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<DIV><FONT face=Arial>NOTE: This may have already been figured out, please let
me know if we have already researched this and what we were told (and by how
many banks and which banks, lengths of terms needed etc.).</FONT></DIV>
<DIV><FONT face=Arial></FONT> </DIV>
<DIV><FONT face=Arial>If a house is built on a leased land property, and the
bank has say... a 99 year minimum to give a loan on it. Then what happens 10
years down the road when there is only 89 years left on the lease, will someone
be able to find a loan to purchase the house so that the seller will
be able to sell the house without having to find a cash buyer?</FONT></DIV>
<DIV><FONT face=Arial></FONT> </DIV>
<DIV><FONT face=Arial>Alden if we have not checked on this already, could you
find out from the banks that currently offer this type of loan how this works in
the future as they may have programs etc. for future buyers.</FONT></DIV>
<DIV><FONT face=Arial></FONT> </DIV>
<DIV><FONT face=Arial>Chris Papkee</FONT></DIV>
<DIV style="FONT: 10pt arial">----- Original Message -----
<DIV style="BACKGROUND: #e4e4e4; font-color: black"><B>From:</B> <A
title=rraftman@aol.com href="mailto:rraftman@aol.com">rraftman@aol.com</A>
</DIV>
<DIV><B>To:</B> <A title=chris@peanutallergy.com
href="mailto:chris@peanutallergy.com">chris@peanutallergy.com</A> </DIV>
<DIV><B>Sent:</B> Tuesday, April 03, 2007 4:35 PM</DIV>
<DIV><B>Subject:</B> Fwd: [Year-Round Housing Committee] pre
approval</DIV></DIV>
<DIV><BR></DIV>
<DIV><SPAN contentEditable=false style="DISPLAY: inline-block"></SPAN></DIV>
<DIV> </DIV> <BR>-----Original Message-----<BR>From: <A
href="mailto:atierney@nortonne.com">atierney@nortonne.com</A><BR>To: <A
href="mailto:housingcommittee@townoflongisland.us">housingcommittee@townoflongisland.us</A><BR>Sent:
Tue, 3 Apr 2007 3:29 PM<BR>Subject: [Year-Round Housing Committee] pre
approval<BR><BR>
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<DIV class=Section1>
<DIV class=MsoNormal><FONT face="Times New Roman" color=black size=3><SPAN
style="FONT-SIZE: 12pt; COLOR: black">FYI.. </SPAN></FONT></DIV>
<DIV class=MsoNormal><FONT face="Times New Roman" color=black size=3><SPAN
style="FONT-SIZE: 12pt; COLOR: black">I called the mortgage broker that we have
been working with to see if he could pre approve us for the leased land idea and
he said he could do it but would need to see a copy of the lease the town would
be offering before he could really get us numbers. He also said most
banks/ mortgage brokers will require the same thing.</SPAN></FONT></DIV>
<DIV class=MsoNormal><FONT face="Times New Roman" color=black size=3><SPAN
style="FONT-SIZE: 12pt; COLOR: black">Something to think
about.</SPAN></FONT></DIV>
<DIV class=MsoNormal><FONT face="Times New Roman" color=black size=3><SPAN
style="FONT-SIZE: 12pt; COLOR: black">Amy</SPAN></FONT></DIV>
<DIV class=MsoNormal><FONT face="Times New Roman" color=black size=3><SPAN
style="FONT-SIZE: 12pt; COLOR: black"></SPAN></FONT> </DIV>
<DIV>
<DIV class=MsoNormal><FONT face="Century Schoolbook" color=blue size=4><SPAN
style="FONT-SIZE: 13.5pt; COLOR: blue; FONT-FAMILY: 'Century Schoolbook'">Amy
Tierney</SPAN></FONT><FONT color=black><SPAN
style="COLOR: black"></SPAN></FONT></DIV>
<DIV class=MsoNormal><FONT face="Century Schoolbook" color=blue size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: blue; FONT-FAMILY: 'Century Schoolbook'">Marketing
