13
www.KauaiResortSale.com Asking Price: Submit Oer Address: 3351 Hoolaulea Way Lihue, Kauai, Hawaii, USA Tenure: Fee Simple Development Land Area: 82.85 acres Zoning: CG, R-2, RR-10, RR-20 Investment Summary Property includes: » Partially constructed Ritz Carlton residences » Ocean view subdivisions » Ready to build home sites with ocean and golf course views » 27-hole Jack Nicklaus signature designed golf course and golf club house SMA approved additional density of 694 units Approximately 850,500 visitors to Kauai per year Property Summary www.KauaiResortSale.com FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORT FULLY-ENTITLED AND INFRASTRUCTURE IN-PLACE Nawiliwili Bay Nawiliwili Bay Kauai Marriott Resort & Kauai Marriott Resort & Beach Club Beach Club (820 Rooms) (820 Rooms) Kauai Lagoons Kauai Lagoons Resort Resort Kauai Lagoons Golf Club Kauai Lagoons Golf Club Kiele Waikahe Kiele Waikahe Kauai Lagoons Golf Club Kauai Lagoons Golf Club Kiele Moana Kiele Moana Contact Us Mark D. Bratton * (R), CCIM Investment Services Division Tel: 808 523 9708 E-Mail: [email protected] Susan Morris Investment Services Division Tel: 407 362 6154 E-Mail: [email protected] * Bratton Realty Advisers, Ltd. Exclusively contracted to Colliers International HI, LLC.

FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORTthebrattonteam.com/.../Kauai-Lagoon-Brochure-_-CA.pdf · FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORT ±83 ACRES AND GOLF COURSE • Situated

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Page 1: FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORTthebrattonteam.com/.../Kauai-Lagoon-Brochure-_-CA.pdf · FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORT ±83 ACRES AND GOLF COURSE • Situated

www.KauaiResortSale.com

Asking Price: Submit Off er

Address: 3351 Hoolaulea Way

Lihue, Kauai, Hawaii, USA

Tenure: Fee Simple

Development Land Area: 82.85 acres

Zoning: CG, R-2, RR-10, RR-20

Investment Summary

• Property includes:

» Partially constructed Ritz

Carlton residences

» Ocean view subdivisions

» Ready to build home sites with

ocean and golf course views

» 27-hole Jack Nicklaus signature

designed golf course and golf

club house

• SMA approved additional density of

694 units

• Approximately 850,500 visitors to

Kauai per year

Property Summary

www.KauaiResortSale.com

FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORTFULLY-ENTITLED AND INFRASTRUCTURE IN-PLACE

Nawiliwili BayNawiliwili Bay

Kauai Marriott Resort &Kauai Marriott Resort &

Beach ClubBeach Club

(820 Rooms)(820 Rooms)

Kauai LagoonsKauai Lagoons

ResortResort

Kauai Lagoons Golf ClubKauai Lagoons Golf Club

Kiele WaikaheKiele WaikaheKauai Lagoons Golf ClubKauai Lagoons Golf Club

Kiele MoanaKiele Moana

Contact UsMark D. Bratton * (R), CCIM

Investment Services Division

Tel: 808 523 9708

E-Mail: [email protected]

Susan Morris

Investment Services Division

Tel: 407 362 6154

E-Mail: [email protected]

* Bratton Realty Advisers, Ltd. Exclusively contracted to Colliers International HI, LLC.

Page 2: FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORTthebrattonteam.com/.../Kauai-Lagoon-Brochure-_-CA.pdf · FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORT ±83 ACRES AND GOLF COURSE • Situated

FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORT±83 ACRES AND GOLF COURSE

www.KauaiResortSale.com

• Situated on the beautiful

coast of Lihue, Kauai

• Half a mile to port at

Nawiliwili Bay

• Minutes from the Lihue

Airport, 6,000 ft runway

• Easy access to state

highway

• Adjacent to Nawiliwili

Harbor

Property Location

The property consists of

approximately 83 acres within the

601-acre master-planned community

of Kauai Lagoons. The community

boasts tropical wildlife and foliage,

dramatic coastline views, and

shimmering lagoons in one of the

most high-traffi cked parts of Kauai.

