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.. Bill Green February 20,2001 Page 2 You will notice that there are a few discrepancies between the legal descriptions on attached Exhibit A and the legal descriptions on Exhibit A attached to the CWCB deed of trust. These are due largely to inaccuracies in the appraisal that I sent to you last year. The discrepancies are as follows: 1. Parcel 3 is listed on the deed of trust Exhibit A as containing approximately 70 acres. However, the appraiser apparently misread the legal description and I am informed that the parcel actually contains only 9 acres. 2. The ParceL4-legal description includes additional lands in Section 7 and omi.ts lands in Section 2 compared to the deed of trust Exhibit A. 3. The Parcel 9 legal description includes more lots in Block 25. The contract sale prices of these lands are as follows: Parcell: $105,000 Parcel 2: $48,000 Parcel 3: Unknown Parcels 4 and 9: (Including water rights) $185,000 Parcel 5: $5,500 Parcel 6: (Including water rights) $145,000 The transactions were originally scheduled to close this month. The closings are being rescheduled to the end of March to provide adequate time to obtain the requested partial releases. You asked whether Model could simply payoff the CWCB loan at this point, rather than obtain partial releases. I have raised this point with the Model officers. Obviously, the proceeds of the sales would be sufficient to pay off the $335,000 note if that were required. However, Model would like to use the proceeds of the sales to pay ongoing operations and maintenance expenses. In addition, since both your office and Model spen~ substantial time and money negotiating and documenting the loan, Model would lik~ to obtain the benefit of the loan for some time period before it is paid off For these reasons, Model requests that the partial releases be