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Subsequent Events
9 Months Ended
Sep. 30, 2012
Subsequent Events [Abstract]  
SUBSEUQENT EVENTS

13. SUBSEQUENT EVENTS

Vacant Property, Phoenix, AZ

The sale was closed on October 22, 2012, resulting in net cash proceeds of $288,000, after third party commissions and other selling expenses, which is greater than the Property’s estimated fair value of $150,000 as of September 30, 2012.

Note Receivable, Panda Buffet

The Partnership amended the Note Receivable, dated November 12, 2009 with a balloon payment scheduled for November 12, 2012 in the amount of $232,777, to $200,000 after a principal payment of $32,777 was received on October 19, 2012 under the following extended terms: The principal balance of $200,000 will be amortized over five years at an interest rate of 7.25% per annum with a full balloon payment of $133,396 due November 1, 2014. Per the Loan amortization schedule, the monthly payments are to total $3,916 per month through October 2014.

Applebee’s Property, Columbus, OH

The Partnership waived the current 90 day notice period and allowed the tenant to exercise the first option to renew its lease for an additional two year period, effective November 1, 2012. The base rent will increase to $138,716 in the first year of the renewal period and to $141,490 in the second year. There are four remaining options to renew the lease for an additional two years, with the base rent to increase by 2% for each year of each option. The percentage rent breakpoint does not change.