~ AIB Bank

ihe Square
Clifden
Co Galway

ielephone (095) 21129

(095) 21120
(095) 21214
22 April, 2005 Facsimile (095) 21895
www.aib.ie
PRIVATE

Mr Kevin Barry
BMB Partnership
Main Street
Clifden
Co Galway

Subject: USD GOm loan application

Dear Mr Barry

I refer to your recent application, on behalf of BMB Partnership - Consortium 1, to

borrow $60m to complete the purchase of 100 Vilas (known as Gables on the
Green) in Orlando, Florida. I understand that these monies will not be required
until the properties are fully completed, which date is estimated to be in
approximately 12 months. Based on the data submitted, I can confirm we are
agreeable in principle to advance these funds to your group, subject to the
following:
a) that the Bank wil receive, as collateral, a legal charge over the said lands and
properties being purchased.
b) that the sum of $60m represents no more than 80% of the full purchase price.
c) that your group wil have already paid over 20% of the cost of the properties.
d) that the group enter into a bindig agreement with the seller to receive clear title
prior to or in tandem with drawdown.

Other standard terms and conditions wil also apply. Should you wish to proceed
with this application at a later date, please contact me.

Alled Irish Banks, p.l.e" Registered Office, Bankcentre, ßallsbridge, Dublin 4. Registered in Ireland. No. 24173.
AIB Bani: is a tied insurance agent of Ark Life Assurance Company Lirrited for life assurance business.