Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Viking Minerals Inc. - Purchase Agreement

ASSET PURCHASE AGREEMENT 

THIS AGREEMENT dated the ____ day of _________, 200__.

BETWEEN: 

LAIRD EXPLORATIONS INC.
(the “Vendor”) 

     OF THE FIRST PART 

AND: 

VIKING MINERALS INC. (the
“Purchaser”) 

OF THE SECOND PART 

WHEREAS: 

A. The Vendor is the registered and beneficial owner of various
mineral claims (hereinafter the “Claims”). The Claims of the Vendor are
more particularly described in Schedule “A” attached hereto and forming part of
this Agreement; 

B. The Vendor has agreed to sell and the Purchaser has agreed
to purchase all of the Claims of the Vendor in accordance with the terms of this
Agreement. 

NOW THEREFORE THIS AGREEMENT WITNESSES that in
consideration of the terms and covenants herein and other good and valuable
consideration, the receipt and sufficiency of which each party acknowledges, the
parties hereto agree as follows: 

	1. 	PURCHASE AND SALE OF ASSETS
  

1.1 Sale of Assets. Subject to the terms and conditions
of this Agreement, the Vendor hereby sells, assigns and transfers to the
Purchaser, and the Purchaser hereby purchases the Vendor’s Claims. 

1.2 Purchase Price. The purchase price payable by the
Purchaser to the Vendor for the Vendor’s Claims is $_20,000 (the
“Purchase Price”). 

1.3 Payment of the Purchase Price. The Purchase Price
  will be paid by the delivery of a cheque.

1.4 Delivery of Claims. The Vendor delivers to the Purchaser, on execution
  hereof, all of the Claims unconditionally and free and clear of all liens, charges,
  or encumbrances, except where disclosed. 

	2. 	COVENANTS OF THE PARTIES
  

2.1 Covenants. The parties undertake to keep the
information with respect to this Agreement, the terms herein, and any related,
underlying or subsequent agreements (the “Information”) confidential and
not to directly or indirectly disclose the Information at any time to any person
or persons or use the Information for any purpose whatsoever. 

	3. 	REPRESENTATIONS OF THE VENDOR
  

3.1 Representations. The Vendor represents and warrants
to the Purchaser as follows, with the intent that the Purchaser will rely on the
representations in entering into this Agreement, and in concluding the purchase
and sale contemplated by this Agreement: 

	 	(a) 	
      Capacity to Sell. The Vendor is a corporation duly
      incorporated, validly existing and in good standing under the laws of
      British Columbia, and has the power and capacity to own and dispose of the
      Claims, and to enter into this Agreement and carry out its terms to the
      full extent;

	 	 	 	 
	 	(b) 	
      Authority to Sell. The execution and delivery of
      this Agreement, and the completion of the transaction contemplated by this
      Agreement has been duly and validly authorized by all necessary corporate
      action on the part of the Vendor, and this Agreement constitutes a legal,
      valid and binding obligation of the Vendor enforceable against the Vendor
      in accordance with its terms except as may be limited by laws of general
      application affecting the rights of creditors;

	 	 	 	 
	 	(c) 	
      Sale Will Not Cause Default. Neither the execution
      and delivery of this Agreement, nor the completion of the purchase and
      sale contemplated by this Agreement will:

	 	 	 	 
	 		(i) 	
      violate any of the terms and provisions of the constating
      documents or bylaws or articles of the Vendor, or any order, decree,
      statute, bylaw, regulation, covenant, restriction applicable to the Vendor
      or the Claims;

	 	 	 	 
	 		(ii) 	
      give any person the right to terminate, cancel or
      otherwise deal with the Claims; or

	 	 	 	 
	 		(iii) 	
      result in any fees, duties, taxes, assessments or other
      amounts relating to the Claims becoming due or payable other than tax
      payable by the Purchaser in connection with the purchase and
  sale;

	 	(d) 	
      Encumbrances. The Vendor owns and possesses and
      has a good marketable title to the Claims free and clear of all legal
      claims, mortgages, liens, charges, pledges, security interest,
      encumbrances or other claims, except where as disclosed;

	 	 	 
	 	(e) 	
      Litigation. There is no litigation or
      administrative or governmental proceeding or inquiry pending or, to the
      knowledge of the Vendor, threatened against or relating to the Claims, nor
      does the Vendor know of or have reasonable grounds that there is any basis
      for any such action, proceeding or inquiry;

	 	 	 
	 	(f) 	
      No Defaults. Except as otherwise expressly
      disclosed in this Agreement there has not been any default in any
      obligation to be performed under any of the Claims, which are in good
      standing and in full force and appropriate effect; and

	 	 	 
	 	(g) 	
      Good Standing. Prior to closing this Agreement,
      the Vendor will maintain, as required, the Claims in good
  standing.

	4. 	COVENANTS OF THE VENDOR
  

4.1 Procure Consents. The Vendor will diligently and
expeditiously take all reasonable steps requested by the Purchaser to obtain all
necessary consents to effect the transfer of the Claims. 

4.2 Covenant of Indemnity. The Vendor will indemnify and
hold harmless the Purchaser from and against: 

	 	(a) 	
      any and all liabilities, whether accrued, absolute,
      contingent or otherwise, existing at closing and which are not agreed to
      be assumed by the Purchaser under this Agreement;

	 	 	 
	 	(b) 	
      any and all losses, claims, damages and costs incurred or
      suffered by the Purchaser arising out of the breach or inaccuracy of any
      representation or warranty of the Vendor contained in this Agreement;
      and

	 	 	 
	 	(c) 	
      any and all actions, suits, proceedings, demands,
      assessments, judgments, costs and legal and other expenses incident to any
      of the foregoing.

	4.3 	
      Execution of all necessary documents. The Vendor
      will execute all necessary documents including such assignments as the
      Purchaser may require to effect the transfer of all of the Claims,
      including but not limited to, internet contracts and internet
  names.

	5. 	REPRESENTATIONS OF THE PURCHASER
    

5.1 Representations. The Purchaser represents and
warrants to the Vendor as follows, with the intent that the Vendor will rely on
these representations and warranties in entering into this Agreement, and in
concluding the purchase and sale contemplated by this Agreement: 

	 	(a) 	
      Status of Purchaser. The Purchaser is a
      corporation duly incorporated, validly existing and in good standing and
      has the power and capacity to enter into this Agreement and carry out its
      terms; and

	 	 	 
	 	(b) 	
      Authority to Purchase. The execution and delivery
      of this Agreement and the completion of the transaction contemplated by
      this Agreement has been duly and validly authorized by all necessary
      corporate action on the part of the Purchaser, and this Agreement
      constitutes a legal, valid and binding obligation of the Purchaser
      enforceable against the Purchaser in accordance with its terms except as
      limited by laws of general application affecting the rights of
      creditors.

	6. 	COVENANTS OF THE PURCHASER
  

	6.1 	
      Consents. The Purchaser will at the request of the
      Vendor execute and deliver such applications for consent and such
      assumption agreements, and provide such information as may be necessary to
      obtain the consents referred to in paragraph 4.1 and will assist and
      cooperate with the Vendor in obtaining the consents.

	 	 
	6.2 	
      Execution of all necessary documents. The
      Purchaser will execute all necessary documents as the Vendor may require
      to effect the transfer of all of the Claims.

	7. 	SURVIVAL OF REPRESENTATIONS AND
      COVENANTS 

7.1 Vendor's Representations and Covenants. All
representations, covenants and agreements made by the Vendor in this Agreement
or under this Agreement will, unless otherwise expressly stated, survive closing
and any investigation at any time made by or on behalf of the Purchaser will
continue in full force and effect for the benefit of the Purchaser. 

7.2 Purchaser’s Representations and Covenants. All
representations, covenants and agreements made by the Purchaser in this
Agreement or under this Agreement will, unless otherwise expressly stated,
survive closing and any investigation at any time made by or on behalf of the
Vendor and will continue in full force and effect for the benefit of the Vendor.

