XML 40 R12.htm IDEA: XBRL DOCUMENT

NOTES AND INTEREST PAYABLE

3 Months Ended

Mar. 31, 2013

NOTE 5. NOTES AND INTEREST PAYABLE

The following table lists the mortgage notes payable as of March 31, 2013 (dollars in thousands):

Project	Maturity	Principal Balance
Mercer Crossing/Travelers Land	05/12/13	$	27,710
Mercer Crossing/Travelers Land	06/01/20	$	4
Accrued interest			738

		$	28,452

* This mortgage note represents the allocation of a note with an aggregate outstanding balance of $36.0 million and accrued interest of $1.0 million as of March 31, 2013. The remaining balance of this is held on the books of TCI, 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 agre ement 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 to and has expired on May 12, 2013 but the Company believes the lender will continue to extend the forbearance period or the Company will pursue other financing options by refinancing the mortgage note or purchasing the mortgage note from the existing lender. It requires the borrower to make monthly payments of $150,000. This balance of the notes payable also includes a property tax loan in the amount of $4,449 that accrues interest at 12.50% and matures on June 1, 2020.