AMENDMENT RELATING TO OFF-SITE LOAN
THIS AMENDMENT RELATING TO OFF-SITE LOAN dated January 9,
1996, but effective as of January 1, 1995 and is made by and
between MAUI LAND & PINEAPPLE COMPANY, INC., a Hawaii corporation
(the "Borrower") having an office address at 000 Xxxx Xxxxxx,
Xxxxxxx, Xxxx 00000 and NI HAWAII RESORT, INC., a Hawaii
corporation (the "Lender"), having a post office address at 000
Xxxx Xxxxxx, 0xx Xxxxx, Xxxxxxxx, Xxxxxx 00000.
R E C I T A L S:
Borrower and KAPTEL ASSOCIATES, a Hawaii partnership
("Kaptel"), entered into that certain Loan and Security Agreement
dated September 26, 1990 (the "Loan Agreement"), a UCC-1 Financing
Statement, and a Letter Agreement dated September 26, 1990 relating
to Nonrecourse Open Account for Off-Site Improvements (the "Letter
Agreement") (the Loan Agreement, the UCC-1 Financing Statement and
the Letter Agreement are collectively referred to herein as the
"Loan Documents").
Borrower and Lender now desire to amend certain terms of the
Loan Documents.
NOW, THEREFORE, in consideration of these premises and other
good and valuable consideration, the Borrower and Lender hereby
agree as follows:
1. Amendment of Letter Agreement. The Letter Agreement is
deleted in its entirety and replaced with the Letter Agreement that
is attached hereto.
2. Conflict With Terms of Loan Documents. In the event of
any conflict between the terms of the Letter Agreement, as hereby
amended, and the Loan Documents, the terms of the Letter Agreement,
as amended, shall control. Borrower and Lender hereby confirm that
except as herein expressly amended, the terms of the Loan Documents
remain in full force and effect.
IN WITNESS WHEREOF, the Borrower and Lender have executed this
Amendment as of the day and year first above written.
MAUI LAND & PINEAPPLE COMPANY, INC.
/S/ XXX XXXXX
By__________________________________
Name: XXX XXXXX
Title: EXECUTIVE VICE PRESIDENT/
RESORT
/S/ XXXX X. XXXXX
By__________________________________
Name: XXXX X. XXXXX
Title: EXECUTIVE VICE PRESIDENT/
FINANCE
NI HAWAII RESORT, INC.
/S/ X. XXXXXXX
By__________________________________
Name: X. XXXXXXX
Title: VICE PRESIDENT-SECRETARY
By__________________________________
Name:
Title:
