-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LGv+hrLB1OcsTBGir78szQ25aCZ97G3cU+NX2cJeJrC6eMVBcNQHYeXn/kbp6Ue6 wv4OeljOfaeXJa2eEu6mNQ== 0000852748-96-000008.txt : 19961101 0000852748-96-000008.hdr.sgml : 19961101 ACCESSION NUMBER: 0000852748-96-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961016 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961031 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: RETAIL PROPERTY INVESTORS INC CENTRAL INDEX KEY: 0000852748 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 043060233 STATE OF INCORPORATION: VA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18247 FILM NUMBER: 96651017 BUSINESS ADDRESS: STREET 1: 265 FRANKLIN STREET 15TH FL CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 2127134214 FORMER COMPANY: FORMER CONFORMED NAME: RETAIL PROPERTY INVESTMENTS INC DATE OF NAME CHANGE: 19931118 FORMER COMPANY: FORMER CONFORMED NAME: PAINEWEBBER RETAIL PROPERTY INVESTMENTS INC DATE OF NAME CHANGE: 19920703 8-K 1 THIS IS AN 8-K FOR RPI SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 Date of Report (Date of earliest event reported) October 16, 1996 RETAIL PROPERTY INVESTORS, INC. (Exact name of registrant as specified in its charter) Virginia 0-18247 04-3060233 -------- ------- ---------- (State or other jurisdiction) (Commission (IRS Employer of incorporation File Number) Identification No.) 265 Franklin Street, Boston, Massachusetts 02110 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (617) 439-8118 (Former name or address, if changed since last report) FORM 8-K CURRENT REPORT Retail Property Investors, Inc. ITEM 2 - Disposition of Assets On October 17, 1996, Retail Property Investors, Inc. (the "Company") closed the sale of substantially all of its assets to Glimcher Realty Trust ("Glimcher") for an aggregate purchase price of $197,000,000 (the "Sale"), pursuant to the Purchase and Sale Agreement by and among Glimcher and the Company, PaineWebber Retail Property Investments, Ltd., PaineWebber Retail Property Investments Joint Venture, PaineWebber College Plaza, L.P. and PaineWebber Marion Towne, L.P. (collectively, the "Sellers"), dated as of March 11, 1996, as amended by the letter agreements by and among Glimcher and the Sellers, dated as of May 12, 1996, May 14, 1996, May 30, 1996, June 6, 1996, June 13, 1996, June 19, 1996 , June 27, 1996 and October 16, 1996 (as amended, the "Sale Agreement"). As a result of the Sale, Glimcher purchased the Company's entire portfolio of properties, consisting of 22 retail shopping centers. The Company received net sale proceeds from the transaction of $36,370,502 after the prepayment or assumption of all of the Company's mortgage indebtedness, payments of certain closing costs as well as credits due from the buyer at closing. In addition the Company retained rights to $417,804 in aged accounts receivable and $622,339 in additional tenant reimbursements to be collected subsequent to the closing. At a special meeting of the shareholders of the Company held on October 16, 1996, the shareholders approved, upon the unanimous recommendation of the Board of Directors of the Company, the Sale and the Sale Agreement, as well as the complete and voluntary liquidation of the Company pursuant to the Plan of Liquidation and Dissolution of the Company. Accordingly, the remaining net assets of the Company will be converted to cash and the net sale proceeds, along with the Company's accumulated cash reserves will be distributed to the shareholders. The Company plans to make such distributions to the shareholders by December 31, 1996. Based on preliminary estimates as set forth in the Company's Proxy Statement dated August 23, 1996 (the "Proxy Statement"), the Company anticipated distributing cash of at least $8.50 per share prior to December 31, 1996. In the event it is not possible or practical for the Company fully to liquidate its remaining assets and satisfy all remaining claims by December 31, 1996, the shareholders will receive by such date (i) a partial distribution of cash representing a substantial portion of the total anticipated distributions, and (ii) beneficial interests in a liquidating trust, established to liquidate such assets and satisfy or provide for such claims, in proportion to their respective holdings of the outstanding shares of Common Stock. ITEM 7 - Financial Statements and Exhibits (a) Financial Statements: None (b) Proforma Financial Information (incorporated herein by reference to the Proxy Statement filed with the Securities and Exchange Commission (the "Commission") on August 23, 1996). (c) Exhibits: (2.1) Plan of Liquidation and Dissolution of the Company (incorporated herein by reference to Annex C to the Proxy Statement filed with the Commission on August 23, 1996). (10.1) Sale Agreement (incorporated herein by reference to Annex A to the Proxy Statement filed with the Commission on August 23, 1996). (10.2) Amendment to the Sale Agreement dated October 16, 1996. (10.3) Closing Escrow Agreement, dated June 27, 1996, by and among the Sellers, Glimcher, Glimcher Properties Limited Partnership and Lawyers Title Insurance Corporation (incorporated herein by reference to Annex B to the Proxy Statement filed with the Commission on August 23, 1996). (20.1) The Company's Proxy Statement (filed with the Commission on August 23, 1996 and incorporated herein by reference). (99.1) Company/Glimcher Closing Statement dated October 17, 1996. FORM 8-K CURRENT REPORT RETAIL PROPERTY INVESTORS, INC. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. RETAIL PROPERTY INVESTORS, INC. (Registrant) By: /s/ Walter V. Arnold -------------------- Walter V. Arnold Senior Vice President and Chief Financial Officer Date: October 31, 1996 Exhibit 10.2 Glimcher Realty Trust Glimcher Properties Limited Partnership 20 South Third Street Columbus, Ohio 43215 October 16, 1996 Retail Property Investors, Inc. PaineWebber Retail Property Investors, Ltd. PaineWebber Retail Property Investments Joint Venture PaineWebber College Plaza, L.P. PaineWebber Marion Towne, L.P. c/o PaineWebber Properties Incorporated 265 Franklin Street, 16th Floor Boston, MA 02110 Re: Purchase and Sale Agreement (as amended to date, the "Sale Agreement") dated as of March 11, 1996 by and among Retail Property Investors, Inc., et al (collectively, the "Sellers") and Glimcher Realty Trust (the "GRT"). Gentlemen: Reference is made to (a) the Sale Agreement and (b) that certain Closing Escrow Agreement (the "Closing Escrow Agreement") dated as of June 27, 1996 by and among the Sellers, GRT, Glimcher Properties Limited Partnership (the "Purchaser") and Lawyers Title Insurance Corporation (the "Closing Escrow Agent"). Each initially capitalized term used herein and not otherwise defined shall have the meaning ascribed thereto in the Closing Escrow Agreement. The Sellers' Closing Notice has been given and the Closing Escrow Agent has been instructed to complete the Equity Disbursement and to thereafter take the actions described on Schedule B-2 to the Closing Escrow Agreement, each as modified by the Closing Statement attached hereto as Schedule 2. Closing Escrow Agent agrees to make the Equity Disbursement in accordance with the instructions listed on Schedule 1 attached hereto. Sellers, Purchaser and GRT hereby agree upon the adjustments contained in the settlement statement attached hereto as Schedule 2 (the "Closing Statement"). Purchaser and GRT have instructed the applicable Seller to execute and deliver the lease amendments listed on Schedule 3 attached (in the form attached to the June 27, 1996 letter agreement constituting part of the Sale Agreement (the "June 27 Amendment")). The applicable Seller shall execute and deliver such lease amendments in full satisfaction of Sellers' obligations with respect to those lease amendments under the June 27 Amendment. Purchaser and GRT hereby acknowledge and agree that the execution and delivery of the lease amendments together with all consequences thereof is and shall be Purchaser's sole responsibility. GRT hereby agrees that any damages and/or liabilities incurred by Sellers by reason of the applicable Seller's execution of such lease amendments are hereby included in GRT's obligation to indemnify, defend and hold Sellers harmless under that certain Indemnification Agreement dated June 27, 1996 from GRT to Sellers (the "Indemnification Agreement"). Purchaser and GRT recognize that the holder of the Assumed Indebtedness on Applewood has required that the management be retained by Regency unless and until a comparable level of management ability is demonstrated by the new ownership. Purchaser and GRT hereby acknowledge and agree that the failure to comply with such holder's requirement together will all consequences thereof is and shall be Purchaser's sole responsibility. GRT hereby agreed that any damages and/or liabilities incurred by Sellers by reason of the Purchaser's failure to comply with the holder's requirements are hereby included in GRT's obligation to indemnify, defend and hold Sellers harmless under the Indemnification Agreement. Purchaser hereby acknowledges receipt of an appropriate credit in the closing Statement as complete and full compensation for the Sellers' liability arising from the existence of phenolic foam insulation at the Properties known as Barren River Plaza and Applewood and hereby releases and waives any right or claim that Purchaser might have under the Sale Agreement or the Management Agreement or otherwise against the Sellers arising from the existence of phenolic insulation at such Properties. Sellers hereby assign and transfer to Purchaser for the benefit of Purchaser any and all rights or claims held by Sellers under any warranty, express or implied, or otherwise arising from the existence of phenolic foam insulation at the properties known as Barren River Plaza and Applewood. To the extent Sellers, Purchaser and the manufacturer of the phenolic foam insulation have not entered into a written agreement regarding the remediation thereof, Purchaser is entitled to negotiate directly with the manufacturer and Sellers have no further obligations with respect thereto. Purchaser hereby acknowledges receipt of an appropriate credit in the Closing Statement as complete and full compensation under the Sale Agreement and the Management Agreement for the Sellers' responsibility for expenditures under the Capital Budget (as defined in the Sale Agreement). Sellers acknowledge and agree that Net Cash Flow under the Management Agreement has been reconciled and agreed upon through July 31,1996 outside of the Closing Statement. Within five (5) Business Days after the date hereof Purchaser shall calculate the Net Cash Flow for the months of August and September, 1996, provide the Sellers with all backup therefor and remit Past Due Rents to Sellers in accordance with the terms of the Sale Agreement. Within fifteen (15) days after October 31, 1996 Purchaser shall calculate the Net Cash Flow for the month of October, 1996, provide Sellers with all backup therefor and remit Past Due Rents (to the extent collected) to Sellers in accordance with the terms of the Sale Agreement. To the extent that adjustments and prorations have not been made or such items on the closing Statement, Net Cash Flow shall be calculated and Purchasers shall be entitled to retain such Net Cash Flow (consistent with the prior calculations of Net Cash Flow) in accordance with the terms of the Sale Agreement and the Management Agreement. Purchaser agrees to provide Sellers with evidences of its reasonable efforts