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Promissory Notes (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Promissory Notes | The Company had the following promissory notes outstanding as of September 30, 2021 and December 31, 2020, respectively:
|  |  | As of September 30, |  | As of December 31,
|  |  | 2021 |  | 2020
| Interest Rate | Maturity Date |  |  |
Promissory note issued for $3,407,391 by a financial institution. Note was issued on September 11, 2019 and prepaid without penalty upon the sale of the Walgreen-Cocoa, Florida property on August 31, 2021 which was securing the note. | 2.36% adjusted monthly based on 30 day LIBOR plus 225 basis points | 9/11/2021 | $- |  | $3,407,391 |
Promissory note issued for $1,286,664 by a financial institution, interest and principal payments due monthly of approximately $3,800. Note was originally issued on January 15, 2015 and modified on November 30, 2020 and can be prepaid at any time without penalty. Secured by out Tampa Sherwin-Williams property. | 3.72% fixed rate after using SWAP whereas the loan is LIBOR plus 2.75% | 8/10/2028 | 1,286,664 |  | 1,286,664
Promissory note issued for $1,275,000 by a financial institution. Note was issued on February 4, 2021 and can be prepaid at any time without penalty. Secured by our GSA-Manteo, North Carolina property. | 3.4% adjusted monthly based on 30 day Wall Street Journal Prime Rate with minimum of 3.25% | 2/4/2023 | 1,275,000 |  | -
Promissory note issued for $850,000 by a financial institution. Note was issued on April 21, 2021 and can be prepaid at any time without penalty. Secured by our Irby - Plant City, FL property. | 2.75% adjusted monthly based on 30 day Wall Street Journal Prime Rate minus 0.5% with minimum of 3.0% for first 24 months, then U.S. Treasury Securities Rate plus 2.75% with a minimum of 3.25% | 12/31/2024 | 850,000 |  | -
Promissory note issued for $8,260,000 by a financial institution, interest and principal payments due monthly of approximately $41,500. Note was issued on September 30, 2019 and can be prepaid at any time without penalty. Secured by our GSA/Maersk - Norfolk, Virginia property. The interest rate was reduced in March 2021 from 4.25% to 3.5%. | 3.50% | 9/30/2024 | 7,861,426 |  | 8,022,271
Promissory note issued for $5,216,749 by a financial institution, interest and principal payments due monthly of approximately $27,400. Note was originally issued on October 23, 2017 and modified on September 30, 2019 and can be prepaid at any time without penalty. Secured by our PRA - Norfolk, Virginia property. The interest rate was reduced in March 2021 from 4.25% to 3.5%. | 3.50% | 10/23/2024 | 4,929,070 |  | 5,041,935
Promissory note issued for $1,900,000 to a Clearlake Preferred Member, secured by all of the personal and fixture property of the Operating Partnership, interest payments due monthly. Note was issued on December 16, 2019 and was prepaid without penalty on September 30, 2021. | 10.00% | 12/16/2021 | - |  | 1,100,000
Promissory note issued for $11,287,500 by a financial institution, interest only payment is approximately $39,000 and starting April 6, 2021, interest and principal payments due monthly of approximately $55,000. Note was issued on February 11, 2020. Secured by our Washington, DC, Tampa, FL and Huntsville, AL properties. It cannot be prepaid without a penalty | 4.17% | 3/6/2030 | 11,197,268 |  | 11,287,500
Less: debt issuance costs, net |  |  | (633,647) |  | (689,190)
|  |  | $26,765,781 |  | $29,456,571
Schedule of Minimum Required Principal Payments | Minimum required principal payments on the Company’s debt as of September 30, 2021 are as follows:
| As of September 30,
| 2021
2021 (three months) | $141,575
2022 | 580,740
2023 | 1,890,446
2024 | 12,982,315
2025 | 251,011
2026 and beyond | 11,553,341
| $27,399,428

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