Maui Land & Pineapple Company, Inc. Announces Termination of A Material Definitive Agreement
September 29, 2021 at 05:18 pm EDT
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On September 23, 2021, Maui Land & Pineapple Company, Inc., a Hawaii corporation (the “Company”), received a notice of termination from KCRMD, LLC, a Delaware limited liability company (“KCRMD”), to that certain Purchase and Sale Agreement and Escrow Instructions (“Purchase Agreement”) dated February 6, 2020 by and between the Company and KCRMD, as amended, pursuant to which MLP had agreed to sell to KCRMD and KCRMD had agreed to purchase from MLP approximately 46 acres of property located in the Kapalua Resort, commonly known as the Kapalua Central Resort project (the “Property”), for a purchase price of $43.9 million. The closing of the transaction was contingent upon, among other things, the satisfaction of certain customary closing conditions, including an extended due diligence period ending on September 30, 2021, with the closing date of the sale of the Property previously expected to be 30 days after the last day of the due diligence period. Neither the Company nor KCRMD have any continuing obligations to each other except those obligations that survive termination as set forth in the Purchase Agreement.
Maui Land & Pineapple Company, Inc. is engaged in planning, managing, developing, and selling, residential, resort, commercial, agricultural, and industrial real estate. The Companyâs segments include Land Development and sales, Leasing, and Resort Amenities. The Land Development and sales includes all land planning, entitlement, development, and sales activities of its landholdings on Maui. The Leasing segment operations include commercial, industrial, and agricultural leases of land and property, licensing of its registered trademarks and trade names, sales of potable and non-potable water in West and Upcountry Maui. The Resort Amenities segment is engaged in the operations of the Kapalua Club, a private, non-equity club providing its members special programs, access, and other privileges at certain amenities at the Kapalua Resort, including a 30,000 square foot full-service spa and fitness center as well as a private pool-side dining beach club.