Section 4-153-12 - Terms of joint ventureAny 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.[Eff 3/6/92; am and comp] (Auth: HRS §§ 166-5, 166-9) (Imp: HRS §§ 166-3, 166-4, 166-5)