Common use of Existing Condominium Property Regime; Redevelopment and Improvements Clause in Contracts

Existing Condominium Property Regime; Redevelopment and Improvements. The Property is a part of the Project, which is an existing condominium property regime (“CPR”) currently consisting of forty (40) CPR units. The Project was created and is subject to the following documents (collectively, the “CPR Documents”): (a) that certain Declaration of Condominium Property Regime for Ohana Farm Parcels Condominium, recorded in the Bureau of Conveyances of the State of Hawaii (the “Bureau”) as Document No. A-64800759, as amended by that certain First Amendment to Declaration of Condominium Property Regime for Ohana Farm Parcels Condominium, recorded in the Bureau as Document No. A-66550200 (as the same may be further amended from time to time, the “Declaration”); (b) that certain Condominium Map No. 5695 (as the same may be amended from time to time, the “Condominium Map”), recorded in connection therewith; (c) those certain Bylaws of the Association of Unit Owners of Ohana Farm Parcels Condominium (as the same may be amended from time to time, the “Bylaws”), recorded in the Bureau as Document No. A-64800760; and (d) those certain Condominium Rules & Regulations (as the same may be amended from time to time, the “House Rules”). Owners of units within the Project are members of the Association of Unit Owners of Ohana Farm Parcels Condominium, a Hawaii nonprofit corporation (the “CPR Association”). Licensor is not the original developer of the Project and makes no representations regarding the compliance of the CPR Documents or the Project with applicable law as of the Agreement Date or the Commencement Date. By executing this Agreement, Licensee acknowledges receipt of all of the CPR Documents in effect as of the Agreement Date. This Agreement, and Licensee’s rights and obligations under this Agreement, shall be subject to and exercised in accordance with the terms of the CPR Documents; provided that during the Term of this Agreement, Licensee shall not be responsible for any regular periodic charges assessed against any CPR unit (each a “CPR Ag Lot”) within the Project except as expressly set forth in this Agreement.