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<br /> <br /> <br /> <br /> <br /> <br /> business and mailing address is 74-5620A Palani Road, Suite 200, Kailua-Kona, Hawaii <br /> <br /> 96740 ("OCEANSIDE"). <br /> <br /> RECITALS: <br /> <br /> A. These Recitals refer to and utilize certain capitalized terms which are defined in <br /> <br /> Paragraph (2), herein. The parties intend to refer to those definitions in conjunction with the <br /> <br /> use thereof in these Recitals. <br /> <br /> B. The Hawaii State Legislature, under Development Agreement Statute <br /> <br /> section 46-123, granted authorization to the COUNTY to enact an ordinance authorizing the <br /> <br /> executive branch of the COUNTY to enter into a development agreement with any person <br /> <br /> having a legal or equitable interest in real property, for the development of such property; <br /> <br /> C. The County Council enacted Ordinance No. 93-37 pursuant to Development <br /> <br /> Agreement Statute section 46-123, which ordinance was passed into law on April 27, 1993. <br /> <br /> D. Pursuant to the Development Agreement Statute and the Development <br /> <br /> <br /> Agreement Code, the COUNTY adopted rules governing Development Agreements on May <br /> <br /> 16, 1995. <br /> <br /> E. The Development Agreement Code and the Development Agreement rules <br /> <br /> establish the procedures and requirements for the consideration of development agreements <br /> <br /> upon application by or on behalf of persons having a legal or equitable interest in property. <br /> <br /> F. OCEANSIDE is the owner in fee simple of a portion of the Property, and <br /> <br /> Lessee of the remainder of the Property. A map describing that portion of the Property owned <br /> <br /> by OCEANSIDE in fee simple and that portion that is leased is attached hereto and identified <br /> <br /> as Exhibit "A". <br /> <br /> <br /> <br /> 2 <br />