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<br />KAHOLO: Yeah, I’ve seen that inside your, yeah, yeah. But, see, the question I have in back of
<br />my mind is those people’s hands are tied versus yours, you know. Our decision based on, okay,
<br />what is fair? Now, is it fair that we give you what you want, and the other guys already got the
<br />CRC in place, you know, they can’t do anything because of what was in place when you bought
<br />those properties.
<br />
<br />C. LIPPS: Right.
<br />
<br />KAHOLO: So, you know, now, we’ve got to make the decision now. Is it okay for us to say yes to
<br />you, and the other applicants we say guess what, you’ve got paperwork in there, you can’t do
<br />anything with it. So, you know, we need to be fair on both sides.
<br />
<br />C. LIPPS: Right, right.
<br />
<br />KAHOLO: You know, whether it’s fair to above your lot and yourself.
<br />
<br />C. LIPPS: Right.
<br />
<br />KAHOLO: That’s a question we’ve got to, that’s an, I mean, answer we’ve got to come up with
<br />within the Commission itself. So, you know, that’s where I’m coming from.
<br />
<br />C. LIPPS: Right. But anybody that purchases property with CC&Rs, before they enter into the
<br />purchase agreement, they have the opportunity to read through that, and if they are not willing to
<br />accept those conditions, then they should not buy the property in my opinion.
<br />
<br />KAHOLO: No, I agree with you 100 percent there, you know; it’s a choice that they make when
<br />they approach, you know, the sale of the property, you know, that is in place, you know, you can’t
<br />do anything about it. But, you know, what we are looking at is because, one of the items there is the
<br />CRC, the other thing is concrete; once you get it down, you never can get it back up because what,
<br />agriculture is going away. Look at Honolulu. They are doing all that. You know, affordable home,
<br />like you said, everybody need homes. But, guess what, eventually, we are going to need the land to
<br />plant to take care of the people, and that is one other question that, you know, I have always in the
<br />back of my mind, which is I, we’ve got to take care of those lands. Once we lose the portion, it’s
<br />gone.
<br />
<br />C. LIPPS: Right.
<br />
<br />KAHOLO: Okay, that’s all I have.
<br />
<br />KAY: No, no, it’s okay, actually, this may help clarify that a little bit. I did ask Mr. Lipps, if he
<br />could, to locate a copy of those CC&Rs. Not sure what the extent of the Keopu Heights Unit 1 is,
<br />however, the language relative to subdivision says that “All times during the period these restrictive
<br />covenants are in force and effect. No subdivision lot shall be subdivided into any lots smaller than
<br />one acre in size for sale or lease and any such subdivision shall conform with applicable
<br />governmental regulations.” So this is saying that it is still possible to subdivide in those other
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<br />EXHIBIT A
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