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MORTGAGE NOTES PAYABLE
3 Months Ended
Mar. 31, 2013
Debt Disclosure [Abstract]  
MORTGAGE NOTES PAYABLE

NOTE 7 - MORTGAGE NOTES PAYABLE

 

The Company issued a number of mortgage notes to acquire property.  These notes are generally payable in monthly installments of interest and principle and secured by property in and around Salt Lake City, Utah (SLC).  Mortgage note payables at March 31, 2013 and December 31, 2012 are as follows:

 

 

 

 

March 31, 2013

 

 

December 31, 2012

Note to a credit union, interest at 6%, due in monthly installments of $1,876, including interest, secured by a home and duplex on Major St, SLC and maturing May 2014

 

 

 

 

$

 

 

232,442

 

 

 

 

$

 

 

234,569

 

 

 

 

 

 

 

 

 

Note to a finance company, interest at 6.63%, due in interest only installments of $496, including interest, secured by 1414 S 900 W, SLC and maturing in November 2034

 

 

 

 

 

89,825

 

 

 

 

 

89,825

 

 

 

 

 

 

 

 

 

Note to a finance company, interest at 9.75%, due in monthly installments of $206, including interest, secured by 1414 S 900 W, SLC and maturing August 2020

 

 

 

 

 

22,503

 

 

 

 

 

22,572

 

 

 

 

 

 

 

 

 

Note to a bank, interest at 6.75%, due in interest only installments of $526, including interest, secured by 476 S Concord, SLC and maturing November 2035

 

 

 

 

 

93,597

 

 

 

 

 

93,597

 

 

 

 

 

 

 

 

 

Note to a finance company, interest at 11.5%, due in monthly installments of $248, including interest, secured by 476 S Concord, SLC and maturing November 2020

 

 

 

 

 

23,951

 

 

 

 

 

24,006

 

 

 

 

 

 

 

 

 

Note to a bank, interest at 7.38%, due in interest only installments of $587, including interest, secured by 345 N 1200 W, SLC and maturing November 2035

 

 

 

 

 

86,845

 

 

 

 

 

87,003

 

 

 

 

 

 

 

 

 

Note to a finance company, interest at 10%, due in monthly installments of $158, including interest, secured by 345 N 1200 W, SLC and maturing November 2035

 

 

 

 

 

16,972

 

 

 

 

 

17,021

 

 

 

 

 

 

 

 

 

Note to a bank, interest at 7.38%, due in interest only installments of $699, including interest, secured by 1111 W 900 S, SLC and maturing November 2035

 

 

 

 

 

84,975

 

 

 

 

 

85,128

 

 

 

 

 

 

 

 

 

Note to a finance company, interest at 10%, due in monthly installments of $155, including interest, secured by 1111 W 900 S, SLC and maturing November 2035

 

 

 

 

 

16,404

 

 

 

 

 

16,459

 

 

 

 

 

 

 

 

 

Note to a credit union, interest at 5%, due in monthly installments of $1,546, including interest, secured by land and buildings on Major St, SLC and maturing April 2026

 

 

 

 

 

179,060

 

 

 

 

 

180,650

 

 

 

 

 

 

 

 

 

Total mortgage notes payable

 

 

 

846,574

 

 

 

850,830

Less current portion of mortgage notes payable

 

 

 

21,745

 

 

 

20,641

 

 

 

 

 

 

 

 

 

Long-term portion of mortgage notes payable

 

 

$

824,829

 

 

$

830,189

 

Aggregate maturities of mortgage notes payable for each of the next five years is as follows:
 

 

 

2013

 

 

$

16,385

 

2014

 

 

 

238,559

 

2015

 

 

 

13,410

 

2016

 

 

 

14,200

 

2017

 

 

 

15,100

 

Thereafter

 

 

 

548,920

 

 

 

 

 

 

 

 

 

 

$

846,574