Release of Negative Pledge Agreement

LAND COURT SYSTEM REGULAR SYSTEM - --------------------------------------------------------------------------------


AFTER RECORDATION, RETURN BY MAIL ( ) PICK UP ( )
John R. Aube, Esq.
WATANABE, ING & KAWASHIMA
745 Fort Street, 5th & 6th Floors
Honolulu, Hawaii 96813 - --------------------------------------------------------------------------------


Pages: 4
-------------- TMK: See attached Exhibit "A"


RELEASE OF NEGATIVE PLEDGE AGREEMENT


KNOW ALL MEN BY THESE PRESENTS:


That FIRST HAWAIIAN BANK, a Hawaii corporation, whose principal place of business is at 999 Bishop Street, Honolulu, Hawaii, as administrative and co-syndication agent (the "Agent") for Bank of America NT&SA, The First National Bank of Chicago, Bank Boston, N.A., Bank of Hawaii, Bank One, Arizona, NA, and First Hawaiian Bank, collectively, the "Banks" under that certain Negative Pledge Agreement dated March 29, 1996, made by Schuler Homes, Inc., a Delaware corporation, filed in the Office of the Assistant Registrar of the Land Court of the State of Hawai ...