UNITED STATES

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AV3enzrX9UHJ0j5MugTeuco6H29Y0bQ0q/LrbwdYTprSCzcyUM7GwIO3rqEQG/fv IhEZ60yW1ArWrq+hYHgcyw== 0000711642-07-000346.txt : 20071004 0000711642-07-000346.hdr.sgml : 20071004 20071004170149 ACCESSION NUMBER: 0000711642-07-000346 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20070928 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071004 DATE AS OF CHANGE: 20071004 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL TAX CREDIT INVESTORS II CENTRAL INDEX KEY: 0000859921 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510] IRS NUMBER: 931017959 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20610 FILM NUMBER: 071157289 BUSINESS ADDRESS: STREET 1: 9090 WILSHIRE BLVD 2ND FLR STREET 2: STE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 BUSINESS PHONE: 3102782191 MAIL ADDRESS: STREET 1: 9090 WILSHIRE BLVD SUITE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 8-K 1 ntci24propsalesept28.htm UNITED STATES

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) September 28, 2007

NATIONAL TAX CREDIT INVESTORS II

(Exact name of Registrant as specified in its charter)

California

0-20610

95-1017959

(State or other jurisdiction

(Commission

(I.R.S. Employer

of incorporation)

File Number)

Identification Number)

55 Beattie Place

Post Office Box 1089

Greenville, South Carolina 29602

(Address of principal executive offices)

(864) 239-1000

(Issuer's telephone number)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

[ ]

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01

Entry into a Material Definitive Agreement

Please see description under Item 2.01 below.

Item 2.01

Completion of Acquisition or Disposition of Assets

National Tax Credit Investors II, a California limited partnership (the “Registrant”), has a 99% limited partnership interest in each of the following four Arkansas limited partnerships: Edgewood Limited Partnership (“Edgewood”), Germantown Limited Partnership (“Germantown”), Meadow Lake Limited Partnership (“Meadow Lake”), and Salem Park Limited Partnership (“Salem Park”). Edgewood owns a 108-unit apartment complex located in Rogers, Arkansas. Germantown owns a 132-unit apartment complex located in Conway, Arkansas. Meadow Lake owns a 108-unit apartment complex located in Searcy, Arkansas. Salem Park owns a 144-unit apartment complex located in Conway, Arkansas. On September 28, 2007, the Registrant entered into four separate Assignment and Assumption Agreements with various individuals to provide for the assignment of the Registrant’s limited partnership interests in Edgewood, Germantow n, Meadow Lake and Salem Park for approximately $411,000, $1,534,000, $99,000 and $1,947,000, respectively. The Registrant had investment balances of approximately $201,000, $239,000, $115,000, and zero in Edgewood, Germantown, Meadow Lake and Salem Park, respectively, as of June 30, 2007.

The foregoing descriptions are qualified in their entirety by reference to the Assignment and Assumption Agreements, copies of which are filed as exhibits 10.1, 10.2, 10.3 and 10.4 to this report.

In accordance with the Amended and Restated Agreement of Limited Partnership, the Registrant’s general partner is currently evaluating what portion, if any, of the proceeds from the assignment of its limited partnership interests might be distributed to the Registrant’s partners or retained by the Registrant to cover operations and reserves.

Item 9.01

Financial Statements and Exhibits

(d) Exhibits

The following exhibits are file with this report:

10.1

Assignment and Assumption Agreement by and between National Tax Credit Investors II, a California limited partnership and National Tax Credit, Inc. II, a California Corporation and Edgewood Management Company, Inc., an Arkansas Corporation, and James E. Lindsey, Walter L. Harber, and Gary S. Cuozzo individuals, dated September 28, 2007.

10.2

Assignment and Assumption Agreement by and between National Tax Credit Investors II, a California limited partnership and National Tax Credit, Inc. II, a California Corporation and Germantown Management Company, Inc., an Arkansas Corporation, and James E. Lindsey, Walter L. Harber, Gary S. Cuozzo, and Edward Calhoun individuals, dated September 28, 2007.

10.3

Assignment and Assumption Agreement by and between National Tax Credit Investors II, a California limited partnership and National Tax Credit, Inc. II, a California Corporation and Meadow Lake Management Company, Inc., an Arkansas Corporation, and Porter R. Rodgers Jr., William Ball, and James E. Lindsey, individuals, dated September 28, 2007.

10.4

Assignment and Assumption Agreement by and between National Tax Credit Investors II, a California limited partnership and National Tax Credit, Inc. II, a California Corporation and Salem Park Management Company, Inc., an Arkansas Corporation, and James E. Lindsey, Walter L. Harber, Gary S. Cuozzo, and Edward Calhoun individuals, dated September 28, 2007.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NATIONAL TAX CREDIT INVESTORS II

By:

National Partnership Investments Corp.

General Partner

By:

/s/Stephen B. Waters

Stephen B. Waters

Vice President

Date:

October 4, 2007

EX-10 2 ntci2edgewood.htm Converted by EDGARwiz

Exhibit 10.1

ASSIGNMENT AND ASSUMPTION AGREEMENT

This Assignment and Assumption Agreement (the "Agreement") is made as of September 28, 2007 (the "Effective Date"), by and between National Tax Credit Investors 11, a California limited partnership ("NTCI II"), and National Tax Credit, Inc. 11, a California corporation (together with NTCI II, each an "Assignor" and, collectively, "Assignors"); Edgewood Management Company, Inc., a Arkansas corporation ("General Partner"); and James E. Lindsey, an individual, Walter L. Harber, an individual, Gary S. Cuozzo, an individual (each an "Assignee" and, collectively, "Assignees" and together with each of Assignors and General Partner, each a "Party," and as the context requires, any two or more, collectively, the "Parties"), w ith reference to the following:

Edgewood Limited Partnership (the "Partnership") was formed as a limited partnership under the laws of the State of Arkansas and is being governed pursuant to an Amended and Restated Certificate and Agreement of Limited Partnership, dated as of September 12, 1991, as amended (collectively, the "Amended Partnership Agreement") (any capitalized word or phrase used but not defined herein shall have the meaning set forth in the Amended Partnership Agreement).

