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) October 17, 2001
SHELTER PROPERTIES V
(Exact name of registrant as specified in its charter)
South Carolina 0-11574 57-0721855
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
55 Beattie Place
Post Office Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(Registrant's telephone number)
(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 a portion of the land from one of its investment properties,
Tar River Estates Apartments, located in Greenville, North Carolina on October
17, 2001. The land was sold to the City of Greenville, North Carolina, an
unrelated party, for $7,350,000. The land sold was severely flooded in September
1999 and the City of Greenville, North Carolina purchased the land since it was
in a special flood hazard area.
The Corporate General Partner is currently evaluating the cash requirements of
the Partnership to determine what portion of the net proceeds, if any, would be
available to distribute to the partners in the near future.
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, 2001 to be filed on or before November 14, 2001.
(c) Exhibits
10(iv)a Purchase and Sale Contract for the parcel of land at Tar
River Estates Apartments between Registrant and the City of
Greenville, North Carolina.
SIGNATURE
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.
SHELTER PROPERTIES V
By: Shelter Realty V Corporation
Corporate General Partner
By: /s/Patrick J. Foye
Patrick J. Foye
Executive Vice President
Date: November 1, 2001
EXHIBIT 10(iv) a
CITY OF GREENVILLE
HAZARD MITIGATION GRANT PROGRAM
SALES AGREEMENT AND CONTRACT
The UNDERSIGNED (whether one or more, herein referred to as "Seller"), upon
acceptance of the Formal Offer to Purchase of the CITY OF GREENVILLE (herein
referred to as "City"), and in consideration of the sum of One Dollar ($1.00)
and other good and valuable consideration in hand paid, the receipt of which is
hereby acknowledged, agrees to sell and convey to the City that certain lot or
parcel of land lying and being in the City or its extraterritorial jurisdiction,
together with all improvements, attachments and fixtures located thereon,
(herein referred to as "Property"), upon the following terms, agreements,
warranties and representations:
1. SALES PRICE: The sales price is $7,350,000.00 representing just compensation
and is hereby acknowledged to be the fair market value of the Property,
inclusive of every interest therein, to be paid by the City through Federal
and/or State funds received by the City.
2. CLOSING: Closing shall be defined as the date and time of recording of the
deed from the Seller to the City. Seller agrees to coordinate with their
assigned attorney to schedule a mutually agreeable date and time for closing.
Closing shall not be later than 90 days after the execution of this Agreement
and Contract.
3. PRELIMINARY GRANT AGREEMENT: By signing this Agreement and Contract, the
Seller is certifying that all terms and conditions of the attached preliminary
grant agreement are in effect.
4. HOMEOWNER CERTIFICATION REGARDING RELOCATION INTO OR PURCHASE OF PROPERTY
IN A SPECIAL FLOOD HAZARD AREA: By signing this Agreement and Contract, the
Seller is certifying that he/she will not relocate into a Special Flood
Hazard Area (SFHA) as defined by the Federal Emergency Management Agency
(FEMA) or purchase property in the SFHA as defined by FEMA with proceeds
from Closing on the Property.
5. TITLE: Title shall be delivered to the City at Closing by a General
Warranty Deed and shall be a fee simple marketable title, free of all
encumbrances except utility easements and such other encumbrances as may be
assumed or specifically approved by the City.
6. LIENS: All deeds of trust, liens and other charges against the Property
shall be paid and satisfied by the Seller prior to or at Closing.
7. DUPLICATION OF BENEFITS: The Seller hereby acknowledges, by signing this
Agreement and Contract, that $1,370,916.30 of duplicated benefits will be
reduced from the settlement of the above referenced property at Closing.
This amount represents the amount of duplicated benefits established by the
North Carolina Division of Emergency Management (NCDEM), and not reduced by
receipts for actual structural repairs.
8. ENCUMBRANCES AND CONVEYANCE: The Seller shall not sell, mortgage, encumber,
or otherwise dispose of the Property or any part thereof or any interest
therein prior to the expiration or termination date of this Agreement and
Contract as provided herein, except to the City.
9. CLOSING EXPENSES: The City shall pay for preparation of a deed and revenue
stamps required by law. The City shall pay for recording the deed and, expenses
connected with the examination of title and the Closing.
10. SPECIAL ASSESSMENTS: The Seller warrants that there are no assessments,
either pending or confirmed, for sidewalk, paving, water, sewer, grass and/or
weed cutting, or other improvements on or adjoining the Property, no owner's
association dues, nor any other special assessments, except as follows (please
specify, if any):
11. PRORATIONS AND ADJUSTMENTS: The following items shall be paid prior to or at
Closing:
A) Ad valorem taxes on real property for the current year shall be paid by the
Seller.
B) Ad valorem taxes on personal property for the entire current year shall be
paid by the Seller.
C) All late listing penalties, if any, shall be paid by the Seller. D) All
assessments, if any, shall be paid by the Seller. E) All delinquent ad
valorem taxes, both real and personal, and assessments shall be paid by the
Seller.
12. GRANT FUNDING CONDITION: Notwithstanding anything to contrary contained
herein, the obligations of the City and the Seller pursuant to this Agreement
and Contract are expressly conditioned upon the City receiving Federal and/or
State funds in the amount of the sales price for the purchase of the property.
13. TERM: This Agreement and Contract shall be irrevocable and shall remain in
force in perpetuity, if the Seller schedules and completes Closing on the
Property. If the Seller does not schedule and complete Closing on the Property,
this Agreement and Contract shall be irrevocable for a period of 90 days from
the date of execution.
14. EXECUTION: This Agreement and Contract shall become a binding contract when
signed by both the Seller and the City and shall be executed under seal in
duplicate originals, both of which together constitute one and the same
instrument, with an executed original being retained by both the Seller and the
City. The Seller and the City adopt the word "SEAL" beside their signatures
below.
15. PARTIES: This Agreement and Contract shall be binding upon and inure to
the benefit of the parties hereto, their heirs, executors, administrators,
successors, assigns and legal representatives.
SELLER:
DATE:
SIGNATURE (SEAL)
WITNESS
DATE:
SIGNATURE (SEAL)
WITNESS
DATE:
SIGNATURE (SEAL)
WITNESS
CITY:
DATE:
BY: (SEAL)
WITNESS