commonly used
in the State, insuring Lender and its successors and assigns; and
(ii)&nbsp;include the following endorsements and/or affirmative coverages:
(A)&nbsp;ALTA&nbsp;9 Comprehensive, (B)&nbsp;Survey, (C)&nbsp;Access,
(D)&nbsp;Environmental Protection Lien, (E)&nbsp;Subdivision,
(F)&nbsp;Contiguity (as applicable), (G)&nbsp;Tax Parcel, (H)&nbsp;Address and
Improvement, (I) Usury, (J) Tax Sale (as applicable), (K) Doing Business, (L)
First Loss, (M) Last Dollar and (N) Zoning 3.1 (with additional coverage for
number and type of parking).&#160; Lender may
require additional endorsements after reviewing the survey.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy of the temporary Certificate
of Occupancy for the Improvements.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An environmental engineering report
for the Premises prepared by an engineer engaged by Lender and at Borrower&#146;s
expenses.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An opinion of counsel to Borrower and
Guarantor addressed to Lender in form and substance acceptable to Lender.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Payment of Lender&#146;s origination fee
in the amount of $25,000.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(u)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any other documents or items required
by Lender.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
IV</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REPRESENTATIONS,
WARRANTIES AND COVENANTS OF BORROWER</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrower
represents and warrants to Lender as of the Closing Date, and covenants for the
benefit of Lender, as follows:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower is a corporation duly
organized, validly existing and in good standing under the laws of the State,
has power to enter into this Agreement and by proper corporate action has duly
authorized the execution and delivery of this Agreement, the Mortgage, and the
Environmental Indemnity Agreement.&#160;
Borrower is in good standing and is duly licensed or qualified to
transact business in the State and, except to the extent that failure to do so
could not reasonably be expected to have a Material</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adverse Effect, in all other jurisdictions where the
character of the property owned or leased or the nature of the business
transacted by it makes such licensing or qualification necessary.&#160; Borrower&#146;s exact legal name is as set forth
on the execution page hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower has been fully authorized to
execute and deliver this Agreement, the Mortgage and the Environmental
Indemnity Agreement under the terms and provisions of the resolution of its
board of directors, or by other appropriate official approval, and further
represents, covenants and warrants that all requirements have been met, and
procedures have occurred in order to ensure the enforceability of this
Agreement, the Mortgage and the Environmental Indemnity Agreement and this
Agreement, the Mortgage and the Environmental Indemnity Agreement have been
duly authorized, executed and delivered.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The officer of Borrower executing
this Agreement, the Mortgage, the Environmental Indemnity Agreement and any
related documents has been duly authorized to execute and deliver this
Agreement, the Mortgage, the Environmental Indemnity Agreement and such related
documents under the terms and provisions of a resolution of Borrower&#146;s board of
directors.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Agreement, the Mortgage and the
Environmental Indemnity Agreement constitute valid and legally binding
obligations of Borrower, enforceable against Borrower in accordance with their
respective terms, except to the extent limited by bankruptcy, reorganization or
other laws of general application relating to or affecting the rights and
remedies of creditors and by general equitable principles, regardless of
whether such enforceability is considered in a proceeding in equity or at law.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The execution and delivery of this
Agreement, the Mortgage and the Environmental Indemnity Agreement, the
consummation of the transactions contemplated hereby and the fulfillment of the
terms and conditions hereof do not and will not violate any law, rule,
regulation or order, conflict with or result in a breach of any of the terms or
conditions of the articles of incorporation or bylaws of Borrower or of any
agreement or instrument to which Borrower is now a party and do not and will
not constitute a default under any of the foregoing or result in the creation
or imposition of any liens, charges or encumbrances of any nature upon any of
the property or assets of Borrower contrary to the terms of any instrument or
agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The authorization, execution,
delivery and performance of this Agreement, the Mortgage and the Environmental
Indemnity Agreement by Borrower do not require submission to, approval of, or
other action by any governmental authority or agency, which action with respect
to this Agreement, the Mortgage or the Environmental Indemnity Agreement has
not been taken and which is final and nonappealable.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There is no action, suit, proceeding,
claim, inquiry or investigation, at law or in equity, before or by any court,
regulatory agency, public board or body pending or, to Borrower&#146;s actual
knowledge, threatened against or affecting Borrower, challenging</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrower&#146;s authority to enter into this Agreement, the
Mortgage or the Environmental Indemnity Agreement or any other action wherein
an unfavorable ruling or finding would adversely affect the enforceability of this
Agreement, the Mortgage or the Environmental Indemnity Agreement or any other
transaction of Borrower which is similar hereto, or if determined adversely to
Borrower, could reasonably be expected to have a Material Adverse Effect.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Premises and the property at
which any portion of the Property is located is properly zoned for its current
and anticipated use and the use of the Property will not violate any applicable
zoning, land use, environmental or similar law or restriction, except in such instances
in which any such violation could not reasonably be expected to have a Material
Adverse Effect.&#160; Borrower has all
licenses and permits to use the Property, except in such instances in which the
failure to have such licenses and permits, either individually or in the
aggregate, could not reasonably be expected to have a Material Adverse Effect.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower has furnished to Lender the
Report (as defined in the Environmental Indemnity Agreement).&#160; Except as disclosed to Lender in the Report,
Borrower has received no notification of any kind suggesting that the Property
or any adjacent property is or may be contaminated with any Hazardous Waste or
Materials or is or may be required to be cleaned up in accordance with any
applicable law or regulation; and Borrower further represents and warrants
that, except as disclose to Lender in the Report or as previously disclosed to
Lender in writing, to its actual knowledge as of the date hereof, there are no
Hazardous Waste or Materials (other than Permitted Substances as such term is
defined in the Environmental Indemnity Agreement) located in, on or under the
Property or any adjacent property, or incorporated in any Improvements, nor has
the Property or any adjacent property ever been used as a landfill or a waste
disposal site, or a manufacturing, handling, storage, distribution or disposal
facility for Hazardous Waste or Materials.&#160;
Borrower has obtained all permits, licenses and other authorizations
which are required under any Environmental Laws at Borrower&#146;s facilities or in
connection with the operation of its facilities.&#160; Except as previously disclosed to Lender in
writing, Borrower and all activities of Borrower at its facilities comply with
all Environmental Laws and with all terms and conditions of any required
permits, licenses and authorizations applicable to Borrower with respect
thereto.&#160; Except as previously disclosed
to Lender in writing, Borrower is also in compliance with all limitations,
restrictions, conditions, standards, prohibitions, requirements, obligations,
schedules and timetables contained in Environmental Laws or contained in any
plan, order, decree, judgment or notice of which Borrower is aware.&#160; Except as previously disclosed to Lender in
writing, Borrower is not aware of, nor has Borrower received notice of, any
events, conditions, circumstances, activities, practices, incidents, actions or
plans which may interfere with or prevent continued compliance with, or which
may give rise to any liability under, any Environmental Laws.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower has heretofore furnished to
Lender the audited consolidated financial statements of Borrower for its fiscal
years ended December 31, 2000, December&nbsp;31, 2001, December&nbsp;31, 2002,
December 31, 2003, December 31, 2004 and</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December 31, 2005, and those statements fairly present
in all material respects the financial condition of Borrower and Guarantor on
the dates thereof and the results of its operations and cash flows for the
periods then ended and were prepared in accordance with GAAP.&#160; Since the date of the most recent audited
financial statements, there has been no material adverse change in the
business, properties or condition (financial or otherwise) of Borrower or
Guarantor.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower has paid or caused to be
paid to the proper authorities when due all federal, state and local taxes
required to be withheld by it.&#160; Borrower
has filed all federal, state and local tax returns which are required to be
filed, and Borrower has paid or caused to be paid to the respective taxing
authorities all taxes as shown on said returns or on any assessment received by
it to the extent such taxes have become due, except those which are being
contested in good faith by appropriate proceedings and for which adequate
reserves have been provided in accordance with GAAP.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower has or will have good and
marketable fee simple interest to the Premises and all proceeds thereof, free
and clear of all mortgages, security interests, liens, licenses and
encumbrances except for the security interest created pursuant to this Agreement
and the Mortgage and the Permitted Exceptions.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All financial and other information
provided to Lender by or on behalf of Borrower in connection with Borrower&#146;s
request for the Loan contemplated hereby is true and correct in all material
respects and, as to projections, valuations or pro forma financial statements,
present a good faith opinion as to such projections, valuations and pro forma
condition and results.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower has authorized Lender to
file a financing statement describing the Property.&#160; When such financing statements are filed with
the Bureau of Conveyances of the State of Hawaii, Lender will have a valid and
perfected security interest in the personal property which is described in such
financing statement and the Mortgage and for which perfection may occur by the
filing of a financing statement with the Bureau of Conveyances of the State of
Hawaii, subject to no other security interest, assignment, lien, license or
encumbrance other than the liens created by this Agreement and by the Mortgage
and the Permitted Exceptions.&#160; None of
the Property constitutes a replacement of, substitution for or accessory to any
property of Borrower subject to a lien of any kind.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No person other than Borrower is in
occupancy or possession of the Property.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Neither Borrower nor any individual
or entity owing directly or indirectly any interest in Borrower, is an
individual or entity whose property or interests are subject to being &#147;blocked&#148;
under any of the Terrorism Laws or is otherwise in violation of any of the
Terrorism Laws.</font></p>


