CLOSING STATEMENT
PRENTICE PLAZA
Englewood, Colorado
Closing Date - July 12, 1999
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Credit Credit
Purchaser Seller
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Purchase price $22,100,000.00
Real Estate Taxes [1] 278,431.03
[See Schedule A]
Rent proration 95,775.88
[See Schedule B]
Security Deposits 115,328.79
[See Schedule C]
Service contracts [4] 180.84
[See Schedule D]
Leasing Commissions/Tenant Improvements 235,193.00
[See Schedule E]
Prepaid Rent 9,688.25
[See Schedule F]
Utilities [3] x.xx
Permits/Licenses [2] x.xx
Federal Express Lease Credit 25,000.00
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Sub-total 759,597.78 22,100,000.00
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Net amount due Seller 21,340,402.22
Earnest Money (600,000.00)
--------------
Balance of cash to be funded by Purchaser $20,740,402.22
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APPROVED: SELLER APPROVED: PURCHASER
FIRST CAPITAL PRENTICE AVENUE GATEWAY CANYON, INC.,
ASSOCIATES, an Illinois joint venture a California corporation
By: First Capital Income Properties, Ltd.- By: _______________________________
Series XI, an Illinois limited partnership, joint
venturer Name:______________________________
By: First Capital Financial Corporation, a Title:_____________________________
Florida corporation, general partner
By:______________________________________________
Name:____________________________________________
Title:___________________________________________
By: First Capital Income and Growth Fund -
Series XII, and Illinois limited partnership,
joint venturer
By: Florida Capital Financial Corporation, a
Florida corporation, general partner
By:______________________________________________
Name:____________________________________________
Title:___________________________________________
[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] To the extent that permits, if any, are not assignable they will be subject
to proration at a later date.
[3] Utility meters are to be read on 7/12/99 and Seller will pay final billing
for such utilities up to such date. Utility deposits, if any, are to be
refunded to Seller from the respective utility companies.
[4] Seller agrees to be responsible for 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 July 11,
1999, or which relate to periods after closing to the extent Seller received
a credit from Purchaser at closing. Purchaser agrees to be responsible for
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
after and including July 12, 1999, or which relate to periods before closing
to the extent Purchaser received a credit from Seller at closing.
PRENTICE PLAZA
Englewood, Colorado
Closing Date - July 12, 1999
SCHEDULES TO CLOSING STATEMENT
Balance of cash to be funded by Purchaser: $20,740,402.22
Additional Cash Outlays by Purchaser:
1. Endorsements 6,795.00
2. 50% of Closing Fee 375.00
3. 50% of Recording Fees 250.00
4. Transfer Taxes - 100% 2,210.00
Total cash outlay by Purchaser at Closing $20,750,032.22
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_____________________________________________________________________________
Amount due Seller $20,740,402.22
Earnest Money 600,000.00
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Total due Seller 21,340,402.22
Seller's expenses:
1. Avatech Lease Escrow (25,369.52)
2. Owner's Premium for Title Insurance Policy (15,218.00)
3. Tax Certificate (20.00)
4. 50% of Closing Fee (375.00)
5. 50% of Estimated Recording Fees (250.00)
6. Siemens Contract Lease No. 310-0001700-000 (25,407.62)
7. Payoff to Guaranty Bank (9,476,829.28)
8. Broker's Commission - Cushman Realty Corporation (221,000.00)
9. Survey Revision Cost (estimated) (220,00)
--------------
Total cash outlay by Seller at Closing (9,764,689.42)
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Net amount Due Seller $11,575,712.80
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Schedule A
[A] REAL ESTATE TAXES:
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Estimated Real Estate Taxes for Calendar Year - 1/1/99-12/31/99 (based on 1998 tax bills)
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Parcel Number
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2656-13-0-6-9001 (Personal Property valued at $7,256) 228.08
2075-16-1-07-007 529,080.90
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Total Estimated CY1999 Real Estate Taxes paid by Purchaser $529,308.98
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Seller's portion of CY1999 Estimated Real Estate Taxes:
1/1/99-7/11/99 192 days 0.526027
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Seller's pro-rata share of CY1999 Real Estate Taxes $278,431.03
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CREDIT DUE PURCHASER FOR SELLER'S SHARE OF CY1999 REAL ESTATE TAXES $278,431.03
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TOTAL CREDIT DUE PURCHASER FOR TAXES $278,431.03
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Schedule B
July
--------------------------------- Purchaser
Base Escalation # of Due
[B] RENT PRORATION (1): Rent Storage, Other Total Days Purchaser
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Access Data Consulting, Inc. $ -- $ -- $ -- 20 $ --
Antec Corporation $ -- $ 4,009.34 $ 4,009.34 20 $ 2,586.67
Avatech Solutions of Colorado, Inc. $ -- $ -- $ -- 20 $ --
William M. Banta $ 2,077.50 $ 303.07 $ 2,380.57 20 $ 1,535.85
Born Information Services Group, Inc. $ 16,021.25 $ 1,129.04 $ 17,150.29 20 $ 11,064.70
Brokers West Real Estate Marketing $ 4,335.50 $ 306.81 $ 4,642.31 20 $ 2,995.04
and Development, Inc.
Cambior U.S.A., Inc. $ 11,349.20 $ 350.00 $ 11,699.20 20 $ 7,547.87
Colorado Land Source, Ltd. $ 1,916.67 $ 256.99 $ 2,173.66 20 $ 1,402.36
COREStaff, Inc. $ 1,979.17 $ 350.77 $ 2,329.94 20 $ 1,503.19
Countrywide Home Loans, Inc. $ 3,516.25 $ 764.66 $ 4,280.91 20 $ 2,761.88
DDD Energy, Inc. $ -- $ -- $ -- 20 $ --
DPIC Companies, Inc. $ 6,892.08 $ 639.56 $ 7,531.64 20 $ 4,859.12
Drake Beam Morin, Inc. $ 6,063.13 $ 647.35 $ 6,710.48 20 $ 4,329.34
Federal Express Corporation $ 27,201.68 $ -- $ 27,201.68 20 $ 17,549.47
Federal Express Corporation $ -- $ -- $ -- 20 $ --
G.E. Information Services, Inc. $ 623.53 $ -- $ 623.53 20 $ 402.28
Global Payment Systems, LLC $ 1,210.69 $ -- $ 1,210.69 20 $ 781.09
Guarantee Life Insurance Company $ 3,407.25 $ 246.06 $ 3,653.31 20 $ 2,356.97
Harris, Hustad, Orrino & Associates, Inc., $ 4,380.00 $ 501.17 $ 4,881.17 20 $ 3,149.14
dba Career Creators
Health Care of Colorado $ -- $ -- $ -- 20 $ --
Integrated Partnerships $ 3,402.08 $ 120.00 $ 3,522.08 20 $ 2,272.31
Kellogg Sales Company $ 5,864.33 $ 722.58 $ 6,586.91 20 $ 4,249.62
Manufactured home Communities, Inc. $ 5,015.25 $ -- $ 5,015.25 20 $ 3,235.65
Medtronic, Inc. $ 2,724.25 $ 421.57 $ 3,145.82 20 $ 2,029.56
Miller and Pyun $ -- $ -- $ -- 20 $ --
PDL Investments $ -- $ -- $ -- 20 $ --
Professional Exchange Accommodators $ -- $ -- $ -- 20 $ --
Seltel, Inc. $ 2,464.83 $ -- $ 2,464.83 20 $ 1,590.21
Showtime Newtworks, Inc. $ 18,669.90 $ 2,016.52 $ 20,686.42 20 $ 13,346.08
Travel by Dana, Inc. $ -- $ -- $ -- 20 $ --
Triad Consultants, Inc. $ 4,789.31 $ 210.00 $ 4,999.31 20 $ 3,225.36
Wenner Silvestain & Company, CPA $ -- $ -- $ -- 20 $ --
Licenses, Drop Boxes & Parking:
ICG Access Services $ 500.00 $ -- $ 500.00 20 $ 322.58
MCI Metro $ 400.00 $ -- $ 400.00 20 $ 258.06
Winstar Wireless $ 95.00 $ 95.00 20 $ 61.29
Teleport Comm. $ -- $ -- $ -- 20 $ --
Airborne Express (11/11/98-11/10/99) $ 200.00 $ -- $ 200.00 122 $ 66.85
United Parcel Service, Inc. (12/1/98-11/30/99) $ 200.00 $ -- $ 200.00 142 $ 77.81
Patterson and Nuss $ -- $ 140.00 $ 140.00 20 $ 90.32
Antec Storage $ 194.05 $ -- $ 194.05 20 $ 125.19
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Total 135,397.90 13,230.49 148,628.39 $ 95,775.88
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(1) Any receipts to the Lockbox account which are the property of Purchaser
shall be promptly remitted to Purchaser from Seller upon receipt.