 

 

	8. 	LIABILITIES NOT ASSUMED 

8.1 Liabilities Not Assumed. The Purchaser will not assume
  any liabilities of the Vendor. The Purchaser will not be responsible for any
  liability of the Vendor, past, present or future, relating to the Claims, and
  the Vendor will indemnify and save harmless the Purchaser from and against any
  such claim. 

	9. 	CONDITIONS PRECEDENT TO THE
      OBLIGATIONS OF THE
      PURCHASER

9.1 Conditions. All obligations of the Purchaser under
this Agreement are subject to the fulfillment of the following conditions: 

	 	(a) 	
      Vendor's Representations. The Vendor’s
      representations contained in this Agreement will be true.

	 	 	 
	 	(b) 	
      Vendor’s Covenants. The Vendor will have performed
      and complied with all agreements, covenants and conditions as required by
      this Agreement.

	 	 	 
	 	(c) 	
      Consents. The Purchaser will have received duly
      executed copies of the consents or approvals referred to in paragraph
      4.1.

9.2 Exclusive Benefit. The foregoing conditions are for
the exclusive benefit of the Purchaser and any such condition may be waived in
whole or in part by the Purchaser delivering to the Vendor a written waiver to
that effect signed by the Purchaser. 

	10. 	CONDITIONS PRECEDENT TO THE OBLIGATIONS
      OF THE VENDOR 

10.1 Conditions. All obligations of the Vendor under
this Agreement are subject to the fulfillment of the following conditions: 

	 	(a) 	
      Purchaser's Representations. The Purchaser’s
      representations contained in this Agreement will be true.

	 	 	 
	 	(b) 	
      Purchaser’s Covenants. The Purchaser will have
      performed and complied with all covenants, agreements and conditions as
      required by this Agreement.

	 	 	 
	 	(c) 	
      Consents of Third Parties. All consents or
      approvals required to be obtained by the Vendor for the purpose of
      selling, assigning or transferring the Claims have been obtained, provided
      that this condition may only be relied upon by the Vendor if the Vendor
      has diligently exercised its best efforts to procure all such consents or
      approvals and the Purchaser has not waived the need for all such consents
      or approvals.

10.2 Exclusive Benefit. The foregoing conditions are for
the exclusive benefit of the Vendor and any such condition may be waived in
whole or in part by the Vendor delivering to the Purchaser a written waiver to
that effect signed by the Vendor. 

	11. 	GENERAL 

	11.1 	 Governing Law. This Agreement and each of the
        documents contemplated by or delivered under or in connection with this
        Agreement are governed exclusively by, and are to be enforced, construed
        and interpreted exclusively in accordance with the laws of British Columbia
        which will be deemed to be the proper law of the Agreement.

	 	 
	11.2 	 Professional Fees. Each of the parties will bear
        the fees and disbursements of their respective lawyers, advisers and consultants
        engaged by them respectively in connection with the transactions contemplated
        by this Agreement prior to the closing.

	 	 
	11.3 	 Assignment. No party will assign this Agreement,
        or any part of this Agreement, without the prior written consent of the
        other party. Any purported assignment without the required consent is
        not binding or enforceable against any party.

	 	 
	11.4 	 Enurement. This Agreement enures to the benefit
        of and binds the parties and their respective successors and permitted
        assigns.

	 	 
	11.5 	 Notice. All notices required or permitted to
        be given under this Agreement will be in writing and personally delivered
        to the address of the intended recipient set out on the first page of
        this Agreement or at such other address as may from time to time be notified
        by any of the parties in the manner provided in this Agreement.

	 	 
	11.6 	 Further Assurances. The parties will execute
        and deliver all further documents and take all further action reasonably
        necessary or appropriate to give effect to the provisions and intent of
        this Agreement and to complete the transactions contemplated by this Agreement.

	 	 
	11.7 	 Remedies Cumulative. The rights and remedies
        under this Agreement are cumulative and are in addition to and not in
        substitution for any other rights and remedies available at law or in
        equity or otherwise. Any party to this Agreement may terminate this Agreement
        if any other party is in breach of or defaults under any material term
        or condition of this Agreement or has made a material misrepresentation
        in this Agreement. No single or partial exercise by a party of any right
        or remedy precludes or otherwise affects the exercise of any other right
        or remedy to which that party may be entitled.

	11.8 	Entire Agreement. This Agreement constitutes the entire agreement
      between the parties and there are no representations, express or implied,
      statutory or otherwise and no collateral agreements other than as expressly
      set out or referred to in this Agreement.
	 	 
	11.9 	 Headings. The division of this Agreement into
        sections and the insertion of headings are for convenience only and do
        not form part of this Agreement and will not be used to interpret, define
        or limit the scope, extent or intent of this Agreement.

	 	 
	11.10 	 Severability. Each provision of this Agreement
        is severable. If any provision of this Agreement is or becomes illegal,
        invalid or unenforceable, the illegality, invalidity or unenforceability
        of that provision will not affect the legality, validity or enforceability
        of the remaining provisions of this Agreement.

	 	 
	11.11 	 Schedules. The Schedules attached hereto form
        an integral part of this Agreement.

	 	 
	11.12 	 Time of the Essence. Time will be of the essence
        of this Agreement.

	 	 
	11.13 	 Counterparts. This Agreement and all documents
        contemplated by or delivered in connection with this Agreement may be
        executed and delivered by facsimile or original and in any number of counterparts,
        and each executed counterpart will be considered to be an original. All
        executed counterparts taken together will constitute one agreement.

IN WITNESS WHEREOF the parties have duly executed this
Agreement by their duly authorized officers effective the first day and year
written above. 

VENDOR: LAIRD EXPLORATIONS INC. 

	per: 	 	 
	             
           Authorized Signatory 	 
	  	 
	PURCHASER: VIKING MINERALS INC. 	 
	  	 
	per: 	 	 
	             
           Authorized Signatory 	 
	             
           Dave Harker 	 

SCHEDULE “A” 

THIS IS SCHEDULE “A” to the Asset
Purchase Agreement.Exhibit
10.1

Loan No.
0426195000

FIRST
AMENDMENT TO

REVOLVING
LINE OF CREDIT LOAN AGREEMENT

This First Amendment to
Revolving Line of Credit Loan Agreement (this “Amendment”) is entered into by
and between American AgCredit, FLCA, successor in interest to Pacific Coast
Farm Credit Services, ACA (“Lender”) and Maui Land & Pineapple Company,
Inc., a Hawaii corporation (“Borrower”) to be effective as of the 4th day of December, 2006 (the “Effective Date”).

RECITALS

A.                                   Borrower
and Lender entered in to a Revolving Line of Credit Loan Agreement dated
September 1, 2005 (the “Credit Agreement”) whereby Lender converted a term loan
agreement to a revolving line of credit pursuant to the terms and conditions
set forth in the Credit Agreement and evidenced by a promissory note dated June
1, 1999 in the amount of Fifteen Million Dollars ($15,000,000.00) (the “Note”).

B.                                     Borrower
has requested Lender increase the total line of credit as evidenced by the Note
and governed by the Credit Agreement to $25,000,000, extend the draw period and
extend the maturity date.

C.                                     Lender
is willing to increase the total amount available under the line of credit as
requested, and extend the draw period and maturity date of the Note, subject to
and in accordance with the terms, covenants, conditions and provisions of this
Amendment.

Accordingly the parties agree as
follows:

1.                                       Definitions.  Unless otherwise defined herein, capitalized
terms used herein shall have the same meaning as in the Credit Agreement.

1.1                                 The
definition of “Consolidated Indebtedness” is hereby deleted, and all references
in the Credit Agreement to “Consolidated Indebtedness” are hereby replaced with
“Indebtedness for Borrowed Money”:

“Indebtedness for Borrowed Money” shall mean any
indebtedness or obligation or liability to repay borrowed monies, whether
matured or unmatured, liquidated or unliquidated, direct or contingent, joint
or several, including, without limitation, all such indebtedness guaranteed,
directly or indirectly, in any manner, or endorsed (other than for collection
or deposit in the ordinary course of business) or discounted with recourse.