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<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE V</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TITLE TO
PROPERTY; SECURITY INTEREST</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.01.&#160; <b><i style="font-weight:bold;">Title to Property</i></b><i>.</i>&#160; Legal title to the
Property and any and all repairs, replacements, substitutions and modifications
to such Property shall be in Borrower.&#160;
Borrower will at all times protect and defend, at its own cost and
expense, its title from and against all claims, liens and legal processes of
creditors of Borrower (other than Lender), and keep all Property free and clear
of all such claims, liens and processes, except for the liens created hereunder
and under the Mortgage and the Permitted Exceptions.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
5.02.&#160; <b><i style="font-weight:bold;">Security
Interest in Property</i></b><i>.</i>&#160; This Agreement is intended to constitute a
security agreement within the meaning of the UCC.&#160; As security for Borrower&#146;s payment to Lender
of Loan Payments and all other amounts payable to Lender hereunder, or any
other obligation (whether direct or indirect and whether now existing or
hereafter arising), Borrower hereby grants to Lender a security interest constituting
a first lien on the Property.&#160; To the
extent that GE Capital Public Finance, Inc. or an affiliate thereof is &#147;Lender&#148;
under both this Agreement and the Master Security Agreement, the security
interest in the Property also shall secure all of Borrower&#146;s obligations under
the Master Security Agreement, but shall not secure Borrower&#146;s obligations
under the Master Security Agreement if an entity other than GE Capital Public
Finance, Inc. or an affiliate thereof is &#147;Lender&#148; under the Master Security
Agreement.&#160; Borrower ratifies its
previous authorization for Lender to pre-file UCC financing statements and any
amendments thereto describing the Property and all other collateral described
above and containing any other information required by the applicable UCC.&#160; Borrower authorizes Lender, and hereby grants
Lender a power of attorney (which is coupled with an interest), to file
financing statements and amendments thereto describing the Property and
containing any other information required by the applicable UCC and all
terminations of the filings of other secured parties with respect to the
Property, which either Borrower has the right to terminate pursuant to the UCC
or such secured party has authorized the filing thereof, in such form and
substance as Lender, in its sole discretion, may determine.&#160; Borrower agrees to execute such additional
documents, including demands for terminations, assignments, affidavits, notices
and similar instruments, in form satisfactory to Lender, and take such other
actions that Lender deems necessary or appropriate to establish and maintain
the security interest created by this Section, and Borrower hereby designates
and appoints Lender as its agent, and grants to Lender a power of attorney
(which is coupled with an interest), to execute on behalf of Borrower such
additional documents and to take such other actions.&#160; Borrower hereby waives any right that
Borrower may have to file with the applicable filing officer any financing
statement, amendment, termination or other record pertaining to the Property
and/or Lender&#146;s interest therein.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
5.03.&#160; <b><i style="font-weight:bold;">Change
in Name or Corporate Structure of Borrower; Change in Location of Borrower&#146;s
Chief Executive Office or Principal Executive Office</i></b><i>.</i>&#160; Borrower&#146;s chief
executive office and principal executive office are located at the address set
forth above, and all of Borrower&#146;s records relating to its business and the
Property are kept at such location.&#160;
Borrower hereby agrees to provide written notice to Lender of any change
or proposed change in its name, corporate structure, state of organization,
chief executive office or principal executive</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">office or change or
proposed change in the location of the Property.&#160; Such notice shall be provided 30 days in
advance of the date that such change or proposed change is planned to take
effect.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
5.04.&#160; <b><i style="font-weight:bold;">[Reserved.]</i></b></font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
5.05.&#160; <b><i style="font-weight:bold;">Assignment
of Insurance</i></b><i>.</i>&#160; As additional security for the payment and
performance of Borrower&#146;s obligations hereunder, Borrower hereby assigns to
Lender any and all moneys (including, without limitation, proceeds of insurance
and refunds of unearned premiums) due or to become due under, and all other
rights of Borrower with respect to, any and all policies of insurance now or at
any time hereafter covering the Property or any evidence thereof or any
business records or valuable papers pertaining thereto, and Borrower hereby
directs the issuer of any such policy to pay all such moneys directly to
Lender.&#160; Borrower hereby assigns to
Lender any and all moneys due or to become due with respect to any condemnation
proceeding affecting the Property.&#160; At
any time, whether before or after the occurrence of any Event of Default,
Lender may (but need not), in Lender&#146;s name or in Borrower&#146;s name, execute and
deliver proof of claim, receive all such moneys, endorse checks and other
instruments representing payment of such moneys, and adjust, litigate,
compromise or release any claim against the issuer of any such policy or party
in any condemnation proceeding.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE VI</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AFFIRMATIVE
COVENANTS OF BORROWER</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">So
long as the Loan shall remain unpaid, Borrower will comply with the following
requirements:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
6.01.&#160; <b><i style="font-weight:bold;">Reporting
Requirements</i></b><i>.</i>&#160; Borrower will deliver, or cause to be
delivered, to Lender each of the following, which shall be in form and detail
acceptable to Lender:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; as soon as available, and in any
event within 120&nbsp;days after the end of each fiscal year of Borrower,
audited consolidated financial statements of Borrower with the unqualified
opinion of independent certified public accountants selected by Borrower and
reasonably acceptable to Lender, which annual consolidated financial statements
shall include the consolidated balance sheet of Borrower as at the end of such
fiscal year and the related consolidated statements of income, retained
earnings and cash flows of Borrower for the fiscal year then ended, all in
reasonable detail and prepared in accordance with GAAP, together with&nbsp;a
certificate of the chief financial officer of Borrower in the form of
Exhibit&nbsp;C hereto stating that such financial statements have been prepared
in accordance with GAAP and whether or not such officer has knowledge of the
occurrence of any Default or Event of Default hereunder and, if so, stating in
reasonable detail the facts with respect thereto and all relevant facts in
reasonable detail to evidence, and the computations as to, whether or not
Borrower is in compliance with the requirements set forth in Sections 6.10
through 6.12 hereof;</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; as soon as available and in any event
within 90&nbsp;days after the end of each fiscal quarter of Borrower, an
unaudited/internal consolidated balance sheet and statements of income and
retained earnings of Borrower as at the end of and for such quarter and for the
year to date period then ended, in reasonable detail and stating in comparative
form the figures for the corresponding date and periods in the previous year,
all prepared in accordance with GAAP and certified by the chief financial
officer of Borrower, subject to year-end audit adjustments; and accompanied
by a certificate of that officer in the form of Exhibit&nbsp;C hereto stating
(i)&nbsp;that such financial statements have been prepared in accordance with
GAAP, (ii)&nbsp;whether or not such officer has knowledge of the occurrence of
any Default or Event of Default hereunder not theretofore reported and remedied
and, if so, stating in reasonable detail the facts with respect thereto and
(iii) all relevant facts in reasonable detail to evidence, and the computations
as to, whether or not Borrower is in compliance with the requirements set forth
in Sections 6.10 through 6.12 hereof;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; immediately after the commencement
thereof, notice in writing of all litigation and of all proceedings before any
governmental or regulatory agency affecting Borrower of the type described in
Article&nbsp;IV hereof or which seek a monetary recovery against Borrower or
Guarantor in excess of $100,000;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; as promptly as practicable (but in
any event not later than five Business Days) after an officer of Borrower
obtains knowledge of the occurrence of any event that constitutes a Default or
an Event of Default hereunder, notice of such occurrence, together with a
detailed statement by a responsible officer of Borrower of the steps being
taken by Borrower to cure the effect of such Default or Event of Default;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; promptly upon knowledge thereof,
notice of any loss or destruction of or damage to any of the Property in excess
of $100,000;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; promptly upon their distribution,
copies of all financial statements, reports and proxy statements that Borrower
shall have sent to its stockholders;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; promptly after the amending thereof,
copies of any and all amendments to its certificate of incorporation, articles
of incorporation or bylaws;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; promptly upon knowledge thereof,
notice of the violation by Borrower of any law, rule or regulation, if such
violation has resulted or could reasonably be expected to result in a Material
Adverse Effect; and</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; promptly upon knowledge thereof,
notice of any Material Adverse Effect.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
6.02.&#160; <b><i style="font-weight:bold;">Books
and Records; Inspection and Examination</i></b><i>.</i>&#160; Borrower will keep accurate books of record
and account for itself pertaining to the Property and pertaining to Borrower&#146;s
business and financial condition and such other matters as Lender may from time
to time reasonably request in which true and complete entries will be made in
accordance with</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GAAP and, upon reasonable
advance notice to Borrower, will permit any officer, employee, attorney or
accountant for Lender to audit, review, make extracts from, or copy any and all
corporate and financial books, records and properties of Borrower at any time
during Borrower&#146;s normal business hours, and to discuss the affairs of Borrower
with any of its directors, officers, employees or agents; provided, however,
that Lender shall not exercise such rights more than one time in any fiscal
year of Borrower unless a Default or an Event of Default exists, in which case
Lender (or any of its representatives or independent contractors) may do any of
the foregoing at the expense of Borrower at any time during normal business
hours and without advance notice.&#160; Upon
reasonable advance notice to Borrower, Borrower will permit Lender, or its
employees, accountants, attorneys or agents, to examine and copy any or all of
its records and to examine and inspect the Property at any time during Borrower&#146;s
normal business hours; provided, however, that Lender shall not exercise such
rights more than one time in any fiscal year of Borrower unless a Default or an
Event of Default exists, in which case Lender (or any of its representatives or
independent contractors) may do any of the foregoing at the expense of Borrower
at any time during normal business hours and without advance notice.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
6.03.&#160; <b><i style="font-weight:bold;">Compliance
With Laws; Environmental Compliance</i></b><i>.</i>&#160; (a)
Borrower will (i)&nbsp;comply with the requirements of applicable laws
and regulations, the noncompliance with which could not reasonably be expected
to result in a Material Adverse Effect, and (ii)&nbsp;use and keep the
Property, and will require that others use and keep the Property, only for
lawful purposes.&#160; Borrower shall secure
all permits and licenses, if any, necessary for the installation and operation
of the Property, except in such instances in which the failure to have such
licenses and permits, either individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower shall promptly comply with
all statutes, regulations and ordinances, and with all orders, decrees or
judgments of governmental authorities or courts having jurisdiction, relating
to the use, collection, treatment, disposal, storage, control, removal or
cleanup of Hazardous Waste or Materials in, on or under the Property or any
adjacent property, or incorporated in any Improvements, at Borrower&#146;s expense,
except in such instances in which such statute, regulation, ordinance, order,
decrees or judgment is being contested in good faith by appropriate proceedings
diligently conducted and adequate reserves with respect thereto are maintained
on the books of Borrower in accordance with GAAP.&#160; In the event that Lender at any time
reasonably believes that the Property is not free of all Hazardous Waste or
Materials or that Borrower has violated any applicable Environmental Laws with
respect to the Property, then immediately, upon request by Lender, Borrower
shall obtain and furnish to Lender, at Borrower&#146;s sole cost and expense, an
environmental audit and inspection of the Property from an expert satisfactory
to Lender in its reasonable discretion.&#160;
In the event that Borrower fails to obtain such audit or inspection,
Lender or its agents may perform or obtain such audit or inspection at Borrower&#146;s
sole cost and expense.&#160; Lender may, but
is not obligated to, enter upon the Property and take such actions and incur
such costs and expenses to effect such compliance as it deems advisable to
protect its interest in the Property; and whether or not Borrower has actual
knowledge of the existence of Hazardous Waste or Materials on the Property or
any adjacent property as of the date hereof, Borrower shall reimburse Lender as
provided herein for the full amount of all costs and expenses incurred by
Lender prior to Lender acquiring title to the</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Property through
foreclosure or acceptance of a deed in lieu of foreclosure, in connection with
such compliance activities.&#160; Neither this
provision nor any provision herein or in the Mortgage or related documents
shall operate to put Lender in the position of an owner of the Property prior
to any acquisition of the Property by Lender.&#160;
The rights granted to Lender herein and in the Mortgage or related
documents are granted solely for the protection of Lender&#146;s lien and security
interest covering the Property and do not grant to Lender the right to control
Borrower&#146;s actions, decisions or policies regarding Hazardous Waste or
Materials.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
6.04.&#160; <b><i style="font-weight:bold;">Payment
of Taxes and Other Claims</i></b><i>.</i>&#160; Borrower will pay or discharge, prior to
delinquency, (a)&nbsp;all taxes, assessments and governmental charges levied or
imposed upon it or upon its income or profits, upon any properties belonging to
it (including, without limitation, the Property) or upon or against the
creation, perfection or continuance of the security interest created pursuant
to this Agreement, prior to the date on which penalties attach thereto,
(b)&nbsp;all federal, state and local taxes required to be withheld by it, (c)
all taxes and governmental charges of any kind whatsoever that may at any time
be lawfully assessed or levied against or with respect to the Property and
(d)&nbsp;all lawful claims for labor, materials and supplies which, if unpaid,
might by law become a lien or charge upon any properties of Borrower; provided,
that Borrower shall not be required to pay any such tax, assessment, charge or
claim whose amount, applicability or validity is being contested in good faith
by appropriate proceedings diligently conducted and adequate reserves with
respect thereto are maintained on the books of Borrower in accordance with
GAAP.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
6.05.&#160; <b><i style="font-weight:bold;">Preservation
and Maintenance of Property</i></b><i>. </i>&#160;Borrower (a)&nbsp;shall, at its own expense,
maintain, preserve and keep the Property in good repair, working order and
condition, and shall from time to time make all repairs and replacements
necessary to keep the Property in such condition, ordinary wear and tear excepted,
and, except where the failure to do so could not reasonably be expected to have
a Material Adverse Effect, in compliance with state and federal laws,
(b)&nbsp;shall not commit waste or permit impairment or deterioration of the
Property, (c)&nbsp;shall not abandon the Property, (d)&nbsp;if all or part of
the Property is for rent or lease, then Lender, at its option after the
occurrence of an Event of Default, may require Borrower to provide for
professional management of the Property by a property manager satisfactory to
Lender pursuant to a contract approved by Lender in writing, unless such
requirement shall be waived by Lender in writing, and (e)&nbsp;shall give
notice in writing to Lender of and, unless otherwise directed in writing by
Lender, appear in and defend any action or proceeding purporting to affect the
Property, the security of this Agreement or the rights or powers of Lender
hereunder.&#160; Neither Borrower nor any
tenant or other person shall remove, demolish or alter any improvement now
existing or hereafter erected on the Property or any fixture, equipment,
machinery or appliance in or on the Property with a fair market value in excess
of $50,000 individually or $100,000 in the aggregate except when incident to
the replacement of fixtures, equipment, machinery and appliances with items of
like kind.&#160; Borrower will defend the
Property against all claims or demands of all persons (other than Lender)
claiming the Property or any interest therein.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrower represents and warrants as of the Closing
Date that, to the best of Borrower&#146;s knowledge, the Property is in compliance
with the Americans with Disabilities Act of 1990 and all of the regulations
promulgated thereunder, as the same may be amended from time to time</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(the &#147;ADA&#148;).&#160;
Borrower shall promptly make all necessary changes to the Property in
order to make it in compliance with the ADA.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
6.06.&#160; <b><i style="font-weight:bold;">Insurance;
Indemnification</i></b><i>.</i>&#160; (a)&nbsp;Borrower shall obtain and maintain
the following types of insurance upon and relating to the Property:</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;All Risk&#148; property and fire
insurance (with extended coverage endorsement including malicious mischief and
vandalism) in an amount not less than the full replacement value of the
Property (with a deductible not to exceed $250,000 and with co-insurance
limited to a maximum of 10% of the amount of the policy), naming Lender under a
lender&#146;s loss payee endorsement (form 438BFU or equivalent) and including
agreed amount, replacement cost, inflation guard and waiver of subrogation
endorsements;</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Comprehensive general liability insurance
in an amount not less than $2,000,000.00 insuring against personal injury,
death and property damage and naming Lender as additional insured;</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Business interruption insurance
covering loss of rental or other income (including all expenses payable by
tenants) for up to 12&nbsp;months; and</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Such other types of insurance or
endorsements to existing insurance as may be required from time to time by
Lender, provided that such coverage is generally being required by other
lenders with respect to properties similar to and in the general vicinity of
the Premises.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon each reasonable request of
Lender (not to be made more than once during the term of the Loan), Borrower
shall increase the coverages under any of the insurance policies required to be
maintained hereunder or otherwise modify such policies in accordance with
Lender&#146;s request.&#160; All of the insurance
policies required hereunder shall be issued by corporate insurers licensed to
do business in the state in which the Property is located and rated A:X or
better by A.M. Best Company, and shall be in form acceptable to Lender in its
reasonable discretion.&#160; If and to the
extent that the Property is located within an area that has been or is
hereafter designated or identified as an area having special flood hazards by
the Department of Housing and Urban Development or such other official as shall
from time to time be authorized by federal or state law to make such
designation pursuant to any national or state program of flood insurance,
Borrower shall carry flood insurance with respect to the Property in amounts
not less than the maximum limit of coverage then available with respect to the
Property or the principal amount of the Loan, whichever is less.&#160; Certificates of all insurance required to be
maintained hereunder shall be delivered to Lender, along with evidence of
payment in full of all premiums required thereunder, contemporaneously with
Borrower&#146;s execution of this Agreement.&#160;
All such certificates shall be in form acceptable to Lender in its
reasonable discretion and shall require the insurance company to give to Lender
at least 30&nbsp;days&#146; prior written notice before canceling the policy for any
reason or materially amending it.&#160;
Certificates evidencing all renewal and substitute policies of insurance
shall</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">be delivered to Lender,
along with evidence of the payment in full of all premiums required thereunder,
at least 15&nbsp;days before termination of the policies being renewed or
substituted.&#160; If any loss shall occur at
any time after an Event of Default has occurred hereunder, Lender shall be
entitled to the benefit of all insurance policies held or maintained by
Borrower, to the same extent as if same had been made payable to Lender, and
upon foreclosure hereunder, Lender shall become the owner thereof.&#160; Lender shall have the right, but not the
obligation, to make premium payments, at Borrower&#146;s expense, to prevent any
cancellation, endorsement, alteration or reissuance of any policy of insurance
maintained by Borrower, and such payments shall be accepted by the insurer to
prevent same.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As between Lender and Borrower,
Borrower assumes all risks and liabilities from any cause whatsoever, whether
or not covered by insurance, for loss or damage to any portion of the Property
and for injury to or death of any person or damage to any property, whether
such injury or death be with respect to agents or employees of Borrower or of
third parties, and whether such property damage be to Borrower&#146;s property or
the property of others.&#160; Whether or not
covered by insurance, Borrower hereby assumes responsibility for and agrees to
reimburse Lender for and will indemnify, defend and hold Lender harmless from
and against all liabilities, obligations, losses, damages, penalties, claims,
actions, costs and expenses (including reasonable attorneys&#146; fees) of
whatsoever kind and nature, imposed on, incurred by or asserted against Lender
that in any way relate to or arise out of this Agreement, the transactions
contemplated hereby and the Property, including but not limited to, (i) the
selection, manufacture, construction, purchase, acceptance or rejection of the
Property or the ownership of the Property, (ii) the delivery, lease,
possession, maintenance, use, condition, return or operation of the Property,
(iii) the condition of the Property sold or otherwise disposed of after
possession by Borrower, (iv) any patent or copyright infringement, (v) the
conduct of Borrower, its officers, employees and agents, (vi) a breach of
Borrower of any of its covenants or obligations hereunder and (vii) any claim,
loss, cost or expense involving alleged damage to the environment relating to
the Property, including, but not limited to investigation, removal, cleanup and
remedial costs.&#160; All amounts payable by
Borrower pursuant to the immediately preceding sentence shall be paid within 30
days after demand of Lender.&#160; This
provision shall survive the termination of this Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
6.07.&#160; <b><i style="font-weight:bold;">Preservation
of Corporate Existence</i></b><i>.</i>&#160; Borrower will preserve and maintain its
corporate existence and all of its rights, privileges and franchises necessary
or desirable in the normal conduct of its business.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
6.08.&#160; <b><i style="font-weight:bold;">Performance
by Lender</i></b><i>.</i>&#160; If Borrower at any time fails to perform or
observe any of the covenants or agreements contained in this Agreement, the
Mortgage or the Environmental Indemnity Agreement, and if such failure shall
continue for a period of 10 calendar days after Lender gives Borrower written
notice thereof (or in the case of the agreements contained in Sections 6.05 and
6.06 hereof, immediately upon the occurrence of such failure, without notice or
lapse of time), Lender may, but need not, perform or observe such covenant on
behalf and in the name, place and stead of Borrower (or, at Lender&#146;s option, in
Lender&#146;s name)</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and may, but need not,
take any and all other actions which Lender may reasonably deem necessary to
cure or correct such failure (including, without limitation, the payment of
taxes, the satisfaction of security interests, liens or encumbrances, the
performance of obligations owed to account debtors or other obligors, the
procurement and maintenance of insurance, the execution of assignments,
security agreements and financing statements, and the endorsement of
instruments); and Borrower shall thereupon pay to Lender on demand the amount
of all moneys expended and all costs and expenses (including reasonable
attorneys&#146; fees and legal expenses) incurred by Lender in connection with or as
a result of the performance or observance of such agreements or the taking of such
action by Lender, together with interest thereon from the date expended or
incurred at the lesser of 18% per annum or the highest rate permitted by
law.&#160; To facilitate the performance or
observance by Lender of such covenants of Borrower, Borrower hereby irrevocably
appoints Lender, or the delegate of Lender, acting alone, as the attorney in
fact of Borrower with the right (but not the duty) from time to time to create,
prepare, complete, execute, deliver, endorse or file in the name and on behalf
of Borrower any and all instruments, documents, assignments, security
agreements, financing statements, applications for insurance and other
agreements and writings required to be obtained, executed, delivered or
endorsed by Borrower under this Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.09.&#160; <b><i style="font-weight:bold;">Limitations of Liability</i></b>.&#160; In no event, whether as a result of breach of
contract, warranty, tort (including negligence or strict liability), indemnity
or otherwise, shall Lender, its assignees, if any, be liable for any special,
consequential, incidental, punitive or penal damages, including, but not
limited to, loss of profit or revenue, loss of use of the Premises or any
associated equipment, service materials or software, damage to associated
equipment, service materials or software, cost of capital, cost of substitute
property, service materials or software, facilities, services or replacement
power or downtime costs.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.10.&#160; <b><i style="font-weight:bold;">Minimum Net Worth</i></b>.&#160; Borrower shall maintain at all times its
Consolidated Net Worth at not less than $85,000,000.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.11.&#160; <b><i style="font-weight:bold;">Funded Debt to Capitalization</i></b>.&#160; Borrower shall not permit Consolidated Funded
Debt to exceed 55% of Consolidated Total Capitalization.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.12.&#160; <b><i style="font-weight:bold;">Fixed Charge Coverage Ratio</i></b>.&#160; Borrower shall have a Fixed Charge Coverage
