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DEBT
 12 Months Ended
Sep. 28, 2013
Debt  
DEBT

NOTE 9.     DEBT

 

Long-Term Debt

   2013   2012 

Mortgage payable to lender, secured by a first mortgage on real property and improvements, bearing interest at BBA LIBOR – 1 Month +2.25%, (2.43% at September 28, 2013), but with $3,750,000 of the principal amount fixed at 4.51% pursuant to a swap agreement, amortized over 20 years, payable in monthly installments of principal and interest of approximately $23,700, and our current monthly payment of principal and interest as to that portion of the principal amount not fixed by the interest rate swap agreement, ($750,000), is payable at BBA LIBOR – 1 Month + 2.25% interest rate, (2.43% as of September 28, 2013). The entire principal balance and all accrued but unpaid interest is due on December 1, 2019.

  $4,106,000   $4,331,000 

 

Mortgage payable to lender, secured by a first mortgage on real property and improvements, bearing interest at 7½%, payable in monthly installments of principal and interest of $28,600, with a balloon payment of approximately $2,833,000 in October, 2013. This loan was paid off early in January, 2013.   —    2,958,000 
           
Mortgage payable to unrelated third party, secured by first mortgage on real property and improvements, bearing interest at 7½%, amortized over 20 years, payable in monthly installments of principal and interest of approximately $15,700, with a balloon payment of approximately $1,331,000 in December, 2022.   1,921,000    — 
           

Mortgage payable to lender, secured by a first mortgage on real property and improvements, bearing interest at BBA LIBOR – 1 Month +2.25%, (2.43% at September 28, 2013), but with the principal amount fixed at 4.35% pursuant to a swap agreement, amortized over 20 years, payable in monthly installments of principal and interest of approximately $8,415, with a balloon payment of approximately $858,000 on January 31, 2023.

   1,375,000    — 
           
Term loan payable to lender, secured by a blanket loan on all Company assets, bearing interest at BBA LIBOR – 1 Month + 3.25%, (3.43% at September 28, 2013), but fixed at 4.00% pursuant to a swap agreement, payable in forty two (42) monthly installments of principal and interest of approximately $41,000, with the final payment due July 24, 2016.    1,307,000    — 
           
Term loan payable to lender, secured by a blanket loan on all Company assets, bearing interest at BBA LIBOR – 1 Month + 2.25%, (2.43% at September 28, 2013), but fixed at 3.43%, pursuant to a swap agreement, payable in monthly installments of principal and interest of approximately $38,000, payable interest only for 3 months and then fully amortized over 45 months, with the final payment due December 1, 2015.    960,000    1,387,000 
          
Term loan payable to lender, secured by a blanket lien on all Company assets and a second mortgage on a building, bearing interest at BBA LIBOR +3.25%, but fixed at 4.55%, pursuant to a swap agreement, payable in monthly installments of principal and interest of approximately $50,000, fully amortized over 36 months, with the final payment due August, 2013.   —    508,000 
           

 

Mortgage payable to a related third party, secured by first mortgage on real property and improvements, bearing interest at 10%, amortized over 15 years, payable in monthly installments of principal and interest of approximately $10,800, with a balloon payment of approximately $658,000 due in September, 2018.   902,000    939,000 
           
Mortgage payable to lender, secured by a first mortgage on real property and improvements, bearing interest at BBA LIBOR +2.25%, (2.43% at September 28, 2013), but fixed at 5.11% pursuant to a swap agreement, amortized over 20 years, payable in monthly installments of principal and interest of approximately $4,600, with a balloon payment of approximately $720,000 due in August, 2017.   849,000    879,000 
           
Mortgage payable to unrelated third party, secured by first mortgage on real property and improvements, bearing interest at 8½%, amortized over 15 years, payable in monthly installments of principal and interest of approximately $8,400, with a balloon payment of approximately $537,000 in November, 2017.   723,000    760,000 
           
Mortgage payable to unrelated third party, secured by first mortgage on real property and improvements, bearing interest at 10.0%; amortized over 30 years, payable in monthly installments of principal and interest of approximately $4,000, with a balloon payment of approximately $413,000 in May, 2017.   429,000    433,000 
           
Financed insurance premiums, secured by all insurance policies, bearing interest between 2.99% and 4.89%, payable in monthly installments of principal and interest in the aggregate amount of $24,000 a month through October 1, 2013.   116,000    333,000 
           
Mortgage payable to related third party, secured by first mortgage on real property and improvements, bearing interest at 10%, amortized over 15 years, payable in monthly installments of principal and interest of approximately $9,100, with a balloon payment of approximately $555,000 due in January, 2019.   775,000    806,000 
           
Other   83,000    84,000 
    13,546,000    13,418,000 
Less current portion   1,477,000    1,732,000 
   $12,069,000   $11,686,000 

 

Long-term debt at September 28, 2013 matures as follows:

 

2014   1,477,000 
2015   1,361,000 
2016   1,054,000 
2017   2,179,000 
2018   1,086,000 
Thereafter   6,389,000 
   $13,546,000 

 

As of September 28, 2013, we are in compliance with the covenants of all loans with our lender.