to collect all Past Due Rent (i.e., provide copies of letters to tenants and provide copies of reports regarding follow up phone calls and cash receipts and aged delinquency reports etc.). Purchaser and Sellers have agreed that Closing Escrow Agent shall hold out of the Equity Distribution 150% of the amount of the mechanic's lien listed on Schedule 4 attached hereto in escrow pending resolution or release of the lien. Sellers believe that the obligation to satisfy this lien is the tenant's obligation. Purchaser agrees to use diligent efforts to cause the tenant to satisfy or discharge the lien (but Purchaser shall not be required to incur any expense, commence any litigation or terminate the lease). In the event, despite such diligent efforts, such tenant has not satisfied or discharged or caused the satisfaction or discharge of the lien within thirty (30) days from the date hereof, Sellers shall have the right to sue the tenant. Purchaser agrees to cooperate, at Sellers' expense, with Sellers in the pursuit of any such suit. In the event the lien has been satisfied or discharged on or before December 31, 1996, Closing Escrow Agent shall return said escrow to Sellers within five (5) business days or the resolution thereof. In the event the lien has not been satisfied or discharged on or before December 31, 1996, Closing Escrow Agent shall have the right to pay said lien from said escrow. In any event, after the payment or satisfaction of the lien, the closing Escrow Agent shall return any escrow balance to the Sellers or their designee. In the event the lien is satisfied or discharged out of the escrow established hereunder, Purchaser shall use diligent efforts (but Purchaser shall not be required to incur any expense, commence any litigation or terminate the lease) to seek reimbursement from said tenant and upon receipt of such reimbursement shall promptly reimburse Sellers or their designee. Sellers have (at their cost and expense) previously delivered to Purchaser and/or GRT copies of leases, contracts, plans and specifications for the Properties. Purchaser has requested that the Sellers' original counterparts be delivered to the Purchaser. To the extent that Sellers have originals of such documents and materials, they will deliver such originals to Purchaser. Purchaser hereby agrees to use its diligent efforts to return copies of the leases, contracts, plans and specifications to the Sellers. To the extent that Purchaser does not return such copies, Purchaser hereby agrees to provide copies of any and all such documents and materials to Sellers promptly after written request therefor. The letter agreement is executed as an instrument under seal in one or more counterparts, each of which shall be deemed to be an original and all of which shall constitute one and the same instrument. GLIMCHER REALTY TRUST By: /s/ George A. Schmidt George A. Schmidt, Secretary GLIMCHER PROPERTIES LIMITED PARTNERSHIP By: Glimcher Properties Corporation, general partner By: /s/ George A. Schmidt George A. Schmidt, Secretary Acknowledged and Agreed: LAWYERS TITLE INSURANCE CORPORATION By: /s/ Christopher J. Bruno Name: Christopher J. Bruno Title: Counsel Executed by the undersigned this 17th day of October, 1996. RETAIL PROPERTY INVESTORS, INC., a Virginia Corporation By: /s/ Walter V. Arnold Name: Walter V. Arnold Title: Senior Vice President PAINEWEBBER RETAIL PROPERTY INVESTMENTS, LTD., a Texas limited partnership By: Retail Property Investors, Inc., General Partner By: /s/ Walter V. Arnold Name: Walter V. Arnold Title: Senior Vice President PAINEWEBBER RETAIL PROPERTY INVESTMENTS JOINT VENTURE, a Texas Joint Venture By: Retail Property Investors,Inc., a Venturer thereof By: /s/ Walter V. Arnold Name: Walter V. Arnold Title: Senior Vice President By: PaineWebber Properties Incorporated a Venturer thereof By: /s/ Walter V. Arnold Name: Walter V. Arnold Title: Senior Vice President PAINEWEBBER COLLEGE PLAZA, L.P., a Texas limited partnership By: Retail Property Investors, Inc., General Partner By: /s/ Walter V. Arnold Name: Walter V. Arnold Title: Senior Vice President PAINEWEBBER MARION TOWNE, L.P., a Texas limited partnership By: Retail Property Investors, Inc., General Partner By: /s/ Walter V. Arnold Name: Walter V. Arnold Title: Senior Vice President Exhibit 99.1 Buyer's Closing Statement Schedules
Assumed Debt at Escrow Closing Esc. Close Stmt. $ 117,452,602.17 Prepaid Indebtedness at Escrow Closing Esc. Close Stmt. $ 42,146,272.00 Seller Equity Esc. Close Stmt. $ 37,401,125.83 ----------------- Purchase Price $ 197,000,000.00 less Amortization of Prepaid Indebtedness $ (387,638.23) less Amortization of Assumed Debt $ (354,160.01) ---------------- Purchase Price less Amortization during Escrow Period $ 196,258,201.76 less Assumed Debt at Closing 1 $ (117,098,442.16) ----------------- Purchase Price less Assumed Debt $ 79,159,759.60 I. Third Party Costs to be paid by Buyer at Final Closing a. Asmpt. Fees (excl. fee due Capital Advisors) 2 $1,009,189.08 b. Consent/Processing Fees $ - c. Mortgage Taxes 4 $ 28,664.85 d. Prepayment Fees 5 $ 411,954.45 e. Lenders' legal fees 6 $ 44,466.19 f. Other lender costs 7 $ - i) October Interest to Lenders 22 $ 182,273.37 ii) Late Fees to Lenders 22 $ 9,960.17 (iii) Lender Escrows 22 $ (276,920.35) g. Recording fees 8 $ 11,000.00 h. Escrow fees 9 $ - i. Other costs/expenses (incl. warr. transfer costs) $ 10,000.00 j. Title insurance 10 $ 173,673.92 Total Sec. 13.6 Costs to be paid by Buyer $ 1,604,261.68 -------------- Subtotal $80,764,021.28 ============== II. Amounts Due Seller from Buyer at Final Closing 1) RPI Interest Factor 14 $ 657,245.37 2) % Rents From Oper. Acct. Due Seller 13 $ - 3) Other Items from Oper. Acct. Due Seller 13 $ 46,729.00 4) Cross Creek Plaza Escrow Deducted from