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NOTES AND INTEREST PAYABLE | 12 Months Ended
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Dec. 31, 2012
NOTES AND INTEREST PAYABLE |
NOTES AND INTEREST PAYABLE | NOTE 5. NOTES AND INTEREST PAYABLE The following table shows the principal payments due on our notes payable through the next five years and thereafter (dollars in thousands):
Year |  | Amount |
2013 |  | $ | 27,711 |
2014 |  |  | 1 |
2015 |  |  | 1 |
2016 |  |  | 1 |
2017 |  |  | 1 |
Thereafter |  |  | - |
Total |  | $ | 27,715 | *
The Travelers land mortgage bears interest at a rate of 4.25% and matures April 12, 2013. As of December 31, 2012, there was accrued interest of $0.8 million. There is also a$4,500 note payable that bears interest at 12.5%, that matures June 1, 2020. The notes are collateralized by deeds of trust on real estate with a net carrying value of $24.5 million. *The Travelers land mortgage note represents the allocation of a note with an aggregate outstanding balance of $36.0 million as of December 31, 2012. The remaining balance of this note of $8.3 million is held on the books of Transcontinental Realty Investors, Inc., the company’s parent. As a joint grantor of the mortgage loan, we have joint and several liability of the obligations and liabilities of the loan in its entirety, which include, but are not limited to, payment of all unpaid and accrued interest and principal for the entire outstanding loan balance. Since April 11, 2010, interest has accrued on the loan and as of April 12, 2011, the borrower is in default under the current loan documents and the lender accelerated the maturity of the indebtedness. On April 28, 2011, a one-year forbearance agreement was entered into between the borrower, the guarantor and the lender in order to temporarily suspend the lender from the exercise of its rights and remedies under the loan documents and foreclose on the property. The forbearance period has been extended and will expire April 12, 2013. It requires the borrower to make monthly payments of $150,000, which has been applied to the accrued interest. We expect this agreement will continue to be extended annually.

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