General Partner is the general partner of the Partnership and Assignors are the limited partners of the Partnership.

Assignors have agreed to assign all of their interests in the Partnership to Assignees and withdraw from the Partnership, Assignees have agreed to acquire such interests and General Partner has consented to such assignment and assumption, all pursuant to the terms of this Agreement.

NOW THEREFORE, in consideration of the mutual promises and for such other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

Assignment and Assumption. Effective as of the "Closing Date" (as hereinafter defined):

1.1

Effective as of the "Closing" (as hereinafter defined)

(a)

Each Assignor hereby assigns to Assignees 100% of such Assignor's interest in the Partnership, including, without limitation, all profits, losses, Cash from Operations, surplus cash from a Disposition or Partial Disposition of Partnership Property, and rights to any fees and distributions (such limited partnership interest in the Partnership is hereinafter referred to as the "Interest" and together with the Interest of the other Assignor, collectively, the "Interests"); and

(b)

Assignees assume and agree to perform all of the obligations of Assignors under the Amended Partnership Agreement.

1.2 In consideration for the assignments of the Interests as herein provided, at the Closing Assignees shall pay to Assignors an aggregate amount (the "Payment") equal to $410,688.00. The Payment shall be treated as a direct acquisition of the Interests. Each Assignor covenants and agrees that such sum shall be received in full satisfaction of all obligations and liabilities due such Assignor in connection with or in any manner arising out of

the Partnership, the Project or any other assets owned by the Partnership. The Payment shall be made by federal funds wired pursuant to instructions from Assignors.

Releases.

2.1 Except for the representations and warranties of Assignors set forth in this Agreement and the "Amendment" (as hereinafter defined"), each of the Partnership, General Partner and each Assignee, for itself and for and on behalf of its partners, members, directors, officers, employees, servants, agents, representatives, administrators, assigns, and attorneys, and on behalf of the Partnership (collectively, the "Partnership Parties"), hereby releases, waives and relinquishes all actions, causes of action, claims and demands whatsoever, at law or in equity, and damages (collectively, "Claims"") that any of the Partnership Parties has or allegedly has against either or both Assignors and/or their respective partners, members, directors, officers, employees, servants, agents, representatives, administrators, assigns, and at torneys (collectively, the "NTCI Parties") from the beginning of time up to and including the Closing Date.

22 Except for the representations and warranties of General Partner and the obligations of Assignees set forth in this Agreement and the Amendment, each Assignor, for itself and the other NTCI Parties, hereby releases, waives, relinquishes all Claims that Assignor has or allegedly has against the Partnership Parties, or any of them, from the beginning of time up to and including the Closing Date. This release is meant to include, by way of example and not limitation, all claims arising from or related to the management and operation of the Apartment Complex and the Partnership.

2.3

Assignors, General Partner and Assignees each acknowledges that it is familiar with Section 1542 of the Civil Code of the State of StateplaceCalifornia, which provides:

A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor.

Assignors, for themselves and the other NTCI Parties, and each of General Partner and each Assignee, for itself and the other Partnership Parties, waives and relinquishes any right or benefit which either has or may have under Section 1542 of the Civil Code of the State of California or any similar statute under the laws of the State of Arkansas to the full extent that each may lawfully waive all rights and benefits pertaining to the matters set forth herein. In connection with such waiver and relinquishment, Assignors, General Partner and Assignees each acknowledges that it is aware that it may hereafter discover facts in addition to or different from those which it now knows or believes to be true with respect to the subject matter of this Agreement, but it is the intention of Assignors, General Partner and Assignees hereby to fully, finally, and forever settle and release all disputes and diff erences, known and unknown, suspected and unsuspected, which now exist, may exist or hereafter have existed between them, and in furtherance of such intention, the release herein given shall be and remain in effect as a full and complete general mutual release notwithstanding the discovery or existence of any such additional or different facts.

3. Closing. The closing of the transactions contemplated by this Agreement (the "Closing") shall occur no later than September 28, 2007 (the "Closing Date"). In the event the Closing does not occur on or before the Closing Date, this Agreement shall terminate

automatically without the necessity of any further action on the part of either of the Parties unless the Parties otherwise agree in writing.

Representations and Warranties.

4.1 As a material inducement to General Partner and Assignees entering into this Agreement, each Assignor hereby represents and warrants to Assignees the following are true and correct as of the Effective Date, and which warranties and representations shall survive the Effective Date and the withdrawal of Assignors from the Partnership:

(a)

Each Assignor is the owner of its Interest and the Interest is not subject to any lien, pledge or encumbrance of any nature whatsoever and Assignee shall acquire the same free of any rights or claims thereto by any other party claiming by, through or under such Assignor.

(b)

The execution and delivery of this Agreement by Assignors and the performance of the transactions contemplated herein have been duly authorized by all requisite corporate and partnership proceedings and assuming the due and proper execution and delivery by Assignees and General Partner, this Agreement is binding upon and enforceable against Assignor in accordance with its terms.

4.2 As a material inducement to Assignors entering into this Agreement, each Assignee hereby represents and warrants to Assignors that assuming the due and proper execution and delivery by Assignors, this Agreement is binding upon and enforceable against such Assignee in accordance with its terms_ The foregoing representation and warranty is true and correct as of the Effective Date and shall survive the Effective Date and the withdrawal Assignors from the Partnership.

Indemnity.

5.1 If one or more of the representations and warranties contained in this Agreement by a Party shall prove to be untrue in any respect, such Party shall indemnify and hold harmless the other Parties from and against any and all amounts paid by any or all of such indemnitees to third parties (including, but not limited to, affiliates of such indemnified Parties) resulting from any such untruth or inaccuracy or from any such failure of performance, including, without limitation, any and all losses, claims, damages, liability, reasonable attorneys' and accountants' fees and costs, court costs, costs of appeal and other costs and expenses.

