Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. The Partnership paid IRG and ICG property management fees for property management services in the amounts of approximately $335,000, $322,000 and $326,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG property management fees equal to $85,398 during the first three months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,000, $217,000 and $261,000, respectively, and has reimbursed them for such services in the amount of $41,563 through March 31, 1998. The reimbursement amount for the year ended December 31, 1997 includes $54,000 which was paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. For the period January 1, 1996 through August 31, 1997, the Partnership insured its properties under a master policy through an agency and insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. The Partnership paid IRG and ICG property management fees for property management services in the amounts of approximately $335,000278,000, $322,000 269,000 and $326,000 263,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG property management fees equal to $85,398 72,000 during the first three months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,000137,000, $217,000 123,000 and $261,00098,000, respectively, and has reimbursed them for such services in the amount of $41,563 32,000 through March 31, 1998. The reimbursement amount amounts for the year years ended December 31, 1997 includes and 1996 and the three-month period ended March 31, 1998 include $54,000 9,000, $12,000 and $5,000, respectively, which was paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. For the period January 1, 1996 through August 31, 1997, the Partnership insured its properties under a master policy through an agency and affiliated with the General Partner, but with an insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the then current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. The Partnership paid IRG and ICG property management fees for property management services in the amounts of approximately $335,000352,000, $322,000 346,000 and $326,000 369,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG property management fees equal to $85,398 184,000 during the first three six months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,000145,000, $217,000 148,000 and $261,000154,000, respectively, and has reimbursed them for such services in the amount of $41,563 65,000 through March 31June 30, 1998. The reimbursement amount amounts for the year years ended December 31, 1997 includes and December 31, 1996 include $54,000 14,000 and $26,000, respectively, which was amounts were paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. The Partnership also paid $8,000 for the six months ended June 30, 1998 to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. For the period January 1, 1996 through August 31, 1997, the Partnership insured its properties under a master policy through an agency and insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. Under the Limited Partnership Agreement, the General Partner holds an interest in the Partnership and is entitled to participate in certain cash distributions made by the Partnership to its partners. The General Partner received from the Partnership in respect of its interest in the Partnership cash distributions of $91,000 in 1997, $15,000 in 1996, and $26,000 in 1995. The Partnership paid IRG and ICG property management fees for property management services in the amounts of approximately $335,000181,000, $322,000 207,000 and $326,000 220,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG property management fees equal to $85,398 47,000 during the first three months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, during 1997, 1996 and 1995 in the amounts of $229,000153,000, $217,000 205,000 and $261,000285,000, respectively, and has reimbursed them for such services in the amount of $41,563 38,000 through March 31, 1998. The reimbursement amount amounts for the year three months ended March 31, 1998 and the years ended December 31, 1997 includes and 1996 include $54,000 2,000, $4,000 and $10,000, respectively, which was amounts were paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. The Partnership paid $42,000, $33,000 and $24,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and $3,000 for the three months ended March 31, 1998, to an affiliate of the General Partner for commercial leasing commissions. In 1997 and 1996, the Partnership paid an affiliate of the General Partner approximately $5,000 and $34,000, respectively, for loan costs incurred in connection with refinancing the debt encumbering two of the Partnership's properties. The Limited Partnership Agreement provides for a partnership management fee payable to the General Partner in an amount equal to 9% of the distributions made to the Limited Partners from cash flow from operations. The General Partner was paid $38,000, $32,000 and $55,000 for the years ended December 31, 1997, 1996 and 1995, respectively, pursuant to this provision. For the period January 1, 1996 through August 31, 1997, the Partnership insured its properties under a master policy through an agency and affiliated with the General Partner, but with an insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the then current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Sources: Offer to Purchase (Consolidated Capital Properties Iii)
