Message-ID: <485202.1075855727566.JavaMail.evans@thyme> Date: Tue, 6 Feb 2001 01:01:00 -0800 (PST) From: phillip.allen@enron.com To: jsmith@austintx.com Subject: Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Phillip K Allen X-To: jsmith@austintx.com X-cc: X-bcc: X-Folder: \Phillip_Allen_June2001\Notes Folders\'sent mail X-Origin: Allen-P X-FileName: pallen.nsf Jeff, I am not willing to guarantee to refinance the 1st lien on the stage in 4 years and drop the rate on both notes at that point to 8%. There are several reasons that I won't commit to this. Exposure to interest fluctuations, the large cash reserves needed, and the limited financial resources of the buyer are the three biggest concerns. What I am willing to do is lower the second note to 8% amortized over the buyers choice of terms up to 30 years. The existing note does not come due until September 2009. That is a long time. The buyer may have sold the property. Interest rates may be lower. I am bending over backwards to make the deal work with such an attractive second note. Guaranteeing to refinance is pushing too far. Can you clarify the dates in the contract. Is the effective date the day the earnest money is receipted or is it once the feasibility study is complete? Hopefully the buyer can live with these terms. I got your fax from the New Braunfels buyer. If we can't come to terms with the first buyer I will get started on the list. Email or call me later today. Phillip