[yrhcworking] Lease work from lawyer- Meeting Change

[Mlongreene2 at aol.com]

Good morning All,    
    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)
    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:    "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.
I also re-wrote the section on transfers,  separating it from assignments."
    
    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.
    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).
    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.
    There is a Maine Housing Conf. in Portland  on Sept. 29.  Details to 
follow.
    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.
    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.  
    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.
    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.  
 
Thanks,    Mark
 
    



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