Mortgage Debt

6 Months Ended

Jun. 30, 2022

Mortgage Debt [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 were as follows:

	Mortgage Balance		Unamortized mortgage Costs		Interest Expense
June 30, 2022 and the six month period then ended	$	1,508,085	$	48,179	$	45,789
December 31, 2021 and the year then ended	$	1,529,570	$	56,045	$	94,889

The Company is required to maintain certain financial covenants. The Company was in compliance with the covenants on June 30, 2022 and December 31, 2021.

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

2022	$	23,901
2023	$	48,201
2024	$	51,189
2025	$	1,384,794