5.2 Any party that is entitled to an indemnification pursuant to this Section 5 (individually, an "Indemnitee" and collectively, the "Indemnitees") shall promptly notify the indemnifying party (the "Indemnitor") in the event an Indemnitee receives any summons or any other written official or unofficial notice or threat of litigation alleging that they (or any party comprising the Indemnitees) may be liable for any matter with respect to which the foregoing indemnities relate. In the event litigation is instituted against any of the lndemnitees with respect to the indemnified matter, the Indemnitor shall have the right, within ten business days of having received such notice, to select counsel which will represent each of the defendant Indemnitees in connection with such litigation, provided that such couns el is reasonably acceptable to the Indemnitees. In the event such counsel is not selected by the Indemnitor pursuant to the preceding sentence, the Indemnitees shall have the right to select their own counsel whose reasonable fees and expenses shall be paid or reimbursed as required hereinabove by the lndemnitor, as its obligations may be pursuant to the foregoing provisions of this Agreement.

The Indemnitor may pursue any litigation relating to any of the foregoing indemnified matters to final determination by a court of competent jurisdiction, and expressly reserves the right, at its sole discretion, to appeal from any adverse judgment or order. Provided the Indemnitor is not in default of its obligations hereunder, no Indemnitee shall have any right to settle without the lndemnitor's express written approval. The lndemnitees agree to cooperate with the Indemnitor and the lndemnitor`s counsel in connection with any such litigation. In the event any Indemnitee breaches any of the provisions of this Section, the obligations of the Indemnitor as to that Indemnitee (but not as any other Indemnitee) shall automatically terminate.

Brokers. General Partner shall pay, and shall indemnify each of the NTCI Parties from and against, all Claims arising from any brokerage or other fee or commission payable or alleged to be payable in connection with the transactions contemplated hereunder and/or under the Amendment.

Miscellaneous. All notices, demands, requests and other communications required pursuant to the provisions of this Agreement ("Notice") shall be in writing and shall be deemed to have been properly given or served for all purposes (i) if sent by Federal Express or any other nationally recognized overnight carrier for next business day delivery, on the first business day following deposit of such Notice with such carrier, or (ii) if personally delivered, on the actual date of delivery or (iii) if sent by certified mail, return receipt requested postage prepaid, on the fifth (5th) business day following the date of mailing addressed as follows:

7.1

If to Assignors:

c/o National Partnership Investments Corp. 6100 Center Drive, Suite 800

Los Angeles, CA 90045

Attention: Asset Management

Telephone: (310) 258-5100

with a copy to:

Peter H. Alpert, Esq.

9200 Sunset Boulevard, Suite 900

Los Angeles, CA 90069

Telephone: (310) 277-8300

7.2

If to Assignees:

James E. Lindsey

c/o Lindsey Management Co., Inc.

1200 East Joyce Boulevard, 6th Floor

Fayetteville, AR 72701

Telephone: (479) 521-6686

Walter L. Harber

c/o Lindsey Management Ca, Inc.

1200 East Joyce Boulevard, 6th Floor

Fayetteville, AR 72701

Telephone: (479) 521-6686

Gary S. Cuozzo

c/o Lindsey Management Co., Inc.

1200 East Joyce Boulevard, 6t" Floor

Fayetteville, AR PostalCode72701

Telephone: (479) 521-6686

with a copy to:

D. Scott Rogerson

Lindsey Management Co., Inc.

1200 East Joyce Boulevard, 6th Floor

Fayetteville, AR PostalCode72701

Telephone: (479) 521-6686

7.3

If to General Partner:

Edgewood Management Company, Inc.
1200 East Joyce Boulevard, 6th Floor
Fayetteville, AR 72701

Attention: James E. Lindsey, President
Telephone: (479) 521-6686

Any of the Parties may designate a change of address by Notice in writing to the other Parties. Whenever in this Agreement the giving of Notice by mail or otherwise is required, the giving of such Notice may be waived in writing by the person or persons entitled to receive such Notice.

7.4 If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future laws, such provision shall be fully severable. This Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement.

7.5 This Agreement may be signed in any number of counterparts, each of which shall be an original for all purposes, but all of which taken together shall constitute only one agreement. The production of any executed counterpart of this Agreement shall be sufficient for all purposes without producing or accounting for any other counterpart thereof.

7.6 This Agreement shall be binding upon and inure to the benefit of the heirs, executors, administrators, legal representatives and permitted successors and assigns of the Parties hereto. This Agreement shall be interpreted in accordance with the laws of the State of Arkansas.

7.7

Nothing herein shall be construed to be for the benefit of or enforceable by any third party including, but not limited to any creditor of Assignors.

7.8 The Parties shall execute and deliver such further instruments, including, without limitation, an amendment to the Amended Partnership Agreement (the "Amendment"), and do such further acts and things as may be required to carry out the intent and purposes of this Agreement.

7.9

All article and section titles or captions contained in this Agreement are for convenience only and shall not be deemed part of the text of this Agreement.

7.10 In the event that any court or arbitration proceedings is brought under or in connection with this Agreement, the prevailing party in such proceeding (whether at trial or on appeal) shall be entitled to recover from the other party all costs, expenses, and reasonable attorneys' fees incident to any such proceeding. The term "prevailing party" as used herein shall mean the party in whose favor the final judgment or award is entered in any such judicial or arbitration proceeding,

7.11 This Agreement, together with the Amendment, constitutes the sole agreement of the Parties with respect to the matters herein, all prior oral or written agreements being merged herein. This Agreement may only be modified by a writing signed by all of the Parties hereto and time is of the essence of this Agreement.

T12 In interpreting this Agreement it shall be presumed that this Agreement was jointly drafted and no presumption shall arise against any partner in the event of any ambiguity.

[Signatures on following page]

IN WITNESS WHEREOF, the Parties have entered into this Agreement as of the date set forth above.


