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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) DECEMBER 31, 2002
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Commission file number 0-17690
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Krupp Insured Mortgage Limited Partnership
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Massachusetts 04-3021395
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(State or other jurisdiction (IRS employer
of incorporation or organization) identification no.)
One Beacon Street, Boston, Massachusetts 02108
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(Address of principal executive offices) (Zip Code)
(617) 523-0066
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(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
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Item 5. OTHER EVENTS
UPDATES ON POTENTIAL LOAN PAYOFFS
The following information updates information included in the
quarterly report for the period ended September 30, 2002 of Krupp
Insured Mortgage Limited Partnership ("KIM"). KIM is providing
this information solely in light of the announcement by Berkshire
Income Realty, Inc. ("BIR") of its intention to conduct an
exchange offer for units. By disclosing the information below, KIM
does not intend to indicate that it believes this information to
be material to unitholders. Moreover, KIM expressly disclaims any
obligation to provide periodic updates regarding the status of its
mortgage portfolio or otherwise, other than in its regular
quarterly or annual public filings.
The borrower on the Wildflower PIM is seeking to refinance the
property. KIM expects that this loan will be paid off during 2003.
In addition, KIM expects that the interest rate rebate will be
returned by the borrower. At this time it is unclear if KIM will
be entitled to receive any proceeds from the participation feature
of the PIM.
The borrower on the Creekside PIM is seeking to refinance the
property. KIM expects that this loan will be paid off during the
first quarter of 2003. However, KIM does not expect to receive any
proceeds from the participation feature of the PIM.
In the event that both Wildflower and Creekside are paid off, KIM
would then commence an orderly liquidation of the remaining assets
of the partnership and subsequently pay a liquidating
distribution.
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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, thereunto duly authorized.
KRUPP INSURED MORTGAGE LIMITED PARTNERSHIP
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(Registrant)
BY: /S/ ROBERT A. BARROWS
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Robert A. Barrows
Treasurer and Chief Accounting Officer of
Krupp Plus Corporation, a General Partner.
Date: January 3, 2003
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