The question I have is from the proof of the lemma above, but it is actually a more general statement about quasi-coherent sheaves on an affine scheme. Suppose $X= \text{Spec }A$ for some ring $A$, and $\mathscr{F}$ is a quasi-coherent sheaf on $X$. Then for some open affine cover of $X$, the restriction sheaf is isomorphic to a sheaf of a module over the corresponding ring. In particular, if $\text{Spec }B$ is in the cover, then $\mathscr{F}|_{\text{Spec } B} \cong \widetilde{M}$ for a $B$-module $M$. This part is by definition.
Now $\text{Spec }B$ is covered by distinguished open sets of the form $D(g)$ for $g\in A$, and for any such open set the inclusion $D(g)\subseteq \text{Spec }B$ is induced by the ring map $B\to A_g$. Thus $\mathscr{F}|_{D(g)} \cong (M\otimes_B A_g)^{\tilde{}}$.
He deduces the last sentence from a previous proposition that deals with properties of the sheaves of modules. The two properties that seem important for this deduction are the following: For a ring map $A \to B$ inducing the map of spectra $f:\text{Spec }B \to \text{Spec }A$,
(1) If $M$ and $N$ are $A$-modules, then $(M\otimes N)^{\tilde{}} \cong \widetilde{M} \otimes_{\mathcal{O}_{\text{Spec }A}} \widetilde{N}$.
(2) For any $A$-module $M$, $f^*(\widetilde{M})\cong (M\otimes_{A} B)^{\tilde{}}$.
I cannot seem to make the connection. So any help with his last statement would be great. Thanks.
Let $\phi: Spec (A_g) \to Spec (B)$ be the inclusion map. Then:
$$\mathcal F\mid_{D(g)} = (\mathcal F\mid_{V})\mid_{D(g)} = (\tilde M) \mid_{D(g)} = \phi^*(\tilde M) = (M \otimes_B A_g)^\tilde{} $$