ASSIGNORS:	NATIONAL TAX CREDIT INVESTORS II,
	a California limited partnership

	By National Partnership Investments Corp.,
	a California corporation,
	General Partner

	By /s/Craig Gotthardt
	Its Vice President

	NATIONAL TAX CREDIT, INC. II,
	a California corporation

	By /s/Craig Gotthardt
	Its Vice President

ASSIGNEES:	/s/James Lindsey
	JAMES LINDSEY, an individual

	/s/Walter L. Harber
	WALTER L. HARBER, an individual

	/s/Gary S. Cuozzo
	GARY S. CUOZZO, an individual

GENERAL PARTNER:	EDGEWOOD MANAGEMENT COMPANY, INC.
	an Arkansas corporation

	By /s/James E. Lindsey
	James E. Lindsey
	Its President

EX-10 3 ntci2germantown.htm Converted by EDGARwiz

Exhibit 10.2

ASSIGNMENT AND ASSUMPTION AGREEMENT

This Assignment and Assumption Agreement (the "Agreement") is made as of September 28, 2007 (the "Effective Date"), by and between National Tax Credit Investors II, a California limited partnership ("NTCI II"), and National Tax Credit, Inc. II, a California corporation (together with NTCI II, each an "Assignor" and, collectively, "Assignors"); Germantown Management Company, Inc., a Arkansas corporation ("General Partner"'); and James E, Lindsey, an individual, Walter L. Harber, an individual, Gary S. Cuozzo, an individual, Edward Calhoun, an individual (each an "Assignee" and, collectively, "Assignees" and together with each of Assignors and General Partner, each a "Party," and as the context requires, any two or more, collectively, the "Parties"), with reference to the following:

Germantown Limited Partnership (the "Partnership") was formed as a limited partnership under the laws of the State of Arkansas and is being governed pursuant to an Amended and Restated Certificate and Agreement of Limited Partnership, dated as of September 12, 1991, as amended (collectively, the "Amended Partnership Agreement") (any capitalized word or phrase used but not defined herein shall have the meaning set forth in the Amended Partnership Agreement).

General Partner is the general partner of the Partnership and Assignors are the limited partners of the Partnership.

NOW THEREFORE, in consideration of the mutual promises and for such other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

Assignment and Assumption. Effective as of the "Closing Date" (as hereinafter defined):

1.1

Effective as of the "Closing" (as hereinafter defined)

(a)

(b)

Assignees assume and agree to perform all of the obligations of Assignors under the Amended Partnership Agreement.

12 In consideration for the assignments of the Interests as herein provided, at the Closing Assignees shall pay to Assignors an aggregate amount (the "Payment") equal to $1,533,632.00. The Payment shall be treated as a direct acquisition of the Interests. Each Assignor covenants and agrees that such sum shall be received in full satisfaction of all obligations and liabilities due such Assignor in connection with or in any manner arising out of the Partnership, the Project or any other assets owned by the Partnership. The Payment shall be made by federal funds wired pursuant to instructions from Assignors.

Releases.

2.1 Except for the representations and warranties of Assignors set forth in this Agreement and the "Amendment" (as hereinafter defined"), each of the Partnership, General Partner and each Assignee, for itself and for and on behalf of its partners, members, directors, officers, employees, servants, agents, representatives, administrators, assigns, and attorneys, and on behalf of the Partnership (collectively, the "Partnership Parties"), hereby releases, waives and relinquishes all actions, causes of action, claims and demands whatsoever, at law or in equity, and damages (collectively, "Claims") that any of the Partnership Parties has or allegedly has against either or both Assignors and/or their respective partners, members, directors, officers, employees, servants, agents, representatives, administrators, assigns, and attorneys (collectively, the "NTCI Parties") from the beginning of time up to and including the Closing Date.

2.2 Except for the representations and warranties of General Partner and the obligations of Assignees set forth in this Agreement and the Amendment, each Assignor, for itself and the other NTCI Parties, hereby releases, waives, relinquishes all Claims that Assignor has or allegedly has against the Partnership Parties, or any of them, from the beginning of time up to and including the Closing Date. This release is meant to include, by way of example and not limitation, all claims arising from or related to the management and operation of the Apartment Complex and the Partnership.

2.3

Assignors, General Partner and Assignees each acknowledges that it is familiar with Section 1542 of the Civil Code of the State of California, which provides:

automatically without the necessity of any further action on the part of either of the Parties unless the Parties otherwise agree in writing.

Representations and Warranties.

(a)

(b)

4.2 As a material inducement to Assignors entering into this Agreement, each Assignee hereby represents and warrants to Assignors that assuming the due and proper execution and delivery by Assignors, this Agreement is binding upon and enforceable against such Assignee in accordance with its terms. The foregoing representation and warranty is true and correct as of the Effective Date and shall survive the Effective Date and the withdrawal Assignors from the Partnership.

Indemnity.

5.2 Any party that is entitled to an indemnification pursuant to this Section 5 (individually, an "Indemnitee" and collectively, the "lndemnitees") shall promptly notify the indemnifying party (the "lndemnitor") in the event an Indemnitee receives any summons or any other written official or unofficial notice or threat of litigation alleging that they (or any party comprising the Indemnitees) may be liable for any matter with respect to which the foregoing indemnities relate. In the event litigation is instituted against any of the lndemnitees with respect to the indemnified matter, the Indemnitor shall have the right, within ten business days of having received such notice, to select counsel which will represent each of the defendant lndemnitees in connection with such litigation, provided that such counsel is reasonably acceptable to the lndemnitees. In the event such counsel is not selected by the lndemnitor pursuant to the preceding sentence, the lndemnitees shall have the right to select their own counsel whose reasonable fees and expenses shall be paid or reimbursed as required hereinabove by the lndemnitor, as its obligations may be pursuant to the foregoing provisions of this Agreement.

