secwatch.observer — SEC 8-K summary
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Issuer:     MAUI LAND & PINEAPPLE CO INC (MLP)
CIK:        0000063330
Form:       8-K
Filed at:   2022-05-18T23:59:59+00:00
Accession:  0001437749-22-012856
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01
LLM model:  deepseek-v4-flash:cloud@v2

MLP amends two property sale agreements; Kapalua Central price stays $40M, Omaopio price reduced to $9.6M
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- Amendment No. 3 for Kapalua Central: purchase price remains $40M; closing conditioned on obtaining 5-year extension of construction completion deadline by April 10, 2023.
- Initial deposit $300K restructured to allow $290K spent on extension costs; $1.5M additional deposit replaced with $2M fund for extension-related costs.
- For Omaopio property: purchase price reduced from $9.7M to $9.6M; closing anticipated on or around May 20, 2022.
- Hoa Pono waived diligence; $2M deposit became non-refundable; if fails to close, deposit awarded to MLP.
- Automatic cancellation of Kapalua Central if extension not granted; Fakhrey may terminate if extension imposes new conditions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/63330/000143774922012856/0001437749-22-012856-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/63330/000143774922012856/mlp20220517_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-22-012856

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