1.2                                 The
definition of “Thirty-Day Fixed Rate Tranche” is hereby deleted in its entirety
and replaced with the following definition, and all references in the Credit Agreement
to “Thirty-Day Fixed Rate Tranche” are hereby replaced with “One-Month Fixed
Rate Tranche”:

“One-Month Fixed Rate Tranche” shall mean a Fixed Rate
Tranche utilizing a fixed rate Interest Period of one month, established
pursuant to Section 3.

1.3                                 The
definition of “Subsidiary” is hereby deleted in its entirety and replaced with
the following definition:

“Subsidiaries” shall mean any corporation, partnership,
limited liability company, joint venture or any other legal entity that in
accordance with GAAP would be properly consolidated on the books of the
Borrower.

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1.4                                 The
following terms are defined as follows:

“Draw Period”
shall mean the period of time during which the Borrower may receive Advances
under the Credit Agreement.

“Farm Credit Discount
Note Rate” shall mean, at any time, the all-in cost paid by U.S. AgBank, FCB
(or by its successor or the then applicable funding source for Lender) on Farm
Credit Discount Notes for the Interest Period selected, determined as of the
second Business Day prior to the end of each calendar month as made available
by the Federal Farm Credit Funding Corporation or its successor.

“Loan Documents”
shall mean the Note, Credit Agreement, Mortgage, all guaranties of the Loan and
all other documents and instruments that evidence and/or secure the Loan, all
as amended from time to time.

“Mortgage” shall
mean the Mortgage, Assignment of Rents, Security Agreement, Financing Statement
and Fixture Filing, dated December 30,
1998, executed by Borrower in favor of Pacific Coast Farm Credit
Services, ACA, as mortgagee, and recorded
December 30, 1998 as Document No. 98-196978, Bureau of Conveyances, State of
Hawaii (“Official Records”), as amended by that certain Confirmation,
Modification and Partial Release of Mortgage, Assignment of Rents, Security
Agreement, Financing Statement and Fixture Filing, dated June 1, 1999 and
recorded June 1, 1999 as Document Nos. 99-087348 through 99-087349 of the
Official Records, as now or hereafter amended from time to time.

2.                                       Conditions Precedent. 
The release, substitution, waiver, and amendment are hereby
granted provided that the following conditions precedent are satisfied by no
later than December 15, 2006:

2.1                                 Execution
and delivery to Lender of the following documents and instruments to be
executed and, where applicable, acknowledged by Borrower and Guarantors:

(a)                                  This
First Amendment to Revolving Line of Credit Loan Agreement

(b)                                 First
Amendment to Promissory Note

(c)                                  Notice
of Advance under Mortgage and Amendment to Mortgage*

* Please note, this document must be
acknowledged before a Notary Public.

2.2                                 Issuance
and delivery to Lender of an additional advance endorsement to Lender’s
existing Title Insurance Policy in the form and amount satisfactory to Lender
insuring the continuing priority of the lien on the real property described in
the Mortgage.

2.3                                 Payment
by Borrower of an amendment fee in the amount of $62,500.00.

2.4                                 Payment
by Borrower of all title company fees, appraisal fees, attorney’s fees,
recording fees, and tax service and other similar out-of-pocket expenses
associated with this request.

2.5                                 Lender’s
receipt of the following documents, each of which must be satisfactory to
Lender in its sole discretion:

(a)                                  Disclosure
Schedule setting forth any exceptions to Borrower’s representations and
warranties herein, existing loans made by Borrower to third parties, Permitted
Encumbrances, and all subsidiaries owned by Borrower and all partnerships and
joint ventures in which Borrower is engaged.

(b)                                 Current
Preliminary Title Reports

(d)                                 Copies
of all public filings and disclosures made by Borrower since September 1, 2005.

(e)                                  A
certificate, duly executed by the Secretary or an Assistant Secretary of
Borrower confirming the due authorization of the execution and delivery of this

 2
 

 

Amendment, the First Amendment to Promissory Note and the Notice of
Advance under Mortgage and Amendment to Mortgage by Borrower and the adoption
of all resolutions necessary or appropriate to establish such authorization
(attaching thereto copies of all such resolutions).

