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<DIV><FONT face="Times New Roman" size=3>Good morning All,
</FONT></DIV>
<DIV><FONT face="Times New Roman" size=3> I once again
have a conflict with a meeting in Town (VFW/LICA/IDEA legal stuff) next Tuesday
until the 7:15 boat and ask that we postpone the Aug. 5 regular meeting until
the third Tues. in Sept (16th). (Jeff's wedding week makes Sept. 2 not good
either)</FONT></DIV>
<DIV> <FONT face="Times New Roman" size=3>The only item
needing attention is the lease. I have attached the Lease with
redline corrections and a revised copy without the corrections for easy
reading. If you do not have a color printer, the revisions are
single line crossouts and double underlined (there is a key at the
end). The short version of the significant changes proposed by
Attorney Cito Selinger are as follows: <FONT size=4>
"</FONT></FONT><FONT face="Times New Roman" size=4>I significantly expanded the
section on mortgages, based on language in another ground lease I've seen.
I wanted to make it very clear that YRHC would not join in a mortgage or
subordinate the fee.</FONT></DIV>
<DIV dir=ltr align=left><SPAN class=385223312-30062008><FONT
face="Times New Roman" size=4>I also re-wrote the section on transfers,
separating it from assignments."</FONT></SPAN></DIV>
<DIV dir=ltr align=left><SPAN
class=385223312-30062008> </SPAN></DIV>
<DIV dir=ltr align=left><SPAN
class=385223312-30062008> <FONT
face="Times New Roman Baltic" size=3>Other things going on - The 501c3 work with
a million revisions is now resting comfortably with the IRS and the turn
around for approval is about 90 days.</FONT></SPAN></DIV>
<DIV dir=ltr align=left><SPAN
class=385223312-30062008> <FONT
face="Times New Roman Baltic" size=3>The deeds; real estate transfer exemptions;
and a mountain of other paperwork has been signed by the Selectmen and
me and is awaiting return from the Gordons and Maine Revenue Service at
which time the transfer will be completed when recorded at the Registry of Deeds
(on or about Sept. 15).</FONT></SPAN></DIV>
<DIV dir=ltr align=left><SPAN
class=385223312-30062008> <FONT
face="Times New Roman Baltic" size=3>We also still need to schedule an
annual meeting for the YRH Corp for election of Trustees and officers and
By-Law revisions requested by the YRHASC. YRHASC needs to first approve
such changes (removing specific selection criteria from the YRHCorp
By-Laws. We should be thinking of October at the latest for this
meeting.</FONT></SPAN></DIV>
<DIV dir=ltr align=left><SPAN
class=385223312-30062008> <FONT
face="Times New Roman Baltic" size=3>There is a Maine Housing Conf. in Portland
on Sept. 29. Details to follow.</FONT></SPAN></DIV>
<DIV dir=ltr align=left><SPAN
class=385223312-30062008> <FONT
face="Times New Roman Baltic" size=3>Liza Flemming Ives of the Genesis
Foundation is coming out in Sept. to see our proposed properties and
discuss our YRHC program needs. Genesis has paid all of our legal
work so far and the survey work for the Gordon properties. If before
our next meeting, I will be looking for some others interested in joining me
during her visit. She is a wealth of ideas - nice if we could
schedule our YRHC meeting when she comes, but it will probably be in the
morning.</FONT></SPAN></DIV>
<DIV dir=ltr align=left><SPAN
class=385223312-30062008> <FONT
face="Times New Roman Baltic" size=3>Unfortunately, Alden is completing
his "tour of duty" in August. While his note taking at the meetings
is obvious, his dedication and quiet but strong assistance to many
aspects of our fledgling housing program has been extremely
significant. Thank you Alden, you will be sorely
missed. </FONT></SPAN></DIV>
<DIV dir=ltr align=left><SPAN class=385223312-30062008></SPAN><SPAN
class=385223312-30062008> <FONT
face="Times New Roman Baltic" size=3>If there are other issues needing
attention, let me know. If there is anything pressing that you
know of that would require an interim meeting, we will call
one.</FONT></SPAN></DIV>
<DIV dir=ltr align=left><SPAN class=385223312-30062008><FONT
face="Times New Roman Baltic" size=3> The only new houses
I have heard of are the McCool's next to me (a year round house) and maybe
Blaisdells (also formerly a year round house). Neither will be
low priced. I confirmed with Gregg Layer that the Beach
Ave. House is in foreclosure. </FONT></SPAN></DIV>
<DIV dir=ltr align=left><SPAN class=385223312-30062008><FONT
face="Times New Roman Baltic" size=3></FONT></SPAN> </DIV>
<DIV dir=ltr align=left><SPAN class=385223312-30062008><FONT
face="Times New Roman Baltic" size=3>Thanks,
Mark</FONT></SPAN></DIV>
<DIV dir=ltr align=left><SPAN class=385223312-30062008><FONT
face="Times New Roman Baltic" size=3></FONT></SPAN> </DIV>
<DIV dir=ltr align=left><SPAN
class=385223312-30062008> </SPAN></DIV></FONT><BR><BR><BR><DIV><FONT style="color: black; font: normal 10pt ARIAL, SAN-SERIF;"><HR style="MARGIN-TOP: 10px">Get fantasy football with free live scoring. <A title="http://www.fanhouse.com/fantasyaffair?ncid=aolspr00050000000020" href="http://www.fanhouse.com/fantasyaffair?ncid=aolspr00050000000020" target="_blank">Sign up for FanHouse Fantasy Football today</A>.</FONT></DIV></BODY></HTML>