-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 P0NoVpk90iwMh/l4iojiysV4Sh2K2Ynk1WzuXNp7TfwEM2/FSoEABKX/lriTQ++C
 5MkJ5xUJub+Fa37lQyLJ3g==

<SEC-DOCUMENT>0001104659-09-022027.txt : 20090401
<SEC-HEADER>0001104659-09-022027.hdr.sgml : 20090401
<ACCEPTANCE-DATETIME>20090401132208
ACCESSION NUMBER:		0001104659-09-022027
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20090327
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090401
DATE AS OF CHANGE:		20090401

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:		09722283

	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>a09-9155_18k.htm
<DESCRIPTION>8-K
<TEXT>

<html>

<head>





</head>

<body lang="EN-US">

<div>

<div style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 3.0pt;padding:1.0pt 0in 1.0pt 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

</div>

<p style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" color="black" face="Times New Roman" style="color:windowtext;font-size:18.0pt;">UNITED STATES</font></b></p>

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

<p style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Washington,
D.C. 20549</font></b></p>

<p style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<h2 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM&nbsp;8-K</font></b></h2>

<h2 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

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

<h2 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pursuant
to Section&nbsp;13 or 15(d)&nbsp;of</font></b></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">the Securities Exchange Act of 1934</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;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>March&nbsp;27, 2009</b></font></p>

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

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

<p align="center" style="margin:0in 0in .0001pt;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>

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

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Hawaii</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">0-6510</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">99-0107542</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .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:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .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:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .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="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .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:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .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:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .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 style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .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.&nbsp;Box 187, Kahului, Maui, Hawaii, 96733-6687</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
principal executive offices)</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box
below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Written communications
  pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Soliciting material
  pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-commencement
  communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17
  CFR 240.14d-2(b))</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-commencement
  communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17
  CFR 240.13e-4(c))</font></p>
  </td>
 </tr>
</table>

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

<div style="border-bottom:solid windowtext 3.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 1.0pt 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

</div>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ba.htm',USER='c900221',CD='Apr  1 10:17 2009' -->


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


<div>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1.01.&#160; Entry into a Material Definitive Agreement.</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Concurrent with the sale of
the Kapalua Plantation Golf Course (the &#147;Golf Course&#148;), as described below in
Item 2.01, Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc., a Hawaii corporation
(the &#147;Company&#148;), entered into an agreement to lease back the Golf Course,
including the retail shop, from its purchaser for a period of two years at a
fixed rental rate of $4.0 million per year (the &#147;Ground Lease&#148;).</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing summary of the
terms of the Ground Lease is not complete and is qualified in its entirety by
reference to the full text of the Ground Lease, which is attached hereto as Exhibit&nbsp;10.1.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.01.&#160; Completion of Acquisition or Disposition of
Assets.</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As reported on March&nbsp;17, 2009, the
Company and its wholly owned subsidiary, Kapalua Land Company, Ltd, a Hawaii
corporation (&#147;KLC&#148;), entered into that certain Sale, Purchase and Escrow
Agreement (the &#147;Purchase Agreement&#148;) with TY Management Corporation, a Hawaii
corporation (&#147;Buyer&#148;), pursuant to which, among other things, the Company and
KLC agreed to sell the Golf Course and all improvements, structures and
fixtures on the Golf Course to Buyer for $50 million in cash (the &#147;Transaction&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;27, 2009, the Transaction
was consummated.&#160; In addition to the
Ground Lease described in Item 1.01 above, concurrent with the closing of the Transaction, the Company entered
into an agreement to lease back the portion of the Plantation Clubhouse
comprising the retail shop for a period of five years, which will commence
after the Ground Lease expires or is terminated.&#160; Proceeds from the sale were used to reduce
borrowings under the Company&#146;s line of credit agreement with Wells Fargo Bank,
and certain other lenders, by $45 million.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
foregoing summary of the terms of the Purchase Agreement is not complete and is
qualified in its entirety by reference to the full text of the Purchase
Agreement, which is attached hereto as Exhibit&nbsp;2.1.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
9.01.&#160; Financial Statements and Exhibits.</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exhibits.</font></b></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;width:93.34%;">
 <tr>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;Number</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="85%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:85.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:85.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.78%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sale, Purchase and
  Escrow Agreement among Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc.,
  Kapalua Land Company, Ltd., TY Management Corporation and Title Guaranty
  Escrow Services, Inc, dated March&nbsp;17, 2009.</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.78%;">
  <p align="center" style="margin:0in 0in .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="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Plantation
  Golf Course Lease made and entered into effective March&nbsp;27, 2009.</font></p>
  </td>
 </tr>
</table>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ba.htm',USER='c900221',CD='Apr  1 10:17 2009' -->


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


<div>

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><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>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .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:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MAUI LAND&nbsp;&amp; PINEAPPLE COMPANY, INC.</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .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:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .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:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: April&nbsp;1,
  2009</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robert I. Webber</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert I. Webber</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief
  Executive Officer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 253.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 253.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT INDEX</font></b></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;width:93.34%;">
 <tr>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.28%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;Number</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:83.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sale,
  Purchase and Escrow Agreement among Maui Land&nbsp;&amp; Pineapple
  Company,&nbsp;Inc., Kapalua Land Company, Ltd., TY Management Corporation and
  Title Guaranty Escrow Services, Inc, dated March&nbsp;17, 2009.</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.28%;">
  <p align="center" style="margin:0in 0in .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="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Plantation
  Golf Course Lease made and entered into effective March&nbsp;27, 2009.</font></p>
  </td>
 </tr>
</table>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ba.htm',USER='c900221',CD='Apr  1 10:17 2009' -->


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>a09-9155_1ex2d1.htm
<DESCRIPTION>EX-2.1
<TEXT>

<html>

<head>





</head>

<body lang="EN-US">

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

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 2.1</font></b></p>

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

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">SALE, PURCHASE AND ESCROW AGREEMENT</font></u></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Sale,
Purchase and Escrow Agreement (this &#147;<b>Agreement</b>&#148;),
dated as of March&nbsp;17, 2009 (the &#147;<b>Effective Date</b>&#148;),
is made by and among MAUI LAND&nbsp;&amp; PINEAPPLE COMPANY, INC., a Hawaii
corporation (&#147;<b>MLP</b>&#148;), KAPALUA LAND COMPANY, LTD.,
a Hawaii corporation (&#147;<b>KLC</b>&#148; and
collectively with MLP, &#147;<b>Seller</b>&#148;), and
TY MANAGEMENT CORPORATION, a Hawaii corporation (&#147;<b>Purchaser</b>&#148;),
and constitutes (i)&nbsp;a contract of sale and purchase between the parties
and (ii)&nbsp;an escrow agreement among Seller, Purchaser and TITLE GUARANTY
ESCROW SERVICES, INC. (&#147;<b>Escrow Agent</b>&#148;),
the consent of which appears at the end hereof.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-decoration:underline;text-transform:uppercase;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">RECITALS:</font></u></p>

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font><font size="1" style="font-size:3.0pt;">&#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>MLP
is the owner of the Land (as defined below) and KLC is the owner of the
Improvements (as defined below).</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font><font size="1" style="font-size:3.0pt;">&#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>Subject
to the terms and conditions set forth in this Agreement, Seller desires to sell
to Purchaser and Purchaser desires to purchase from Seller, the Golf Course (as
defined below).</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW,
THEREFORE, in consideration of the premises and of the mutual covenants of the
parties hereinafter expressed, it is hereby agreed as follows.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 1<br>
<br>
PURCHASE AND SALE</font></p>

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font><font size="1" style="font-size:3.0pt;">&#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><u>Agreement
of Purchase and Sale</u>.&#160; In
consideration of the covenants herein contained, Seller hereby agrees to sell
and Purchaser hereby agrees to purchase the following:</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1.1</font><font size="1" style="font-size:3.0pt;">&#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>Those
certain parcels containing approximately 263.422 acres of land located in the
County of Maui, State of Hawaii as more particularly described on <b><u style="font-weight:bold;">Exhibit&nbsp;A</u></b> attached hereto and
made a part hereof (&#147;<b>Land</b>&#148;) commonly
referred to as the &#147;Kapalua Plantation Golf Course&#148; and all improvements,
structures and fixtures (collectively, the &#147;<b>Improvements</b>&#148;)
thereon (the Land and Improvements are collectively the &#147;<b>Real
Property</b>&#148;);</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1.2</font><font size="1" style="font-size:3.0pt;">&#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>All
of Seller&#146;s right, title and interest in and to all tangible personal property
upon the Land or within the Improvements, excluding the Excluded Assets
(defined below) and those other items of personal property used exclusively in
connection with the operation of the Land and the Improvements as set forth on <b><u style="font-weight:bold;">Exhibit&nbsp;B</u></b> (collectively, the &#147;<b>Personal Property</b>&#148;);</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1.3</font><font size="1" style="font-size:3.0pt;">&#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>All
of Seller&#146;s right, title and interest in and to all intangible personal
property relating solely to ownership and operation of the Land and
Improvements, excluding the Excluded Assets, but including approvals and
permits belonging and appertaining to the Real Property, plans and
specifications pertaining to the Improvements, all &#147;Plantation&#148; trademarks and
any other words, names, devices, symbols, logos, slogans, designs, brands,
service marks, trade names, other distinctive features, or any combination of
the foregoing, whether registered or unregistered, used by Seller in connection
with the ownership and operation of the Land and Improvements, including the
goodwill pertaining thereto.</p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-01.htm',USER='c900221',CD='Apr  1 10:24 2009' -->


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


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

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1.4</font><font size="1" style="font-size:3.0pt;">&#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>All
of Seller&#146;s right, title and interest in and to (i)&nbsp;all assignable
equipment leases, service contracts, management agreements and other contracts
and agreements listed and described on <b><u style="font-weight:bold;">Exhibit&nbsp;C</u></b>
relating to the upkeep, repair, maintenance or operation of the Land,
Improvements or Personal Property which will extend beyond the Closing Date (as
defined in Section&nbsp;6.1) and (ii)&nbsp;all assignable existing warranties
and guaranties issued to Seller in connection with the Improvements or the
Personal Property (collectively, the &#147;<b>Contracts</b>&#148;);
and</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1.5</font><font size="1" style="font-size:3.0pt;">&#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>All
of Seller&#146;s right, title and interest in and to that certain restaurant lease,
between Plantation Club Associates, as landlord, and Roy E. Dunn, as tenant,
(the &#147;<b>Restaurant Lessee</b>&#148;), dated February&nbsp;7,
1991, as amended by that certain (i)&nbsp;Amendment and Assignment of
Plantation Golf Course Clubhouse Lease; Consent of Landlord dated June&nbsp;19,
1992, (ii)&nbsp;lease extension letter dated March&nbsp;8, 1996; (iii)&nbsp;Second
Amendment to Lease dated May&nbsp;6, 2002; (iv)&nbsp;Third Amendment to Lease
dated February&nbsp;18, 2003; (v)&nbsp;Fourth Amendment to Lease dated February&nbsp;14,
2005; and (vi)&nbsp;letter from Roy E. Dunn regarding exercise of an option to
renew dated December&nbsp;2, 2005 (as amended, the &#147;<b>Restaurant
Lease</b>&#148;).</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2</font><font size="1" style="font-size:3.0pt;">&#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><u>Excluded
Assets</u>.&#160; The following items&#160; (collectively, the &#147;<b>Excluded
Assets</b>&#148;) shall not be included in the definition of &#147;Golf Course,&#148;
shall be specifically excluded from the transfer contemplated herein and shall
not be conveyed to Purchaser pursuant to the terms hereof:</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2.1</font><font size="1" style="font-size:3.0pt;">&#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>All
property owned by Seller or any of its affiliates, not normally located at the
Golf Course and used, but not exclusively, in connection with the operation of
the Golf Course;</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2.2</font><font size="1" style="font-size:3.0pt;">&#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>All
(a)&nbsp;computer software and accompanying documentation (including all future
upgrades, enhancements, additions, substitutions and modifications thereof),
other than that which is commercially available, which are used by Seller or
any affiliate thereof in connection with the property management system, the
reservation system, and all future electronic systems developed by Seller or
any affiliate thereof for use with respect to the Golf Course, (b)&nbsp;all
manuals, brochures, directives, policies, programs and other information issued
by Seller, or any of its affiliates, or otherwise used in the operation of the
Golf Course, (c)&nbsp; employee records which must remain confidential either
under applicable legal requirements or under reasonable corporate policies of
Seller or any affiliate thereof, (d)&nbsp;any right, title or interest in or
any goodwill associated with any name containing the name &#147;Kapalua&#148; or any
combination or variation thereof and any related trademarks and any other
related words, names, devices, symbols, logos, slogans, designs, brands,
service marks, trade names, other distinctive features, or any combination of
the foregoing, whether registered or unregistered, used by Seller or any of its
affiliates, (e)&nbsp;all trade secrets, confidential information and all other
information, materials, and copyrightable or patentable subject matter
developed, acquired, licensed or used by Seller or any affiliate thereof,
including, without limitation, materials relating to sales and marketing
programs, revenue and inventory management programs, processes or systems,
brand and pricing strategies, business and technology plans, and research and
development reports, and (f)&nbsp;any information or agreements considered
confidential or proprietary in nature under an agreement between Seller or any
of its affiliates and any other parties, including, but not limited to,
lenders, vendors, suppliers or prior owners.&#160;
The foregoing shall apply regardless of the form or medium involved (<i>e.g.</i>, paper, electronic, tape, tangible or intangible);</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2.3</font><font size="1" style="font-size:3.0pt;">&#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>All
inventory for retail sale, all rental clubs, driving range balls, and any other
inventory or items owned by Seller and sold from the golf pro shop located on
the Land;</p>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-01.htm',USER='c900221',CD='Apr  1 10:24 2009' -->


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


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

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2.4</font><font size="1" style="font-size:3.0pt;">&#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>All
personal property owned by the Restaurant Lessee under the Restaurant Lease,
including, without limitation, the furnishings and moveable equipment situated
in the Restaurant Lease premises, all glassware, china, utensils, inventories
and the liquor license;</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2.5</font><font size="1" style="font-size:3.0pt;">&#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>Any
capital reserve, personal property reserve and/or tax and insurance escrow for
the Golf Course, whether held for the benefit of the holder of a mortgage,
loan, deed of trust or other security instrument with respect to the Golf
Course; and</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2.6</font><font size="1" style="font-size:3.0pt;">&#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>Working
capital associated with or set aside with respect to the Golf Course.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.3</font><font size="1" style="font-size:3.0pt;">&#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><u>Golf
Course Defined</u>.&#160; The property
described in Section&nbsp;1.1 is referred to collectively as the &#147;<b>Golf Course</b>.&#148;</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 2<br>
<br>
PURCHASE PRICE</font></p>

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font><font size="1" style="font-size:3.0pt;">&#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><u>Price</u>.&#160; Seller shall sell and Purchaser shall
purchase the Golf Course for a total purchase price of Fifty Million Dollars
($50,000,000) (the &#147;<b>Purchase Price</b>&#148;),
as allocated, pursuant to the agreement of Seller and Purchaser, between real
and personal property in accordance with <b><u style="font-weight:bold;">Schedule&nbsp;1</u></b>
attached hereto and made a part hereof.&#160;
Purchaser shall, at least two&nbsp;(2)&nbsp;business days prior to
Closing (as defined below), deliver to Escrow Agent, by bank wire transfer of
immediately available funds, a sum equal to the Purchase Price.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 3<br>
<br>
CONDITIONS TO THE PARTIES&#146; OBLIGATIONS</font></p>

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font><font size="1" style="font-size:3.0pt;">&#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><u>Conditions
to Purchaser&#146;s Obligation to Purchase</u>.&#160;
Purchaser&#146;s obligation to purchase is expressly conditioned upon the
satisfaction, or waiver in writing by Purchaser, of each of the following:</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.1</font><font size="1" style="font-size:3.0pt;">&#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><u>Performance
by Seller</u>.&#160; Performance in all
material respects of the obligations and covenants of, and deliveries required
of, Seller hereunder.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.2</font><font size="1" style="font-size:3.0pt;">&#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><u>Delivery
of Title and Possession</u>.&#160; Delivery at
the Closing of (i)&nbsp;the Deed (as defined in Section&nbsp;4.2.1) and other
documents to be delivered by Seller pursuant to Section&nbsp;4.2 below, and (ii)&nbsp;possession
as provided in Section&nbsp;15.1.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.3</font><font size="1" style="font-size:3.0pt;">&#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><u>Title
Insurance</u>.&#160; Delivery at the Closing
of the current form of eight&nbsp;(8)&nbsp;American Land Title Association
extended coverage owner&#146;s policies of title insurance (the &#147;<b>Title Policy</b>&#148;), or an irrevocable commitment to issue the
same issued by First American Title Insurance Company (the &#147;<b>Title Company</b>&#148;), consistent in all material respects with a
commitment for title insurance issued by Title Company, together with copies of
all documents referred to as exceptions therein, containing as encumbrances
only those certain encumbrances described in the Deed (as defined below) as &#147;Permitted
Encumbrances&#148; and those certain encumbrances described in the New Easements (as
defined below) (collectively, the &#147;<b>Title Commitment</b>&#148;).</p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-01.htm',USER='c900221',CD='Apr  1 10:24 2009' -->


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


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

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.4</font><font size="1" style="font-size:3.0pt;">&#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><u>Seller&#146;s
Representations</u>.&#160; The representations
and warranties by Seller set forth in Section&nbsp;11.1 being true and correct
in all material respects as of the Closing.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.5</font><font size="1" style="font-size:3.0pt;">&#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><u>Existing
Ground Lease</u>.&#160; Seller having
terminated and released of record that certain Plantation Course Lease, dated May&nbsp;7,
1992 between MLP, as Lessor, and KLC, as Lessee, recorded in the Bureau of
Conveyances of the State of Hawaii as Document No.&nbsp;92-079742, as amended
by that certain (i)&nbsp;Amendment of the Plantation Course Lease to Withdraw
Lot 51 dated December&nbsp;4, 1995, recorded in the Bureau of Conveyances of
the State of Hawaii as Document No.&nbsp;95-166080, and (ii)&nbsp;as partially
assigned by Assignment of Lease dated December&nbsp;19, 1995, recorded in the
Bureau of Conveyances of the State of Hawaii as Document No.&nbsp;96-000274
(the &#147;<b>Ground Lease Termination</b>&#148;).</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.6</font><font size="1" style="font-size:3.0pt;">&#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><u>Lease
Agreement</u>.&#160; Execution and delivery by
Kapalua Plantation Golf LLC of a lease agreement (the &#147;<b>Lease
Agreement</b>&#148;), wherein it will lease the Golf Course after the Closing
Date, substantially in the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;E</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.7</font><font size="1" style="font-size:3.0pt;">&#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><u>License
Agreements</u>.</p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#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>Execution
and delivery by MLP of a license agreement (the &#147;<b>Seller&#146;s
License Agreement</b>&#148;), wherein certain intellectual property rights
associated with the &#147;Kapalua&#148; name will be licensed to Purchaser, substantially
in the form attached hereto as <b>Exhibit&nbsp;F</b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#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>Execution
and delivery by Purchaser of a license agreement (the <b>&#147;Purchaser&#146;s License Agreement</b>&#148;), wherein
certain intellectual property rights associated with the &#147;Plantation&#148; name will
be licensed to MLP (or KLC), substantially in the form of <b>Exhibit&nbsp;G</b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#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>The
Seller&#146;s License Agreement, and the Purchaser&#146;s License Agreement, are hereinafter
sometimes collectively called the &#147;<b>License Agreement</b>.&#148;</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.8</font><font size="1" style="font-size:3.0pt;">&#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><u>Partial Assignment and Assumption of Second
Amended and Restated Golf Course Use Agreement</u>.&#160; Execution and delivery by MLP (or an
affiliate) of a Partial Assignment and Assumption of Second Amended and
Restated Golf Course Use Agreement (the &#147;<b>Partial Assignment and
Assumption of Second Amended and Restated Golf Course Use Agreement</b>&#148;),
the terms, substantially in the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;H</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.9</font><font size="1" style="font-size:3.0pt;">&#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><u>Water
Delivery Agreement</u>.&#160; Execution and
delivery by MLP of an Agreement for the Delivery of Water (Kapalua Plantation
Golf Course) (the &#147;<b>Water Supply Agreement</b>&#148;)
pursuant to which water for use in the operation of the Golf Course will be
provided, substantially in the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;I</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.10</font><font size="1" style="font-size:3.0pt;">&#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><u>Golf
Facilities Easement</u>.&#160; Execution and
delivery by MLP of a Grant of Easement (Golf Course Facilities) regarding the
use of the Maintenance Facility, Storage Facility and Dumping Ground on Lot 42
(the &#147;<b>Golf Facilities Easement</b>&#148;) in substantially
the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;J</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.11</font><font size="1" style="font-size:3.0pt;">&#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><u>Assignment
of Easements</u>.&#160; Execution and delivery
by MLP of an Assignment of Easements and Agreements regarding the STP easement,
the golf path encroachment </p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='4',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-01.htm',USER='c900221',CD='Apr  1 10:24 2009' -->


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


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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">agreements and other
easements (the &#147;<b>Assignment of Easements&#148;</b>) in
substantially the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;K</u></b>.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.12</font><font size="1" style="font-size:3.0pt;">&#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><u>CC&amp;Rs</u>.&#160; Execution and delivery by MLP of covenants,
conditions and restrictions regarding future utility and similar easements and
restrictions on the use and development of the Golf Course (the &#147;<b>CC&amp;Rs</b>&#148;), in substantially the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;L</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.13</font><font size="1" style="font-size:3.0pt;">&#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><u>Right
of First Offer</u>.&#160; Execution and
delivery by MLP of a right of first offer agreement (the &#147;<b>ROFO Agreement</b>&#148;)
with respect to that certain golf course commonly referred to as &#147;The Bay
Course&#148; and all improvements, structures and fixtures thereon in substantially
the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;M</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.14</font><font size="1" style="font-size:3.0pt;">&#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><u>Right
of First Refusal</u>.&#160; Execution and
delivery by MLP of a right of first refusal agreement (the &#147;<b>ROFR Agreement</b>&#148;) with respect to the Golf Course and all
improvements, structures and fixtures thereon in substantially the form
attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;N</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.15</font><font size="1" style="font-size:3.0pt;">&#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><u>Assignment
of Contracts</u>.&#160; Execution and delivery
by MLP and KLC of an Assignment of Contracts (the &#147;<b>Assignment
of Contracts</b>&#148;) in substantially the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;O</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.16</font><font size="1" style="font-size:3.0pt;">&#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><u>Assignment
of Restaurant Lease</u>.&#160; Execution and
delivery by MLP of an Assignment of Landlord&#146;s Interest in Restaurant Lease
(the &#147;<b>Assignment of Restaurant Lease</b>&#148;) in
substantially the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;P</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.17</font><font size="1" style="font-size:3.0pt;">&#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><u>Related
Agreements</u>.&#160; The execution and/or
delivery by Seller, as applicable, of those certain agreements listed in Section&nbsp;4.2
below.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.18</font><font size="1" style="font-size:3.0pt;">&#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><u>Post-Closing
Agreement</u>.&#160; Execution and delivery by
MLP of a Post-Closing Agreement (the &#147;<b>Post-Closing Agreement&#148;</b>)
in substantially the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;Q</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.19</font><font size="1" style="font-size:3.0pt;">&#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><u>Restaurant
Lease Estoppel Certificate</u>.&#160;
Execution and delivery by the Restaurant Lessee of an estoppel
certificate executed by the Restaurant Lessee in the Form&nbsp;of <b><u style="font-weight:bold;">Exhibit&nbsp;R</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.20</font><font size="1" style="font-size:3.0pt;">&#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><u>Ritz-Carlton
Estoppel Certificate</u>.&#160; Execution and
delivery of estoppel certificates for the Second Amended and Restated Golf
Course Use Agreement (the &#147;<b>Ritz-Carlton Estoppel
Certificate</b>&#148;) executed by W2005 Kapalua/Gengate Hotel Realty, L.L.C.
and The Ritz-Carlton Hotel Company, L.L.C. in substantially the forms attached
hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;S-1</u></b> and <b><u style="font-weight:bold;">Exhibit&nbsp;S-2</u></b>, respectively<b>  </b>(collectively, the &#147;<b>Ritz-Carlton Estoppel
Certificate</b>&#148;).</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.21</font><font size="1" style="font-size:3.0pt;">&#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><u>Association
Estoppel Certificates</u>.&#160; Two (2)&nbsp;copies
of an estoppel certificate executed by the Kapalua Resort Association (the &#147;<b>Kapalua Resort Association Estoppel Certificate</b>&#148;)
substantially in the form of <b><u style="font-weight:bold;">Exhibit&nbsp;T-1</u></b>
attached hereto and two (2)&nbsp;copies of an estoppel certificate executed by
the Plantation Estates Lot Owners&#146; Association (the &#147;<b>Plantation
Estoppel Certificate</b>&#148;) substantially in the form of <b><u style="font-weight:bold;">Exhibit&nbsp;T-2</u></b> attached hereto.</p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='5',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-01.htm',USER='c900221',CD='Apr  1 10:24 2009' -->


