Notes Payable

3 Months Ended

Sep. 30, 2012

Notes Payable:

Notes Payable

5. Notes Payable

Notes payable consisted of the following approximate amounts:

	September 30, 2012		December 31, 2011
Installment note payable to bank; interest at 6.21% due in monthly installments of $1,368, including interest, with final payment in May 2012	$	0		$	7,000
Installment notes payable to bank; interest rates ranging from 5.89% to 7.50%, due in monthly installments of $6,666 and $7,104, respectively, including interest, with final payment in April 2013		53,000			163,000
Installment notes payable to bank; interest at 3.95%, due in quarterly installments ranging from $6,824 to $9,657, including interest, with final payment in July 2014		126,000			188,000
Installment notes payable to bank; interest at 3.95%, due in quarterly installments ranging from $4,517 to $9,795, including interest, with final payment in December 2014		311,000			0
Installment notes payable to bank: interest at 5.25%, due in monthly installments of $4,813, including interest, with final payment in March 2015		266,000			0
Installment notes payable to bank; interest at 5.60%, due in monthly installments ranging from $868 to $3,800, including interest, with final payment in April 2015		189,000			0
	$	945,000		$	358,000

The notes are secured by specific equipment and are nonrecourse liabilities of the Partnership.  As such, the notes do not contain any debt covenants with which we must comply on either an annual or quarterly basis.  Aggregate maturities of notes payable for each of the periods subsequent to September 30, 2012 are as follows:

	Amount
Three months ending December 31, 2012	$	119,000
Year ended December 31, 2013		407,000
Year ended December 31, 2014		374,000
Year ended December 31, 2015		45,000
	$	945,000