Document:

Exhibi
10.2

RESTRICTED SHARE AWARD AGREEMENT

RESTRICTED SHARE AWARD
AGREEMENT UNDER THE ASBURY AUTOMOTIVE GROUP, INC. 2002 EQUITY INCENTIVE PLAN
dated as of DATE (the “Grant Date”), between Asbury Automotive Group, Inc., a
Delaware Corporation (the “Company”), and NAME

This Restricted Share Award Agreement (this “Award
Agreement”) sets forth the terms and conditions of an award of NUMBERshares
(the “Award”) of the Company’s Common Stock, $0.01 par value (“Shares”), that
are subject to certain restrictions on transfer and risks of forfeiture and
other terms and conditions specified herein (“Restricted Shares”) and that are
granted to you under the Asbury Automotive Group, Inc. 2002 Equity Incentive
Plan (the “Plan”).

THIS AWARD IS SUBJECT TO ALL TERMS AND CONDITIONS OF
THE PLAN AND THIS AWARD AGREEMENT.  BY
SIGNING YOUR NAME BELOW, YOU WILL HAVE CONFIRMED YOUR ACCEPTANCE OF THE TERMS
AND CONDITIONS OF THIS AWARD AGREEMENT.

SECTION
1.  Definitions.  Capitalized terms used in this Award
Agreement that are not defined in this Award Agreement have the meanings as
used or defined in the Plan.  As used in
this Award Agreement, the following terms have the meanings set forth below:

“Business Day” means a day that is not a
Saturday, a Sunday or a day on which banking institutions are legally permitted
to be closed in the City of New York.

“Disability” means a physical or mental
disability or infirmity that prevents the performance by you of your duties in
the course of your service lasting (or likely to last) for a continuous period
of six months or longer.  The
determination of the existence of Disability shall be made by the Committee in
good faith, and the Committee’s determination shall be conclusive for purposes
of this Award.

“Vesting Date” means any date on which your
rights with respect to all or a portion of the Restricted Shares subject to
this Award Agreement may become fully vested, and the restrictions set forth in
this Award Agreement may lapse, as provided in Section 3(a) of this Award
Agreement.

SECTION
2.  The Plan.  This Award is made pursuant to the Plan, the
terms of which are incorporated herein by reference, and in all respects shall
be interpreted in accordance with the Plan. 
The grant and terms of this Award are subject to the provisions of the
Plan and to interpretations, regulations and determinations concerning the Plan
established from time to time by the Committee in accordance with the
provisions of the Plan, including, but not limited to, provisions pertaining to
(a) rights and obligations with respect to withholding taxes, (b) the
registration, qualification or listing of the Company’s shares,
(c) capital or other changes of the Company and (d) other
requirements of applicable law.  The
Committee shall have the authority to 

interpret and construe this Award pursuant to the
terms of the Plan, and its decisions shall be conclusive as to any questions
arising hereunder.

SECTION
3.  Vesting and Delivery.  (a)  Vesting.  On each Vesting Date set forth below, your
rights with respect to the number of Restricted Shares that corresponds to such
Vesting Date, as specified in the chart below, shall become vested, and the
restrictions set forth in this Award Agreement shall lapse, provided that you
must be employed as of the applicable Vesting Date, except as otherwise
determined by the Committee in its sole discretion.  

	
  Vesting Date

  	
   

  	
  Number of Shares Vested

  
	
   

  	
   

  	
   

  
	
  First anniversary of the Grant Date

  	
   

  	
  NUMBER

  
	
   

  	
   

  	
   

  
	
  Second anniversary of the Grant Date

  	
   

  	
  NUMBER

  
	
   

  	
   

  	
   

  
	
  Third anniversary of the Grant Date

  	
   

  	
  NUMBER

  

In the event of a Change
of Control (as defined in the Plan) after the Grant Date, the Restricted
Shares, to the extent then outstanding and unvested, shall automatically be
deemed vested as of immediately prior to such Change of Control, as
contemplated by Section 8 of the Plan. 
In the event your employment is terminated due to your (a) death or (b)
Disability, the Restricted Shares, to the extent then outstanding and unvested,
shall automatically be deemed vested as of the date of your termination by
reason of such death or Disability.  The
Committee, in its sole discretion, may accelerate the vesting of all or any
portion of the Restricted Shares, at any time and from time to time.

(b)   Delivery
of Shares.  On or following the Grant
Date, certificates issued in respect of Restricted Shares shall be registered
in your name and deposited by you, together with a stock power endorsed in
blank, with the Company or such other custodian as may be designated by the
Committee or the Company, and shall be held by the Company or other custodian,
as applicable, until such time, if any, as your rights with respect to such
Restricted Shares become vested.  Upon
the vesting of your rights with respect to such Restricted Shares, the Company
or other custodian, as applicable, shall deliver such certificates to you or
your legal representative.

SECTION 4.  Forfeiture of Restricted Shares.  Unless the Committee determines otherwise or
except as otherwise set forth in Section 3(a), if your rights with respect
to any Restricted Shares or Retained Distributions (as defined below) awarded
to you pursuant to this Award Agreement have not become vested prior to the
date on which your employment is terminated, your rights with respect to such
Restricted Shares or Retained Distributions shall immediately terminate, and
you will be entitled to no further payments or benefits with respect thereto.

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SECTION 5.  Voting Rights; Dividend
Equivalents.  Until the forfeiture of
any Restricted Shares pursuant to Section 4 above and subject to Sections 3 and
6 hereof, you shall have the right to vote such Restricted Shares, to receive
and retain all regular cash dividends paid on such Restricted Shares and to
exercise all other rights, powers and privileges of a holder of Shares with
respect to such Restricted Shares; provided that the Company will retain
custody of all distributions other than regular cash dividends (“Retained
Distributions”) made or declared with respect to the Restricted Shares (and
such Retained Distributions will be subject to the same restrictions, terms and
conditions as are applicable to the Restricted Shares) until such time, if
ever, as the Restricted Shares with respect to which such Retained
Distributions have been made, paid or declared have become vested, and such
Retained Distributions shall not bear interest or be segregated in a separate
account.

SECTION
6.   Non-Transferability of Restricted Shares and
Retained Distributions.  Unless
otherwise provided by the Committee in its discretion, Restricted Shares and
Retained Distributions may not be assigned, alienated, pledged, attached, sold
or otherwise transferred or encumbered except as provided in Section 9(a) of
the Plan.  Any purported assignment,
alienation, pledge, attachment, sale or other transfer or encumbrance of
Restricted Shares or Retained Distributions in violation of the provisions of
this Section 6 and Section 9(a) of the Plan shall be void.

SECTION
7.  Taxes, Consents, Stop
Transfer Orders and Legends. 
(a)  Taxes.  The vesting of any Shares pursuant to Section
3(a) and the delivery of Share certificates pursuant to Section 3(b) are
conditioned on satisfaction of any applicable withholding taxes in accordance
with Section 9(d) of the Plan.  You are
solely responsible and liable for the satisfaction of all taxes and penalties
that may arise in connection with this Award Agreement (including any taxes
arising under Section 409A of the Code), and the Company shall not have any
obligation to indemnify or otherwise hold you harmless from any or all of such
taxes.  The Committee shall have the
discretion to unilaterally modify this Award Agreement in a manner that it in
good faith believes conforms with the requirements of Section 409A of the
Code for any distribution event that could be expected to violate
Section 409A of the Code, in order to make the distribution only upon a “permissible
distribution event” within the meaning of Section 409A of the Code (as
determined by the Committee in good faith). 
The Committee shall have the sole discretion to interpret the
requirements of the Code, including Section 409A, for purposes of the Plan
and this Award Agreement.

