TITLE OF DOCUMENT:



                                LEASE AGREEMENT





------------------------------------------------------------------------------

PARTIES:



LESSOR:    HAWAII BREWERY DEVELOPMENT CO., INC., A HAWAII

           CORPORATION



LESSEE:    HAWAIIAN NATURAL WATER COMPANY, INC., A HAWAII

           CORPORATION



------------------------------------------------------------------------------

PROPERTY DESCRIPTION:                           |        LIBER/PAGE:

                                                |

That certain land situate at Keaau,             |        DOCUMENT NO.

District of Puna, Island, County                |

and State of Hawaii, being Lot                  |

Numbers A-31-B and A-31-A-l,                    |

bearing TMK(s) (3)1-6-141-001; and -002         |



------------------------------------------------------------------------------





                                LEASE AGREEMENT

                                ---------------





         THIS LEASE AGREEMENT ("Lease") is made as of June 1, 2001, by and

between HAWAII BREWERY DEVELOPMENT CO., INC., a Hawaii corporation, whose

principal place of business and mailing address is 2592 Makiki Heights

Drive, Honolulu, Hawaii 96822 ("Lessor"), and HAWAIIAN NATURAL WATER

COMPANY, INC., a Hawaii corporation, whose principal place of business and

mailing address is 98-746 Kuahao Place, Pearl City, Hawaii 96782 ("Lessee").



                             W I T N E S S E T H:



         This Lease replaces and supercedes that certain Lease Agreement

between Lessor and Lessee, dated October 3, 1994, and all amendments

thereto, all of which are hereby cancelled and terminated and of no further

force or effect.



                              AGREEMENT TO LEASE:



         Lessor demises and leases, and Lessee does hereby accept to rent

under the terms and conditions being agreed to in this Lease, the following:



         That certain real property (hereinafter "Property") situated in

Keaau, Puna, Hawaii, described in Exhibit "A" attached hereto, together with

all buildings and other improvements located thereon, the water well located

thereon (hereinafter "Well") and the appurtenant pumping





<PAGE>

<PAGE>



equipment more particularly described in Exhibit "B" attached hereto and by

this reference made a part hereof (hereinafter "Equipment").



         Together with non-exclusive easements of ingress and egress to a

public road, and for utility purposes, over, under and upon the following:



         Lot A-31-A-3 as shown on Land Court Map 134;

         Lot 1092-K-1, area 1.133 acres, as shown on Map 224;

         Lot 1092-U, area 2.876 acres, as shown on Map 81; and

         Lot 1150-B-1, area 0.428 acre, as shown on Map 457,



all filed in the Office of the Assistant Registrar of the Land Court of the

State of Hawaii (the "Land Court") with Land Court Application No. 1053

(amended) of W.H. Shipman, Limited.



         The Property, Well and Equipment and the foregoing easements

hereafter collectively referred to as the "Premises".



                                   TERMS:

                                   ------



         1.       Lease Term:

                  ----------



                  The Lease term (the "Term") shall commence on the date of

this Lease and end at midnight on September 30th, 2044. Lessee shall have an

option to extend the term of this Lease for an additional fifty (50) years

under the same terms and conditions (except for duration) as set forth

herein (the "Extension Option"). Lessee may exercise the Extension Option by

delivering written notice (the "Extension Option Notice") of its election to

exercise the Extension Option. Not later than six (6) months prior to the

expiration of the Term, Lessor will deliver to Lessee written notice

("Lessor's Lease Notice") that the Extension Option will expire if not

exercised on or before that date which is three (3) months prior to the

expiration of the Term. Lessee's right to exercise the Extension Option will

expire if not exercised on or before the date which is three (3) months

prior to the expiration of the Term; provided, however, that if Lessor fails

to deliver the Lessor's Lease Notice on or before that date which is six (6)

months prior to the expiration of the Term, then Lessee's right to exercise

the Extension Option shall not expire until that date which is ninety (90)

days after Lessor's delivery of Lessor's Lease Notice. If Lessee exercises

the Extension Option, the Term shall end at midnight on September 30th,

2094.



         2.       Quiet Enjoyment:

                  ---------------



                  Lessor promises Lessee that upon payment by Lessee of the

rent required and performance by Lessee of its obligations under this Lease,

that Lessee shall peaceably hold and enjoy the Premises for the Term without

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC