ATKINSON TOWERS, INC. DISCLOSURE STATEMENT
This Disclosure Statement is provided by Walter W. Flood, REALTOR (R), and is NOT endorsed or authorized by Atkinson Towers Inc., the Board of Directors and/or Associa Hawaii. Date: June 5, 2015.
1. It is understood that the Purchase Contract (PKA: DROA) is for purchasing a deed in Atkinson Towers Condominium, which is represented by Apartment #1003, and use of parking stall #67, and use of the assigned space in the storage room and the co-use of the limited common elements.
2. Buyer understands that Atkinson Towers Inc. is a mixed/use (Cooperative and Condominium) project as of this date: June 12, 2015 and the Stockholder/Seller is in the process of converting his interest in Unit #1003 to a Residential Condominium.
3. Buyer understands that the ground lease rent, for the 10,500 sq.ft. property owner by Mr. Lloyd Char has been set for the period Jan. 1, 2007 to Dec. 31, 2016 is $66,000.00 per year. The parking stall ground lease rent "pro ration" for Apt #1003 is: $46.22/month - as of Jan. 1, 2015 until Dec. 31, 2016.
Note: The "Maintenance Fee" (which includes: parking lot ground lease rent, Atkinson Towers, Inc. building insurance, basic TV cable and other association expenses) is $572.95/month as of 01/01/2015.
The Buyer is encouraged to review the corporation's current financial statement and seek legal advice prior to purchasing an interest in Atkinson Towers.
4. Buyer understands that at the end of this ten-year period (December 31, 2016), Atkinson Towers' leasehold interest in the parking lot will expire.
5. Buyer understands that the Master Lease on the 10,500 sq.ft. parcel (parking lot) expires on December 31, 2016 and if the Atkinson Towers Inc. is not successful in purchasing the Leased Fee interest in the parcel owned by Mr. Lloyd Char or in obtaining an extension of the ground lease, that particular portion of Buyer's vested interest in Atkinson Towers will terminate with no residual value or recovery of investment.
This is known as the "surrender clause" in the Master Lease. To wit: The Lessee (Atkinson Towers) will be required to turn over the Lloyd Char property, including the improvements (if any), to the Lessor at the termination of the lease.
Note: The Corporation's Board of Directors has negotiated with the Lessor (Floyd Char), on a number of times, to purchase the Fee Simple interest in the property (10,500 sq.ft.), but their offer(s) were rejected.
Note: This Disclosure Statement was prepared/provided by Walter W. Flood, REALTOR (R) and NOT by Atkinson Towers, Inc. and/or Associa Hawaii.
Note: This document can NOT be modified, revised, altered, copied, reproduced, shared, faxed, e-Mailed, and/or linked/uploaded to a website, without the written consent from Walter W. Flood, REALTOR (R)
The above information is from sources deemed to be reliable, but is not guaranteed, and the Seller or the Seller's Agent are not liable or responsible for any inaccuracies, error or omissions.
Click here to return:
Walt Flood Realty * Phone: 808-922-1659 *
Toll Free (1-855-922-2462)
2092 Kuhio Ave., Home Office, Honolulu, HI 96815-2134.
eMail: Copy & Paste this WaltFlood@gmail.com into your eMail server.