<table><tr><th>From:</th><th>David Mitchell &lt;</th></tr><tr><td>Sent:
To:</td><td>Saturday, June 3, 2017 9:00 PM
Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re: Fwd:</td></tr></table>

It is under funding to date on the source side

DAVID MITCHELL

Mitchell Holdings LLC
801 Madison Avenue
New York NY 10065
USA

On Jun 3, 2017, at 4:59 PM, Jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gm=il.com» wrote:

yes, but where is the reimbursbale on the project co=ts or funding of

On Sat, Jun 3, 2017 at 4:57 PM, David Mitchell <=pan dir="ltr"><mailto:  > wrote:

Footnote should r=ad in two sections somehow it got consolidated and reformatted when I sent=out

First round of in=estor notes will be paid from loan modification

And the reimburse=ents owed to me as of May 17 were $991,689

As it reads now i= indicates that the reimbursements were paid or to be paid from loan modif=cation

..........................................
DAVID MITCHELL
..........................................
Mitchell Holdings LLC
801 Madison Avenue
New York NY 10065
USA

| Field | Extracted content |
|---|---|
| Date / Time | Jun 3, 2017, at 4:25 PM |
| Sender name | [name redacted in image] |
| Sender email | [redacted] |
| Message body | "fyi," |
| Signature — Name | [name redacted in signature] |
| Signature — Company | Mitchell Holdings LLC |
| Signature — Address | 801 Madison Avenue, New York, NY 10065, USA |
| Other visible items | Large black redaction block below signature; "Begin forwarded message:" and "From: [redacted]" visible |

please find the up to date information

This does not take in account mini construction loan funding from DB t= cover the extras and the buildout of back four rooms

The request was $860,237 , which would reduce if granted the the secon= round of

investor notes by that amount

It was not included as it has not been approved

<Life Hotel - Overview of Costs & Funding.pdf>

As you know, unlike m=nths prior the bank has not released the revenues from the lockbox on inte=- month basis which has caused stress to the situation

As you know for last t=o weeks I personally have covered the payroll for the hotel

In regards to the hotel payables I have been working with Alan to create a =trategic plan for next 7 days to see if there any emergencies

As of Friday we have i=entified $16,500 at the hotel and $3800 at the resta=rant company Both which I will cove= on Monday

Assuming bank release =ock box and insurance escrow on June 9

Lockbox estimate $273,=41
Insurance escrow $159,=00

Obviously this will fr=e up cash to payout current and hopefully some past expenses

Current budget number =vailable to the hotel is $323,599.22

I also have been worki=g with Alan to plan out the use of the shortfall reserve in the

loan of $2=000,000

for the hotel and rest=urant

He is working with Cat=y tomorrow to verify and ascertain correct numbers and we should have a pl=n for the above on Monday

DAVID MITCHELL

Mitchell Holdings LLC
801 Madison Avenue
New York NY 10065
USA

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JEE

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