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LAND COURT SYSTEM REGULAR SYSTEM <br />AFTER RECORDATION, RETURN BY MAIL (X) PICKUP( ) <br />To: BENJAMIN A. KUDO <br />Dwyer Imanaka Schraff Kudo Meyer & Fujimoto <br />900 Fort Street Mall Suite 1800 , <br />Honolulu, HI 96813 <br />TMK Nos: (3) 7-9-12:03 <br />(3) 7-9-12:04 <br />(3) 7-9-12:11 <br />(3) 8-1-04: 03 (portion) <br />DEVELOPMENT AGREEMENT <br />THIS DEVELOPMENT AGREEMENT ("AGREEMENT"), made this 20 4h day of <br />A r� 1998, by and between the COUNTY OF HAWAII, a municipal corporation of the <br />State of Hawaii, whose principal place of business and mailing address is 25 Aupuni Street, Hilo, <br />Hawaii, acting through its mayor ("COUNTY"), and 1250 OCEANSIDE PARTNERS, a Hawaii limited <br />partnership, dba OCEANSIDE 1250, whose principal place of business and mailing address is 74-5620A <br />Palani Road, Suite 200, Kailua-Kona, Hawaii 96740 ("OCEANSIDE"). <br />RECITALS: <br />A. These Recitals refer to and utilize certain capitalized terms which are defined in <br />Paragraph (2), herein. The parties intend to refer to those definitions in conjunction with the use thereof <br />in these Recitals. <br />B. The Hawaii State Legislature, under Development Agreement Statute section 46-123, <br />granted authorization to the COUNTY to enact an ordinance authorizing the executive branch of the <br />