payoff 22 $ 182,172.35 5) Other Escrows with lender 15 $ 193,304.84 6) RPI A/R Collected during E.C. Period 13 $ 291,528.00 7) Assumption Fees Paid by Seller 2 $ 161,795.34 8) Consent/Processing Fees Paid by Seller 3 $ 26,000.00 9) Lender Legal Fees paid by Seller 6 $ 7,500.00 10) Overfunding of Operating Account Due Seller 13 $ 58,714.00 -------------- Net Amounts Due Seller from Buyer at Final Closing $ 1,624,988.90 III. Amounts Due Buyer from Seller at Final Closing 1) Tax Proration 12 $ (717,042.71) 2) Net Cash Flow from 5/14/96 to ECD 18 $ (662,796.09) 3) Capital Repairs Escrow 13 $ (498,300.00) 4) Prepaid Insurance Due Buyer 13 $ (214,674.00) 5) Applewood/Barren Roofs $ (73,366.00) 6) 50% of Escrow Storage Fee $ (1,250.00) 7) Buyer Portion of Title Insurance 10 $ (2,207.00) ------------ Net Amounts Due Buyer from Seller at Closing $(2,169,635.80) -------------- Amount to be Funded by Buyer at Final Closing $ 80,219,374.38 --------------- Amount Funded by Buyer at ECD $ 81,221,008.96 --------------- Amount Buyer Overfunded at Escrow Closing $ 1,001,634.58 --------------- Reconciliation Amount Funded by Buyer at Final Closing $ 80,219,374.38 less Buyer payments to third parties $ (1,604,261.68) less amounts due Seller from Buyer $ (1,624,988.90) plus amounts due Buyer from Seller $ 2,169,635.80 less Prepaid Indebtedness at Closing 5 $(41,758,633.77) ---------------- Seller Equity $ 37,401,125.83 ----------------
Seller's Closing Statement
Schedules --------- Purchase Price Esc. Closing Stmt. $ 197,000,000.00 less Prepaid Indebtedness at Escrow Closing $ (42,146,272.00) less Assumed Debt at Escrow Closing Esc. Closing Stmt. $ (117,452,602.17) ----------------- Purchase Price less Assumed Debt $ 37,401,125.83 I. Third Party Costs to be Paid by Seller at Final Closing 1) Lender Late Fees 22 $ (1,438.00) 2) Fees to Capital Advisors (Royal loans) 2 $ (42,692.06) 3) 150% Escrow for Walterboro Mechanic's Lien $ (12,000.00) 4) Section 13.6 Costs (Transfer taxes) 11 $ (429,846.15) ---------------- Total Third Party Costs to be Paid by Seller at Closing $ (485,976.21) II. Amounts Due Seller from Buyer at Final Closing 1) RPI Interest Factor 14 $ 657,245.37 2) % Rents From Oper. Acct. Due Seller 13 $ - 3) Other Items from Oper. Acct. Due Seller 13 $ 46,729.00 4) Cross Creek Plaza Escrow Deducted from payoff $ 182,172.35 5) Other Escrows with lender 15 $ 193,304.84 6) RPI A/R Collected during E.C. Period 13 $ 291,528.00 7) Assumption Fees Paid by Seller 2 $ 161,795.34 8) Consent/Processing Fees Paid by Seller 3 $ 26,000.00 9) Lender Legal Fees paid by Seller 6 $ 7,500.00 10) Overfunding of Operating Account 13 $ 58,714.00 -------------- Net Amounts Due Seller from Buyer at final Closing $ 1,624,988.90 III. Amounts Due Buyer from Seller at Final Closing 1) Tax Proration 12 $ (717,042.71) 2) Cash Flow from 5/14/96to ECD 18 $ (662,796.09) 3) Capital Repairs Escrow 13 $ (498,300.00) 4) Prepaid Insurance Due Buyer 13 $ (214,674.00) 5) Applewood/Barren Roofs $ (73,366.00) 6) 50% of Escrow Storage Fee $ (1,250.00) 7) Buyer Portion of Title Insurance 10 $ (2,207.00) ------------- Net Amounts Due Buyer from Seller at Final Closing $ (2,169,635.80) Amount Due Seller at Closing $ 36,370,502.72 ----------------- Other Amounts Due Seller -Aged Accounts Receivable 20 $ 417,804.12 -Reimburseable Additional Rents 21 $ 622,339.30 Total Amount Due Seller $ 37,410,646.14
Reconciliation/Third Party Disbursements
Schedule Buyer Funding $ 80,219,374.38 Third Party Disbursements Lenders 1) Aetna 22 Crossroads $ (855,737.67) 22 Sycamore $ (3,851,337.02) 22 Village Plaza $ (189,000.00) 2) Travelers 22 Artesian Square $ (53,400.00) 22 Logan Place $ (1,324,150.00) 22 Piedmont Plaza $ (101,250.00) 3) Modern Woodmen 22 Applewood $ (38,210.15) 4) Royal 22 Audubon $ (54,648.30) 22 Lexington Pkwy $ (94,549.53) 22 Roane County $ (64,262.46) 5) General American 22 Aviation Plaza $ 197.00 22 Crossing Meadows $ 340.48 6) Nationwide 22 Barren River $ (78,167.11) 22 Cumberland $ (48,467.71) 22 East Pointe $ (108,240.58) 7) First Union 22 College Plaza $ (6,869,240.58) 22 Franklin Square $ (6,639,109.47) 8) ITT 22 Cross Creek $(22,646,814.67) 22 Cypress Bay $ - 22 Walterboro $ - 9) IDS Financial 22 Marion Towne $ (57,516.73) 10) Lincoln National 22 Southside Plaza $ (65,656.06) Other Disbursements Walterboro Escrow $ (12,000.00) Transfer Taxes 11 $ (429,846.15) Lenders Legal Fees 6 $ (44,466.19) Title Insurance 10 $ (173,673.92) Recording 8 $ (11,000.00) Warranty Transfer Costs $ (10,000.00) Mortgage Taxes 4 $ (28,664.85) TotalDisbursements $(43,848,871.66) Buyer Funding less Total Disbursements $ 36,370,502.72
Schedule 1--Assumed Indebtedness Property Lender Principal Balance -------- ------ ----------------- Applewood Village Modern Woodman $ 3,821,015.00 Artesian Square Travelers $ 5,340,000.00 Audubon Village Royal $ 4,371,863.60 Aviation Plaza General American $ 6,733,279.00 Barren River Plaza Nationwide $ 8,116,711.11 Crossing Meadows General American $ 9,392,507.16 Crossroads Center Aetna $ 6,590,000.00 Cumberland Crossing Nationwide $ 5,146,770.52 East Pointe Plaza Nationwide $ 11,124,057.91 Lexington Parkway Plaza Royal $ 7,563,962.05 Logan Place Travelers $ 2,415,000.00 Marion Towne Center IDS Financial $ 5,751,672.61 Piedmont Plaza Travelers $ 10,125,000.00 Roane County Plaza Royal $ 5,140,997.09 Southside Plaza Lincoln National $ 6,565,606.11 Village Plaza Aetna $ 18,900,000.00 --------------- TOTAL $117,098,442.16 =============== Schedule 2--Assumption Fees
