FORM 8-K - CURRENT REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) September 10, 1997 PREFERRED PROPERTIES FUND 80 (Exact name of registrant as specified in its charter) California 0-9508 94-2599964 (State or other jurisdiction (Commission (I.R.S. Employer incorporation) File Number) Identification Number) One Insignia Financial Plaza Post Office Box 1089 Greenville, South Carolina 29602 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (864) 239-1000 N/A (Former name or former address, if changed since last report) ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS. The Registrant sold Creekside Business Park on September 10, 1997. Creekside Business Park was sold to DL Creekside Business Park, LLC, an unrelated party, for $9,200,000. The Managing General Partner is currently evaluating its cash needs to determine what portion of the net proceeds can be distributed to its partners in the near future. ITEM 5. OTHER EVENTS. On September 12, 1997, the Registrant entered into definitive settlement agreements resolving, subject to court approval, the claims asserted in the litigation entitled Dorothy M. Kaufman, et al. v. Northern Trust Bank of California, et al., and related claims for indemnity on the terms previously reported in the Registrant's report on Form 10-QSB for the quarter ended June 30, 1997. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (b) Pro forma financial information. The required pro forma financial information will be provided in the Registrant's quarterly report on Form 10-QSB for the quarter ended September 30, 1997. (c) Exhibits 10.4 Agreement of Purchase and Sale between Registrant and DL Creekside Business Park, LLC dated July 31, 1997. 10.5 First Amendment to Agreement of Purchase and Sale between Registrant and DL Creekside Business Park, LLC dated August 15, 1997. 10.6 Second Amendment to Agreement of Purchase and Sale between Registrant and DL Creekside Business Park, LLC dated August 27, 1997. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PREFERRED PROPERTIES FUND 80 By: MONTGOMERY REALTY COMPANY-80 Its General Partner By: Fox Realty Investors Its Managing General Partner By: NPI EQUITY INVESTMENT II, INC. Its Managing General Partner By: /s/ William H. Jarrard, Jr. President and Director Date: September 25, 1997