EFTA Document EFTA01744025

From: "Mukamal, Thomas" To: [email protected] < eevacation mail.com> Cc: "Farkas, Andrew L." > Subject: AYH Sent: Wednesday, July 15, 2015 3:10:47 PM Jeffrey — Andrew asked me to pull together a written plan for the asset which we are doing. Much has been discussed with Rich and the primary driver has been to get an extension from BPPR. Once we have the terms on which we can get an extension, we will have far more clarity on where to invest the capital we are holding on to — to preserve the integrity of the asset. I have placed focus on life safety only (railings etc.) until the bank makes a decision — and they haven't yet done so. I am not there as frequently as you and will place more focus on aesthetics (and have made this clear) — its quality of life and I apologize for not be more sensitive to that. I am going to make a trip to get in front of the bank to try to speed things along and I hope to get a written document to you, Rich etc. as soon as I can. If you would like to discuss with over the phone or in person, I am happy to jump on a call at your convenience or come down to AYH and walk the property with you etc. Just let me know. For now — we have actioned asap: 1. pressure washing and painting the garage, costing a fix for the ceiling tiles, and looking at adding some lighting. 2. Replace the American flag that is torn 3. P Dock — is waiting on Hoffman to start Oct 1— as discussed with Rich, the degree of success of refurbishing this dock will be looked as a model for the other docks. It is not a total fix (as will be outlined) but once completed we can see how it goes and implement it into the BIG grant proposal (see below) to improve the integrity of the balance of the docks. 4. B and C Dock —pending BIG Grant funding and engineering report. We will do what we can to repair loose boards, clean up ,etc. The BIG grant is a federal boating infrastructure grant program which matches our equity put into infrastructure. We have made some applications for AYH and while it takes time — given the needs of the asset could be very valuable to us. Will be more detailed in the memo we are preparing. 5. B Dock — will remove and replace the rotten timber on the freeboard of those docks 6. B Building STC photos - hand railings and pressure washing and painting. Paint siding and doors B and C building Decking —missing pavers, discoloration, etc. Perhaps we pursue a plan to apply a uniform spraydeck type finish throughout? 7. Stairs — scoping out cost to replace EFTA_R1_00035882 EFTA01744025 Tom Mukamal President Island Global Yachting Ltd. 717 Fifth Avenue, 18th Floor New Y r New York 10022 This message, and any attachments hereto, is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary, privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient, you are hereby notified that printing, retaining, reproducing, copying, disclosing, disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothing contained in this e-mail shall be considered a legally binding agreement, amendment or modification of any agreement with Island Capital Group LLC or any of its affiliates, each of which requires a fully executed agreement to be received by Island Capital Group LLC or such affiliate. EFTA_R1_00035883 EFTA01744026