The Indemnitor may pursue any litigation relating to any of the foregoing indemnified matters to final determination by a court of competent jurisdiction, and expressly reserves the right, at its sole discretion, to appeal from any adverse judgment or order. Provided the Indemnitor is not in default of its obligations hereunder, no Indemnitee shall have any right to settle without the Indemnitor`s express written approval. The lndemnitees agree to cooperate with the lndemnitor and the Indemnitor's counsel in connection with any such litigation. In the event any Indemnitee breaches any of the provisions of this Section, the obligations of the Indemnitor as to that lndemnitee (but not as any other Indemnitee) shall automatically terminate.

7.1

If to Assignors:

c/o National Partnership Investments Corp.
6100 Center Drive, Suite 800

Los Angeles, CA 90045

Attention: Asset Management

Telephone: (310) 258-5100

with a copy to:

Peter H. Alpert, Esq.

9200 Sunset Boulevard, Suite 900

Los Angeles, CA 90069

Telephone: (310) 277-8300

7.2

If to Assignees:

James E. Lindsey

c/o Lindsey Management Co., Inc.

1200 East Joyce Boulevard, 6th Floor

Fayetteville, AR 72701

Telephone: (479) 521-6686

Walter L. Harber

c/a Lindsey Management Co., Inc.

1200 East Joyce Boulevard, 6th Floor

Fayetteville, AR 72701

Telephone: (479) 521-6686

Gary S. Cuozzo

c/o Lindsey Management Co., Inc.

1200 East Joyce Boulevard, 6th Floor

Fayetteville, AR 72701

Telephone: (479) 521-6686

Edward Calhoun

2522 Broadway Street

San Francisco, CA 94115

Telephone: (415) 531-4795

with a copy to:

D. Scott Rogerson

Lindsey Management Co., Inc.

1200 East Joyce Boulevard, 6th Floor

Fayetteville, AR 72701

Telephone: (479) 521-6686

7.3

If to General Partner:

Germantown Management Company, Inc.
1200 East Joyce Boulevard, 6th Floor
Fayetteville, AR 72701

Attention: James E. Lindsey, President
Telephone: (479) 521-6686

Any of the Parties may designate a change of address by Notice in writing to the other Parties. Whenever in this Agreement the giving of Notice by mail or otherwise is required, the giving of such Notice may be waived in writing by the person or persons entitled to receive such Notice.

7.4 if any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future laws, such provision shall be fully severable. This Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement.

7.5 This Agreement may be signed in. any number of counterparts, each of which shall be an original for all purposes, but all of which taken together shall constitute only one agreement. The production of any executed counterpart of this Agreement shall be sufficient for all purposes without producing or accounting for any other counterpart thereof.

7.7

Nothing herein shall be construed to be for the benefit of or enforceable by any third party including, but not limited to any creditor of Assignors.

7.9

All article and section titles or captions contained in this Agreement are for convenience only and shall not be deemed part of the text of this Agreement.

7.12 In interpreting this Agreement it shall be presumed that this Agreement was jointly drafted and no presumption shall arise against any partner in the event of any ambiguity.

[Signatures on following page]

IN WITNESS WHEREOF, the Parties have entered into this Agreement as of the date set forth above.


ASSIGNORS:	NATIONAL TAX CREDIT INVESTORS II,
	a California limited partnership

	By National Partnership Investments Corp.,
	a California corporation,
	General Partner

	By /s/Craig Gotthardt
	Its Vice President

	NATIONAL TAX CREDIT, INC. II,
	a California corporation

	By /s/Craig Gotthardt
	Its Vice President

ASSIGNEES:	/s/James Lindsey
	JAMES LINDSEY, an individual

	/s/Walter L. Harber
	WALTER L. HARBER, an individual

	/s/Gary S. Cuozzo
	GARY S. CUOZZO, an individual

	/s/Edward D. Calhoun
	EDWARD D. CALHOUN, an individual

GENERAL PARTNER:	GERMANTOWN MANAGEMENT COMPANY, INC.
	an Arkansas corporation

	By /s/James E. Lindsey
	James E. Lindsey
	Its President

EX-10 4 ntci2mli.htm Converted by EDGARwiz

Exhibit 10.3

ASSIGNMENT AND ASSUMPTION AGREEMENT

This Assignment and Assumption Agreement (the "Agreement") is made as of September 28, 2007 (the "Effective Date"), by and between National Tax Credit Investors II, a California limited partnership ("NTCI II"), and National Tax Credit, Inc. II, a California corporation (together with NTCI II, each an "Assignor" and, collectively, "Assignors"); Meadow Lake Management Company, Inc., a Arkansas corporation ("General Partner"); and Porter R. Rodgers, Jr., an individual, William Ball, an individual, James E. Lindsey, an individual (each an "Assignee" and, collectively, "Assignees" and together with each of Assignors and General Partner, each a "Party," and as the context requires, any two or more, collectively, the "Parties"), w ith reference to the following:

Meadow Lake A Limited Partnership (the "Partnership") was formed as a limited partnership under the laws of the State of Arkansas and is being governed pursuant to an Amended and Restated Certificate and Agreement of Limited Partnership, dated as of September 12, 1991, as amended (collectively, the "Amended Partnership Agreement") (any capitalized word or phrase used but not defined herein shall have the meaning set forth in the Amended Partnership Agreement).

General Partner is the general partner of the Partnership and Assignors are the limited partners of the Partnership.

NOW THEREFORE, in consideration of the mutual promises and for such other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

Assignment and Assumption. Effective as of the "Closing Date" (as hereinafter defined):

1.1

Effective as of the "Closing" (as hereinafter defined)

(a)

(b)

Assignees assume and agree to perform all of the obligations of Assignors under the Amended Partnership Agreement.

1.2 In consideration for the assignments of the Interests as herein provided, at the Closing Assignees shall pay to Assignors an aggregate amount (the "Payment") equal to $98,879.00. The Payment shall be treated as a direct acquisition of the Interests. Each Assignor covenants and agrees that such sum shall be received in full satisfaction of all obligations and liabilities due such Assignor in connection with or in any manner arising out of

the Partnership, the Project or any other assets owned by the Partnership. The Payment shall be made by federal funds wired pursuant to instructions from Assignors.

