Ovation Development

Ovation Development


M E M O R A N D U M

September 6, 2005


To: Friends of the Brexton Hotel

From: Lou Steadwell

Subject: Brexton project update

I dropped the keys off to the owner today with a note expressing our interest in purchasing the property (not a contract) provided he ratify our offer with a study period to allow time for due diligence. I haven’t heard back on this yet.

At this moment, we are in a holding pattern regarding the acceptability of our terms for an offer. I will call the owner tomorrow to hear what he has to say about our proposal. If he is willing to accept our terms, I have asked Vincent Eades, a mortgage banker with First Home Mortgage, to meet with us to talk about the details of financing the project and to answer our questions. At that time we should have all the information we need to decide to offer or to pass on the Brexton project.

In the meantime, I am looking at other prospects in Baltimore that we may want to consider if this project does not work out.