(b)  Consents.  Your rights in respect of the Restricted
Shares are conditioned on the receipt to the full satisfaction of the Committee
of (i) any required consents that the Committee may determine to be necessary
or advisable (including, without limitation, your consenting to the Company’s
supplying to any third-party recordkeeper of the Plan such personal information
as the Committee deems advisable to administer the Plan, (ii) your making or
entering into such written representations, warranties and agreements in
connection with the acquisition of any Shares pursuant to this Award as the
Committee may request in order to comply with applicable securities laws or
this Award and (iii) a stock power endorsed by you in blank in accordance with
Section 3(b).

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(c)  Stop Transfer Orders and Legends.  The Company may affix to certificates for
Shares issued pursuant to this Award Agreement any legend that the Committee
determines to be necessary or advisable (including to reflect any restrictions
to which you may be subject under any applicable securities laws).  The Company may advise the transfer agent to
place a stop order against any legended Shares.

SECTION
8.  Successors and Assigns of
the Company.  The terms and
conditions of this Award Agreement shall be binding upon and shall inure to the
benefit of the Company and its successors and assigns.

SECTION
9.  Committee Discretion.  The Committee shall have full and plenary
discretion with respect to any actions to be taken or determinations to be made
in connection with this Award Agreement, and its determinations shall be final,
binding and conclusive.

SECTION
10.  Notice.  All notices, requests, demands and other
communications required or permitted to be given under the terms of this Award
Agreement shall be in writing and shall be deemed to have been duly given when
delivered by hand or overnight courier or three Business Days after they have
been mailed by U.S. registered mail, return receipt requested, postage prepaid,
addressed to the other party as set forth below:

 

	
  If to the Company:

  	
   

  	
  Asbury Automotive Group, Inc.

  622 Third Avenue
 37th Floor
 New York, NY 10017
 Attention: General Counsel

  Fax : (212) 212-297-2653

  
	
   

  	
   

  	
   

  
	
  If to you:

  	
   

  	
  NAME

  ADDRESS

  

The parties may change the address to which notices
under this Award Agreement shall be sent by providing written notice to the
other in the manner specified above. 
Notwithstanding the above, the Company and its Affiliates may provide
notice to you by email or other electronic means to which you have regular
access.

SECTION
11.  Headings.  Headings are given to the Sections and
subsections of this Award Agreement solely as a convenience to facilitate
reference.  Such headings shall not be
deemed in any way material or relevant to the construction or interpretation of
this Award Agreement or any provision thereof.

SECTION
12.  Amendment of this Award
Agreement.  The Committee may waive
any conditions or rights under, amend any terms of, or alter, suspend,
discontinue, cancel or terminate this Award Agreement prospectively or
retroactively; provided, however, that any such waiver,
amendment, alteration, suspension, 

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discontinuance, cancelation or termination that would
materially and adversely impair your rights under this Award Agreement shall
not to that extent be effective without your consent (it being understood, notwithstanding
the foregoing proviso, that this Award Agreement and the Restricted Shares
shall be subject to the provisions of Sections 6(d), 7(a) and 7(c) of the
Plan).

SECTION
13.  Counterparts.  This Award Agreement may be signed in
counterparts, each of which shall be an original, with the same effect as if
the signatures thereto and hereto were upon the same instrument.

IN WITNESS WHEREOF, the
parties have duly executed this Award Agreement as of the date first written
above.

	
  

  	
  ASBURY AUTOMOTIVE GROUP, INC.,

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  NAME,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

 5Exhibit
10.1

CONFIDENTIAL PORTIONS OF THIS AGREEMENT HAVE BEEN OMITTED BASED UPON A
REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE

SECURITIES EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED

WITH
THE SECURITIES AND EXCHANGE COMMISSION

SALE, PURCHASE AND LEASE
TERMINATION AGREEMENT

THIS SALE, PURCHASE AND LEASE TERMINATION AGREEMENT
(this “Agreement”), entered
into as of the 28th day of March, 2007, by and among MAUI LAND & PINEAPPLE
COMPANY, INC., a Hawaii corporation (“Seller”),
W2005 KAPALUA/GENGATE HOTEL REALTY, L.L.C., a Delaware limited liability
company (“Purchaser”), and
W2005 KAPALUA/GENGATE HOTEL HOLDINGS, L.L.C., a Delaware limited liability
company (the “Company”).

WITNESSETH:

In consideration of the mutual covenants set forth
herein, the parties hereto hereby agree as follows:

Section 1.                                            Sale
and Purchase.  Seller, for itself and
its successors and assigns, hereby agrees to sell, convey and contribute to
Purchaser, and Purchaser hereby agrees to purchase and accept from Seller, for
the Purchase Price (herein defined) and on and subject to the terms and
conditions set forth herein, the following:

(a)                                  Good
and marketable title in fee simple to the tracts or parcels of land situated in
Maui County, Hawaii more particularly described on Exhibit ”A” attached
hereto (collectively, the “Lease Tract”),
being the same parcels of land leased by Purchaser from Seller pursuant to that
certain Second Amended and Restated Hotel Ground Lease effective as of January
31, 2001 between Seller, as Lessor, and RCK Hawaii, LLC d/b/a RCK Hawaii-Maui,
a Delaware limited liability company (“Original
Lessee”), as Lessee, the rights of Original Lessee thereunder
having been assigned to Purchaser pursuant to that certain Assignment and
Assumption of Lessee’s Interest in Ground Lease and Related Agreements dated
March 13, 2006, between Original Lessee and Purchaser (said Second Amended
and Restated Hotel Ground Lease, as assigned to Purchaser is referred to herein
as the “2001 Lease”),
together with all rights, appurtenances, mineral rights (if any), rights of
utility availability (including water, sanitary sewer and drainage) granted or
to be granted by any utility, Maui County or any other governmental authority,
all development rights and privileges appurtenant to the Lease Tract, including
rights under reciprocal easement agreements or other recorded or unrecorded
instruments benefiting the Lease Tract, and rights to any and all adjacent
easements, strips, gores, streets, alleys, rights-of-way or waterways thereto;

(b)                                 All
buildings and improvements (the “Improvements”)
owned by Seller and located on the Lease Tract, if any;

(c)                                  All
tangible personal property and fixtures, including all furnishings owned by
Seller and situated on, attached to or used in connection with the Lease Tract
or Improvements (“Personalty”);

(d)                                 All
of Seller’s rights, if any, (including as applicant) under existing Lahaina
Project District 1 approvals (other than those with respect to Allocations
[hereinafter defined]), Special Management Area permits, other zoning or
subdivision approvals, and water, sewer,

wastewater and other utility rights that have
been issued with respect to the Hotel (hereinafter defined), and the current
and future development of the Lease Tract other than the portions of the
Lease Tract designated on the map attached as Exhibit ”J” attached hereto
(the Lease Tract, exclusive of said portions thereof shown on Exhibit ”J”
is referred to herein as the “Hotel Tract”).  All of the foregoing rights described in this
Section 1(d) are referred to herein collectively as the “Entitlements”, which term shall not
include Seller’s rights under any such approvals or permits to the extent the
same benefit lands owned by Seller other than the Lease Tract; and

(e)                                  To
the extent not included within paragraphs (a)-(d) above, any and all
(i) warranties, guaranties, indemnities and claims, (ii) licenses,
permits, governmental approvals and similar documents (and Seller’s rights as
applicant with respect thereto and (iii) at no material cost to Seller,
plans, drawings, architect’s drawings, blue prints, specifications, site plans,
surveys, soil studies, engineering reports and other technical descriptions
which relate in any way to the design, ownership, use, leasing, maintenance, service
or operation of the Lease Tract, Improvements, Personalty, Entitlements or
Allocations.

The above listed items are
herein collectively called the “Property”.

