In order to finalize the purchase of the house on 10th avenue from Dave and Marylee Bates, for the price of $73,000, I make a motion that we “Fairbanks Youth Advocates” pay for the associated closing costs, which are in the vicinity of $700.

• There has been no required earnest money. An earnest money agreement addendum is available for a short time, although not necessary to address.
• Initial payback of the remaining $73,000 will be deferred five years (Nov 16, 2016, but it is our intent to pay this back as soon as possible pending fiscal resources)
• The closing date is forthcoming in approximately 2 weeks, i.e., December 1, 2011.  At which time it will formally be under the ownership of Fairbanks Youth Advocates.
• First National Bank will hold the Escrow account with $125 set up fee and an annual fee of $100 to manage the account.

I need a second and third on this.

Patrick