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shall be responsible for the first $5,000,000 and the University shall be <br />responsible for the balance. <br />(a) The building shall be constructed on the State land designated for <br />University use. <br />(b) Construction of the building shall commence as soon as the <br />University has the required necessary consents and approvals. If <br />the necessary consents and approvals cannot be obtained by the <br />State, the University shall have the right to lease from Applicant <br />appropriate space to house University of Hawaii at West Hawaii <br />until the necessary consent and approvals are obtained at <br />comparable lease rates now being paid by the University of <br />Hawaii until the 20,000 square foot building can be constructed <br />on the State land at Applicant's expense. <br />(c) Applicant shall commence construction of the building, or assure <br />its construction by a bond or other security accepted by the <br />Planning Director and the Chancellor of Hawaii Community <br />College, before the issuance of a certificate of occupancy for any <br />building, other than the State Department of Education (DOE) <br />building, or final subdivision approval for any subdivision creating <br />single-family residential lots. <br />(d) Applicant shall complete construction of the University building <br />no later than two (2) years after the issuance of a certificate of <br />occupancy for any building, other than the DOE building, or <br />November 1, 2012, or final subdivision approval for any <br />subdivision creating single-family residential lots, whichever <br />occurs first. The location and design of the building (interior and <br />exterior) and related improvements will be on terms determined by <br />-23- <br />