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Resident Owned Manufactured <br /> LkewooI Home Assoc <br /> 1455 90th Ave, Vero Beach, FL <br /> 4VILL AGE 32966 <br /> (772) 567-4358 Fax(772) 770-2527 <br /> E-mail lakewoodtam rabellsouth.net <br /> Website lakewood-village-r-o.net <br /> Wesley S.Davis <br /> Chairman District 1 <br /> Board of County Commissioners <br /> 1801 27th Street, Building A <br /> Vero Beach,FL 32960 <br /> Re: Meeting of May 26th,2015 <br /> Thank you for the three scenarios presented to us by Vincent Burke,Utilities Director and yourself. <br /> We at no time asked for the loan amortization or the payments to be changed. If you review your <br /> records again you will notice that we are paying $4,200.00 per month now, and the amortization <br /> currently in place is still satisfactory. We were simply requesting that if we applied 530,000.00 <br /> against the principal of the loan,would you be willing to lower the interest rate from its current 7% <br /> to 5.75%. From my past banking experience I thought this could simply be done with a separate <br /> amendment to the original note. <br /> We would continue to pay the amount we are currently paying and pay our loan off sooner than Mr. <br /> Burke's three scenarios. In the fairness issue addressed by Mr. Burke(as he brought up in the first <br /> meeting),1 don't believe that the 500+accounts now paying higher rates than 5.75%are stepping up <br /> to reduce their principle by plus$30,000.00! <br /> 1 believe this is a very legitimate and sound request and I would appreciate it if our scenario using a <br /> $4,200.00 payment at 5.75% with at least a reduction of the payoff amount at $30,000.00 or more <br /> would be reviewed again and hopefully,this time,receive a positive response. <br /> Respectfully Submitted, <br /> Charles M.Bailey <br /> President ( <br /> Lakewood Village ROA <br /> 145 <br />