(f)                                    A
certificate, duly executed by the Secretary or an Assistant Secretary of each
Guarantor confirming the due authorization of the execution and delivery of
this Amendment by that Guarantor and the adoption of all resolutions necessary
or appropriate to establish such authorization (attaching thereto copies of all
such resolutions).

(g)                                 Evidence
that all governmental consents, permits, approvals or withholding of
objections, appropriate or necessary to complete the financing contemplated
herein have been obtained.

(h)                                 The
favorable opinion of Borrower’s and Guarantors’ counsel (who shall be
reasonably acceptable to Lender) as to the due execution, authorization and
enforceability of the Loan Documents, including this Amendment, the First
Amendment to Promissory Note, the Notice of Advance under Mortgage and
Amendment to Mortgage and as to such other matters as Lender shall deem
appropriate, including the due perfection of Lender’s security interests and
Liens.

2.6                                 Lender
shall have received updated pro forma financial information and the interim
financial statements of Borrower and each Guarantor through the most recent
fiscal month end, and there shall be no material difference between such
financial statements and the respective projected financial statements for that
period as heretofore provided by Borrower and Guarantors to Lender.

2.7                                 Borrower
shall be in compliance with all applicable federal, state and local laws and
regulations including, but not limited to, those relating to labor and
environmental matters, including OSHA and ERISA, except as previously disclosed
to Lender and deemed acceptable by Lender’s counsel.

2.8                                 Lender
and its counsel shall have completed their business and legal due diligence
with respect to the Borrower with results satisfactory to Lender in its sole
and absolute discretion.

2.9                                 There
shall have been no material adverse change in the business, condition
(financial or otherwise), operations, performance, or properties of the
Borrower.

2.10                           No
Default or Event of Default shall have occurred and be continuing under the
Note.

2.11                           All
of the representations and warranties contained in the Credit Agreement shall
continue to be true and correct and remain in full force and effect as of the
date of this Amendment.

3.                                       Amendments. 
Provided that the conditions specified in Section 2 of this Amendment
have been satisfied, the Credit Agreement shall be amended as follows:

3.1                                 Increase in Maximum Loan Amount.  The maximum aggregate
principal balance of the Loan that may be outstanding at any one time is hereby
increased from $13,500,000 to $25,000,000. 
Accordingly, the dollar amount “$13,500,000” as set forth in Section
3(a) of the Credit Agreement is hereby changed to “$25,000,000”.

3.2                                 Extension of Draw Period.  The Draw Period is hereby extended from June
1, 2009 to June 1, 2011.  Accordingly,
the phrase “until the Maturity Date” in Section 3(a) of the Credit Agreement is
hereby replaced with the phrase “until June 1, 2011”.

3.3                                 Extension of Maturity Date.   The Maturity Date is hereby extended from
June 1, 2009 to June 1, 2011.

 3
 

 

3.4                                 Conditional Further Extension of Maturity Date.  Provided there is no Default or Event of
Default on June 1, 2011, the Maturity Date will be automatically extended from
June 1, 2011 to June 1, 2026 without further action on the part of Lender or
Borrower.

3.5                                 Amortization after Further Extension of Maturity.  Provided the Maturity Date is extended to
June 1, 2026 as provided in Section 3.4 above, the Loan repayment provisions
will automatically convert from quarterly interest-only to quarterly interest
plus quarterly level principal payments from and after expiration of the Draw
Period and, accordingly, the following sentence will be deemed to have been
added to Section 4(c) of the Credit Agreement. 
“Commencing on September 1, 2011, and
continuing on the first day of each December, March, June and September
thereafter, in addition to quarterly interest-only payments Borrower will make
quarterly principal payments each in an amount equal to one-sixtieth of the
principal balance of the Loan as of expiration of the Draw Period.”

