Apartments. On December 10, 1997, the Partnership completed the refinancing of the Century II Apartments mortgage note. The property was refinanced with a $11,000,000 non-recourse mortgage note payable at the rate of 6.75% per annum with monthly principal and interest payments of $71,346. The mortgage note, which is collateralized by the property, matures on January 1, 2008, at which time the remaining principal of approximately $9,401,537 and the accrued interest are due. The note may be prepaid, subject to a prepayment penalty, at any time with 30 days prior notice. The Partnership used the majority of the proceeds from the refinancing to repay the existing mortgage note of $10,309,332, to pay closing costs of $236,763 and a prepayment premium of $210,825, and to establish various escrows. The prepayment premium, as well as unamortized deferred mortgage costs of $77,331, are reported in the statement of Operations included in the Partnership's consolidated financial Statements and appearing elsewhere in this proxy statement as an extraordinary loss from early extinguishment of debt for the year ended December 31, 1997. At December 31, 1996, the property was subject to a non-recourse first mortgage note of $11,000,000, which was payable in equal monthly installments of principal and interest of $104,844, based on a 25-year amortization schedule. Based on the borrowing rates currently available to the Partnership for bank loans with similar terms and average maturities, the fair value of the long-term debt is approximately $10,898,000 and $10,470,000 for the years ended December 31, 1998 and 1997, respectively.
Apartments. Except for normal and necessary capital improvements, neither of the Properties have undergone significant renovation. As residential properties age, they incur increasing maintenance costs and may require extensive capital improvements to maintain competitive with other properties located in the marketplace in which the properties are located. These capital improvements may require the investment of additional equity capital, additional borrowings or the reduction or discontinuation of future cash distributions from the Partnership. The Partnership has incurred an average of $1.74 million of capital improvement expenditures during the last four years. However, normal and necessary capital improvements may increase in the future and the Partnership may be required to invest additional capital in the future to maintain competitively the Properties. In addition, the Partnership's investment in the Properties is subject to competition from newly constructed or renovated residential properties located in the markets served by the Properties. Finally, as noted above, the General Partners believe that the duration of most Unitholders' investments in the Properties has exceeded their initial estimated holding periods, and that providing a means for Unitholders to liquidate their investment is consistent with the desire of many of the Unitholders, particularly in light of the limited and sporadic secondary market for the Units. SALE OF THE PROPERTIES The General Partners believe that a sale of the Properties by the Partnership through a solicitation of third-party bids or an auction would not necessarily result in a more favorable transaction for Unitholders, and could result in Unitholders realizing less for their Units than in the merger. A third-party transaction could require the payment of transaction costs far in excess of costs incurred by the Partnership in the merger, all of which would be borne by the Partnership, and these costs would reduce the amount received by each Unitholder in respect of his or her Units. For example, a sale of the Properties would entitle the General Partners to a brokerage fee in an amount equal to 3% of the sales price of the Properties. Moreover, the Partnership would likely be required to retain a portion of the proceeds of a third-party sale to cover the expenses related to ongoing administration of the Partnership and to fund possible post-closing liabilities to a third-party purchaser. Under the terms of the proposed merge...
Apartments. Control Monthly Gross Remaining Maturity Ground Underwriting Net Number Property_Name Payment Rate Term Amort Date Lease Reserves Rate ------------------------------------------------------------------------------------------------------------------------------------ 273 KFS-Sunset 18,831.90 8.5300 82 358 9/1/03 No 200 per unit 8.3900 Terrace Apartments 276 KFS-Sunset 43,563.79 8.5300 82 358 9/1/03 No 220 per unit 8.3900 Village Apartments 232 EW - Sorrento 20,762.00 9.5900 116 356 7/1/06 No 0.15 per sq. ft. 9.4500 Creek Industrial Park 233 EW - Sorrento 13,442.00 9.4900 116 356 7/1/06 No 0.15 per sq. ft. 9.3500 Roselle Industrial Park 231 Solarium 15,654.32 9.4900 175 175 6/1/11 No 250 per unit 9.3700 Apartments 272 KFS-Sunset Trails 13,715.30 9.0300 118 358 9/1/06 No 200 per unit 8.8900 Apartments 278 KFS-Sunset 108,246.39 8.5300 82 358 9/1/03 No 200 per unit 8.3900 Apartments 208 Courtyard 8,844.30 9.5200 116 356 7/1/06 No 225 per unit 9.3800 Apartments 332 Summer Street 66,946.85 9.5700 119 299 10/1/06 No 0.15 per sq. ft. 9.4500 Office Building 335 Cooper Park 23,916.40 9.2000 239 359 10/1/16 No 269 per unit 9.0800 Apartments 356 Prospect Plaza 36,968.60 9.7300 83 299 10/1/03 No 0.15 per sq. ft. 9.6100 339 Twin Parks Estates 20,140.90 9.4200 119 299 10/1/06 No 50 per pad 9.3000 262 22601 Pacific 21,576.12 9.6000 79 295 6/1/03 No 0.15 per sq. ft. 9.4800 Coast Highway Ctr 227 Seneca Village 24,333.20 9.0900 117 357 8/1/06 No 250 per unit 8.9500 Apartments 257 Pioneer Point 10,251.75 9.2200 116 296 7/1/06 No 265 per unit 9.1000 Apartments
Apartments. If the Premises are an apartment for which rent is charged on a monthly basis, Residence Fees shall be due and payable to the Cashier's Office at such other times as may be designated by the University Cashier's Office or the Housing Services Office. If the Premises are an apartment for which rent is charged once per semester, the Residence Fees shall be due and payable to the Cashier's Office prior to the Fall and Spring semesters with the Resident's confirmation of enrollment for the Fall and Spring semesters, or at such other time as may be designated by the University Cashier's Office or the Housing Services Office.
Apartments. The buildings and all other improvements to the Property, including all landscaping, roads, and parking spaces, are referred to herein as the “Improvements,” or as the "Development." Borrower intends to rehabilitate the Development and rent fifteen (15) of the apartments to very low income families, reserving one unit as a manager's unit.