Assumption Assumption Fees Fees Paid by RPI Owed by Buyer Property Lender % Loan Amount Prior to ECD.** at Closing -------- ------ - ----------- --------------- ---------- Applewood Village Modern Woodman 1% $ 3,821,015.00 $ 38,210.15 Artesian Square Travelers 1% $ 5,340,000.00 $ 53,400.00 Audubon Village Royal 1.25% $ 4,371,863.60 $ 54,648.30 Aviation Plaza General American 1% $ 6,733,279.00 $ 67,529.79 $ (197.00) Barren River Nationwide 1% $ 8,116,711.11 $ 81,167.11 Crossing Meadows General American 1% $ 9,392,507.16 $ 94,265.55 $ (340.48) Crossroads Center Aetna 1% $ 6,590,000.00 $ 65,900.00 Cumberland Crossing Nationwide 1% $ 5,146,770.52 $ 51,467.71 East Pointe Plaza Nationwide 1% $ 11,124,057.91 $ 111,240.58 Lexington Parkway Plaza Royal 1.25% $ 7,563,962.05 $ 94,549.53 Logan Place Travelers 1% $ 2,415,000.00 $ 24,150.00 Marion Towne Center IDS Financial 1% $ 5,751,672.61 $ 57,516.73 Piedmont Plaza Travelers 1% $ 10,125,000.00 $ 101,250.00 Roane County Plaza Royal 1.25% $ 5,140,997.09 $ 64,262.46 Southside Plaza Lincoln National 1% $ 6,565,606.11 $ 65,656.06 Village Plaza Aetna 1% $ 18,900,000.00 $ 189,000.00 ------------ ------------ $ 117,098,442.16 Subtotals $ 161,795.34 $1,051,881.14 less .25% fee due Capital Advisors on Royal loan assumptions 1) Lexington $ 18,909.91 2) Roane County $ 12,852.49 3) Audubon $ 10,929.66 ------------- Total to Capital Advisors $ 42,692.06 --------------- TOTAL $1,009,189.08 ** These assumption fees have been previously paid to lender by RPI prior to Escrow Closing Date. RPI will be reimbursed for these fees at Closing from the applicable fees deposited by Buyer as part of the Escrowed Purchase Price
Schedule 3--Consent/Processing Fees Fees Paid by RPI Property Lender Prior to Esc. Clos.** -------- ------ -------- ------------ Applewood Village Modern Woodman Artesian Square Travelers Audubon Village Royal Aviation Plaza General American Barren River Plaza Nationwide $ 3,000.00 College Plaza First Union $ - Cross Creek Plaza ITT Crossing Meadows General American Crossroads Center Aetna $ 2,500.00 Cumberland Crossing Nationwide $ 3,000.00 Cypress Bay Plaza ITT East Pointe Plaza Nationwide $ 3,000.00 Franklin Square First Union $ - Lexington Parkway Plaza Royal Logan Place Travelers Marion Towne Center IDS Financial* $ 8,500.00 Piedmont Plaza Travelers Roane County Plaza Royal Southside Plaza Lincoln National $ 1,000.00 Sycamore Aetna $ 2,500.00 Village Plaza Aetna $ 2,500.00 Walterboro Plaza ITT --------------- Subtotals $ 26,000.00 TOTAL ** These have been previously paid to lender by RPI prior to Escrow Closing Date. RPI will be reimbursed for these fees at Closing from the applicable fees deposited by Buyer as part of the Escrowed Purchase Price * This amount includes a $5,000 good faith deposit refundable at closing. To the extent this deposit is refunded, it shall be credited to Buyer. Schedule 4--Mortgage Taxes Property Mortgage Tax -------- ------------ College Plaza $ 19,407.40 Cumberland Crossing $ 5,919.00 Sycamore Square $ 3,338.45 ------------ TOTAL $ 28,664.85 Schedule 5--Prepayment Fees** Property Lender Percentage Amt. Prepaid Prepayment Fee -------- ------ ---------- ------------ -------------- College Plaza First Union 0% $ 6,831,706.83 $ - Cross Creek Plaza ITT** Fixed Fee* $22,691,926.94 $ 120,000.00 Crossroads Center Aetna $ 740,000.00 $ 49,837.67 Cypress Bay Plaza ITT** Fixed Fee* $ - Franklin Square First Union 0% $ 6,600,000.00 $ - Logan Place Aetna None $ 1,300,000.00 $ - Sycamore Aetna $ 3,595,000.00 $ 242,116.78 Walterboro Plaza ITT** Fixed Fee* $ - -------------- ------------ TOTAL $41,758,633.77 $ 411,954.45 *ITT prepayment penalty for all 3 properties is a fixed amount equal to $120,000. It is shown on the Cross Creek Plaza line item, but it is applicable to all 3 properties covered by ITT loan. **Th loan amount for Cross Creek Plaza represents the loan for all 3 properties (i.e., Cross Creek Plaza, Cypress Bay Plaza and Walterboro Plaza) Schedule 6--Lenders' Legal Fees Fees Paid by RPI Fees to be Paid Property Lender Prior to Esc. Clos.** by Buyer at Closing - -------- ------ --------------------- ------------------- Applewood Village Modern Woodman $ - Artesian Square*** Travelers $ 5,529.29 Audubon Village Royal $ 3,945.00 Aviation Plaza General American $ - Barren River Plaza Nationwide $ 11,250.00 College Plaza First Union $ - Cross Creek Plaza ITT $ - Crossing Meadows General American $ - Crossroads Center Aetna $ 2,500.00 $ - Cumberland Crossing Nationwide $ 5,465.54 Cypress Bay Plaza ITT $ - East Pointe Plaza Nationwide $ 3,132.00 Franklin Square First Union $ - Lexington Parkway Plaza Royal $ 4,208.71 Logan Place*** Travelers $ - Marion Towne Center IDS Financial $ - Piedmont Plaza*** Travelers $ - Roane County Plaza Royal $ 4,285.65 Southside Plaza Lincoln National $ 6,650.00 Sycamore Aetna $ 2,500.00 $ - Village Plaza Aetna $ 2,500.00 $ - Walterboro Plaza ITT $ - ----------- ----------- TOTAL $ 7,500.00 $ 44,466.19 ** These have been previously paid to lender by RPI prior to Escrow Closing Date. RPI will be reimbursed for these fees at Closing from the applicable fees deposited by Buyer as part of the Escrowed Purchase Price * To the extent these are estimates, any excess of estimated over actual will be credited Buyer, and any deficit will be owed by Buyer. *** The amount of legal fees indicated for this property relate to all the Travelers' loans. Schedule 7--Other Lender Costs Property Lender Costs -------- ------ ------ Applewood Village Modern Woodman $ - Artesian Square Travelers $ - Audubon Village Royal $ - Aviation Plaza General American $ - Barren River Plaza Nationwide $ - College Plaza First Union $ - Cross Creek Plaza ITT $ - Crossing Meadows General American $ - Crossroads Center Aetna $ - Cumberland Crossing Nationwide $ - Cypress Bay Plaza ITT $ - East Pointe Plaza Nationwide $ - Franklin Square First Union $ - Lexington Parkway Plaza Royal $ - Logan Place Travelers $ - Marion Towne Center IDS Financial $ - Piedmont Plaza Travelers $ - Roane County Plaza Royal $ - Southside Plaza Lincoln National $ - Sycamore