Commitments...

Commitment letters were issued on all four deals and contracts were signed...client #1 and #2 signed through the broker in NC. Clients #3 and #4 signed contracts directly with RC Marketing because the broker quit returning phone calls and dropped the ball on getting the packages in to RC Marketing.

I spoke directly with Gilbert Freire and he assured me and all the clients that the delays had been because of the broker, who clearly was not doing his job and that we would get these deals done quickly.



J AND FAMILY TRUST, INC.
1207 FRANKLIN AVENUE
LAURINBURG, N C 28352
PH. 910-276-2994/ CELL 910-373-8337
FX. 910-276-2995
E-mail jcjndjfmly@bellsouth.net

DATE: 10/13/o7




Re: Comittment for purchase/construction

Gentlemen:

Please be inform that base upon the information we have received from XXXX for
your project ( the heights ) in Magnola, we are prepared to make you a Purchase/Construction
Loan in the amount of $ 1,806,000.00 for one ( 1 ) year.


The loan will be as follows:
1. A Copy of the most recent appraisal
2. An Irrevacable Letter of Credit made payable to J AND J FAMILY TRUST, INC in the
above amount in or a Supplementary Bond ( thats a part of the performance & payment bond )
3. A copy of your credit reports
4. Interest rate six (6) percent annually/ interest only with a balloon in 1 yr.
6. Interest payment $ 9,030.00 per month
7. Processing fee of $2,500.00 to expidite transaction
8 Attorneys fee 500.00
The above fee,s are to be wired to the banking coordinates listed below
Chevy Chase Bank
Atty. Diann Dawsond/ Client trust account for the benefit of J AND J FAMILY TRUST,INC.
Acct. # 593269225
Rt. # 255071981
8. Borrower agrees to pay any other reasonable cost associated with this loan.
9. Approx. net proceeds to borrwers $ after sale of Note discounted by J AND J
10. Borrwer agrees to pay Consultant ( ) fee at closing
11. Borrwer agrees to pay J and J FAMILY TRUST, INC FOUR (5) POINTS at closing which
includes the fee for xxxx
12. A copy of the construction contracts and permits
13 Copies of the pre-sales agreements
In addition to above if required by and from xxxx for J AND J FAMILY TRUST, INC. to assit and procure a Performance & Payment Bond the cost will be as follows.
1. $13, 000.00 for the bond plus the premium

Upon receipt of line item 2 we are prepared to close withinn 72 hours after receipt of the financial instrument of either one, our lien and collateral will be that of the instruments.
If these terms and conditions are acceptable, please sign.

Matthew Jackson Borrower

J and J FAMILY TRUST, INC. Borrower

President Borrowers