Ratio of at least 1.50 to 1.00 at the end of each Fiscal Year.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE VII</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NEGATIVE COVENANTS OF BORROWER</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">So long as the Loan shall remain unpaid, Borrower
agrees that:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
7.01.&#160; <b><i style="font-weight:bold;">Lien</i></b><i>.</i>&#160; Borrower will not
create, incur or suffer to exist any Lien on any of the Property except for any
security interest created in favor of Lender and the lien created by the
Mortgage and the Permitted Exceptions.&#160;
Borrower shall promptly, at its own expense, take such action as may be
necessary to discharge or remove any such Lien.&#160;
Borrower shall reimburse Lender for any expenses incurred by Lender to
discharge or remove any Lien.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
7.02.&#160; <b><i style="font-weight:bold;">Sale
of Assets</i></b><i>.</i>&#160; Neither Borrower nor Guarantor will sell,
lease, assign, transfer or otherwise dispose of (a &#147;Disposition&#148;) all or
substantially all of its assets or of any of the Property or any interest
therein (whether in one transaction or in a series of transactions), except (a)
Dispositions of obsolete or worn out property, whether now owned or hereafter
acquired, in the ordinary course of business, (b) Dispositions of inventory in
the ordinary course of business, (c) Dispositions of equipment to the extent
that (i) such property is exchanged for credit against the purchase price of
similar replacement property or (ii) the proceeds of such Dispositions are
reasonably promptly applied to the purchase price of replacement property; and (d)&nbsp;Dispositions
of property (other than the Property) by Borrower or Guarantor, the fair market
value of which does not exceed $1,000,000 in the aggregate.&#160; Notwithstanding any provision herein or in
any Borrower Document to the contrary, if the Property is properly and legally
subdivided into smaller parcels (any such parcel that does not have any
Improvements located thereon, a &#147;Subdivided Parcel&#148;), Borrower may request
Lender&#146;s release of its lien on the Subdivided Parcel, which request Lender may
accept or reject in its sole and absolute discretion.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
7.03.&#160; <b><i style="font-weight:bold;">Consolidation
and Merger</i></b><i>.</i>&#160; (a)&#160;
Neither Borrower nor Guarantor will consolidate with or merge into any
person, unless such merger or consolidation is between only Borrower and
Guarantor and Borrower and Guarantor provide Lender with notice thereof and any
such items as are required by Lender in its reasonable discretion.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Neither Borrower nor Guarantor will
permit any other person to merge into it, or acquire (in a transaction
analogous in purpose or effect to a consolidation or merger) all or
substantially all of the assets of any other person, unless (i) immediately
upon the consummation of such merger, consolidation or acquisition, Borrower
shall be in compliance with the financial covenants set forth in Section 6.10
through 6.12 hereof and (ii) no Default or Event of Default would result from
such merger or consolidation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
7.04.&#160; <b><i style="font-weight:bold;">Accounting</i></b><i>.</i>&#160; Neither Borrower
nor Guarantor will adopt, permit or consent to any material change in accounting
principles other than as required by GAAP.&#160;
Neither Borrower nor Guarantor will adopt, permit or consent to any
change in its fiscal year.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
7.05.&#160; <b><i style="font-weight:bold;">[Reserved.]</i></b></font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
7.06.&#160; <b><i style="font-weight:bold;">Place
of Business</i></b><i>.</i>&#160; Borrower will not permit any of the Property
or any records pertaining to the Property to be located in any state or area in
which, in the event of such location, a financing statement covering such
Property would be required to be, but has not in fact been, filed in order to
perfect the security interest created pursuant to this Agreement and the
Mortgage.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
7.07.&#160; <b><i style="font-weight:bold;">Modifications
and Substitutions</i></b><i>. </i>&#160;Borrower will not make any material
alterations, modifications, substitutions or additions to the Property, without
the prior written consent of Lender (which consent shall not be unreasonably
withheld, delayed or conditioned if such alteration, modification, substitution
or addition does not materially and adversely affect the value, operation or
utility of the Property); <i>provided</i>, <i>however</i>, that any substitutions made </font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">pursuant to Borrower&#146;s
obligations to make repairs referenced under any provision of this Agreement
shall not require such prior written consent.&#160;
Borrower shall provide such documents or assurances as Lender may
reasonably request to maintain or confirm the security interest assigned to
Lender in the Property as so modified or substituted.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
7.08.&#160; <b><i style="font-weight:bold;">Use
of Property</i></b><i>.</i>&#160; Unless required by applicable law or unless
Lender has otherwise agreed in writing, Borrower shall not allow changes in the
use for which all or any part of the Property was intended at the time this
Agreement was executed.&#160; Borrower shall
not, without Lender&#146;s prior written consent (which consent shall not be
unreasonably withheld, delayed or conditioned if such action does not
materially and adversely affect the value, operation or utility of the
Property), (a)&nbsp;initiate or acquiesce in a change in the zoning
classification (including any variance under any existing zoning ordinance
applicable to the Property), (b)&nbsp;permit the use of the Property to become
a non-conforming use under applicable zoning ordinances, (c)&nbsp;file any
subdivision or parcel map affecting the Property, or (d)&nbsp;amend, modify or
consent to any easement or covenants, conditions and restrictions pertaining to
the Property.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE VIII</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DAMAGE AND DESTRUCTION; USE OF NET PROCEEDS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
8.01.&#160; <b><i style="font-weight:bold;">Damage
and Destruction</i></b>.&#160; Borrower
shall provide a complete written report to Lender immediately upon any loss,
theft, damage or destruction of any Property and of any accident involving any
Property in excess of $100,000.&#160; If all
or any part of the Property is lost, stolen, destroyed or damaged beyond repair
(&#147;Damaged Property&#148;), Borrower shall as soon as practicable after such event
either:&#160; (a)&nbsp;replace the same at
Borrower&#146;s sole cost and expense with property having substantially similar
specifications and of equal or greater value to the Damaged Property
immediately prior to the time of the loss occurrence, such replacement property
to be subject to Lender&#146;s approval, whereupon such replacement property shall
be substituted in this Agreement and the other related documents by appropriate
endorsement or amendment; or (b)&nbsp;use the Net Proceeds to prepay the Loan
(with premium) in the amount of the Damaged Property Amount. &#160;Borrower shall notify Lender of which course
of action it will take within 15&nbsp;calendar days after the loss
occurrence.&#160; If, within 45&nbsp;calendar
days of the loss occurrence, (x)&nbsp;Borrower fails to notify Lender;
(y)&nbsp;Borrower and Lender fail to execute an amendment to this Agreement to
delete the Damaged Property and add the replacement property or
(z)&nbsp;Borrower fails to comply with subparagraph&nbsp;(b) above, then Lender
may, at its sole discretion, use the Net Proceeds to prepay the Loan (with
premium) in the amount of the Damaged Property Amount.&#160; The Net Proceeds of insurance with respect to
the Damaged Property shall be made available by Lender to be applied to
discharge Borrower&#146;s obligation under this Section.&#160; For purposes of this Section, the term &#147;Net
Proceeds&#148; shall mean the amount remaining from the gross proceeds of any
insurance claim after deducting all expenses (including reasonable attorneys&#146;
fees) incurred in the collection of such claim.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
8.02.&#160; <b><i style="font-weight:bold;">Condemnation</i></b>.&#160; If the Property, or any part thereof, shall
be condemned for any reason, including without limitation fire or earthquake
damage, or otherwise taken for </font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">public or quasi-public
use under the power of eminent domain, or be transferred in lieu thereof, all
damages or other amounts awarded for the taking of, or injury to, the Property
shall be paid to Lender who shall have the right, in its sole and absolute
discretion, to apply the amounts so received against (a)&nbsp;first, all
amounts owing to Lender hereunder, including (without limitation) the costs and
expenses of Lender, including attorneys&#146; fees incurred in connection with
collection of such amounts, and (b) next, the principal amount of the Loan
(including premium thereon); provided,
however, that if (i)&nbsp;no Event of Default shall have occurred and be
continuing hereunder, (ii)&nbsp;Borrower provides evidence satisfactory to
Lender in its reasonable discretion of its ability to pay all amounts becoming
due hereunder during the pendency of any restoration or repairs to or
replacement of the Property, (iii)&nbsp;Lender determines, in its reasonable
discretion, that the proceeds of such award are sufficient to restore, repair,
replace and rebuild the Property as nearly as possible to its value, condition
and character immediately prior to such taking (or, if the proceeds of such
award are insufficient for such purpose, if Borrower provides additional sums
to Lender&#146;s satisfaction so that the aggregate of such sums and the proceeds of
such award will be sufficient for such purpose), and (iv)&nbsp;Borrower provides
evidence satisfactory to Lender in its reasonable discretion that none of the
tenants of the Property will terminate their lease agreements as a result of
either the condemnation or taking or the repairs to or replacement of the
Property, the proceeds of such award, together with additional sums provided by
Borrower, shall be placed in a separate account for the benefit of Lender and
Borrower to be used to restore, repair, replace and rebuild the Property as
nearly as possible to its value, condition and character immediately prior to
such taking.&#160; All work to be performed in
connection therewith shall be pursuant to a written contract therefor, which
contract shall be subject to the prior approval of Lender.&#160; To the extent that any funds remain after the
Property has been so restored and repaired, the same shall be applied in the
manner set forth above in this Section.&#160;
To enforce its rights hereunder, Lender shall be entitled to participate
in and, if the portion of the affected Property has a value in excess in of
$100,000, control any condemnation proceedings and to be represented therein by
counsel of its own choice, and Borrower will deliver, or cause to be delivered
to Lender such instruments as may be requested by it from time to time to
permit such participation.&#160; In the event
Lender, as a result of any such judgment, decree or award, reasonably believes
that the payment of the Loan or performance of the obligations hereunder is
impaired, Lender may declare the Loan and all other amounts due hereunder
immediately due and payable.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE IX</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ASSIGNMENT, SUBLEASING AND
SELLING</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
9.01.&#160; <b><i style="font-weight:bold;">Assignment
by Lender</i></b><i>.</i>&#160; This Agreement, and the obligations of
Borrower to make payments hereunder, may be assigned and reassigned in whole or
in part to one or more assignees or subassignees by Lender at any time
subsequent to its execution, without the necessity of obtaining the consent of
Borrower.&#160; On the Closing Date, Lender
shall assign to GE Capital Public Finance, Inc. (&#147;GECPF&#148;) all of its rights,
title and interest in and to this Agreement, the Mortgage, the Environmental
Indemnity Agreement, the Guaranty Agreement and the Property, including
(without limitation) its rights to Loan Payments hereunder.&#160; Borrower acknowledges and consents to such
assignment. &#160;Any questions of Borrower
relative to billing or </font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">other administrative
matters and all notices required to be delivered hereunder by Borrower should
be referred or sent to GECPF at the following address:</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GE Capital Public Finance, Inc.</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite 470</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8400 Normandale Lake Boulevard</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Minneapolis, MN&#160;
55437</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn:&#160; Vice
President&#151;Risk Management</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:&#160;
(952) 897-5600</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile:&#160;
(952) 897-5601</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
9.02.&#160; <b><i style="font-weight:bold;">No
Sale or Assignment by Borrower</i></b><i>.</i>&#160; This Agreement and the interest of Borrower
in the Property may not be sold, assumed, assigned or encumbered by Borrower.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE X</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EVENTS OF DEFAULT AND REMEDIES</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 10.01.&#160; <b><i style="font-weight:bold;">Events of Default</i></b><i>.</i>&#160; The following
constitute &#147;Events of Default&#148; under this Agreement:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; failure by Borrower to pay to Lender
when due any Loan Payment or to pay any other payment required to be paid
hereunder and the continuation of such failure for a period of 10 days;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; failure by Borrower to maintain
insurance on the Property in accordance with Section 6.06 hereof;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; failure by Borrower to comply with
the provisions of Sections 7.02 or 7.03 hereof or Guarantor to comply with the
provisions of Sections 11 or 12 of the Guaranty Agreement;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; failure by Borrower or Guarantor to
observe and perform any other covenant, condition or agreement contained
herein, in the Mortgage, in the Environmental Indemnity Agreement, in the
Guaranty Agreement or in any other document or agreement executed in connection
herewith on its part to be observed or performed for a period of 30 days after
written notice is given to Borrower or Guarantor, as the case may be,
specifying such failure and directing that it be remedied; <i>provided</i>,
<i>however</i>, that, if the failure stated in
such notice cannot be corrected within such 30-day period, Lender will
not unreasonably withhold its consent to an extension of such time if
corrective action is instituted by Borrower or Guarantor within the applicable
period and diligently pursued until the default is corrected;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower or Guarantor shall be or
become insolvent, or admit in writing its inability to pay its debts as they
mature, or make an assignment for the benefit of </font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">creditors; or Borrower or Guarantor shall apply for or
consent to the appointment of any receiver, trustee or similar officer for it
or for all or any substantial part of its property; or such receiver, trustee
or similar officer shall be appointed without the application or consent of
Borrower or Guarantor shall institute (by petition, application, answer,
consent or otherwise) any bankruptcy, insolvency, reorganization, arrangement,
readjustment of debt, dissolution, liquidation or similar proceeding relating
to it under the laws of any jurisdiction; or any such proceeding shall be
instituted (by petition, application or otherwise) against Borrower or Guarantor
and not dismissed within 60 days; or any writ, warrant of attachment or
execution or similar process shall be issued or levied against a substantial
part of the property of Borrower or Guarantor and is not released, vacated or
fully bonded within 60 days after its issue or levy; or there is entered
against Borrower or Guarantor a final judgment or order for the payment of
money in an aggregate amount of at least $3,000,000 (to the extent not covered
by independent third-party insurance as to which the insurer does not dispute
coverage) and enforcement proceedings with respect thereto have commenced;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; determination by Lender that any
representation or warranty made by Borrower or Guarantor herein, in the
Mortgage, in the Environmental Indemnity Agreement, in the Guaranty Agreement
or in any other document executed in connection herewith was untrue in any
material respect when made;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; an amendment or termination relating
to a filed financing statement describing any of the Property is improperly
filed, or caused to be filed, by Borrower or any of its affiliates;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the occurrence of a default or an
event of default (beyond any applicable grace or notice period) under any
instrument, agreement or other document evidencing or relating to any
indebtedness or other monetary obligation of Borrower or Guarantor in excess of
$1,000,000;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the occurrence of a default or event
of default (beyond any applicable grace or notice period) under the Master
Security Agreement or the Mortgage or any other agreement between GE Capital
Public Finance, Inc. or any of its affiliates and Borrower or Guarantor; or</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Guarantor shall repudiate, purport
to revoke or fail to perform Guarantor&#146;s obligations under the Guaranty
Agreement beyond any applicable grace or cure period.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
10.02.&#160; <b><i style="font-weight:bold;">Remedies
on Default</i></b><i>.</i>&#160; Whenever an Event of Default described in
Section 10.01(e) hereof shall have occurred, the Prepayment Amount
automatically shall be due and payable, whereupon the Prepayment Amount
automatically shall become and be forthwith due and payable without
presentment, notice of dishonor, protest or further notice of any kind, all of
which are hereby expressly waived by Borrower.&#160;
Whenever any Event of Default shall have occurred, Lender shall have the
right, at its sole option without any further demand or notice, to </font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">take any one or any
combination of the following remedial steps or such other remedies which are
otherwise accorded to Lender by applicable law:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; by notice to Borrower, declare the
Prepayment Amount to be forthwith due and payable, whereupon the Prepayment
Amount shall become and be forthwith due and payable, without presentment,
notice of dishonor, protest or further notice of any kind, all of which are
hereby expressly waived by Borrower;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; take possession of the Property
wherever situated, without any court order or other process of law and without
liability for entering the premises, and lease, sublease or make other
disposition of the Property for use over a term in a commercially reasonable
manner, all for the account of Lender, provided that Borrower shall remain
directly liable for the deficiency, if any, between the rent or other amounts
paid by a lessee or sublessee of the Property pursuant to such lease or
sublease during the same period of time, after deducting all costs and
expenses, including reasonable attorneys&#146; fees and expenses, incurred with
respect to the recovery, repair and storage of the Property during such period
of time;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; take possession of the Property
wherever situated, without any court order or other process of law and without
liability for entering the premises, and sell the Property in a commercially
reasonable manner.&#160; All proceeds from
such sale shall be applied in the following manner:</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIRST, to pay all proper
and reasonable costs and expenses associated with the recovery, repair, storage
and sale of the Property, including reasonable attorneys&#146; fees and expenses;</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECOND, to pay (i) Lender
the amount of all unpaid Loan Payments or other obligations (whether direct or
indirect owed by Borrower to Lender), if any, which are then due and owing,
together with interest and late charges thereon, (ii)&nbsp;Lender the then
applicable Prepayment Amount (taking into account the payment of past-due
Loan Payments as aforesaid), plus a pro rata allocation of interest, at the
rate utilized to calculate the Loan Payments, from the next preceding due date
of a Loan Payment until the date of payment by the buyer, and (iii) any other
amounts due hereunder, including indemnity payments, taxes, charges,
reimbursement of any advances and other amounts payable to Lender hereunder;
and</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIRD, to pay the
remainder of the sale proceeds, purchase moneys or other amounts paid by a
buyer of the Property to Borrower;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; exercise any rights or remedies under
the Mortgage or the Master Security Agreement;</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; proceed by appropriate court action
to enforce specific performance by Borrower of the applicable covenants of this
Agreement or to recover for the breach thereof, including the payment of all
amounts due from Borrower.&#160; Borrower
shall pay or repay to Lender all costs of such action or court action,
including, without limitation, reasonable attorneys&#146; fees; and</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; take whatever action at law or in
equity that may appear necessary or desirable to enforce its rights with
respect to the Property.&#160; Borrower shall
pay or repay to Lender all costs of such action or court action, including,
without limitation, reasonable attorneys&#146; fees.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
any other remedy exercised hereunder, Borrower shall remain obligated to pay to
Lender any unpaid portion of the Prepayment Amount.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
10.03.&#160; <b><i style="font-weight:bold;">No
Remedy Exclusive</i></b><i>.</i>&#160; No remedy herein conferred upon or reserved
to Lender is intended to be exclusive and every such remedy shall be cumulative
and shall be in addition to every other remedy given under this Agreement or
now or hereafter existing at law or in equity.&#160;
No delay or omission to exercise any right or power accruing upon any
Event of Default shall impair any such right or power or shall be construed to
be a waiver thereof, but any such right or power may be exercised from time to
time and as often as may be deemed expedient.&#160;
In order to entitle Lender to exercise any remedy reserved to it in this
Article, it shall not be necessary to give any notice other than such notice as
may be required by this Article.&#160; All
remedies herein conferred upon or reserved to Lender shall survive the
termination of this Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
10.04.&#160; <b><i style="font-weight:bold;">Late
Charge</i></b><i>.</i>&#160; Any Loan Payment not paid by Borrower on the
due date thereof shall, to the extent permissible by law, bear a late charge
equal to the lesser of five cents ($.05) per dollar of the delinquent amount or
the lawful maximum, and Borrower shall be obligated to pay the same immediately
upon receipt of Lender&#146;s written invoice therefor.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
XI</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MISCELLANEOUS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 11.01.&#160; <b><i style="font-weight:bold;">Costs and Expenses of Lender</i></b><i>.</i>&#160; Borrower shall pay
to Lender, in addition to the Loan Payments payable by Borrower hereunder, such
amounts in each year as shall be required by Lender in payment of any reasonable
costs and expenses incurred by Lender in connection with the execution,
performance or enforcement of this Agreement, including but not limited to
payment of all reasonable fees, costs and expenses and all administrative costs
of Lender in connection with the Property, expenses (including, without
limitation, attorneys&#146; fees and disbursements), fees of auditors or attorneys,
insurance premiums not otherwise paid hereunder and all other direct and
necessary administrative costs of Lender or charges required to be paid by it
in order to comply with the terms of, or to enforce its rights under, this
Agreement.&#160; Such costs and expenses shall
be billed to Borrower by Lender from time to time, together with a statement
certifying that the amount so billed has been paid by Lender for one or more of
the </font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">items
above described, or that such amount is then payable by Lender for such
items.&#160; Amounts so billed shall be due
and payable by Borrower within 30 days after receipt of the bill by Borrower.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
11.02.&#160; <b><i style="font-weight:bold;">Disclaimer
of Warranties</i></b><i>.</i>&#160; LENDER
MAKES NO WARRANTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED, AS TO THE
VALUE, DESIGN, CONDITION, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
OR FITNESS FOR USE OF THE PROPERTY, OR ANY OTHER WARRANTY OR REPRESENTATION,
EXPRESS OR IMPLIED, WITH RESPECT THERETO.&#160; In no event shall Lender be liable for any
loss or damage in connection with or arising out of this Agreement, the
Property or the existence, furnishing, functioning or Borrower&#146;s use of any
item or products or services provided for in this Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
11.03.&#160; <b><i style="font-weight:bold;">Notices</i></b><i>.</i>&#160; All notices,
certificates, requests, demands and other communications provided for hereunder
shall be in writing and shall be (a) personally delivered, (b) sent by
first-class United States mail, (c) sent by overnight courier of national
reputation, or (d) transmitted by telecopy, in each case addressed to the party
to whom notice is being given at its address as set forth above and, if
telecopied, transmitted to that party at its telecopier number set forth above
or, as to each party, at such other address or telecopier number as may
hereafter be designated by such party in a written notice to the other party
complying as to delivery with the terms of this Section.&#160; All such notices, requests, demands and other
communications shall be deemed to have been given on (a) the date received if
personally delivered, (b) when deposited in the mail if delivered by mail, (c)
the date sent if sent by overnight courier, or (d) the date of transmission if
delivered by telecopy.&#160; If notice to
Borrower of any intended disposition of the Property or any other intended
action is required by law in a particular instance, such notice shall be deemed
commercially reasonable if given (in the manner specified in this Section) at
least 10 calendar days prior to the date of intended disposition or other
action.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
11.04.&#160; <b><i style="font-weight:bold;">Further
Assurance and Corrective Instruments</i></b><i>.</i>&#160; Borrower hereby agrees that it will, from
time to time, execute, acknowledge and deliver, or cause to be executed,
acknowledged and delivered, such further acts, instruments, conveyances,
transfers and assurances, as Lender reasonably deems necessary or advisable for
the implementation, correction, confirmation or perfection of this Agreement,
the Mortgage or the Environmental Indemnity Agreement and any rights of Lender
hereunder or thereunder.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
11.05.&#160; <b><i style="font-weight:bold;">Binding
Effect; Time of the Essence</i></b><i>.</i>&#160; This Agreement shall inure to the benefit of
and shall be binding upon Lender, Borrower and their respective successors and
assigns.&#160; Time is of the essence.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
11.06.&#160; <b><i style="font-weight:bold;">Severability</i></b><i>.</i>&#160; In the event any
provision of this Agreement shall be held invalid or unenforceable by any court
of competent jurisdiction, such holding shall not invalidate or render
unenforceable any other provision hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
11.07.&#160; <b><i style="font-weight:bold;">Amendments</i></b><i>.</i>&#160; To the extent
permitted by law, the terms of this Agreement shall not be waived, altered,
modified, supplemented or amended in any manner whatsoever except by written
instrument signed by the parties hereto, and then such waiver, </font></p>