Aetna $ - Village Plaza Aetna $ - Walterboro Plaza ITT $ - ----------- TOTAL $ - =========== Schedule 8--Recording Fees* Property Recording Fees -------- -------------- Applewood Village $ 500.00 Artesian Square $ 500.00 Audubon Village $ 500.00 Aviation Plaza $ 500.00 Barren River Plaza $ 500.00 College Plaza $ 500.00 Cross Creek Plaza $ 500.00 Crossing Meadows $ 500.00 Crossroads Center $ 500.00 Cumberland Crossing $ 500.00 Cypress Bay Plaza $ 500.00 East Pointe Plaza $ 500.00 Franklin Square $ 500.00 Lexington Parkway Plaza $ 500.00 Logan Place $ 500.00 Marion Towne Center $ 500.00 Piedmont Plaza $ 500.00 Roane County Plaza $ 500.00 Southside Plaza $ 500.00 Sycamore $ 500.00 Village Plaza $ 500.00 Walterboro Plaza $ 500.00 TOTAL $ 11,000.00 ============= *The recording fees have been estimated. To the extent the actual fees are in excess of the estimated amount, Buyer shall be obligated to pay such excess. To the extent the actual fees are less than the estimated amounts, such difference shall be returned to Buyer. Schedule 9--Escrow Fees Property Escrow Fees -------- -------------- Applewood Village $ - Artesian Square $ - Audubon Village $ - Aviation Plaza $ - Barren River Plaza $ - College Plaza $ - Cross Creek Plaza $ - Crossing Meadows $ - Crossroads Center $ - Cumberland Crossing $ - Cypress Bay Plaza $ - East Pointe Plaza $ - Franklin Square $ - Lexington Parkway Plaza $ - Logan Place $ - Marion Towne Center $ - Piedmont Plaza $ - Roane County Plaza $ - Southside Plaza $ - Sycamore $ - Village Plaza $ - Walterboro Plaza $ - ------------ TOTAL $ - ============ Schedule 10--Title Insurance*** Original Title Cos. Owners' Insuring Purchase Price Policies Holders of Property Allocation [Lawyers Assumed ---------- ----------- Title] Debt** ------ ------ Applewood Village $ 3,867,787.00 $ 50.00 Artesian Square $ 7,233,595.00 $ 568.00 Audubon Village $ 5,814,525.00 $ 1,000.00 Aviation Plaza $ 8,753,531.00 $ - Barren River Plaza $ 11,667,573.00 $ 300.00 College Plaza $ 10,328,415.00 $ - Cross Creek Plaza $ 12,708,525.00 $ - Crossing Meadows $ 12,846,694.00 $ - Crossroads Center $ 8,483,772.00 $ 1,500.00 Cumberland Crossing $ 6,929,637.00 $ 650.00 Cypress Bay Plaza $ 10,795,423.00 $ - East Pointe Plaza $ 12,129,256.00 $ 7,152.50 Franklin Square $ 9,380,038.00 $ - Lexington Parkway Plaza $ 9,653,598.00 $ 1,400.00 Logan Place $ 3,468,504.00 $ 300.00 Marion Towne Center $ 7,264,482.00 $ 4,327.50 Piedmont Plaza $ 10,125,000.00 $ 50.00 Roane County Plaza $ 6,080,170.00 $ 1,200.00 Southside Plaza $ 9,262,160.00 $ 1,400.00 Sycamore $ 3,092,717.00 $ - Village Plaza $ 21,108,448.00 $ 975.75 Walterboro Plaza $ 6,006,150.00 $ - --------------- ----------- ----------- TOTAL* $ 197,000,000.00 $ 147,093.23 $ 20,873.75 Seller-Portion of Title Insurance Cost $ 2,207.00 Additional Costs $ 41,405.00 Costs for Morg'ee Policies/Endorsements $ 659.00 Escrow Cost for Assumed Debt $ 750.00 Closer Expenses $ 1,820.94 Other Additional Costs $ 4,240.00 ------------- ------------ $ 198,175.17 $ 20,873.75 TOTAL less amounts paid outside closing $ (45,375.00) TOTAL TO BE ESCROWED $173,673.92 *Title Insurance Amount is based on package bid; therefore, no property by property allocation. **All the foregoing amounts are estimates. To the extent the costs are actually more, such excess will be paid by Buyer, and to the extent the actual costs are less, such difference will belong to Buyer. ***The parties agree that all other out-of-pocket costs due the title company at Closing will be paid directly by Buyer to title company and will not be escrowed Schedule 11--Transfer Taxes
Amount Subject Transfer to Tax Property State Tax Price Debt Transfer Tax Amount -------- ----- --- ----- ---- ------------ ------ Applewood Village Ohio $4/$1000 $ 3,867,787.00 $ 3,821,015.00 Price $ 15,471.15 Artesian Square Indiana None $ 7,233,595.00 $ 5,340,000.00 N/A $ - Audubon Village Kentucky $1/$1000 $ 5,814,525.00 $ 4,371,863.60 Price $ 5,814.53 Aviation Plaza Wisconsin $3/$1000 $ 8,753,531.00 $ 6,733,279.00 Price $ 26,260.59 Barren River Plaza Kentucky $1/$1000 $11,667,573.00 $ 8,116,711.11 Price $ 11,667.57 College Plaza Virginia $1-$2/1000 $10,328,415.00 $ - Hybrid $ 30,985.25 Cross Creek Plaza** South Carolina $3.7/$1000 $12,708,525.00 $ - Price less Debt $ 78,792.86 Crossing Meadows Wisconsin $3/$1000 $12,846,694.00 $ 9,392,507.16 Price $ 38,540.08 Crossroads Center Tennessee $3.7/$1000 $ 8,483,772.00 $ 6,590,000.00 Price $ 31,389.96 Cumberland Crossing Tennessee $3.7/$1000 $ 6,929,637.00 $ 5,146,770.52 Price $ 25,639.66 Cypress Bay Plaza North Carolina $2/1000 $10,795,423.00 $ - Price $ 21,590.85 East Pointe Plaza South Carolina $3.7/$1000 $12,129,256.00 $11,124,057.91 Price less Debt $ 3,719.23 Franklin Square South Carolina $3.7/$1000 $ 9,380,038.00 $ - Price less Debt $ 34,706.14 Lexington Parkway North Carolina $2/1000 $ 9,653,598.00 $ 7,563,962.05 Price $ 19,307.20 Logan Place Kentucky $1/$1000 $ 3,468,504.00 $ 2,415,000.00 Price $ 3,468.50 Marion Towne Center South Carolina $3.7/$1000 $ 7,264,482.00 $ 5,751,672.61 Price less Debt $ 5,597.39 Piedmont Plaza South Carolina $3.7/$1000 $10,125,000.00 $10,125,000.00 Price less Debt $ - Roane County Plaza Tennessee $3.7/$1000 $ 6,080,170.00 $ 5,140,997.09 Price $ 22,496.63 Southside Plaza North Carolina $2/1000 $ 9,262,160.00 $ 6,565,606.11 Price $ 18,524.32 Sycamore Tennessee $3.7/$1000 $ 3,092,717.00 $ - Price $ 11,443.05 Village Plaza Georgia $1/$1000 $21,108,448.00 $18,900,000.00 Price less Debt $ 2,208.45 Walterboro Plaza South Carolina $3.7/$1000 $ 6,006,150.00 $ - Price less Debt $ 22,222.76 --------------- -------------- ------------ TOTAL $197,000,000.00 $117,098,442.16 $ 429,846.15 **Also included in the transfer tax number is a county transfer tax equal to .0025 times the price less any debt assumed.