Section 2.                                            Lease
Termination.  On the Closing Date,
Seller and Purchaser shall enter into an agreement, in form and substance
satisfactory to Seller and Purchaser (the “Lease Termination”),
whereby such parties terminate the 2001 Lease and the rights and obligations of
the parties thereunder (except for those rights and obligations that, pursuant
to the terms of the 2001 Lease, expressly survive such termination).  Purchaser shall receive a credit against the
Closing Payment for any rent and other payments made by Purchaser under the
2001 Lease which relate to any time on or after the Closing Date.  In addition, on the Closing Date, Seller and
Purchaser shall execute and acknowledge an instrument, in form and substance
satisfactory to Seller and Purchaser (the “Termination of Memorandum
of Lease”), whereby the parties acknowledge that the 2001 Lease
has been terminated and the parties terminate the Memorandum of Hotel Ground
Lease recorded on April 4, 1996 in the Bureau of Conveyances of the State
of Hawaii as Document No. 96-046331, relating to the lease ultimately
amended and restated by the 2001 Lease.

Section 3.                                            Purchase
Price.

(a)                                  As
consideration for the sale, conveyance and contribution of the Property,
Purchaser shall, at Closing:

(1)                                  for
an undivided five sevenths (5/7) interest in the Property, pay Seller
$25,000,000 (the “Closing Payment”);
and

(2)                                  for
an undivided two-sevenths (2/7) interest in the Property (the “Contributed Portion of the Property”),
issue to Seller, in the manner prescribed in Section 3(b) below, a limited
liability company interest in the Company, consisting of:

(i)                                     a
twenty-one and four-tenths percent (21.4%) interest in the profits and initial
capital of the Company (the “Equity
Interest”); and

(ii)                                  a
[*] payment equal to two million five hundred thousand dollars ($2,500,000)
(the “[*] Payment”) to be
paid, if at all, upon the allocation to Purchaser of the [*] and [*] for (1)
the number of [*] (up to [*]) necessary to develop at least

 2
 

[*] square
feet of [*] and (2) designation of up to [*] of the [*] (as depicted on Exhibit
“K”) as a “[*]” [*].  If such conveyance
does not occur within ten (10) years after the date hereof, Seller’s right to
receive the [*] Payment shall terminate.

The
consideration described in clauses (1) and (2) above is collectively referred
to herein as the “Purchase Price”.

(b)                                 Pursuant
to the Deed (hereinafter defined), the Contributed Portion of the Property
shall be deemed deeded by Seller directly to Purchaser, which entity is 100%
owned by W2005 Kapalua/Gengate Hotel Senior Mezzanine, L.L.C., a Delaware
limited liability company (“Senior Mezzanine”),
which entity is 100% owned by W2005 Kapalua/Gengate Hotel Mezzanine, L.L.C., a
Delaware limited liability company (“Mezzanine”),
which entity in turn is 100% owned by the Company.  Notwithstanding anything to the contrary
contained in this Agreement, including the use of words and phrases such as “sell”,
“sale”, “purchase,” and “pay”, it is the parties’ intent, to the extent that
limited liability company interests in the Company are being issued to Seller
in exchange for the Contributed Portion of the Property, the transaction shall
be treated for federal income tax purposes as the contribution of property by
Seller directly to the Company in exchange for limited liability interests in
the Company, immediately followed by a contribution by the Company of such
property to Mezzanine, immediately followed by a contribution by Mezzanine of
such property to Senior Mezzanine, immediately followed by a contribution by
Senior Mezzanine of such property to Purchaser, such subsequent contributions
by the Company, Mezzanine and Senior Mezzanine effected through the Company’s
direction to Seller to deed the Contributed Portion of the Property directly to
Purchaser.  For all federal (and to the
extent applicable, state and local income and property) tax purposes, Seller,
Purchaser and the Company generally shall treat the contribution of the
Contributed Portion of the Property as a non-taxable contribution of property
by Seller to the Company in exchange for an interest in a partnership under
Section 721 of the Internal Revenue Code of 1986, as amended (the portion of
the  “Code”), taking into consideration the application of other
provisions of the Code, (e.g., Section 707 of the Code) as required by law.

(c)                                  Within
one (1) business day after Seller has delivered an executed counterpart of this
Agreement to Title Company (hereinafter defined), Purchaser shall deposit with
Title Company as Earnest Money wired funds in the amount of $100,000.00,
together with such statements as the Title Company may require to enable it to
deposit such amount in an interest-bearing account.  Title Company shall deposit such amount in an
interest-bearing account with a financial institution satisfactory to
Purchaser.  Such amount, together with
all interest thereon, is herein called the “Earnest
Money.”  The Earnest Money
shall be held in escrow and delivered by Title Company in accordance with the
provisions hereof.

Section 4.                                            Post-Closing
Entitlements, Development and Cooperation.

(a)                                  Entitlements.  Currently, the Entitlements permit the
operation of the existing hotel located at the Property that contains 548 hotel
rooms (the “Hotel”).  Promptly after the Closing, Seller shall
authorize Purchaser to apply for, and shall assist Purchaser in obtaining,
Project District Phase II and III approvals and Special Management Area permits
for the reconfiguration of the Hotel to contain approximately 470 hotel rooms,
up to 107 of which may be sold or leased as individual hotel room condominium
units (the “Allocations”).  Notwithstanding the issuance of the
Allocations, the maximum number of hotel rooms permitted at the Property shall
remain 548, provided Purchaser may utilize such excess Allocations and
Entitlements only in connection with the development of hotel rooms (which may
include

 3
 

individual hotel room condominium units for
sale or lease) that are constructed on or within existing structures on the
Property.  Purchaser agrees that it will
not request a variance from or waiver, modification or amendment of the Maui
County Code Chapter 19.73 (the “Project
District Ordinance”), the agreements referenced therein, any
Project District approval granted with respect to the Hotel Tract, or a change
in zoning without the prior written consent of Seller.  As used herein, the terms “hotel rooms” and “residential
units” means such rooms and units, respectively, as referenced in
Section 19.73.090.C of the Project District Ordinance.  Seller agrees that until the Allocations are
issued, Seller shall retain rooms and other rights sufficient to allow Maui County
approval of the Allocations as set forth above.

(b)                                 No
Guaranty.  Seller’s grant of
authority to Purchaser to pursue the Allocations as set forth in
Section 4(a) above is in no event a guaranty that Purchaser will be able
to obtain such Allocations, nor is Seller liable for any loss, cost or expenses
incurred by Purchaser in connection with the pursuit of such allocations,
including without limitation, any loss, costs or expenses incurred by Purchaser
in the event such Allocations are not obtained, except to the extent resulting
from the breach of any obligation of Seller contained in this Agreement or any
of the agreements executed pursuant to or in connection with this Agreement.

(c)                                  General
Cooperation. Seller shall cooperate with and actively assist Purchaser, at
no material expense to Seller, in formulating, submitting, negotiating and
obtaining all approvals,  permits,
entitlements and allocations (including, without limitation, those from the
State of Hawaii, Maui County and the Lahaina Project District 1)
(collectively, the “Condotel Conversion
Entitlements”) as are necessary or desirable for Purchaser’s
condominiumization of the Hotel, including the conversion of a number of hotel
rooms therein  into condominium units for
sale or lease (which shall remain “hotel rooms” for purposes of Maui County
Code Section 19.73.090.C and shall not be “residential units” for purposes of
that ordinance) (all of the foregoing actions are collectively referred to
herein as the “Development”).  Such activities by Seller shall include
(i) consulting with Purchaser and its agents, consultants and attorneys in
formulating plans for the Condotel Conversion Entitlements and Development,
(ii)  supporting, and not opposing, issuance of the Condotel Conversion Entitlements
and the Development before all applicable bodies, (iii) upon the request
of Purchaser, causing the appropriate executive of Seller (to be determined by
consultation between Seller and Purchaser, and taking into account the nature
and magnitude of the requested services), to promote and provide written and/or
verbal indications of support of the Condotel Conversion Entitlements and
Development to applicable governmental agencies, divisions and boards and
public utility companies including, without limitation, the Maui County
Department of Planning, the Maui Planning Commission, the Maui County
Department of Public Works and Environmental Management (and said Department’s
Land Use and Code Division and Development Services Administration), the Maui
County Department of Water Supply, Kapalua Water Company, Ltd., Kapalua Waste
Treatment Company, Ltd., the Maui County Council, any appeals boards, any
successors to such bodies, and staff of each of the foregoing, upon receipt by
Seller of the written request of Purchaser to do so, which request shall
specifically identify the parties to whom such communication should be
directed, and (iv) promoting issuance of the Condotel Conversion Entitlements
and the Development to, and expressing support to, the Kapalua Resort Association,
and seeking their support of the issuance of the Condotel Conversion
Entitlements and the Development.  All
written letters of support shall be submitted to Purchaser for its approval in
writing prior to dissemination. 
Notwithstanding any provision of this Agreement, Seller shall have no
authority to bind Purchaser in connection with any matter relating to the
Condotel Conversion Entitlements or Development, or to purport to be authorized
to do so.  All Condotel Conversion
Entitlements and similar items shall be made and issued only in the name of
Purchaser.

 4
 

(d)                                 Additional
Actions.  In addition to the actions
described in paragraphs (a) and (c) above, Seller agrees that it will, upon the
written request of Purchaser, support and promote, and provide general written
and/or verbal indications of support and promotion of, the Condotel Conversion
Entitlements and Development with neighboring landowners, community groups,
local organizations, and other influential groups.

(e)                                  Owner’s
Policy.  If and to the extent
Purchaser maintains such a policy, Seller shall receive Owner’s Policy and
Corporate Rate treatment at the Hotel on the same terms and conditions as
Purchaser and its affiliates.

(f)                                    Spa.  Purchaser will consider entering into a
membership and usage agreement with Seller for the Kapalua Bay Spa, whether or
not Purchaser proceeds with a spa expansion to the Property.  Seller agrees that it will not oppose the
expansion to the spa at Purchaser’s Property so long as the same is done
substantially in compliance with the plans proposed therefor by SB Architects
and delivered to Seller on December 7, 2006 via the SMA Major submittal to the
County of Maui.

(g)                                 Survival.  The provisions of this Section shall survive
the Closing.

Section 5.                                            Seller’s
Representations, Warranties and Covenants.

(a)                                  Seller
hereby represents and warrants to, and covenants with, Purchaser and the
Company that:

(1)                                  This
Agreement, when executed and delivered by Seller and Purchaser, will constitute
the valid and binding agreement of Seller, enforceable against Seller in
accordance with its terms.

(2)                                  Seller
is a corporation, duly organized, validly existing and in good standing under
the laws of the State of Hawaii.

(3)                                  Seller
has the full right, power and authority to execute, deliver and perform its
obligations under this Agreement and to convey the Property to Purchaser, all
without the necessity of obtaining any consent or approval of, or the taking of
any other action with respect to, any third parties.  The Property does not constitute all or
substantially all of the assets of Seller.

(4)                                  Seller
has good and marketable title in fee simple to the Property, and all parts
thereof, free and clear of all liens or encumbrances of any kind (except for
Permitted Encumbrances [herein defined]) and no other party has any right to
acquire all or any portion of the Property.

(5)                                  Other
than the 2001 Lease, Seller has not entered into any leases, franchises,
licenses, occupancy agreements, or other agreements (whether written or oral)
demising space in, or otherwise similarly affecting or relating to, the Lease
Tract or the Improvements (“Leases”).

(6)                                  Other
than the 2001 Lease, neither Seller nor the Property is bound by any contracts
or agreements, such as maintenance, service or utility contracts (“Property Agreements”) which relate in
any way to the design, ownership, use, leasing, maintenance, service or
operation of the Property.

 5
 

(7)                                  No
materially adverse action, suit, proceeding (including any condemnation
proceeding), or notice of violations or deficient condition is pending or
threatened (i) against Seller which would impair the ability of Seller to
consummate the transactions contemplated hereby or (ii) against the Property.

(8)                                  After
the date hereof, Seller shall (i) not enter into any Lease, Property
Agreement, or agreement or instrument which would constitute an encumbrance of
the Property or which would be outside the normal scope of maintaining and
operating the Property, without the prior written consent of Purchaser, (ii) not
remove any item of the Personalty from the Lease Tract or Improvements unless
it is replaced with an item of at least equal value that is properly suited for
its intended purpose and (iii) afford Purchaser and its representatives
the continuing right to inspect, at reasonable hours, the Property and any and
all books, records, contracts and other documents or data pertaining to the
ownership, operation or maintenance of the Property.

(9)                                  To
the best knowledge of Seller, the Property is not in violation of or subject to
any existing, pending or threatened investigation or inquiry by any federal,
state or local governmental authority, nor is the Property subject to any
remedial obligations under the Resource Conservation and Recovery Act, as
amended (“RCRA”), the
Comprehensive Environmental Response, Compensation and Liability Act, as
amended (“CERCLA”), the
Superfund Amendment and Reauthorization Act of 1986, as amended (“SARA”), or any other federal, state or
local environmental law, regulation or ordinance.  Without limiting the generality of the
foregoing, to the best knowledge of Seller, no solid waste, toxic substance,
contaminated material, asbestos, oil or petroleum products or other substances
within the scope of any federal, state or local environmental law or ordinance,
including RCRA, CERCLA and SARA, has been disposed of or otherwise released on
or to the Property.  To the best
knowledge of Seller, no pollutants or effluents have been discharged from the
Property into any water source or system, including without limitation, the
surface or subsurface waters of the Property. 
To the best knowledge of Seller, no emissions have been discharged from
the Property into the air which would require a permit under the Federal Water
Pollution Control Act, as amended, or the Clean Air Act, as amended, or any
other federal, state or local environmental law, regulation or ordinance.  To the best knowledge of Seller, no
underground storage tanks are located on or under the Property.

(10)                            To the
best knowledge of Seller, no portion of the Property has ever been used as a
landfill, dump, or site for injection wells, and Seller shall not use or permit
any portion of the Property to be used for any such purpose.

(11)                            Seller
owns the Entitlements, and no other person has the right to acquire all or any
rights under any of the Entitlements. 
Seller has the full right, power and authority to assign the existing
Entitlements to Purchaser without the necessity of obtaining any consent or
approval of, or the taking of any other action with respect to, any
governmental authority or other third party, other than those for which consent
will be obtained at or prior to Closing. 
Seller agrees that it will not request any governmental authority to
enact any change to the Project District Ordinance that would affect the
Property without the prior written consent of Purchaser.

(12)                            Seller
shall not record any allocations or other entitlements affecting the Property
prior to the Closing without the prior written consent of Purchaser.

 6
 

(b)                                 The
provisions of this Section shall survive the Closing.

Section 6.                                            Purchaser’s
Representations, Warranties and Covenants.

(a)                                  Purchaser
hereby represents and warrants to, and covenants with, Seller that:

(1)                                  This
Agreement, when executed and delivered by Seller and Purchaser, will constitute
the valid and binding agreement of Purchaser, enforceable against Seller in
accordance with its terms.

(2)                                  Purchaser
is a limited liability company, duly organized, validly existing and in good
standing under the laws of the State of Delaware.

(3)                                  Purchaser
has the full right, power and authority to execute, deliver and perform its
obligations under this Agreement, all without the necessity of obtaining any
consent or approval of, or the taking of any other action with respect to, any
third parties.

(4)                                  To
the best knowledge of Purchaser, the Property is not in violation of or subject
to any existing, pending or threatened investigation or inquiry by any federal,
state or local governmental authority, nor is the Property subject to any
remedial obligations under RCRA, CERCLA, SARA, or any other federal, state or
local environmental law, regulation or ordinance.  Without limiting the generality of the
foregoing, to the best knowledge of Purchaser, no solid waste, toxic substance,
contaminated material, asbestos, oil or petroleum products or other substances
within the scope of any federal, state or local environmental law or ordinance,
including RCRA, CERCLA and SARA, has been disposed of or otherwise released on
or to the Property.  To the best
knowledge of Purchaser, no pollutants or effluents have been discharged from
the Property into any water source or system, including without limitation, the
surface or subsurface waters of the Property. 
To the best knowledge of Purchaser, no emissions have been discharged
from the Property into the air which would require a permit under the Federal
Water Pollution Control Act, as amended, or the Clean Air Act, as amended, or
any other federal, state or local environmental law, regulation or
ordinance.  To the best knowledge of
Purchaser, no underground storage tanks are located on or under the Property.

(5)                                  No
materially adverse action, suit or proceeding is pending or threatened against
Purchaser which would impair the ability of Purchaser to consummate the
transactions contemplated hereby.

(6)                                  After
the date hereof and through Closing or earlier termination of this Agreement,
Purchaser shall maintain all insurance required to be maintained by it pursuant
to the 2001 Lease.

(7)                                  Prior
to Closing or earlier termination of this Agreement, Purchaser will not make
any material alterations to the Hotel or remove any material amount of personal
property therefrom (unless the personal property so removed is promptly
replaced with personal property of similar quality and utility).

(b)                                 The
provisions of this Section shall survive the Closing.

 7
 

Section 7.                                            Title
Commitment and Survey.

(a)                                  Purchaser, at its
sole cost and expense (except as set forth in clause (2) below), shall
have the option to obtain the following:

(1)                                  An
ALTA Commitment for Title Insurance (the “Title Commitment”)
from First American Title Company, Inc. (the “Title
Company”), 1177 Kapiolani Blvd., Honolulu, Hawaii 96814,
Attention:  Zelma Osborne, setting forth
the status of title of the Lease Tract, and showing all liens, claims,
encumbrances, rights-of-way, reservations, restrictions, outstanding mineral
interests, and other matters, if any, relating to the Lease Tract.

(2)                                  A
survey of the Lease Tract and the Improvements (the “Survey”).

(3)                                  Current
searches (the “UCC Searches”),
reflecting all UCC-1 filings which relate to the Property and which reflect
Seller, or any other person who has owned the Lease Tract within the last five
(5) years, as “Debtor”.

(b)                                 If
the Title Commitment, Survey or the UCC Searches, or any update of the Title
Commitment, Survey or UCC Searches, shows that the Property is subject to any
lien, claim, encumbrance, reservation, restriction or other matter of
whatsoever nature other than the Permitted Encumbrances (all liens, claims,
encumbrances, reservations, restrictions and other matters that affect the
Property herein being called the “Encumbrances”),
then Purchaser shall have the right to terminate this Agreement at any time
prior to Closing and receive a return of the Earnest Money.  As used herein, the term “Permitted Encumbrances” shall mean
those items listed on Exhibit ”C” attached hereto.  Seller shall not place, or allow to be
placed, any Encumbrance of any nature against or relating to the Property
between the date hereof and the Closing Date. 
In the event any such Encumbrance is placed against or otherwise becomes
relative to the Property between the date hereof and the Closing Date, or in
the event any Encumbrance that constitutes a monetary lien exists against the
Property, then notwithstanding the other provisions of this paragraph, Seller,
at its sole cost and expense, shall cure or remove such Encumbrance and shall
deliver within thirty (30) days of the date such Encumbrance is placed against
or otherwise becomes relative to the Property an amended Title Commitment,
Survey and UCC Search reflecting the cure of such Encumbrance (in which event,
if necessary, the Closing shall be delayed for an equivalent period of time).

(c)                                  If
Seller refuses or fails to cause any Encumbrance (other than a Permitted
Encumbrance) to be removed or cured, or Seller gives notice to Purchaser that
Seller will not cause such Encumbrance to be removed or cured, then Purchaser
shall have the right, as its exclusive right and remedy, to either:

(1)                                  unilaterally
extend the date for the Closing to afford Seller additional time within which
to cure such Encumbrance (without prejudice to the later exercise of Purchaser’s
rights set forth in clause (2) of this paragraph); or

(2)                                  terminate
this Agreement by giving Seller written notice thereof within three (3)
business days of its receipt of written notice from Seller electing not to
remove or cure such Encumbrance, in which event neither party hereto shall have
any further rights, duties, liabilities or obligations hereunder and Title
Company shall deliver the Earnest Money to Purchaser free of any claims by
Seller.

 8
 

Section 8.                                            Closing.

(a)                                  The
closing (the “Closing”) of the conveyance of
the Property to Purchaser and the issuance of the Equity Interest to Seller
shall occur on a date agreed to by Seller and Purchaser, but in no event later
than the day that is five (5) business days after the date hereof.  The date on which the Closing actually occurs
is herein called the “Closing Date”.  The Closing shall occur in the offices of
Title Company.

(b)                                 At
the Closing, the following shall occur:

(1)                                  Seller,
at its sole cost and expense, shall deliver or cause to be delivered to
Purchaser the following:

(i)                                     A
Warranty Deed With Reservations and Covenants (the “Deed”)
in the form of Exhibit “I” attached hereto, fully executed and acknowledged by
Seller.

(ii)                                  A
Bill of Sale and Assignment in a form satisfactory to Seller and Purchaser,
fully executed by Seller, conveying and transferring to Purchaser all of the
Personalty and Entitlements, and the Property described in Section 1(f)
hereof, subject only to the Permitted Encumbrances, and reaffirming all
warranties made by Seller herein with respect to such Property.

(iii)                               The
Lease Termination, executed by Seller.

(iv)                              The
Termination of Memorandum of Lease, executed and acknowledged by Seller.

(v)                                 A
[*] Agreement (the “[*] Agreement”)
in the form attached as Exhibit ”B” hereto, executed by Seller.

(vi)                              The
originals of all instruments and documents comprising the Property.

(vii)                           Certification
contemplated by Section 1445 of the Internal Revenue Code whereby an
authorized officer of Seller certifies to Purchaser that Seller is not a
foreign corporation, foreign partnership, foreign trust, foreign estate or
other foreign person (as those terms are defined in the Internal Revenue Code
and the regulations promulgated thereunder).

(viii)                        An
affidavit sworn to by Seller to the effect that Seller is a “resident person”
as that term is defined in Hawaii Revised Statutes (“HRS”) Section 235-68, and setting
forth the U.S. taxpayer identification number Seller as required under HRS.

(ix)                                A
certificate executed by Seller certifying that (A) all the representations and
warranties of Seller contained herein are true and correct as of the Closing
Date and (B) no litigation is pending or, to the knowledge of Seller,
threatened, which, if adversely determined, could reasonably be expected to
have a material adverse effect on the Property.

 9
 

(x)                                   A
Second Amended and Restated Limited Liability Company Agreement of the Company
(the “Restated LLC Agreement”),
in the form of Exhibit ”D” attached hereto, executed by Seller.

(xi)                                An
[*] Agreement (the “[*] Agreement”)
in the form of Exhibit ”E” attached hereto, executed by Seller.

(xii)                             A
Memorandum of [*] Agreement (the “Memorandum”),
in the form of Exhibit ”F” attached hereto, executed and acknowledged by
Seller.

(xiii)                          A
Declaration of Covenants, Conditions and Restrictions With Authorization of
Time Share and Transient Vacation Rentals (the “Restrictions and Covenants Agreement”), in the form of
Exhibit ”G” attached hereto, executed by Seller.

(xiv)                         A Second
Amended and Restated Golf Course Use Agreement (the “Golf Course Use Agreement”), in the
form of Exhibit ”H” attached hereto, executed by Seller.

(xv)                            Such
other instruments as may be required by Purchaser or Title Company to
effectuate the consummation of the transaction contemplated hereby.

(2)                                  Purchaser,
at its sole cost and expense, shall deliver or cause to be delivered to Seller
the following:

(i)                                     Good
funds in the amount of the Closing Payment, adjusted as described herein.

(ii)                                  The
Lease Termination, executed by Purchaser.

(iii)                               The
Termination of Memorandum of Lease, executed and acknowledged by Purchaser.

