That frame damage is pretty common. Water collects in the lower frame tubes and if the bike is left on the side stand it slowly rots the frame. When you get it fixed drill a small
drain hole in each of the lower frame tubes. Just a note, according to Honda service bulletins, most of the water/frame rot problems were caused when people started washing bikes at commercial car washes. Same with pressure washing. I just pressure washed an old frame and water ran out of it for 5 minutes after I finished.