Mortgage Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Mortgage Debt

4. Mortgage Debt

On July 28, 2015, Palmer-Mapletree LLC, a wholly-owned subsidiary of the Company entered into a Loan Agreement (the “Loan Agreement”) with Natixis Real Estate Capital LLC providing for a mortgage loan in the principal amount of $1,750,000 (the “Loan”) at an interest rate of 6.031%. $934,794 of the loan proceeds were used to repay the prior mortgage loan and line of credit on the Mapletree Property. $123,757 of the Loan proceeds was set aside for capital improvements and reserves for the property. We received net proceeds of $585,125. The Loan matures on August 5, 2025 and requires monthly principal and interest payments of $11,308 and escrows for insurance, taxes and capital improvements. Escrow balances are considered restricted cash. The mortgage is presented net of unamortized mortgage costs, the outstanding balance of the loan and loan costs was as follows:

	Mortgage		Unamortized		Interest
	Balance		mortgage Costs		Expense
December 31, 2020	$	1,570,383	$	71,777	$	97,006
December 31, 2019	$	1,608,516	$	87,509	$	99,560
December 31, 2018	$	1,644,657	$	103,241	$	101,699
December 31, 2017	$	1,678,660	$	118,974	$	103,544

The Company is required to maintain certain financial covenants. The Company was in compliance with the covenants on December 31, 2020, 2019, 2018 and 2017.

Maturities of Mortgage payments for the next five years are as follows:

2021	$	42,737
2022	$	45,386
2023	$	48,201
2024	$	51,189
2025	$	1,382,870
Thereafter	$	0