Releases.

2.1 Except for the representations and warranties of Assignors set forth in this Agreement and the "Amendment" (as hereinafter defined"), each of the Partnership, General Partner and each Assignee, for itself and for and on behalf of its partners, members, directors, officers, employees, servants, agents, representatives, administrators, assigns, and attorneys, and on behalf of the Partnership (collectively, the "Partnership Parties"), hereby releases, waives and relinquishes all actions, causes of action, claims and demands whatsoever, at law or in equity, and damages (collectively, "Claims") that any of the Partnership Parties has or allegedly has against either or both Assignors and/or their respective partners, members, directors, officers, employees, servants, agents, representatives , administrators, assigns, and attorneys (collectively, the "NTCI Parties") from the beginning of time up to and including the Closing Date.

2.3

Assignors, General Partner and Assignees each acknowledges that it is familiar with Section 1542 of the Civil Code of the State of California, which provides:

Assignors, for themselves and the other NTCI Parties, and each of General Partner and each Assignee, for itself and the other Partnership Parties, waives and relinquishes any right or benefit which either has or may have under Section 1542 of the Civil Code of the State of California or any similar statute under the laws of the State of Arkansas to the full extent that each may lawfully waive all rights and benefits pertaining to the matters set forth herein. in connection with such waiver and relinquishment, Assignors, General Partner and Assignees each acknowledges that it is aware that it may hereafter discover facts in addition to or different from those which it now knows or believes to be true with respect to the subject matter of this Agreement, but it is the intention of Assignors, General Partner and Assignees hereby to fully, finally, and forever settle and releas e all disputes and differences, known and unknown, suspected and unsuspected, which now exist, may exist or hereafter have existed between them, and in furtherance of such intention, the release herein given shall be and remain in effect as a full and complete general mutual release notwithstanding the discovery or existence of any such additional or different facts.

automatically without the necessity of any further action on the part of either of the Parties unless the Parties otherwise agree in writing.

Representations and Warranties.

(a)

(b)

4.2 As a material inducement to Assignors entering into this Agreement, each Assignee hereby represents and warrants to Assignors that assuming the due and proper execution and delivery by Assignors, this Agreement is binding upon and enforceable against such Assignee in accordance with its terms. The foregoing representation and warranty is true and correct as of the Effective Date and shall survive the Effective Date and the withdrawal Assignors from the Partnership.

Indemnity.

5.2 Any party that is entitled to an indemnification pursuant to this Section 5 (individually, an "Indemnitee" and collectively, the "Indemnitees") shall promptly notify the indemnifying party (the "lndemnitor") in the event an Indemnitee receives any summons or any other written official or unofficial notice or threat of litigation alleging that they (or any party comprising the Indemnitees) may be liable for any matter with respect to which the foregoing indemnities relate. In the event litigation is instituted against any of the Indemnitees with respect to the indemnified matter, the Indemnitor shall have the right, within ten business days of having received such notice, to select counsel which will represent each of the defendant Indemnitees in connection with such litigation, provide d that such counsel is reasonably acceptable to the Indemnitees. In the event such counsel is not selected by the lndemnitor pursuant to the preceding sentence, the Indemnitees shall have the right to select their own counsel whose reasonable fees and expenses shall be paid or reimbursed as required hereinabove by the lndemnitor, as its obligations may be pursuant to the foregoing provisions of this Agreement.

The Indemnitor may pursue any litigation relating to any of the foregoing indemnified matters to final determination by a court of competent jurisdiction, and expressly reserves the right, at its sole discretion, to appeal from any adverse judgment or order. Provided the Indemnitor is not in default of its obligations hereunder, no Indemnitee shall have any right to settle without the Indemnitor's express written approval. The Indemnitees agree to cooperate with the Indemnitor and the Indemnitor's counsel in connection with any such litigation. in the event any Indemnitee breaches any of the provisions of this Section, the obligations of the Indemnitor as to that Indemnitee (but not as any other Indemnitee) shall automatically terminate.

7.1

If to Assignors:

c/o National Partnership Investments Corp.
6100 Center Drive, Suite 800

Los Angeles, CA 90045

Attention: Asset Management

Telephone: (310) 258-5100

with a copy to:

Peter H. Alpert, Esq.

9200 Sunset Boulevard, Suite 900
Los Angeles, CA 90069

Telephone: (310) 277-8300

7.2

If to Assignees:

Porter R. Rodgers, Jr.

c/o Lindsey Management Co., Inc.

1200 East Joyce Boulevard, 6th Floor Fayetteville, AR 72701

Telephone: (479) 521-6686

William Ball

c/o Lindsey Management Co., Inc.

1200 East Joyce Boulevard, 6th Floor

Fayetteville, AR 72701

Telephone: (479) 521-6686

James E. Lindsey

c/o Lindsey Management Co., Inc.

1200 East Joyce Boulevard, 6th Floor

Fayetteville, AR 72701

Telephone: (479) 521-6686

with a copy to:

D. Scott Rogerson

Lindsey Management Co., Inc.

1200 East Joyce Boulevard, 6th Floor

Fayetteville, AR 72701

Telephone: (479) 521-6686

7.3

If to General Partner:

Meadow Lake Management Company, Inc.
1200 East Joyce Boulevard, 6th Floor
Fayetteville, AR 72701

Attention: Porter R. Rodgers, Jr., President
Telephone: (479) 521-6686

7.7

Nothing herein shall be construed to be for the benefit of or enforceable by any third party including, but not limited to any creditor of Assignors.

7.9

All article and section titles or captions contained in this Agreement are for convenience only and shall not be deemed part of the text of this Agreement.

7.10 in the event that any court or arbitration proceedings is brought under or in connection with this Agreement, the prevailing party in such proceeding (whether at trial or on appeal) shall be entitled to recover from the other party all costs, expenses, and reasonable attorneys' fees incident to any such proceeding. The term "prevailing party" as used herein shall mean the party in whose favor the final judgment or award is entered in any such judicial or arbitration proceeding.

