Schedule of Notes Payable |
Notes payable
consists of the following (in thousands):
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Lender
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Average
Monthly
Payment |
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Net Book
Value
Of Collateral(1) |
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|
Interest
Rate |
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Maturity
Date |
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Notes Payable
December 31, |
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2013 |
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2012 |
|
Freddie Mac
|
|
$ |
728 |
|
|
$ |
162,829 |
|
|
|
6.29 |
% |
|
July 2015 |
|
$ |
93,765 |
|
|
$ |
96,433 |
|
Freddie Mac
|
|
|
101 |
|
|
|
87,345 |
|
|
|
4.39 |
|
|
July 2015 |
|
|
19,742 |
|
|
|
20,068 |
|
Freddie Mac
|
|
|
60 |
|
|
|
6,800 |
|
|
|
5.75 |
|
|
April 2017 |
|
|
8,629 |
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|
8,837 |
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Fannie Mae
|
|
|
178 |
|
|
|
42,167 |
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|
|
5.91 |
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June 2017 |
|
|
27,324 |
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|
27,809 |
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Fannie Mae
|
|
|
28 |
|
|
|
31,890 |
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|
4.47 |
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|
June 2017 |
|
|
5,467 |
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|
5,557 |
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Fannie Mae
|
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|
78 |
|
|
|
16,271 |
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|
|
5.69 |
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August 2021 |
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|
13,103 |
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|
|
13,281 |
|
Fannie Mae
|
|
|
26 |
|
|
|
5,812 |
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|
|
4.97 |
|
|
October 2021 |
|
|
4,657 |
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|
|
4,729 |
|
Fannie Mae
|
|
|
101 |
|
|
|
22,374 |
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|
|
4.92 |
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|
October 2021 |
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|
18,398 |
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|
|
18,685 |
|
Fannie Mae
|
|
|
117 |
|
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|
25,304 |
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|
4.92 |
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November 2021 |
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|
21,391 |
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|
21,723 |
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Fannie Mae
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|
27 |
|
|
|
5,874 |
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|
4.38 |
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March 2022 |
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|
5,224 |
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|
|
5,312 |
|
Fannie Mae
|
|
|
60 |
|
|
|
12,963 |
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|
|
4.76 |
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April 2022 |
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|
11,190 |
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|
11,364 |
|
Fannie Mae
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|
135 |
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|
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29,520 |
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4.69 |
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April 2022 |
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25,448 |
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|
25,851 |
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Fannie Mae
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|
60 |
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16,801 |
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4.48 |
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May 2022 |
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11,546 |
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11,735 |
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Fannie Mae
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|
144 |
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35,467 |
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4.34 |
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November 2022 |
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28,455 |
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28,920 |
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Fannie Mae
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|
33 |
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7,639 |
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4.50 |
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November 2022 |
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|
6,325 |
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|
6,417 |
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Fannie Mae
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|
84 |
|
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|
19,675 |
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|
4.32 |
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January 2023 |
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|
16,744 |
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|
16,995 |
|
Fannie Mae
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|
39 |
|
|
|
8,788 |
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|
4.58 |
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January 2023 |
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|
7,471 |
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|
7,577 |
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Fannie Mae
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|
85 |
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19,720 |
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4.66 |
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April 2023 |
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16,221 |
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|
— |
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Fannie Mae
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|
45 |
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|
8,818 |
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|
5.93 |
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October 2023 |
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|
7,595 |
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— |
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Fannie Mae
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|
67 |
|
|
|
14,210 |
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|
5.50 |
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November 2023 |
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|
11,837 |
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|
— |
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Fannie Mae
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|
67 |
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|
14,025 |
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5.38 |
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November 2023 |
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11,900 |
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|
— |
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Fannie Mae
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|
282 |
|
|
|
57,984 |
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5.56 |
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January 2024 |
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49,292 |
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|
— |
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Fannie Mae
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|
81 |
|
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|
17,446 |
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5.30 |
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June 2025 |
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14,434 |
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— |
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Berkadia
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|
— |
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|
— |
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(3) |
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November 2013 |
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— |
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11,550 |
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Berkadia
|
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|
108 |
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|
19,402 |
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|
5.46 |
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August 2015 |
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14,294 |
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|
14,784 |
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Berkadia
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|
15 |
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|
5,639 |
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(4) |
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July 2015 |
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4,550 |
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|
— |
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Berkadia
|
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|
28 |
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|
10,647 |
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(4) |
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October 2015 |
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8,472 |
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|
— |
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Berkadia
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|
37 |
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|
9,406 |
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(5) |
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January 2016 |
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9,500 |
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|
— |
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HUD
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|
16 |
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|
5,798 |
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|
4.48 |
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September 2045 |
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|
3,188 |
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|
3,233 |
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TCF
|
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|
1 |
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|
8 |
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|
7.55 |
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January 2014 |
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1 |
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|
7 |
|
Insurance
Financing
|
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|
496 |
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|
— |
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1.97 |
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May 2014 |
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2,466 |
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|
— |
|
Insurance
Financing
|
|
|
67 |
|
|
|
— |
|
|
|
1.89 |
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October 2014 |
|
|
665 |
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|
— |
|
Insurance
Financing
|
|
|
— |
|
|
|
— |
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|
— |
|
|
March 2013 |
|
|
— |
|
|
|
644 |
|
Insurance
Financing
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
May 2013 |
|
|
— |
|
|
|
585 |
|
Insurance
Financing
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
September
2013 |
|
|
— |
|
|
|
500 |
|
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|
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|
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|
|
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|
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|
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$ |
3,394 |
|
|
|
|
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|
|
5.23 |
%(2) |
|
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|
|
479,294 |
|
|
|
362,596 |
|
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|
|
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|
|
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|
|
Less current
portion
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,918 |
|
|
|
20,230 |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
467,376 |
|
|
$ |
342,366 |
|
|
|
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|
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(1) |
58 of the facilities
owned by the Company are encumbered by mortgage debt and are
provided as collateral under their respective loan
agreements. |
(2) |
Weighted average interest
rate on current fixed interest rate debt outstanding. |
(3) |
On March 7, 2013,
the Company obtained long-term fixed rate financing from Fannie Mae
to replace this loan with a fixed interest rate of 4.66% and a
10-year term. |
(4) |
Variable interest rate of
LIBOR plus 3.75% which was 3.92% at December 31,
2013. |
(5) |
Variable interest rate of
LIBOR plus 4.50% which was 4.67% at December 31,
2013. |
|