8. Credit Agreements - Primary Lender and Notes Payable

12 Months Ended

Dec. 31, 2016

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:

	2016		2015
	($ in thousands)
Credit agreements-
Primary lender (PGIP-related party),
at prime plus 5%, due June 1, 1997	$	-	$	500
Notes Payable-
At prime plus 2%, due October 1, 1984		176		176
At prime plus 2%, due October 1, 1987		1,000		1,000
Non-interest bearing, due August 1, 1993		22		22
	$	1,198	$	1,698

The prime rate at December 31, 2016 and 2015, was 3.75% and 3.5%, respectively.

During the year ended December 31, 2016, the Company paid the primary lender debt of $500,000 and all accrued interest totaling $470,000 to PGIP, the holder of the first mortgage note and an affiliate of the Company upon receipt of the proceeds of the sale of the Property on June 23, 2016. Accrued interest due to the primary lender was $450,000 at December 31, 2015.

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 notes and mortgages was approximately 5.9% and 6.1% at December 31, 2016 and 2015, respectively.

Accrued interest on notes payable was $3,146,000 and $3,081,000 at December 31, 2016 and 2015, respectively.

All of the outstanding notes payable including accrued interest are past due.