Schedule 12--Real Estate Tax Prorations* Days in Year: 365 Days in Yr. prior to ECD 178 Days in Yr. Seller'sPortion of Property Annual Tax Amt.** Before ECD Annual Amount -------- ---------------- ---------- ------------- Applewood Village $ 19,961.00 178 $ 9,734.41 Artesian Square $ 59,667.00 178 $ 29,097.88 Audubon Village $ 22,170.00 178 $ 10,811.67 Aviation Plaza $130,880.00 178 $ 63,826.41 Barren River Plaza $ 46,060.00 178 $ 22,462.14 College Plaza $ 21,425.00 178 $ 10,448.36 Cross Creek Plaza $ 95,677.00 178 $ 46,658.92 Crossing Meadows $ 70,731.00 178 $ 34,493.47 Crossroads Center $ 56,248.00 178 $ 27,430.53 Cumberland Crossing $ 84,211.00 178 $ 41,067.28 Cypress Bay Plaza $ 54,708.38 178 $ 26,679.70 East Pointe Plaza $150,758.00 178 $ 73,520.34 Franklin Square $ 58,876.00 178 $ 28,712.13 Lexington Parkway Plaza $ 62,644.00 178 $ 30,549.68 Logan Place $ 17,525.00 178 $ 8,546.44 Marion Towne Center $ 44,649.00 178 $ 21,774.03 Piedmont Plaza $195,572.00 178 $ 95,374.84 Roane County Plaza $ 59,549.00 178 $ 29,040.33 Southside Plaza $ 37,283.00 178 $ 18,181.85 Sycamore $ 24,279.00 178 $ 11,840.17 Village Plaza $108,097.00 178 $ 52,715.80 Walterboro Plaza $ 49,370.00 178 $ 24,076.33 ------------ ----------- TOTAL $1,410,673.38 $717,042.71 *Does not include taxes which are paid directly by Wal-Mart or other Anchor Tenants **Estimates based on tax figures for immediately preceding fiscal year and will be adjusted when the actual 1996 bills are available. ****The last half of 1995's real estate taxes for this property are not due and payable until November, 1996. Schedule 13--Miscellaneous Debit/Credit Amounts Amounts Due Seller From Operating Account 1. Accounts Receivable* June $ 114,464.00 July $ 171,576.00 August $ 5,488.00 September October ------------ Total $ 291,528.00 2. Percentage Rents June $ - July $ - August September October ------------- Total $ - 3. Overfunding at ECD $ 58,714.00 4. Other Items 1995 Tax Rebilling-Crossing Meadows $ 41,549.00 May Net Interest Income $ 5,180.00 ------------- Total $ 46,729.00 Amounts Due Buyer from Seller 1. Capital Improvement Budget $ 498,300.00 2. Prepaid Insurance Premiums $ 214,674.00 * Seller and Buyer agree to work together to reconcile these final amounts after Closing, and any adjustments will be paid by the applicable party outside Closing. Schedule 14--Interest Factor Portion of Price for Interest Factor $37,401,125.83 Rate--6 months T-Bill WSJ--6/27/96 5.39% Per Diem $ 5,523.07 Days June 20 thru June 30 11 $ 60,753.77 July 31 $ 171,215.18 August 31 $ 171,215.18 September 30 $ 165,692.11 October 16 $ 88,369.13 -------------- Total $ 657,245.37 ============== Schedule 15--Escrows with Lenders
Property Lender Total Escrow Buyer Funded Seller Funded -------- ------ ------------ ------------ ------------- Applewood Village Modern Woodmen Artesian Square Travelers $ 29,891 $ 14,941 $ 14,950 Audubon Village Royal Aviation Plaza General American Barren River Plaza Nationwide College Plaza First Union Cross Creek Plaza ITT $ 267,920 $ 85,748 $ 182,172 Crossing Meadows General American Crossroads Center Aetna Cumberland Crossing Nationwide Cypress Bay Plaza ITT East Pointe Plaza Nationwide Franklin Square First Union Lexington Parkway Plaza Royal Logan Place Travelers $ 18,400 $ 4,600 $ 13,800 Marion Towne Center IDS Financial $ 43,808 $ 10,451 $ 33,358 Piedmont Plaza Travelers $ 129,505 $ 34,505 $ 95,000 Roane County Plaza Royal Southside Plaza Lincoln National $ 53,070 $ 16,873 $ 36,197 Sycamore Aetna Village Plaza Aetna Walterboro Plaza ITT ---------- --------- --------- TOTAL $ 542,595 $ 167,118 $ 375,477 ========== ========= =========
Schedule 16 - NONE Schedule 17 - NONE Schedule 18--Net Cash Flow Computation
May Net Cash Flow $ 284,434.00 June Net Cash Flow Escrow Period Net Income from Skyline Income Statement (accrual basis) $ 148,584.00 **Adjustments to May Activity (back out prior period AJE's $ 351.00 Plus: Non Cash Expenses 1) Depreciation & Amortization $ 563,814.00 2) Interest Amortization on Loan Buydowns $ 78,184.00 3) Escrow Period accounts payable outstanding at closing $ - -------------- Total Non-Cash Expenses $ 641,998.00 Less: 1) Principal payments on debt $ (172,106.00) 2) Capital/tenant improvements paid $ (1,610.00) 3) Refinancing or other loan costs paid $ (1,199.00) 4) Security Deposit payment $ (3,757.00) 8) June period accounts receivable outstanding at 6/30/96 $ (38,060.00) --------------- Total Deductions $ (216,732.00) ------------- Net Cash Flow for June, 1996 $ 574,201.00 May Net Cash Flow Proration--Buyer's Portion 18 days $ 165,155.23 June Net Cash Flow Proration--Buyer's Portion 26 days $ 497,640.87 -------------- Total Net Cash Flow Due Buyer for Period from 5/14/96 to 6/27/96 $ 662,796.09 ==============
Schedule 19 - NONE Schedule 20--Accounts Receivable Due Seller As of 10/17/96*
Property 1-30 Days 31-60 Days 61-90 Days Over 90 Total -------- --------- ---------- ---------- ------- ----- Applewood Village $ 522.12 $ 136.00 $ - $ (2,797.00) $ (2,138.88) Artesian Square $ 926.00 $ (1,219.00) $ (311.00) $ 50,777.00 $ 50,173.00 Audubon Village $ 3,244.00 $ 162.00 $ - $ 1,610.00 $ 5,016.00 Aviation Plaza $ 30,017.00 $ 5,979.00 $ 5,323.00 $ 24,657.00 $ 65,976.00 Barren River Plaza $ (1,006.00) $ 14.00 $ (93.00) $ 4,655.00 $ 3,570.00 College Plaza $ - $ - $ - $ 2,282.00 $ 2,282.00 Cross Creek Plaza $ 12,815.00 $ (39.00) $ 69,911.00 $ 484.00 $ 83,171.00 Crossing Meadows*** $ 1,277.00 $ 1,343.00 $ 42.00 $ (185.00) $ 2,477.00 Crossroads Center $ 3,402.00 $ 1,857.00 $ 29,323.00 $ 19,223.00 $ 53,805.00 Cumberland Crossing $ 2,707.00 $ (502.00) $ (1,385.00) $ 17,420.00 $ 18,240.00 Cypress Bay Plaza $ 2,436.00 $ 62.00 $ 55,368.00 $ 19,033.00 $ 76,899.00 East Pointe Plaza $ 9,203.00 $ 4,706.00 $ - $ 