 <p style="font-size:10.0pt;line-height:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">30</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">consent, modification or
change shall be effective only in the specific instance and for the specific
purpose given.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
11.08.&#160; <b><i style="font-weight:bold;">Execution
in Counterparts</i></b><i>.</i>&#160; This Agreement may be executed in several counterparts,
each of which shall be an original and all of which shall constitute one and
the same instrument, and any of the parties hereto may execute this Agreement
by signing any such counterpart, provided that only the original marked &#147;Original:
1 of 2&#148; on the execution page thereof shall constitute chattel paper under the
UCC.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
11.09.&#160; <b><i style="font-weight:bold;">Applicable
Law</i></b><i>.</i>&#160;
This Agreement shall be governed by and construed in accordance with the
laws of the State of Hawaii.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
11.10.&#160; <b><i style="font-weight:bold;">Captions</i></b><i>.</i>&#160; The captions or headings
in this Agreement are for convenience only and in no way define, limit or
describe the scope or intent of any provisions or sections of this Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
11.11.&#160; <b><i style="font-weight:bold;">Entire
Agreement</i></b><i>.</i>&#160; This Agreement, the Mortgage, the
Environmental Indemnity Agreement and the exhibits hereto and thereto
constitute the entire agreement among Lender and Borrower.&#160; There are no understandings, agreements,
representations or warranties, express or implied, not specified herein or in
such documents regarding this Agreement or the Property financed hereby.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
11.12.&#160; <b><i style="font-weight:bold;">Usury</i></b><i>.</i>&#160; It is the intention
of the parties hereto to comply with any applicable usury laws; accordingly, it
is agreed that, notwithstanding any provisions to the contrary in this
Agreement, in no event shall this Agreement require the payment or permit the
collection of interest or any amount in the nature of interest or fees in
excess of the maximum permitted by applicable law.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
11.13.&#160; <b><i style="font-weight:bold;">Waiver
of Jury Trial</i></b><i>.</i>  &#160;<font style="text-transform:uppercase;">to the extent permitted by applicable law,
lender and borrower hereby waive their respective rights to a jury trial of any
claim or cause of action based upon or arising out of, directly or indirectly,
this agreement, any of the related documents, any dealings between lender and
borrower relating to the subject matter of the transactions contemplated by
this agreement or any related transactions, and/or the relationship that is
being established between lender and borrower.&#160;
the scope of this waiver is intended to be all encompassing of any and
all disputes that may be filed in any court (including, without limitation,
contract claims, tort claims, breach of duty claims and all other common law
and statutory claims).&#160; this waiver is
irrevocable, meaning that it may not be modified either orally or in writing,
and this waiver shall apply to any subsequent amendments, renewals, supplements
or modifications to this agreement, any related documents, or to any other
documents or agreements relating to the transactions contemplated by this
agreement or any related transactions.&#160;
in the</font></font></p>