7.12 In interpreting this Agreement it shall be presumed that this Agreement was jointly drafted and no presumption shall arise against any partner in the event of any ambiguity.

[Signatures on following page]

IN WITNESS WHEREOF, the Parties have entered into this Agreement as of the date set forth above.


ASSIGNORS:	NATIONAL TAX CREDIT INVESTORS II,
	a California limited partnership

	By National Partnership Investments Corp.,
	a California corporation,
	General Partner

	By /s/Craig Gotthardt
	Its Vice President

	NATIONAL TAX CREDIT, INC. II,
	a California corporation

	By /s/Craig Gotthardt
	Its Vice President

ASSIGNEES:	/s/Porter R. Rodgers, Jr.
	PORTER R. RODGERS, JR., an individual

	/s/William Ball
	WILLIAM BALL, an individual

	/s/James E. Lindsey
	JAMES E. LINDSEY, an individual

GENERAL PARTNER:	MEADOW LAKE MANAGEMENT COMPANY, INC.
	an Arkansas corporation

	By /s/Porter R. Rodgers, Jr.
	Porter R. Rodgers, Jr.
	Its President

EX-10 5 ntci2salempark.htm Converted by EDGARwiz

Exhibit 10.4

ASSIGNMENT AND ASSUMPTION AGREEMENT

This Assignment and Assumption Agreement (the "Agreement") is made as of September 28, 2007 (the "Effective Date"), by and between National Tax Credit Investors II, a California limited partnership ("NTCI II"), and National Tax Credit, Inc. II, a California corporation (together with NTCI 11, each an "Assignor" and, collectively, "Assignors"); Salem Park Management Company, Inc., a Arkansas corporation ("General Partner"); and James E. Lindsey, an individual, Walter L. Harber, an individual, Gary S. Cuozzo, an individual, Edward Calhoun, an individual (each an "Assignee" and, collectively, "Assignees" and together with each of Assignors and General Partner, each a "Party," and as the context requires, any two or more, collectively, t he "Parties"), with reference to the following:

Salem Park, A Limited Partnership (the "Partnership"") was formed as a limited partnership under the laws of the State of Arkansas and is being governed pursuant to an Amended and Restated Certificate and Agreement of Limited Partnership, dated as of September 12, 1991, as amended (collectively, the "Amended Partnership Agreement") (any capitalized word or phrase used but not defined herein shall have the meaning set forth in the Amended Partnership Agreement).

General Partner is the general partner of the Partnership and Assignors are the limited partners of the Partnership.

NOW THEREFORE, in consideration of the mutual promises and for such other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

Assignment and Assumption. Effective as of the "Closing Date" (as hereinafter defined):

1.1

Effective as of the "Closing" (as hereinafter defined)

(a)

(b)

Assignees assume and agree to perform all of the obligations of Assignors under the Amended Partnership Agreement.

1.2 In consideration for the assignments of the Interests as herein provided, at the Closing Assignees shall pay to Assignors an aggregate amount (the "Payment") equal to $1,946,807.00. The Payment shall be treated as a direct acquisition of the Interests. Each Assignor covenants and agrees that such sum shall be received in full satisfaction of all obligations and liabilities due such Assignor in connection with or in any manner arising out of

the Partnership, the Project or any other assets owned by the Partnership. The Payment shall be made by federal funds wired pursuant to instructions from Assignors.

Releases.

2.1 Except for the representations and warranties of Assignors set forth in this Agreement and the "Amendment" (as hereinafter defined"), each of the Partnership, General Partner and each Assignee, for itself and for and on behalf of its partners, members, directors, officers, employees, servants, agents, representatives, administrators, assigns, and attorneys, and on behalf of the Partnership (collectively, the "Partnership Parties"), hereby releases, waives and relinquishes all actions, causes of action, claims and demands whatsoever, at law or in equity, and damages (collectively, "Claims") that any of the Partnership Parties has or allegedly has against either or both Assignors and/or their respective partners, members, directors, officers, employees, servants, agents, representatives, administrators, assigns, and attorneys (collectively, the "NTCI Parties") from the beginning of time up to and including the Closing Date.

2.2 Except for the representations and warranties of General Partner and the obligations of Assignees set forth in this Agreement and the Amendment, each Assignor, for itself and the other NTCI Parties, hereby releases, waives, relinquishes all Claims that Assignor has or allegedly has against the Partnership Parties, or any of them, from the beginning of time up to and including the Closing Date, This release is meant to include, by way of example and not limitation, all claims arising from or related to the management and operation of the Apartment Complex and the Partnership.

2.3

Assignors, General Partner and Assignees each acknowledges that it is familiar with Section 1542 of the Civil Code of the State of California, which provides:

Assignors, for themselves and the other NTCI Parties, and each of General Partner and each Assignee, for itself and the other Partnership Parties, waives and relinquishes any right or benefit which either has or may have under Section 1542 of the Civil Code of the State of California or any similar statute under the laws of the State of Arkansas to the full extent that each may lawfully waive all rights and benefits pertaining to the matters set forth herein, in connection with such waiver and relinquishment, Assignors, General Partner and Assignees each acknowledges that it is aware that it may hereafter discover facts in addition to or different from those which it now knows or believes to be true with respect to the subject matter of this Agreement, but it is the intention of Assignors, General Partner and Assignees hereby to fully, finally, and forever settle and release all disputes and diff erences, known and unknown, suspected and unsuspected, which now exist, may exist or hereafter have existed between them, and in furtherance of such intention, the release herein given shall be and remain in effect as a full and complete general mutual release notwithstanding the discovery or existence of any such additional or different facts.

3. Closing. The closing of the transactions contemplated by this Agreement (the "Closing") shall occur no later than September 28, 2007 (the "Closing Date"), In the event the Closing does not occur on or before the Closing Date, this Agreement shall terminate automatically without the necessity of any further action on the park of either of the Parties unless the Parties otherwise agree in writing,

Representations and Warranties.

