<html><head><style type='text/css'>p { margin: 0; }</style></head><body><div style='font-family: Arial; font-size: 12pt; color: #000000'><P>Hi Greg!</P>
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<P>Thank you for that breakdown on the mortgage. I support the idea of whittling down the amount of money we would we need to borrow and consequentley, like the idea of using the $17,000+/- to reduce the loan. I also support paying the closing costs out of funds that we already have if feasable. I guess my thinking is similar to how we run our own personal life; I try to minimize debt/ loans and as a result, intererst paid out.</P>
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<P>My two cents,</P>
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<P>Tim<BR>----- Original Message -----<BR>From: "Greg Gebow" <junipersc@comcast.net><BR>To: "PYC BOD" <board@portsmouthyc.org><BR>Sent: Monday, November 22, 2010 12:46:16 PM<BR>Subject: [Board] Mortgage Modification<BR><BR></P>
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<DIV>Greetings,</DIV>
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<DIV>I spoke with Tim Dargan at Federal Savings Bank this morning. He clarified some of the question I raised regarding the loan offer. On page 1: loan increase is to be what the BOD decides is appropriate not necessarily what the offer shows. On page 2 : <STRONG>Prepayment penalty : </STRONG>This would apply only on an early payoff. For example a re-finance with another bank. Pay-downs of principle or the entire loan by the Club from our internal resources would not trigger the penalty.</DIV>
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<DIV>The original mortgage did not have title insurance because the Bank did not require it. Title insurance is now required by the Bank.</DIV>
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<DIV>Total cost of the transaction:</DIV>
<DIV> a. Flood Certificate: $22.00</DIV>
<DIV> b. Attorney\u2019s Fees $648.75 (includes title & title insurance)</DIV>
<DIV> c. Documentation: $500.00</DIV>
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<DIV align=left> Total: $1,170.75</DIV>
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<DIV align=left>Since The Club already has paid a deposit to Custom Floats of $17,000 + I suggest we only borrow that amount necessary to satisfy the remainder of the contractual amount. This would be approx. $35,000 +or-. John you can remind us of the exact dollar figures, thanks. Also we should decide whether to pay the closing cost out of current funds or add these to loan amount. (which, of course incurs more interest!!)</DIV>
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<DIV align=left>Your comments, please,</DIV>
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<DIV align=left>Regards,</DIV>
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<DIV align=left>Greg</DIV>
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