3.6                                 Interest Rate Products after
Further Extension of Maturity.  Upon expiration of the Draw Period, provided
the Maturity Date is extended to June 1, 2026 as provided in Section 3.4 above,
conversions to Fixed Rates thereafter using
Interest Periods of fewer than three months will no longer be permitted and the
Libor Rate will be replaced for all purposes thereafter with the Farm
Credit Discount Note Rate.

3.7                                 Collateral.  The reference to parcel (2) 2-3-002-008 is
hereby deleted from Section 9(i) of the Credit Agreement.

3.8                                 Negative Covenants, Investments.  The word “and” is hereby deleted from the end
of Section 12(f)(v) of the Credit Agreement and the following clause inserted
at the end of Section 12(f)(vi): “and (vii) purchase money mortgages for the
sale of real estate in the ordinary course of business”.

3.9                                 Negative Covenants, Indebtedness.  The word “Indebtedness” in Section 12(j) of
the Credit Agreement is hereby deleted and replaced with “Indebtedness for
Borrowed Money”.

4.                                       Note Amendment.  The principal amount of the Note is hereby
increased from $15,000,000 to $25,000,000.

5.                                       Representations and Warranties of Borrower.  Borrower represents, warrants and covenants
to Lender that:

5.1                                 Borrower
knows of no Default or Event of Default under the terms and conditions of the
Loan Documents.

5.2                                 This
Amendment constitutes a legal, valid and binding obligation of Borrower,
enforceable against Borrower in accordance with its terms, except as
enforcement may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws or equitable principles relating to or limiting
creditors’ rights generally.

5.3                                 The
representations and warranties of Borrower set forth in Section 10 of the
Credit Agreement are correct in all material respects as though made on and as
of the date of this Amendment (provided, if a representation or warranty was
made as of a specific date, such representation or warranty was true and correct
in all material respects as of the date made).

5.4                                 Since
September 1, 2005, there has been no material adverse change in the business,
assets, liabilities (actual or contingent), operations, condition (financial or
otherwise) or prospects of Borrower and its Subsidiaries taken as a whole or in
the facts and information regarding such entities as represented to Lender to
date.

5.5                                 There
are no actions, suits, investigations or proceedings pending or threatened in
any court or before any arbitrator or governmental authority that purport (x)
to materially and adversely affect Borrower or any of its Subsidiaries, or (y)
to affect any transaction contemplated hereby or the ability of Borrower to
perform its obligations under the Loan Documents.

 4
 

 

5.6                                 Borrower
is in material compliance with all laws, including satisfaction of all tax
obligations prior to delinquency.

5.7                                 Borrower
is in compliance with all insurance requirements imposed upon Borrower under
the Loan Documents.

5.8                                 Borrower
is in compliance with the negative covenants set forth in Section 12 of the
Credit Agreement.

6.                                       Representations and Warranties of Guarantors.  Each Guarantor by its signature below
represents, warrants and covenants to Lender that:

6.1                                 Such
Guarantor knows of no Default or Event of Default under the terms and
conditions of the Loan Documents.

6.2                                 This
Amendment constitutes a legal, valid and binding obligation of such Guarantor,
enforceable against such Guarantor in accordance with its terms, except as
enforcement may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws or equitable principles relating to or limiting
creditors’ rights generally.

6.3                                 Since
September 1, 2005, there has been no material adverse change in the business,
assets, liabilities (actual or contingent), operations, condition (financial or
otherwise) or prospects of such Guarantor taken as a whole or in the facts and
information regarding such Guarantor as represented to Lender to date.

6.4                                 There
are no actions, suits, investigations or proceedings pending or threatened in
any court or before any arbitrator or governmental authority that purport (x)
to materially and adversely affect such Guarantor, or (y) to affect any
transaction contemplated hereby or the ability of Guarantor to perform its
obligations under the Loan Documents.

6.5                                 Such
Guarantor is in material compliance with all laws, including satisfaction of
all tax obligations prior to delinquency.

