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Note Receivable
12 Months Ended
Dec. 31, 2016
Receivables [Abstract]  
Note Receivable

9. NOTE RECEIVABLE:

 

In 2009, the Partnership sold the Panda Buffet restaurant property located in Grand Forks, ND (“Panda Buffet”) for $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. The maturity date of the Buyers Note was extended twice, and, as of the final maturity date of November 1, 2016, the Buyers Note was paid in full. A mortgage release was issued to the buyer. During the year ended December 31, 2016, payments received by the Partnership under the Buyers Note totaled $57,157 in principal and $2,093 in interest.