(iv)                              The [*]
Agreement, executed by the Company.

(v)                                 A
certificate executed by Purchaser certifying that (A) all the
representations and warranties of Seller contained herein are true and correct
as of the Closing Date and (B) no litigation is pending or, to the
knowledge of Purchaser, threatened, which, if adversely determined, could
reasonably be expected to have a material adverse effect on the Hotel or
Purchaser.

(vi)                              The
Restated LLC Agreement, executed by all of the members of the Company (other
than Seller).

(vii)                           The [*]
Agreement, executed by the Company.

(viii)                        The
Memorandum, executed and acknowledged by Purchaser.

 10
 

(ix)                                The
Restrictions and Covenants Agreement, executed by Purchaser.

(x)                                   The
Golf Course Use Agreement, executed by Purchaser and The Ritz-Carlton Hotel
Company, L.L.C.

(3)                                  Seller
shall cause the status of title to the Lease Tract and Improvements to be
sufficient for Purchaser to obtain, at its sole cost and expense if it
determines to so obtain, an ALTA Owner Policy of Title Insurance (the “Owner Policy”) insuring that
Purchaser is the owner of the Lease Tract and Improvements, subject only to the
Permitted Encumbrances and the standard printed exceptions, the exception for
taxes limited to the year in which the Closing occurs and subsequent years, and
containing such endorsements thereto as Purchaser may require.

(4)                                  Title
Company shall apply the Earnest Money to the Closing Payment.

(c)                                  Adjustments
shall be made to the Closing Payment whereby (1) Seller receives the
benefit of all accrued and unpaid Percentage Rent (as defined under the 2001
Lease) calculated on Gross Revenue (as defined under the 2001 Lease) through
the Closing Date and (2) Purchaser receives the benefit of prepaid rent
and other obligations for which Purchaser is to receive a credit pursuant to
Section 2 hereof.  Purchaser and
Seller acknowledge and agree that the Company shall be responsible for the
payment of its attorney fees, all title examination fees, title insurance
premiums, title company escrow fees, recording costs of the Deed and any other
recorded documents, conveyance taxes, if any, sales taxes, if any, and survey
costs in connection with Purchaser’s acquisition of the Property.  Seller shall be responsible for the payment
of its attorneys’ fees.  In addition, all
normal and customarily proratable items including, without limitation, real
property taxes, shall be prorated as of 12:01 a.m., Hawaii time, on the Closing
Date.  If the actual amounts to be
prorated are not known on the Closing Date, then the prorations shall be made
on the basis of the best evidence then available, and thereafter, when actual
figures are received, a cash settlement will be made between Seller and
Purchaser with the result that Seller shall pay for and receive the benefit of
those items attributable to the period of time prior to the Closing Date and
Purchaser shall pay for and receive the benefit of those items attributable to
the period of time beginning with the Closing Date.

(d)                                 Upon
completion of the Closing, Seller shall deliver to Purchaser possession of the
Property free and clear of all tenancies of every kind and parties in
possession, except for the Permitted Encumbrances.

(e)                                  The
provisions of this Section shall survive the Closing.

Section 9.                                            Indemnities.

(a)                                  SELLER
HEREBY AGREES TO DEFEND, INDEMNIFY AND HOLD HARMLESS PURCHASER AND THE COMPANY,
AND THEIR RESPECTIVE MEMBERS, PARTNERS, OFFICERS, DIRECTORS AND VENTURERS, FROM
AND AGAINST ANY CLAIM, DEBT, LOSS, COST, AWARD, JUDGMENT, LIABILITY, CHARGE
AND/OR EXPENSE (INCLUDING REASONABLE ATTORNEYS’ FEES AND EXPENSES) ARISING FROM
OR RESULTING FROM SELLER’S OWNERSHIP OF THE PROPERTY (OTHER THAN THOSE
RESULTING FROM A BREACH OF PURCHASER’S OBLIGATIONS UNDER THE 2001 LEASE OR THE
WILLFUL MISCONDUCT OR GROSS NEGLIGENCE OF PURCHASER OR THE COMPANY) TO THE
EXTENT THE SAME ARE BASED ON ACTIONS OR OMISSIONS TAKEN OR OMITTED TO BE TAKEN
PRIOR TO THE CLOSING.

 11
 

(b)                                 PURCHASER
HEREBY AGREES TO DEFEND, INDEMNIFY AND HOLD HARMLESS SELLER AND ITS OFFICERS
AND DIRECTORS FROM AND AGAINST ANY CLAIM, DEBT, LOSS, COST, AWARD, JUDGMENT,
LIABILITY, CHARGE AND/OR EXPENSE (INCLUDING REASONABLE ATTORNEYS’ FEES AND
EXPENSES) RESULTING FROM PURCHASER’S OWNERSHIP OF THE PROPERTY (OTHER THAN
THOSE RESULTING FROM THE WILLFUL MISCONDUCT OR GROSS NEGLIGENCE OF SELLER AND
THOSE THAT RESULT FROM SELLER’S MEMBERSHIP INTEREST IN THE COMPANY OR ITS
INDIRECT OWNERSHIP OF PURCHASER) TO THE EXTENT THE SAME ARE BASED ON ACTIONS OR
OMISSIONS TAKEN OR OMITTED TO BE TAKEN AFTER THE CLOSING.

Section 10.                                      Commissions
and Consulting Fees.  Each party will
pay all brokerage fees and commissions with respect to the transactions
contemplated by this Agreement for which it is responsible.  EACH PARTY HERETO HEREBY AGREES TO DEFEND,
INDEMNIFY, AND HOLD HARMLESS THE OTHER PARTY, AND ITS RESPECTIVE MEMBERS,
PARTNERS, OFFICERS, DIRECTORS AND VENTURERS FROM AND AGAINST ANY CLAIM BY THIRD
PARTIES THROUGH THE INDEMNIFYING PARTY FOR BROKERAGE, COMMISSION, FINDERS OR
OTHER FEES RELATIVE TO THIS AGREEMENT, THE SALE OF THE PROPERTY OR THE ISSUANCE
OF THE EQUITY INTEREST, AND ANY COURT COSTS, ATTORNEYS’ FEES OR OTHER COSTS OR
EXPENSES ARISING THEREFROM.  The
provisions of this Section shall survive the Closing.

Section 11.                                      Remedies.

(a)                                  If
Purchaser fails to perform any of its obligations hereunder either prior to or
at the Closing for any reason other than Seller’s default or Seller’s failure
to tender performance of its obligations hereunder, then Seller, as its
exclusive right and remedy, shall have the right to terminate this Agreement
and the rights and the obligations of the parties under this Agreement by
giving Purchaser written notice thereof at any time at or prior to the Closing,
in which event neither party shall have any further rights, duties, liabilities
or obligations hereunder and Title Company shall deliver the Earnest Money to
Seller as liquidated damages free of any claims by Purchaser.

(b)                                 If
Seller fails to perform any of its obligations and covenants hereunder either
prior to or at the Closing for any reason other than Purchaser’s failure to
tender performance of its obligations hereunder and a specific remedy for such
failure of Seller is not provided in another provision of this Agreement, or if
any of the representations or warranties made by Seller hereunder are false or
misleading in any respect, then Purchaser, as its sole remedy, shall have the
right to either:

(1)                                  acquire
the Property in accordance with the terms of this Agreement, in which event
Seller’s failure shall be deemed waived; or

(2)                                  terminate
this Agreement by giving written notice thereof to Seller at or prior to the
Closing, in which event neither party hereto shall have any further rights,
duties, liabilities or obligations hereunder and Title Company shall deliver
the Earnest Money to Purchaser free of any claims by Seller; or

 12
 

(3)                                  seek
specific performance of the obligations of Seller under this Agreement.

Section 12.                                      Destruction,
Damage or Condemnation Prior to the Closing.

(a)                                  If,
prior to the Closing, the Property is destroyed or damaged to any material
extent, then Purchaser shall have the option, which must be exercised by it
within ten (10) business days after such destruction or damage (and the Closing
shall be delayed for an equivalent period of time), to terminate this Agreement
by giving written notice thereof to Seller within such ten (10) business day
period, or to proceed with the Closing. 
If Purchaser elects to proceed with the Closing, then there shall be no
reduction in the Purchase Price, but Purchaser shall be entitled to any and all
insurance proceeds previously paid or payable to Seller as a result of such
damage (plus the amount of any deductible maintained by Seller with respect to
any such policy) and, to the extent the same may be necessary or appropriate,
Seller shall assign to Purchaser, at the Closing, all of Seller’s rights to
such proceeds.  Damage to or destruction
of the Property shall be deemed material if the Property cannot be repaired or
replaced within two hundred seventy (270) days after such destruction or damage
occurs for a cost of Nine Million Dollars ($9,000,000) or less.  In the event such damage or destruction was
uninsured or underinsured, and Purchaser elects to proceed with the Closing,
the Closing Payment payable by Purchaser at the Closing shall be reduced by the
amount the cost necessary to repair or replace such damage or destruction (as
reasonably determined by Purchaser) exceeds the sum of (x) the amount of
insurance proceeds payable with respect to such damage or destruction plus
(y) the amount of such deductible.

(b)                                 If,
prior to the Closing, all or any portion of the Property is taken for any
public or quasi-public use under any governmental law, ordinance or regulation,
or by right of eminent domain or by private purchase in lieu thereof, and the
taking would prevent or interfere with Purchaser’s proposed use of the
Property, then Purchaser shall have the option, which must be exercised by it
within ten (10) business days after its receipt of written notice from Seller
advising Purchaser of such taking (which notice Seller hereby agrees to give to
Purchaser within three [3] business days of notice thereof to Seller) (and the
Closing shall be delayed for an equivalent period of time), to terminate this
Agreement by giving written notice thereof to Seller within such ten (10)
business day period, or to proceed with the Closing.  If Purchaser elects to proceed with the
Closing, there shall be no reduction in the Purchase Price, but Purchaser shall
be entitled to any and all amounts payable as a result of such taking,
including any condemnation award or amounts paid in lieu of such award.

(c)                                  If
Purchaser terminates this Agreement pursuant to this Section, then neither
party hereto shall have any further rights, duties, liabilities or obligations
hereunder, and Title Company shall deliver the Earnest Money to Purchaser free
of any claims by Seller.

Section 13.                                      Further
Assurances.  Seller agrees that it
will execute from time to time, upon the request of Purchaser, such documents,
instruments, certificates and notices sufficient to assign, and evidence the
assignment of, the Property to Purchaser, and to give notice and confirmation
of such assignment to all governmental agencies and other persons as Purchaser
may request.

Section 14.                                      Assigns.  This Agreement shall inure to the benefit of
and be binding on the parties hereto and their respective successors and
assigns.  Purchaser shall have the right
to assign its rights hereunder to any person or entity controlling, controlled
by or under common control with Purchaser, without the necessity of obtaining
the prior consent of Seller.

 13
 

Section 15.                                      Notices.  Any notice provided or permitted to be given
under this Agreement must be in writing and shall be served by depositing same
in the United States mail, addressed to the party to be notified, postage
prepaid and registered or certified with return receipt requested; by
delivering the same in person to such party; by telecopy; or by any recognized
overnight courier service (such as Federal Express or UPS) which requires the
receiver of such notice to acknowledge receipt in writing.  Notice given in accordance herewith shall be
effective upon receipt at the address of the addressee.  For purposes of notice, the addresses of the
parties shall be as follows:

	
  If to Purchaser, to:

  	
   

  	
  W2005 Kapalua/Gengate Hotel Realty, L.L.C.

  
	
   

  	
   

  	
  c/o Gencom Group

  
	
   

  	
   

  	
  801 Brickell Avenue, Penthouse 2

  
	
   

  	
   

  	
  Miami, Florida 33131

  
	
   

  	
   

  	
  Attention: Karim Alibhai

  
	
   

  	
   

  	
   

  
	
  with a copy to:

  	
   

  	
  Gardere Wynne Sewell LLP

  
	
   

  	
   

  	
  3000 Thanksgiving Tower

  
	
   

  	
   

  	
  1601 Elm Street

  
	
   

  	
   

  	
  Dallas, Texas 75201-4761

  
	
   

  	
   

  	
  Attention: Clifford J. Risman

  
	
   

  	
   

  	
   

  
	
  If to the Company, to:

  	
   

  	
  W2005 Kapalua/Gengate Hotel Holdings, L.L.C.

  
	
   

  	
   

  	
  c/o Gencom Group

  
	
   

  	
   

  	
  801 Brickell Avenue, Penthouse 2

  
	
   

  	
   

  	
  Miami, Florida 33131

  
	
   

  	
   

  	
  Attention: Karim Alibhai

  
	
   

  	
   

  	
   

  
	
  with a copy to:

  	
   

  	
  Gardere Wynne Sewell LLP

  
	
   

  	
   

  	
  3000 Thanksgiving Tower

  
	
   

  	
   

  	
  1601 Elm Street

  
	
   

  	
   

  	
  Dallas, Texas 75201-4761

  
	
   

  	
   

  	
  Attention: Clifford J. Risman

  
	
   

  	
   

  	
   

  
	
  If to Seller, to:

  	
   

  	
  Maui Land & Pineapple Company, Inc.

  
	
   

  	
   

  	
  P.O. Box 187

  
	
   

  	
   

  	
  120 Kane Street

  
	
   

  	
   

  	
  Kahului, Hawaii 96733-6681

  
	
   

  	
   

  	
  Attention: Mr. Robert Webber

  
	
   

  	
   

  	
   

  
	
  with a copy to:

  	
   

  	
  Teel, Palmer & Roeper, LLP

  
	
   

  	
   

  	
  11455 El Camino Real, Suite 300

  
	
   

  	
   

  	
  San Diego, California 92130

  
	
   

  	
   

  	
  Attention: Dean E. Roeper, Esq.

  

 

Either Seller or Purchaser may change its address for the purpose of
giving notice hereunder by giving the other party notice thereof in accordance
with the provisions of this Section.

Section 16.                                      1031 Exchange.  Purchaser and Seller acknowledge that either
party may wish to structure the transaction contemplated in this Agreement as a
tax-deferred exchange of like-kind property within the meaning of Section 1031
of the Internal Revenue Code (“Exchange”).  Each party agrees to reasonably cooperate
with the other to effect any such Exchange, provided, however, that (i) the
cooperating party shall not be required to acquire or take title to any
exchange property, (ii) the

 14
 

cooperating party shall not be required to incur any
expense, including attorneys’ fees, or liability whatsoever in connection with
any such exchanges, including, without limitation, any obligation for the
payment of any escrow, title, brokerage, or other costs incurred with respect
to the Exchange, (iii) no substitution of the effectuating party shall release
that party from any of the obligations, warranties, or representations set
forth in this Agreement or from liability for any prior or subsequent default
under this Agreement by the effectuating party, its successors, or assigns,
which obligations shall continue as the obligations of a principal and not of a
surety or guarantor, (iv) the effectuating party shall give the cooperating
party at least five (5) business days prior notice of the proposed changes
required to effect such Exchange and the identity of any party to be
substituted in the escrow, (v) the effectuating party shall be responsible for
preparing all additional agreements, documents, and escrow instructions
(collectively, the “Exchange Documents”)
required by any such Exchange, at its sole cost and expense, and (vi) the
effectuating party shall be responsible for making all determinations as to the
legal sufficiency, tax considerations, and other considerations relating to the
proposed Exchange, the Exchange Documents, and the transactions contemplated
thereby, and the cooperating party shall in no event be responsible for, or in
any way be deemed to warrant or represent any tax or other consequences of the
exchange transaction arising by reason of the cooperating party’s performance
of the acts required hereby.