 <p style="font-size:10.0pt;line-height:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">31</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">event
of litigation, this agreement may be filed as a written consent to a trial by
the court.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN
WITNESS WHEREOF, the parties hereto have executed this Agreement in their
respective corporate names by their duly authorized officers, all as of the
date first written above.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.44%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->Lender:</p>
  </td>
  <td width="49%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BANK OF HAWAII</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.74%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.74%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:35.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;/S/ LISA C. WONG</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:35.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Vice President</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrower:</font></p>
  </td>
  <td width="49%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MAUI LAND &amp; PINEAPPLE COMPANY, INC.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:35.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;/S/ FRED W. RICKERT</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:35.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Vice President/Treasurer</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:35.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;/S/ ADELE H. SUMIDA</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:35.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Controller &amp; Secretary</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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<p align="right" style="margin:0pt 0pt 24.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
10.2</font></b></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading -->LAND COURT SYSTEM</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">REGULAR SYSTEM</font></p>
  </td>
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</div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;text-transform:uppercase;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;text-transform:uppercase;">After Recordation, Return By
Mail:</font></p>

<p style="margin:0pt 0pt .0001pt 32.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Andrew P. Romshek</font></p>

<p style="margin:0pt 0pt .0001pt 32.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kutak Rock LLP</font></p>

<p style="margin:0pt 0pt .0001pt 32.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Omaha Building</font></p>

<p style="margin:0pt 0pt .0001pt 32.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1650 Farnam Street</font></p>

<p style="margin:0pt 0pt .0001pt 32.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Omaha, NE 68102</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:-72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">Type Of Document:&#160; Mortgage, Security Agreement, Assignment Of
Leases and Rents <br>
And Fixture Filing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Total
Pages:&#160; 29 )</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">Parties To Document:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;text-transform:uppercase;">Mortgagee:</font><font style="letter-spacing:-.15pt;">&#160; </font><font style="letter-spacing:-.15pt;">Bank of Hawaii</font>  </p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;text-transform:uppercase;">Mortgagor:</font><font style="letter-spacing:-.15pt;">&#160; </font>Maui Land &amp; Pineapple Company,
Inc.</p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">Tax Map Key For
Property:</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">MORTGAGE,
SECURITY AGREEMENT, ASSIGNMENT OF LEASES AND RENTS<br>
AND FIXTURE FILING</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS
MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF LEASES AND RENTS AND FIXTURE FILING</font></b>
(herein &#147;Instrument&#148;), is made as of October 1, 2006, by the Mortgagor, MAUI LAND &amp; PINEAPPLE COMPANY, INC.,
a Hawaii corporation, whose address is 120 Kane Street, Kahului, Hawaii
96733-6687 (herein &#147;Borrower&#148;), in favor of the Mortgagee, BANK OF HAWAII, a Hawaii corporation, whose
address is Commercial Real Estate Loan Division, 130 Merchant Street, 17<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;Floor, Honolulu, Hawaii 96813
(herein &#147;Mortgagee&#148;).</p>

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<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">W I T
N E S S E T H :</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THAT, WHEREAS, Borrower is justly indebted to
Mortgagee in the principal sum of $10,000,000.00, pursuant to a certain Loan
Agreement (Real Estate) of even date herewith, more particularly described below,</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, in consideration of the indebtedness
herein recited, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Borrower irrevocably gives,
grants, sells, conveys, warrants, assigns, sets over, and mortgages<b> </b>unto Mortgagee all of Borrower&#146;s right, title and interest,
now owned or hereafter acquired, including any reversion or remainder interest,
in the real property located in the City of Kahului, County of Maui, State of
Hawaii, and more particularly described on Exhibit&nbsp;A attached hereto and
incorporated herein including all heretofore or hereafter vacated alleys and
streets abutting the property, and all easements, rights, appurtenances,
tenements, hereditaments, rents, royalties, mineral, oil and gas rights and
profits, water, water rights, and water stock appurtenant to the property
(collectively &#147;Premises&#148;);</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TOGETHER with all of Borrower&#146;s estate, right, title
and interest, now owned or hereafter acquired, in, under and to:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all buildings, structures,
improvements, parking areas, landscaping, equipment, fixtures and articles of
property now or hereafter erected on, attached to, or used or adapted for use
in the operation of the Premises; including but without being limited to, all heating,
air conditioning and incinerating apparatus and equipment; all boilers,
engines, motors, dynamos, generating equipment, piping and plumbing fixtures,
water heaters, ranges, cooking apparatus and mechanical kitchen equipment,
refrigerators, freezers, cooling, ventilating, sprinkling and vacuum cleaning
systems, fire extinguishing apparatus, gas and electric fixtures, carpeting,
floor coverings, underpadding, elevators, escalators, partitions, mantels,
built-in mirrors, window shades, blinds, draperies, screens, storm sash,
awnings, signs and shrubbery and plants, and including also all interest of any
owner of the Premises in any of such items hereafter at any time acquired under
conditional sale contract, chattel mortgage or other title retaining or
security instrument, all of which property mentioned in this clause&nbsp;(a)
shall be deemed part of the realty covered by this Instrument and not severable
wholly or in part without material injury to the freehold of the Premises (all
of the foregoing together with replacements and additions thereto are referred
to herein as &#147;Improvements&#148;); and</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all compensation, awards, damages,
rights of action and proceeds, including interest thereon and/or the proceeds
of any policies of insurance therefor, arising out of or relating to (i)&nbsp;a
taking or damaging of the Premises or Improvements thereon by reason of any
public or private improvement, condemnation proceeding (including change of
grade), sale or transfer in lieu of condemnation, or fire, earthquake or other casualty,
or (ii)&nbsp;any injury to or decrease in the value of the Premises or the
Improvements for any reason whatsoever;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; return premiums or other payments
upon any insurance any time provided with respect to the Premises,
Improvements, and other collateral described herein for the </font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">benefit of or naming
Mortgagee, and refunds or rebates of taxes or assessments on the Premises;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all written and oral leases and
rental agreements (including extensions, renewals and subleases; all of the
foregoing shall be referred to collectively herein as the &#147;Leases&#148;) now or
hereafter affecting the Premises including, without limitation, all rents,
issues, income, profits and other revenues and income therefrom and from the
renting, leasing or bailment of Improvements and equipment (&#147;Rents&#148;), all
guaranties of tenants&#146; performance under the Leases, and all rights and claims
of any kind that Borrower may have against any tenant under the Leases or in
connection with the termination or rejection of the Leases in a bankruptcy or
insolvency proceeding;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; plans, specifications, contracts and
agreements relating to the design or construction of the Improvements; Borrower&#146;s
rights under any payment, performance, or other bond in connection with the
design or construction of the Improvements; all landscaping and construction
materials, supplies, and equipment used or to be used or consumed in connection
with construction of the Improvements, whether stored on the Premises or at
some other location; and contracts, agreements, and purchase orders with
contractors, subcontractors, suppliers, and materialmen incidental to the
design or construction of the Improvements;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to the extent all contracts,
deposits, deposit accounts, accounts, all rights, claims or causes of action
pertaining to or affecting the Premises or the Improvements, including, without
limitation, all supporting obligations and any and all proceeds thereof, all
options or contracts to acquire other property for use in connection with
operation or development of the Premises or Improvements, management contracts,
service or supply contracts, permits, licenses, franchises and certificates,
and all commitments or agreements, now or hereafter in existence, intended by
the obligor thereof to provide Borrower with proceeds to satisfy the loan
evidenced hereby or improve the Premises or Improvements, and the right to
receive all proceeds due under such commitments or agreements including
refundable deposits and fees;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all books, records, surveys, reports
and other documents related to the Premises, the Improvements, the Leases, or
other items of collateral described herein; and</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all additions, accessions,
replacements, substitutions, proceeds and products of the real and personal
property, tangible and intangible, described herein, including but not limited
to lease and real-estate proceeds and other amounts relating to the use,
disposition, or sale of the collateral described herein which proceeds or other
amounts are characterized as general intangibles.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All of the foregoing described collateral is exclusive
of any goods, equipment, inventory, furniture, furnishings or trade fixtures
owned and supplied by tenants of the Premises.&#160;
The Premises, the Improvements, the Leases and all of the rest of the
foregoing property are herein referred to as the &#147;Property.&#148;</font></p>


 <p style="font-size:10.0pt;line-height:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TO HAVE AND TO HOLD the Property and all parts,
rights, members and appurtenances thereof to the use and benefit of Mortgagee
and its successors and assigns in fee simple forever.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TO SECURE TO Mortgagee (a) the repayment of funds
advanced or to be advanced for the purpose of paying for the construction of
improvements on the Premises in whole or in part, in the principal amount of
$10,000,000.00 with interest thereon at the rate of 6.93% per annum as set
forth in the Loan Agreement (Real Estate) dated of even date herewith (the &#147;Loan
Agreement&#148;) between Borrower and Mortgagee and all renewals, extensions and
modifications thereof; (b)&nbsp; the repayment of any future advances, with
interest thereon, made by Mortgagee to Borrower pursuant to <u>Section&nbsp;28</u>
hereof (herein &#147;Future Advances&#148;); (c)&nbsp;the payment of all other sums, with
interest thereon, advanced in accordance herewith to protect the security of
this Instrument or to fulfill any of Borrower&#146;s obligations hereunder or under
the other Loan Documents (as defined below), the amount of which together with
the Future Advances shall not exceed $20,000,000.00; (d)&nbsp;the performance
of the covenants and agreements of Borrower contained herein or in the other
Loan Documents; and (e) the repayment of all sums now or hereafter owing to
Mortgagee by Borrower pursuant to any instrument which recites that it is
secured hereby.&#160; The indebtedness and
obligations described in clauses&nbsp;(a)-(e) above are collectively referred
to herein as the &#147;Indebtedness.&#148;&#160; The
Loan Agreement, this Instrument, and all other documents evidencing, securing
or guaranteeing the Indebtedness (except the Environmental Indemnity Agreement
Regarding Hazardous Substances (&#147;Indemnity&#148;), as the same may be modified or
amended from time to time, are referred to herein as the &#147;Loan Documents.&#148;&#160; The terms of the Loan Agreement may provide
that the interest rate or payment terms or balance due may be indexed,
adjusted, renewed, or renegotiated from time to time, and this Instrument shall
continue to secure the Indebtedness notwithstanding any such indexing,
adjustment, renewal or renegotiation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PROVIDED, ALWAYS, that if Borrower shall pay unto
Mortgagee the Indebtedness and if Borrower shall duly, promptly and fully
perform, discharge, execute, effect, complete and comply with and abide by each
and every of the stipulations, agreements, conditions and covenants of the Loan
Agreement and this Instrument, then this Instrument and all assignments
contained herein and liens created hereby shall cease and be null and void;
otherwise to remain in full force and effect.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrower represents and warrants that Borrower has
good, marketable and insurable title to, and has the right to mortgage an
indefeasible fee simple estate in, the Premises, Improvements, Rents, and
Leases, and the right to convey the other Property, that the Property is
unencumbered except for the exceptions set forth in Exhibit B hereto (the &#147;Permitted
Exceptions&#148;), and that Borrower will warrant and forever defend the title to
the Property against all claims and demands, subject only to the Permitted
Exceptions.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrower represents, warrants, covenants and agrees
for the benefit of Mortgagee as follows:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>PAYMENT OF PRINCIPAL AND
INTEREST</b>.&#160; Borrower shall
promptly pay when due the principal of and interest on the Indebtedness, any
prepayment and other charges provided in the Loan Documents and all other sums
secured by this Instrument.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>FUNDS FOR TAXES, INSURANCE
AND OTHER CHARGES</b>.&#160; Except as
is hereinafter provided with respect to the impounding of such payments by
Mortgagee following the occurrence and during the continuance of an Event of
Default, Borrower shall pay or cause to be paid when due, prior to delinquency,
all annual real estate taxes, insurance premiums, assessments, water and sewer
rates, ground rents and other charges (herein &#147;Impositions&#148;) payable with
respect to the Property.&#160; Upon the
occurrence and during the continuance of an Event of Default (hereinafter
defined), and at Mortgagee&#146;s sole option at any time thereafter, Borrower shall
pay in addition to each monthly payment on the Loan, one-twelfth of the annual
Impositions (as estimated by Mortgagee in its reasonable discretion), to be
held by Mortgagee without interest to Borrower, for the payment of such
Impositions (such payments being referred to herein as &#147;Impounds&#148;).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annually during the term of this Instrument, Mortgagee
shall compare the Impounds collected to the Impositions paid or to be
paid.&#160; If the amount of such Impounds
held by Mortgagee at such time shall exceed the amount deemed necessary by
Mortgagee to provide for the payment of Impositions as they fall due, if no
Event of Default shall have occurred and be continuing, such excess shall be at
Borrower&#146;s option, either repaid to Borrower or credited to Borrower on the
next monthly installment or installments of Impounds due.&#160; If at any time the amount of the Impounds
held by Mortgagee shall be less than the amount deemed necessary by Mortgagee
to pay Impositions as they fall due, Borrower shall pay to Mortgagee any amount
necessary to make up the deficiency within thirty (30)&nbsp;days after notice
from Mortgagee to Borrower requesting payment thereof.&#160; Upon the occurrence of an Event of Default
hereunder, Mortgagee may apply, in any amount and in any order as Mortgagee
shall determine in Mortgagee&#146;s sole discretion, any Impounds held by Mortgagee
at the time of application (i)&nbsp;to pay Impositions which are now or will
hereafter become due, or (ii)&nbsp;as a credit against sums secured by this
Instrument.&#160; Upon payment in full of all
sums secured by this Instrument, Mortgagee shall refund to Borrower any
Impounds then held by Mortgagee.&#160; If
requested by Mortgagee, Borrower shall promptly furnish to Mortgagee all
notices of Impositions which become due, and in the event Borrower shall make
payment directly, Borrower shall promptly furnish to Mortgagee receipts
evidencing such payments upon request.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>APPLICATION OF PAYMENTS.</b>&#160; Unless applicable law provides otherwise,
each complete installment payment received by Mortgagee from Borrower under the
Loan Agreement or this Instrument shall be applied by Mortgagee as set forth in
the Loan Agreement.&#160; Upon the occurrence
of an Event of Default, Mortgagee may apply, in any amount and in any order as
Mortgagee shall determine in Mortgagee&#146;s sole discretion, any payments received
by Mortgagee under the Loan Agreement or this Instrument.&#160; Any partial payment received by Mortgagee
shall, at Mortgagee&#146;s option, be held in a non-interest bearing account until Mortgagee
receives funds sufficient to equal a complete installment payment.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>CHARGES, LIENS.</b>&#160; Borrower shall promptly discharge or bond off
any lien which has, or may have, priority over or equality with, the lien of
this Instrument, and Borrower shall pay, when due, the claims of all persons
supplying labor or materials to or in connection with the Property.&#160; Without Mortgagee&#146;s prior written permission,
Borrower shall not allow any lien inferior to this Instrument to be perfected
against the Property.&#160; If any lien
inferior to this Instrument is filed against the Property without Mortgagee&#146;s
prior written permission and without the consent of Borrower, Borrower shall,
within thirty (30)&nbsp;days after receiving notice of </font></p>


