ATKINSON TOWERS, INC. DISCLOSURE STATEMENT Page 2/2
Note II: The Corporation has approached the Lessor (Floyd Char) to co-develop the property (10,500 sq.ft.), along with the adjoining lots, and build a new highrise condominium, with an extra 64 parking stalls (under cover) exclusively for Atkinson Towers' Owners. If/when this happens, ALL the owners will have an opportunity to purchase a parking stall, in fee simple, either on the Atkinson Towers' lot, or in the new project.
Note III: If Atkinson Towers, Inc. is not successful in purchasing the leased fee interest (fee simple), the Corporation can petition the State of Hawaii for mandatory leasehold conversion, as long as the project has more than fifty percent (50%) owner residents.
Note IV: If all the above fails, the Corporation will build a double deck parking garage, on Atkinson Towers' property, with enough parking stalls for all the Owners.
6. It is understood, by both the prospective Buyer(s) and the Seller that the sale (assignment of the Proprietary Lease) and the Applicant(s) are subject to approval of the Atkinson Towers, Inc. Board of Directors. It is understood that the Buyer(s) will declare and stipulate that they will be Owner Residents and not Investors (Landlords).
If the sale or the applicant(s) is/are not approved, Buyer or Seller will have no recourse, and Atkinson Towers, Inc. the Seller, the Seller's and/or Buyer's agent cannot be liable for any expenses related to the proposed sale/purchase.
The above information is from sources deemed to be reliable, was NOT provided by the Atkinson Towers Corporation, and the Corporation, Seller or the Seller's Agent, or the Buyer's Agent are not liable or responsible for any inaccuracies, error or omissions.
Walt Flood Realty * Phone: 808-922-1659 *
1750 Kalakaua Ave., Suite 103, Honolulu, HI 96826-3795