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• . Scp-07-97 12:50 S.P.S. Inc. 50F 988 5360 P.O5 be superseded with a new instrument of record which vests the expansion rights in the LLC and obligates all lot owners to join the LLC and pay dues for the support of the LLC and the road. 10) Operation of the LLC : The advantage of the LLC is that under Hawaii Law if there is a separate entity in which control of a road has been wasted it is liable rather than the landowner over whose land a portion of the road happens to cross. There are many technical questions in forming an LLC such as voting rights. I recommend that any substantial change should require a super majority such as 75a. I would appreciate your views on thia and other management issues. 11) Costs and assessments: It is proposed that each person or entity would have one vote and be obligated to pay road maintenance for each lot or lots in single ownership and based on the proportion of the distance of the road used. The costs of setting up the Road Maintenance Company would be born by Seamount. 12) Implementation: Once again I appreciate Eric's undertaking to chair the formation committee. I trust that you understand that it is more practical for a single person to work on the legal drafting and engineering plans. He will of course report back to you and express the views o£ the group. Eric has the longest practical experienoe of living at Ka' ewaloa and a good grasp of the legal issues. we have not always seen eye to eye but can work together efficiently. I look forward to progressing these discussions so that the details of these issues and any related concerns you may have can be agreed in a manner acceptable to everyone. Beat R gards, V ~ Christopher Norrie Manager, Seamount Enterprises LLC cc. Sa11y Rice Leo Fleming