COM 0555.011 2010-2012 - Laserfiche WebLink

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WITNESSETH THAT: WHEREAS, Declarant is the owner of certain real property situate at South Hilo, County and State of Hawai i, more particularly described in Exhibit "A" attached hereto and incorporated herein by this reference, and Declarant desires to subject such property to the provisions of this Declaration and to have constructed on the property apartment buildings containing 10 units, and to provide restrictions on the rental of the apartment units to full time students of the University of Hawaii at Hilo and Hawaii Community College and height limitations on certain buildings; and, WHEREAS, as hereinafter provided in this Declaration, Declarant has retained and reserved the right, privilege and option to revoke and terminate these restrictions after 10 years; NOW, THEREFORE, Declarant hereby declares that the property described in Exhibit "A" shall be held, transferred, sold, conveyed, leased, occupied and used subject to the following restrictions and conditions which are for the purpose of providing student housing and which shall touch and concern and run with title to the subject real property, and which shall be binding on all parties having any right, title or interest in the subject property or any portion thereof, and their respective heirs, personal representatives, successors, successors -in- title, and assigns, and shall inure to the benefit of each owner thereof. The property consists of ten apartment units. All apartment units shall be rented only to full time (minimum 12 credits) students attending either the University of Hawaii at Hilo or the Hawaii Community College and their immediate family members (spouse and children). Additionally, the buildings to be constructed on the north and south sides of the subject property shall be limited to one story in height. These restrictive covenants may be revoked and terminated by the Declarant or their respective heirs, personal representatives, successors and assigns at any time after ten (10) years from the date of this declaration, at their sole option. These restrictive covenants may also be revoked and terminated by the Declarant or their respective heirs, personal representatives, successors and assigns at any time in the event the County of Hawaii fails to rezone the subject property to residential multi - family (RM -3) zoning. 2