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a neighboring land owner, relating to the construction of a potable water well <br /> site (sometimes referred to as the "Kalukalu Well") on the Trust's property. <br /> (c) An agreement with Ackerman Ranch, Inc. <br /> ("Ackerman"), regarding rights of access over various parcels of land and the <br /> purchase by Oceanside of a 20,000 square-foot parcel of land for a potable water <br /> well to serve a part of Hokuli'a. Ackerman, which is also one of Oceanside's <br /> secured creditors, has contended that Oceanside has failed to meet certain <br /> conditions precedent to Oceanside's right to purchase the well site parcel, and <br /> that Oceanside's rights in this regard have expired. <br /> 18. On or about September 18, 1999, the County granted final <br /> subdivision approval for the first phase of development of Hokuli'a ("Phase 1"). <br /> Oceanside commenced sales of lots in Phase 1. On or about December 1, 2000, <br /> the County granted final subdivision approval for the second phase, and <br /> Oceanside commenced sales of lots in Phase 2. Construction of the golf course <br /> began in 1999, and an 18-hole course opened in June 2002, and remains in <br /> operation. <br /> 19. The golf course was among the amenities planned to be <br /> offered to members of The Club at Hokuli'a, Inc. (the "Club"). Club <br /> membership was included with the purchase of Hokuli'a lots, and all lot <br /> 2303895c.docx 8 <br /> € ate � §.iii 1 v< '�,i� ti.: Y,:10,-)"# 8 e 5 <br />