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Pat-

I know you are aware that Wells Fargo was awaiting one more document to finalize the mortgage for the closing tomorrow. Unfortunately, I don't have the document (a K-1 for an investment partnership I am in) yet. I had assumed that it would be completed by now as I have to file my own personal tax return for 2010 by Monday and need the K-1 for that as well. However, it turns out that the accountant who holds the records needed to prepare the K-1 is in the Hurricane Irene flood zone in New Jersey and won't have the information for another week or two. (Apparently, those firms and persons in the flood zone have an extension of an additional two weeks to prepare tax information per the IRS. In fact, I have now been given an extra two weeks to prepare my personal return by the IRS due to this as well.)

I had my accountant write a letter to Wells Fargo explaining this and had hoped that would be sufficient, but I am being told now that it is likely not going to be sufficient and Wells Fargo will need a copy of the actual 2010 K-1. I am working very hard to get the K-1, but I don't believe that I will receive it in time to get approval by the closing tomorrow.

It would be a big help if the closing could be delayed by at most two weeks, although I will work hard to get the K-1 as soon as possible and hope that this can all be resolved at the end of next week. I am happy to put some additional earnest money down as I have been told by Wells Fargo that approval of the mortgage looks likely once they receive this document.

Let me know your thoughts. I will be on a plane later today, so if you can't reach me feel free to talk to Eric as well who is equally up to speed on this issue.

Sorry for this, but I am confident that this is easily surmountable obstacle.

Best,

Eric


Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com
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