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


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

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.22</font><font size="1" style="font-size:3.0pt;">&#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><u>Nondisturbance
Agreement</u>.&#160; Execution and delivery of
a Nondisturbance Agreement executed by Wells Fargo Bank, N.A. with respect to
the Water Supply Agreement and the Lot 42 Agreement (the &#147;<b>Nondisturbance
Agreement</b>&#148;) in substantially the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;U</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.23</font><font size="1" style="font-size:3.0pt;">&#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><u>Reliance
Letter</u>.&#160; Execution and delivery of a
reliance letter executed by Bureau Veritas North America,&nbsp;Inc. (the &#147;<b>Reliance Letter</b>&#148;) in substantially the form attached hereto
as <b><u style="font-weight:bold;">Exhibit&nbsp;V</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.24</font><font size="1" style="font-size:3.0pt;">&#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><u>Will
Serve Letter</u>.&#160; Execution and delivery
of a &#147;will serve&#148; letter (the &#147;<b>Will Serve Letter</b>&#148;)
signed by Kapalua Water Company, Ltd. in the form of <b><u style="font-weight:bold;">Exhibit&nbsp;W</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.25</font><font size="1" style="font-size:3.0pt;">&#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><u>Agreement
Regarding Kapalua Club</u>.&#160; Execution
and delivery by MLP of a Golf Course Use Agreement (Kapalua Club) (the &#147;<b>Agreement Regarding Kapalua Club</b>&#148;) in substantially the form
attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;X</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.26</font><font size="1" style="font-size:3.0pt;">&#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><u>Wells
Fargo Mortgage Release</u>.&#160; Execution
and delivery of a recordable partial release of that certain mortgage in favor
of Wells Fargo Bank, N.A. affecting the Real Property.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.27</font><font size="1" style="font-size:3.0pt;">&#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><u>UCC-1
Termination</u>.&#160; Execution and delivery
of a UCC amendment terminating that certain Wells Fargo UCC-1 Financing
Statement in favor of Wells Fargo Bank, N.A. as to the Golf Course.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.28</font><font size="1" style="font-size:3.0pt;">&#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><u>New Easements</u>.&nbsp; Execution, delivery and recordation
of the following new easements (collectively, the &#147;<b>New
Easements</b>&#148;):&nbsp; (a)&nbsp;Grant of Underground Waterline Easement
from Seller to Kapalua Water Company, Ltd., affecting certain existing
designated waterline easements within the Land in substantially the form
attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;EE-1</u></b>;
(b)&nbsp;Grant of Reservoir, Waterline and Well Development Easement from
Seller to Purchaser in substantially the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;EE-2</u></b>; (c)&nbsp;Grant
of Underground Waterline Easement from Plantation Club Associates to Purchaser
in substantially the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;EE-3</u></b>;
(d)&nbsp;&nbsp;Grant of Underground Waterline Easement from Honolua Ridge LLC
to Purchaser in substantially the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;EE-4</u></b>;
(e)&nbsp;(Reserved); (f)&nbsp; Grant of Drainage Easement from Seller to
Purchaser in substantially the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;EE-6</u></b>;
(g)&nbsp;Grant of Drainage Easement from Plantation Club Associates to
Purchaser in substantially the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;EE-7</u></b>;
(h)&nbsp;Grant of Drainage Easement from KLC to Purchaser in substantially the
form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;EE-8</u></b>;
(i)&nbsp;Grant of Drainage Easement from Purchaser to Seller in substantially
the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;EE-9</u></b>;
and (j)&nbsp;Grant of Trail Easement from Purchaser to Kapalua Resort
Association in substantially the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;EE-10</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.29</font><font size="1" style="font-size:3.0pt;">&#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><u>Side
Letter Regarding Lease</u>.&#160; Execution
and delivery by Kapalua Plantation Golf LLC of a side letter regarding the
Lease extension (the &#147;<b>Lease Side Letter</b>&#148;)
in substantially the form attached hereto as <b><u style="font-weight:bold;">Exhibit&nbsp;FF</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font><font size="1" style="font-size:3.0pt;">&#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><u>Conditions
to Seller&#146;s Obligation to Sell</u>.&#160;
Seller&#146;s obligation to sell is expressly conditioned upon satisfaction
or waiver by Seller in writing of each of the following:</p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='6',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-01.htm',USER='c900221',CD='Apr  1 10:24 2009' -->


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


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

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2.1</font><font size="1" style="font-size:3.0pt;">&#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><u>Performance
by Purchaser</u>.&#160; Performance in all
material respects of the obligations and covenants of, and deliveries required
of, Purchaser hereunder.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2.2</font><font size="1" style="font-size:3.0pt;">&#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><u>Receipt
of Purchase Price</u>.&#160; Receipt of the
Purchase Price and any adjustments due Seller under Article&nbsp;7 at the
Closing in the manner herein provided.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2.3</font><font size="1" style="font-size:3.0pt;">&#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><u>Purchaser&#146;s
Representations</u>.&#160; The representations
and warranties by Purchaser as set forth in Section&nbsp;11.2 being true and
correct in all material respects as of the Closing.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2.4</font><font size="1" style="font-size:3.0pt;">&#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><u>Related
Agreements</u>.&#160; The execution and/or
delivery, as applicable, by Purchaser of those certain agreements listed in Section&nbsp;4.1
below.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 4<br>
<br>
PURCHASER&#146;S DELIVERIES AND SELLER&#146;S DELIVERIES TO ESCROW AGENT</font></p>

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font><font size="1" style="font-size:3.0pt;">&#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><u>Purchaser&#146;s
Deliveries</u>.&#160; Purchaser shall, at or
before the Closing, deliver to Escrow Agent each of the following:</p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.1</font><font size="1" style="font-size:3.0pt;">&#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><u>Purchase
Price</u>.&#160; The Purchase Price as set
forth in Article&nbsp;2.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.2</font><font size="1" style="font-size:3.0pt;">&#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><u>Closing
Statement</u>.&#160; An executed settlement
statement reflecting the prorations and adjustments required under Article&nbsp;7.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.3</font><font size="1" style="font-size:3.0pt;">&#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><u>Lease
Agreement</u>.&#160; Four (4)&nbsp;executed
counterparts of the Lease Agreement, the memorandum thereof and the guaranty
thereof.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.4</font><font size="1" style="font-size:3.0pt;">&#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><u>License
Agreement</u>.&#160; Four (4)&nbsp;executed
counterparts of (a)&nbsp;the Purchaser&#146;s License Agreement and (b)&nbsp;the
Seller&#146;s License Agreement.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.5</font><font size="1" style="font-size:3.0pt;">&#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><u>Partial
Assignment and Assumption of Second Amended and Restated Golf Course Use
Agreement</u>.&#160; Four (4)&nbsp;executed
counterparts of the Partial Assignment and Assumption of Second Amended and
Restated Golf Course Use Agreement.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.6</font><font size="1" style="font-size:3.0pt;">&#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><u>Water
Supply Agreement</u>.&#160; Four (4)&nbsp;executed
counterparts of the Water Supply Agreement.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.7</font><font size="1" style="font-size:3.0pt;">&#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><u>Golf
Facilities Easement</u>.&#160; Four (4)&nbsp;executed
counterparts of the Golf Facilities Easement.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.8</font><font size="1" style="font-size:3.0pt;">&#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><u>Assignment
of Easements</u>.&#160; Four (4)&nbsp;executed
counterparts of the Assignment of Easements.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.9</font><font size="1" style="font-size:3.0pt;">&#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><u>ROFO
Agreement</u>.&#160; Four (4)&nbsp;executed
counterparts of the ROFO Agreement and of the memorandum thereof.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.10</font><font size="1" style="font-size:3.0pt;">&#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><u>ROFR
Agreement</u>.&#160; Four (4)&nbsp;executed
counterparts of the ROFR Agreement and of the memorandum thereof.</p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='7',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-01.htm',USER='c900221',CD='Apr  1 10:24 2009' -->


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


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

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.11</font><font size="1" style="font-size:3.0pt;">&#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><u>Assignment
of Contracts</u>.&#160; Four (4)&nbsp;executed
counterparts of the Assignment of Contracts.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.12</font><font size="1" style="font-size:3.0pt;">&#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><u>Assignment
of Restaurant Lease</u>.&#160; Four (4)&nbsp;executed
counterparts of the Assignment of Restaurant Lease.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.13</font><font size="1" style="font-size:3.0pt;">&#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><u>Post-Closing
Agreement</u>.&#160; Four (4)&nbsp;executed
counterparts of the Post-Closing Agreement.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.14</font><font size="1" style="font-size:3.0pt;">&#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><u>Agreement
Regarding Kapalua Club</u>.&#160; Four (4)&nbsp;executed
counterparts of the Agreement Regarding Kapalua Club.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.15</font><font size="1" style="font-size:3.0pt;">&#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><u>New
Easements</u>.&#160; Four (4)&nbsp;executed
counterparts of each of the New Easements.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.16</font><font size="1" style="font-size:3.0pt;">&#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><u>Lease
Side Letter</u>.&#160; Four (4)&nbsp;executed
counterparts of the Lease Side Letter.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.17</font><font size="1" style="font-size:3.0pt;">&#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><u>Authorization
Documents Required by the Title Company</u>.&#160;
Such documents or instruments reasonably required by the Title Company
concerning Purchaser&#146;s due authorization and execution of the closing documents
required to convey the Golf Course pursuant to this Agreement or reasonably
requested by Escrow Agent required to close the transactions contemplated
hereby.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font><font size="1" style="font-size:3.0pt;">&#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><u>Seller&#146;s
Deliveries</u>.&#160; Either or both of MLP
and/or KLC, as applicable, at or before the Closing, shall deliver to Escrow
Agent each of the following:</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.1</font><font size="1" style="font-size:3.0pt;">&#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><u>Deed</u>.&#160; Four (4)&nbsp;executed copies of the Warranty
Deed (the &#147;<b>Deed</b>&#148;) with respect to the Real
Property in substantially the form of <b><u style="font-weight:bold;">Exhibit&nbsp;Y</u></b>,
pursuant to which Seller shall convey title to the Real Property subject only
to the following (collectively, the &#147;<b>Permitted Encumbrances</b>&#148;):
(i)&nbsp;non-delinquent real property taxes and all assessments and unpaid
installments thereof which are not delinquent; (ii)&nbsp;the Restaurant Lease,
and the rights of possession of the Restaurant Lessee thereunder; (iii)&nbsp;all
exceptions to title contained or disclosed in the Title Commitment; (iv)&nbsp;any
other lien, encumbrance, easement or other exception or matter voluntarily
imposed or consented to in writing by Purchaser prior to or as of the Closing;
and (v)&nbsp;the New Easements.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.2</font><font size="1" style="font-size:3.0pt;">&#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><u>Bill
of Sale</u>.&#160; Four (4)&nbsp;executed
copies of a bill of sale (the &#147;<b>Bill of Sale</b>&#148;)
in substantially the form of <b><u style="font-weight:bold;">Exhibit&nbsp;Z</u></b>,
with respect to the Personal Property.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.3</font><font size="1" style="font-size:3.0pt;">&#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><u>Lease
Agreement</u>.&#160; Four (4)&nbsp;executed
counterparts of the Lease Agreement, the memorandum thereof and the guaranty
thereof.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.4</font><font size="1" style="font-size:3.0pt;">&#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><u>License
Agreement</u>.&#160; Four (4)&nbsp;executed
counterparts of (a)&nbsp;the Purchaser&#146;s License Agreement and (b)&nbsp;the
Seller&#146;s License Agreement.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.5</font><font size="1" style="font-size:3.0pt;">&#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><u>Partial
Assignment and Assumption of Second Amended and Restated Golf Course Use
Agreement</u>.&#160; Four (4)&nbsp;executed
counterparts of the Partial Assignment and Assumption of Second Amended and
Restated Golf Course Use Agreement.</p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='8',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-01.htm',USER='c900221',CD='Apr  1 10:24 2009' -->


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


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

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.6</font><font size="1" style="font-size:3.0pt;">&#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><u>Water
Supply Agreement</u>.&#160; Four (4)&nbsp;executed
counterparts of the Water Supply Agreement.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.7</font><font size="1" style="font-size:3.0pt;">&#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><u>Golf
Facilities Easement</u>.&#160; Four (4)&nbsp;executed
counterparts of the Golf Facilities Easement.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.8</font><font size="1" style="font-size:3.0pt;">&#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><u>Assignment
of Easements</u>.&#160; Four (4)&nbsp;executed
counterparts of the Assignment of Easements.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.9</font><font size="1" style="font-size:3.0pt;">&#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><u>CC&amp;Rs</u>.&#160; Four (4)&nbsp;executed originals of the
CC&amp;Rs.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.10</font><font size="1" style="font-size:3.0pt;">&#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><u>ROFO
Agreement</u>.&#160; Four (4)&nbsp;executed
counterparts of the ROFO Agreement and of the memorandum thereof.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.11</font><font size="1" style="font-size:3.0pt;">&#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><u>ROFR
Agreement</u>.&#160; Four (4)&nbsp;executed
counterparts of the ROFR Agreement and of the memorandum thereof.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.12</font><font size="1" style="font-size:3.0pt;">&#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><u>Assignment
of Contracts</u>.&#160; Four (4)&nbsp;executed
counterparts of the Assignment of Contracts, and (whether through the closing
escrow or through such other method of delivery as the parties may establish)
original executed leases (or copies if originals are not in Seller&#146;s
possession) and tenant files in the possession of Seller and the contracts
assigned thereby, together with any and all consents that may be required from
the counterparties to such leases and Contracts.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.13</font><font size="1" style="font-size:3.0pt;">&#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><u>Assignment
of Restaurant Lease</u>.&#160; Four (4)&nbsp;executed
counterparts of the Assignment of Restaurant Lease.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.14</font><font size="1" style="font-size:3.0pt;">&#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><u>Notice
to Tenant</u>.&#160; A notice signed by Seller
addressed to the Restaurant Lessee in the form of <b><u style="font-weight:bold;">Exhibit&nbsp;AA</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.15</font><font size="1" style="font-size:3.0pt;">&#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><u>Restaurant
Lease Estoppel Certificate</u>.&#160; Two (2)&nbsp;copies
of the Restaurant Lease Estoppel Certificate.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.16</font><font size="1" style="font-size:3.0pt;">&#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><u>Association
Estoppel Certificates</u>.&#160; Two (2)&nbsp;copies
of the Kapalua Resort Association Estoppel Certificate and two (2)&nbsp;copies
of the Plantation Estoppel Certificate.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.17</font><font size="1" style="font-size:3.0pt;">&#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><u>Ritz-Carlton
Estoppel Certificate</u>.&#160; Two (2)&nbsp;copies
of the Ritz-Carlton Estoppel Certificate executed by Seller, W2005
Kapalua/Gengate Hotel Realty, L.L.C. and The Ritz-Carlton Hotel Company, L.L.C.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.18</font><font size="1" style="font-size:3.0pt;">&#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><u>Nondisturbance
Agreement</u>.&#160; Four (4)&nbsp;copies of
the Nondisturbance Agreement executed by Wells Fargo Bank, N.A. with respect to
the Water Supply Agreement and the Lot 42 Agreement.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.19</font><font size="1" style="font-size:3.0pt;">&#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><u>Reliance
Letter</u>.&#160; Two (2)&nbsp;copies of the
Reliance Letter executed by Bureau Veritas North America,&nbsp;Inc.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.20</font><font size="1" style="font-size:3.0pt;">&#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><u>Will
Serve Letter</u>.&#160; Two (2)&nbsp;copies of
the Will Serve Letter signed by Kapalua Water Company, Ltd.</p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='9',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-01.htm',USER='c900221',CD='Apr  1 10:24 2009' -->


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


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

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.21</font><font size="1" style="font-size:3.0pt;">&#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><u>FIRPTA/HARPTA
Affidavits</u>.&#160; One (1)&nbsp;executed
copy of an affidavit in the form of <b><u style="font-weight:bold;">Exhibits&nbsp;BB-1 and
BB-2</u></b> with respect to the Foreign Investment in Real Property Tax
Act and one&nbsp;(1)&nbsp;executed copy of an affidavit in the form of <b><u style="font-weight:bold;">Exhibits&nbsp;CC-1 and CC-2</u></b>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.22</font><font size="1" style="font-size:3.0pt;">&#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><u>Notice
of Mortgage, Pledge or Purchase (Hawaii Tax&nbsp;Form&nbsp;D-37)</u>.&#160; One (1)&nbsp;executed Hawaii Tax Form&nbsp;D-37 unless previously filed by Purchaser with
the Hawaii Department of Taxation.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.23</font><font size="1" style="font-size:3.0pt;">&#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><u>Conveyance
Tax Certificate (Hawaii Tax&nbsp;Form&nbsp;P-64A) for the Deed</u>.&#160; One (1)&nbsp;executed Hawaii Tax Form&nbsp;P-64A.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.24</font><font size="1" style="font-size:3.0pt;">&#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><u>Assignment
of Trade Names (Hawaii DCCA Form&nbsp;T-4)</u>.&#160;
One (1)&nbsp;executed Hawaii DCCA Form&nbsp;T-4 for &#147;The Plantation Club
Golf Course&#148; trade name and one&nbsp;(1)&nbsp;executed Hawaii DCCA Form&nbsp;T-4
for &#147;The Plantation Course&#148; trade name.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.25</font><font size="1" style="font-size:3.0pt;">&#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><u>Ground
Lease Termination</u>.&#160; Two (2)&nbsp;executed
Ground Lease Terminations.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.26</font><font size="1" style="font-size:3.0pt;">&#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><u>Wells
Fargo Mortgage Release</u>.&#160; An executed
and recordable partial release of that certain mortgage in favor of Wells Fargo
Bank, N.A. affecting the Real Property.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.27</font><font size="1" style="font-size:3.0pt;">&#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><u>UCC-1
Termination</u>.&#160; A UCC amendment
terminating that certain Wells Fargo UCC-1 Financing Statement in favor of
Wells Fargo Bank, N.A. as to the Golf Course.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.28</font><font size="1" style="font-size:3.0pt;">&#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><u>Post-Closing
Agreement</u>.&#160; Four (4)&nbsp;executed counterparts
of the Post-Closing Agreement.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.29</font><font size="1" style="font-size:3.0pt;">&#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><u>Agreement
Regarding Kapalua Club</u>.&#160; Four (4)&nbsp;executed
counterparts of the Agreement Regarding Kapalua Club.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.30</font><font size="1" style="font-size:3.0pt;">&#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><u>Closing
Statement</u>.&#160; An executed settlement
statement reflecting the prorations and adjustments required under Article&nbsp;7.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.31</font><font size="1" style="font-size:3.0pt;">&#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><u>New
Easements</u>.&#160; Four (4)&nbsp;executed
counterparts of each of the New Easements.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.32</font><font size="1" style="font-size:3.0pt;">&#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><u>Lease
Side Letter</u>.&#160; Four (4)&nbsp;executed
counterparts of the Lease Side Letter.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.33</font><font size="1" style="font-size:3.0pt;">&#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><u>Authorization
Documents Required by the Title Company</u>.&#160;
Such documents or instruments reasonably required by the Title Company
concerning Seller&#146;s due authorization and execution of the closing documents
required to convey the Golf Course pursuant to this Agreement, including Form&nbsp;B
and Form&nbsp;D or reasonably requested by Escrow Agent required to close the
transactions contemplated hereby.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font><font size="1" style="font-size:3.0pt;">&#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><u>Failure
to Deliver</u>.&#160; The failure of Purchaser
or Seller to make any delivery required in accordance with this Article&nbsp;4,
which is not waived by the other party, shall constitute a default hereunder by
Purchaser or Seller, as applicable; provided, however, that:</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#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>Seller&#146;s
failure to deliver either of those items described in Sections&nbsp;4.2.16 and
4.2.17 shall not constitute a default hereunder by Seller nor give rise to any</p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='10',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-01.htm',USER='c900221',CD='Apr  1 10:24 2009' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchaser termination
rights hereunder and the applicable provisions of the Post-Closing Agreement
shall apply with respect to such event; and</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#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>If
Seller is unable to deliver any of those items described in
Sections&nbsp;4.2.18, 4.2.26, or 4.2.27 by the Closing Date, the Closing Date
shall be extended until such date as Seller is able to deliver such items,
provided that if Seller does not deliver such items by the 30<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;day after the initially-scheduled Closing
Date, Purchaser may at any time thereafter elect to terminate this
Agreement.&nbsp; Upon termination pursuant to this Section&nbsp;4.3(b), Seller
shall pay to Purchaser an amount, not to exceed $1,000,000, equal to Purchaser&#146;s
total actual legal fees and due diligence expenses incurred in connection with
this purchase, and thereafter neither Seller nor Purchaser shall have any
further liability or obligations in connection with this Agreement or such
termination.&nbsp; Seller and Purchaser acknowledge and agree that they have
freely agreed to such a payment as liquidated damages which are fair and
reasonable under the particular circumstances of this transaction, and not as a
penalty.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 5<br>
<br>
INVESTIGATION OF REAL PROPERTY</font></p>

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font><font size="1" style="font-size:3.0pt;">&#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><u>Delivery
of Documents</u>.&#160; Seller has delivered
to Purchaser, the following:</p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1.1</font><font size="1" style="font-size:3.0pt;">&#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><u>Title
Commitment</u>.&#160; A copy of the Title
Commitment.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1.2</font><font size="1" style="font-size:3.0pt;">&#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><u>Leases
and Contracts</u>.&#160; Copies of the
Restaurant Lease and any service contracts, equipment leases, maintenance
agreements and other contracts, if any, listed in the Assignment of Contracts.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1.3</font><font size="1" style="font-size:3.0pt;">&#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><u>Plans
and Specifications</u>.&#160; To the extent in
Seller&#146;s possession, copies of all plans and specifications for the
Improvements.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1.4</font><font size="1" style="font-size:3.0pt;">&#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><u>Reports</u>.&#160; To the extent in Seller&#146;s possession, copies
of all environmental reports, geological reports, engineering reports and archeological
reports (if any) prepared by third parties.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1.5</font><font size="1" style="font-size:3.0pt;">&#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><u>Permits</u>.&#160; To the extent in Seller&#146;s possession, copies
of all governmental permits, certificates of occupancy, site plan approvals,
zoning approvals and other approvals, including, without limitation, all
development permits, approvals, agreements and entitlements, in each case
regarding the Real Property.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1.6</font><font size="1" style="font-size:3.0pt;">&#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><u>Operating
Statements</u>.&#160; To the extent in Seller&#146;s
possession, copies of operating statements with respect to the Golf Course
generated by Seller in its ordinary course of business with respect to the
previous three&nbsp;(3)&nbsp;calendar years.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1.7</font><font size="1" style="font-size:3.0pt;">&#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><u>Property
Tax Bills</u>.&#160; To the extent in Seller&#146;s
possession, a copy of the current property tax bill and any assessment notices
for the current tax fiscal year.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1.8</font><font size="1" style="font-size:3.0pt;">&#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><u>Notices
of Violation, Litigation</u>.&#160; To the
extent in Seller&#146;s possession, copies of any notices of uncured violations
issued by any governmental authority as well as copies of any </p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='11',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-03.htm',USER='c900221',CD='Apr  1 10:31 2009' -->


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


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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">pleadings relating to
litigation regarding the Golf Course to the extent any of the foregoing could
be binding upon the Golf Course or Purchaser following Closing.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If requested
by Seller, Purchaser shall provide written verification of its receipt of those
items listed in this Section&nbsp;5.1.</font></p>

