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Mortgage Debt
3 Months Ended
Mar. 31, 2012
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]

5. Mortgage Debt

 

Mortgage debt is being recorded in discontinued operations. At March 31, 2012 and December 31, 2011 the principal balance was $14,484,138 on the Hato Rey Center property in Hato Rey, Puerto Rico. The loan is nonrecourse to the Company with standard carve outs. The first mortgage loan on the Hato Rey Center property is due on May 11, 2028, but provides that if it was not repaid on or before May 11, 2008, the interest rate on the loan was increased by two percentage points (to 9.38% per annum of which 2% per annum would be deferred until maturity). Since April 2011, the Company has not made any mortgage payments on the loan. (See Note 8). In addition, the Company is paying an additional 5% per annum as default interest and a 5% late payment fee. At March 31, 2012 and December 31, 2011, interest and other fees payable were $1,650,109 and $1,431,672, respectively, which were offset by escrow accounts maintained by Berkadia. Because of the foreclosure action, Hato Rey Center property was classified as a discontinued operation.