Note Receivable

12 Months Ended

Dec. 31, 2011

Note Receivable [Abstract]

Note Receivable

11. NOTE RECEIVABLE:

A sales contract was executed on September 30, 2009 for the installment sale of the Panda Buffet property to the tenant for $520,000 (sales amount was to be reduced to $450,000 if closing occurred on or before November 15, 2009). The closing date on the sale of the Property was November 12, 2009 at a sales price of $450,000. The buyer paid $150,000 at closing with the remaining balance of $300,000 being delivered in the form of a promissory note ("Buyers Note") to the Partnership. A net gain on the sale of approximately $29,000 was recognized in the Fourth Quarter of 2009. The Buyers Note reflects a term of three years, an interest rate of 7.25%, and principal and interest payments paid monthly and principal amortized over a period of ten years beginning December 1, 2009 with a balloon payment due November 1, 2012. Pursuant to the Buyers Note, there will be no penalty for early payment of principal. Buyers Note also requires the buyer to escrow property taxes with the Partnership beginning January of 2010 at $1,050 per month (lowered to $900 beginning February 1, 2011 and then $700 per month beginning January 1, 2012). The property tax escrow cash balance held by the Partnership amounted to $2,000 at December 31, 2011, and is included in the property tax payable in the condensed balance sheets

Per the Buyer's Note amortization schedule, the monthly payments are to total approximately $3,522 per month. The first payment was received by the Partnership on November 30, 2009 and included $2,374 in principal and $1,148 in interest. During the fiscal year ended December 31, 2011, twelve note payments were received by the Partnership and totaled $22,991 in principal and $19,273 in interest.

The eleven aggregate amortized principal payments yet to be received under the Buyers Note for the next year are as follows:

Year ending December 31,	$	253,247
2012 (eleven months of payments)	$	253,247