Haw. Code R. § 4-153-12 - Terms of joint venture
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.
Notes
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