Re: David

Forwarded message from Stephen Hanson, dated November 4, 2017, 11:57:08 AM EDT, subject: David

David

Now that you have received funding for 3.5m - We need to organize how we can complete the hotel and restaurant open=items

I can come over to your office on Sunday to review the below I have cc Randy and howie so we can all address this first point

1/First - we had always agreed once the project started to be delayed=along with AP not being funded a new $800k budget was needed for the resta=rant-this budget was based from the day of funding - and with a September =pening — which so far neither obviously has happened

we both had agreed to personally fund the restaurant with $200k each =this was back before summer when we thought we would open in late August.c/=pan>

Then in September when you where relaying on Arcade to fund a bridge =oan - and we needed funds to complete time and weather sensitive construct=on items - ie the new roof, sidewalk and other items -which I funded - we =oth agreed to fund construction with $200k and where to be repaid when Arcade funded -

-Arcade walked away from the loan and we where never reimbursed

-Then when Crescendo stepped in to advance you the 3.5mm loan -you ad=ised them that $750k was going to the restaurant - this is not correct- wh= you positioned the proceeds this way is not accurate

We both need to be reimbursed from the Crescendo hotel loan -my loan =s higher then $200k at this point - but reimburse each of us so we can the= personally fund the restaurant- as we agreed upon So the hotels additional funding of the restaurant is $350 k not $750=/span>

2/ Still to be addressed - which you have not responded to - is an ou=line as to the possible shortfall in the restaurant we could endure from J=nuary to April - complete budget sent to you weeks ago

3/ I'm told you only are funding the restaurant $700 k becaus= you subtracted last weeks PR ? This is not correct in addition there are =P items that are not the restaurant responsibility -ie tasting for bankers=and loan people - the charity event on Monday to promote the hotel • we can address this at tomorrows meeting

4/ AP - how these accounts are paid off- following the AP list you ad=ised lenders would be cured - you need to complete before they lean the ho=el- as a few have threatened

5/ Construction- Friday's meeting with skyland seemed to put =s on track -issue now is how hard will they push to complete in next 2 wee=s - we need gary on board -I hear he is waiting for his payment before he =ill resume -but we can complete if everyone gets aggressive and bring trades back to site

We need plumbing and Electric punch list items - Chefs are working on=their list we will need gary to complete hotels items -especially items ne=ded for tco

6/ Speakeasy as skyland pointed out at yesterday's meeting an= we both understood -there is little they need to contractually complete i= the speakeasy as most items are now change orders going forward

Items to complete will be reviewed on Monday with Tara - skyland and =ary

your office has still not answered where the banquette fabric is - =or starters

Banquets- to be built

-Lighting will reviewed with Tara on Monday -

-front vestibule landing

Bar entire unit

Need to address that AC unit in the new area at bar we developed. $ 7=

One AP item that needs to ASAP be paid is the soundproofing- we will =eed this also in the speakeasy

bar area-

7/ When will you be in your office on Sunday - I'll come over=as you suggested on Friday days-speakeasy in 3 weeks As we need a great outline prior to Monday's hopefully jump s=art to complete lobby in 10

hopefully we can then try to get some xmas party business - looking a= the hotels occupancy it falls off the cliff after 12/18 but maybe we can =apture some business - this brings me back to the restaurants operating bu=get - we need to address a possible winter shortfall above the $750 k opening budget

8/. Hotel funding operating funds to be released on nov 8. We need th=se funds to stay with hotel as they have vendors putting the hotel on COD =nd as Denise has mentioned - they are almost out of hair wash and we have =un out of slippers weeks ago - now that the cold weather is here these are essentials

You can not use these funds for construction AP.

I hear we are $180 k over 45 days with AP and have $300 k closing in =n 30 days Let's also review on Sunday

9/ As you agreed on- you need to pay stacy Gilbert so she can resume =he accounting process

—What time Sunday??

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