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Exhibit 10.3
TERMINATION OF MEMORANDUM OF HOTEL GROUND LEASE
AND
SHORT FORM OF SECOND AMENDED AND RESTATED HOTEL GROUND
LEASE
THIS TERMINATION OF MEMORANDUM OF HOTEL GROUND LEASE AND SHORT
FORM OF SECOND AMENDED AND RESTATED HOTEL GROUND LEASE made as of
the 27 day of March, 2007, between W2005 KAPALUA/GENGATE
HOTEL REALTY, L.L.C., a Delaware limited liability company ("
Lessee "), and MAUI LAND & PINEAPPLE COMPANY,
INC., a Hawaii corporation (" Lessor "),
W I T N E
S S E T H :
WHEREAS, Lessor and NI Hawaii Resort, Inc. a Hawaii corporation
(" Original Lessee ") entered into that certain
unrecorded Hotel Ground Lease dated February 24, 1996 (the "
Original Lease "), pursuant to which Lessor leased to
Original Lessee the land described on Exhibit "A" hereto (the
" Land "), and in connection therewith executed a
Memorandum of Hotel Ground Lease, dated February 24, 1996 (the
" Memorandum "), which was recorded in the Bureau of
Conveyances of the State of Hawaii as Document No. 96-046331 (the "
Lease "); and
WHEREAS, the Original Lease was amended from time to time and,
as amended, the rights of Original Lessee thereunder were assigned
to and assumed by RCK Hawaii, LLC dba RCK Hawaii-Maui, a Delaware
limited liability company ( "RCK Hawaii "), pursuant
to that certain Assignment of Ground Lease dated September 27,
2000, which was recorded in the Bureau of Conveyances of the State
of Hawaii as Document No. 2000-135421; and
WHEREAS, Lessor and RCK Hawaii entered into that certain
unrecorded Second Amended and Restated Hotel Ground Lease (the "
Lease ") effec
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