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2</font><font size="1" style="font-size:3.0pt;">&#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><u>Physical
Inspection of the Real Property</u>.</p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2.1</font><font size="1" style="font-size:3.0pt;">&#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>Seller
shall allow Purchaser and Purchaser&#146;s engineers, architects or other employees,
consultants and agents reasonable access to the Real Property during normal
business hours for the limited purposes provided herein.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2.2</font><font size="1" style="font-size:3.0pt;">&#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>Purchaser
and its engineers, architects and other employees, consultants and agents may
exercise such access solely for the purposes of (i)&nbsp;reviewing contracts,
tenant files, books and records relating to the Real Property (other than any
privileged, proprietary or confidential records), soil reports, environmental
studies and reports, surveys, and building and systems plans; (ii)&nbsp;reviewing
soils records relating to operating and capital expenses and other instruments
and correspondence relating to the Real Property; and (iii)&nbsp;inspecting the
physical condition of the Real Property and conducting non-intrusive physical
and environmental tests and inspections thereof.&#160; PURCHASER SHALL NOT CONDUCT OR ALLOW ANY
PHYSICALLY INTRUSIVE TESTING OF, ON OR UNDER THE REAL PROPERTY WITHOUT FIRST
OBTAINING SELLER&#146;S WRITTEN CONSENT (WHICH SELLER MAY&nbsp;GIVE OR WITHHOLD IN
ITS SOLE DISCRETION) AS TO THE TIMING AND SCOPE OF THE WORK TO BE PERFORMED AND
THE PARTIES ENTERING INTO AN AMENDMENT HERETO MEMORIALIZING SUCH SCOPE OF WORK
AND ANY ADDITIONAL AGREEMENTS OF THE PARTIES WITH RESPECT TO SUCH TESTING.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2.3</font><font size="1" style="font-size:3.0pt;">&#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>Purchaser
agrees that, in the exercise of the right of access granted hereby, it will not
unreasonably interfere with or permit unreasonable interference with any person
occupying or providing service at the Golf Course.&#160; Purchaser agrees that it or its agents will
not communicate with any tenants without the consent of Seller.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2.4</font><font size="1" style="font-size:3.0pt;">&#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>Purchaser
agrees to indemnify, defend and hold harmless Seller and its affiliates,
subsidiaries, shareholders, officers, directors and agents from any loss,
injury, damage, claim, lien, cost or expense, including reasonable attorneys&#146;
fees and costs (collectively, &#147;<b>Claims</b>&#148;),
arising out of or relating to the exercise by Purchaser or its employees,
consultants, agents or representatives of the right of access under this
Agreement, including, without limitation, any entry on the Golf Course in the
course of performing the inspections, testings, or inquiries provided for in
this Agreement, excluding, however, any Claim arising out of (i)&nbsp;the gross
acts or omissions of Seller or its affiliates, agents or employees or (ii)&nbsp;the
mere discovery of an existing condition at or affecting the Golf Course.&#160; The indemnity in this Section&nbsp;5.2.4
shall survive the Closing or any earlier termination of this Agreement.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2.5</font><font size="1" style="font-size:3.0pt;">&#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>Purchaser
agrees to give Seller prior notice, not less than forty-eight (48) hours prior
to the date of any requested inspection or test (or earlier if required by law
or pursuant to the provision of any leases), of its intent to conduct any
inspections or tests so that Seller will have the opportunity to have a
representative present during any such inspection or test, the right to do so
which Seller expressly reserves.&#160;
Purchaser agrees to cooperate with any reasonable request by Seller in
connection with the timing of any such inspection or test.&#160; Subject to the provisions of </p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='12',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-03.htm',USER='c900221',CD='Apr  1 10:31 2009' -->


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


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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.2, Seller
agrees to use commercially reasonable efforts to facilitate and cooperate with
Purchaser&#146;s conduct of its investigations of or at the Real Property at no
material cost to Seller.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2.6</font><font size="1" style="font-size:3.0pt;">&#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>Purchaser
agrees that any inspection, test or other study or analysis of the Real
Property shall be performed at Purchaser&#146;s expense and in strict accordance
with applicable law.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2.7</font><font size="1" style="font-size:3.0pt;">&#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>Purchaser
agrees at its own expense to promptly repair or restore the Real Property, or,
at Seller&#146;s option, to reimburse Seller for any reasonable repair or
restoration costs, if any inspection or test requires or results in any damage
to or alteration of its condition.&#160; The
obligations set forth in this Section&nbsp;5.2.7 shall survive the Closing or
earlier termination of this Agreement.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.3</font><font size="1" style="font-size:3.0pt;">&#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><u>No
Obligation to Cure</u>.&#160; Nothing
contained in this Agreement or otherwise shall require Seller to remove or
correct any exception or matter disapproved by Purchaser or to spend any money
or incur any expense in order to do so; provided, however, that Seller agrees
to remove any lien or mortgage the amount of which is liquidated and which has
been placed on the Real Property with the approval or consent of Seller and any
mechanics lien placed on the Real Property pursuant to works of improvement duly
authorized by Seller, provided that Seller may remove any such mechanics lien
by causing or enabling the Title Company to irrevocably commit to issuing the
Title Policy to Purchaser and its lender, if any, without taking exception for
any such lien.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 6<br>
<br>
THE CLOSING</font></p>

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1</font><font size="1" style="font-size:3.0pt;">&#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><u>Date
and Manner of Closing</u>.&#160; Escrow Agent
shall close the escrow (the &#147;<b>Closing</b>&#148;) as
soon as all conditions to closing contained in this Agreement have been
satisfied, which shall in any event be not later than 10:00&nbsp;a.m. Hawaii time
on March&nbsp;27, 2009 (the &#147;<b>Closing Date</b>&#148;),
time being of the essence, subject only to Seller&#146;s express rights provided in Section&nbsp;4.3(b)&nbsp;and
Section&nbsp;13.4, by recording and delivering all documents and funds as set
forth in Article&nbsp;8.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 7<br>
<br>
PRORATION, FEES, COSTS AND ADJUSTMENTS</font></p>

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.1</font><font size="1" style="font-size:3.0pt;">&#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><u>Revenue
and Expense Allocations</u>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.1.1</font><font size="1" style="font-size:3.0pt;">&#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>The
following items shall be allocated or prorated at Closing as follows:</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#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>Real
property taxes for the then current tax fiscal year based upon the latest
available tax bills or assessment information.&#160;
Such proration shall be calculated based upon the actual number of days
in the tax year, with Seller being responsible for that portion of such tax
year occurring on and prior to the Closing Date and Purchaser being responsible
for that portion of such tax year occurring after the Closing Date.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#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>Special
taxes, assessments or water and sewer capacity charges, if any, upon the Golf
Course shall be paid by Seller at Closing.</p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='13',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-03.htm',USER='c900221',CD='Apr  1 10:31 2009' -->


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


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

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#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>Fuel,
electricity, water, sewer, gas, electric, telephone and other utility charges
and assigned deposits.&#160; Such proration
shall be calculated based upon the actual number of days in the current billing
period, with Seller being responsible for that portion of such billing period
occurring on and prior to the Closing Date and Purchaser being responsible for
that portion of such billing period occurring after the Closing Date.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#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>Purchaser
shall receive credit at the Closing for the following:&#160; (i)&nbsp;security deposit received by Seller
for the Restaurant Lease in the amount of Ten Thousand Dollars ($10,000); (ii)&nbsp;the
prorated portion of any advance rents allocable to the period after the Closing
Date and received by Seller from the Restaurant Lessee; and (iii)&nbsp;any
unpaid utility charges (including, but not limited to, telephone, electric
power, steam, heat, gas, cable TV, water and sewer and any other utility
charges) prorated for the period prior to the Closing Date.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#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>Seller
shall be responsible for and pay for all other taxes attributable to the
ownership and operation of the Golf Course for the period of time prior to the
Closing Date.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.1.2</font><font size="1" style="font-size:3.0pt;">&#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>Following
the Closing, all employees of Seller shall remain employees of Seller and
Purchaser shall have no responsibility with respect to such employees.&#160; Without limiting the generality of the
foregoing:</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#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>Seller
shall be responsible for all wages and other amounts owed to employees of
Seller providing services for the Golf Course and all wages and amounts due to
employees that do not provide services exclusively on account of the Golf
Course.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#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>With respect to hourly
employees, Seller shall be responsible for (a)&nbsp;wages of hourly
employees; (b)&nbsp;employment and withholding taxes for such employees; and (c)&nbsp;accrued
vacation and required contributions to health, pension and other benefit plans
for such employees.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#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>With
respect to salaried employees, Seller shall be responsible for salaries,
employment and withholding taxes, accrued vacation and other employment
benefits for salaried employees.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#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>Seller
shall hold expenses for pension expenses for eligible employees.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#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>Seller shall be responsible
for (a)&nbsp;severance or separation payments, (b)&nbsp;sick pay, and (c)&nbsp;&#147;hospitalization
pay,&#148; if any.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.2</font><font size="1" style="font-size:3.0pt;">&#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><u>Reconciliation
and Post-Closing Adjustments</u>.&#160; Except
as otherwise provided herein, any item to be allocated or prorated that cannot
be ascertained with certainty as of the Closing Date shall be prorated on the
basis of the parties&#146; reasonable estimate of such amount, and shall be the
subject of a final proration within ninety&nbsp;(90) days after Closing, or as
soon thereafter as a precise amount can be ascertained.&#160; Purchaser shall promptly notify Seller when
it becomes aware that any such actual amount has been ascertained.&#160; Once all such items have been ascertained,
Purchaser shall prepare a final proration statement which shall be subject to
Seller&#146;s approval.&#160; Upon Seller&#146;s
acceptance and approval of any such final proration statement, such statement
shall be conclusively deemed to be accurate and final and Seller and Purchaser
shall each make any further adjustments required by such final proration
statement.</p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='14',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-03.htm',USER='c900221',CD='Apr  1 10:31 2009' -->


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


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

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.3</font><font size="1" style="font-size:3.0pt;">&#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><u>Seller&#146;s
Closing Costs</u>.&#160; Seller shall pay (i)&nbsp;any
conveyance or transfer taxes, (ii)&nbsp;any costs incurred in recording
releases of any Seller financing encumbering the Real Property, (iii)&nbsp;one-half
(&#189;) of Escrow Agent&#146;s escrow fee or escrow termination charge, (iv)&nbsp;one-half
(&#189;) the cost of the basic premium for the ALTA portion of the Title Policy, (v)&nbsp;any
brokers commissions payable to Seller&#146;s broker, if any, and Purchaser&#146;s broker
pursuant to Seller&#146;s agreements with such brokers, and (vi)&nbsp;Seller&#146;s own
attorneys&#146; fees.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.4</font><font size="1" style="font-size:3.0pt;">&#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><u>Purchaser&#146;s
Closing Costs</u>.&#160; Purchaser shall pay (i)&nbsp;one-half
(&#189;) of Escrow Agent&#146;s escrow fee or escrow termination charge, (ii)&nbsp;one-half
(&#189;) the cost of the basic premium for the ALTA portion of the Title Policy and
the entire cost of ALTA extended coverage to the Title Policy in excess of the
cost of the ALTA portion of the Title Policy and any title insurance
endorsements ordered by Purchaser or simultaneously issued to Purchaser&#146;s
lender, (iii)&nbsp;any costs incurred by Purchaser in connection with Purchaser&#146;s
investigation of the Golf Course pursuant to Article&nbsp;5, (iv)&nbsp;any
recording costs including the cost to record the Deed, and (v)&nbsp;Purchaser&#146;s
own attorneys&#146; fees.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.5</font><font size="1" style="font-size:3.0pt;">&#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><u>Other
Closing Costs</u>.&#160; All other closing
costs shall be borne by the parties according to custom and practice in Maui,
Hawaii.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 8<br>
<br>
DISTRIBUTION OF FUNDS AND DOCUMENTS</font></p>

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font><font size="1" style="font-size:3.0pt;">&#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><u>Delivery
of the Purchase Price</u>.&#160; At the
Closing, Escrow Agent shall deliver the Purchase Price to Seller, and the
transaction shall not be considered closed until such delivery occurs and the
Deed is duly recorded.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2</font><font size="1" style="font-size:3.0pt;">&#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><u>Other
Monetary Disbursements</u>.&#160; Escrow Agent
shall, at the Closing, hold for personal pickup or arrange for wire transfer, (i)&nbsp;to
Seller, or order, as instructed by Seller, all sums and any proration or other
credits to which Seller is entitled and less any appropriate proration or other
charges and (ii)&nbsp;to Purchaser, or order, any excess funds theretofore
delivered to Escrow Agent by Purchaser and all sums and any proration or other
credits to which Purchaser is entitled and less any appropriate proration or
other charges.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.3</font><font size="1" style="font-size:3.0pt;">&#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><u>Recorded
Documents</u>.&#160; Escrow Agent shall cause
the Deed and any other documents that Seller or Purchaser desires to record to
be recorded with the Bureau of Conveyances of the State of Hawaii and, after
recording, returned to the grantee, beneficiary or person acquiring rights
under said document or for whose benefit said document was required.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.4</font><font size="1" style="font-size:3.0pt;">&#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><u>All
Other Documents</u>.&#160; Escrow Agent shall,
at the Closing, deliver, by overnight express delivery, each other document received
hereunder by Escrow Agent to the person acquiring rights under said document or
for whose benefit said document was required.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 9<br>
<br>
RETURN OF DOCUMENTS AND FUNDS UPON TERMINATION</font></p>

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.1</font><font size="1" style="font-size:3.0pt;">&#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><u>Return
of Seller&#146;s Documents</u>.&#160; If escrow or
this Agreement is terminated for any reason, Purchaser shall, within five&nbsp;(5)&nbsp;days
following such termination, deliver to Seller all </p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='15',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-03.htm',USER='c900221',CD='Apr  1 10:31 2009' -->


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


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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">documents and materials
relating to the Golf Course previously delivered to Purchaser by Seller or by
third parties at Seller&#146;s direction.&#160;
Escrow Agent shall deliver all documents and materials deposited by
Seller and then in Escrow Agent&#146;s possession to Seller and shall destroy any
documents executed by both Purchaser and Seller.&#160; Upon delivery by Escrow Agent to Seller (or
such destruction, as applicable) of such documents and materials, Escrow Agent&#146;s
obligations with regard to such documents and materials under this Agreement
shall be deemed fulfilled and Escrow Agent shall have no further liability with
regard to such documents and materials to either Seller or Purchaser.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.2</font><font size="1" style="font-size:3.0pt;">&#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><u>Return
of Purchaser&#146;s Documents</u>.&#160; If escrow
or this Agreement is terminated for any reason, Escrow Agent shall deliver all
documents and materials deposited by Purchaser and then in Escrow Agent&#146;s
possession to Purchaser and shall destroy any documents executed by both
Purchaser and Seller.&#160; Upon delivery by
Escrow Agent to Purchaser (or such destruction, as applicable) of such
documents and materials, Escrow Agent&#146;s obligations with regard to such
documents and materials under this Agreement shall be deemed fulfilled and
Escrow Agent shall have no further liability with regard to such documents and
materials to either Seller or Purchaser.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.3</font><font size="1" style="font-size:3.0pt;">&#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><u>No
Effect on Rights of Parties; Survival</u>.&#160;
The return of documents and monies as set forth above shall not affect
the right of either party to seek such legal or equitable remedies as such
party may have under Article&nbsp;10 with respect to the enforcement of this
Agreement.&#160; The obligations under this Article&nbsp;9
shall survive the termination of this Agreement.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 10<br>
<br>
DEFAULT</font></p>

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font><font size="1" style="font-size:3.0pt;">&#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><u>Seller&#146;s
Remedies</u>.&#160; If the sale is not
completed as herein provided by reason of any default of Purchaser, Seller
shall be entitled to all remedies and rights available to it at law or
equity.&#160; In addition to any other rights
and remedies available to Seller, Seller shall have the right to bring an
action against Purchaser seeking expungement or relief from any improperly
filed <i>lis&nbsp;pendens</i>, injunction or other
restraint for bringing an action for damages as part of a slander of title
claim, and/or recovering fees, costs and expenses (including reasonable
attorneys&#146; fees) which Seller may suffer or incur as a result of any Purchaser
action but only to the extent that Seller is the prevailing party.&#160; Nothing in this Agreement shall be deemed to
limit Purchaser&#146;s liability to Seller for damages or injunctive relief for
breach of Purchaser&#146;s indemnity obligations for attorneys&#146; fees and costs as
provided in Section&nbsp;16.6 below.&#160; The
foregoing is not intended to limit Purchaser&#146;s obligations under Section&nbsp;11.2
and 13.3.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font><font size="1" style="font-size:3.0pt;">&#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><u>Purchaser&#146;s
Remedies</u>.&#160; If the sale is not
completed as herein provided by reason of any material default of Seller,
Purchaser shall be entitled, as its sole and exclusive remedy, to either (i)&nbsp;terminate
this Agreement (by delivering notice to Seller which includes a waiver of any
right, title or interest of Purchaser in the Golf Course) and, subject to
Purchaser&#146;s obligations under&#160; Sections&nbsp;5.2.4
and 5.2.7, obtain actual out-of-pocket third party expenses or (ii)&nbsp;treat
this Agreement as being in full force and effect and pursue only the specific
performance of this Agreement; provided, however, Purchaser must, if at all,
file its specific performance action within one hundred twenty (120) days of
the scheduled Closing Date.&#160; If Seller
acts in a manner that precludes Purchaser from pursuing specific performance
(e.g., sells the Real Property to a bona-fide third party purchaser without knowledge
of this Agreement) then Purchaser shall have the right (without the application
of any cap on liability) to pursue against Seller any and all rights and
remedies at </p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='16',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-03.htm',USER='c900221',CD='Apr  1 10:31 2009' -->


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


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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">law or in equity.&#160; Except as provided in the preceding sentence,
Purchaser waives any right to pursue any other remedy at law or equity for such
default of Seller, including, without limitation, except as provided in the
preceding sentence, any right to seek, claim or obtain damages, punitive
damages or consequential damages.&#160;
Nothing in this Agreement shall, however, be deemed to limit Seller&#146;s
liability to Purchaser for damages or for attorney&#146;s fees and costs as provided
in Section&nbsp;16.6 below except as set forth in Section&nbsp;16.6.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 11<br>
<br>
REPRESENTATIONS AND WARRANTIES</font></p>

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1</font><font size="1" style="font-size:3.0pt;">&#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><u>Seller&#146;s
Warranties and Representations</u>.&#160; The
matters set forth in this Section&nbsp;11.1 constitute representations and
warranties by Seller which are now and (subject to matters contained in any
notice given pursuant to the next succeeding sentence) shall, in all material
respects, at the Closing be true and correct.&#160;
If Seller learns of, or has a reason to believe that any of the
representations and warranties contained in this Article&nbsp;11 may cease to
be true and correct, Seller shall give prompt notice to Purchaser (which notice
shall include copies of the instrument, correspondence, or document, if any,
upon which Seller&#146;s notice is based) and, in such event, Purchaser may
terminate this Agreement, upon written notice to Seller, without recourse
against Seller; provided, however; Seller cannot act voluntary in a manner
which would cause a representation and warranty to become materially incorrect
or inaccurate.&#160; As used in this Section&nbsp;11.1,
the phrase &#147;to the extent of Seller&#146;s actual knowledge&#148; shall mean the actual
current knowledge of Jeff Pearson, with respect to water and sewage issues
only, Robert Webber, Ryan Churchill, Gary Planos, Dan Ligienza and Adele Sumida
whom Seller represents to be the representatives of Seller having the
responsibility for the management and sale of the Golf Course and accordingly
the individuals responsible for being informed of matters relevant to this
Agreement.&#160; There shall be no duty imposed
or implied to investigate, inspect, or audit any such matters, and there shall
be no imputed or personal liability on the part of such individuals.&#160; To the extent Purchaser has or acquires
actual knowledge prior to the Closing Date that these representations and
warranties are inaccurate, untrue or incorrect in any way, Purchaser may
proceed to Closing without reduction in the Purchase Price and without recourse
against Seller for such misrepresentation, in which even such representation or
warranties shall be deemed modified to reflect Purchaser&#146;s actual knowledge.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.1</font><font size="1" style="font-size:3.0pt;">&#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><u>Organization</u>.&#160; Seller has been duly formed, validly exists
and is in good standing in the jurisdiction of its formation and in the state
in which the Real Property is located.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.2</font><font size="1" style="font-size:3.0pt;">&#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><u>Power
and Authority</u>.&#160; Seller has the legal
power, right and authority to enter into this Agreement and to consummate the
transactions contemplated hereby.&#160; Except
with respect to that certain mortgage in favor of Wells Fargo Bank, N.A.
regarding the Real Property, which Seller shall have released in connection
with the Closing, neither the execution or delivery of this Agreement nor the
performance of Seller&#146;s obligations under this Agreement violate, or will
violate, any contract, agreement or instrument to which Seller is a party or by
which Seller or the Golf Course is bound, or result in or constitute a
violation or breach of any judgment, writ, order, injunction or decree
applicable to Seller or the Golf Course.&#160;
No consent of any third party, governmental agency or governmental
authority is required for the execution of this Agreement by Seller or the
consummation by Seller of the transactions contemplated hereby.&#160; The person executing any instruments for or
on behalf of the Seller is fully authorized to act on behalf of Seller and this
Agreement is valid and enforceable against Seller in accordance with its terms,
and each </p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='17',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-03.htm',USER='c900221',CD='Apr  1 10:31 2009' -->


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


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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">instrument to be executed
by Seller pursuant hereto or in connection therewith will, when executed, be
valid and enforceable against Seller in accordance with its terms.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.3</font><font size="1" style="font-size:3.0pt;">&#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><u>Proceedings</u>.&#160; To the extent of Seller&#146;s actual knowledge,
Seller has not received any written notice of any pending or threatened
condemnation or similar proceeding affecting any part of the Golf Course.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.4</font><font size="1" style="font-size:3.0pt;">&#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><u>Service
Contracts</u>.&#160; To the extent of Seller&#146;s
actual knowledge, the Contracts comprise all of the material contracts which
will affect the Golf Course on and after the Closing except for those
agreements set forth in the Title Policy. &#160;The list of Contracts attached as <b><u style="font-weight:bold;">Exhibit&nbsp;C</u></b> is true and correct
in all material respects.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.5</font><font size="1" style="font-size:3.0pt;">&#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><u>Leases</u>.&#160; Except for the Restaurant Lease, Seller has
not entered into and has no actual knowledge of any other leases or other
agreements (whether oral or written) affecting or relating to the right of any
party with respect to the right to occupancy of the Real Property or any
portion thereof.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.6</font><font size="1" style="font-size:3.0pt;">&#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><u>Compliance</u>.&#160; To the extent of Seller&#146;s actual knowledge,
Seller has not received written notice from any governmental authority that the
Golf Course is not in material compliance with all applicable laws, except for
such failures to comply, if any, which have been remedied.&#160; To the extent of Seller&#146;s actual knowledge,
the Golf Course is in material compliance with all applicable permits,
approvals, licenses, certificates, covenants, conditions, restrictions, leases,
easements and agreements of any kind or nature affecting the Golf Course.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.7</font><font size="1" style="font-size:3.0pt;">&#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><u>Litigation</u>.&#160; To the extent of Seller&#146;s actual knowledge,
Seller has received no written notice of material litigation pending with
respect to the Golf Course which will affect Seller&#146;s ability to comply with
its obligations under this Agreement or could materially affect the use, value,
marketability, operation or development of the Golf Course.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.8</font><font size="1" style="font-size:3.0pt;">&#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><u>Bankruptcy</u>.&#160; There has not occurred the making by Seller
of any general assignment for the benefit of creditors, or the filing against
Seller of a petition to have Seller adjudged a bankrupt or a petition for
reorganization or arrangement under any law relating to bankruptcy, or the
appointment of a trustee or receiver to take possession of substantially all of
the interest of Seller in the Real Property, or the attachment, execution or
judicial seizure of substantially all the assets of Seller or the interests of
Seller in the Real Property or any legal proceeding in which Seller is
adjudicated as being, or stipulates to being, insolvent or unable to pay its
debts as they come due.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.9</font><font size="1" style="font-size:3.0pt;">&#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><u>OFAC</u>.&#160; Seller is in compliance with, and, to extent
of Seller&#146;s actual knowledge, all beneficial owners of Seller are in compliance
with the requirements of Executive Order No.&nbsp;13224, 66 Fed Reg. 49079 (September&nbsp;25,
2001) (the &#147;<b>Order</b>&#148;) and other similar
requirements contained in the rules&nbsp;and regulations of the Office of
Foreign Asset Control, Department of the Treasury (&#147;<b>OFAC</b>&#148;)
and in any enabling legislation or other executive orders in respect thereof
(the Order and such other rules, regulations, legislation, or orders are
collectively called the &#147;<b>Orders</b>&#148;).&#160; Neither Seller nor, to the extent of Seller&#146;s
actual knowledge, any beneficial owner of Seller:</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:117.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#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>is
listed on the Specially Designated Nationals and Blocked Persons List
maintained by OFAC pursuant to the Order and/or on any other list of terrorists
or terrorist </p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='18',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-03.htm',USER='c900221',CD='Apr  1 10:31 2009' -->