Representative</SPAN></FONT><FONT color=black><SPAN
style="COLOR: black"></SPAN></FONT></DIV>
<DIV class=MsoNormal><FONT face="Times New Roman" color=black size=3><SPAN
style="FONT-SIZE: 12pt; COLOR: black"></SPAN></FONT> </DIV>
<DIV class=MsoNormal><FONT face="Century Schoolbook" color=blue size=4><SPAN
style="FONT-SIZE: 13.5pt; COLOR: blue; FONT-FAMILY: 'Century Schoolbook'">Norton
Insurance Agency</SPAN></FONT><FONT color=black><SPAN
style="COLOR: black"></SPAN></FONT></DIV>
<DIV class=MsoNormal><FONT face="Century Schoolbook" color=blue size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: blue; FONT-FAMILY: 'Century Schoolbook'">275 US
Route</SPAN></FONT><FONT face="Century Schoolbook" color=blue size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: blue; FONT-FAMILY: 'Century Schoolbook'">
1</SPAN></FONT><FONT color=black><SPAN style="COLOR: black"></SPAN></FONT></DIV>
<DIV class=MsoNormal><FONT face="Century Schoolbook" color=blue size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: blue; FONT-FAMILY: 'Century Schoolbook'">Cumberland</SPAN></FONT><FONT
face="Century Schoolbook" color=blue size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: blue; FONT-FAMILY: 'Century Schoolbook'">
Foreside, ME 04110</SPAN></FONT><FONT color=black><SPAN
style="COLOR: black"></SPAN></FONT></DIV>
<DIV class=MsoNormal><FONT face="Century Schoolbook" color=blue size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: blue; FONT-FAMILY: 'Century Schoolbook'">Phone:
829-3450 </SPAN></FONT><FONT color=black><SPAN
style="COLOR: black"></SPAN></FONT></DIV>
<DIV class=MsoNormal><FONT face="Century Schoolbook" color=blue size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: blue; FONT-FAMILY: 'Century Schoolbook'">Toll
Free: 1-800-777-5244</SPAN></FONT><FONT color=black><SPAN
style="COLOR: black"></SPAN></FONT></DIV>
<DIV class=MsoNormal><FONT face="Century Schoolbook" color=blue size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: blue; FONT-FAMILY: 'Century Schoolbook'">Fax:
829-6350</SPAN></FONT><FONT color=black><SPAN
style="COLOR: black"></SPAN></FONT></DIV>
<DIV class=MsoNormal><FONT face="Times New Roman" color=black size=3><SPAN
style="FONT-SIZE: 12pt; COLOR: black"></SPAN></FONT> </DIV>
<DIV class=MsoNormal><FONT face="Century Schoolbook" color=black size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 'Century Schoolbook'"><A
href="mailto:atierney@nortonne.com">atierney@nortonne.com</A></SPAN></FONT><FONT
color=black><SPAN style="COLOR: black"></SPAN></FONT></DIV>
<DIV class=MsoNormal><FONT face="Times New Roman" color=black size=3><SPAN
style="FONT-SIZE: 12pt; COLOR: black"></SPAN></FONT> </DIV>
<DIV class=MsoNormal><FONT face=Arial color=black size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial">Please note coverage
changes can not be taken nor coverages bound via this email system.
thanks!</SPAN></FONT><FONT color=black><SPAN style="COLOR: black">
</SPAN></FONT></DIV></DIV>
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housingcommittee mailing list
<A href='javascript:parent.ComposeTo("housingcommittee%40townoflongisland.us", "");'>housingcommittee@townoflongisland.us</A>
<A href="http://townoflongisland.us/mailman/listinfo/housingcommittee_townoflongisland.us" target=_blank>http://townoflongisland.us/mailman/listinfo/housingcommittee_townoflongisland.us</A>
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