 <p style="font-size:10.0pt;line-height:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">5</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the filing of such lien, cause such lien to be
released of record or bonded off and deliver evidence of such release or
bonding to Mortgagee.&#160; Borrower may
contest any lien by appropriate proceedings in good faith, timely filed,
provided that enforcement of such lien is stayed pending such contest.&#160; Mortgagee may require that Borrower post
security for payment of such lien.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>INSURANCE.</b>&#160; Borrower shall obtain and maintain the types
of insurance required by the Loan Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BORROWER IS NOT REQUIRED TO OBTAIN INSURANCE FROM OR
THROUGH ANY PARTICULAR INSURER, AGENT OR BROKER AND IS FREE TO OBTAIN INSURANCE
THROUGH ANY INSURER, AGENT OR BROKER LICENSED TO DO BUSINESS IN THE STATE OF
HAWAII THAT MEETS THE REQUIREMENTS SET FORTH IN THE LOAN AGREEMENT.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>PRESERVATION AND
MAINTENANCE OF PROPERTY; LEASEHOLDS.</b>&#160;
Borrower (a)&nbsp;shall not commit waste or permit impairment or
deterioration of the Property other than the Designated Buildings (as defined
below), (b)&nbsp;shall not abandon the Property, (c)&nbsp;shall restore or
repair promptly and in a good and workmanlike manner all or any part of the
Property (other than the Designated Buildings) to the equivalent of its
original condition, or such other condition as Mortgagee may approve in
writing, in the event of any damage, injury or loss thereto, whether or not
insurance proceeds are available to cover in whole or in part the costs of such
restoration or repair, (d)&nbsp;shall keep the Property (other than the
Designated Buildings), including all Improvements thereon, in good repair and
shall replace fixtures, equipment, machinery and appliances on the Property
when necessary to keep such items in good repair, (e)&nbsp;shall comply with
all laws, ordinances, regulations and requirements of any governmental body
applicable to the Property, except where the failure to so comply could not
reasonably be expected to have a Material Adverse Effect (as defined in the
Loan Agreement), (f)&nbsp;if all or part of the Property is for rent or lease,
then Mortgagee, at its option after the occurrence of an Event of Default, may
require Borrower to provide for professional management of the Property by a
property manager satisfactory to Mortgagee pursuant to a contract approved by
Mortgagee in writing, unless such requirement shall be waived by Mortgagee in
writing, and (g)&nbsp;shall give notice in writing to Mortgagee of and, unless
otherwise directed in writing by Mortgagee, appear in and defend any action or
proceeding purporting to affect the Property, the security of this Instrument
or the rights or powers of Mortgagee hereunder.&#160;
Neither Borrower nor any tenant or other person shall remove, demolish
or alter any improvement now existing or hereafter erected on the Premises or
any fixture, equipment, machinery or appliance in or on the Property with a
market value in excess of $50,000 individually or $100,000 in the aggregate,
except when incident to the replacement of fixtures, equipment, machinery and
appliances with items of like kind.&#160;
Notwithstanding any provision herein or in the Loan Agreement to the
contrary, Borrower shall not be required to repair, or otherwise keep in good
repair, the Designated Buildings and may demolish or otherwise remove the
Designated Buildings from the Property in an orderly and efficient manner.&#160; &#147;Designated Buildings&#148; means all of the
buildings located on the Property other than the recently-renovated
approximately 259,691 square foot warehouse.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrower represents and warrants to Lender as of the
Closing Date (as defined in the Loan Agreement) and covenants that the Property
is and shall be in substantial compliance with </font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Americans with Disabilities Act of 1990 and all of
the regulations promulgated thereunder, as the same may be amended from time to
time.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>USE OF PROPERTY.</b>&#160; Unless required by applicable law or unless
Mortgagee has otherwise agreed in writing, Borrower shall not allow changes in
the use for which all or any part of the Property was intended at the time this
Instrument was executed.&#160; Borrower shall
not, without Mortgagee&#146;s prior written consent, (i)&nbsp;initiate or acquiesce
in a change in the zoning classification (including any variance under any
existing zoning ordinance applicable to the Property), (ii)&nbsp;permit the use
of the Property to become a non-conforming use under applicable zoning
ordinances, (iii)&nbsp;file any subdivision or parcel map affecting the
Property, or (iv)&nbsp;amend, modify or consent to any easement or covenants,
conditions and restrictions pertaining to the Property.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>PROTECTION OF MORTGAGEE&#146;S
SECURITY.</b>&#160; If an Event of
Default shall have occurred and be continuing, or if any action or proceeding
is commenced which affects the Property or title thereto or the interest of
Mortgagee therein, including, but not limited to, eminent domain, insolvency,
code enforcement, or arrangements or proceedings involving a bankrupt or
decedent, then Mortgagee at Mortgagee&#146;s option may make such appearances,
disburse such sums and take such action as Mortgagee deems necessary, in its
sole discretion, to protect Mortgagee&#146;s interest, including, but not limited
to, (i)&nbsp;disbursement of attorneys&#146; fees, (ii)&nbsp;entry upon the Property
to make repairs, and (iii)&nbsp;procurement of satisfactory insurance as
provided in <u>Section&nbsp;5</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any amounts disbursed by Mortgagee pursuant to this <u>Section&nbsp;8</u>,
with interest thereon, shall become additional Indebtedness of Borrower secured
by this Instrument.&#160; Unless Borrower and
Mortgagee agree to other terms of payment, such amounts shall be immediately
due and payable and shall bear interest from the date of disbursement at the
lesser of 18% per annum or the highest rate permitted by law.&#160; Borrower hereby covenants and agrees that
Mortgagee shall be subrogated to the lien of any mortgage or other lien
discharged, in whole or in part, by the Indebtedness.&#160; Nothing contained in this <u>Section&nbsp;8</u>
shall require Mortgagee to incur any expense or take any action hereunder.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, at Mortgagee&#146;s option,
any additional advances made by Mortgagee (i) to protect or preserve the
Property or security interest created in the Property and (ii) to ensure the
full performance of all of the provisions, agreements, covenants and
obligations contained in the Loan Documents may be capitalized and consolidated
into the Loan and shall bear interest as provided therein.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>INSPECTION.</b>&#160; Mortgagee may make or cause to be made reasonable
entries upon the Property during Borrower&#146;s normal business hours to inspect
the interior and exterior thereof.&#160;
Except in case of emergency, such inspection shall be with reasonable
prior notice and shall in any case be with due regard to rights of tenants.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>[RESERVED.]</b></font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>CONDEMNATION.</b>&#160; If the Property, or any part thereof, shall
be condemned for any reason, including without limitation fire or earthquake
damage, or otherwise taken for public </font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or quasi-public use under the power of eminent domain,
Mortgagee shall apply all such proceeds thereof as set forth in the Loan
Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>BORROWER AND LIEN NOT
RELEASED.</b>&#160; From time to time,
Mortgagee may, at Mortgagee&#146;s option, without giving notice to or obtaining the
consent of any junior lienholder or guarantors, without liability on Mortgagee&#146;s
part and notwithstanding the occurrence of an Event of Default, extend the time
for payment of the Indebtedness or any part thereof, reduce the payments
thereon, release anyone liable on any of the Indebtedness (including but not
limited to any guarantor), accept an extension or modification or renewal note
or notes therefor, modify the terms and time of payment of the Indebtedness,
enter into a loan modification agreement with Borrower, release from the lien
of this Instrument any part of the Property, take or release other or
additional security, reconvey any part of the Property, consent to any map or
plan of the Property, consent to the granting of any easement, join in any
extension or subordination agreement, and agree in writing with Borrower to
modify the rate of interest or period of amortization of the Loan or change the
amount of the monthly installments payable thereunder.&#160; Any actions taken by Mortgagee pursuant to
the terms of this <u>Section&nbsp;12</u> shall not affect the obligation of
Borrower or Borrower&#146;s successors or assigns to pay the sums secured by this
Instrument and to observe the covenants of Borrower contained herein, shall not
affect the guaranty of any person, corporation, partnership or other entity for
payment of the Indebtedness, and shall not affect the lien or priority of the
lien hereof on the Property.&#160; Borrower
shall pay Mortgagee a service charge (based on Mortgagee&#146;s then-current fee
schedule for each matters), together with such title insurance premiums and
attorneys&#146; fees as may be incurred at Mortgagee&#146;s option, for any such action
if taken at Borrower&#146;s request or for other servicing requests, including but
not limited to name changes, prepayments of the Indebtedness, and loan pay off
statement requests.&#160; Such service charge
is exclusive of any legal fees which may be incurred by Mortgagee in connection
with Borrower&#146;s request..</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>FORBEARANCE BY MORTGAGEE
NOT A WAIVER.</b>&#160; Any forbearance
by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded
by applicable law, shall not be a waiver of or preclude the exercise of any
other right or remedy.&#160; The acceptance by
Mortgagee of payment of any sum secured by this Instrument after the due date
of such payment shall not be a waiver of Mortgagee&#146;s right to either require
prompt payment when due of all other sums so secured or to declare a default
for failure to make prompt payment.&#160; The
procurement of insurance or the payment of taxes or other liens or charges by
Mortgagee shall not be a waiver of Mortgagee&#146;s right to accelerate the maturity
of the Indebtedness secured by this Instrument, nor shall Mortgagee&#146;s receipt
of any awards, proceeds or damages under <u>Sections&nbsp;5</u> and <u>11</u>
hereof operate to cure or waive Borrower&#146;s default in payment of sums secured
by this Instrument.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>UNIFORM COMMERCIAL CODE
SECURITY AGREEMENT.</b>&#160; This
Instrument is intended to be a security agreement pursuant to the Uniform
Commercial Code for any of the items specified above as part of the Property
which, under applicable law, may be subject to a security interest pursuant to
the Uniform Commercial Code, and Borrower hereby grants to Mortgagee a first
and prior security interest in all of the Property that constitutes personal
property (&#147;Collateral&#148;, for purposes of this <u>Section&nbsp;14</u>), whether
now owned or hereafter acquired.&#160;
Borrower agrees that Mortgagee may file this Instrument, or a
reproduction thereof, in the real estate records or other appropriate index, as
a financing statement for any of </font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the items specified above as part of the
Collateral.&#160; Any reproduction of this
Instrument or of any other security agreement or financing statement shall be
sufficient as a financing statement.&#160; In
addition, Mortgagee may submit for filing any financing statements, as well as
extensions, renewals and amendments thereof, and reproductions of this
Instrument in such form as Mortgagee may deem appropriate to perfect a security
interest with respect to the foregoing items.&#160;
Borrower shall pay all costs of filing such financing statements and any
extensions, renewals, amendments and releases thereof, and shall pay all costs
and expenses of any record searches for financing statements Mortgagee may
reasonably require.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrower expressly
warrants and covenants:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except for the Permitted Exceptions
and the security interest granted hereby and by the other Loan Documents,
Borrower is the owner of the Collateral free from any lien, security interest
or encumbrance.&#160; Borrower understands
that any further encumbrance of the Collateral is prohibited.&#160; Borrower shall defend the Collateral against
all claims and demands of all persons at any time claiming the same or any
interest therein.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Collateral is used or bought
primarily for use in the business of Borrower and not for consumer purposes.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower&#146;s business address is as
stated above.&#160; The Collateral is located
at or on or is used or owned for or in connection with the Premises and other
Property.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower shall promptly notify
Mortgagee of any change in the location of the Collateral or any change in
Borrower&#146;s principal place of business.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower will not use the Collateral
in violation of any applicable statutes, regulations or ordinances.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding anything else
contained herein to the contrary, if any personal property for use on the
Property will be leased to Borrower, Mortgagee&#146;s interest therein shall be
subordinate to lessor&#146;s interest therein.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Until the occurrence of an Event of Default, Borrower
may have possession of the Collateral and use it in any lawful manner, and upon
the occurrence of an Event of Default Mortgagee shall have the immediate right
to the possession of the Collateral.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the occurrence and during the continuance of an
Event of Default, Mortgagee shall have the remedies of a secured party under
the Uniform Commercial Code, and Mortgagee may also invoke the remedies
provided in <u>Section&nbsp;26</u> of this Instrument as to such items.&#160; In exercising any of said remedies Mortgagee
may proceed against the items of real property and any items of Collateral
specified above separately or together and in any order whatsoever, without in
any way affecting the availability of Mortgagee&#146;s remedies under the Uniform
Commercial Code or of the remedies provided in <u>Section&nbsp;26</u> of this
Instrument.&#160; Within ten (10)&nbsp;days
following any request therefor by Mortgagee, Borrower shall prepare and deliver
to Mortgagee a written inventory specifically listing all of the Collateral
covered by the security </font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">interest herein granted, which inventory shall be
certified by Borrower as being true, correct, and complete.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Addresses and Other Information for Fixture
Filing.&#160; The following information is
provided in order that this Instrument shall comply with the requirements of
the Uniform Commercial Code, as enacted in the State of Hawaii, for instruments
to be filed as financing statements and with other requirements of applicable
law:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.16%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableCenter --><!-- SET mrlNoTableShading -->(a)</p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name of Borrower (Debtor):</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MAUI LAND &amp; PINEAPPLE COMPANY, INC.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address of
  Borrower:</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">120 Kane Street</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kahului, HI 96733-6687</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name of Mortgagee</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Secured Party)</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BANK OF HAWAII</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address of
  Mortgagee:</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commercial Real Estate Loan Division</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.28%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">130 Merchant
  Street, 17</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&nbsp;Floor</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Honolulu, Hawaii
  96813</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Record Owner of Real Estate</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Described on
  Exhibit A hereto</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BORROWER</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jurisdiction of Organization:</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hawaii</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Organizational ID No.:</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">756 D1</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>LEASES OF THE PROPERTY.</b>&#160; Borrower shall comply with and observe Borrower&#146;s
obligations as landlord under all Leases of the Property or any part
thereof.&#160; All Leases now or hereafter
entered into will be in form and substance subject to the approval of
Mortgagee.&#160; If Mortgagee fails to approve
or disapprove any Lease in writing within 10 business days of the receipt of a
written request from Borrower, which request includes a copy of the proposed
Lease, and Mortgagee receives a second written request from Borrower and fails
to respond within ten business days of the receipt thereof, Mortgagee shall be
deemed to have given approval for such Lease.&#160;
Borrower shall pay all reasonable attorneys&#146; fees incurred by Mortgagee
in reviewing any Lease or proposed Lease.&#160;
All Leases of the Property shall specifically provide that such Leases
are subordinate to this Instrument; that the tenant attorns to Mortgagee, such
attornment to be effective upon Mortgagee&#146;s acquisition of title to the
Property; that the tenant agrees to execute such further evidences of
attornment as Mortgagee may from time to time request; that the attornment of
the tenant shall not be terminated by foreclosure; and that Mortgagee may, at
Mortgagee&#146;s option, accept or reject such attornments (except as to third-party
credit tenants unrelated to Borrower, as to which Mortgagee shall grant a non-disturbance
provision).&#160; Borrower shall not, without
Mortgagee&#146;s written consent, request or consent to the subordination of any
Lease of all or any part of the Property to any lien subordinate to this
Instrument.&#160; If Borrower becomes aware
that any tenant proposes to do, or is doing, any act or thing which may give
rise to any right of set-off against rent, Borrower shall (i)&nbsp;take such
steps as shall be reasonably calculated to prevent the accrual of any right to
a set-off against rent, (ii)&nbsp;immediately notify Mortgagee thereof in
writing and of the amount of said </font></p>


 <p style="font-size:10.0pt;line-height:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">10</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>


<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">set-offs, and (iii)&nbsp;within ten (10)&nbsp;days
after such accrual, reimburse the tenant who shall have acquired such right to
set-off or take such other steps as shall effectively discharge such setoff and
as shall assure that Rents thereafter due shall continue to be payable without
set-off or deduction.&#160; Upon Mortgagee&#146;s
receipt of notice of the occurrence of any default or violation by Borrower of
any of its obligations under the Leases beyond applicable periods for notice
and cure, Mortgagee shall have the immediate right, but not the duty or
obligation, without prior written notice to Borrower or to any third party (but
with due regard for rights of tenants under Leases), to enter upon the Property
and to take such actions as Mortgagee may deem necessary to cure the default or
violation by Borrower under the Leases.&#160;
The costs incurred by Mortgagee in taking any such actions pursuant to
this paragraph shall become part of the Indebtedness, shall bear interest at
the rate provided in the Loan Agreement, and shall be payable by Borrower to
Mortgagee on demand.&#160; Mortgagee shall
have no liability to Borrower or to any third party for any actions taken by
Mortgagee or not taken pursuant to this paragraph.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>REMEDIES CUMULATIVE.</b>&#160; Each remedy provided in this Instrument is
distinct and cumulative to all other rights or remedies under this Instrument
or afforded by law or equity, and may be exercised concurrently, independently,
or successively, in any order whatsoever.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>TRANSFERS OF THE PROPERTY;
SUBORDINATE FINANCING PROHIBITED.</b>&#160;
Mortgagee may, at its option, declare all sums secured by this
Instrument to be immediately due and payable, and Mortgagee may invoke any
remedies permitted by <u>Section&nbsp;26</u> of this Instrument, if title to
the Property is changed.&#160; Any transfer of
any interest in the Property or in the income therefrom, by sale or lease
(except for Leases to tenants in the ordinary course of managing income
property which are approved by Mortgagee pursuant to <u>Section&nbsp;15</u> of
this Instrument) (including any such transfers as security for additional
financing of the Property), shall be considered a change of title.&#160; Leasehold mortgages and collateral
assignments of any Lease of the Property given by tenants of the Property are
prohibited.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>NOTICE.</b>&#160; Except for any notice required under
applicable law to be given in another manner, any and all notices, elections,
demands, or requests permitted or required to be made under this Instrument or
under the Loan Agreement shall be in writing, signed by the party giving such
notice, election, demand or request, and shall be shall be (a) personally
delivered, (b) sent by first-class United States mail, or (c) sent by overnight
courier of national reputation, to the other party at the address stated above,
or to such other party and at such other address within the United&nbsp;States
of America as any party may designate in writing as provided herein.&#160; The date of receipt of such notice, election,
demand or request shall be deemed to have been given on (a)&nbsp;the date
received if personally delivered, (b) when deposited in the mail if delivered
by mail, or (c) the date sent if sent by overnight courier.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>SUCCESSORS AND ASSIGNS
BOUND; AGENTS; CAPTIONS.</b>&#160; The
covenants and agreements herein contained shall bind, and the rights hereunder
shall inure to, the respective heirs, successors and assigns of Mortgagee and
Borrower, subject to the provisions of <u>Section&nbsp;17</u> hereof.&#160; In exercising any rights hereunder or taking
any actions provided for herein, Mortgagee may act through its employees,
agents or independent contractors as authorized by Mortgagee.&#160; The captions and headings of the sections of
this Instrument are for convenience only and are not to be used to interpret or
define the provisions hereof.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>WAIVER OF STATUTE OF
LIMITATIONS.</b>&#160; Borrower hereby
waives the right to assert any statute of limitations as a bar to the
enforcement of the lien of this Instrument or to any action brought to enforce
the Loan Agreement or any other obligation secured by this Instrument.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>WAIVER OF MARSHALLING.</b>&#160; Notwithstanding the existence of any other
security interests in the Property held by Mortgagee or by any other party,
Mortgagee shall have the right to determine the order in which any or all of
the Property shall be subjected to the remedies provided herein.&#160; Mortgagee shall have the right to determine
the order in which any or all portions of the Indebtedness secured hereby are
satisfied from the proceeds realized upon the exercise of the remedies provided
herein.&#160; Borrower, any party who consents
to this Instrument and any party who now or hereafter acquires a security
interest in the Property and who has actual or constructive notice hereof
hereby waives any and all right to require the marshalling of assets in
connection with the exercise of any of the remedies permitted by applicable law
or provided herein.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>[RESERVED.]</b></font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>ADVANCES, COSTS AND
EXPENSES.</b>&#160; Borrower shall pay
within thirty (30)&nbsp;days after written demand from Mortgagee all sums
advanced by Mortgagee and all costs and expenses incurred by Mortgagee in
taking any actions pursuant to the Loan Documents including reasonable
attorneys&#146; fees and disbursements, accountants&#146; fees, appraisal and inspection
fees and the costs for title reports and guaranties, together with interest
thereon at the lesser of 18% per annum or the highest rate permitted by
law.&#160; All such costs and expenses
incurred by Mortgagee, and advances made, shall constitute advances under this
Instrument to protect the Property and shall be secured by and have the same
priority as the lien of this Instrument.&#160;
If Borrower fails to pay any such advances, costs and expenses and
interest thereon, Mortgagee may apply any undisbursed loan proceeds to pay the
same, and, without foreclosing the lien of this Instrument, may at its option
commence an independent action against Borrower for the recovery of the costs,
expenses and/or advances, with interest, together with costs of suit, costs of
title reports and guaranty of title, disbursements of counsel and reasonable
attorneys&#146; fees incurred therein or in any appeal therefrom.&#160; If any check delivered by or on behalf of
Borrower in payment of any monthly installment due on the Indebtedness or any
other payment due hereunder shall be returned on account of insufficient funds,
or if Mortgagee is unable to debit Borrower&#146;s account for such payment in
accordance with previously agreed automated funds withdrawal mechanism,
Borrower shall pay a service charge in accordance with Mortgagee&#146;s current fee
schedule.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>ASSIGNMENT OF LEASES AND
RENTS.</b>&#160; Borrower, for good and
valuable consideration, the receipt of which is hereby acknowledged, to secure
the Indebtedness, does hereby absolutely and unconditionally grant, bargain,
sell, transfer, assign, convey, set over and deliver unto Mortgagee all right,
title and interest of Borrower in, to and under the Leases of the Property,
whether now in existence or hereafter entered into, and all guaranties,
amendments, extensions and renewals of said Leases and any of them, and all
Rents which may now or hereafter be or become due or owing under the Leases,
and any of them, or on account of the use of the Property.</font></p>


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<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrower represents,
warrants, covenants and agrees with Mortgagee as follows:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The sole ownership of the entire
lessor&#146;s interest in the Leases is vested in Borrower, and Borrower has not,
and shall not, perform any acts or execute any other instruments which might
prevent Mortgagee from fully exercising its rights with respect to the Leases
under any of the terms, covenants and conditions of this Instrument.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Leases are and shall be valid and
enforceable in accordance with their terms and have not been and shall not be
altered, modified, amended, terminated, canceled, renewed or surrendered except
as approved in writing by Mortgagee, which approval shall not be unreasonably
withheld, subject to Mortgagee&#146;s then-current underwriting criteria for
similar properties and transactions.&#160; The
terms and conditions of the Leases have not been and shall not be waived in any
manner whatsoever except as approved in writing by Mortgagee.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower shall not decrease the term
or the amount of rent payable under any Lease without prior written notice to
Mortgagee and Mortgagee&#146;s consent.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There are currently no Leases of the
Property.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower shall give prompt written
notice to Mortgagee of any notice received by Borrower claiming that a default
has occurred under any of the Leases on the part of Borrower, together with a
complete copy of any such notice.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each of the Leases shall remain in
full force and effect irrespective of any merger of the interest of lessor and
any lessee under any of the Leases.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower will not permit any Lease to
become subordinate to any lien other than the lien of this Instrument.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower shall not permit the
assignment of the lessee&#146;s interest under any Lease without Mortgagee&#146;s prior
written consent.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The assignment made hereunder is an absolute, present
assignment from Borrower to Mortgagee, effective immediately, and is not merely
an assignment for security purposes but is irrevocable by Borrower so long as
the Indebtedness remains outstanding.&#160;
Notwithstanding the foregoing, until a notice is sent to the Borrower in
writing that an Event of Default (as defined below) has occurred under the
terms and conditions of the Loan Agreement or any&#160; instrument constituting&#160; security for the Loan (which notice is
hereafter called a &#147;Notice&#148;), Borrower is granted a license to receive, collect
and enjoy the Rents accruing from the Property.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If an Event of Default shall occur, Mortgagee may, at
its option, after service of a Notice, receive and collect all such Rents as
they become due, from the Property.&#160;
Mortgagee shall thereafter continue to receive and collect all such Rents,
until Mortgagee shall otherwise agree in writing.&#160; All sums received by Borrower after service
of such Notice shall be deemed received in trust and shall be immediately
turned over to Mortgagee.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrower hereby irrevocably appoints Mortgagee its true
and lawful attorney-in-fact with power of substitution and with
full power for Mortgagee in its own name and capacity or in the name and
capacity of Borrower, from and after&#160;
service of Notice, to demand, collect, receive and give complete
acquittances for any and all Rents accruing from the Property, either in its
own name or in the name of Borrower or otherwise, which Mortgagee may deem
necessary or desirable in order to collect and enforce the payment of the Rents
and to demand, collect, receive, endorse, and deposit all checks, drafts, money
orders or notes given in payment of such Rents.&#160;
Such appointment is coupled with an interest and is irrevocable.&#160; Mortgagee shall not be liable for or
prejudiced by any loss of any note, checks, drafts, etc., unless such loss
shall have been found by a court of competent jurisdiction to have been due to
the gross negligence or willful misconduct of Mortgagee.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mortgagee shall apply the Rents received from Borrower&#146;s
lessees, to accrued interest and principal under the Loan Agreement.&#160; If no Event of Default remains uncured,
amounts received in excess of the aggregate monthly payment due under the Loan
Agreement shall be remitted to Borrower in a timely manner.&#160; Nothing contained herein shall be construed
to constitute Mortgagee as a mortgagee-in-possession in absence of
its physically taking possession of the Property.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrower also hereby irrevocably appoints Mortgagee
from and after service of notice as its true and lawful attorney-in-fact
to appear in any state or federal bankruptcy, insolvency, or reorganization
proceeding in any state or federal court involving any of the tenants of the
Leases.&#160; Lessees of the Property are
hereby expressly authorized and directed, from and after service of a Notice to
pay any and all amounts due Borrower pursuant to the Leases to Mortgagee or
such nominee as Mortgagee may designate in writing delivered to and received by
such lessees who are expressly relieved of any and all duty, liability or
obligation to Borrower in respect of all payments so made.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If an Event of Default shall occur and continue,
Mortgagee is hereby vested with full power from and after service of a Notice
to use all measures, legal and equitable, deemed by it necessary or proper to
enforce the assignment granted hereunder and to collect the Rents assigned
hereunder, including the right of Mortgagee or its designee, to enter upon the
Property, or any part thereof, and take possession of all or any part of the
Property together with all personal property, fixtures, documents, books,
records, papers and accounts of Borrower relating thereto, and may exclude the
Borrower, its agents and servants, wholly therefrom.&#160; Borrower hereby grants full power and
authority to Mortgagee to exercise all rights, privileges and powers herein
granted at any and all times after service of a Notice, with full power to use
and apply all of the Rents and other income herein assigned to the payment of
the costs of managing and operating the Property and of any indebtedness or
liability of Borrower to Mortgagee, including but not limited to the payment of
taxes, special assessments, insurance premiums, damage claims, the costs of
maintaining, repairing, rebuilding and restoring the Improvements on the
Premises or of making the same rentable, reasonable attorneys&#146; fees incurred in
connection with the enforcement of the assignment granted hereunder, and of
principal and interest payments due from Borrower to Mortgagee on the Loan
Agreement and this Instrument, all in such order as Mortgagee may
determine.&#160; Mortgagee shall be under no
obligation to exercise or prosecute any of the rights or claims assigned to it
hereunder or to perform or carry out any of the obligations of the lessor under
any of the Leases and does not assume any of the liabilities in connection</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with or arising or growing out of the covenants and
agreements of Borrower in the Leases.&#160; It
is further understood that the assignment granted hereunder shall not operate
to place responsibility for the control, care, management or repair of the
Property, or parts thereof, upon Mortgagee, nor shall it operate to make
Mortgagee liable for the performance of any of the terms and conditions of any
of the Leases, or for any waste of the Property by any lessee under any of the
Leases or any other person, or for any dangerous or defective condition of the
Property or for any negligence in the management, upkeep, repair or control of
the Property resulting in loss or injury or death to any lessee, licensee,
employee or stranger, unless the same shall have been found by a court of
competent jurisdiction to have been due to the gross negligence or willful
misconduct of Mortgagee.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>DEFAULT.</b>&#160; The following shall each constitute an event
of default (&#147;Event of Default&#148;):</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The occurrence of an &#147;Event of
Default&#148; under the Loan Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Property is transferred or any
agreement to transfer any part or interest in the Property in any manner
whatsoever is made or entered into, except as specifically allowed under this
Instrument, including without limitation creating or allowing any subordinate
liens on the Property or leasing any portion of the Property.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any warranty, representation or
statement furnished to Mortgagee by or on behalf of Borrower under the Loan
Agreement, this Instrument, any of the other Loan Documents or the Indemnity,
shall prove to have been false or misleading in any material respect when made.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Failure of Borrower to observe or
perform any other covenant or condition contained herein and such default shall
continue for thirty (30)&nbsp;days after notice is given to Borrower specifying
the nature of the failure, or if the default cannot be cured within such
applicable cure period, Borrower fails within such time to commence and pursue
curative action with reasonable diligence or fails at any time after expiration
of such applicable cure period to continue with reasonable diligence all
necessary curative actions.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower&#146;s abandonment of the
Property.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>RIGHTS AND REMEDIES ON
DEFAULT.</b></font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26.1.<b>&#160;&#160;&#160;&#160;&#160;&#160;&#160; Remedies.</b>&#160;
Upon the occurrence of any Event of Default and at any time thereafter,
Mortgagee may exercise any one or more of the following rights and remedies:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mortgagee may declare all sums secured by this Instrument
immediately due and payable.</p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mortgagee shall have the right to
foreclose this Instrument in accordance with applicable law.</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event of any foreclosure, to
the extent permitted by applicable law, Mortgagee will be entitled to a
judgment which will provide that if the foreclosure sale proceeds are insufficient
to satisfy the judgment, execution may issue for any amount by which the unpaid
balance of the obligations secured by this Instrument exceeds the net sale
proceeds payable to Mortgagee.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; With respect to all or any part of
the Property that constitutes personal property, Mortgagee shall have all
rights and remedies of secured party under the Uniform Commercial Code.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mortgagee shall have the right to
have a receiver appointed to take possession of any or all of the Property,
with the power to protect and preserve the Property, to operate the Property
preceding foreclosure or sale, to collect all the Rents from the Property and
apply the proceeds, over and above cost of the receivership, against the sums
due under this Instrument, and to exercise all of the rights with respect to
the Property described in <u>Section&nbsp;24</u> above.&#160; The receiver may serve without bond if
permitted by law.&#160; To the extent
permitted by law, Mortgagee&#146;s right to the appointment of a receiver shall
exist whether or not apparent value of the Property exceeds the sums due under
this Instrument by a substantial amount.&#160;
Employment by Mortgagee shall not disqualify a person from serving as a
receiver.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event Borrower remains in
possession of the Property after the Property is sold as provided above or
Mortgagee otherwise becomes entitled to possession of the Property upon default
of Borrower, Borrower shall become a tenant at will of Mortgagee or the
purchaser of the Property and shall pay a reasonable rental for use of the
Property while in Borrower&#146;s possession.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mortgagee shall have any other right
or remedy provided in this Instrument, the Loan Agreement, or any other Loan
Document or instrument delivered by Borrower in connection therewith, or
available at law, in equity or otherwise.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mortgagee shall have all the rights
and remedies set forth in <u>Sections&nbsp;23</u> and <u>24</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Sale of the Property.</b>&#160;
In exercising its rights and remedies, Mortgagee may, at Mortgagee&#146;s
sole discretion, cause all or any part of the Property to be sold as a whole or
in parcels, and certain portions of the Property may be sold without selling
other portions.&#160; Mortgagee may bid at any
public sale on all or any portion of the Property.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Notice of Sale.</b>&#160;
Mortgagee shall give Borrower reasonable notice of the time and place of
any public sale of any personal property or of the time after which any private
sale or other intended disposition of the personal property is to be made.&#160; Reasonable notice shall mean notice given in
accordance with applicable law, including notices given in the manner and at
the times required for notices in a nonjudicial foreclosure.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Waiver; Election of Remedies.</b>&#160; A waiver by either party of a breach of a
provision of this Instrument shall not constitute a waiver of or prejudice the
party&#146;s right otherwise to demand strict compliance with that provision or any
other provision.&#160; Election by</font></p>


