As you already know, the opening date for the Hacienda Hotel is currently projected to occur in the second quarter of next year.  Also as you already know, this is a bit of a postponement from the original plan which was to open for business in early 2021.  The cause of the delay relates to the amount of additional detail work that has been required in respect to the essential restoration work.

As a result of a delayed opening Mr. Gunderson has requested consideration as it relates to the first   annual payment which is currently scheduled for September 21, 2021. Specifically, Mr. Gunderson has requested that the payment be deferred until December 31, 2021 so that he has an opportunity to operate for a longer period of time prior to the due date. The amount due as noted in Exhibit “B” of the Option Agreement between the parties executed on June 19, 2018 is $85,000.

A copy of the proposed amendment will be distributed to you at the meeting.