7. Credit Agreements - Primary Lender and Notes Payable

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Credit Agreements - Primary Lender and Notes Payable

Credit agreements with the Company’s primary lender and notes payable consisted of the following:

	2015		2014
Credit agreements-
Primary lender (PGIP-related party), at prime plus 5%, due June 1, 1997	$	500,000	$	500,000
Notes Payable-
At prime plus 2%, due October 1, 1984		176,000		176,000
At prime plus 2%, due October 1, 1987		1,000,000		1,000,000
Non-interest bearing, due August 1, 1993		22,000		22,000
	$	1,698,000	$	1,698,000

The prime rate at December 31, 2015 and 2014, was 3.5% and 3.25%.

At December 31, 2015 assets collateralizing the Company’s credit agreements with its primary lender totaled $644,000, of which $5,000 represented escrow held by the primary lender, and $639,000 represented land and improvement inventories.

The overall weighted-average interest rate for the Company’s credit agreements with its primary lender and all remaining notes and mortgages was approximately 6.1% as of both December 31, 2015 and 2014.

Although substantially all of the Company’s real and personal property including all of the stock of the Company’s wholly-owned subsidiaries remains pledged as collateral, the Company negotiated agreements with its mortgage holders to allow the Company to sell part of its land holdings without requiring full payment of the secured debt.

Accrued interest due to the primary lender was $450,000 and $408,000 at December 31, 2015 and 2014, respectively.  Accrued interest on other notes payable was $3,081,000 and $3,020,000 at December 31, 2015 and 2014, respectively.

All of the primary lender debt and notes payable including accrued interest are past due.