There are 64 partially constructed

units within the property’s partially

constructed subdivisions. The

planned development sites allow for

629 proposed high density units.

The ready to build home sites and

potential golf course lots allow for a

combined 65 subdivided lots. The 27-

hole Jack Nicklaus signature designed

golf course consists of Hawaii’s

longest and continuous ocean holes.

Property DescriptionMaster-Planned Site Plan

Page 3: FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORTthebrattonteam.com/.../Kauai-Lagoon-Brochure-_-CA.pdf · FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORT ±83 ACRES AND GOLF COURSE • Situated

www.KauaiResortSale.com

Two additional residential parcels available totaling 10.4 acres and 20 single family golf course lots

Subdivision 4 – Single Family Lots

Graded with Infrastructure in Place24 Lots14.1 AcresR-2 ZoningApproved Use Single-Family Residential Lots

Subdivision 1 – Single Family Lots

Graded with Infrastructure in Place10 Lots6.23 AcresR-2 ZoningApproved Use Single-Family Residential Lots

MVC Main – High Density Condos

Graded with Infrastructure in Place292 Units4 Floors Max.16.26 AcresRR-20 (& CG) Open ZoningProposed/Approved Use Condo, Timeshare, Multi-Family, & Hotel

Subdivision 7 – Single Family Lots

Graded with Infrastructure in Place11 Lots7.09 AcresRR-10/RR-20 ZoningApproved Use Single-Family Residential Lots

Townhomes

Partially Built5 Units2 LevelsIncluded in 6.1 Acres of Inn on the Cliff sRR-20 ZoningProposed/Approved Use Condo, Timeshare, Multi-Family, & Hotel

Inn on the Cliff s

Partially Built22 Units2 Floors with Parking Below6.1 AcresRR-20 ZoningProposed/Approved Use Condo, Timeshare, Multi-Family, & Hotel

Makali’i – Bldg A

Partially Built37 Units4 Floors with Parking Below3.32 AcresRR-20 OpenProposed/Approved Use Condo, Timeshare, Multi-Family, & Hotel

Makali’i – Bldg B

Graded with Infrastructure in Place52 Units4 Floors Max. 2.61 AcresRR-20 OpenProposed/Approved Use Condo, Timeshare, Multi-Family, & Hotel

Makali’i – Bldg C

Graded with Infrastructure in Place28 Units4 Floors Max.1.9 AcresRR-20 OpenProposed/Approved Use Condo, Timeshare, Multi-Family, & Hotel

MVC Sequel – High Density Condos

No Work Done – Existing Clubhouse Site193 Units4 Floors Max.14.2 AcresRR-20 & RR-10 ZoningProposed/Approved Use Condo, Timeshare, Multi-Family, & Hotel

Page 4: FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORTthebrattonteam.com/.../Kauai-Lagoon-Brochure-_-CA.pdf · FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORT ±83 ACRES AND GOLF COURSE • Situated

FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORT±83 ACRES AND GOLF COURSE

www.KauaiResortSale.com

Available for Sale

Inn on the Cliff s / Ritz-Carlton Residences (22 partially constructed units)

Townhouses (5 partially constructed units)

Makali’i A (low density condo site - partially constructed; 37 units)

Makali’i B (low density condo site - 52 units)

Makali’i C (low density condo site - 28 units)

MVC Main (high density)

Subdivision 7 (11 ocean view SFR lots)

Subdivision 1 (10 SFR lots)

27-hole Jack Nicklaus signature designed golf course

12345

78

6

5

4

3

6

1

2

8Kauai Lagoons Timeshare Kauai Lagoons Timeshare

Kalanipu’uKalanipu’u

7

Page 5: FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORTthebrattonteam.com/.../Kauai-Lagoon-Brochure-_-CA.pdf · FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORT ±83 ACRES AND GOLF COURSE • Situated

FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORT±83 ACRES AND GOLF COURSE

www.KauaiResortSale.com

Kauai Lagoons Golf ClubKauai Lagoons Golf Club

Kiele WaikaheKiele Waikahe

Kauai Lagoons Golf ClubKauai Lagoons Golf Club

Kiele MaukaKiele Mauka

Kauai Marriott Resort &Kauai Marriott Resort &

Beach ClubBeach Club

9

11 12

Available for Sale

Subdivision 4 (24 SFR lots)

MVC Sequel (high density)

Subdivision 2 (9 SFR lots)

Subdivision 3 (11 SFR lots)

27-hole Jack Nicklaus signature designed golf course

9101112

10

Page 6: FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORTthebrattonteam.com/.../Kauai-Lagoon-Brochure-_-CA.pdf · FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORT ±83 ACRES AND GOLF COURSE • Situated

FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORT±83 ACRES AND GOLF COURSE

www.KauaiResortSale.com

Partially Constructed Ritz-Carlton Residences

Kauai Lagoons Golf Club

Kauai Lagoons Timeshare Kalanipu’u (not a part)

Kauai Lagoons Timeshare Kalanipu’u (not a part) Bridge Over Lagoon

Kauai Lagoons is Home to Nene Goose -

Hawaii’s Endangered State Bird

Page 7: FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORTthebrattonteam.com/.../Kauai-Lagoon-Brochure-_-CA.pdf · FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORT ±83 ACRES AND GOLF COURSE • Situated

www.KauaiResortSale.com

KAUAI LAGOONS DEVELOPMENT LAND FOR SALE±83 ACRES AND GOLF COURSE

Kauai Lagoons of Development Land InventorySubdivision

Lot #

Parcel Name TMK # Lot

Acreage

Zoning SMA Approved

Number of Units

9-A Inn on the Cliff s (22 units)

& Townhomes (5 units)

4-3-5-001-216 6.10 RR-20 27

9-B Makali’i - Bldg A 4-3-5-001-217 3.32

0.30

RR-20

Open

37

9-C Makali’i - Bldg B 4-3-5-001-218 2.61

0.24

RR-20

Open

52

9-D Makali’i - Bldg C 4-3-5-001-219 1.90

0.33

RR-20

Open

28

9-E MVC - Main 4-3-5-001-220 16.26

0.15

RR-20 (& CG)

Open

292

8 MVC - Sequel 4-3-5-001-171 8.50

5.70

RR-20

RR-10

193

100 - 109 Subdivision 1 Lots 4-3-5-004-100 to 109 6.23 R-2 10

400 - 423 Subdivision 4 Lots 4-3-5-004-400 to 423 14.10 R-2 24

700 - 710 Subdivision 7 Lots 4-3-5-004-700 to 710 6.71 RR-10 / RR-20 11

200 - 208 Subdivision 2 Lots 4-3-5-004-200 to 208 4.58 R-2 9

300 - 310 Subdivision 3 Lots 4-3-5-004-300 to 310 5.82 R-2 11

Total 82.85 694

High Density Development Site

Ocean View Lots

Partially Constructed Ritz-Carlton Residences

Page 8: FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORTthebrattonteam.com/.../Kauai-Lagoon-Brochure-_-CA.pdf · FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORT ±83 ACRES AND GOLF COURSE • Situated

COLLIERS INTERNATIONAL

220 S. King Street, Suite 1800

Honolulu, HI 96813

www.colliers.com

www.KauaiResortSale.com

NORTH KAUAI

SOUTH KAUAI

CENTRAL KAUAI

KAPAA

Lihue

Hanalei

Kapaa

Poipou

Waimea

SITE

Princeville at Hanalei Princeville at Hanalei

Prince Golf CoursePrince Golf Course

Makai Golf Club at The Makai Golf Club at The

St. Regis ResortSt. Regis Resort

Kauai Lagoons Kauai Lagoons

Golf ClubGolf Club

Puakea Puakea

Golf Golf

CourseCourse

Poipu Bay Poipu Bay

Golf CourseGolf CourseKiahuna Golf ClubKiahuna Golf Club

Kukuiolono Golf CourseKukuiolono Golf Course

Kukuiula Golf CourseKukuiula Golf Course

Wailua Municipal Wailua Municipal

Golf CourseGolf Course

FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORT

FULLY ENTITLED AND INFRASTRUCTURE IN PLACE DEVELOPMENT OPPORTUNITY

* Bratton Realty Advisers, Ltd. Exclusively contracted to Colliers International HI, LLC. This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations

or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers

International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International

and/or its licensor(s). ©2013. All rights reserved.

Contact UsMark D. Bratton * (R), CCIM

Investment Services Division

Tel: 808 523 9708

E-Mail: [email protected]

Susan Morris

Investment Services Division

Tel: 407 362 6154

E-Mail: [email protected]

Page 9: FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORTthebrattonteam.com/.../Kauai-Lagoon-Brochure-_-CA.pdf · FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORT ±83 ACRES AND GOLF COURSE • Situated

CONFIDENTIALITY, NONDISCLOSURE AND INDEMNITY AGREEMENT This CONFIDENTIALITY, NONDISCLOSURE AND INDEMNITY AGREEMENT (the “Agreement”) is entered into effective as of the ____ day of __________, 2013 by and between MARRIOTT OWNERSHIP RESORTS, INC., whose address is 6649 Westwood Boulevard, Orlando, FL 32821 (hereinafter “Disclosing Party”) and ________________________________________________, whose address is ___________________________________________________________________, (hereinafter “Receiving Party”). The Disclosing Party and Receiving Party are sometimes referred to collectively as the “parties”, and individually as a “party”. WHEREAS, the Disclosing Party, its subsidiaries or affiliates, would like to share with the Receiving Party certain information that it considers confidential and non-public which is related to a transaction pursuant to which the Receiving Party would acquire an interest in the property commonly known as Marriott’s Kauai Lagoons in Kauai, Hawaii or an interest in the entity which owns the property (the “Property”). The acquisition and conveyance of an interest in the Property, or its owner, is hereinafter referred to as the “Transaction”.

WHEREAS, the Disclosing Party would like to protect the confidentiality of, maintain its respective rights in, and prevent the unauthorized use and disclosure of its confidential information related to the Transaction.

NOW, THEREFORE, in consideration of the mutual promises and obligations set forth

herein, the parties hereto hereby agree as follows: 1. Confidential Information. As used in this Agreement, “Confidential

Information” means all nonpublic information concerning the Transaction and/or the Property disclosed by Disclosing Party to Receiving Party in connection with the possible purchase, development, ownership, investment, financing and/or other operational aspect of such Property, including, but not limited to, all information to which the Receiving Party is provided access to through an electronic dataroom or web-based storage area. With respect to any analyses, compilations, studies or other material prepared by Receiving Party or its Qualified Persons (as defined below) containing or based in whole or in part upon such information furnished to Receiving Party or its Qualified Persons by Disclosing Party, Confidential Information includes the portion of the analyses, compilations, studies or other material that contains such information or that is based on such information. For the avoidance doubt, the definition of Confidential Information as set forth in this paragraph shall apply whether such information is provided to the Receiving Party, or to any of its principals, employees, agents, designees or representatives.

2. Exclusions. Confidential Information does not include any information that (i) is

or becomes available without breach of this Agreement, (ii) was independently developed by Receiving Party without reference to any Confidential Information; or (iii) at the time of disclosure or later, is published or becomes a part of the public domain through no act on the part of the Receiving Party.

Page 10: FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORTthebrattonteam.com/.../Kauai-Lagoon-Brochure-_-CA.pdf · FOR SALE > FEE SIMPLE KAUAI LAGOONS RESORT ±83 ACRES AND GOLF COURSE • Situated

