7. LOANS, NOTES AND OTHER RECEIVABLES

	As of December 31,
Description	2020		2019
Promissory note and accrued interest due from purchaser of Grove Isle (a)	$	-	$	1,034,000
Promissory note and accrued interest collateralized by 2 nd mortgage on land held for development in Lauderhill, FL (b)		503,000		503,000
Promissory note and accrued interest due from individual (c)		256,000		273,000
Promissory note and accrued interest due from entity constructing mixed use apartments in Hollywood, FL (d)		511,000		502,000
Other (e)		150,000		208,000
Total loans, notes and other receivables	$	1,420,000	$	2,520,000

(a)

In February 2013, the Company sold its interest in a hotel, resort and marina property known as Grove Isle and received a $1 million promissory note from the purchaser as part of the purchase proceeds. In February 2020 development at Grove Isle began and the note matured (as defined in the purchase agreement). The note was repaid including all accrued and unpaid interest.

(b)

In December 2018, the Company loaned $500,000 to an entity controlled by a local real estate developer. The loan is collateralized by a second mortgage on raw land held for development located in Lauderhill, Florida. The promissory note bears interest at 8.5% per annum and calls for interest only payments due on a quarterly basis beginning March 4, 2019. The original maturity date of June 4, 2020 was extended for one year and we received a $2,500 loan extension fee. All interest due on this loan has been collected.

(c)

In December 2018, the Company (through CII) loaned $250,000 to the same local real estate developer mentioned in (b) above. This loan bears interest of 8.5% per annum and all principal and accrued interest is due at maturity. The original maturity date of on June 4, 2020 was extended until October 21, 2021. All other terms of the note remained the same. All accrued and unpaid interest was collected through October 8, 2020. The loan is secured by an assignment of membership interest in a partnership owning rental apartments in Jacksonville, Florida. Such membership interest is valued at approximately $500,000.

(d)

In December 2019, the Company loaned $500,000 to an entity controlled by the same local real estate developer mentioned in (b) and (c) for funding the completion of a 247 mixed use rental apartment project located in Hollywood, Florida. Construction of the project was completed in January 2021. The promissory note bears interest at 10.0% per annum. The original maturity date of September 30, 2020 was extended for one year. All accrued and unpaid interest was collected through October 8, 2020. Principal and unpaid interest is due at maturity. The loan is secured by an assignment of membership interest in a partnership developing rental apartments in Lauderhill, Florida (mentioned in (a) above). Such membership interest is valued at approximately $465,000.

(e)

In November 2020, the Company entered into a loan agreement with an unrelated real estate consultant as borrower. The Company and the borrower are parties to an amended and restated pre-development agreement which provides for the development of our property in Montpelier, Vermont (the “Property”), and for the formation of a new development company and transfer of our property to the new development company. The borrower will have a 10% membership interest in and to the new development Company. The total principal amount to be advanced is $250,000 and bears interest at 4% per annum fixed. Interest only payments are due each quarter for the first five years of the loan. Throughout the remaining term interest plus amortization of one percent per year until the earlier of the sale of the Property or December 31, 2030 (the “Maturity Date”). The loan is secured by the borrower’s membership interest in the new development company through a pledge agreement. As of December 31, 2020, approximately $141,000 has been advanced under this loan agreement and is outstanding.

In October 2019, the Company entered into a loan participation agreement for $200,000 earning 10% interest payable monthly and maturing June 30, 2022. In January 2020, the loan was repaid, and we received our principal and all interest due under the loan participation.