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. Under the Limited Partnership Agreement, the Managing General Partner and the other general partners each holds an interest in the Partnership and is entitled to participate in certain cash distributions made by the Partnership to its partners. The Managing General Partner and the other general partners in the aggregate received from the Partnership in respect of their interests in the Partnership cash distributions of $2,000 in 1997 and $2,000 in 1996. The Partnership paid IRG and ICG I/ESG property management fees for property management services in the amounts of approximately $335,000436,000, $322,000 381,000 and $326,000 370,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG I/ESG property management fees equal to $85,398 215,000 during the first three six months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,000253,000, $217,000 257,000 and $261,000173,000, respectively, and has reimbursed them for such services in the amount of $41,563 117,000 through March 31June 30, 1998. The reimbursement amount amounts for the year years ended December 31, 1997 includes and 1996 both include $54,000 31,000, which was amounts were paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. The Partnership paid $78,000 for the six months ended June 30, 1998 to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. The Partnership also paid $2,000 for the six months ended June 30, 1998 to an affiliate of the Managing General Partner for commercial lease commissions. For the period January 1, 1996 through August December 31, 19971996, the Partnership insured its properties under a master policy through an agency and insurer unaffiliated with the Managing General Partner, and through an agency affiliated with the Managing General Partner for the period January 1, 1997 through August 31, 1997. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with AffiliatesAffiliates . The Partnership paid IRG and ICG property management fees for property management services in the amounts of approximately $335,000511,000, $322,000 497,000 and $326,000 540,000 for the fiscal years ended December October 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG property management fees equal to $85,398 during 251,000 for the first three months of six-month fiscal period ended April 30, 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the fiscal years ended December October 31, 1997, 1996 and 1995 in the amounts of $229,000220,000, $217,000 184,000 and $261,000158,000, respectively, and has reimbursed them for such services in the amount of $41,563 through March 31126,000 for the six-month fiscal period ended April 30, 1998. The reimbursement amount amounts for the year fiscal years ended December October 31, 1997 includes 1997, 1996 and the six-month fiscal period ended April 30, 1998 include $54,000 34,000, $9,000 and $19,000, respectively, which was paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. For the period January November 1, 1996 1995 through August 31, 1997, the Partnership insured its properties under a master policy through an agency and affiliated with the General Partner, but with an insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the then current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. The Partnership paid IRG and ICG IESG property management fees for property management services in the amounts of approximately $335,000, $322,000 and $326,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG IESG property management fees equal to $85,398 172,000 during the first three six months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,000, $217,000 and $261,000, respectively, and has reimbursed them for such services in the amount of $41,563 86,000 through March 31June 30, 1998. The reimbursement amount for the year ended December 31, 1997 includes $54,000 which was paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. The Partnership paid $34,000 for the six months ended June 30, 1998 to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. In addition, the Partnership paid $6,000 for the six months ended June 30, 1998 to an affiliate of the Managing General Partner for commercial lease commissions. For the period January 1, 1996 through August 31, 1997, the Partnership insured its properties under a master policy through an agency and affiliated with the Managing General Partner, but with an insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. Under the Limited Partnership Agreement, the General Partner holds an interest in the Partnership and is entitled to participate in certain cash distributions made by the Partnership to its partners. The General Partner received from the Partnership in respect of its interest in the Partnership cash distributions of $10,000 in 1997 and $30,000 in 1995. There were no distributions made to the General Partner in 1996. The Partnership and CCEP/2 paid IRG and ICG property management fees for property management services in the amounts of approximately $335,000881,000, $322,000 946,000 and $326,000 948,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has have paid IRG and ICG property management fees equal to $85,398 217,000 during the first three months of 1998. The Partnership and CCEP/2 reimbursed the Managing General Partner Partner, ConCap Holdings and its their affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,000574,000, $217,000 654,000 and $261,000708,000, respectively, and has have reimbursed them for such services in the amount of $41,563 153,000 through March 31, 1998. The reimbursement amount for the year three months ended December March 31, 1997 1998 includes $54,000 11,000 which was paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight servicescosts. The Partnership and CCEP/2 paid $380,000, $295,000 and $615,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and $60,000 for the three months ended March 31, 1998, to an affiliate of the General Partner for commercial lease commissions. In addition, CCEP/2 is subject to an Investment Advisory Agreement between CCEP/2 and an affiliate of ConCap Holdings (which is an affiliate of the General Partner). This agreement provides for an annual fee, payable in monthly installments, to an affiliate of ConCap Holdings for advisory and consulting services for the CCEP/2 Properties. Advisory fees paid pursuant to this agreement were $154,000, $154,000 and $178,000, respectively, for the years ended December 31, 1997, 1996 and 1995, and $42,000 for the three months ended March 31, 1998. For the period January 1, 1996 through August 31, 1997, the Partnership insured its properties under a master policy through an agency and affiliated with the General Partner, but with an insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the then current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. Under the Limited