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3. Confidentiality and Non-Use. Receiving Party shall treat the Confidential Information as confidential. Receiving Party shall protect and safeguard the Confidential Information against unauthorized use, publication or disclosure, and in furtherance thereof, shall not (i) use, directly or indirectly, any of the Confidential Information for any purpose other than its evaluation of the Property and the Transaction and as otherwise permitted under this Agreement, or (ii) disclose, publish or reveal the Confidential Information to any person other than a Qualified Person as described in Section 6 of this Agreement. Under no event or circumstance shall the Receiving Party share or disclose Confidential Information to associates, vendors or representatives of the Disclosing Party. 4. Disclosure by Law, Regulatory or Judicial Process. Notwithstanding the foregoing, Receiving Party shall not be liable for the disclosure of Confidential Information if made in response to a court order or request by an authorized agent of government. If Receiving Party or any Qualified Person has been requested or are required (by oral questions, interrogatories, request for information or documents, subpoena, civil investigative demand or similar process) to disclose any Confidential Information, Receiving Party will notify Disclosing Party (as soon as reasonably practical) of such request(s) so that Disclosing Party may seek an appropriate protective order. Receiving Party may disclose such information pursuant to such request or requirement without liability hereunder. 5. Confidentiality of any Proposed Transaction. Receiving Party will not, without Disclosing Party’s prior written consent, disclose to any person other than a Qualified Person as described in Paragraph 6 of this Agreement any information about the Transaction or the Property or the terms, conditions or other facts relating thereto, including the fact that discussions are taking place with respect thereto or the status thereof, or the fact that Confidential Information has been made available to Receiving Party.

6. Qualified Persons. Receiving Party shall limit the disclosure of Confidential Information to those of its employees, officers, directors, consultants, advisors or agents who need to have such information in order to evaluate the Property or the Transaction (collectively, the “Qualified Persons”). Receiving Party shall inform the Qualified Persons in writing that the Confidential Information is proprietary to the Disclosing Party and must be held in confidence. Receiving Party shall request all Qualified Persons to take precautions to safeguard the confidential status of the Confidential Information. Receiving Party shall maintain the confidentiality and prevent accidental or other loss or disclosure of any Confidential Information of the Disclosing Party with at least the same degree of care as it uses to protect its own Confidential Information but in no event with less than reasonable care. In the event that Receiving Party becomes aware of an unauthorized disclosure of Disclosing Party’s Confidential Information, Receiving Party shall immediately inform the Disclosing Party of such disclosure so that the Disclosing Party may have the opportunity to minimize the damage related to such disclosure.

7. Ownership of Confidential Information. All Confidential Information will remain

the exclusive property of Disclosing Party. Disclosing Party’s disclosure of Confidential Information will not constitute an express or implied grant to the Receiving Party of any rights to

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or under Disclosing Party’s patents, copyrights, trade secrets, trademarks or other intellectual property rights. 8. Notice of Unauthorized Use. Receiving Party will notify Disclosing Party promptly upon discovery of any unauthorized use or disclosure of Confidential Information or any other breach of this Agreement by Receiving Party of which Receiving Party is aware. If any unauthorized use or disclosure of Confidential Information results from a breach of the Agreement by Receiving Party, Receiving Party will cooperate with Disclosing Party in every reasonable way to help Disclosing Party regain possession of such Confidential Information and prevent its further unauthorized use. 9. Return or Destruction of Confidential Information. Receiving Party will return or destroy all tangible materials embodying Confidential Information (in any form and including, without limitation, all summaries, copies and excerpts of Confidential Information) promptly following termination of discussions regarding the Property.

10. Injunctive Relief. Receiving Party acknowledges that disclosure or use of Confidential Information in violation of this would cause injury to Disclosing Party for which monetary damages may be difficult to ascertain or an inadequate remedy. Receiving Party therefore agrees that Disclosing Party will have the right, in addition to its other rights and remedies, to seek injunctive relief for any violation of this Agreement, without bond or other security.

11. Scope; Termination. This Agreement is intended to cover Confidential

Information disclosed by Disclosing Party prior to or subsequent to the date hereof. This Agreement automatically will terminate upon the completion or termination of the parties’ discussions regarding the Property or the Transaction; provided, however, that Receiving Party’s obligations with respect to the Disclosing Party’s Confidential Information will survive for three (3) years following such completion or termination.

12. Third-Party Information. Receiving Party acknowledges that neither

Disclosing Party nor its agents is making any representation or warranty as to the accuracy, veracity or completeness of any Confidential Information. Neither Disclosing Party nor any of their respective officers, directors, members, employees, agents or controlling persons shall have any liability to Receiving Party or any of its Qualified Persons relating to or arising from the use of the Confidential Information.

