Hawaii Administrative Rules › Title 4 - DEPARTMENT OF AGRICULTURE › Subtitle 8 - DIVISION OF AGRICULTURAL RESOURCE MANAGEMENT › Chapter 153 - AGRICULTURAL PARK PROGRAM RULES › Subchapter 3 - JOINT VENTURES › Section 4-153-12 - Terms of joint venture

Current through June, 2024
Any partnership agreement for a joint venture shall be
					 approved by the board and shall be in conformity with section
					 166-5, Hawaii
					 Revised Statutes. The terms of a partnership agreement for joint venture shall
					 include the following, wherever appropriate:
(1) The development and subdivision shall
				  comply with appropriate state and county zoning and subdivision requirements;
				  provided that, pursuant to section
				  166-4, Hawaii
				  Revised Statutes, the development and subdivision may be exempt from the
				  requirements.
(2) The partners
				  shall file with the department a good and sufficient bond conditioned upon the
				  full and faithful performance of all the terms, covenants, and conditions of
				  the partnership agreement.
(3) The
				  dates on which the partner must submit to the board for approval the
				  preliminary plans and final plans and specifications for the total development.
				  No construction shall commence until the board has approved the final plans and
				  specifications, provided that with board approval, construction on an
				  incremental basis may be permitted.
(4) The date of completion of the total
				  development, including the date of completion of any permitted incremental
				  development.
(5) The minimum
				  requirements for off-site and on-site improvements that the partner must
				  install, construct, and complete by the date of completion of the total
				  development. The board may permit incremental development and establish the
				  minimum requirements for off-site and on-site improvements that must be
				  installed, constructed, and completed prior to the date of completion of the
				  total development.
(6) A
				  partnership agreement may provide that the board shall issue a lease to the
				  nominees of the partner, including the partner, pursuant to the terms
				  previously negotiated and agreed upon between the partner and the board,
				  including lease rent to the lessee and method of recoupment of expenses by the
				  partner.
(7) In the event of a
				  lease the partner may be permitted, after he has completed construction of any
				  required offsite improvement, to assign or sublease with board approval
				  portions of the leased lands in which the construction of any offsite
				  improvement has been completed to an assignee or sublessee who shall assume the
				  obligations of the partner relative to the parcel being assigned or subleased,
				  including the construction of any onsite improvement. The board may permit a
				  partner to share in the lease rent for a fixed period in order to recover costs
				  and profit.
(8) The board may
				  include in any partnership agreement or lease, provisions concerning notice of
				  breach or default, rights of a holder of a security interest, and consent to
				  mortgage as set forth in this chapter.
(9) Other terms and conditions set by the
				  board.