23,674.00 $ 37,583.00 Franklin Square $ 5,248.00 $ 57.00 $ (978.00) $ 33,733.00 $ 38,060.00 Lexington Parkway Plaza $ 11,050.00 $ 2,958.00 $ 80,163.00 $ 14,994.00 $109,165.00 Logan Place** $ 3,143.00 $ 1,237.00 $ (409.00) $ 14,531.00 $ 18,502.00 Marion Towne Center $ 2.476.00 $ 113.00 $ (556.00) $ 25,571.00 $ 27,604.00 Piedmont Plaza $ 1,604.00 $ 148.00 $ 10,322.00 $ 2,336.00 $ 14,410.00 Roane County Plaza $ 3,190.00 $ 2,470.00 $ 39,032.00 $ 4,753.00 $ 49,445.00 Southside Plaza $ 481.00 $ - $ - $ 4,054.00 $ 4,535.00 Sycamore $ 17.00 $ (251.00) $ (507.00) $ (600.00) $ (1,341.00) Village Plaza $ 5,504.00 $ 2,568.00 $ (705.00) $ 37,229.00 $ 44,596.00 Walterboro Plaza $ 3,597.00 $ - $ 4,870.00 $ (1,164.00) $ 7,303.00 ------------ ----------- ----------- ----------- ----------- Subtotal $ 101,853.12 $ 21,799.00 $289,410.00 $296,270.00 $ 709,332.12 ============ =========== =========== =========== ============ less Amounts Collected $(291,528.00) (See Schedule 13) TOTAL $ 417,804.12 *If any additional 1995 billings occur, such additional 1995 billings will be added to this Schedule **Additional past due A/R of $3,571 (Wal-Mart percentage rent) not included on schedule ***Additional past due A/R of $10,000 (Wal-Mart CAM) not included on schedule
Schedule 21--Reimbursements Due Seller Thru 5/31/96
Property CAM CAM-Electric RE Taxes* Insurance Total -------- --- ------------ --------- --------- ----- Applewood Village $ (3,599.55) $ - $ (56.83) $ 1,970.86 $ (1,685.52) Artesian Square $ 8,696.89 $ 2,057.75 $ 10,751.64 $ 2,406.25 $ 23,912.53 Audubon Village $ 2,367.19 $ - $ 440.25 $ (1,735.10) $ 1,072.34 Aviation Plaza $ 12,102.80 $ - $ 48,309.80 $ - $ 60,412.60 Barren River Plaza $ 5,930.97 $ 5,669.13 $ 11,460.50 $ 4,573.34 $ 27,633.94 College Plaza $ 26,254.92 $ 806.30 $ 6,740.23 $ 1,453.09 $ 35,254.54 Cross Creek Plaza $ 14,626.29 $ 7,356.48 $ 14,470.30 $ 1,292.25 $ 37,745.32 Crossing Meadows $ 18,654.59 $ - $ (1,201.68) $ - $ 17,452.91 Crossroads Center $ 12,240.56 $ 2,319.12 $ 10,213.19 $ 3,252.86 $ 28,025.73 Cumberland Crossing $ 13,498.49 $ 2,264.47 $ 15,914.42 $ 2,293.53 $ 33,970.91 Cypress Bay Plaza $ 14,910.31 $ 3,469.67 $ 12,905.70 $ 2,134.77 $ 33,420.45 East Pointe Plaza $ (7,199.17) $ 8,971.84 $ 25,344.70 $ 4,152.01 $ 31,269.38 Franklin Square $ 5,033.53 $ 7,452.02 $ 11,408.69 $ 1,637.19 $ 25,531.43 Lexington Parkway Plaza $ 10,194.80 $ 7,072.08 $ 6,986.68 $ 1,048.75 $ 25,302.31 Logan Place $ 7,787.77 $ 3,976.43 $ 7,470.51 $ 58.19 $ 19,292.90 Marion Towne Center $ 2,685.62 $ 3,645.89 $ 9,309.04 $ 2,609.74 $ 18,250.29 Piedmont Plaza $ 743.59 $ 1,241.68 $ 62,981.12 $ (1,573.49) $ 63,392.90 Roane County Plaza* $ 13,532.03 $ - $ 15,301.88 $ 1,098.35 $ 29,932.26 Southside Plaza $ 12,770.35 $ 3,570.35 $ 9,755.14 $ 2,353.90 $ 28,449.74 Sycamore $ 2,769.15 $ 774.56 $ 4,584.94 $ 237.43 $ 8,366.08 Village Plaza $ 13,894.64 $ 6,149.95 $ 27,784.38 $ 8,443.35 $ 56,272.32 Walterboro Plaza $ 2,920.75 $ 3,613.50 $ 12,188.35 $ 341.34 $ 19,063.94 ------------- ---------- ----------- ----------- -------------- TOTAL $ 190,816.52 $70,411.22 $323,062.95 $ 38,048.61 $ 622,339.30 ============= ========== =========== =========== ==============
*These amounts are based on 1995 tax bills and final adjustments will be made at such time as final 1996 bills have been received, with the difference being allocable to the allocable party. All other amounts are based on actual billings. To the extent Buyer does not agree to bill the foregoing amount (as adjusted for actual real estate taxes) the parties agree that Seller shall have the right to bill tenants directly and collect such amounts directly. Schedule 22--Amounts Due Lenders at Closing
Interest Assumption Prepay. Property Lender Principal (Thur 10/17) Late Fees Fees Penalties -------- ------ --------- ------------ --------- ---- --------- Applewood Village Modern Woodmen $ 38,210.15 Artesian Square Travelers $ 53,400.00 Audubon Village Royal $ 54,648.30 Aviation Plaza General American $ (197.00) Barren River Plaza Nationwide $ 81,167.11 College Plaza First Union $ 6,831,706.83 $ 37,533.75 Cross Creek Plaza ITT** $22,691,926.94 $ 92,847.91 $9,960.17 $120,000.00 Crossing Meadows General American $ (340.48) Crossroads Center Aetna $ 740,000.00 $ 65,900.00 $ 49,837.67 Cumberland Crossing Nationwide $ 51,467.71 Cypress Bay Plaza ITT** $ - $ - $ - $ - $ - East Pointe Plaza Nationwide $111,240.58 Franklin Square First Union $ 6,600,000.00 $39,109.47 Lexington Parkway Plaza Royal $ 94,549.53 Logan Place Travelers $ 1,300,000.00 $ 24,150.00 Marion Towne Center IDS Financial $ 57,516.73 Piedmont Plaza Travelers $101,250.00 Roane County Plaza Royal $ 64,262.46 Southside Plaza Lincoln National $ 65,656.06 Sycamore Aetna $ 3,595,000.00 $12,782.24 $ 1,438.00 $242,116.78 Village Plaza Aetna $189,000.00 Walterboro Plaza ITT** -------------- ----------- ---------- ------------ ----------- $41,758,633.77 $ 182,273.37 $11,398.17 $1,051,881.14 $411,954.45 ============== ============ ========== ============= =========== **The loan amount for Cross Creek Plaza represents the loan for all 3 properties (i.e., Cross Creek Plaza, Cypress Bay Plaza and Walterboro Plaza) *Assumption Fees to General American have previously been paid by Seller
Schedule 22--Amounts Due Lenders at Closing (continued)
(Less Deposits) TOTAL - --------- ----- $ 38,210.15 $ 53,400.00 $ 54,648.30 $ (197.00) $(3,000.00) $ 78,167.11 $ 6,869,240.58 $(267,920.35) $22,646,814.67 $ (340.48) $ 855,737.67 $ (3,000.00) $ 48,467.71 $ - $ - $ (3,000.00) $ 108,240.58 $ 6,639,109.47 $ 94,549.53 $ 1,324,150.00 $ 57,516.73 $ 101,250.00 $ 64,262.46 $ 65,656.06 $ 3,851,337.02 $ 189,000.00 $ - - ------------- -------------- $(276,920.35) $43,139,220.55 ============= ==============
-----END PRIVACY-ENHANCED MESSAGE-----