13. Indemnified Parties. For purposes of this Agreement, Indemnified Parties shall

consist of the Disclosing Party, its successors, assigns, subsidiaries, affiliates, parents, officers, directors, associates, employees, principals, and consultants (the “Indemnified Parties”).

14. Release of Liability. Receiving Party releases and forever discharges the Indemnified Parties from and against any and all actions, costs, claims, losses, expenses, damages and/or liability (including attorneys’ fees) arising as a result of disclosure of Confidential Information by Receiving Party in violation or breach of this Agreement.

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15. Indemnity. Each Receiving Party shall defend, indemnify and hold harmless the Indemnified Parties from and against any and all actions, costs, claims, losses, expenses, damages and/or liability (including attorneys’ fees) arising as a result of disclosure of Confidential Information by such Receiving Party in violation or breach of this Agreement. The indemnity shall include all court costs and reasonable attorney’s fees (including attorney’s fees incurred in appellate actions) sustained by the Indemnified Parties, through trial and appeal. Receiving Party shall pay the cost of such defense, whether it shall be conducted by Receiving Party or by Indemnified Parties. If Receiving Party elects to defend such suit, Indemnified Parties may participate in such defense at its own discretion.

16. Remedies for Breach. Receiving Party agrees that should it become necessary to enforce this Agreement in any court of competent jurisdiction, the prevailing party shall be entitled to reasonable attorneys’ fees and costs of said enforcement action. Receiving Party further agrees that injunctive relief is a proper remedy for enforcement of this Agreement and Receiving Party hereby consents to the entry of the same by the Disclosing Party without bond or other security.

17. Severability. If any provision of this Agreement is ever determined to be invalid

or unenforceable to any extent for any reason, the remainder of this Agreement shall not be affected thereby.

18. Governing Law and Venue. This Agreement is entered into and shall be governed

by and construed in accordance with the laws of the State of Florida, U.S.A. and not with reference to the laws of any other jurisdiction. Venue for any dispute resolution arising from claims under this Agreement shall be in Orange County, Florida.

19. Facsimile (“Fax”) and Counterparts. Faxed copies of this Agreement and any

related documents shall be fully binding and effective for all purposes whether or not originally executed documents are transmitted. Fax signatures on documents will be treated as original signatures. This Agreement and any related documents may be executed in any number of counterparts and by different parties in separate counterparts each of which when so signed, shall be deemed to be an original, all of which taken together shall constitute one and the same document, and shall be binding upon all parties notwithstanding that all of the parties do not sign the same original or the same counterpart.

20. No rights granted. This Agreement shall not be construed as creating, conveying,

transferring, granting or conferring upon either parties hereto any rights, license or authority in or to the information exchanged, except the limited right to use Confidential Information specified in paragraph 1. Furthermore and specifically, no license or conveyance of any intellectual property rights is granted or implied by this Agreement. No partnership, joint venture, or other business or other relationship between the Disclosing Party and the Receiving Party shall be created or deemed to have been created by virtue of this Agreement.

21. No commitment. All parties acknowledge and agree that the exchange of

Confidential Information under this Agreement shall not commit or bind any party to any present or future contractual relationship (except as specifically stated herein), nor shall the exchange of information be construed as an inducement to act or not to act in any given manner. Each party

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expressly understands, acknowledges and agrees that with respect to any proposed Transaction no party is obligated to enter into any agreement or pursue any Transaction. Until an agreement with respect to any Transaction is fully executed by the parties, neither party shall be obligated to the other party, except with respect to maintaining the confidentiality of Confidential Information as contemplated herein; neither party shall rely upon, nor claim that it has detrimentally relied upon, the other party to any extent or in any respect concerning a Transaction; and either party may entertain offers and engage in discussions with third parties with respect to any transaction, notwithstanding that the parties have entered into this Agreement and have discussed a potential Transaction.

IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the

date first written above. “Disclosing Party” “Receiving Party” MARRIOTT OWNERSHIP RESORTS, INC.

_______________________________________

By: Name: Title:

By: Name: Title: