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CLOSING STATEMENT INFORMATION
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PROPERTY NAME: CARROLLTON CROSSROADS SHOPPING CENTER
SELLER: CARROLLTON CROSSROADS ASSOCIATES
an Illinois joint venture
PURCHASER: MORNINGSIDE ASSOCIATES
a Georgia general partnership
PRORATION DATE: 1/16/97
PRORATION AS OF: 11:59 PM, THURSDAY, JANUARY 16, 1997
CLOSING DATE: 1/17/97
CLOSING AS OF: FRIDAY, JANUARY 17, 1997
TAX BEGIN DATE: 1/1/97
TAX END DATE: 12/31/97
MONTH BEGIN DATE: 1/1/97
MONTH END DATE: 1/31/97
CLOSING STATEMENT
FOR SALE OF
CARROLLTON CROSSROADS SHOPPING CENTER
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SELLER: CARROLLTON CROSSROADS ASSOCIATES
an Illinois joint venture
PURCHASER: MORNINGSIDE ASSOCIATES
a Georgia general partnership
PROPERTY: CARROLLTON CROSSROADS SHOPPING CENTER,
1399 South Park Street, Carrollton, Georgia
PRORATION DATE: 11:59 PM, THURSDAY, JANUARY 16, 1997
CLOSING (FUNDING) DATE: FRIDAY, JANUARY 17, 1997
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CREDIT CREDIT
PURCHASER SELLER
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PURCHASE PRICE 18,100,000.00
EARNEST MONEY (held by Old Republic National Title Company 200,000.00
INTEREST ON EARNEST MONEY POC
PRO-RATE REAL ESTATE TAXES 8,747.25
[See Schedule A]
PRO-RATE JANUARY, 1997 RETAIL LEASE CHARGES 83,673.78
[See Schedule D]
TENANT PREPAID RENTS 4,392.82
[See Schedule B]
PRO-RATE SERVICE CONTRACTS 839.42
[See Schedule C]
SECURITY DEPOSITS 11,464.67
[See Schedule E]
TENANT ALLOWANCE CREDIT (Famous Footwear) 12,500.00
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SUBTOTALS 320,778.52 18,100,839.42
CASH AMOUNT DUE TO SELLER 17,780,060.90
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TOTAL CREDITS 18,100,839.42 18,100,839.42
============= =============
*The attached notes are part of this closing statement
APPROVED: SELLER APPROVED: PURCHASER
CARROLLTON CROSSROADS ASSOCIATES MORNINGSIDE ASSOCIATES
an Illinois joint venture a Georgia general partnership
By: ________________________________ By: ________________________________
APPROVED AS RELATES TO NOTE 4 OF THIS CLOSING STATEMENT:
EQUITY PROPERTIES AND DEVELOPMENT, LIMITED PARTNERSHIP
By:SC Management, Inc., an Illinois corporation, its sole general partner
By: _____________________________
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CARROLLTON CROSSROADS SHOPPING CENTER
SOURCES AND USES STATEMENT
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PURCHASER'S SOURCES AND USES:
-----------------------------
BALANCE OF CASH TO BE FUNDED BY PURCHASER 17,780,060.90
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ADDITIONAL CASH OUTLAYS BY PURCHASER:
CALLOWAY TITLE AND ESCROW, L.L.C.
Title Insurance Premium and Expenses (100%) 16,485.00
CRAWFORD & ASSOCIATES, INC.
Survey Fees (100%) POC
CALLOWAY TITLE AND ESCROW, L.L.C.
Recording (estimated) (100%) 175.00
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
Escrow Fees (50%) 50.00
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PURCHASERS CLOSING COSTS 16,710.00
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TOTAL CASH OUTLAY BY PURCHASER 17,796,770.90
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SELLER'S SOURCES AND USES:
--------------------------
EARNEST MONEY 200,000.00
CASH AMOUNT DUE TO SELLER 17,780,060.90
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TOTAL SELLER'S SOURCES 17,980,060.90
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ITEMS PAYABLE FROM SELLER'S PROCEEDS AT CLOSING:
CLERK OF SUPERIOR COURT, CARROLL COUNTY
Transfer Tax (100%) 18,100.00
GEORGIA DEPT. OF REVENUE
Georgia Non-Resident Seller's Withholding Tax (100%) 13,518.57
OLD REPUBLIC NATIONAL TITLE COMPANY
Escrow Fee (50%) 50.00
BEN CARTER ASSOCIATES 362,000.00
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TOTAL CASH OUTLAY BY SELLER 393,668.57
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BALANCE TO SELLER 17,586,392.33
===============
SCHEDULE A
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CARROLLTON CROSSROADS SHOPPING CENTER
PRO-RATE 1997 PROPERTY TAXES
PRORATION MADE AS OF: 11:59 PM, THURSDAY, JANUARY 16, 1997
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ACTUAL 1996 REAL ESTATE TAXES:
C07-042-051 192,970.80
C07-042-097 6,575.75
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TOTAL 1996 REAL ESTATE TAXES: 199,546.55
ESTIMATED 1997 REAL ESTATE TAXES 199,546.55
SELLER'S PRORATA SHARE OF 1997 TAXES 16 /365 4.384%
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SELLER'S SHARE OF 1997 TAXES 8,747.25
LESS AMOUNT PAID BY SELLER --
-----------------
CREDIT DUE TO PURCHASER (SELLER): 8,747.25
================
NOTES:
------
[1] The 1996 Real Estate taxes are paid in full. The 1997 tax bill has not
yet been received and the taxes will be reprorated based on the actual
billed.
SCHEDULE B
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CARROLLTON CROSSROADS SHOPPING CENTER
TENANT PREPAID RENTS
PRORATION MADE AS OF: 11:59 PM, THURSDAY, JANUARY 16, 1997
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AMOUNT
TENANT NAME PREPAID
-----------------------------------------------------------------------------
CATO FASHIONS 147.25
FAMOUS FOOTWEAR 148.93
GENESIS I - HAIRSTYLE 2.92
H & R BLOCK 1,510.26
SUN TRUST BANK 2,540.10 *
W.L. PETREY WHOLESALE 43.36
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4,392.82
TOTAL PREPAID RENTS CREDITED TO PURCHASER 4,392.82
===========
* This amount reflects Seller's offset of $1,636.86 against such
prepaid rent for tenant's share of 1996 real estate taxes.
SCHEDULE C
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CARROLLTON CROSSROADS SHOPPING CENTER
RECURRING PAYABLES PRORATION
PRORATION MADE AS OF: 11:59 PM, THURSDAY, JANUARY 16, 1997
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SERVICE CONTRACTS
CREDIT DUE
BILLING PERIOD # of DAYS PURCHASER
VENDOR NAME PAYMENT BEGIN END CREDIT or (SELLER)
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PAID BY SELLER:
Greenleaves Inc. (landscaping) (2,250.00) 01/01/97 01/31/97 15 (1,088.71)
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TOTAL CREDIT DUE TO PURCHASER (SELLER) (1,088.71)
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PAYABLE BY BUYER:
Superior Window Cleaning (est.
based on 12/96) 483.00 1/1/97 1/31/97 16 249.29
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TOTAL CREDIT DUE TO PURCHASER (SELLER) 249.29
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NET CREDIT DUE TO PURCHASER (SELLER) (839.42)
=========
SCHEDULE D
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CARROLLTON CROSSROADS SHOPPING CENTER
RETAIL TENANTS MONTHLY CHARGES
PRORATION MADE AS OF: 11:59 PM, THURSDAY, JANUARY 16, 1997
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TOTAL
JANUARY CAM- JANUARY CHARGES
MERCHANT NAME RENT RET CAM INSURANCE CHARGES PAID
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1ST FRANKLIN FINANCIAL 1,200.00 73.00 111.00 - 1,384.00 1,384.00
A LIKELY STORY 1,733.33 97.00 148.00 - 1,978.33 -
ALRENCO 2,925.00 164.00 250.00 - 3,339.00 3,339.00
CATO FASHIONS 5,145.83 315.00 168.00 53.12 5,681.95 5,681.95
COOK'S JEWELERY 2,687.75 151.00 230.00 - 3,068.75 3,068.75
EVE'S CARDS & GIFTS 2,875.00 182.00 260.00 - 3,317.00 3,317.00
FAMOUS FOOTWEAR 4,687.50 254.00 321.00 - 5,262.50 5,262.50
FRIEDMAN'S JEWELERS 2,916.66 152.08 231.00 - 3,299.74 3,299.74
GENESIS I - HAIRSTYLES 1,400.00 97.00 148.00 - 1,645.00 1,645.00
GOODY'S 15,678.00 1,783.00 857.38 - 18,318.38 18,318.38
H & R BLOCK 1,533.33 97.00 148.00 - 1,778.33 1,778.33
HAIR CUTTERY 1,500.00 73.00 104.00 - 1,677.00 1,677.00
HARDEES 2,875.00 - - - 2,875.00 2,875.00
IT'S FASHION 3,142.13 189.00 308.00 - 3,639.13 3,669.10
J CARL CLEANERS 1,250.00 76.00 111.00 - 1,437.00 1,437.00
JC PENNEY 10,562.50 - 696.15 - 11,258.65 11,258.65
KEVIN'S COMPACT DISCOUNT 2,146.67 130.67 207.20 - 2,484.54 2,484.54
KROGER 26,496.60 - - - 26,496.60 26,496.60
MAURICES 5,000.00 350.00 555.00 - 5,905.00 5,905.00
PAYLESS SHOESOURCE 2,508.34 170.00 110.00 35.48 2,823.82 2,823.82
RANDSTAD 1,400.00 73.00 111.00 - 1,584.00 1,584.00
SALLY BEAUTY SUPPLY 1,533.33 97.00 148.00 - 1,778.33 1,778.33
SUBWAY SANDWICHES 1,437.90 73.00 76.00 14.93 1,601.83 1,601.83
SUN TRUST BANK (ground lease) 2,500.00 - - - 2,500.00 2,500.00
THE MOVIE GALLERY 2,750.00 182.00 278.00 - 3,210.00 2,550.42
VALENTINO'S 4,313.40 218.00 229.00 44.80 4,805.20 4,805.20
W.L. PETREY WHOLESALE 1,120.00 70.00 111.00 - 1,301.00 1,301.00
WALMART 51,083.67 - - - 51,083.67 51,083.67
- ------- ---------- -------- -------- ------ ---------- ----------
TOTALS 164,401.94 5,066.75 5,916.73 148.33 175.533.75 172,925.81
=============================================================================================
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PR'S TOTAL TOTAL
PRORATA BALANCE SR'S PR'S
MERCHANT NAME SHARE O/S SHARE O/S SHARE O/S
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1ST FRANKLIN FINANCIAL 669.68 - - -
A LIKELY STORY - 1,978.33 1,021.07 957.26
ALRENCO 1,615.65 - - -
CATO FASHIONS 2,749.33 - - -
COOK'S JEWELERY 1,484.88 - - -
EVE'S CARDS & GIFTS 1,605.00 - - -
FAMOUS FOOTWEAR 2,546.37 - - -
FRIEDMAN'S JEWELERS 1,596.65 - - -
GENESIS I - HAIRSTYLES 795.97 - - -
GOODY'S 8,863.73 - - -
H & R BLOCK 860.48 - - -
HAIR CUTTERY 811.45 - - -
HARDEES 1,391.13 - - -
IT'S FASHION 1,775.37 9.00 9.00 -
J CARL CLEANERS 695.32 - - -
JC PENNEY 5,447.73 8,929.04 8,929.04 -
KEVIN'S COMPACT DISCOUNT 1,202.20 - - -
KROGER 12,820.94 32,530.20 32,530.20 -
MAURICES 2,857.26 - - -
PAYLESS SHOESOURCE 1,366.36 8.00 8.00 -
RANDSTAD 766.45 - - -
SALLY BEAUTY SUPPLY 860.48 - - -
SUBWAY SANDWICHES 775.08 - - -
SUN TRUST BANK (ground lease) 1,209.68 - - -
THE MOVIE GALLERY 1,234.07 659.58 340.43 319.15
VALENTINO'S 2,325.10 - - -
W.L. PETREY WHOLESALE 629.52 - - -
WALMART 24,717.90 80,540.03 80,540.03 -
- ------- --------- ---------- ---------- --------
TOTALS 83,673.78 124,654.18 123,377.77 1,276.41
======================================================
SCHEDULE E
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CARROLLTON CROSSROADS SHOPPING CENTER
SECURITY DEPOSIT CREDIT
PRORATION MADE AS OF: 11:59 PM, THURSDAY, JANUARY 16, 1997
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SECURITY DEPOSITS
A LIKELY STORY 1,400.00
EVE'S CARDS & GIFTS 2,375.00
GENESIS I - HAIRSTYLES 1,166.67
H & R BLOCK 1,320.00
J CARL CLEANERS 1,032.00
KEVIN'S COMPACT DISCOUNT 1,470.00
SUBWAY SANDWICHES 1,400.00
W.L. PETREY WHOLESALE 1,301.00
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TOTAL SECURITY DEPOSITS CREDITED TO PURCHASER 11,464.67
=========