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CLOSING STATEMENT INFORMATION
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Property Name: LAKEVIEW OFFICE PARK II AND III
Seller: FIRST CAPITAL INSURED REAL ESTATE LIMITED PARTNERSHIP,
an Illinois limited partnership
Purchaser: NORTH MERIDIAN ASSOCIATES LLC,
a New York limited liability company
Proration Date: 10/01/97
Proration as of: 11:59 PM, WEDNESDAY, OCTOBER 1, 1997
Closing Date: 10/01/97
Closing as of: WEDNESDAY, OCTOBER 1, 1997
Tax Begin Date: 03/01/97
Tax End Date: 02/28/98
Month Begin Date 10/01/97
Month End Date 10/31/97
CLOSING STATEMENT
LAKEVIEW OFFICE PARK II AND III
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SELLER: FIRST CAPITAL INSURED REAL ESTATE LIMITED PARTNERSHIP,
an Illinois limited partnership
PURCHASER: NORTH MERIDIAN ASSOCIATES LLC,
a New York limited liability company
PRORATION DATE: 11:59 PM, WEDNESDAY, OCTOBER 1, 1997
CLOSING (FUNDING) DATE: WEDNESDAY, OCTOBER 1, 1997
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CREDIT CREDIT
PURCHASER SELLER
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PURCHASE PRICE 12,870,000.00
EARNEST MONEY 100,000.00
INTEREST ON EARNEST MONEY POC
PRO-RATE PROPERTY TAXES 242,688.06
[See Schedule A]
PRO-RATE OCTOBER, 1997 LEASE CHARGES 21,213.17
[See Schedule D]
TENANT PREPAID RENTS 2,427.03
[See Schedule B]
PRO-RATE SERVICE CONTRACTS 12.09
[See Schedule C]
SECURITY DEPOSITS 66,302.47
[See Schedule D]
W. GREGORY CHERNOFF TI CREDIT 24,699.74
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SUBTOTALS 457,342.56 12,870,000.00
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CASH AMOUNT DUE TO SELLER 12,412,657.44
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TOTAL CREDITS 12,870,000.00 12,870,000.00
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NOTES:
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[1] All real estate taxes, personal property taxes and assessments relating to
the Property are to be reprorated or prorated upon receipt of actual
bill(s).
[2] Utility payments shall be directed to the parties for their respective
periods of ownership based upon meter reads ordered the day of Closing.
[3] Seller agrees to pay all invoices or charges payable to service contract
vendors or other vendors of supplies or services which are unpaid at Closing
and relate to periods prior to and including October 1, 1997, or which
relate to periods after Closing to the extent Seller received a credit from
Purchaser at Closing.
[4] Interest earned on the Earnest Money Deposit shall be returned directly
to Purchaser.
Page 3 of 9
APPROVED: SELLER APPROVED: PURCHASER
FIRST CAPITAL INSURED REAL ESTATE LIMITED PARTNERSHIP NORTH MERIDIAN ASSOCIATES LLC,
an Illinois limited partnership a New York limited liability company
By: First Capital Financial Corporation, By: PRAEDIUM II LAKEVIEW LLC,
a Florida corporation, its general partner its managing member
By: _______________________ By: PRAEDIUM OPPORTUNITY FUND II, L.P.,
Name: ____________________ its managing member
Title: _____________________
By: PRAEDIUM ADVISORS, INC.,
its managing general partner
By: ________________________
Name: ______________________
Title: ________________________
By: PRAEDIUM PARTNERS LLC,
its investment general partner
By: _________________________