 <p style="font-size:10.0pt;line-height:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">16</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mortgagee to pursue any remedy shall not exclude
pursuit of any other remedy, and all remedies of Mortgagee under this Instrument
are cumulative and not exclusive.&#160; An
election to make expenditures or take action to perform an obligation of
Borrower shall not affect Mortgagee&#146;s right to declare a default and exercise
its remedies under this Instrument.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>SATISFACTION OF MORTGAGE.</b>&#160; Upon payment of all sums secured by this
Instrument, Mortgagee shall execute a satisfaction (or at Borrower&#146;s option, an
assignment) of this Instrument and shall surrender this Instrument and all
notes evidencing Indebtedness secured by this Instrument to the person or
persons legally entitled thereto.&#160; Such
person or persons shall pay Mortgagee&#146;s costs incurred in connection with
satisfaction or assignment of this Instrument.&#160;
Mortgagee will charge a service fee in accordance with its then-current schedule
or servicing fees if an assignment is requested.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>FUTURE ADVANCES.</b>&#160; Upon request of Borrower, Mortgagee, at
Mortgagee&#146;s option so long as this Instrument secures Indebtedness held by
Mortgagee, may make Future Advances to Borrower.&#160; Such Future Advances, with interest thereon,
shall be secured by this Instrument when evidenced by promissory notes stating
that said notes are secured hereby.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>USE OF PROPERTY.</b>&#160; The Property is not currently used for
agricultural, farming, timber or grazing purposes.&#160; Borrower warrants that this Instrument is and
will at all times constitute a commercial mortgage, as defined under
appropriate state law.</p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>IMPOSITION OF TAX BY
STATE.</b></font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>State Taxes Covered.</b>&#160;
The following constitute state taxes to which this Section applies:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A specific tax upon mortgages or upon
all or any part of the indebtedness secured by a mortgage.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A specific tax on a mortgagor which
the taxpayer is authorized or required to deduct from payments on the
indebtedness secured by a mortgage.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A tax on a mortgage chargeable
against the mortgagee or the holder of the note secured.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A specific tax on all or any portion
of the indebtedness or on payments of principal and interest made by a
mortgagor.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160; Remedies.&#160; If any state tax to which this Section
applies is enacted subsequent to the date of this Instrument, this shall have
the same effect as an Event of Default, and Mortgagee may exercise any or all
of the remedies available to it unless the following conditions are met:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower may lawfully pay the tax or
charge imposed by state tax, and</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrower pays the tax or charge
within thirty (30)&nbsp;days after notice from Mortgagee that the tax has been
levied.</font></p>


 <p style="font-size:10.0pt;line-height:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">17</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>ATTORNEYS&#146; FEES.</b>&#160; In the event suit or action is instituted to
enforce or interpret any of the terms of this Instrument (including without
limitation efforts to modify or vacate any automatic stay or injunction), the
prevailing party shall be entitled to recover all expenses reasonably incurred
at, before and after trial and on appeal whether or not taxable as costs, or in
any bankruptcy proceeding including, without limitation, attorneys&#146; fees,
witness fees (expert and otherwise), deposition costs, copying charges and
other expenses.&#160; Whether or not any court
action is involved, all reasonable expenses, including but not limited to the
costs of searching records, obtaining title reports, surveyor reports, and
title insurance, incurred by Mortgagee that are necessary at any time in
Mortgagee&#146;s opinion for the protection of its interest or enforcement of its
rights shall become a part of the Indebtedness payable on demand and shall bear
interest from the date of expenditure until repaid at the interest rate as
provided in the Loan Agreement.&#160; The term
&#147;attorneys&#146; fees&#148; as used in the Loan Documents shall be deemed to mean such
fees as are reasonable and are actually incurred.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>GOVERNING LAW;
SEVERABILITY.</b>&#160; This Instrument
shall be governed by the law of the State of Hawaii applicable to contracts
made and to be performed therein (excluding choice-of-law
principles).&#160; In the event that any
provision or clause of this Instrument or the Loan Agreement conflicts with
applicable law, such conflict shall not affect other provisions of this
Instrument or the Loan Agreement which can be given effect without the
conflicting provision, and to this end the provisions of this Instrument and
the Loan Agreement are declared to be severable.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>TIME OF ESSENCE.</b>&#160; Time is of the essence of this Instrument.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>CHANGES IN WRITING.</b>&#160; This Instrument and any of its terms may only
be changed, waived, discharged or terminated by an instrument in writing signed
by the party against which enforcement of the change, waiver, discharge or
termination is sought.&#160; Any agreement
subsequently made by Borrower or Mortgagee relating to this Instrument shall be
superior to the rights of the holder of any intervening lien or encumbrance.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>NO OFFSET.</b>&#160; Borrower&#146;s obligation to make payments and
perform all obligations, covenants and warranties under this Instrument and
under the Loan Agreement shall be absolute and unconditional and shall not be
affected by any circumstance, including without limitation any setoff,
counterclaim, abatement, suspension, recoupment, deduction, defense or other
right that Borrower or any guarantor may have or claim against Mortgagee or any
entity participating in making the loan secured hereby.&#160; The foregoing provisions of this section,
however, do not constitute a waiver of any claim or demand which Borrower or
any guarantor may have in damages or otherwise against Mortgagee or any other
person, or preclude Borrower from maintaining a separate action thereon;
provided, however, that Borrower waives any right it may have at law or in
equity to consolidate such separate action with any action or proceeding
brought by Mortgagee.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">WAIVER OF JURY TRIAL</u>.&#160; TO THE EXTENT PERMITTED BY LAW, BORROWER AND
MORTGAGEE HEREBY KNOWINGLY, VOLUNTARILY AND INTELLIGENTLY WAIVE ANY AND ALL
RIGHTS THAT EACH PARTY TO THIS INSTRUMENT MAY NOW OR HEREAFTER HAVE UNDER THE
LAWS OF THE UNITED&nbsp;STATES OF AMERICA OR THE STATE OF HAWAII, TO A TRIAL BY</b></font></p>


 <p style="font-size:10.0pt;line-height:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">18</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">JURY OF ANY AND ALL ISSUES ARISING DIRECTLY OR
INDIRECTLY IN ANY ACTION OR PROCEEDING RELATING TO THIS INSTRUMENT, THE LOAN
DOCUMENTS OR ANY TRANSACTIONS CONTEMPLATED THEREBY OR RELATED THERETO.&#160; IT IS INTENDED THAT THIS WAIVER SHALL APPLY
TO ANY AND ALL DEFENSES, RIGHTS, CLAIMS AND/OR COUNTERCLAIMS IN ANY SUCH ACTION
OR PROCEEDING.&#160; BORROWER UNDERSTANDS THAT
THIS WAIVER IS A WAIVER OF A CONSTITUTIONAL SAFEGUARD, AND EACH PARTY
INDIVIDUALLY BELIEVES THAT THERE ARE SUFFICIENT ALTERNATE PROCEDURAL AND
SUBSTANTIVE SAFEGUARDS, INCLUDING, A TRIAL BY AN IMPARTIAL JUDGE, THAT
ADEQUATELY OFFSET THE WAIVER CONTAINED HEREIN.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>MAXIMUM INTEREST CHARGES.</b>&#160; Notwithstanding anything contained herein or
in any of the Loan Documents to the contrary, in no event shall Mortgagee be
entitled to receive interest on the Loan in amounts which, when added to all of
the other interest charged, paid to or received by Mortgagee on the Loan, causes
the rate of interest on the Loan to exceed the highest lawful rate.&#160; Borrower and Mortgagee intend to comply with
the applicable law governing the highest lawful rate and the maximum amount of
interest payable on or in connection with the Loan.&#160; If the applicable law is ever judicially
interpreted so as to render usurious any amount called for under the Loan
Documents, or contracted for, charged, taken, reserved or received with respect
to the Loan, or if acceleration of the final maturity date of the Loan or if
any prepayment by Borrower results in Borrower having paid or demand having
been made on Borrower to pay, any interest in excess of the amount permitted by
applicable law, then all excess amounts theretofore collected by Mortgagee
shall be credited on the principal balance of the Loan (or, if the Loan has
been or would thereby be paid in full, such excess amounts shall be refunded to
Borrower), and the provisions of the Loan Agreement, this Instrument and any
demand on Borrower shall immediately be deemed reformed and the amounts
thereafter collectible thereunder and hereunder shall be reduced, without the
necessity of the execution of any new document, so as to comply with the
applicable law, but so as to permit the recovery of the fullest amount
otherwise called for thereunder and hereunder.&#160;
The right to accelerate the final maturity date of the Loan does not
include the right to accelerate any interest which has not otherwise accrued on
the date of such acceleration, and Mortgagee does not intend to collect any
unearned interest in the event of acceleration.&#160;
All sums paid or agreed to be paid to Mortgagee for the use, forbearance
or detention of the Loan shall, to the extent permitted by applicable law, be
amortized, prorated, allocated and spread through the full term of the Loan
until payment in full so that the rate or amount of interest on account of the
Loan does not exceed the applicable usury ceiling.&#160; By execution of this Instrument, Borrower
acknowledges that it believes the Loan to be nonusurious and agrees that if, at
any time, Borrower should have reason to believe that the Loan is in fact
usurious, it will give Mortgagee written notice of its belief and the reasons
why Borrower believes the Loan to be usurious, and Borrower agrees that
Mortgagee shall have ninety (90)&nbsp;days following its receipt of such
written notice in which to make appropriate refund or other adjustment in order
to correct such condition if it in fact exists.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[REMAINDER OF PAGE
INTENTIONALLY BLANK;<br>
EXECUTION PAGE FOLLOWS]</font></p>


 <p style="font-size:10.0pt;line-height:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">19</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IMPORTANT:&#160; READ
BEFORE SIGNING.&#160; THE TERMS OF THIS
AGREEMENT SHOULD BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE
ENFORCEABLE.&#160; NO OTHER TERMS OR ORAL
PROMISES NOT CONTAINED IN THIS WRITTEN CONTRACT MAY BE LEGALLY ENFORCED.&#160; YOU MAY CHANGE THE TERMS OF THIS AGREEMENT
ONLY BY ANOTHER WRITTEN AGREEMENT.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, Borrower has executed this
Instrument or has caused the same to be executed under seal by its duly
authorized representative as of the day and year first written above.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->BORROWER:</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MAUI LAND &amp; PINEAPPLE COMPANY, INC.,</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a Hawaii corporation</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:38.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ FRED W. RICKERT</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Print: &nbsp;Fred
  W. Rickert</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: &nbsp;Vice
  President/Treasurer</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:38.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ ADELE H. SUMIDA</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Print: &nbsp;Adele
  H. Sumida</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: &nbsp;Controller
  &amp; Secretary</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:48.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt 70.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Seal]</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;line-height:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">20</font></p>
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