6. Debt

Mortgage Debt. As of September 30, 2015 and December 31, 2014, we had approximately $268.8 million and approximately $205.3 million of outstanding mortgage debt, respectively. The following table sets forth our mortgage debt obligations on our hotels.

	Balance Outstanding as of
	September 30,
	2015		December 31,		Prepayment	Maturity		Amortization			Interest
Property	(unaudited)		2014		Penalties	Date		Provisions			Rate
Crowne Plaza Hampton Marina	$	3,761,585	$	4,509,500	None	6/30/2016		$	83,000	⁽¹⁾	5.00%⁽²⁾
Crowne Plaza Hollywood Beach Resort		60,000,000		—	None	10/1/2025		30 years				4.91%
Crowne Plaza Houston Downtown		20,585,912		20,954,867	Yes⁽³⁾	4/12/2016	⁽⁴⁾	25 years				4.50%
Crowne Plaza Tampa Westshore		13,093,566		13,317,684	None	6/18/2017		25 years				5.60%
DoubleTree by Hilton Jacksonville Riverfront		17,920,603		16,358,706	Yes⁽¹²⁾	7/7/2019	⁽⁵⁾	25 years			LIBOR plus 3.50 %
DoubleTree by Hilton Laurel		6,840,862		6,974,458	Yes⁽¹⁰⁾	8/5/2021		25 years			5.25 %⁽¹¹⁾
DoubleTree by Hilton Philadelphia Airport		32,631,238		33,378,102	None	4/1/2019		25 years			LIBOR plus 3.00 %⁽⁷⁾
DoubleTree by Hilton Raleigh Brownstone –University		15,111,479		15,274,284	⁽⁶⁾	8/1/2018		30 years				4.78%
Georgian Terrace		46,822,566		41,500,000	None	6/1/2025	⁽⁸⁾	30 years				4.42%
Hilton Savannah DeSoto		20,702,141		21,050,093	Yes⁽⁹⁾	9/1/2017		25 years				6.06%
Hilton Wilmington Riverside		19,969,949		20,389,325	Yes⁽⁹⁾	4/1/2017		25 years				6.21%
Sheraton Louisville Riverside		11,407,459		11,584,638	⁽⁶⁾	1/6/2017		25 years				6.24%
Total Mortgage Principal Balance	$	268,847,360	$	205,291,657
Unamortized premium on loan		246,815		-
Total Mortgage Loans	$	269,094,175	$	205,291,657

(1)	The Operating Partnership is required to make monthly principal payments of $83,000.

(2)	The note rate was changed to a fixed rate of 5.00%, effective June 27, 2014.

(3)	The note is subject to a prepayment penalty if the loan is prepaid in full or in part prior to November 13, 2015.

(4)	The note provides that the mortgage can be extended until November 2018 if certain conditions have been satisfied.

(5)	The note provides that the mortgage can be extended until July 2016 if certain conditions have been satisfied.

(6)	With limited exception, the note may not be prepaid until two months before maturity.

(7)	The note bears a minimum interest rate of 3.50%.

(8)	The note may not be prepaid on or prior to February 2025. Prepayment can be made without penalty thereafter with not less than 30 days and not more than 90 days, prior written notice.

(9)	The notes may not be prepaid during the first six years of the terms. Prepayment can be made with penalty thereafter until 90 days before maturity.

(10)	Pre-payment can be made with penalty until 180 days before the fifth anniversary of the commencement date of the loan or without penalty from such date until 180 days before the maturity.

(11)	The note provides that after five years, the rate of interest will adjust to a rate of 3.00% per annum plus the then-current five-year U.S. Treasury rate of interest, with a floor of 5.25%.

(12)	The note is subject to a prepayment premium if the loan is prepaid in full or in part prior to 24 months from July 7, 2015.

We were in compliance with all debt covenants, current on all loan payments and not otherwise in default under any of our mortgage loans, as of September 30, 2015.

Total future mortgage debt maturities, without respect to any extension of loan maturity, as of September 30, 2015 were as follows:

The remaining three month period ending December 31, 2015	$	1,798,746
December 31, 2016		29,229,131
December 31, 2017		66,768,132
December 31, 2018		18,152,719
December 31, 2019		31,786,801
December 31, 2020 and thereafter		121,111,831
Total future maturities	$	268,847,360

7.0% Unsecured Notes. On November 21, 2014, the Operating Partnership issued 7.0% senior unsecured notes in the aggregate amount of $25.3 million (the “7% Notes”). The indenture requires quarterly payments of interest and matures on November 15, 2019. The 7% Notes are callable after November 15, 2017 at 101% of face value.

8.0% Unsecured Notes. On September 30, 2013, the Operating Partnership issued 8.0% senior unsecured notes in the aggregate amount of $27.6 million (the “8% Notes”). The indenture requires quarterly payments of interest and matures on September 30, 2018. The 8% Notes are callable after September 30, 2016 at 101% of face value.