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Schedule C
[C] DEPOSITS:
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Total
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Access Data Consulting, Inc. $ 16,102.16
Avatech Solutions of Colorado, Inc. $ 15,100.00
William M. Banta $ 1,327.30
Born Information Services Group, Inc. $ 11,243.33
Brokers West Real Estate Marketing and Development, Inc. (1) $ 4,446.67
Cambior U.S.A., Inc. $ 4,088.60
Colorado Land Source, Ltd. $ 1,485.42
COREStaff, Inc. $ 1,979.17
DDD Energy, Inc. $ 9,957.12
Drake Beam Morin, Inc. $ 6,063.13
Guarantee Life Insurance Company $ 3,407.25
Harris, Hustad, Orrino & Associates, Inc., dba Career Creators $ 4,380.00
Health Care of Colorado $ 6,366.00
Integrated Partnerships $ 3,520.42
Miller and Pyun $ 2,220.00
PDL Investments $ 959.38
Professional Exchange Accommodators $ 3,656.00
Seltel, Inc. $ 1,853.98
Travel by Dana, Inc. $ 6,939.80
Triad Consultants, Inc. $ 4,789.31
Wenner Silvestain & Company, CPA $ 5,443.75
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$115,328.79
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(1) In addition to cash deposit tenant has a Letter of Credit in the amount of
$0 as of 6/1/199
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Schedule D
SERVICE CONTRACTS:
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[D] PAID BY SELLER: Payment Begin # days Credit
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Michael L. Covillo 344.33 07/01/99 07/31/99 20 222.15
Plantek 724.13 07/01/99 07/31/99 20 467.18
Western Building Services 75.00 07/01/99 07/31/99 20 48.39
Security Link from Ameritech 122.22 07/01/99 08/31/99 51 100.54
Summit Waste 330.75 07/01/99 07/31/99 20 213.39
City of Greenwood (elev. inspect.) 500.00 08/01/98 07/31/99 20 27.40
City of Greenwood (elev. inspect.) 500.00 08/01/99 07/31/00 366 500.00
Otis Elevator Company 2,654.89 07/01/99 07/31/99 20 1,712.83
Goldsmith Gulch Sanitation 1,920.00 01/01/99 07/31/99 20 181.13
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Total Credits to Seller 7,171.32 3,473.01
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PAID BY PURCHASER:
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Abash Exterminating, Inc. 41.00 07/01/99 07/31/99 11 14.55
Anova, Inc. 10,256.21 07/01/99 07/31/99 11 3,639.30
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Total Credits to Purchaser 10,297.21 $3,653.85
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NET CREDIT TO PURCHASER 180.84
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Schedule E
[E] LEASING COMMISSIONS/TENANT IMPROVEMENTS:
----------------------------------------
Amount Due Amount Due
Tenant to Purchaser to Seller
- ----------------- --------------------------------------------------------
Federal Express (10th Floor Renewal) 123,957.00
Avatech 111,236.00
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235,193.00
Total Amount Due Purchaser $ 235,193.00
============
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Note: Invoices have been received for Seltel, Inc., Miller and Pyun,
Professional Exchange Accommodators, LLC and Integrated Professionals and
will be paid by seller. Purchaser to pay costs associated with Federal
Express 4th Amendment.
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Schedule F
[F] PREPAID RENT
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Tenant Prepaid Rent
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Countrywide Home Loans 3,176.81
Showtime Networks, Inc. 3,449.42
Kellogg Sales Company 3,062.02
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Total Due Purchaser $ 9,688.25
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Schedule A
[A] REAL ESTATE TAXES:
------------------
-----------------------------------------------------------------------
Estimated Real Estate Taxes for Calendar Year-1/1/99-12/31/99
-------------------------------------------------------------
(based on 1998 tax bills)
-------------------------
Parcel Number
-------------
2656-13-0-6-9001 (Personal Property valued at $7,256) 228.08
2075-16-1-07-007 529,080.90
-----------
Total Estimated CY1999 Real Estate Taxes paid by Purchaser $529,308.98
-----------
Seller's portion of CY1999 Estimated Real Estate Taxes:
1/1/99-7/11/99 192 days 0.526027
-----------
Seller's pro-rata share of CY1999 Real Estate Taxes $278,431.03
-----------
CREDIT DUE PURCHASER FOR SELLER'S SHARE OF CY1999 REAL ESTATE TAXES $278,431.03
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TOTAL CREDIT DUE PURCHASER FOR TAXES $278,431.03
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