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October 5, 2002 this page is at http://site.www.umb.edu/faculty/salzman_g/Grassroots/Trust/2002-10-05Proposal-1.htm Subject: Payments, etc.
Saturday, October 5, 2002 Hello Boysen and Jesse: First, the easy part. I did make a mistake in the arithmetic. Indeed, you were correct Boysen; the normal monthly payments specified in the promissory note and the accompanying partial mortgage loan amortization schedule that Richard Evans’ office prepared do include parts for interest on the unpaid balance owed on the principal. Second, the complications. The promissory note stipulates the 1st of the month for payment applied to the prior month’s interest and for principal reduction (the accompanying schedule is a bit stricter). This requirement of the promissory note has not been met on any month, according to the bank records, as the file “Mortgage Payments” that I sent you shows. According to paragraph 4 of the promissory note, payment of each installment has been in default, and the payment for August, due Sept 1st, and unpaid by October 1, means that “the unpaid balance of the principal sum and accrued interest shall at once become due and payable without notice at the option of the holder of this note.” My preference is not to demand full immediate payment, and I will agree not to do so if you fulfill the following conditions: 1. Restore a modified version of the initial sentence of paragraph 4 of the original (not final) version of the promissory note prepared by Richard Evans, to now read, “If any payment becomes overdue for a period of more than ten (10) days, a late charge of three percent (3%) for each dollar ($1.00) overdue may be charged by the holder.” A signed, notarized addendum to the promissory note of October 1, 2001 (with both your signatures) that I can attach to the original will do. 2. For this month, deposit, not later than October 15, either a check totalling $463.50 ($450 + $13.50, a 3% penalty for last month’s overdue payment), or a check totalling $913.50 ($900 + $13.50, a 3% penalty for last month's overdue payment. 3. If the $463.50 check is deposited for condition 2., then deposit another check for $463.50 not later than November 1. 4. Prepare a statement affirming the correctness of my understanding, as written in my original letter of offer to you on September 20, 2001, namely, that “You would find it acceptable if a modest-sized group of people (say perhaps 5 or 6) lived in a separate structure (or structures) located between Ted’s house and your house, in a way consistent with your desire for privacy and quiet.” A signed, notarized statement (with both your signatures) affirming clearly that I was correct in my understanding, and identifying the original letter of offer will be satisfactory. I hope you will find these four conditions reasonable. When they are agreed upon and met, and satisfactory statements 1. and 4. are in my hands, I will notify you that I consider this matter settled. The statements should be mailed to my address in Mexico, which appears below. On a personal note, I’m sorry Boysen to learn of your mother’s illness and death. It is never easy to deal with the death of close relatives. I hope she did not suffer, as is so often the case, towards the final stages. It might seem to you that I have been hard-nosed, given the circumstances, but my reaction would have been very different, I know, if your record of payments had been one of invariable promptness, followed by a one-time emergency situation. I believe that payments are “timely” when they are made within a few days of the due date, either before or after. The other disconcerting experience was the difficulty I had in reaching you when e-mails were returned, and the non-responsiveness when, on several occasions, I asked for the written confirmation I now again ask for in 4. I hope that things at Gill are going well for the both of you, and that you continue enjoying the farm. I had wanted to visit for a day or two this past summer, but was in the Boston area for only two months and had almost more to do than I could manage. I hope to make it next summer, when I’ll be in the States for a longer time. All good wishes, --George
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Home address in U.S. (dirección cuando esté en E.U.A.)
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