SMC Kona LLC ("SMC") has received Final Subdivision Approval of PL-SUB-2024-000235, which created Bulk lots Lot A-1 and Lot A-2.  SMC is now processing a subdivision application to (i) further subdivide Lot A-1 into Lots BP-7 through BP-11, as well as several road lots, buffer lots and easements; and (ii) further subdivide Lot A-2 into Lot BP-12, a road lot and two buffer lots.  SMC does not intend to pursue a further subdivision of these lots into individual subdivision lots, but rather will be submitting these lots to a Hawaii Condominium Property Regime ("CPR") and thereunder to create and establish approximately 57 spatial condominium units under the Hawaii Condominium Property Act (HRS Chapter 514B) and to obtain an effective date for a Developer's Public Report from the Real Estate Commission prior to entering into any binding contracts for the sale of any of these condominium units.  
 

Prior to obtaining the Real Estate Commission's approval of the Developer's Public Report, SMC will be accepting non-binding preregistration reservation agreements (each a "Reservation") with interested prospective purchasers with no deposit moneys.  The Reservation will make expressly clear that it is not a commitment to buy or to sell a CPR unit at any price or on any terms and does NOT constitute a sales contract. The Reservation will also make expressly clear that it does not create any rights in the proposed purchaser or any obligation on developer. The Reservation does not convey, nor may it be construed to convey, any interest in the CPR unit to the prospective purchaser.