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


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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">organizations maintained
pursuant to any of the rules&nbsp;and regulations of OFAC or pursuant to any
other applicable Orders (such lists are collectively referred to as the &#147;<b>Lists</b>&#148;);</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:117.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#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>has
been determined by competent authority to be subject to the prohibitions
contained in the Orders; or</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:117.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:117.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#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>is
owned or controlled by, nor acts for or on behalf of, any person or entity on
the Lists or any other person or entity who has been determined by competent
authority to be subject to the prohibitions contained in the Orders.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Foreign
Person</u>.&#160; Seller is not a &#147;foreign
person&#148; as that term is defined in Section&nbsp;1445 of the Internal Revenue
Code of 1986, as amended from time to time, and any regulations, rulings and
guidance issued by the Internal Revenue Service (collectively, the &#147;<b>Code</b>&#148;), and applicable regulations, and is not a &#147;nonresident
person&#148;, as that term is used in Section&nbsp;235-68 of the Hawaii Revised
Statutes, as amended.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.11</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Use or
Zoning Changes</u>.&#160; Seller has not
received written notice of any plan, study or effort by any governmental agency
or authority that would materially adversely affect the present use or zoning
of any portion of the Golf Course or that would modify or realign any street or
highway adjacent to the Golf Course.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.12</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No
Assessments or Deferred Taxes</u>.&#160; To
Seller&#146;s actual knowledge, except as shown on the Title Policy, there are no
outstanding, pending or proposed special assessments or special real property
related taxes, including any deferred money payments or performances on account
of any subdivision or change in zoning or land use classification, affecting
the Real Property or any acts or omissions of Seller that would result in the imposition
of any deferred or &#147;roll back&#148; taxes with respect to the Real Property.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.13</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Environmental
Matters</u>.&#160; To the extent of Seller&#146;s
actual knowledge, the Real Property is free from any flammable explosives,
radioactive materials, asbestos, lead based paint, organic compounds known as
polychlorinated biphenyls, chemicals known to cause cancer or reproductive
toxicity, pollutants, contaminants, hazardous wastes, toxic substances or
related materials, including, without limitation, any substances defined as or
included in the definition of &#147;hazardous substances,&#148; &#147;hazardous wastes,&#148; &#147;hazardous
materials,&#148; or &#147;toxic substances&#148; (collectively, &#147;<b>Hazardous
Materials</b>&#148;) under any federal, state or local laws, ordinances or
regulations, now or hereafter in effect, relating to environmental conditions,
industrial hygiene or Hazardous Materials on, under or about the Real Property,
including, without limitation, the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended, 42 U.S.C. Section&nbsp;9601,
et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section&nbsp;6901,
et seq., the Hazardous Materials Transportation Act, 49 U.S.C. Section&nbsp;1801,
et seq., the Clean Water Act, 33 U.S.C. Section&nbsp;1251, et seq., the Clean
Air Act, 42 U.S.C. Section&nbsp;704, et seq., the Toxic Substances Control Act,
15 U.S.C. Sections&nbsp;2601 through 2629, the Safe Drinking Water Act, 42
U.S.C. Sections&nbsp;300f through 300j, and any similar state and local laws
and ordinances and regulations now or hereafter adopted, published and/or
promulgated pursuant thereto (collectively, the &#147;<b>Hazardous
Materials Laws</b>&#148;), except in compliance with the Hazardous Materials
Laws or for normal amounts of pesticides, herbicides or cleaning and
maintenance supplies in customary amounts used in the operation of a golf
course and at all times used, stored and maintained in accordance with
Hazardous Materials Laws.&#160; To the extent
of Seller&#146;s actual knowledge, the Real Property is not currently used in a
manner, and no prior use has occurred, which violates any </p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='19',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-03.htm',USER='c900221',CD='Apr  1 10:31 2009' -->


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


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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hazardous Materials
Laws.&#160; To the extent of Seller&#146;s actual
knowledge, Seller has not received any notice from a governmental agency for
violation of Hazardous Materials Laws.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.14</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Wetlands</u>.&#160; To the extent of Seller&#146;s actual knowledge,
there are no areas of the Land subject to wetlands regulation or the
jurisdiction of any federal, state or county agency regulating and controlling
wetlands, and no such agency has made a determination that any wetland exists
on the Land.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.15</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Historic
Sites</u>.&#160; To the extent of Seller&#146;s
actual knowledge, the Real Property does not contain any buildings, structures,
objects, districts, areas or sites of prehistoric, historic or archeological
interest or significance or any site eligible for listing on the National
Register of Historic Places.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.16</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Endangered
Species</u>.&#160; To the extent of Seller&#146;s
actual knowledge, the Land does not contain any aquatic life, wildlife or plant
defined as or included in the definition of &#147;endangered species&#148; under any
federal, state, or local laws, ordinances or regulations relating to the
conservation, preservation, management or protection of any endangered species
or critical habitat upon which any endangered species depends.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.17</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Disability
Access</u>.&#160; To the extent of Seller&#146;s
actual knowledge, all Improvements within the Land comply with all governmental
requirements regarding access of disabled persons including, without
limitation, Titles III and V of the Americans With Disabilities Act of 1990, 42
U.S.C. &#167;&#167;&nbsp;12101, et seq. or any other similar federal, state or local laws
or ordinances and regulations promulgated there under.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.18</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>County
Agreements</u>.&#160; To the extent of Seller&#146;s
actual knowledge, Seller has performed each and every material obligation
contained in the agreements with the County of Maui and the Department of Water
Supply of the County of Maui affecting the Real Property capable of being
performed by Seller prior to the Closing Date and, to the extent of Seller&#146;s
actual knowledge, has taken no action as of the Closing Date that will impose
any obligation on the Real Property or the Purchaser under such agreement
following the Closing Date.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.19</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Full
Disclosure</u>.&#160; To the extent of Seller&#146;s
actual knowledge, the due diligence information provided by Seller to
Purchaser, including all financial statements, is true and complete in all
material respects and to the best of Seller&#146;s actual knowledge, Seller has not
failed to disclose to Purchaser any facts or information known to Seller
material to the title, condition, use or operation of the Real Property or the
Personal Property or any portion thereof.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.20</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Plant and
Equipment</u>.&#160; To the best of Seller&#146;s
actual knowledge, and except as previously disclosed to Purchaser or otherwise
described on the <b><u style="font-weight:bold;">Exhibit&nbsp;DD</u></b>
maintenance schedule attached hereto and made a part hereof, the electrical,
plumbing, heating and cooling systems and appliances, if any, in the
Improvements on the Land are in good working order; the roofs, structural
components and foundations of the Improvements on the Land are performing the
function for which they were intended and are not in need of repair; there are
no unusual drainage conditions or evidence of termites, mold, mildew, or
excessive moisture adversely affecting the Land and Improvements thereon; and
the electrical, telephone, gas, water, and waste disposal systems serving the
Land and the Improvements are adequate, not in need of repair and are
performing the functions for which they were intended.</p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='20',FILE='C:\jms\c900221\09-9155-1\task3462814\9155-1-ke-03.htm',USER='c900221',CD='Apr  1 10:31 2009' -->



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

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Purchaser&#146;s
Warranties and Representations</u>.&#160; The
matters set forth in this Section&nbsp;11.2 constitute representations and
warranties by Purchaser which are now and shall, at the Closing, be true and
correct.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Power and Authority</u>.&#160; Purchaser has the legal power, right and
authority to enter into this Agreement and to consummate the transactions
contemplated hereby.&#160; Neither the
execution or delivery of this Agreement nor the performance of Purchaser&#146;s
obligations under this Agreement violate, or will violate, any contract,
agreement or instrument to which Purchaser is a party or by which Purchaser is
bound, or will result in or constitute a violation or breach of any judgment,
writ, order, injunction or decree applicable to Purchaser.&#160; No consent of any third party, governmental
agency or governmental authority is required for the execution of this
Agreement by Purchaser or the consummation by Purchaser of the transactions
contemplated hereby.&#160; The person executing
any instruments for or on behalf of Purchaser is fully authorized to act on
behalf of Purchaser and this Agreement is valid and enforceable against
Purchaser in accordance with its terms and each instrument to be executed by
Purchaser pursuant hereto or in connection therewith will, when executed, be
valid and enforceable against Purchaser in accordance with its terms.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Independent Investigation</u>.&#160; The consummation of this transaction shall
constitute Purchaser&#146;s acknowledgment that it has independently inspected and
investigated the Golf Course and has made and entered into this Agreement based
upon the representations and warranties of Seller contained in this Agreement
and the documents and agreements to be delivered by Seller at Closing and
inspection and investigation and its own examination of all aspects of the Golf
Course, including, without limitation, its economic and functional viability,
physical condition and surroundings, title matters and compliance with all
laws.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Bankruptcy</u>.&#160; There has not occurred the making by Purchaser
of any general assignment for the benefit of creditors, or the filing against
Purchaser of a petition to have Purchaser adjudged a bankrupt or a petition for
reorganization or arrangement under any law relating to bankruptcy, or the
appointment of a trustee or receiver to take possession of substantially all of
the interest of Purchaser&#146;s assets, or the attachment, execution or judicial
seizure of substantially all the assets of Purchaser or any legal proceeding in
which Purchaser is adjudicated as being, or stipulates to being, insolvent or
unable to pay its debts as they come due.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2.4&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>OFAC</u>.&#160; Purchaser is in compliance with, and, to
Purchaser&#146;s knowledge, all beneficial owners of Purchaser are, in compliance
with the requirements of the Orders.&#160;
Neither Purchaser nor, to the best of Purchaser&#146;s knowledge, any
beneficial owner of Purchaser:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; is listed on the Specially Designated
Nationals and Blocked Persons List maintained by OFAC pursuant to the Order
and/or on any other Lists;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; has been determined by competent
authority to be subject to the prohibitions contained in the Orders; or</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; is owned or controlled by, nor acts
for or on behalf of, any person or entity on the Lists or any other person or
entity who has been determined by competent authority to be subject to the
prohibitions contained in the Orders.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2.5&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Other Warranties and
Representations</u>.&#160; EXCEPT AS
SPECIFICALLY SET FORTH IN THIS AGREEMENT OR IN ANY OF THE OTHER CLOSING
DOCUMENTS </font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='21',FILE='C:\JMS\c900194\09-9155-1\task3462825\9155-1-ke-05.htm',USER='c900194',CD='Apr  1 10:52 2009' -->


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


<div>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OR INSTRUMENTS DELIVERED
BY SELLER AT CLOSING, SELLER HAS NOT MADE, MAKES OR HAS AUTHORIZED ANYONE TO
MAKE, ANY WARRANTY OR REPRESENTATION AS TO THE LEASES, THE CONTRACTS, ANY
WRITTEN MATERIALS DELIVERED TO PURCHASER, THE PERSONS PREPARING SUCH MATERIALS,
THE PRESENT OR FUTURE PHYSICAL CONDITION, DEVELOPMENT POTENTIAL, ZONING,
BUILDING OR LAND USE LAW OR COMPLIANCE THEREWITH, THE OPERATION, INCOME
GENERATED BY, OR ANY OTHER MATTER OR THING AFFECTING OR RELATING TO THE GOLF
COURSE OR ANY MATTER OR THING PERTAINING TO THIS AGREEMENT.&#160; PURCHASER EXPRESSLY ACKNOWLEDGES THAT NO SUCH
WARRANTY OR REPRESENTATION HAS BEEN MADE BY SELLER OR ITS AGENTS, BROKERS OR
REPRESENTATIVES, OR BY ANY OTHER PERSON ACTING OR PURPORTING TO ACT ON BEHALF
OF SELLER, AND THAT PURCHASER IS NOT RELYING ON ANY WARRANTY OR REPRESENTATION
WHATSOEVER OTHER THAN AS IS EXPRESSLY SET FORTH IN THIS ARTICLE 11 OR IN ANY OF
THE CLOSING DOCUMENTS ATTACHED AS EXHIBITS HERETO.&#160; PURCHASER EXPRESSLY UNDERSTANDS, ACKNOWLEDGES
AND AGREES THAT IT IS ACQUIRING AND ACCEPTING THE GOLF COURSE &#147;AS IS WITH ALL
FAULTS&#148; AND IN ITS CONDITION ON THE DATE OF CLOSING SUBJECT ONLY TO THE EXPRESS
PROVISIONS OF THIS AGREEMENT AND THE OTHER CLOSING DOCUMENTS AND INSTRUMENTS.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2.6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Environmental Representations</u>.&#160; Except as set forth in Section&nbsp;11.1.13,
Seller makes no representations or warranties as to whether the Golf Course
contains asbestos, lead based paint, radon or any other Hazardous Materials or
harmful or toxic substances, or pertaining to the extent, location or nature of
same, if any.&#160; Further, to the extent
that Seller has provided to Purchaser information from any inspection,
engineering or environmental reports concerning asbestos, lead based paint,
radon or any Hazardous Materials or harmful or toxic substances or any
compliance by Seller with respect thereto, Seller makes no representations or
warranties with respect to the accuracy or completeness, methodology of
preparation or otherwise concerning the contents of such reports.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2.7&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Release of Claims</u>.&#160; Subject to the express provisions hereof,
Purchaser acknowledges and agrees that Seller makes no representation or
warranty as to, and Purchaser waives and releases Seller from any present or
future claims, whether known or unknown, foreseeable or otherwise, arising from
or relating to, the Golf Course, this Agreement or the transactions
contemplated hereby, including, without limitation, the physical condition of
the Golf Course and the presence or alleged presence of asbestos, radon or any
Hazardous Materials or harmful or toxic substances in, on, under or about the
Golf Course, including, without limitation, any claims under or on account of (i)&nbsp;the
Comprehensive Environmental Response, Compensation and Liability Act of 1980,
as the same may have been or may be amended from time to time, and similar
state statutes, and any regulations promulgated thereunder, (ii)&nbsp;any other
federal, state or local law, ordinance, rule&nbsp;or regulation, now or
hereafter in effect, that deals with or otherwise in any manner relates to,
environmental matters of any kind, (iii)&nbsp;this Agreement, or (iv)&nbsp;the
common law.&#160; Nothing contained in this Section&nbsp;11.2.7
shall release Seller from (i)&nbsp;Seller&#146;s fraud or Seller&#146;s breach of this
Agreement (ii)&nbsp;claims by the Equal Protection Agency and State of Hawaii
Department of Health against Seller for events that occurred prior to Closing
and (iii)&nbsp;third party claims against Seller for actions of Seller first
occurring or arising prior to Closing.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='22',FILE='C:\JMS\c900194\09-9155-1\task3462825\9155-1-ke-05.htm',USER='c900194',CD='Apr  1 10:52 2009' -->


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


<div>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchaser hereby specifically acknowledges that Purchaser has carefully
reviewed this subsection and discussed its import with legal counsel and that
the provisions of this subsection are a material part of this Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:34.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TY Management Corporation</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="34%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:34.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="34%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:34.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:31.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tadashi Yanai</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:19.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:19.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchaser</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Section&nbsp;11.2.7 shall survive the Closing.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 12</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">CASUALTY AND CONDEMNATION</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Promptly upon learning thereof, Seller shall give
Purchaser written notice of any condemnation, damage or destruction of the Real
Property occurring prior to the Closing together with, in the case of a
casualty, a reasonably detailed estimate of the cost to repair the damage or
destroyed Real Property prepared by a third party engineer or contractor
retained by Seller.&#160; If prior to the
Closing all or a material portion of the Real Property is condemned, damaged or
destroyed, Purchaser shall have the option of either (i)&nbsp;applying the
proceeds of any condemnation award or payment under any insurance policies
(other than business interruption or rental loss insurance applicable to the
period prior to Closing) toward the payment of the Purchase Price to the extent
such condemnation awards or insurance payments have been received by Seller,
receiving from Seller an amount equal to any applicable deductible under any
such insurance policy or the amount of any uninsured loss, provided Seller has
not terminated this Agreement in accordance with this Article&nbsp;12, and
receiving an assignment from Seller of Seller&#146;s right, title and interest in
any such awards or payments not theretofore received by Seller, or (ii)&nbsp;terminating
this Agreement by delivering written notice of such termination to Seller and
Escrow Agent within twenty (20) days after Purchaser has received written
notice from Seller of such material condemnation, damage or destruction and, if
necessary, the Closing date shall be extended to give Purchaser the full twenty
(20) day period to make such election.&#160;
If, prior to the Closing, a portion of the Real Property is condemned,
damaged or destroyed and such portion is not a material portion of the Real
Property, the proceeds of any condemnation award or payment and any applicable
deductible under any insurance policies or the amount of any uninsured loss,
provided Seller has not terminated this Agreement in accordance with this Article&nbsp;12,
shall be applied toward the payment of the Purchase Price to the extent such
condemnation awards or insurance payments have been received by Seller and
Seller shall assign to Purchaser all of Seller&#146;s right, title and interest in
any unpaid awards or payments.&#160; Seller
shall not settle any insurance or condemnation claim with respect to the Real
Property following the Effective Date without first receiving Purchaser&#146;s prior
written consent thereto, which shall not be unreasonably withheld.&#160; For purposes of this Article&nbsp;12, the
term &#147;material portion&#148; shall mean (A)&nbsp;damage that will cost in excess of
Five Million Dollars ($5,000,000), or will take longer than six months, to
repair, or (B)&nbsp;condemnation that results in a taking of any of the
Improvements, any parking spaces, any ingress or egress or any other portion of
</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='23',FILE='C:\JMS\c900194\09-9155-1\task3462825\9155-1-ke-05.htm',USER='c900194',CD='Apr  1 10:52 2009' -->


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


<div>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Real Property which, in
each case, in Seller&#146;s reasonable judgment, would materially affect the use,
value, operation or legal compliance of the Real Property.&#160; If the damage or destruction arises out of an
uninsured risk and the reasonable cost for repairing such damage or destruction
not covered by insurance exceeds Five Million Dollars ($5,000,000), Seller
shall elect, by written notice within ten&nbsp;(10)&nbsp;days of the occurrence
of such damage or destruction either to terminate this Agreement or to close
the transaction contemplated hereby with a reduction of the Purchase Price
equal to the costs of repairing the Real Property, as reasonably estimated by
an engineer engaged by Seller and reasonably acceptable to Purchaser.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 13</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">CONDUCT PRIOR TO CLOSING</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Conduct</u>.&#160; From and after the date hereof, Seller shall
operate and maintain the Golf Course in accordance with its standard business
procedures (including, without limitation, making vacant units rent ready in
its normal course of business); provided, however, that Seller shall have no
obligation to make any capital expenditures.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Actions Prohibited</u>.&#160; Seller shall not, without the prior written
approval of Purchaser, which approval shall not be unreasonably withheld or
delayed:&#160; (i)&nbsp;make any material
structural alterations or additions to the Real Property except as (a)&nbsp;in
the ordinary course of operating the Real Property, (b)&nbsp;required for
maintenance and repair or (c)&nbsp;required by any of the leases or the
Contracts; (ii)&nbsp;sell, transfer, encumber or change the status of title of
all or any portion of the Golf Course; (iii)&nbsp;change or attempt to change,
directly or indirectly, the current zoning of the Real Property in a manner
materially adverse to it; or (iv)&nbsp;cancel, amend or modify, in a manner
materially adverse to the Real Property, any license or permit held by Seller
with respect to the Real Property or any part thereof which would be binding
upon Purchaser after the Closing.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Confidentiality</u>.&#160; Seller and Purchaser shall, prior to the
Closing, maintain the confidentiality of this sale and purchase and shall not,
except as required by law or governmental regulation applicable to Seller or
Purchaser, disclose the terms of this Agreement or of such sale and purchase to
any third parties whomsoever other than investors or prospective investors in
Seller or Purchaser, Purchaser&#146;s lender, or the principals of the Broker,
Escrow Agent, Title Company, Purchaser&#146;s advisors or consultants and such other
persons whose assistance is required in carrying out the terms of this
Agreement, or to governmental agencies if and to the extent required to verify
the zoning and entitlements of the Real Property.&#160; Neither Seller nor Purchaser shall at any
time issue a press release or otherwise communicate with media representatives
regarding this sale and purchase unless such release or communication has
received the prior approval of the other party.&#160;
Purchaser agrees that all documents and information regarding the Golf
Course of whatsoever nature made available to it by Seller or Seller&#146;s agents
and the results of all tests and studies of the Golf Course (collectively, the &#147;<b>Proprietary Information</b>&#148;) are confidential and Purchaser
shall not disclose any Proprietary Information to any other person except those
assisting it with the analysis of the Golf Course, and only after procuring
such person&#146;s agreement to abide by these confidentiality restrictions.&#160; This Section&nbsp;13.3 shall survive the
Closing or termination of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.4&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Right to Cure</u>.&#160; If any title defect or other matter which
would entitle Purchaser to terminate this Agreement shall arise prior to the
Closing or if Seller shall have breached any representation or warranty
hereunder, Seller may elect, by written notice to Purchaser, to cure such </font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='24',FILE='C:\JMS\c900194\09-9155-1\task3462825\9155-1-ke-05.htm',USER='c900194',CD='Apr  1 10:52 2009' -->


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


<div>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">title defect or other matter by
causing it to be removed, insured over or bonded to cure such breach or cure
such breach of any representation or warranty hereunder, and Seller may adjourn
the Closing for up to twenty (20) days to do so in which event Seller will give
Purchaser not less than five&nbsp;(5)&nbsp;business days notice of the date of
Closing.&#160; Nothing contained in this Section&nbsp;13.4
shall require Seller to cure any such title defect or other matter or to incur
any liability or expense to do so except as otherwise expressly provided
herein.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.5&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Additional
Information</u>.&#160; Promptly after receipt
thereof, Seller shall provide copies to Purchaser of any written notices
received by Seller from any governmental agency, which notices relate to the
Golf Course or the ownership, management, leasing, maintenance, repair or
operation thereof.&#160; Within ten&nbsp;(10)&nbsp;days
of generating or receiving, as applicable, any new Golf Course operating
statements or updates of existing Golf Course operating statements, Seller
shall deliver copies thereof to Purchaser.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 14</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">NOTICES</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Generally</u>.&#160; Any and all notices, demands, consents,
approvals, offers, elections and other communications required or permitted
under this Agreement shall be deemed adequately given if in writing addressed
to the recipient of the notice at the addresses set forth below (or to such
other addresses as the parties may specify by due notice to the others) and the
same shall be delivered either (i)&nbsp;by hand, (ii)&nbsp;by mail, postage
prepaid and registered or certified with return receipt requested, (iii)&nbsp;by
Federal Express or similar expedited commercial carrier, with all freight
charges prepaid, or (iv)&nbsp;by facsimile transmission or email with a hard
copy to follow by Federal Express or similar expedited commercial carrier.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Receipt of Notices</u>.&#160; All notices required or permitted to be sent
hereunder shall be deemed to have been given for all purposes of this Agreement
upon the date of acknowledged receipt or upon the date of receipt of
refusal.&#160; Notices or other communications
(i)&nbsp;given by mail will be presumed received on the fifth business day
after they are mailed, (ii)&nbsp;given by Federal Express or similar expedited
commercial carrier will be presumed received on the next business day after
they are sent, (iii)&nbsp;given by facsimile transmission will be presumed
received at the time indicated in the recipient&#146;s automatic acknowledgment, and
(iv)&nbsp;given by email will be presumed received on the day the email is
sent.&#160; Whenever under this Agreement a
notice is either received on a day which is not a business day or is required
to be delivered on or before a specific day which is not a business day, the
day of receipt or required delivery shall automatically be extended to the next
business day.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Addresses</u>.&#160; All such notices shall be addressed,</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">if to
Seller, to:<br>
Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc.<br>
PO Box 187<br>
Kahului, Hawaii&#160; 96733-6687<br>
Attention: Robert I. Webber<br>
Email: robert.webber@mlpmaui.com<br>
Telephone: (808) 669-5625<br>
Facsimile: (808) 669-5454</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='25',FILE='C:\JMS\c900194\09-9155-1\task3462825\9155-1-ke-05.htm',USER='c900194',CD='Apr  1 10:52 2009' -->


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


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

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with a
copy to:<br>
Paul, Hastings, Janofsky&nbsp;&amp; Walker LLP<br>
515 South Flower Street, 25</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;Floor<br>
Los Angeles, California&#160; 90048<br>
Attention: Rick S. Kirkbride<br>
Email: rickkirkbride@paulhastings.com<br>
Telephone: (213) 683-6261<br>
Facsimile: (213) 996-3261</p>

<p style="margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 2.5in;page-break-after:avoid;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">if to
Purchaser, to:<br>
TY Management Corporation</font></p>

<p style="margin:0in 0in .0001pt 2.5in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o Fast Retailing Co., Ltd.</font></p>

<p style="margin:0in 0in .0001pt 2.5in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1-13-12, Kudankita, Chiyoda-Ku</font></p>

<p style="margin:0in 0in .0001pt 2.5in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tokyo, 1020073 Japan</font></p>

<p style="margin:0in 0in .0001pt 2.5in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: Hiroyuki Uchida</font></p>

<p style="margin:0in 0in .0001pt 2.5in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Email:
hiroyuki.uchida@fastretailing.com</font></p>

<p style="margin:0in 0in .0001pt 2.5in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone: (81-3)
6272-0040</font></p>

<p style="margin:0in 0in .0001pt 2.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile: (81-3) 6272-0060</font></p>

<p style="margin:0in 0in .0001pt 2.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with a
copy to:<br>
Carlsmith Ball LLP<br>
One Main Plaza, Suite&nbsp;400<br>
2200 Main Street, P.O.&nbsp;Box 1086<br>
Wailuku, Maui, HI&#160; 96793-1086<br>
Attention: B. Martin Luna,&nbsp;Esq.<br>
Email: bml@carlsmith.com<br>
Telephone: (808) 242-4535<br>
Facsimile: (808) 244-4974</font></p>

<p style="margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with a
copy to:<br>
Carlsmith Ball LLP<br>
ASB Tower, Suite&nbsp;2200<br>
1001 Bishop Street<br>
Honolulu, HI&#160; 96813<br>
Attention: Robert E. Strand,&nbsp;Esq.<br>
Email: rstrand@carlsmith.com<br>
Telephone: (808) 523-2525<br>
Facsimile: (808) 523-0842</font></p>

<p style="margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 2.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">if to
Escrow Agent, to:<br>
Title Guaranty Escrow Services,&nbsp;Inc.<br>
235 Queen Street<br>
Honolulu, Hawaii&#160; 96813<br>
Attn: Ms.&nbsp;Ann Oshiro<br>
Email: aoshiro@tghawaii.com<br>
Phone: (808) 521-0213<br>
Fax: (808) 521-0280</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='26',FILE='C:\JMS\c900194\09-9155-1\task3462825\9155-1-ke-05.htm',USER='c900194',CD='Apr  1 10:52 2009' -->


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


<div>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.4&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Address Changes</u>.&#160; By notice given as herein provided, the
parties hereto and their respective successors and assigns shall have the
right, from time to time and at any time during the term of this Agreement, to
change their respective addresses effective upon receipt by the other parties
of such notice and each shall have the right to specify as its address any
other address within the United States of America.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 15</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">TRANSFER OF TITLE AND POSSESSION</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Transfer of
Possession</u>.&#160; Possession of the Real
Property shall be transferred to Purchaser at the time of the recordation of
the Deed subject only to the Permitted Encumbrances.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Delivery of
Documents at Closing</u>.&#160; At the time of
Closing, Seller shall deliver to Purchaser originals or copies of any
additional documents, instruments, records, keys and other Personal Property to
be conveyed hereunder in the possession of Seller or its agents which are
necessary for the ownership and operation of the Golf Course.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 16</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">GENERAL PROVISIONS</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Section&nbsp;and Other
Headings</u>.&#160; The headings contained in
this Agreement are for reference purposes only and shall not in any way affect
the meaning or interpretation of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Exhibits</u>.&#160; All exhibits referred to herein and attached
hereto are a part hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Entire Agreement</u>.&#160; This Agreement contains the entire agreement
between the parties relating to the transaction contemplated hereby and all
prior or contemporaneous agreements, understandings, representations and
statements, oral or written, are merged herein.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.4&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Broker</u>.&#160; Seller acknowledges that Purchaser has
procured the services of Roy Sakamoto (&#147;<b>Broker</b>&#148;), and
Seller shall be responsible for any fee or commission payable to Broker as a
result of the sale of the Golf Course pursuant to this Agreement.&#160; Each party agrees that should any claim be
made for brokerage commissions or finder&#146;s fees by any broker or finder other
than Broker by, through or on account of any act or alleged act of said party
or its representatives, said party will indemnify, defend, protect and hold the
other party free and harmless from and against any and all loss, liability,
cost, damage and expense in connection therewith.&#160; The provisions of this <u>Section&nbsp;16.4</u>
shall survive Closing or earlier termination of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.5&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Modification</u>.&#160; No modification, waiver, amendment, discharge
or change of this Agreement shall be valid unless the same is in writing and
signed by the party against which the enforcement of such modification, waiver,
amendment, discharge or change is or may be sought.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.6&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Attorneys&#146; Fees</u>.&#160; Should any party hereto employ an attorney
for the purpose of enforcing or construing this Agreement, or any judgment
based on this Agreement, in any legal proceeding whatsoever, including
insolvency, bankruptcy, arbitration, declaratory relief or other litigation,
the prevailing party shall be entitled to receive from the other party or
parties thereto </font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='27',FILE='C:\JMS\c900194\09-9155-1\task3462825\9155-1-ke-05.htm',USER='c900194',CD='Apr  1 10:52 2009' -->


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


<div>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">reimbursement for all
reasonable attorneys&#146; fees and all costs, whether incurred at the trial or
appellate level, including, but not limited to, service of process, filing
fees, court and court reporter costs, investigative costs, expert witness fees
and the cost of any bonds, whether taxable or not, and such reimbursement shall
be included in any judgment, decree or final order issued in that
proceeding.&#160; The &#147;prevailing party&#148; means
the party in whose favor a judgment, decree, or final order is rendered.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.7&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Governing Law</u>.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.7.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Agreement shall be construed and
enforced in accordance with the laws of the State of Hawaii.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.7.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the purposes of any suit, action or
proceeding involving this Agreement, Seller and Purchaser hereby expressly
submit to the jurisdiction of all federal and state courts sitting in the State
of Hawaii and consent that any order, process, notice of motion or other
application to or by any such court or a judge thereof may be served within or
without such court&#146;s jurisdiction by registered mail or by personal service; <i>provided</i> that a reasonable time for appearance is allowed,
and Purchaser agrees that such courts shall have the exclusive jurisdiction
over any such suit, action or proceeding commenced by any party.&#160; In furtherance of such agreement, Purchaser
agrees upon the request of any party to discontinue (or agree to the
discontinuance of) any such suit, action or proceeding pending in any other
jurisdiction.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.7.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Purchaser hereby irrevocably waives any
objection that Purchaser may now or hereafter have to the laying of venue of
any suit, action or proceeding arising out of or relating to this Agreement
brought in any federal or state court sitting in the State of Hawaii and hereby
further irrevocably waives any claim that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.7.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; EACH PARTY HEREBY WAIVES, IRREVOCABLY
AND UNCONDITIONALLY, TRIAL BY JURY IN ANY ACTION BROUGHT ON, UNDER OR BY VIRTUE
OF OR RELATING IN ANY WAY TO THIS AGREEMENT OR ANY OF THE DOCUMENTS EXECUTED IN
CONNECTION HEREWITH, THE GOLF COURSE, OR ANY CLAIMS, DEFENSES, RIGHTS OF
SET-OFF OR OTHER ACTIONS PERTAINING HERETO OR TO ANY OF THE FOREGOING</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.8&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Time of Essence</u>.&#160; Time is of the essence to this Agreement and
to all dates and time periods set forth herein.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.9&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Survival of
Warranties; Limitation on Liability</u>.&#160;
Only the warranties and representations contained in Sections&nbsp;11.1.
and 11.2 shall survive the Closing, the delivery of the Deed and the payment of
the Purchase Price, <u>provided</u>  <u>that</u> (i)&nbsp;such representations
and warranties (but not such provisions) shall cease and terminate
twenty-four&nbsp;(24) months after the date of Closing, except in respect of
any representation or warranty as to which Purchaser or Seller, as the case may
be, shall have commenced, on or before such twenty-four&nbsp;(24) month
anniversary, a legal proceeding based on the breach thereof as of the date of
Closing, and then only for so long as such proceeding shall continue and
limited to the breach therein claimed and (ii)&nbsp;the maximum total liability
for which Seller shall be responsible with respect to all representations and
warranties shall not exceed Fifteen Million Dollars ($15,000,000) (the &#147;<b>Cap</b>&#148;).&#160; No
representation and warranty contained in any of the documents delivered by Seller
at Closing pursuant to Section&nbsp;4.2 shall be </font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='28',FILE='C:\JMS\c900194\09-9155-1\task3462825\9155-1-ke-05.htm',USER='c900194',CD='Apr  1 10:52 2009' -->


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


<div>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">subject to the time limitation
or Cap described in this Section&nbsp;16.9.&#160;
Seller shall have no liability to Purchaser after Closing for any matter
disclosed in writing by Seller or actually known by Purchaser prior to Closing,
including, without limitation, any matter that Purchaser is deemed to have
knowledge of pursuant to Section&nbsp;11.2 above.&#160; Seller covenants and agrees that Seller shall
maintain a net worth equal to the Cap for a period of time equal to the greater
of (i)&nbsp;twenty-four&nbsp;(24)&nbsp;months following the Closing or (ii)&nbsp;the
final adjudication of any claim or action or lawsuit timely raised prior to the
expiration of such twenty-four&nbsp;(24)&nbsp;month period.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.10&#160;&#160;&#160;&#160;&#160; <u>Assignment by
Purchaser</u>.&#160; Purchaser may not assign
its rights under this Agreement without the prior written approval of Seller in
its sole and absolute discretion.&#160;
Notwithstanding the foregoing, Purchaser shall have the right to assign
its right, title and interest in and to this Agreement to a Permitted Assignee
(defined below) by written notice to Seller no later than five&nbsp;(5)&nbsp;days
prior to the Closing Date, without approval of Seller.&#160; For purposes of this Paragraph, a &#147;Permitted
Assignee&#148; shall mean (i)&nbsp;any entity that directly, or indirectly through
one or more intermediaries, controls, is controlled by or is under common
control with Purchaser, as the case may be, (ii)&nbsp;to the extent not covered
by clause (i)&nbsp;above, any entity in which Purchaser or any entity
controlling, controlled by, or under common control with Purchaser is the
managing member, general partner or manager of such assignee or of such
assignee&#146;s managing member, general partner or manager and (iii)&nbsp;any fund
owned, managed or advised by Purchaser.&#160;
For the purposes of this definition, &#147;control&#148; means the possession,
directly or indirectly, of the power to direct or cause the direction of the
management and policies of an entity, whether through the ownership of voting
securities, by contract or otherwise.&#160;
Purchaser shall in no event be released from any of its obligations or
liabilities hereunder in connection with any assignment.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.11&#160;&#160;&#160;&#160;&#160; <u>Severability</u>.&#160; If any term, covenant, condition, provision
or agreement herein contained is held to be invalid, void or otherwise
unenforceable by any court of competent jurisdiction, the fact that such term,
covenant, condition, provision or agreement is invalid, void or otherwise
unenforceable shall in no way affect the validity or enforceability of any
other term, covenant, condition, provision or agreement herein contained.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.12&#160;&#160;&#160;&#160;&#160; <u>Assignment;
Successors and Assigns</u>.&#160; Except as
otherwise provided herein, this Agreement and all rights and obligations
hereunder shall not be assignable by any party without the written consent of
the other party.&#160; This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their
respective successors and permitted assigns.&#160;
This Agreement is not intended and shall not be construed to create any
rights in or to be enforceable in any part by any other persons.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.13&#160;&#160;&#160;&#160;&#160; <u>Interpretation</u>.&#160; Seller and Purchaser each acknowledge to the
other that both they and their counsel have reviewed and revised this Agreement
and that the normal rule&nbsp;of construction to the effect that any
ambiguities are to be resolved against the drafting party shall not be employed
in the interpretation of this Agreement or any amendments or exhibits hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.14&#160;&#160;&#160;&#160;&#160; <u>Counterparts</u>.&#160; This Agreement may be executed in any number
of counterparts, each of which so executed shall be deemed an original; such
counterparts shall together constitute but one agreement.&#160; A facsimile copy of a signature shall
constitute an original signature for purposes of the execution of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.15&#160;&#160;&#160;&#160;&#160; <u>Recordation</u>.&#160; This Agreement may not be recorded and any
attempt to do so shall be of no effect whatsoever.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='29',FILE='C:\JMS\c900194\09-9155-1\task3462825\9155-1-ke-05.htm',USER='c900194',CD='Apr  1 10:52 2009' -->


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


<div>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.16&#160;&#160;&#160;&#160;&#160; <u>Limitation on
Liability</u>.&#160; No shareholder, partner,
officer, employee or agent of or consultant to or of Seller shall be held to
any personal liability hereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.17&#160;&#160;&#160;&#160;&#160; <u>Business Day</u>.&#160; As used in this Agreement, &#147;business day&#148;
shall be deemed to be any day other than a day on which banks in the State of
Hawaii shall be permitted or required to close.&#160;
If the final date of any period which is set out in any provision of
this Agreement falls on a Saturday, Sunday or legal holiday under the laws of
the United States or the State of Hawaii, then the time of such period shall be
extended to the next date which is not a Saturday, Sunday or legal holiday.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.18&#160;&#160;&#160;&#160;&#160; <u>Waivers, Etc</u>.&#160; Any waiver of any term or condition of this
Agreement, or of the breach of any covenant, representation or warranty
contained herein, in any one instance, shall not operate as or be deemed to be
or construed as a further or continuing waiver of any other breach of such
term, condition, covenant, representation or warranty or any other term,
condition, covenant, representation or warranty, nor shall any failure at any
time or times to enforce or require performance of any provision hereof operate
as a waiver of or affect in any manner such party&#146;s right at a later time to
enforce or require performance of such provision or any other provision
hereof.&#160; This Agreement may not be
amended nor shall any waiver, change, modification, consent or discharge be
effected, except by an instrument in writing executed by or on behalf of the
party against whom enforcement of any amendment, waiver, change, modification,
consent or discharge is sought.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.19&#160;&#160;&#160;&#160;&#160; <u>Relationship</u>.&#160; Nothing herein contained shall be deemed or
construed by the parties hereto, nor by any third party, as creating the
relationship of principal and agent or of partnership or joint venture between
the parties hereto, it being understood and agreed that (except as and to the
extent specifically provided for herein) no provision contained herein, nor any
acts of the parties hereto shall be deemed to create the relationship between
the parties hereto other than the relationship of seller and purchaser and
landlord and prospective tenant, as the case may be.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 17</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ESCROW AGENT DUTIES AND DISPUTES</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Other Duties of
Escrow Agent</u>.&#160; Escrow Agent shall not
be bound in any way by any other agreement or contract between Seller and
Purchaser, whether or not Escrow Agent has knowledge thereof.&#160; Escrow Agent&#146;s only duties and
responsibilities with respect to any funds deposited with Escrow Agent pursuant
to the terms hereof (the &#147;<b>Deposit</b>&#148;) shall
be to hold the Deposit and other documents delivered to it as agent and to
dispose of the Deposit and such documents in accordance with the terms of this
Agreement.&#160; Without limiting the
generality of the foregoing, Escrow Agent shall have no responsibility to
protect the Deposit and shall not be responsible for any failure to demand,
collect or enforce any obligation with respect to the Deposit or for any
diminution in value of the Deposit from any cause, other than Escrow Agent&#146;s
gross negligence or willful misconduct.&#160;
Escrow Agent may, at the expense of Seller and Purchaser, consult with
counsel and accountants in connection with its duties under this
Agreement.&#160; Escrow Agent shall not be
liable to the parties hereto for any act taken, suffered or permitted by it in
good faith in accordance with the advice of counsel and accountants.&#160; Escrow Agent shall not be obligated to take
any action hereunder that may, in its reasonable judgment, result in any
liability to it unless Escrow Agent shall have been furnished with reasonable
indemnity satisfactory in amount, form and substance to Escrow Agent.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='30',FILE='C:\JMS\c900194\09-9155-1\task3462825\9155-1-ke-05.htm',USER='c900194',CD='Apr  1 10:52 2009' -->


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


<div>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Disputes</u>.&#160; Escrow Agent is acting as a stakeholder only
with respect to the Deposit.&#160; If there is
any dispute as to whether Escrow Agent is obligated to deliver the Deposit or
as to whom the Deposit is to be delivered, Escrow Agent shall not make any
delivery, but shall hold the Deposit until receipt by Escrow Agent of an
authorization in writing, signed by all the parties having an interest in the
dispute, directing the disposition of the Deposit, or, in the absence of
authorization, Escrow Agent shall hold the Deposit until the final
determination of the rights of the parties in an appropriate proceeding.&#160; Escrow Agent shall have no responsibility to
determine the authenticity or validity of any notice, instruction, instrument,
document or other item delivered to it, and it shall be fully protected in
acting in accordance with any written notice, direction or instruction given to
it under this Agreement and reasonably believed by it to be authentic.&#160; If written authorization is not given, or
proceedings for a determination are not begun, within thirty&nbsp;(30) days
after the date scheduled for the closing of title and diligently continued,
Escrow Agent may, but is not required to, bring an appropriate action or
proceeding for leave to deposit the Deposit with a court of the State of Hawaii
pending a determination.&#160; Escrow Agent
shall be reimbursed for all costs and expenses of any action or proceeding,
including, without limitation, attorneys&#146; fees and disbursements incurred in
its capacity as Escrow Agent by the party determined not to be entitled to the
Deposit.&#160; Upon making delivery of the
Deposit in the manner provided in this Agreement, Escrow Agent shall have no
further liability hereunder.&#160; In no event
shall Escrow Agent be under any duty to institute, defend or participate in any
proceeding that may arise between Seller and Purchaser in connection with the
Deposit.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Reports</u>.&#160; Escrow Agent shall be responsible for the
timely filing of any reports or returns required pursuant to the provisions of Section&nbsp;6045(e)&nbsp;of
the Code (and any similar reports or returns required under any state or local
laws) in connection with the closing of the transaction contemplated by this
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">[Remainder of Page&nbsp;Intentionally
Left Blank]</font></i></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='31',FILE='C:\JMS\c900194\09-9155-1\task3462825\9155-1-ke-05.htm',USER='c900194',CD='Apr  1 10:52 2009' -->


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


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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS
WHEREOF, this Agreement has been executed as of the date first set forth above.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SELLER:</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MAUI LAND&nbsp;&amp; PINEAPPLE COMPANY, INC.</font></b>,</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a Hawaii corporation</font></p>

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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:45.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robert
  I. Webber</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="43%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Ryan
  Churchill</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:45.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="3" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:43.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:5.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert I.
  Webber</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:40.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ryan
  Churchill</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:5.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:44.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive
  Vice President</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="41%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:41.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice
  President</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">KAPALUA
  LAND COMPANY, LTD.</font></b>,</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a Hawaii corporation</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:45.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robert
  I. Webber</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="43%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Ryan
  Churchill</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:45.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:43.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:5.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert I.
  Webber</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:40.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ryan
  Churchill</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:5.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:44.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive
  Vice President</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="41%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:41.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice
  President</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PURCHASER:</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TY
  MANAGEMENT CORPORATION</font></b>,</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a Hawaii
  corporation</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:45.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Tadashi
  Yanai</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:45.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:5.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tadashi
  Yanai</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:5.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:44.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="26" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="6" style="border:none;"></td>
  <td width="325" style="border:none;"></td>
  <td width="31" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="306" style="border:none;"></td>
 </tr>
</table>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900194\09-9155-1\task3462825\9155-1-ke-05.htm',USER='c900194',CD='Apr  1 10:52 2009' -->


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>a09-9155_1ex10d1.htm
<DESCRIPTION>EX-10.1
<TEXT>

<html>

<head>





</head>

<body lang="EN-US">

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

<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">Exhibit 10.1</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">PLANTATION
GOLF COURSE LEASE</font></u></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS LEASE (the &#147;Lease&#148;) is made and entered into effective March&nbsp;27,
2009 (the (Effective Date&#148;), by and between <b>TY
MANAGEMENT CORPORATION</b>, a Hawaii corporation, whose address is
c/o&nbsp;Carlsmith Ball LLP, One Maui Plaza, Suite&nbsp;400, Wailuku, Hawaii
96793-1086 (&#147;Lessor&#148;), and <b>KAPALUA PLANTATION GOLF
LLC</b>, a Hawaii limited liability company, whose address is P.O.&nbsp;Box&nbsp;187,
Kahului, Hawaii&#160; 96733-6687, (&#147;Lessee&#148;);</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In consideration of the agreements hereinafter set forth, Lessor and
Lessee do hereby agree as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Premises</font></u><font size="2" style="font-size:10.0pt;">.&#160; Lessor does hereby demise and let unto
Lessee, and Lessee does hereby lease and hire from Lessor, that certain real
property more particularly described on <u>Exhibit&nbsp;A</u> attached hereto
and incorporated herein by reference commonly known as the &#147;Kapalua Plantation
Golf Course&#148;, together with all buildings and other improvements located
thereon, and any rights, easements or appurtenances belonging to the same or
held and enjoyed in connection therewith, subject, however, to the encumbrances
set forth in said <u>Exhibit&nbsp;A</u> (hereinafter collectively called the &#147;Premises&#148;
or the &#147;Golf Course&#148;).</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Term</font></u><font size="2" style="font-size:10.0pt;">.&#160; This Lease shall be for a term of two (2)&nbsp;years
(the &#147;Term&#148;) commencing on March&nbsp;27, 2009 (the &#147;Commencement Date&#148;) and
ending on March&nbsp;31, 2011 (the &#147;Termination Date&#148;), unless such term shall
be sooner terminated as hereinafter provided.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Quiet
Enjoyment</font></u><font size="2" style="font-size:10.0pt;">.&#160;
Upon payment by Lessee of the rent, additional payments and all other
charges to be borne by Lessee as set forth in this Lease, and upon Lessee&#146;s
observance and performance of all of the terms, covenants and conditions
hereinafter contained, Lessee shall peaceably and quietly enjoy the Premises
for the term hereof without hindrance or interruption by Lessor or any other
persons lawfully claiming by, through or under Lessor, except as expressly
provided in this Lease.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Rent</font></u><font size="2" style="font-size:10.0pt;">.&#160; Lessee shall pay to Lessor at its address set
forth above in legal tender of the United States of America, without any
deduction, notice or demand except as otherwise set forth herein, an annual net
rent of FOUR MILLION AND NO/100 DOLLARS ($4,000,000.00) in monthly installments
of $333,333.00 each payable in advance on the first (1st) day of each month
during the Term prorated for partial months.&#160;
If the monthly rent payment is not received prior to the tenth (10th) of
any month, or any other charge or additional rent due hereunder shall not be
received when due, then a late fee in the amount of five percent (5%) of the
amount due which shall be due Lessor from Lessee within ten (10)&nbsp;days of
written demand therefore.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Additional
Payments and Expenses To Be Borne By Lessee</font></u><font size="2" style="font-size:10.0pt;">.&#160; In addition to the monthly rent set forth
herein, Lessee shall pay the following:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Real
Property Taxes and Assessments</font></u><font size="2" style="font-size:10.0pt;">.&#160; Lessee will pay directly to the taxing
authority before delinquency, all real property taxes and assessments of every
description assessed against the Premises that Lessor or Lessee in respect
thereof may be assessed or become liable, whether assessed to or payable by
Lessor or Lessee, during the term of this Lease, pro rated for periods prior to
the Commencement Date and as of the Termination Date.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900234\09-9155-1\task3462841\9155-1-kk-01.htm',USER='c900234',CD='Apr  1 10:16 2009' -->


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


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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Utility
Charges and Service</font></u><font size="2" style="font-size:10.0pt;">.&#160;
Lessee will pay, before delinquency, all charges for potable water,
irrigation water, gas, sewer service, refuse collection, electricity,
telephone, cable television, and other utility and similar charges arising from
the use of the Premises.&#160; Lessee
acknowledges that sewage treatment for the clubhouse is provided through a
sewage treatment plant (&#147;STP&#148;) located on a portion of the Premises and that
Lessee shall be responsible for all costs of operating, maintaining and
repairing the STP during the term of this Lease.&#160; Unless caused by the gross negligence or willful
misconduct of Lessor, Lessor shall not be responsible for any interruption or
failure in the supply of any utilities to the Premises.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Tax
on Lease Payments</font></u><font size="2" style="font-size:10.0pt;">.&#160;
In addition to the rents reserved above, Lessee shall pay to Lessor, as
additional rent, together with each payment of rent or any other payment
required hereunder which is subject to the State of Hawaii general excise tax
on gross income, as it may be amended from time to time, or any successor or
similar tax, an amount which, when added to such rental or other payment
(currently 4.166% of each such payment), shall yield to the Lessor, after
deduction of all such tax payable by Lessor with respect to all such rent and
other payments, a net amount equal to that which Lessor would have realized
from such payments had no such tax been imposed.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Other
Taxes</font></u><font size="2" style="font-size:10.0pt;">.&#160; Further Lessee
shall be responsible for and shall pay before delinquency all municipal, state
or county taxes assessed during the term of this Lease against it by reason of
the conduct of its business in the Premises or with respect to personal
property of any kind, owned by or placed in, upon or about the Premises by
and/or at the expense of Lessee</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Security
Deposit</font></u><font size="2" style="font-size:10.0pt;">.&#160; Lessee,
contemporaneously with the execution of this Lease, has deposited with Lessor
the sum of $333,333.00 to be held by Lessor as security for the faithful
performance by Lessee of all of the terms, covenants and conditions of this
Lease by Lessee to be kept and performed during the term hereof.&#160; The security deposit may be commingled by
Lessor with other funds of the Lessor and shall bear no interest.&#160; If, at any time during the term of this
Lease, any of the rent herein reserved shall be overdue and unpaid beyond
applicable cure periods, or any other sum payable by Lessee to Lessor hereunder
shall be overdue and unpaid beyond applicable cure periods, then Lessor may, at
the option of Lessor (but Lessor shall not be required to) appropriate and
apply any portion of said deposit to the payment of any such overdue rent or other
sum.&#160; In the event of the failure of
Lessee to keep and perform any of the terms, covenants and conditions of this
Lease to be kept and performed by Lessee beyond applicable cure periods, then
at the option of Lessor said Lessor may appropriate and apply said entire
deposit, or so much thereof as may be necessary, to compensate Lessor for all
loss or damage sustained or suffered by Lessor due to such breach on the part
of Lessee.&#160; Should the entire deposit, or
any portion thereof, be appropriated and applied by Lessor for the payment of
overdue rent or other sums due and payable to Lessor by Lessee hereunder, then
Lessee shall, upon the written demand of Lessee&#146;s, forthwith remit to Lessor a
sufficient amount in cash to restore said security to the amount held by Lessor
prior to such appropriation and application and Lessee&#146;s failure to do so
within ten (10)&nbsp;days after receipt of such demand shall constitute a
default hereunder entitling Lessor to immediately invoke the remedies set forth
in paragraph&nbsp;35, including the termination of this Lease.&#160; Should Lessee comply with all of said terms,
covenants and conditions and promptly pay all of the rentals herein provided
for as the same fall due, and all other sums payable by Lessee to Lessor
hereunder, the said deposit shall be returned in full to Lessee after Lessee
shall have vacated the Premises at the end of the term of this Lease or upon
the earlier termination of this Lease.&#160;
In the event any bankruptcy, insolvency, reorganization or other
creditor-debtor proceedings shall be instituted by or against Lessee, the
security deposit shall be deemed to be </font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900234\09-9155-1\task3462841\9155-1-kk-01.htm',USER='c900234',CD='Apr  1 10:16 2009' -->


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


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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">applied
first to payment of any rents and/or other charges due Lessor for all periods
prior to the institution of such proceedings, and the balance, if any, of the
security deposit may be retained by Lessor in partial liquidation of Lessor&#146;s
damages.&#160; Lessor may transfer and/or
deliver the security, as such, to any purchaser of Lessor&#146;s interest in the
Premises and thereupon Lessor shall be discharged from any further liability in
reference thereto.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Guaranty</font></u><font size="2" style="font-size:10.0pt;">.&#160; This Lease and the terms, provisions and
obligations contained herein, including, without limitation, on completion of
the Irrigation Work, will be guaranteed by Maui Land&nbsp;&amp; Pineapple,&nbsp;Inc.
a Hawaii corporation (&#147;Guarantor&#148;), pursuant to a guaranty agreement in the
form attached hereto as <u>Exhibit&nbsp;B</u>.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Acceptance
Of Premises</font></u><font size="2" style="font-size:10.0pt;">.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Premises
in &#147;As Is, Where Is&#148; Condition</font></u><font size="2" style="font-size:10.0pt;">.&#160; It is expressly understood and agreed that
Lessor has not made any representation or warranty, express or implied,
regarding any aspect of the Premises including, but not limited to, the implied
warranties of merchantability, fitness for a particular purpose, suitability,
habitability, quality, physical condition, value or profitability, and Lessor
hereby disclaims any and all liability for any and all such representations and
warranties.&#160; Lessee agrees that it has
examined and investigated the Premises prior to the execution of this Lease and
that Lessee has relied solely upon such examinations and investigations in
leasing the Premises.&#160; Without limiting
the generality of the foregoing, Lessee acknowledges that (x)&nbsp;it has made
all inspections, investigations and analyses deemed necessary or appropriate to
determine compliance by the Premises with all Hazardous Materials Laws that may
apply to the Premises, and (y)&nbsp;Lessor has made no representation or
warranty, express or implied, concerning the Premises&#146; compliance with
Hazardous Materials Laws.&#160; Lessee
acknowledges and agrees that it is leasing the Premises in its &#147;as is, where is&#148;
condition, with all faults, if any, and subject to termination rights described
herein, that Lessee has assumed all risks regarding all aspects of the
Premises, and the condition thereof, including, without limitation:&#160; (i)&nbsp;the risk of any physical condition
affecting the Premises including, without limitation, the existence of any
Hazardous Materials, the existence of any soils conditions, or the existence of
archeological or historical conditions on the Premises; (ii)&nbsp;the risk of
any damage or loss to the Premises caused by any means including, without
limitations, tsunami, flood, earthquake or volcanic eruption; and (iii)&nbsp;the
risk of use, zoning, habitability, merchantability or quality of the Premises
or the suitability of the Premises for its use.&#160;
Except as otherwise described herein, Lessee expressly releases Lessor
from any and all liability and claims that it may have against Lessor, its
successors and assigns with regard to Hazardous Materials presently existing or
hereafter placed on the Premises, and Lessee hereby agrees to indemnify, defend
and hold Lessor harmless from and against any and all claims and demands for
loss or damage, including claims for personal injury, property damage or wrongful
death, arising out of or in connection with a release by Lessee during the Term
of Hazardous Materials in violation of Hazardous Materials Laws (collectively, &#147;Lessee
Hazmat Liability&#148;).&#160; Lessee shall not be
responsible for any Hazardous Materials released in, on, under and about the
Premises by Lessor (collectively &#147;Lessor Hazmat Liability&#148;).&#160; Lessor shall be and remain liable for all,
Lessor Hazmat Liability, on, under or about the Premises, and for all clean-up
and remediation thereof.&#160; Lessor shall and
does hereby indemnify, defend and hold harmless Lessee and Lessee&#146;s members,
officers, directors, agents, employees and invitees from and against any and
all claims, lawsuits, liabilities, costs, fees (including reasonable attorney&#146;s
fees) and expenses of every kind and nature relating to or rising from a Lessor
Hazmat Liability.&#160; The provisions of this
paragraph&nbsp;7 shall survive the termination of this Lease.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900234\09-9155-1\task3462841\9155-1-kk-01.htm',USER='c900234',CD='Apr  1 10:16 2009' -->


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


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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Adjacent
and Nearby Property Uses</font></u><font size="2" style="font-size:10.0pt;">.&#160; Lessee, for itself and any person or entity
claiming by, through or under it, understands and acknowledges that the
Premises are adjacent to or nearby lands used for the operation of a pineapple
plantation and other agriculture related activities and such other uses as may
be permitted by law on said lands, and that Lessee desired and sought the
Premises with the understanding that the Premises may be affected by nuisance
or hazards to persons and property from such operations and related
activities.&#160; Lessee covenants and agrees
for itself, its permitted assigns, transferees, and any other party claiming
by, through or under it that it assumes all such risks associated with such
location and that it shall defend and hold Lessor harmless from any liability,
claims or expenses, including attorneys&#146; fees, property damage, personal
injury, or wrongful death arising from such operations and activities, and
further covenants and agrees that the owners and occupants of such lands shall
have the right, in the nature of an easement, to perpetually discharge, emit,
diffuse, and inflict over and upon the Premises noise, smoke, soot, dust,
lights, noxious vapors, odors, and other nuisances of every description arising
from or incidental to the operation of the foregoing and other activities,
subject only to zoning and other legal restrictions on use.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Use;
Continuation of Golf Course Operations By Lessee</font></u><font size="2" style="font-size:10.0pt;">.&#160; Prior to the date of this Lease, Lessee was
the owner of the Premises and used the Premises for the operation of the
18-hole championship Kapalua Plantation Golf Course, including a clubhouse, pro
shop, driving range, practice facilities and a subleased restaurant operation
(the &#147;Golf Course Operations&#148;).&#160; Lessee
shall continue to use the Premises during the term hereof solely for the Golf
Course Operations and for no other purpose without the prior written consent of
Lessor, which consent may be withheld by Lessor in its sole discretion.&#160; In connection with Lessee&#146;s use and occupancy
of the Premises, Lessee agrees as follows:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Golf
Course Standard</font></u><font size="2" style="font-size:10.0pt;">.&#160;
So long as Lessor abides by all of its obligations hereunder, including
Lessor&#146;s obligation to make capital repairs and replacements,&#160; and otherwise to perform the Lessor Work
(defined below) Lessee shall operate the Golf Course in a manner that will
ensure that the Golf Course would be reasonably considered by an independent
person knowledgeable about the operation of resort golf courses in Hawaii to be
among the top tier of resort golf courses open to public play on the Islands of
Maui and Lanai (the &#147;Golf Course Standard&#148;).&#160;
The Golf Course&#146;s compliance with the Golf Course Standard as of the
date of this Lease may be evidenced by, among other things, the fact that the
Golf Course is ranked by Golf Digest Magazine as one of America&#146;s Greatest
Resort Golf Courses, and as one of the top 75 Best Resort Courses in North
America, and is currently recipient of Golf Course World&#146;s Reader&#146;s Choice
Awards. Other Maui and Lanai golf courses which in addition to the Golf Course
are agreed to meet the Golf Course Standard as of the date of this Lease are
the Challenge at Manele, the Experience at Koele, the Royal Kaanapali and the
Wailea Gold golf course.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Golf
Course Agreements</font></u><font size="2" style="font-size:10.0pt;">.&#160;
Lessee shall, at Lessee&#146;s sole cost and expense, observe and perform all
of the Lessor&#146;s obligations under (i)&nbsp;that certain Second Amended and
Restated Golf Course Use Agreement, dated March&nbsp;27, 2007, as amended, and
that certain Signature Events Agreement, dated March&nbsp;27, 2007 made by and
among Maui Land&nbsp;&amp; Pineapple,&nbsp;Inc. (&#147;MLP&#148;), W2005 Kapalua/Gengate
Hotel Realty, L.L.C. and The Ritz-Carlton Hotel Company, L.L.C., (ii)&nbsp;that
certain Management&nbsp;&amp; Site Agreement dated June&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2007 made by and between Kapalua Maui Charities,&nbsp;Inc. and MLP regarding
the Mercedes-Benz Championship, (iii)&nbsp;Agreement for Water Delivery
(Plantation Golf Course), dated March&nbsp;27, 2009 made by and between MLP and
Lessor, (iv)&nbsp;that certain Grant of Golf Course Facilities Easement, dated March&nbsp;27,
2009 made by and between MLP and Lessor, (v)&nbsp;the easements </font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900234\09-9155-1\task3462841\9155-1-kk-01.htm',USER='c900234',CD='Apr  1 10:16 2009' -->


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


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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and
agreements listed in that certain Assignment of Easements and Agreements, dated
March&nbsp;27, 2009 made by Lessee in favor of Lessor, (vi)&nbsp;the
Declaration of Covenants, Conditions and Restrictions (Plantation Course),
dated March&nbsp;27, 2009 made by MLP as Declarant, (vii)&nbsp;the contracts
and agreements described in that certain Assignment and Assumption of
Contracts, dated March&nbsp;27, 2009 made by and between Lessee and Lessor, (viii)&nbsp;that
certain Golf Course Use Agreement (Kapalua Club), dated March&nbsp;27, 2009
between MLP and Lessor, (ix)&nbsp;that certain Nextel Site Agreement, dated November&nbsp;10,
1999, as amended, and (x)&nbsp;that certain Grant of Reservoir, Waterline and
Well Declarant Easement, dated March&nbsp;27, 2009 made by and between MLP and
Lessor.&#160; During the term of this Lease,
Lessee shall be entitled to all rents, reimbursements or other payments
otherwise due Lessor under such agreements which shall be prorated for the
periods prior to the Commencement Date and through the Termination Date based
on the actual number of days in the respective months when such dates occur and
the actual number of days elapsed.&#160;
Lessee shall have no right to amend the terms and conditions of any of
the foregoing agreements or instruments without the prior written consent of
Lessor, which consent may be withheld by Lessor in its sole discretion.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Restaurant
Sublease</font></u><font size="2" style="font-size:10.0pt;">.&#160;
Lessee shall, at Lessee&#146;s sole cost and expense, observe and perform all
of the Lessor&#146;s obligations as Landlord under that certain Restaurant Lease
dated February&nbsp;7, 1991, as amended and extended, with P.H.K.,&nbsp;Inc.,
as Tenant (the &#147;Restaurant Lease&#148;).&#160;
During the term of this Lease, Lessee shall be entitled to all rents and
other periodic charges payable by Tenant under the Restaurant Lease which shall
be prorated for the periods prior to the Commencement Date and following the
Termination Date based on the actual number of days in the respective months
when such dates occur and the actual number of days elapsed.&#160; Lessee shall have no right to amend the Restaurant
Lease without the prior written consent of Lessor, which consent may be
withheld by Lessor in its sole discretion.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Declarations</font></u><font size="2" style="font-size:10.0pt;">.&#160; Lessee shall, at Lessee&#146;s sole cost and
expense, observe and perform all of the Lessor&#146;s obligations, including payment
obligations, under (i)&nbsp;the Amended and Restated Declaration of Covenants
and Restrictions for the Kapalua Resort dated September&nbsp;30, 1987, as
amended from time to time, and (ii)&nbsp;the Plantation Estates Declaration of
Covenants, Conditions and Restrictions dated April&nbsp;6, 1990, as amended
from time to time and (iii)&nbsp;the Declaration of Covenants, Conditions,&nbsp;&amp;
Restrictions (Plantation Course) dated concurrently herewith.&#160; Any payment obligations of Lessor under such
Declarations shall be prorated for periods prior to the Commencement Date and
following the Termination Date based on the actual number of days in the
respective billing periods when such dates occur and the actual number of days
elapsed.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Operational
Plans and Reports</font></u><font size="2" style="font-size:10.0pt;">.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Annual
Plans</font></u><font size="2" style="font-size:10.0pt;">.&#160; Lessee shall
prepare and submit to Lessor for Lessor&#146;s reasonable approval an annual plan
for the operation of the Golf Course by Lessee, which plan shall include Lessee&#146;s
projected income and budgeted expenses for the year, including the number of
rounds projected to be played during such year broken down by each guest or
other category, the amount to be expended by Lessee during such quarter for the
replacement of the Golf Course irrigation system, a schedule of the
Lessor-approved capital improvements to be completed in such year and such
other information as may be reasonably requested by Lessor.&#160; The annual plan for calendar year 2009 will
be submitted to Lessor by April&nbsp;1, 2009 and thereafter not less than sixty
(60) days prior to the start of each subsequent calendar year during the term
of the Lease.&#160; Along with each annual
plan, Lessee shall also </font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900234\09-9155-1\task3462841\9155-1-kk-01.htm',USER='c900234',CD='Apr  1 10:16 2009' -->


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


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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">submit
to Lessor a report on Lessee&#146;s compliance with the Golf Course Standard
described in paragraph 8(a)&nbsp;above.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Quarterly
Reports</font></u><font size="2" style="font-size:10.0pt;">.&#160; Within thirty (30)
days of the end of each calendar quarter during the term of this Lease, Lessee
shall provide Lessor with a written report showing the operating results for
such quarter and year to date, including income and expenses, the number of
golf rounds played, including paid rounds by each guest or other category,
expenditures made for capital improvements approved by Lessor, the amount
expended by Lessee for the replacement of the Golf Course irrigation system and
such other information as Lessor may reasonably request.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Golf
Course Irrigation System</font></u><font size="2" style="font-size:10.0pt;">.&#160; Lessee shall, at its own cost and expense,
but subject to the Lessee Irrigation System Cap (defined below), and the terms
and provision set forth herein, complete the replacement and/or repair of the
Golf Course irrigation system,&#160; (the &#147;Irrigation
Work&#148;), pursuant to plans and specifications approved by Lessor in its
reasonable discretion.&#160; Notwithstanding
anything to the contrary contained herein, Lessee&#146;s contribution to the cost of
the Irrigation Work shall not exceed the total sum of Five Million Dollars
($5,000,000) (the &#147;Lessee Irrigation System Cap&#148;).&#160; Lessee will provide to Lessor plans and
specifications for the Irrigation Work (the &#147;Irrigation Plans&#148;) no later than
ninety (90) days following the Effective Date.&#160;
Lessor will promptly review the Irrigation Plans and either approve or
disapprove of the Irrigation Plans by delivery to Lessee of written
notice.&#160; If disapproved, the&#160; parties will thereafter work in good faith to
reach agreement on the Irrigation Plans.&#160;
Promptly following Lessor&#146;s approval, Lessee will commence to provide
all necessary governmental permits necessary to construct the Irrigation
Work.&#160; Lessee shall use commercially
reasonable efforts, subject to force majeure delays and Lessor delays, to
complete the Irrigation Work within eighteen (18) months (the &#147;Construction
Period&#148;) of receipt by Lessee of (i)&nbsp;Lessor&#146;s reasonable approval of the
plans and specifications for the Irrigation Work and (ii)&nbsp;all necessary
building permits.&#160; Lessee will complete
the Irrigation work in accordance with the approved plans and specifications,
all laws and paragraphs 12, 13 and 15.&#160;
Lessee&#146;s obligation to complete the Irrigation Work in accordance with
the Irrigation Plans will survive expiration or earlier termination of this
Lease.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Other
Improvements</font></u><font size="2" style="font-size:10.0pt;">.&#160;
Lessee shall prepare and submit to Lessor for Lessor&#146;s reasonable
approval an annual capital improvements budget for the Golf Course Operations
which shall take into account the level of capital expenditures made by Lessee
for the Golf Course Operations during the three (3)&nbsp;calendar years prior
to the Commencement Date.&#160; The budget
will be submitted to Lessor by April&nbsp;1, 2009 for calendar year 2009 and
thereafter not less than sixty (60) days prior to the start of each subsequent
calendar year during the term of this Lease.&#160;
The capital improvement budgets prepared by Lessee shall stipulate which
items are to be funded exclusively by Lessee (i.e. costs and expenses of the
Irrigation Work up to the Lessee Irrigation System Cap) and those capital
expenditures that constitute exclusively a Lessor expense.&#160; Lessor shall have no obligation to approve
line items in the capital improvement budget that exceed in the aggregate
$342,500 annually. Lessor shall reimburse Lessee for amounts paid by Lessee to
complete capital improvements included in the annual budgets approved by Lessor
within thirty (30) days of Lessor&#146;s receipt of Lessee&#146;s written request for
such reimbursements accompanied by such documentation as may be reasonably
requested by Lessor to confirm that the capital improvements have been
completed by Lessee free and clear of all liens for such work.&#160; Any sums not paid by Lessor to Lessee within
ten (10)&nbsp;days of written notice from Lessee that the same is past due
shall bear interest from the date due until paid in full at the rate of twelve
percent (12%) per year.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900234\09-9155-1\task3462841\9155-1-kk-01.htm',USER='c900234',CD='Apr  1 10:16 2009' -->


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


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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font><font size="1" style="font-size:3.0pt;">&#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><font size="2" style="font-size:10.0pt;">Alterations
and Improvements.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.1</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Lessee Obligation</font></u><font size="2" style="font-size:10.0pt;">.&#160;
Unless set forth in the annual plan, Lessee shall not make any
alterations, improvements or additions in or to the Premises, nor make any
repairs requiring any such alteration, improvements or additions, nor install
any antennas, trade fixtures, exterior signs, interior or exterior lighting,
plumbing fixtures, shade or awnings, without the prior written consent of Lessor,
which consent shall not be unreasonably withheld, delayed or conditioned.&#160; As a prerequisite to any such consent, Lessee
shall comply with and/or satisfy each of the following conditions unless any of
such conditions or requirements shall be waived by Lessor in its sole
discretion:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#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><font size="2" style="font-size:10.0pt;">Lessee
shall obtain Lessor&#146;s approval of Lessee&#146;s construction contractor(s)&nbsp;and
architect who shall be licensed in the State of Hawaii, and Lessee shall submit
complete plans and specifications for such alterations, improvements or
additions to the Lessor for Lessor&#146;s prior written approval.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#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><font size="2" style="font-size:10.0pt;">Lessee,
or its architect, shall, if plans and specifications are necessary, deliver to
Lessor upon completion of construction a certification setting forth the total
cost of such construction and certifying that such construction has been
completed in compliance with the approved plans and specifications therefor.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#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><font size="2" style="font-size:10.0pt;">Lessee
shall furnish Lessor with evidence that all governmental approvals necessary to
commence construction have been obtained, including, without limiting the
generality of the foregoing, a building and/or grading permit.&#160; Any work, (which is not a Lessor
responsibility) not acceptable to any governmental authority or agency having
or exercising jurisdiction over such work shall be promptly replaced, at Lessee&#146;s
sole expense, notwithstanding any failure by Lessor to object to any such work,
and Lessor shall have no responsibility therefor.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</font><font size="1" style="font-size:3.0pt;">&#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><font size="2" style="font-size:10.0pt;">In
addition to any other insurance required under this Lease, during any construction
Lessee and/or its contractor shall maintain such commercial general liability
and other insurance policies as may be reasonably specified by Lessor, all of
which policies shall be reasonably satisfactory to Lessor in form, content and
amount of coverage, insuring Lessor, Lessee and such other parties as Lessor
shall reasonably specify against loss or damage to third parties or their
property from hazards normally insured against in the construction industry
with respect to construction of the type to be undertaken by Lessee.&#160; Lessee shall deliver to Lessor certificates
of insurance certifying that such insurance is in full force and effect prior
to commencing the construction of any alterations, additions or improvement on
the Premises.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e.</font><font size="1" style="font-size:3.0pt;">&#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><font size="2" style="font-size:10.0pt;">Lessee
shall reimburse Lessor for any expense actually incurred by Lessor by reason of
repair or replacement of faulty work done by Lessee or its contractors.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">f.</font><font size="1" style="font-size:3.0pt;">&#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><font size="2" style="font-size:10.0pt;">All
work by Lessee shall be diligently and continuously pursued from the date of
its commencement through its completion.&#160;
Upon substantial completion of any construction, Lessee shall publish a &#147;Notice
of Completion&#148; as required under Section&nbsp;507-43(f)&nbsp;of the Hawaii
Revised Statutes and file an affidavit of publication of said Notice in the
Office of the Clerk of the Circuit Court of the Second Circuit, State of
Hawaii, and shall provide a certified &#147;filed&#148; stamped copy thereof to Lessor.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900234\09-9155-1\task3462841\9155-1-kk-01.htm',USER='c900234',CD='Apr  1 10:16 2009' -->


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


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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.2</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Lessor
Obligations</font></u><font size="2" style="font-size:10.0pt;">.&#160;
Except as otherwise required in this Lease, any and all capital repairs
and replacements approved by Lessor in accordance with Section&nbsp;11,
excluding the Irrigation Work up to the Lessee Irrigation System Cap, or
required to comply with laws and legal requirements, will be made at the sole
cost and expense of Lessor (&#147;Lessor Work&#148;).</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Protection
Against Construction Liens</font></u><font size="2" style="font-size:10.0pt;">.&#160; Lessee shall promptly pay all contractors and
materialmen, and shall keep the Premises free from any liens or encumbrances
arising out of any work performed for Lessee, materials furnished for Lessee or
obligations incurred by Lessee.&#160; Lessee
agrees to indemnify, defend and save the Lessor and the Premises harmless from
and against any and all claims for mechanics&#146;, materialmen&#146;s or other liens in
connection with any work by Lessee, except to the extent such claims are the
result of Lessor&#146;s failure to meet its funding obligations under this Lease, in
which case Lessor agrees to indemnify, defend and save Lessee and the Premises
harmless from and against any and all such claims and for any liens in
connection with any Lessor Work.&#160; If a
mechanics&#146; or materialmen&#146;s lien shall be filed against the Premises for, or
purporting to be for, labor or material alleged to have been furnished or to be
furnished to or for Lessee, Lessee shall bond against or discharge said lien
within ten (10)&nbsp;days after the filing of the application for the
lien.&#160; If Lessee shall fail to bond
against or discharge said lien as aforesaid, Lessor may pay the amount of such
lien or discharge the same by deposit or by bonding against such lien.&#160; In the event that Lessor shall discharge such
lien as aforesaid, Lessor may require the lienor to prosecute an appropriate
action to enforce such claim, and if said lienor shall prevail in its claim,
Lessor may pay the judgment recovered thereon.&#160;
Any amount paid or expense incurred by Lessor pursuant to this paragraph
13 shall be paid by Lessee to Lessor upon demand, together with interest
thereon from the date of payment by Lessor at the rate provided in paragraph 36
hereinbelow.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Disclaimer</font></u><font size="2" style="font-size:10.0pt;">.&#160; Notwithstanding anything in this Lease
contained to the contrary, neither Lessor&#146;s approval nor the approval of any
architect or engineer engaged by Lessor of any plans or specifications
submitted to Lessor or such architect or engineer pursuant to the provisions of
this Lease shall be deemed a warranty or other representation on Lessor&#146;s part
to any person that such plans or specifications or the improvements therein
described are legal or structurally safe or sound.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Alterations
Belonging to Lessor</font></u><font size="2" style="font-size:10.0pt;">.&#160;
All alterations, improvements and additions to the Premises shall remain
for the benefit of the Lessor and shall not be removed unless otherwise
consented to in writing by Lessor, and shall be presumed to become an integral
part of said Premises.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Waste;
Compliance with Law</font></u><font size="2" style="font-size:10.0pt;">.&#160;
Lessee will not make or suffer any waste or strip of the Premises.&#160; Lessee will not use the Premises or suffer
the same to be used for any purpose or purposes in violation of any condition
or provision of this Lease, or of any law, ordinance or regulation of any
public authority, or of any policy of insurance upon said Premises, or do or
permit to be done any act which will occasion or constitute a ground for
cancellation of any such insurance policy or for any increase in the rate of
insurance on said Premises, and will not commit or suffer to be committed any
nuisance upon said Premises or act which may disturb the quiet enjoyment of
others.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.</font><font size="1" style="font-size:3.0pt;">&#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><u><font size="2" style="font-size:10.0pt;">Prohibited
Conduct</font></u><font size="2" style="font-size:10.0pt;">.&#160; Lessee will not
conduct or permit to be conducted any auction and/or sale by auction on the
Premises or any fire sale or bankruptcy sale.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="3" width="100%" noshade color="#010101" align="left">

</font></b></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900234\09-9155-1\task3462841\9155-1-kk-01.htm',USER='c900234',CD='Apr  1 10:16 2009' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Signs and Advertising</u>.&#160; Lessee will not, without the prior written
approval of Lessor, display, erect, install, paint or place any sign, logo,
emblem, or other advertisement whatsoever in, on or about the exterior of the
Premises.&#160; Lessor acknowledges that the
signage on the Premises on the date of this Lease is approved by Lessor.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Liens and Encumbrances</u>.&#160; Lessee will not commit or suffer any act or
neglect whereby said Premises or any improvements thereon, or the estate of
Lessee or the Lessor therein, shall at any time during said term become subject
to any attachment, judgment, lien, charge or encumbrance whatsoever, and will
indemnify and hold the Lessor harmless from all loss, costs and expense,
including attorneys&#146; fees, with respect thereto.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Hazardous Materials</u>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Use of Hazardous Materials</u>.&#160; Except as provided herein, Lessee shall not
cause any Hazardous Material to be brought upon, kept or used in or about the
Premises by Lessee in violation of Hazardous Materials Laws.&#160; Lessee may use and store on the Premises such
items as may be classified as Hazardous Materials but which are typically used
in golf course operations (<u>e</u>.<u>g</u>. fertilizers, pesticides,
herbicides, machinery lubricants, cleaning and maintenance supplies) provided
that the same are used, kept, stored and disposed of in full compliance with
all applicable Hazardous Materials Laws.&#160;
If Lessee breaches the obligations stated in the preceding sentences, or
if the presence of Hazardous Material on the Premises caused by Lessee results
in contamination of the Premises in violation of Hazardous Materials Laws, then
Lessee shall indemnify, defend and hold Lessor harmless from any and all
claims, judgments, damages, penalties, fines, costs, liabilities or losses
(including, without limitation, diminution in value of the Premises, and sums
paid in settlement of claims, attorneys&#146; fees, consultation fees and expert
fees) which arise during or after the Lease term as a result of such
contamination.&#160; This indemnification of
Lessor by Lessee includes, without limitation, costs incurred in connection
with any investigation of site conditions or any clean-up, remedial, removal or
restoration work required by any federal, state or local governmental agency or
political subdivision because of a release of Hazardous Material by Lessee
during the Term.&#160; Without limiting the
foregoing, with respect to any Hazardous Material on the Premises released by
Lessee during the Term which results in any contamination of the Premises in
violation of Hazardous Materials Laws, Lessee shall promptly take all actions
at its sole expense as are necessary comply with Hazardous Materials Laws.&#160; The foregoing indemnity shall survive the
expiration or earlier termination of this Lease.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Definitions</u>.&#160; As used herein, the term &#147;Hazardous Material&#148;
means any hazardous or toxic substance, material or waste, including, but not
limited to, those substances, materials and wastes listed in the United States
Department of Transportation Hazardous Materials Table (49 CFR 172.101) or by
the United States Environmental Protection Agency as hazardous substances (40
CFR Part&nbsp;302) or as defined in the Hawaii Hazardous Waste Law (Haw. Rev.
Stat. Chapter 342J) and amendments thereto, or such substances, materials and
wastes that are or become regulated under any applicable local, state or
federal law.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Disclosure</u>.&#160; Upon Lessor&#146;s written request, Lessee shall
disclose to Lessor the names and amounts of all Hazardous Material, or any
combination thereof, which were stored, used or disposed of or on the Premises,
or which Lessee intends to store, use or dispose of or on the Premises in the
future.</p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105828\09-9155-1\task3462826\9155-1-kk-03.htm',USER='105828',CD='Apr  1 10:14 2009' -->


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


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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Inspection</u>.&#160; Lessor and its agents shall have the right,
but not the duty, to inspect the Premises during normal business hours following
48 hours&#146; prior written notice to determine whether Lessee is complying with
the provisions of this paragraph 17.&#160; If
Lessee is not in compliance with the provisions of this paragraph 17, Lessor
shall have the right to immediately enter upon the Premises to remedy any
contamination caused by Lessee&#146;s failure to comply notwithstanding any other
provision of this Lease.&#160; Lessor shall
use reasonable efforts to minimize interference with Lessee&#146;s business but
shall not be liable for any interference caused thereby.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Reports</u>.&#160; To the extent Lessee is required to file any
reports with the United States Environmental Protection Agency or any other
federal, state, city or county agency having jurisdiction over Hazardous
Material, Lessee shall concurrently provide Lessor a copy of such report.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Compliance With Disability
Access Laws</u>.&#160; Except as otherwise set forth herein, Lessee
hereby covenants and agrees with Lessor that Lessee shall at all times during
the term of this Lease comply with any and all governmental regulation of the
Premises regarding access of disabled persons, including without limitation,
Titles III and V of the Americans with Disabilities Act of 1990, 42 U.S.C. Sec.
12101 et seq. or any other similar federal, state or local laws or ordinances
and the regulations promulgated thereunder (collectively, the &#147;Disability
Access Laws&#148;); provided, however, the costs of any such compliance, if required
as a result of any changes to the, or new, Disability Access Laws after the
Effective Date, will be the sole responsibility of Lessor.&#160; Unless any such failure is the result of
Lessor failing to pay for the cost of any Landlord Work related to the
compliance with Disability Access Laws (in which case the indemnity contained
herein will be of Lessee by Lessor), Lessee shall indemnify, defend and hold
Lessor harmless from and against any and all claims and demands for loss or
damage, including claims for discrimination, personal injury, monetary damage
or injunctive relief arising out of or in connection with any failure or
alleged failure of the Premises to comply with the Disability Access Laws, and,
unless caused by the failure of Lessor to pay for Lessor&#146;s Work, Lessee shall
reimburse Lessor for all costs and expense, including reasonable attorneys&#146; and
other professional or consultants&#146; fees, paid or incurred by Lessor in
connection with the defense of any such claims including, but not limited to,
all costs for research regarding settlement or other preventive measures which
Lessor may take prior to the filing of such action or to attempt to prevent the
filing of such an action.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Repairs and Upkeep by Lessee</u>.&#160; Lessee shall at all times during the term
hereof and at its own expense, keep the Premises in good order, condition and
repair, reasonable wear and tear damage and destruction and Lessor Work
excepted, including such repairs, and alterations as may be required by fire
insurance companies, by law, ordinance or regulation of any public authority
relating to the use or occupancy of the Premises or otherwise.&#160; Lessee shall, if deemed necessary by Lessor,
repaint the exterior of the buildings and improvements in the Premises once
during each three (3)&nbsp;years during the term of this Lease within ninety
(90) days after Lessor&#146;s notice to Lessee to do so.&#160; Lessee will, at its own expense, replace
plate glass and other glass in the Premises which may become damaged or
broken.&#160; If Lessee fails to commence
repairs required by the terms hereof to be made by it within ten (10)&nbsp;days
after written notice from Lessor of the necessity therefor and specifying the
nature thereof, and if Lessee thereafter fails to prosecute such work
diligently to completion, then Lessor shall have the right to make or complete
and pay for such repairs and bill Lessee for the cost thereof or to terminate
this Lease for breach of covenant in the event Lessor makes such repairs but
Lessee does not pay Lessor pursuant to paragraph 22 herein.&#160; Lessor shall have the right to enter upon the
Premises at times reasonably established by Lessor and Lessee for the purpose </p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105828\09-9155-1\task3462826\9155-1-kk-03.htm',USER='105828',CD='Apr  1 10:14 2009' -->


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


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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of making such
repairs and to erect any necessary scaffolding or barricades.&#160; Failure on the part of Lessor to make repairs
or alterations as herein provided shall in no event constitute a breach of this
Lease.&#160; That Lessee will keep the
Premises, including any loading or service areas, in a clean, orderly and
sanitary condition and free from obstructions, insects, rodents, vermin and
other pests, and shall store all trash and refuse within the Premises or in
areas designated therefor by Lessor and share in the cost of having the same
picked up regularly.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Right of Access</u>.&#160; Lessor shall have access at all reasonable
times to the Premises and each and every part thereof for purposes of
inspecting same; making repairs (if Lessor elects to undertake any repairs due
to Lessee&#146;s failure to do so), and Lessor shall be allowed to take all material
into and upon the Premises that may be required therefor without the same
constituting an eviction of Lessee in whole or in part, without the lease
rental and other fees and charges abating and without any liability to Lessee
or any loss or interruption of business of Lessee or any loss of occupation or
quiet enjoyment of the Premises occasioned thereby; posting such notices as it
may deem necessary for its protection or for protection of the Premises; and
for the purpose of showing same to prospective tenants, purchasers, mortgagees,
and/or others.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Expenditures by Lessor on Behalf
of Lessee</u>.&#160; If Lessor shall make any expenditure or incur
any liability which Lessee is required to make or pay under this Lease, the
amount thereof shall be added to and deemed a part of the next succeeding
payment of rent thereafter falling due, and said amount shall bear interest at
the rate provided in paragraph 39 hereinbelow from the date paid by Lessor
until repaid by Lessee.&#160; Lessor may, at
its option and at any time, terminate this Lease for failure on the part of
Lessee to pay such amounts within thirty (30) days of written notice when due.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Indemnity</u>.&#160; Lessee, as a material part of the
consideration to Lessor for this Lease, will and does hereby assume all risk of
bodily injury, wrongful death and/or property damage, business interruption or
economic loss occasioned by any accident, fire or nuisance made or suffered by
Lessee or its officers, directors, agents, employees, contractors, invitees,
customers, sublessees and licensees (herein collectively called &#147;Lessee&#146;s
Affiliates&#148;) in the Premises or resulting from any failure on the part of Lessee
to maintain the Premises in a safe condition, and Lessee hereby waives on its
own behalf, and on behalf of Lessee&#146;s Affiliates, all claims in respect thereof
against Lessor and Lessor&#146;s shareholders, employees, agents, licensees,
contractors and invitees (herein collectively called &#147;Lessor&#146;s Affiliates&#148;)
except claims arising from the acts or omissions of Lessor or Lessor&#146;s
Affiliates, and acknowledges that this assumption of risk by Lessee has been
bargained for in determining rent and other obligations of Lessee under this
Lease.&#160; Lessee hereby agrees to indemnify
and save harmless Lessor and Lessor&#146;s Affiliates from and against any and all
claims for bodily injury, wrongful death and/or property damage, business
interruption and economic loss by any person (including without limiting the
generality of said term, Lessee&#146;s Affiliates and Lessor&#146;s Affiliates) arising
out of, caused by, occasioned by or resulting from any accident, fire or
nuisance in the Premises or Lessee&#146;s failure to maintain the Premises in
accordance with this Agreement, except where such injury, death or loss is
caused by the acts or omissions of Lessor or Lessor&#146;s Affiliates.&#160; Lessee further agrees to indemnify and save
harmless Lessor, and Lessor&#146;s Affiliates, from and against any and all
liability, loss, costs, charges, fines, penalties, obligations or expenses of
whatsoever nature in connection with any and all claims by or on behalf of any
person or persons, firm or firms, corporation or corporations, arising from the
conduct or management of any work or thing whatsoever done by Lessee or Lessee&#146;s
Affiliates in or about the Premises during the Term, or from any transactions
of Lessee concerning the Premises, and will further indemnify and save Lessor
and Lessor&#146;s Affiliates harmless from any and all claims arising from </p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105828\09-9155-1\task3462826\9155-1-kk-03.htm',USER='105828',CD='Apr  1 10:14 2009' -->


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


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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">any breach or
default on the part of Lessee in the performance of any covenant or agreement
on the part of Lessee to be performed pursuant to the terms of this Lease, or
arising from any act on the part of Lessee or Lessee&#146;s Affiliates, and shall
reimburse Lessor and Lessor&#146;s Affiliates for all costs, reasonable attorneys&#146;
fees, expenses and liabilities incurred in connection with any such claim or
any action or proceeding brought thereon.&#160;
Lessee further agrees that in case of any claim, demand, proceeding,
action or cause of action, threatened or actual, against Lessor or Lessor&#146;s
Affiliates resulting from the matters for which Lessee indemnifies Lessor
hereunder, Lessee, upon the written request of Lessor or any of Lessor&#146;s
Affiliates, shall defend Lessor and Lessor&#146;s Affiliates at Lessee&#146;s expense by
counsel reasonably satisfactory to Lessor or Lessor&#146;s Affiliates, as the case
may be.&#160; If Lessor or any of Lessor&#146;s
Affiliates does not request such defense or Lessee does not provide such
defense, then Lessee will reimburse Lessor and Lessor&#146;s Affiliates as
aforesaid, and agrees to cooperate with Lessor and Lessor&#146;s Affiliates in such
defense, including, but not limited to, providing of affidavits and testimony
upon request of Lessor or Lessor&#146;s Affiliates.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Assumption of Risk by Lessee</u>.&#160; Lessee, as a material part of the
consideration to Lessor for this Lease, will and hereby does assume all risk of
loss or damage to Lessee&#146;s personal property, machinery, equipment, fixtures,
supplies, merchandise, and other personal property, by whomsoever owned, stored
or placed in, upon or about the Premises, and does hereby agree that Lessor
shall not be responsible for loss or damage to any such property, unless caused
by the willful act or gross neglect of Lessor or Lessor&#146;s Affiliates, and
Lessee waives all claims in respect thereof and acknowledges that this
assumption of risk by Lessee has been bargained for in determining rent and
other obligations of Lessee under this Lease.&#160;
Without prejudice to the generality of the foregoing, Lessor shall not
be liable for loss or damage to any property entrusted to Lessor or Lessor&#146;s
Affiliates nor for loss or damage to any property at any time stored or kept in
the Premises, either from rain or from any other water which may leak, issue or
flow from any part thereof, or from the pipes or plumbing of the same or from
any other place or quarter, nor for any loss or damage to property in the
Premises caused by theft, or by accident involving escalators, or for damage or
any character.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Property Insurance</u>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>In General</u>.&#160; Lessee shall
at its own expense and at all times during the term keep all buildings,
improvements, fixtures, and personal property by whomsoever installed or constructed,
now existing or hereafter erected on the Premises, insured against (i)&nbsp;all
of the risks covered by a standard ISO Commercial Property Special Causes of
Loss Form&nbsp;written on a replacement cost basis, without deduction
for depreciation, with an agreed value endorsement, (ii)&nbsp;a &#147;difference in conditions&#148; policy providing coverage limits
for risk of loss by earthquake of $25,000,000 and flood of $20,000,000, (iii)&nbsp;such
other hazards or risks which a prudent businessman would insure against,
including plate glass insurance and business interruption insurance in an
amount sufficient to insure payment of rent, real property taxes and
assessments, insurance and other fixed costs for not less than twelve (12)
months during any interruption of Lessee&#146;s business on the Premises from any
risk covered under (i)&nbsp;and (ii)&nbsp;above, and (iv)&nbsp;in time of war against war damage, if available at
reasonable cost.&#160; This coverage shall be
in an amount equal to the full replacement cost of such buildings,
improvements, fixtures and personal property and shall not have deductibles in
excess of $250,000 AOP and flood, 2% wind, and 5% earthquake.&#160; Lessee hereby waives any and all rights of
subrogation which it may have against Lessor and any insurance carrier of
Lessor.&#160; Such insurance shall contain a
standard mortgagee clause which shall provide that any reference to a mortgagee
in such policy shall mean and include all holders of mortgages of any interests
in the Premises, in their respective order and preference as provided in their
respective </p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105828\09-9155-1\task3462826\9155-1-kk-03.htm',USER='105828',CD='Apr  1 10:14 2009' -->


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


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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">mortgages;
provide that such insurance as to the interest of any mortgagee shall not be
invalidated by any act or neglect of Lessor, Lessee or any person claiming by,
through, or under any of them; and contain a waiver of any provision invalidating
such mortgagee clause by reason of the failure of any mortgagee or Lessor,
Lessee, or any person claiming by, through, or under any of them to notify the
insurer of any hazardous use or vacancy, any requirement that any mortgagee pay
any premium thereon, or any contribution clause.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Use of Insurance Proceeds</u>.&#160; In case the buildings, improvements or
fixtures required to be insured in subparagraph 27.a above or any part thereof
shall be destroyed or damaged by fire or such other casualty required to be
insured against, then and as often as the same shall happen, all proceeds of
such insurance, including the interest therein of Lessor and the interest
therein of Lessee shall be made available for and used with all reasonable
dispatch by Lessee in rebuilding, repairing, replacing or otherwise reinstating
the buildings, improvements or fixtures so destroyed or damaged in a good and
substantial manner according to the plan and elevation thereof or according to
such modified plan for the same or substitute buildings, improvements or
fixtures as shall be approved in writing by the Lessor in accordance with
paragraphs&nbsp;12 and 13 above.&#160; If the
available insurance proceeds shall be insufficient for rebuilding, repairing,
replacing or otherwise reinstating such buildings, improvements or fixtures in
the manner provided in this paragraph above, then Lessor shall provide the
balance of all funds required to completely rebuild, repair, replace or
otherwise reinstate such buildings, improvements or fixtures; provided,
however, that Lessee shall be responsible for any deductible amounts or
self-insured retentions and if Lessee fails to carry the types and amounts of
insurance required by Section&nbsp;27(a), then Lessee shall be responsible for
any shortfall.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Liability Insurance</u>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>In General</u>.&#160; Lessee shall maintain at its own expense
during the term a policy or policies of &#147;commercial general liability&#148;
insurance on an &#147;occurrence&#148; basis including coverage for bodily injury and
property damage, personal injury and medical payments, naming Lessor as an
additional insured thereunder, with limits not less than those set forth in
subparagraph 28.b below.&#160; The commercial
general liability insurance shall specifically cover blanket contractual
liability, fire damage legal liability, host liquor liability if liquor will be
sold, serviced or manufactured on the Premises, personal and advertising
liability, medical payments, premises and operations liability and
products/completed operations liability.&#160;
Lessee shall periodically, but not less frequently than annually,
reevaluate the scope of the risks covered and the liability limits of such
insurance policies and, if necessary, increase such coverage or liability
limits in order to provide coverage of risks and liability limits which a
prudent businessman would provide under similar circumstances.&#160; Lessee shall also increase the liability
limits or the scope of the risks covered by such insurance policies to such
higher levels or such broader scope of risks as Lessor may from time to time
reasonably specify.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Coverage Amounts</u>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Minimum Liability Coverage Amounts:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="68%" valign="top" style="padding:0in .7pt 0in .7pt;width:68.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;5,000,000
  Each Occurrence</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="68%" valign="top" style="padding:0in .7pt 0in .7pt;width:68.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="68%" valign="top" style="padding:0in .7pt 0in .7pt;width:68.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;5,000,000
  General Aggregate</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="68%" valign="top" style="padding:0in .7pt 0in .7pt;width:68.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="68%" valign="top" style="padding:0in .7pt 0in .7pt;width:68.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;5,000,000
  Products&nbsp;&amp; Completed Operations Aggregate</font></p>
  </td>
 </tr>
</table>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105828\09-9155-1\task3462826\9155-1-kk-03.htm',USER='105828',CD='Apr  1 10:14 2009' -->


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


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

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="68%" valign="top" style="padding:0in .7pt 0in .7pt;width:68.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;5,000,000
  Personal and Advertising Injury</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="68%" valign="top" style="padding:0in .7pt 0in .7pt;width:68.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="68%" valign="top" style="padding:0in .7pt 0in .7pt;width:68.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;1,000,000
  Fire Damage (any one fire)</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="68%" valign="top" style="padding:0in .7pt 0in .7pt;width:68.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="68%" valign="top" style="padding:0in .7pt 0in .7pt;width:68.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;10,000,000
  Umbrella Coverage</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="68%" valign="top" style="padding:0in .7pt 0in .7pt;width:68.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="68%" valign="top" style="padding:0in .7pt 0in .7pt;width:68.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;10,000,000
  Excess Coverage</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Worker&#146;s Compensation and
Employer&#146;s Liability Insurance</u>.&#160; Lessee shall
maintain at is own expense during the term of this Lease a policy or policies
of &#147;worker&#146;s compensation&#148; insurance with minimum limits as required by Hawaii
Revised Statutes Title&nbsp;21, Labor and Industrial Relations, and the rules&nbsp;and
regulations promulgated thereunder, and a policy or policies of &#147;employer&#146;s
liability&#148; insurance with per accident and per disease limits not less than
$5,000,000.00.&#160; Both policies shall be in
form and with coverages satisfactory to and approved by Lessor.&#160; Lessee shall increase the liability limits or
the scope of the risks covered by such insurance policies to such higher levels
or such broader scope of risks as Lessor may from time to time reasonably
specify.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Auto Liability Insurance</u>.&#160; Lessee shall maintain at is own expense
during the term of this Lease a policy or policies of &#147;commercial auto
liability&#148; insurance naming Lessor as an additional insured thereunder, in form
and with coverage satisfactory to and approved by Lessor, with a combined
single limit for bodily injury and property damage not less than
$5,000,000.00.&#160; The
foregoing coverage may be placed through a combination of primary, umbrella and
excess coverages.&#160; The automobile liability
insurance shall specifically cover all automobiles and other vehicles used by
Lessee in connection with its operations at the Premises, whether owned or
non-owned, leased, rented, borrowed or hired.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>General Insurance Requirements</u>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each policy of commercial
property insurance and general liability insurance required in paragraphs 27
and 28 above shall:</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>name Lessor as an additional
insured and provide that the liability of the insurer thereunder shall not be
affected by, and that the insurer shall not claim, any right of set-off,
counterclaim, apportionment, proration, or contribution by reason of, any other
insurance obtained by or for Lessor, Lessee, or any person claiming by,
through, or under any of them;</p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>contain no provision relieving
the insurer from liability for loss occurring while the hazard to buildings and
personal property is increased, whether or not within the knowledge or control
of, or because of any breach of warranty or condition or any other act or
neglect by Lessor, Lessee, or any person claiming by, through, or under any of
them;</p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>be specifically endorsed to
provide that such policy may not be cancelled except upon the insurer giving at
least thirty (30) days&#146; prior written notice thereof to Lessor, Lessee, and
every mortgagee and other person having an interest in the Premises who has
requested such notice of the insurer;</p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>be written by an insurance
company rated A or better, Class&nbsp;size&nbsp;IX or better, by the Best&#146;s Key
Rating Guide, based upon the rating system in effect </p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105828\09-9155-1\task3462826\9155-1-kk-03.htm',USER='105828',CD='Apr  1 10:14 2009' -->


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


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

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">on the date this Lease is
signed, and in form and with coverage satisfactory to and approved in writing
by Lessor.&#160; In the event that Best&#146;s
changes its rating system or ceases to provide ratings at some later date, then
such insurance company shall have a rating from Best (or some other comparable
rating service if Best&#146;s ceases to provide ratings) comparable to the &#147;A or
better, Class&nbsp;IX or better&#148; requirement of the immediately preceding
sentence; and</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>be specifically endorsed to
provide that they are primary policies, not contributing with and not in excess
of any coverage that Lessor may carry, notwithstanding anything to the contrary
contained in any policies obtained by Lessor.</p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A certificate of insurance
listing all of the required coverages should be issued for Lessee.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Assignment and Subletting</u>.&#160; Lessee will not sublet the whole or any part
of said Premises or grant any concession therein, or part with possession of
the whole or any part of the Premises, or assign this Lease or any interest
therein (nor may this Lease be assigned by operation of law) or hypothecate,
mortgage or in any way create any lien on this Lease or the Premises or any
interest therein without the consent in writing of Lessor first being obtained,
and any such attempt without the prior consent in writing of Lessor shall be
void for all purposes and Lessor shall then have the right and option to
terminate this Lease as hereinafter provided.&#160;
Lessor may grant or withhold its consent in its sole discretion for any
reason. It is further agreed that any consent given to any assignment, hypothecation,
transfer of this Lease or parting of possession, or to any sublease of said
Premises or a portion thereof, shall not be construed as a consent to any other
further assignment, hypothecation, transfer, parting of possession or
subletting or as a waiver of Lessor&#146;s right to object to any assignment,
hypothecation, transfer parting of possession, or sublease to which Lessor&#146;s
consent in writing has not been obtained.&#160;
It is further agreed that Lessee will remain liable in the event of any
assignment, mortgage or sublease for the payment of the rental hereunder and
for the observance and performance of all the terms, covenants and conditions
herein contained and on the part of Lessee to be observed and performed.&#160; Any change in the present ownership or control
of Lessee&#146;s business, directly or indirectly, whether as a result of any sale
of assets, transfer of stock, merger, consolidation or otherwise, shall be
deemed an assignment within the meaning of this provision; provided however,
and notwithstanding anything to the contrary contained herein, no sale of
assets, transfer of stock, merger or consolidation by Guarantor shall
constitute an assignment hereunder.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Transfer of Control</u>.&#160; It is understood and agreed that Lessor must
at all times be satisfied with the operator of the Premises from the standpoint
of said operator&#146;s experience, management ability and/or financial capacity,
and that upon any merger or transfer of stock, directly or indirectly,
involving a change in control of either of Lessee, Lessor shall have the right
and option to terminate this Lease.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Subordination</u>.&#160; Lessee hereby subordinates its rights
hereunder to any encumbrances shown on <u>Exhibit&nbsp;A</u> and to the lien of
any mortgage or mortgages now or hereafter arranged by Lessor, to any bank,
insurance company or other lending institution, against the land and
improvements of which the Premises are a part and/or upon any buildings now on
or hereafter placed upon said land, for all loans or advances made or hereafter
to be made upon said security, provided in every case the mortgagee or
mortgagees named in said mortgage or mortgages shall agree in a written
instrument acceptable to Lessee to recognize this Lease in the event of
foreclosure by judicial proceedings or otherwise, if Lessee is not then </p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105828\09-9155-1\task3462826\9155-1-kk-03.htm',USER='105828',CD='Apr  1 10:14 2009' -->


