12. Mortgages and Notes Payables

12 Months Ended

Dec. 31, 2012

Mortgage Notes Payable Disclosure [Text Block]

12. MORTGAGES AND NOTES PAYABLES

	December 31,
	2012		2011
Collateralized by Investment Properties (Note 2)
Monty’s restaurant, marina and retail rental space:
Mortgage loan payable with interest 7.57% after taking into effect interest rate swap; principal and interest payable in equal monthly payments of approximately $82,000 per month with balloon payment due on maturity on August 19, 2020, as amended March 15, 2011 (a).	$	8,190,000	$	8,532,000
Other (unsecured) (Note 8):
Note payable to affiliate:
Note payable is to affiliate T.G.I.F., interest at prime (3.25% at 12/31/12) payable monthly. Principal outstanding is due on demand.		2,815,000		3,181,000
Totals	$	11,005,000	$	11,713,000

(a) On March, 11 2011 this loan was amended and restated to approximately $8.8 million. The loan balance as of December 31, 2012 is approximately $8.2 million. The loan is payable in monthly installments of approximately $82,000 including principal and interest. Interest remains at the same terms calculated at one-month LIBOR rate (.21% at December 31, 2012) plus 2.45%. The loan is unconditionally guaranteed by the Company and CFT, as well as a personal guarantee from a Trustee of CFT.  The loan includes certain covenants including debt service coverage. The Company is in compliance with all debt covenants as of December 31, 2012. See Note 6 for discussion of interest rate swap agreement related to this loan.

A summary of scheduled principal repayments or reductions for all types of notes and mortgages payable is as follows:

Year ending December 31,	Amount
2013	$	3,185,000
2014		401,000
2015		430,000
2016		430,000
2017		430,000
2018 and thereafter		6,129,000
Total	$	11,005,000