<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Monday, January 15, 2018 10:10 PM</td></tr><tr><td>To:</td><td>David Mitchell</td></tr><tr><td>Subject:</td><td>Re: Term sheet</td></tr></table>

no terms?

wrote:

On Mon, Jan 15, 2018 at 4:52 PM, David Mitchell

FYI,
lots of pressure
........................................
DAVID MITCHELL
........................................
Mitchell Holdings LLC
745 Fifth Avenue
New York NY 10151
USA

Begin forwarded message:

From: Susanna Rock

Date: January 15, 2018 at 1:13:35 PM EST

To: HenryCabot Lodge

David Mitchell

Cc: Eric Sadkin

Subject: RE: Term sheet

David,

Please find attach draft term sheet. A couple of ite=s in square brackets tbc.

I have asked Doug to let me know the projected opera=ing shortfall at the next IPD (knowing also there is $122k due on AP betwe=n now and the 22nd with $17k on the account).

The thinking is we want to make sure the Equity Cont=ibution of no less than 5175k is sufficient to cover any operating shortfa=ls occurring between today and when we fund to ensure the hotel can operat= efficiently without delaying any payments due to employees, third party service providers etc.

I would also note this is subject to our attorney =80 s review.

Kind regards,

Susanna

Susanna Rock<i=pan>

Crescendo Real Estate Partne=s

Direct:

Mobil

Email:

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From: Henry Cabot Lodge

Subject: Term sheet

Draft should be comin= to you shortly from Susanna. Terms as we discussed except charging an ext=a

$20K.

H. Cabot Lodge III
Senior Managing Director
Crescendo Real Estate Partners Ltd

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