XML 20 R42.htm IDEA: XBRL DOCUMENT v2.4.0.8
Notes And Interest Payable - Mortgage notes narrative Settlement and Release Agreement and a Loan Purchase Agreement (Details) (USD $)
Dec. 31, 2013
Notes And Interest Payable - Mortgage notes narrative Settlement and Release Agreement and a Loan Purchase Agreement  
Company and TCI purchased, at a discount, the Mercer/Travelers land mortgage note due to BDF TCI Mercer III, LLC ("BDF"), the existing lender, for $ 29,635,211
The agreement also included the purchase of an obligation, known as the Lamar land loan, by a subsidiary of its parent, TCI, from BDF for 1,864,789
The total settlement price of the agreement for the two loans was 31,500,000
The result of this agreement was a jointly recognized gain for the discount received 7,500,000
Prior to the loan payoffs, the Company and TCI incurred extension fees of 1,080,000
IOT recorded a gain for the prorated share of the discount received of 5,800,000
Extension fees payable as per Loan Purchase Agreement Modified $ 800,000