Section 17.                                      Modification.  No modification hereof or subsequent
agreement relative to the subject matter hereof shall be binding on either
party unless reduced to writing and signed by the party to be bound.

Section 18.                                      Exhibits.  All exhibits are fully incorporated herein by
this reference for all purposes.

Section 19.                                      Attorney’s
Fees.  Each party shall pay its own
attorney’s fees in connection with the preparation, review and negotiation of
this Agreement, the preparation, review and negotiation of all closing
documents and the administration of the Closing.  If any party defaults in its obligations
hereunder, the defaulting party shall pay the reasonable attorney’s fees and
court costs incurred by the other party in order to enforce its rights
hereunder.  The provisions of this
Section shall survive the Closing.

Section 20.                                      Governing
Law.  This Agreement shall be
governed by and construed in accordance with the laws of the State of Hawaii.

Section 21.                                      Time
of Essence.  Time is of the essence
under this Agreement.

Section 22.                                      Waiver.  No waiver of any default of or noncompliance
with any provision, covenant, condition, obligation or requirement imposed
hereby which may be given or suffered by one party to the other shall operate
as, or be construed to constitute, a waiver of any subsequent default of or
noncompliance with any such provision, covenant, condition, obligation or
requirement or of any default of or any noncompliance with any provision,
covenant, condition, obligation or requirement hereof.

Section 23.                                      Miscellaneous.  This Agreement may be executed in any number
of identical counterparts.  Seller,
Purchaser and the Company agree that signatures to this Agreement transmitted
in .pdf format via e-mail, or via facsimile, shall be considered valid and
enforceable.  The captions, headings and
arrangements used in this Agreement are for convenience only and do not in any
way affect, limit, amplify, or modify the terms and provisions hereof.  Whenever the singular number is used herein,
the same shall include the plural where appropriate, and words of any gender
shall include each other gender where appropriate.

 15
 

Section 24.                                      Automatic
Termination.  This Agreement shall
terminate automatically on March       ,
2007, without any action required on the part of any party hereto unless on or
before 5:00 p.m. Hawaii time on such date one fully executed counterpart of
this Agreement has been delivered to Title Company.

Section 25.                                      Date
Hereof.  For purposes herein, the
terms “the date hereof” or “the date of this Agreement” shall mean the date
Title Company acknowledges receipt of an original counterpart of this Agreement
executed by Seller and Purchaser.

Section 26.                                      Calculation
of Time Periods.  If any date herein
set forth for the performance of any obligation by Seller, Purchaser or the
Company or for the delivery of any instrument or notice herein provided should
be on a Saturday, Sunday, or legal holiday, the compliance with such
obligations or delivery shall be deemed acceptable on the next business day
following such Saturday, Sunday or legal holiday.  As used herein, the term “legal holiday”
means any state or federal holiday for which financial institutions or post
offices are generally closed in Honolulu, Hawaii, for observance thereof.

Section 27.                                      Entire
Agreement.  This Agreement, together
with the Restated LLC Agreement and the [*] Agreement, sets forth the entire
agreement among Seller, Purchaser and the Company relating to the Property and
the Equity Interest, and all prior negotiations, letters of intent or
agreements are merged herein.

Section 28.                                      Confidentiality.

(a)                                  Each
of Seller, Purchaser and the Company shall keep the terms and conditions of
this Agreement and all information revealed to it pursuant to this Agreement
(collectively, the “Confidential
Information”) (other than Confidential Information which is a
matter of public knowledge or is provided in other sources available to the
public) strictly confidential; provided, however, that any such Confidential
Information may be disclosed (1) if required as provided in paragraph (b)
below, (2) in any dispute between or among Purchaser, Seller and/or the
Company, and (3) to members, managers, partners, directors, officers or
employees of the parties and their respective consultants, outside counsel,
advisors, accounting firms and other persons required by law (hereinafter
collectively referred to as “Privileged
Representatives”), only on a need to know basis for the purposes
contemplated hereby.  All Privileged
Representatives of a party shall be directed by such party to treat
Confidential Information in the strictest confidence, subject to the foregoing
permitted disclosures.

(b)                                 In
the event that Seller, Purchaser, the Company, or one of their Privileged
Representatives, becomes legally compelled to disclose any Confidential
Information, the compelled party shall provide the other parties with prompt
notice so that the other parties, at their sole option, may seek a protective
order or other appropriate remedy.  The
compelled party shall furnish only the portion of the Confidential Information
which is legally required and will request that confidential treatment will be
accorded the Confidential Information.

(c)                                  The
provisions of this Section shall survive the Closing.

 16

EXECUTED as of the date first set forth above.

	
   

  	
  MAUI LAND & PINEAPPLE COMPANY, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   /S/ RYAN CHURCHILL

  
	
   

  	
   

  	
  Name:

  	
  RYAN CHURCHILL

  
	
   

  	
   

  	
  Title:

  	
  SENIOR VICE PRESIDENT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /S/ ROBERT I. WEBBER

  
	
   

  	
   

  	
  Name: 

  	
  ROBERT I. WEBBER

  
	
   

  	
   

  	
  Title: 

  	
  CHIEF FINANCIAL OFFICER & SENIOR 

  
	
   

  	
   

  	
  VICE PRESIDENT

  

 

“SELLER”

[SIGNATURE PAGE TO SALE, PURCHASE
AND LEASE TERMINATION AGREEMENT]

W2005 KAPALUA/GENGATE HOTEL REALTY,

L.L.C., a Delaware
limited liability company

By:                              W2005 Kapalua/Gengate Hotel Senior
Mezzanine,

L.L.C., a Delaware limited liability company, Its

Managing Member

By:                              W2005 Kapalua/Gengate Hotel Mezzanine,

L.L.C., a Delaware limited liability company, Its

Managing Member

By:                              W2005 Kapalua/Gengate Hotel

Holdings, L.L.C., a Delaware limited

liability company, Its Managing

Member

By:                              Gengate Kapalua

Holdings GP, LLC, a

Member

By:                              Gencom Kapalua GP,

LLC, Its Managing

Member

	
  

  	
  By:

  	
  /S/ GREG DENTON

  
	
   

  	
   

  	
  Greg Denton,

  
	
   

  	
   

  	
  Its Vice
  President

  

 

“PURCHASER”

[SIGNATURE PAGE TO SALE, PURCHASE
AND LEASE TERMINATION AGREEMENT]

W2005
KAPALUA/GENGATE HOTEL HOLDINGS, L.L.C.

By:                              Gengate Kapalua Holdings GP, LLC, a
Member

By:                              Gencom Kapalua GP, LLC, Its 

Managing Member

	
  

  	
  By:

  	
    /S/ GREG DENTON

  
	
   

  	
   

  	
  Greg Denton,

  
	
   

  	
   

  	
  Its Vice President

  

 

“COMPANY”

[SIGNATURE PAGE TO SALE, PURCHASE
AND LEASE TERMINATION AGREEMENT]

EXHIBITS

	
  Exhibit A

  	
   

  	
  Lease Tract

  
	
  Exhibit B

  	
   

  	
  [*] Agreement

  
	
  Exhibit C

  	
   

  	
  Permitted Encumbrances

  
	
  Exhibit D

  	
   

  	
  Restated LLC Agreement

  
	
  Exhibit E

  	
   

  	
  [*] Agreement

  
	
  Exhibit F

  	
   

  	
  Memorandum

  
	
  Exhibit G

  	
   

  	
  Restrictions and Covenants Agreement

  
	
  Exhibit H

  	
   

  	
  Golf Course Agreement

  
	
  Exhibit I

  	
   

  	
  Deed

  
	
  Exhibit J

  	
   

  	
  Map of Lease Tract Showing [*] Tract

  
	
   

  	
   

  	
  and Lease Tract Portion of [*] Site

  
	
  Exhibit K

  	
   

  	
  Map of [*]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]