Name:_______________________
Title: ________________________
By: PRAEDIUM HOLDINGS, LLC,
its member
By: THE PRAEDIUM OPPORTUNITY FUND II, L.P.,
its sole member
By: PRAEDIUM ADVISORS, INC.,
its managing general partner
By: ______________________
Name: ___________________
Title: _____________________
By: PRAEDIUM PARTNERS LLC,
its investment general partner
By: ______________________
Name: ___________________
Title: ____________________
By: GOLUB LAKEVIEW INVESTORS, L.P.,
its member
By: ____________________________
its general partner
By: ___________________________
Name: ________________________
Title: __________________________
Page 3 of 9
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LAKEVIEW OFFICE PARK II AND III
SOURCES AND USES STATEMENT
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PURCHASER'S SOURCES AND USES:
-----------------------------
BALANCE OF CASH TO BE FUNDED BY PURCHASER 12,412,657.44
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ADDITIONAL CASH OUTLAYS BY PURCHASER:
CHICAGO TITLE INSURANCE COMPANY
Title Insurance Policy Endorsements (100%) 975.00
Escrow Fees (50%) 950.00
Recording Fess (100%) 500.00
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PURCHASER'S CLOSING COSTS 2,425.00
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TOTAL CASH OUTLAY BY PURCHASER 12,415,082.44
=============
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SELLER'S SOURCES AND USES:
--------------------------
EARNEST MONEY 100,000.00
CASH AMOUNT DUE TO SELLER 12,412,657.44
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TOTAL SELLER'S SOURCES 12,512,657.44
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ITEMS PAYABLE FROM SELLER'S PROCEEDS AT CLOSING:
CHICAGO TITLE INSURANCE COMPANY
Title Insurance Premium (100%) 8,365.50
Escrow Fees (50%) 950.00
--------
9,315.50
BROKER COMMISSION TO F.C. TUCKER COMPANY, INC (1) 160,875.00
BROKER COMMISSION TO PODOLSKY NORTHSTAR REALTY PARTNERS, L.L.C. (2) 160,875.00
TOTAL CASH OUTLAY BY SELLER 331,065.50
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BALANCE TO SELLER 12,181,591.94
=============
(1) Pay per wiring instructions
(2) Payable by check
Page 5 of 9
SCHEDULE A
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LAKEVIEW OFFICE PARK II AND III
PRO-RATE 1997 PROPERTY TAXES
PRORATION MADE AS OF: 11:59 PM, WEDNESDAY, OCTOBER 1, 1997
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SECOND INSTALLMENT 96/97 REAL AND PERSONAL PROPERTY TAXES
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(Due in November)
#8000294 (II) 44,689.81
#8048217 (Common Area) 1,518.43
#8047258 (III) 64,800.29
H 116981 (Business personal property) 414.29
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PURCHASER'S CREDIT FOR 1996/1997 SECOND INSTALLMENT 111,422.82
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ESTIMATED 1997/1998 TAXES 222,845.64
SELLER'S PRORATA SHARE OF 97/98 TAXES 215 /365 58.904%
-----------
SELLER'S SHARE OF 1997/1998 TAXES 131,265.24
PURCHASER'S SHARE OF 1997/1998 TAXES 91,580.40
CREDIT DUE TO PURCHASER (SELLER): 242,688.06
===========
Page 6 of 9
SCHEDULE B
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LAKEVIEW OFFICE PARK II AND III
TENANT PREPAID RENTS
PRORATION MADE AS OF: 11:59 PM, WEDNESDAY, OCTOBER 1, 1997
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AMOUNT
SUITE # TENANT NAME PREPAID
------------------------------------------------------------------------
Prepaid Rent:
The Otolaryngology Group (security deposit interest) 896.28
Steven J. Shear 1,530.75
---------
CREDIT TO PURCHASER 2,427.03
=========
Page 7 of 9
SCHEDULE C
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LAKEVIEW OFFICE PARK II AND III
RECURRING PAYABLES PRORATION
PRORATION MADE AS OF: 11:59 PM, WEDNESDAY, OCTOBER 1, 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
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American Business Machines (Copier maint.) (675.00) 03/01/97 02/28/98 150 (277.40)
Indiana Chamber of Commerce annual dues (265.00) 06/01/97 05/31/98 242 (175.70)
Indiana Business Journal (annual subscription (54.00) 01/01/97 12/31/97 91 (13.46)
Instititute of Real Estate Management (Dues) (130.00) 01/01/97 12/31/97 91 (32.41)
CREDIT TO DUE PURCHASER (SELLER) (498.97)
--------
PAYABLE BY PURCHASER
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ARAB Termite & Pest Control 70.00 10/01/97 10/31/97 1 2.26
Central Security and Communications 191.00 10/01/97 12/31/97 1 2.08
Eagle/Trident Security 730.00 10/01/97 10/31/97 1 23.55
Engledow, Inc.(Indoor Plant Maintenance) 294.00 10/01/97 10/31/97 1 9.48
Engledow, Inc.(Outdoor Landscaping) 1,580.80 10/01/97 10/31/97 1 50.99
GSF Safeway, Inc.(Cleaning contract) 11,690.72 10/01/97 10/31/97 1 377.12
Mid America Elevator Company, Inc. 190.62 10/01/97 10/31/97 1 6.15
Millard Metal Maintenance Company 588.00 10/01/97 10/31/97 1 18.97
MobileComm (Pagers) 123.81 10/01/97 12/31/97 1 1.35
Ray's Trash Service, Inc. 542.00 10/01/97 10/31/97 1 17.48
P.I.P.E. (Verbal-sprinkler inspection) 150.00 10/01/97 12/31/97 1 1.63
CREDIT TO DUE PURCHASER (SELLER) 511.06
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TOTAL CREDIT TO DUE PURCHASER (SELLER) 12.09
========
Page 8 of 9
SCHEDULE D
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LAKEVIEW OFFICE PARK II AND III
RENTAL CHARGE, DEPOSIT RECONCILIATION, AND DELINQUENCY SCHEDULE
PRORATION MADE AS OF : 11:59 PM, WEDNESDAY, OCTOBER 1, 1997
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OCTOBER
OCTOBER OCTOBER OCTOBER PR'S & PRIOR TOTAL
TENANT MONTHLY ESCALATION OTHER TOTAL CHARGES PRORATA BALANCE SR'S
TENANT DEPOSITS RENT CHARGES INCOME CHARGES PAID SHARE O/S SHARE O/S
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Corneal Consultants of Indiana - 1,753.50 9.27 - 1,762.77 - - 1,762.77 56.86
Marianne G. Davis - 2,113.38 - - 2,113.38 - - 2,113.38 68.17
Gardner and White Corporation (1) - 40,488.02 - - 40,488.02 - - 40,488.02 1,306.07
Marl Holbreich - 3,862.90 118.14 - 3,981.04 - - 3,981.04 128.42
Kelly Assisted Living Services - 1,444.90 24.79 - 1,469.69 1,469.69 1,422.28 - -
Mary Ann Mentendiek - 1,881.83 73.46 - 1,955.29 - - 1,955.29 63.07
Pediatric Neurology, P.C. 2,248.13 2,329.88 45.58 - 2,375.46 - - 2,375.46 76.63
Peet & Peet, Drs. - 2,844.25 - - 2,844.25 - - 2,844.25 91.75
David V. Poer, M.D., P.C. 7,203.75 7,323.81 - - 7,323.81 - - 7,323.81 236.25
Spinal Rehab, Inc. 7,956.76 18,779.23 9.87 250.00 19,039.10 - - 19,039.10 614.16
St. Vincent Hospital - 5,878.44 - 200.00 6,078.44 - - 6,078.44 196.08
Robert A. Stoner - 3,416.50 - - 3,416.50 - - 3,416.50 110.21
