Eli T. Sleiman, Jr. and Janie L. Sleiman, et al. - Page 8

                                        - 8 -                                         
               In order to pay off its debt to its related entities, TNE              
          obtained a loan from SouthTrust Bank in the amount of $450,000 on           
          October 2, 1992.  TNE's promissory note was secured under a                 
          mortgage and security agreement by the Roosevelt property and its           
          improvements, TNE's interest in the Blockbuster lease, and TNE's            
          right to participate in Florida's EDI program.  Although he was             
          not a direct borrower, Peter personally guaranteed the loan.                
               TNE made all of the payments on its October 2, 1992,                   
          SouthTrust Bank loan.  Peter was not called upon to pay any                 
          amount with respect to his personal guarantee during 1992.                  
          ME                                                                          
               During 1991 and 1992, Anthony was the sole shareholder of              
          ME, which was incorporated on September 6, 1991, in the State of            
          Florida.  ME was organized to purchase, renovate, and lease the             
          Miramar shopping center in Jacksonville, Florida.                           
               ME purchased the Miramar shopping center from Country, Inc.,           
          on July 15, 1992, for $745,000.  In the purchase and sale                   
          agreement, the parties allocated $60,000 of the purchase price to           
          land and $685,000 to buildings.                                             
               ME financed the purchase of the Miramar shopping center and            
          the renovations to be made thereon with a 1-year construction               
          loan from SouthTrust Bank in the amount of $1,500,000.  The                 
          promissory note required ME to make monthly payments of interest,           
          but not principal, computed at a rate of 3\4 percent above                  
          SouthTrust Bank's "base rate".  The principal balance was to be             




Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011