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<br /> . , <br /> Statement of Understanding <br /> L Extension of Amended MOU. The Amended MOU shall be extended to expire <br /> automatically twelve (12) months after April 16, 2006 unless extended by mutual written <br /> agreement. Either party may terminate the Amended MOLT at any time prior to the <br /> extended expiation date for any reason, upon thirty (30) days notice to the other party. <br /> II. Coniinued Applicability of the Amended MOU. Except for the extension of the <br /> expiration date, the terms and conditions of the Amended MOU, a copy of which is <br /> attached as Exhibit A shall continue to apply. <br /> III. Non Exclusivity. As provided in Section ITI.S. of the Amended MOii, the terms of <br /> the Amended MOU a*e not an exclusive agreement. Either party may explore other <br /> development options. <br /> IV. Incorporation of Conditions. Specific agreements between Hiluhilu and the <br /> University shall be consistent with applicable terms and conditions required by state or <br /> county land use or planning agencies, such as the State Land Use Commission and the <br /> County Council for the County of Hawaii. <br /> Signed on this day: , j(jN ~ r3 z~ <br /> UNNERSITY OF HAWAII HILUHILU DEVELOPMENT, LLC <br /> Cu.'. sy: f+~ l <br /> Its Manager <br /> rpdev;hiluhiluSUHMOUIs[ExTCnsion~}M12506 2 <br /> <br />