Subdivision and Withdrawal of a Portion of the Land; Developer not the Current Landowner Sample Clauses

Subdivision and Withdrawal of a Portion of the Land; Developer not the Current Landowner. Xxxxxxxx Xxxx, Limited, a Delaware corporation is the current fee owner (“Landowner”) of a portion of the land described in the Declaration and currently subject to the condominium property regime (“Unsubdivided Land”). Developer, jointly with Landowner, intends to subdivide the Unsubdivided Land and upon completion withdraw certain subdivided portions thereof from the condominium property regime, to create the final land underlying the Project (“Project Land”). The Usubdivided Land is 112,057 square feet. After subdivision, the final Project Land will be 102,427 square feet. The Unsubdivided Land and Project Land are depicted in Exhibit “O” to the Public Report. Thereafter, Landowner will convey the Project Land to Developer, which is an affiliate of Landowner. The conveyance or transfer of the Project Land to Developer and the entering into any agreements by, between, or among Landowner and/or Developer to complete such transfer shall not constitute a material change in the Project. In the event that Landowner does not convey or otherwise transfer its fee simple interest in the Project Land to Developer prior to unit closings (“Land Closing"), then this Purchase Agreement shall be terminated, and Developer shall promptly refund to Purchaser all monies paid by Purchasers, plus any interest earned thereon. Developer shall not be considered in default under this Purchase Agreement for termination herereof as a result of the Land Closing not occurring. Notwithstanding Section D.2 of this Purchase Agreement, Developer shall not be permitted to use Purchaser's deposits to pay construction costs and other expenses, as provided in Section 514B‐92 of the Hawaii Revised Statutes, prior to the Land Closing. Developer shall not close on any units until after the Land Closing and Developer has fee simple title to the Project Land. Xxxxxxxxx's joinder in, or consent to, any Project documents shall not, in any way or for any purpose, be construed to mean that Landowner is the developer of the Project or a partner with Developer in the conduct of its business or otherwise, or a joint venture, partner or a member of a joint enterprise with Developer. Landowner makes no representations or warranties of any kind, express or implied, with respect to any aspect of the Project. The statements set forth in this report and any Project documents are solely those of Developer and are not and should not be construed as statements made by or representations of Landowner, Developer,...
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Related to Subdivision and Withdrawal of a Portion of the Land; Developer not the Current Landowner

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