4.1 As a material inducement to General Partner and Assignees entering into this Agreement, each Assignor hereby represents and warrants to Assignees the following are true and correct as of the Effective Date, and which warranties and representations shall survive the Effective Date and the withdrawal of Assignors from the Partnership:

(a)

Each Assignor is the owner of its Interest and the Interest is not subject to any lien, pledge or encumbrance of any nature whatsoever and Assignee shall acquire the same free of any rights or claims thereto by any other party claiming by, through or under such Assignor.

(b)

The execution and delivery of this Agreement by Assignors and the performance of the transactions contemplated herein have been duly authorized by all requisite corporate and partnership proceedings and assuming the due and proper execution and delivery by Assignees and General Partner, this Agreement is binding upon and enforceable against Assignor in accordance with its terms.

4.2 As a material inducement to Assignors entering into this Agreement, each Assignee hereby represents and warrants to Assignors that assuming the due and proper execution and delivery by Assignors, this Agreement is binding upon and enforceable against such Assignee in accordance with its terms. The foregoing representation and warranty is true and correct as of the Effective Date and shall survive the Effective Date and the withdrawal Assignors from the Partnership.

Indemnity.

5.2 Any party that is entitled to an indemnification pursuant to this Section 5 (individually, an "Indemnitee" and collectively, the "Indemnitees") shall promptly notify the indemnifying party (the "indemnitor") in the event an Indemnitee receives any summons or any other written official or unofficial notice or threat of litigation alleging that they (or any party comprising the Indemnitees) may be liable for any matter with respect to which the foregoing indemnities relate. In the event litigation is instituted against any of the Indemnitees with respect to the indemnified matter, the Indemnitor shall have the right, within ten business days of having received such notice, to select counsel which will represent each of the defendant Indemnitee s in connection with such litigation, provided that such counsel is reasonably acceptable to the Indemnitees. In the event such counsel is not selected by the Indemnitor pursuant to the preceding sentence, the Indemnitees shall have the right to select their own counsel whose reasonable fees and expenses shall be paid or reimbursed as required hereinabove by the Indemnitor, as its obligations may be pursuant to the foregoing provisions of this Agreement.

The Indemnitor may pursue any litigation relating to any of the foregoing indemnified matters to final determination by a court of competent jurisdiction, and expressly reserves the right, at its sole discretion, to appeal from any adverse judgment or order. Provided the lndemnitor is not in default of its obligations hereunder, no lndemnitee shall have any right to settle without the Indemnitor's express written approval. The Indemnitees agree to cooperate with the lndemnitor and the lndemnitor's counsel in connection with any such litigation. In the event any Indemnitee breaches any of the provisions of this Section, the obligations of the lndemnitor as to that Indemnitee (but not as any other Indemnitee) shall automatically terminate.

7.1

If to Assignors:

c/o National Partnership Investments Corp.
6100 Center Drive, Suite 800

Los Angeles, CA 90045

Attention: Asset Management

Telephone: (310) 258-5100

with a copy to:

Peter H. Alpert, Esq.

9200 Sunset Boulevard, Suite 900

Los Angeles, CA 90069

Telephone: (310) 277-8300

7.2

If to Assignees:

James E. Lindsey

c/o Lindsey Management Co., Inc.
1200 East Joyce Boulevard, 6th Floor

Fayetteville, AR 72701

Telephone: (479) 521-6686

Walter L. Harber

c/o Lindsey Management Co., Inc.

1200 East Joyce Boulevard, 6th Floor

Fayetteville, AR 72701

Telephone: (479) 521-6686

Gary S. Cuozzo

c/o Lindsey Management Co., Inc.

1200 East Joyce Boulevard, 6th Floor

Fayetteville, AR 72701

Telephone: (479) 521-6686

Edward Calhoun

2522 Broadway Street

San Francisco, CA 94115 Telephone: (415) 531-4795

with a copy to:

D. Scott Rogerson

Lindsey Management Co., Inc.

1200 East Joyce Boulevard, 6th Floor

Fayetteville, AR 72701

Telephone: (479) 521-6686

7.3

If to General Partner:

Salem Park Management Company, Inc.
1200 East Joyce Boulevard, 6th Floor Fayetteville, AR 72701

Attention: James E. Lindsey, President
Telephone: (479) 521-6686

7.7

Nothing herein shall be construed to be for the benefit of or enforceable by any third party including, but not limited to any creditor of Assignors.

7.9

All article and section titles or captions contained in this Agreement are for convenience only and shall not be deemed part of the text of this Agreement.

7.11 This Agreement, together with the Amendment, constitutes the sole agreement of the Parties with respect to the matters herein, all prior oral or written agreements being merged herein, This Agreement may only be modified by a writing signed by all of the Parties hereto and time is of the essence of this Agreement.

7.12 In interpreting this Agreement it shall be presumed that this Agreement was jointly drafted and no presumption shall arise against any partner in the event of any ambiguity.

[Signatures on following page]

IN WITNESS WHEREOF, the Parties have entered into this Agreement as of the date set forth above.


ASSIGNORS:	NATIONAL TAX CREDIT INVESTORS II,
	a California limited partnership

	By National Partnership Investments Corp.,
	a California corporation,
	General Partner

	By /s/Craig Gotthardt
	Its Vice President

	NATIONAL TAX CREDIT, INC. II,
	a California corporation

	By /s/Craig Gotthardt
	Its Vice President

ASSIGNEES:	/s/James Lindsey
	JAMES LINDSEY, an individual

	/s/Walter L. Harber
	WALTER L. HARBER, an individual

	/s/Gary S. Cuozzo
	GARY S. CUOZZO, an individual

	/s/Edward D. Calhoun
	EDWARD D. CALHOUN, an individual

GENERAL PARTNER:	SALEM PARK MANAGEMENT COMPANY, INC.
	an Arkansas corporation

	By /s/James E. Lindsey
	James E. Lindsey
	Its President

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