United Gypsum Company - 1,077.93 - - 1,077.93 - - 1,077.93 34.77
Kurt Van Winkle, Dr. 1,611.00 1,670.67 152.20 - 1,822.87 - - 1,822.87 58.80
Alvis & Kane, Drs. - 4,156.29 1,090.72 - 5,247.01 - - 5,247.01 169.26
W. Gegory Chernoff 13,118.33 13,118.33 - - 13,118.33 - - 13,118.33 423.17
Cityside Financial Services - 1,065.17 24.62 - 1,089.79 - - 1,089.79 35.15
Anne and Greory Clark - 3,190.83 837.25 - 4,028.08 4,028.08 3,898.14 - -
Concrete Jungle 500.00 - - - - - - - -
Corneal Consultants of Indiana - 15,565.67 334.78 - 15,900.45 - - 15,900.45 512.92
Philip A. Countryman - 3,594.66 115.19 - 3,709.85 3,709.85 3,590.18 - -
Developmental Associates 3,003.23 3,003.23 70.68 - 3,073.91 - - 3,073.91 99.16
First Indiana Blimpie Venture 2,000.00 290.15 - - 290.15 145.07 140.39 145.08 4.68
Hearing Lab, Inc. - 4,572.75 107.14 - 4,679.89 - - 4,679.89 150.96
Michael Helms - 1,847.08 - - 1,847.08 - - 1,847.08 59.58
Douglas J. Horton - 1,395.31 292.39 - 1,687.70 - - 1,687.70 54.44
I Care Center LLC - 10,000.09 - (368.67) 9,631.42 - - 9,631.42 310.69
Indiana Eye Associates - 1,328.23 348.37 - 1,676.60 - - 1,676.60 54.08
IU Health Care, Inc. - 4,956.53 1,147.62 - 6,104.15 - - 6,104.15 196.91
C. David Landaw - 1,917.42 503.27 - 2,420.69 - - 2,420.69 78.09
Meredian Ophthalmology 3,736.83 980.52 69.23 4,786.58 - - 4,786.58 154.41
The Otolaryngology Group 11,826.59 9,756.86 434.38 - 10,191.24 10,191.24 9,862.49 - -
Professional Dispensers 2,258.08 592.66 - 2,850.74 - - 2,850.74 91.96
Philip J.A. Ryan 10,806.59 7,184.35 - - 7,184.35 - - 7,184.35 231.75
Steven J. Shear 2,148.00 - - 2,148.00 - - 2,148.00 69.29
SportScan Inc. 2,128.65 2,192.19 - - 2,192.19 - - 2,192.19 70.72
Charles L. Steffel 2,291.00 85.35 - 2,376.35 2,376.35 2,299.69 - -
Gary V. Walton 3,899.44 3,899.44 78.00 - 3,977.44 - - 3,977.44 128.30
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66,302.47 198,333.73 7,476.25 150.56 205,960.54 21,920.28 21,213.17 184,040.26 5,936.76
TOTAL
PR'S
TENANT SHARE O/S
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Corneal Consultants of Indiana 1,705.91
Marianne G. Davis 2,045.21
Gardner and White Corporation (1) 39,181.95
Marl Holbreich 3,852.62
Kelly Assisted Living Services -
Mary Ann Mentendiek 1,892.22
Pediatric Neurology, P.C. 2,298.83
Peet & Peet, Drs. 2,752.50
David V. Poer, M.D., P.C. 7,087.56
Spinal Rehab, Inc. 18,424.94
St. Vincent Hospital 5,882.36
Robert A. Stoner 3,306.29
United Gypsum Company 1,043.16
Kurt Van Winkle, Dr. 1,764.07
Alvis & Kane, Drs. 5,077.75
W. Gegory Chernoff 12,695.16
Cityside Financial Services 1,054.64
Anne and Greory Clark -
Concrete Jungle -
Corneal Consultants of Indiana 15,387.53
Philip A. Countryman -
Developmental Associates 2,974.75
First Indiana Blimpie Venture 140.40
Hearing Lab, Inc. 4,528.93
Michael Helms 1,787.50
Douglas J. Horton 1,633.26
I Care Center LLC 9,320.73
Indiana Eye Associates 1,622.52
IU Health Care, Inc. 5,907.24
C. David Landaw 2,342.60
Meredian Ophthalmology 4,632.17
The Otolaryngology Group -
Professional Dispensers 2,758.78
Philip J.A. Ryan 6,952.60
Steven J. Shear 2,078.71
SportScan Inc. 2,121.47
Charles L. Steffel -
Gary V. Walton 3,849.14
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178,103.50
NOTES:
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(1) Tenant has Letter of Credit
Page 9 of 9