7.                                       Continuing Validity.  Except as expressly modified or changed by
this Amendment, the Notice of Advance under Mortgage and Amendment to Mortgage
and the First Amendment to Promissory Note, the terms of the original Credit
Agreement, the Note and all other related Loan Documents remain unchanged and
in full force and effect.  Consent by the
Lender to the changes described herein does not waive Lender’s right to strict
performance of the terms and conditions contained in the Credit Agreement, Note
and Mortgage as amended, nor obligate the Lender to make future changes in
terms.  Nothing in this Amendment will
constitute a satisfaction of the indebtedness represented by the Note.

8.                                       Miscellaneous.

8.1                                 Borrower
acknowledges and agrees that the execution and delivery by the Lender of this
Amendment shall not be deemed to create a course of dealing or an obligation to
execute similar amendments or substitutions of collateral under the same or
similar circumstances in the future.

8.2                                 This
Amendment shall be binding upon and inure to the benefit of the Borrower, and
Lender and their respective successors and assigns.

8.3                                 This
Amendment shall be governed by and construed in accordance with the laws of the
State of California.

8.4                                 This
Amendment contains the entire agreement of the parties hereto with reference to
the matters discussed herein.

8.5                                 If
any term or provision of this Amendment shall be deemed prohibited or invalid
under any applicable law, such provision shall be invalidated without affecting
the remaining provisions of this Amendment, the Credit Agreement, the Note (as
amended by the First Amendment to Promissory Note), the Mortgage (as amended by
the Notice of Advance under Mortgage and Amendment to Mortgage) or any other
Loan Documents or related documents.

 5
 

 

IN
WITNESS WHEREOF the parties have executed this Amendment on the date
first above written.

THE
UNDERSIGNED AGREE TO ALL THE TERMS AND CONDITIONS SET FORTH ABOVE.

BORROWER:

MAUI
LAND & PINEAPPLE COMPANY, INC., a Hawaii corporation

	
  By:

  	
  /S/ ROBERT I. WEBBER

  	
   

  
	
  Name:

  	
  Robert I. Webber

  	
   

  
	
  Title:

  	
  CFO & SVP/Business Development

  	
   

  
	
   

  
	
   

  
	
  By:

  	
   /S/ FRED W. RICKERT

  	
   

  
	
  Name:

  	
    Fred W. Rickert

  	
   

  
	
  Title:

  	
  Vice President/ Treasurer

  	
   

  
							

 

LENDER:

AMERICAN
AGCREDIT, FLCA

	
  By:

  	
  /S/SEAN P. O’DAY

  	
   

  
	
  Sean P. O’Day, Senior Vice President

  

 

THE SIGNATURES OF
GUARANTORS APPEAR ON THE FOLLOWING PAGE.

 6
 

 

GUARANTORS:

The undersigned
Guarantors hereby consent to, ratify and approve the terms, covenants,
conditions and provisions of the foregoing Amendment and agree that the
guaranty(ies) executed by them shall be extended to include the obligations of
the Borrower under the Credit Agreement as amended by this Amendment.

KAPALUA
LAND COMPANY, LTD., a Hawaii corporation

	
  By:

  	
  /S/ ROBERT I. WEBBER

  	
   

  
	
  Name:

  	
  Robert I. Webber

  	
   

  
	
  Title:

  	
  CFO & SVP/Business Development

  	
   

  
	
   

  
	
   

  
	
  By:

  	
  /S/ FRED W. RICKERT

  	
   

  
	
  Name:

  	
  Fred W. Rickert

  	
   

  
	
  Title:

  	
    Vice President/ Treasurer

  	
   

  
								

 

MAUI PINEAPPLE
COMPANY, LTD., a Hawaii corporation

	
  By:

  	
  /S/ ROBERT I. WEBBER

  	
   

  
	
  Name:

  	
   Robert I. Webber

  	
   

  
	
  Title:

  	
   CFO & SVP/Business Development

  	
   

  
	
   

  
	
   

  
	
  By:

  	
  /S/ FRED W. RICKERT

  	
   

  
	
  Name:

  	
  Fred W. Rickert

  	
   

  
	
  Title:

  	
    Vice President/ Treasurer

  	
   

  
								

 

 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]