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NOTES AND INTEREST PAYABLE

6 Months Ended

Jun. 30, 2014

The following table lists the mortgage notes payable as of June 30, 2014 (dollars in thousands):

Lender	Maturity	Principal Balance
Realty Advisors, Inc - related party *	12/30/16	$	10,236
Propel Financial Services	06/01/20		4
Accrued interest			-

		$	10,240

*On December 31, 2013, Realty Advisors, Inc. (“RAI”), a related party, obtained a $20 million mortgage on the Company’s behalf, secured by Mercer/Travelers land owned by the Company and 100.05 acres of land owned by its parent TCI. The Company and TCI have executed a promissory note to RAI for the same terms as the First NBC loan with a maturity of December 30, 2016, and a variable interest rate of prime plus 1.5% with an interest rate floor of 6%. On May 28, 2014, a $1.5 million principal payment was made and two additional land parcels, including 8.0 acres of Ladue land owned by TCI and 16.75 acres of Valwood land owned by ARL, were substituted as collateral under the note in exchange for a release of a $4 million deposit account. The principal balance is allocated based on the land valuation.

There is a property tax loan in the amount of $3,936 that accrues interest at 12.50% and matures on June 1, 2020.