Common use of The Point at Poipu Clause in Contracts

The Point at Poipu. It has come to the attention of the Developer that the exterior walls of all buildings in The Point at Poipu condominium have experienced damage due to water intrusion. The Board of Directors of the condominium association for The Point at Poipu (“Poipu Condominium Board”) has had a study performed to determine the scope and extent of the damage and the cost of any necessary repair work. Based on the results of such study, the Poipu Condominium Board has now concluded that it will be initiating a special assessment in 2011 to pay for the repair work. The Developer has determined that it will pay for such special assessments relative to certain Points purchased by owners in 2011, including any Points purchased on and subsequent to the last Revision Date on page 1 of the Hawaii Disclosure Statement purchasers receive, however, the Developer is not assuming responsibility for the payment of any other special assessment made to Collection Members in the future that are unrelated to the repair of such water intrusion damage at The Point at Poipu condominium. Construction consultants to the Poipu Condominium Board have determined that the repair work in each building could take up to six (6) months to complete. Construction work is scheduled to commence on June 1, 2012, with an estimated completion date of May 31, 2017. These dates and construction timeframe estimates are approximate only and could change in the future due to unforeseen events, inclement weather, and other events that are beyond the control of the Poipu Condominium Board. In order to conduct the necessary repair work, the Poipu Condominium Board anticipates that only one building at a time will be completely closed off from occupancy. In any event, the Developer will endeavor to work with the Poipu Condominium Board to see that repair work is conducted in a manner that will not materially impair the operation of the Project and will minimize the impact on the ability of the owners to obtain a reservation.

The Point at Poipu. It has come to the attention of the Developer that the The exterior walls of all buildings in The Point at Poipu condominium have experienced damage due to water intrusion. The Board of Directors of the condominium association for The Association of Apartment Owners of Poipu Point at Poipu (“Poipu Condominium Board”) has had a study performed to determine the scope and extent of the damage and the cost of any necessary repair work. Based on the results of such study, the Poipu Condominium Board has now concluded that it will be initiating initiated a special water intrusion assessment in 2011 to pay for the repair workwork (“Water Intrusion Assessment”). The Developer has determined agreed that it will would pay for such special assessments Water Intrusion Assessments relative to certain Points purchased by owners in on and subsequent to January 30, 2011, including any Points purchased on and subsequent to the last Revision Date on page 1 of the Hawaii Disclosure Statement purchasers receive, however, the Developer is not assuming responsibility for the payment of any other special assessment made to Collection Members in the future that are unrelated to the repair of such water intrusion damage at The Point at Poipu condominium. Construction consultants work to repair the Poipu Condominium Board have determined that the repair work damage commenced in each building could take up to six (6) months to complete. Construction work is scheduled to commence on June 1, 2012, with an estimated completion date of May 31, July 2017. These dates and construction timeframe estimates are approximate only and could change in the future due to unforeseen events, inclement weather, and other events that are beyond the control of the Poipu Condominium Board. In order to conduct the necessary repair work, the Poipu Condominium Board anticipates that only one building at a time will be completely closed off from occupancy. In any event, Each building takes on average about six (6) months to complete the repair work. The Developer will endeavor to work with the Poipu Condominium Board to see that repair work is conducted in a manner KL2 2869714.8 that will not materially impair the operation of the Project and will minimize the impact on of the ability of the owners to obtain a reservation.

The Point at Poipu. It has come to the attention of the Developer that the The exterior walls of all buildings in The Point at Poipu condominium have experienced damage due to water intrusion. The Board of Directors of the condominium association for The Point at Poipu (“Poipu Condominium Board”) has had a study performed to determine the scope and extent of the damage and the cost of any necessary repair work. Based on the results of such study, the Poipu Condominium Board has now concluded that it will be initiating initiated a special water intrusion assessment in 2011 to pay for the repair workwork (“Water Intrusion Assessment”). The Developer has determined agreed that it will would pay for such special assessments Water Instrusion Assessments relative to certain Points purchased by owners in 2011on and subsequent to January 30,2011, including any Points purchased on and subsequent to the last Revision Date on page 1 of the Hawaii Disclosure Statement purchasers receive, however, the Developer is not assuming responsibility for the payment of any other special assessment made to Collection Members in the future that are unrelated to the repair of such water intrusion damage at The Point at Poipu condominium. Construction consultants work to repair the Poipu Condominium Board have determined that the repair work damage has commenced in each building could take up to six (6) months to complete. Construction work is scheduled to commence on June 1, 2012, with an estimated completion date of May 31July, 2017. These dates and construction timeframe estimates are approximate only and could change in the future due to unforeseen events, inclement weather, and other events that are beyond the control of the Poipu Condominium Board. In order to conduct the necessary repair work, the Poipu Condominium Board anticipates that only one building at a time will be completely closed off from occupancy. In any event, Each building takes on average about six (6) months to complete the repair work. The Developer will endeavor to work with the Poipu Condominium Board to see that repair work is conducted in a manner that will not materially impair the operation of the Project and will minimize the impact on of the ability of the owners to obtain a reservation.. KL2 2879244.6

The Point at Poipu. It has come to the attention of the Developer that the The exterior walls of all buildings in The Point at Poipu condominium have experienced damage due to water intrusion. The Board of Directors of the condominium association for The Point at Poipu (“Poipu Condominium Board”) has had a study performed to determine the scope and extent of the damage and the cost of any necessary repair work. Based on the results of such study, the Poipu Condominium Board has now concluded that it will be initiating initiated a special water intrusion assessment in 2011 to pay for the repair workwork (“Water Intrusion Assessment”). The Developer has determined agreed that it will would pay for such special assessments Water Instrusion Assessments relative to certain Points purchased by owners in 2011on and subsequent to January 30,2011, including any Points purchased on and subsequent to the last Revision Date on page 1 of the Hawaii Disclosure Statement purchasers receive, however, the Developer is not assuming responsibility for the payment of any other special assessment made to Collection Members in the future that are unrelated to the repair of such water intrusion damage at The Point at Poipu condominium. Construction consultants work to repair the Poipu Condominium Board have determined that the repair work damage has commenced in each building could take up to six (6) months to complete. Construction work is scheduled to commence on June 1, 2012, with an estimated completion date of May 31July, 2017. These dates and construction timeframe estimates are approximate only and could change in the future due to unforeseen events, inclement weather, and other events that are beyond the control of the Poipu Condominium Board. In order to conduct the necessary repair work, the Poipu Condominium Board anticipates that only one building at a time will be completely closed off from occupancy. In any event, Each building takes on average about six (6) months to complete the repair work. The Developer will endeavor to work with the Poipu Condominium Board to see that repair work is conducted in a manner that will not materially impair the operation of the Project and will minimize the impact on of the ability of the owners to obtain a reservation.. KL2 2882246.3