GREYSTONE FUNDING CORP.

December 14, 1989

To: James Freiden, Esq.

Fr: Jonathan B. Kohan

Re: Mandella Apartment Closing

Confirming our telephone conversation of earlier today, this is to advise you that a closing has been set in tha above referenced matter for Thursday, Dacember 21, 1989 at 9AM at the offices of Robinson, Silverman, pearce, Aronsohn £ Bserman, 1290 Avenue of the Americas, New York, New York

Kindly stay in close cummunicfttion with Michael Zients, Esq. at 212.541.2000

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Estimated Disbursements at Closing -Mandela Development necessary to Clear Liens Showing on Title Policy 12/8/89

Jason Long Mortgages assigned $650,000

Shamsi Mortgages (to be verified) $460,000

Boston Gas 70,000

Boston Edison 145,000

Fidelity Mortgage $224,000

Boston Water & Sewer $244,000

Attachment by Verticle Trans 18,000

Rehab Reserve 200,000

Payment to Stale Towards Taxes 500,000

Closing Costs and Points 330,000

Mortgage to Alphonse Simon 145,000

Total $ 2,985,000