From: David Mitchell
To: Jeffrey Epstein <jeevacation@gmail.com>
Subject: Fwd: Final Tenn sheet - Life Hotel loan increase
Date: Wed, 17 Jan 2018 16:26:10 +0000
Attachments: Life Hotel - CREDS_Pref Increase_Term_Sheet_17.1.18_FINAL.pdf; ATT00001.htm
DAVID MITCHELL
Mitchell Holdings LLC
745 Fifth Avenue
New York NY 10151
USA
Begin forwarded message:
From: Susanna Rock <I
Date: January 17, 2018 at 11:06:48 AM EST
To: David Mitchell
Cc: Henry Cabot Lodge , "Danow, Matthew" <
Subject: Final Term sheet - Life Hotel loan increase
David
Please find attached final term sheet.
To address a couple of your/Mates comments:
• It is correct that the extension fee is 2% of the Total Investment amount of 5.5m at each extension regardless the
then principal balance — have made this clear now
• The admin fee was now added to cover potential administrative costs as we will likely have to use a servicer for
each US loan and do regular accounting for the Delaware LLC (which we may be able to do in house but don't
know yet). I would reassure you that we will not charge upfront but will invoice your company for it IF we incur
such cost.
• Minimum Equity Contribution: we confirm this at $175k. You will note we require this to be funded along with a
$5k deposit to Eric Sadkin upon signing of this term sheet. We would like to make sure the $175k are used to
fund operating shortfalls between now and when we close so we feel the best way to have strict control over it is
to transfer it to DB shortfall accounts but I am not sure this would allow you to actually use the funds to pay A/P
before the next IPD? Please confirm what the expected mechanics would be and we can firm up this point. We
will also need DB's confirmation that they are in agreement with this term sheet beforehand. Is there something
you can get from them in writing (email confirmation would suffice?).
Please let us know when the $5k are sent to Eric so we advise him to keep an eye out for it and he will start the work
when received.
Many thanks,
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Susanna
Susanna Rock
Crescendo Real Estate Partners
Direct:
Mobil
Email:
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