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


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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in default
beyond applicable cure periods.&#160; Lessee
hereby agrees to execute any instruments on a commercially reasonable form
necessary or expedient to carry out the foregoing.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Default and Remedies</u>.&#160; If Lessee shall fail to pay said rent or any
part thereof or any other monies which under the provisions of the Lease Lessee
shall be obligated to pay, on or before the dates the same have become due and
payable, no notice being required, demand made, or forfeiture declared, and
such non-payment shall continue for ten (10)&nbsp;days, or fail in any other
respect faithfully to observe or perform any condition or covenant in this
Lease contained and on Lessee&#146;s part to be observed and performed, including
Lessee&#146;s failure to achieve the Golf Course Standard set forth in
paragraph&nbsp;8.a above or to submit the annual operational plans described in
paragraph&nbsp;9.a above for Lessor&#146;s approval, and any such failure shall
continue for thirty (30) days following written notice from the Lessor to
Lessee (or such longer time as is reasonably necessary so long as Lessee has
commenced and is diligently prosecuting the cure); or if Lessee shall become
insolvent or be adjudicated bankrupt; or shall make any general arrangement or
assignment for the benefit of creditors or shall seek protection under any
bankruptcy laws; or permit a lien to attach to the premises; or abandon the
Premises; or suffer this Lease or any estate or interest hereunder to be taken
under any mesne process or any writ of execution; or any other judicial
order,&#160; and any such event is not
dismissed and cured with sixty (60) days, then and in any such event:</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Right of Re-Entry; Termination</u>.&#160; The Lessor may at once enter into and upon
the Premises or any part thereof in the name of whole, and upon or without such
entry at Lessor&#146;s option terminate this Lease, without service of notice of
legal process, and thereupon take possession of the Premises and all
improvements thereon, and thereby become wholly vested with all right, title
and interest of Lessee therein and may expel and remove from said Premises
Lessee and/or those claiming under it, and their effects, all without service
of notice or resort to any legal process and without being deemed guilty of any
trespass or becoming liable for any loss or damage which may be occasioned
thereby, and without prejudice to any other remedy or right of action which the
Lessor may have for collection of arrears of rent for other or preceding breach
of covenant by Lessee.&#160; If this Lease or
any short form thereof is recorded or filed of record in Hawaii, termination
may be made effective by Lessor by mailing a written notice to Lessee or such
termination and recording or filing an affidavit thereof.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Summary Possession</u>.&#160; Whether or not Lessor shall have taken any
action above permitted, Lessor may bring an action for summary possession in
case of such default, and in any such action, service of prior notice or demand
is hereby expressly waived.&#160; Lessor may,
at its option, assert its claim for unpaid rent in such action or may institute
a separate action for the recovery of rent.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Removal of Persons or Property</u>.&#160; In the event of such resumption of possession
under this Lease, whether by summary proceedings or by any other means, Lessor,
or any receiver appointed by a court having jurisdiction, may dispossess and
remove all persons and property from the Premises, and any property so removed
may be stored in any public warehouse or elsewhere at the cost of and for the
account of Lessee, and Lessor shall not be responsible for the care or
safekeeping thereof, and Lessee hereby waives any and all loss, destruction,
and/or damages or injury which may be occasioned in the exercise of any of the
aforesaid acts.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Damages, Attorneys&#146; Fees and
Costs</u>.&#160; Lessor may recover from Lessee all damages,
reasonable attorneys&#146; fees and costs which may have been incurred by</p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105828\09-9155-1\task3462826\9155-1-kk-03.htm',USER='105828',CD='Apr  1 10:14 2009' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lessor as a
result of any default of Lessee hereunder, including the expense of recovering
possession.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Right to Re-let</u>.&#160; Should Lessor elect to reenter for Lessee&#146;s
default, as provided hereinabove, or should it take possession pursuant to
legal proceedings or pursuant to any notice provided for by law, it may either
terminate this Lease or it may, from time to time without terminating this
Lease, and re-let said Premises or any part thereof for such term or terms
(which may be for a term extending beyond the term of this Lease) and at such
rental or rentals and upon such other terms and conditions as Lessor in its
sole discretion may deem advisable; upon each such re letting all rental
received by Lessor from such re-letting shall be applied, <u>first</u>, to the
payment of any indebtedness other than rent due hereunder from Lessee to
Lessor; <u>second</u>, to the payment of any costs and expenses of such
re-letting; <u>third</u>, to the payment of rent due and unpaid hereunder; and
the residue, if any, shall be held by Lessor and applied in payment of future
rent as the same may become due and payable hereunder.&#160; If such rentals received from such re-letting
during any month be less than that to be paid during that month by Lessee hereunder,
Lessee shall pay any such deficiency to Lessor. Such deficiency shall be
calculated and paid monthly. Termination may, but need not necessarily, be made
effective by the giving of written notice to Lessee of intention to end the
term of this Lease, specifying a day not earlier than three (3)&nbsp;days
thereafter, and upon the giving of such notice, the term of this Lease and all
right, title and interest of Lessee hereunder shall expire as fully and
completely on the day so specified as if that day were the date herein
specifically fixed for the expiration of the term.&#160; No re-entry or taking possession of said
Premises by Lessor shall be construed as an election on its part to terminate
this Lease unless a written notice of such intention is given to Lessee or
unless the termination thereof be decreed by a court of competent
jurisdiction.&#160; Notwithstanding any such
re-letting without termination, Lessor may at any time thereafter elect to
terminate this Lease for such previous default.&#160;
Should Lessor at any time terminate this Lease for Lessee&#146;s default, in
addition to any other remedies it may have, Lessor may recover from Lessee all
damages it may incur by reason of such default, including the cost of
recovering possession of the Premises, reasonable attorneys&#146; fees, delinquent
rent and other charges due through the date of termination and the discounted
present value (computed at 8%) at the time of such termination of the rent and
charges reserved in this Lease for the remainder of the stated term, all of
which amounts shall be immediately due and payable from Lessee to Lessor.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Remedies Cumulative</u>.&#160; The various rights, options, elections and
remedies of Lessor contained in the Lease shall be construed as cumulative and
no one of them as exclusive of any of the other, or of any right or priority
allowed by law.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Waiver of Breach</u>.&#160; The waiver by the Lessor of any breach of any
term, covenant or condition herein contained shall not be deemed to be a waiver
of any subsequent breach of the same or of any other terms, covenant or
condition herein contained; that the acceptance of rent by the Lessor shall not
be deemed to be a waiver of any of the terms, covenants or conditions of this
Lease, or of the remedies of Lessor herein (including the remedy of forfeiture
of this Lease); that no term, covenant, condition or remedy herein shall be
deemed to be waived by Lessor unless such waiver be in writing by Lessor.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Attorneys Fees</u>.&#160; If either party hereto institutes any action
or proceeding in court to enforce any provision hereof or for damages or other
relief by reason of any alleged breach of any provision hereof, the prevailing
party shall be entitled to receive from the losing party all costs, including
reasonable attorneys&#146; fees.&#160; If any
litigation or legal expense incurred by either party hereto in connection with
any litigation commenced by or against the other party </p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900236\09-9155-1\task3463304\9155-1-kk-05.htm',USER='c900236',CD='Apr  1 15:36 2009' -->


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


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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(other than
condemnation proceedings) in which it shall without fault be made by a party,
then it will be entitled to recover against the opposite party all of its costs
including reasonable attorneys&#146; fees.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Delinquent Payments</u>.&#160; If any payment or payments called for under
this Lease is not paid on the date due, Lessor shall have the right, without
waiving any breach or default by Lessee or any of its other rights herein, to
demand and receive the unpaid sum together with the interest accrued thereon
from the date of delinquency at the rate of one percent (1%) per month until
paid.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Accord And Satisfaction</u>.&#160; No payment by Lessee or receipt by Lessor of
a lesser amount than the monthly rent herein stipulated shall be deemed to be
other than on account of rents due, nor shall any endorsement or statement on
any check or any letter accompanying any check or payment of rent be deemed and
accord and satisfaction, and Lessor may accept such check or payment without
prejudice to Lessor&#146;s rights to recover the balance of such rent or other
amount or pursue any other remedy in this Lease.&#160; In the event that the rent or any other
monies which are due hereunder by Lessee are delinquent, Lessor may, upon the
receipt of any payments, apply them to any account or period it shall determine
in its discretion.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Damage to Premises</u>.&#160; If there is a partial &#147;material&#148; or total
destruction of the Premises and Lessor, in its sole discretion, elects not to
rebuild or repair the same, this Lease shall terminate as of the date of such
destruction upon written notice from Lessor to Lessee of Lessor&#146;s determination
not to rebuild or repair, such notice to be given within thirty (30) days of the
date of such destruction.&#160; In the event
of such termination, Lessee shall forthwith surrender the Premises and shall be
relieved of all liability for any further rental and Lessor shall refund any
unearned rent paid in advance by Lessee and shall be thereby released from any
obligation or duty to Lessee.&#160; Lessee
hereby waives any and all claims for damage and shall not be entitled to any
damages for any loss occasioned by any such injury to or destruction of said Premises
or any of Lessee&#146;s property.&#160; As used
herein, &#147;material&#148; partial destruction will mean destruction to a portion of
the Premises which will, in the reasonable opinion of the parties, require 12
months or more to substantially complete the repair.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Condemnation</u>.&#160; In the event the whole or any portion of the
Premises shall be taken or condemned by any duly constituted authority or any
condemnation suit is instituted, Lessee will peaceably surrender and deliver up
to Lessor possession of the portion of the Premises so taken or condemned and
Rent shall be appropriately abated.&#160; In
the event of a condemnation of a nonmaterial part of the Premises, such partial
condemnation shall not annul or void this Lease.&#160; In the event of a condemnation of such part
or such form, shape or reduced area as to render the Premises not effectively
usable for the purpose for which the property is demised, or in the event of a
condemnation of all of said Premises, this Lease shall terminate as of the date
when the condemning authority has become entitled to, and does take actual
possession of the property condemned.&#160; In
the event of any condemnation, it is understood and agreed that the Lessor
shall be entitled to, and shall receive and retain, any award made as
compensation for or in respect of the land, buildings, improvements and
fixtures actually taken and also any award for or in respect of damages
sustained to the land or portion of the buildings or other improvements and
fixtures not taken by reason of the severance there from of the land and/or
portion of building actually taken.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Surrender Upon Termination</u>.&#160; At the expiration of the term or any
extension thereof or any sooner termination of this Lease, Lessee shall quietly
quit and </p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900236\09-9155-1\task3463304\9155-1-kk-05.htm',USER='c900236',CD='Apr  1 15:36 2009' -->


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


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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">surrender the
Premises to Lessor, without notice of any kind, notice being expressly waived,
together with all improvements upon the Premises or belonging to Lessor, by
whomsoever made, in good repair, order and condition, except for reasonable
wear and tear.&#160; Lessee&#146;s obligation to
observe and perform this covenant shall survive the expiration or sooner
termination of Lessee&#146;s rights hereunder.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Holding Over of Premises</u>.&#160; If upon termination of the Lease as herein
provided, Lessee withholds possession of the Premises from Lessor from and
after the date of such termination, the Lessor shall be entitled to monthly
rent equal to 125% of the monthly rent specified in paragraph 4 of this
Lease.&#160; The provisions herein concerning
Lessee&#146;s increased liability in the event of wrongful withholding of the
Premises from the Lessor shall not be deemed to be a waiver of any breach by
Lessee of any covenant herein contained or of any of Lessor&#146;s rights herein,
and shall not prejudice any other remedy or right of action which the Lessor
may have for collection of arrears of rent or for other or preceding breach of
covenant by Lessee.&#160; Any holding over
after the expiration of the said term, or any extension or renewal thereof,
with the written consent of the Lessor, shall be construed to be a tenancy from
month to month only, and shall otherwise be on the same terms and conditions
herein specified, so far as applicable.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Lessor&#146;s Right to Assign and
Transfer Security</u>.&#160; Lessor may, without consent of Lessee, sell,
assign, mortgage, transfer or hypothecate all of its right, title and interest
in this Lease, in the improvements constructed on the property demised
hereunder, or its interest in the property of which said Premises is a portion,
to the extent of its right, title, and interest therein.&#160; In the event Lessor proposes to sell, assign,
mortgage, transfer or hypothecate all or any portion of Lessor&#146;s right, title
or interest in this Lease and the prospective purchaser, assignee, mortgagee or
other financial source requires verification of Lessee&#146;s financial condition on
the income and expense of Lessee&#146;s obligations on the Premises, Lessee will
furnish to Lessor, upon request, any and all financial statements or records
reasonably necessary to verify such financial condition and income and expense.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Lessor&#146;s Failure to Perform</u>.&#160; Lessor shall not be deemed to be in default
in the performance of any obligation required by it under this Lease unless and
until it has failed to perform such obligation within thirty (30) days after
written notice by Lessee to Lessor, specifying wherein Lessor has failed to
perform such obligation; provided that if the nature of Lessor&#146;s obligation is
such that more than thirty (30) days are required for its performance, Lessor
shall not be in default if Lessor commences to cure the default within such thirty
(30) day period and thereafter diligently prosecutes the same to
completion.&#160; If Lessor fails to cure any
such default within the time periods so specified, Lessee may perform them on
Lessor&#146;s behalf and deduct the cost therefore from Rent and Additional Rent due
hereunder.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Time of Essence</u>.&#160; Time and exact performance are of the essence
of this Lease and all parts and paragraphs thereof.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Force Majeure</u>.&#160; In the event that either party hereto shall
be delayed or hindered in or prevented from the performance of any act required
hereunder by reason of strikes, failure of power, restrictive governmental laws
or regulations, riots, insurrection, war or other reason of a like nature not
the fault of the party delayed in performing work or doing acts required under
the terms of this Lease, then performance of such act shall be excused for the
period of the delay and the period for the performance of such act shall be
extended for a period equivalent to the period of such delay.&#160; It is understood, however, that this
provision shall not </p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900236\09-9155-1\task3463304\9155-1-kk-05.htm',USER='c900236',CD='Apr  1 15:36 2009' -->


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


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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">operate to
excuse Lessee from the prompt payment of rents or any other payments required
by the terms of the Lease.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notices</u>.&#160; Any notice from either party to the other
shall be in writing and shall be given by delivering the same to such other
party or by mailing the same by United States certified mail in an envelope
with sufficient postage prepaid thereon addressed to such party at the
addresses shown on page&nbsp;1 of this Lease.&#160;
For the purpose of this paragraph, either party may change its address
by notice to the other.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Waiver of Jury Trial and
Counterclaims</u>.&#160; Lessor and Lessee hereby waive trial by jury
in any action or proceeding brought by either of the parties hereto against the
other party on any matters whatsoever arising out of or in any way connected
with this Lease, the relationship of landlord and tenant, Lessee&#146;s use or
occupancy of the Premises, and/or any claim of injury or damage.&#160; To facilitate the resolution of questions of
possession, if Lessor commences any proceedings for summary possession, if for
nonpayment of rent or for any other cause, Lessee will not interpose any
counterclaim of whatever nature or description in any such proceedings.&#160; Lessee shall have the right to assert such
claims in a separate action or actions brought by Lessee.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>All Agreements are Contained
Herein; No Party Deemed Drafter</u>.&#160; This Lease contains
all of the terms, covenants, conditions, stipulations, agreements and
provisions agreed upon between the parties hereto in relation to the Premises
and this Lease supersedes and cancels each and every other agreement, promise
and/or negotiation between the parties with reference to the Premises.&#160; Lessor and Lessee agree that neither party
shall be deemed to be the drafter of this Lease and in the event this Lease is
ever construed by a court of law, such court shall not construe this Lease
against either party as the drafter of this Lease.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Increase of Lessee&#146;s Estate</u>.&#160; Lessee hereby waives and relinquishes any and
all rights given to a lessee under Chapter&nbsp;516 of the Hawaii Revised
Statues (1968), as amended from time to time, or any similar law which may be
enacted at any time during the term giving Lessor the right to expand Lessee&#146;s
leasehold estate under this Lease, which Lessee would not have under the terms
of this Lease in the absence of such chapter or such law, it being understood
and agreed by and between Lessor and Lessee that the provisions of such chapter
or such law shall not apply to this Lease.&#160;
Any attempt by Lessee or any person claiming by or through Lessee to
expand its estate under this Lease pursuant to such chapter or such law shall
be a breach of this Lease.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Recordation</u>.&#160; This Lease shall not be recorded by Lessor or
Lessee.&#160; At the request of either party,
a short form memorandum of this Lease sufficient to give notice of the
leasehold estate hereby created shall be recorded in the Bureau of Conveyances
of the State of Hawaii.&#160; Lessor shall
prepare the short form memorandum of the Lease and Lessee shall execute and
deliver the same to Lessor within seven (7)&nbsp;days of tender thereof by
Lessor.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Headings</u>.&#160; The paragraph headings are inserted merely
for convenience and are not to be construed as part of this Lease or in any way
affecting it.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Severability</u>.&#160; If any provision of this Lease shall be found
or held to be illegal, such illegality shall not affect the remainder of this
Lease, which shall remain in full force and effect.</p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900236\09-9155-1\task3463304\9155-1-kk-05.htm',USER='c900236',CD='Apr  1 15:36 2009' -->


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


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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Definitions</u>.&#160; Words in the singular or plural signify both
the plural and singular; the use of any gender shall include all genders; and
each of the terms &#147;or&#148; and &#147;and&#148; has the meaning of the other or both where the
subject matters, sense and context require such construction.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Matters Upon Lease Termination</u>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Certain Prorations</u>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Lease Termination Prorations</u>.&#160; All real property taxes and utility charges
for the Premises shall be prorated for periods prior to the Commencement Date
and following the Termination Date based on the actual number of days in the
respective billing periods when such dates occur and the actual number of days
elapsed.&#160; On the Termination Date, Lessee
shall deliver to Lessor cash in the amount of all deposits received by Lessee
for the use of the Premises for periods following the Termination Date.&#160; Lessee shall reimburse Lessor each month for
any gift cards issued by MLP, Kapalua Land Company, Ltd. or Lessee at any time
prior to termination of the Lease (including prior to commencement of the
Lease) and accepted for redemption by Lessor within fifteen (15) days following
the last day of the month in which such gift certificate is accepted for
redemption by Lessor.&#160; Any payments
received by Lessor each month with respect to the use of the Premises for
periods following the Commencement Date and prior to the Termination Date shall
be paid by Lessor to Lessee within fifteen (15) days following the last day of
the month in which the payment is received; provided, however, that Lessor may
offset from any such payments the outstanding amount of any gift certificates
accepted for redemption by Lessor.</p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Pro Shop Inventory</u>.&#160; Upon the termination of the Lease, the
representatives of Lessor and Lessee shall prepare an inventory at the Golf
Course (which inventory shall be binding on Lessor and Lessee) of (i)&nbsp;all
of guests&#146; golf clubs and luggage checked or left in the care of the Golf
Course by guests then or formerly at the Golf Course, (ii)&nbsp;parcels,
laundry or other property of guests checked or left in the care of the Golf
Course by guests then or formerly at the Golf Course, and (iii)&nbsp;all items
contained in the Golf Course &#147;lost and found&#148;.&#160;
Lessor shall be responsible for all of such items listed in the
inventory from and after the delivery of such items by Lessee to Lessor and
shall indemnify, defend and hold Lessee harmless from and against any claim,
liability, cost or expense (including reasonable attorneys&#146; fees) incurred by
Lessee relating to the loss of or damage to such items listed in the inventory
from and after their delivery to Lessor.&#160;
The provisions of this paragraph 57(a)(ii)&nbsp;shall survive
termination of this Lease.</p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Equipment Leases</u>.&#160; Upon the Termination Date, Lessor shall have
the right, but not the obligation, to the extent assignable, to receive an assignment
of Lessee&#146;s rights under any of the equipment leases for golf course
maintenance equipment, golf carts and related accessories and other personal
property then subject to lease upon Lessor&#146;s written agreement to assume Lessee&#146;s
obligations under such equipment leases after the Termination Date.&#160; Lessee shall provide Lessor with complete
copies of each such equipment lease not less than 60 days prior to the
Termination Date and Lessor shall notify Lessee in writing not less than 30
days prior to the Termination Date which, if any, of the equipment leases
Lessor shall assume on the Termination Date and Lessee shall, to the extent
assignable, assign those leases to Lessor</p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900236\09-9155-1\task3463304\9155-1-kk-05.htm',USER='c900236',CD='Apr  1 15:36 2009' -->


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


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

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Revenues and Expenses</u>.</p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All other revenues and expenses
for the Golf Course shall be allocated between Lessor and Lessee as provided
herein, effective as of the end of the day night audit process, but no later
than 5:00&nbsp;a.m. Hawaiian Time, on the Termination Date (the &#147;<u>Cutoff Time</u>&#148;),
determined in accordance with sound accounting principles, consistently
applied.&#160; Except as otherwise expressly
provided for in this Lease, Lessee shall be entitled to all revenue and shall
be responsible for all expenses for the period of time up to but not including
the Cutoff Time, and Lessor shall be entitled to all revenue and be responsible
for all expenses for the period of time from, after and including the Cutoff
Time.</p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Lessor shall promptly pay and
reimburse Lessee for the following:&#160; (i)&nbsp;petty
cash funds and house banks on hand at the Golf Course as of the Cutoff Time; (ii)&nbsp;guest
ledger balance as of the Cutoff Time; (iii)&nbsp;unexpired portions of prepaid
expenses for all contracts assumed by Lessor, if any, to include (but not
limited to) deposits, dues and memberships, maintenance agreements, advertising
contracts, licensing agreements and software support agreements; (iv)&nbsp;prepaid
amounts of taxes and assessments; (v)&nbsp;prepaid amounts of city, county and
state permit and license fees (if transferable) allocable to the period
following the Cutoff Time and any deposits assumed by Lessor in connection with
any such permits and licenses; (vi)&nbsp;for all contracts that are assumed by
Landlord upon termination, security deposits paid by Lessee to outside vendors
and suppliers to the Golf Course (provided such security deposits remain on
deposit for the benefit of Lessor); and (vii)&nbsp;if and when received by
Lessor, uncollected rents due from the Restaurant Lease, subleases and other
occupancy agreements allocable to the period before the Cutoff Time.</p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Reconciliation</u>.&#160; Except as otherwise provided herein, any
revenue or expense amount that cannot be ascertained with certainty as of the
Termination Date shall be prorated on the basis of the parties&#146; reasonable
estimate of such amount, and shall be the subject of a final proration within
ninety (90) days after Termination Date, or as soon thereafter as a precise
amount can be ascertained.&#160; Lessor shall
promptly notify Seller when it becomes aware that any such actual amount has
been ascertained.&#160; Once all revenue and
expense amounts have been ascertained, Lessor shall prepare a final proration
statement which shall be subject to Lessee&#146;s approval.&#160; Upon Lessee&#146;s acceptance and approval of any
such final proration statement, such statement shall be conclusively deemed to
be accurate and final and Lessee and Lessor shall each make any further
adjustments required by such final proration statement.&#160; Lessee shall be entitled to an accounting
from Lessor with respect to any such revenue and expense amount, which is
subject to allocation between Lessor and Lessee.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Customer Relation Data</u>.&#160; At Lease termination, Lessee shall retain one
(1)&nbsp;set of customer relationship management (CRM) data for the Golf
Course.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Pro-Shop Lease</u>.&#160; At Lease termination, provided such
termination was not the result of an uncured breach or default of this Lease by
Lessee, Lessor and Lessee shall execute the pro shop lease attached hereto as <u>Exhibit&nbsp;C</u>.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">58.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Miscellaneous</u>.&#160; Any agreement hereafter made shall be
ineffective to change, modify, discharge or effect an abandonment of this Lease
in whole or in part unless such agreement is in writing and signed by the party
against whom enforcement of the change, modification, discharge or abandonment
is sought.&#160; The laws of the State of Hawaii
shall govern the validity, performance and enforcement of this Lease.&#160; Any action under or related to this Lease
shall be brought in a court of competent jurisdiction in the State of Hawaii.&#160; The </p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900236\09-9155-1\task3463304\9155-1-kk-05.htm',USER='c900236',CD='Apr  1 15:36 2009' -->


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


<div>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">covenants and
conditions herein contained shall, subject to the provisions as to assignment,
apply to and bind and inure to the benefit of the respective successors and
permitted assigns of the parties hereto.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Remainder of page&nbsp;intentionally
left blank.]</font></p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900236\09-9155-1\task3463304\9155-1-kk-05.htm',USER='c900236',CD='Apr  1 15:36 2009' -->


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


<div>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, Lessor and Lessee have executed this Lease
effective the day and year first above written.</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TY MANAGEMENT CORPORATION, a</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Hawaii corporation</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:3.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:46.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Tadashi Yanai</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:3.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:46.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Tadashi Yanai</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:3.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:46.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Lessor</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">KAPALUA PLANTATION GOLF LLC</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:3.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:46.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc.,</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:3.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:46.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Its Sole Member</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:53.16%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robert I. Webber</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:53.16%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Robert I. Webber</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:53.16%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President&nbsp;&amp; CEO</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:53.16%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:53.16%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Ryan L. Churchill</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:6.64%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Ryan L. Churchill</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:6.64%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Senior Vice President</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Lessee</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="374" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="324" style="border:none;"></td>
 </tr>
</table>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900236\09-9155-1\task3463304\9155-1-kk-05.htm',USER='c900236',CD='Apr  1 15:36 2009' -->


</body>

</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
