The extension would be from 2017. From: Richard Kahn [maitto: Sent: Friday, November 20, 2015 4:59 PM To: Lande, Mark Cc: Jeanne Brennan; Greene, Jennifer; Brown, Luke; Lande, Mark Subject: Re: 9.15 Reporting - American Yacht Harbor thank you for update would 2 year extension be from loan termination date in 2017? can you please keep up updated on loan and inform us before any decision is finalized with the bank thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel 212-971-1306 fax 646-350-0954 cell 917-414-7584 On Nov 18, 2015, at 9:56 AM, Lande, Mark < > wrote: Richard, Please find attached the Q3 2015 reporting. In response to your question, AYH recently signed a term sheet with Banco Popular that provided the following two options: Option 1 EFTA00836044

2 year extension with an interest rate of 2.83% Option 2 7 year extension with a fixed interest rate of 4.95%. Option 1 does not require an appraisal. Option 2 requires an appraisal showing a LTV Ratio of 75%. Both options would require amortization of $33,000 per month. IGY is in favor of option 2 and the lender has commissioned an appraisal which should be completed before Christmas. If that happens it is our hope to close the loan shortly after the new year. Please let me know if you have any questions. Yours, Mark Lande From: Richard Kahn rmailto Sent: Wednesday, November 18, 2015 7:23 AM To: Lande, Mark Cc: Jeanne Brennan; Greene, Jennifer; Brown, Luke; Lande, Mark Subject: Re: 6.15 Reporting - American Yacht Harbor Good morning Can you please update me on status if bank loan renewal / extension Thank you Rich From: "Lande, Mark" < Date: Wednesday, Jul 29, 2015 To: Richard Kahn Cc: Jeanne Brennan Luke" at 12:01 PM , "Greene, , "Brown, , "Lande, Mark EFTA00836045