Partnership Agreement, the Managing General Partner and the other general partners each holds an interest in the Partnership and is entitled to participate in certain cash distributions made by the Partnership to its partners. The Managing General Partner and the other general partners in the aggregate received from the Partnership in respect of their interests in the Partnership cash distributions of $10,000 in 1997, $20,000 in 1996 and $8,000 in 1995. The Partnership paid IRG and ICG property management fees for property management services in the amounts of approximately $335,000151,000, $322,000 149,000 and $326,000 147,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG property management fees equal to $85,398 76,000 during the first three six months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,00080,000, $217,000 92,000 and $261,00088,000, respectively, and has reimbursed them for such services in the amount of $41,563 47,000 through March 31June 30, 1998. The reimbursement amount amounts for the year years ended December 31, 1997 includes and 1996, and for the six months ended June 30, 1998, include $54,000 5,000, $5,000 and $10,000, respectively, which was amounts were paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. The Partnership paid $33,000 and $10,000 for the year ended December 31, 1997 and for the six months ended June 30, 1998, respectively, to an affiliate of the Managing General Partner for costs related to the refinancing of ▇▇▇▇▇▇ ▇▇▇▇▇ Apartments in November 1997. For the period January 1, 1996 through August December 31, 19971996, the Partnership insured its properties under a master policy through an agency and insurer unaffiliated with the Managing General Partner, and through an agency affiliated with the Managing General Partner for the period January 1, 1997 through August 31, 1997. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Class B Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Class B Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Class B Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. Under the Limited Partnership Agreement, the General Partner holds an interest in the Partnership and is entitled to participate in certain cash distributions made by the Partnership to its partners. The General Partner received from the Partnership in respect of its interest in the Partnership cash distributions of $3,000 to date in 1998, $14,000 in 1997, $5,000 in 1996 and $9,000 in 1995. The Partnership paid IRG and ICG property management fees for property management services in the amounts of approximately $335,000248,000, $322,000 240,000 and $326,000 223,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG property management fees equal to $85,398 128,000 during the first three six months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,000124,000, $217,000 178,000 and $261,000120,000, respectively, and has reimbursed them for such services in the amount of $41,563 56,000 through March 31June 30, 1998. The reimbursement amount for the year ended December 31, 1997 includes $54,000 which was 1998 (including reimbursements paid to an affiliate of the Managing General Partner in the amounts of $11,000 and $54,000 for the years ended December 31, 1997 and 1996, respectively, for costs incurred in connection with construction oversight services). The Partnership paid approximately $1,000 for the six months ended June 30, 1998 to an affiliate of the General Partner for costs incurred in connection with construction oversight services. Pursuant to the Limited Partnership Agreement, the General Partner is entitled to receive a fee for executive and administrative management services equal to 9% of the Partnership's adjusted cash from operations, as and when cash from operations is distributed to the Limited Partners. The fees paid to the General Partner pursuant to this provision were approximately $123,000, $41,000 and $82,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and approximately $31,000 for the six months ended June 30, 1998. For the period January 1, 1996 through August December 31, 19971996, the Partnership insured its properties under a master policy through an agency and insurer unaffiliated with the Managing General Partner, and through an agency affiliated with the General Partner for the period January 1, 1997 through August 31, 1997. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. The Partnership paid IRG and ICG property management fees for property management services in the amounts of approximately $335,000284,000, $322,000 277,000 and $326,000 261,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG property management fees equal to $85,398 147,000 during the first three six months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,000130,000, $217,000 174,000 and $261,000114,000, respectively, and has reimbursed them for such services in the amount of $41,563 85,000 through March 31June 30, 1998. The reimbursement amount amounts for the year years ended December 31, 1997 includes and 1996, and for the six months ended June 30, 1998, include $54,000 2,000, $46,000 and $18,000, respectively, which was amounts were paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. For the period January 1, 1996 through August December 31, 19971996, the Partnership insured its properties under a master policy through an agency and insurer unaffiliated with the Managing General Partner, and through an agency affiliated with the Managing General Partner for the period January 1, 1997 through August 31, 1997. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. The Partnership paid IRG and ICG property management fees for property management services in the amounts of approximately $335,000117,000, $322,000 107,000 and $326,000 108,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG property management fees equal to $85,398 60,000 during the first three six months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,00094,000, $217,000 144,000 and $261,000145,000, respectively, and has reimbursed them for such services in the amount of $41,563 34,000 through March 31June 30, 1998. The reimbursement amount amounts for the year years ended December 31, 1997 includes and December 31, 1996 include $54,000 11,000 and $31,000, respectively, which was amounts were paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. The Partnership paid $5,500 and $21,000 for the years ended December 31, 1997 and 1996, respectively, to an affiliate of the General Partner for costs related to the refinancing of one of the Partnership's properties. For the period January 1, 1996 through August 31, 1997, the Partnership insured its properties under a master policy through an agency and affiliated with the General Partner, but with an insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. Under the Limited Partnership Agreement, the General Partner holds an interest in the Partnership and is entitled to participate in certain cash distributions made by the Partnership to its partners. The General Partner received from the Partnership in respect of its interest in the Partnership cash distributions of $18,000 to date in 1998, $20,000 in 1997, $30,000 in 1996 and $30,000 in 1995. The Partnership and CCEP paid IRG and ICG property management fees for property management services in the amounts of approximately $335,0001,456,000, $322,000 1,409,000 and $326,000 1,373,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has have paid IRG and ICG property management fees equal to $85,398 383,000 during the first three months of 1998. The Partnership and CCEP reimbursed the Managing General Partner Partner, ConCap Holdings and its their affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the three years ended December 31, 1997, 1996 and 1995 in the amounts of $229,0001,013,000, $217,000 1,022,000 and $261,000733,000, respectively, and has have reimbursed them for such services in the amount of $41,563 201,000 through March 31, 1998. The reimbursement amount amounts include approximately $269,000 and $369,000, respectively, for the year years ended December 31, 1997 includes and 1996, and $54,000 46,000 for the three months ended March 31, 1998, which was amounts were paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. The reimbursement amounts for the year ended December 31, 1997 and for the three months ended March 31, 1998 also include $167,000 and $4,000, respectively, which amounts were paid to an affiliate of the General Partner for commercial leasing commissions. CCEP paid $139,000, $69,000 and $221,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and $2,000 for the three months ended March 31, 1998, to an affiliate of the General Partner for commercial lease commissions. In addition, CCEP is subject to an Investment Advisory Agreement between CCEP and an affiliate of ConCap Holdings (which is an affiliate of the General Partner). This agreement provides for an annual fee, payable in monthly installments, to an affiliate of ConCap Holdings for advisory and consulting services for the CCEP Properties. Advisory fees paid pursuant to this agreement were $182,000, $182,000 and $233,000, respectively, for the years ended December 31, 1997, 1996 and 1995, and $44,000 for the three months ended March 31, 1998. During 1995, an affiliate of the General Partner was paid $28,000 in connection with obtaining financing on one of the Partnership's properties. For the period January 1, 1996 through August 31, 1997, each of the Partnership and CCEP insured its properties under a master policy through an agency and affiliated with the General Partner, but with an insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the then current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. Under the Limited Partnership Agreement, the Managing General Partner and the individual general partner each holds an interest in the Partnership and is entitled to participate in certain cash distributions made by the Partnership to its partners. The Managing General Partner and the individual general partner in the aggregate received from the Partnership in respect of their interests in the Partnership cash distributions of $23,000 to date in 1998, $21,000 in 1997, $23,000 in 1996 and $42,000 in 1995. The Partnership paid IRG and ICG property management fees for property management services in the amounts of approximately $335,000258,000, $322,000 259,000 and $326,000 243,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG property management fees equal to $85,398 135,000 during the first three six months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,000149,000, $217,000 143,000 and $261,000143,000, respectively, and has reimbursed them for such services in the amount of $41,563 75,000 through March 31June 30, 1998. The reimbursement amount amounts for the year years ended December 31, 1997 includes and 1996, and for the six months ended June 30, 1998, include $54,000 18,000, $11,000 and $18,000, respectively, which was amounts were paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. For the period January 1, 1996 through August December 31, 19971996, the Partnership insured its properties under a master policy through an agency and insurer unaffiliated with the Managing General Partner, and through an agency affiliated with the Managing General Partner for the period January 1, 1997 through August 31, 1997. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. The Partnership paid IRG and ICG IESG property management fees for property management services in the amounts of approximately $335,000336,000, $322,000 400,000 and $326,000 420,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG IESG property management fees equal to $85,398 180,000 during the first three six months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,000258,000, $217,000 287,000 and $261,000306,000, respectively, and has reimbursed them for such services in the amount of $41,563 141,000 through March 31June 30, 1998. The reimbursement amount Partnership paid $39,000, $34,000, $63,000 and $16,000 for the year years ended December 31, 1997 includes $54,000 which was paid 1997, 1996, 1995 and the six months ended June 30, 1998, respectively, to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight servicescommercial lease commissions. For the period January 1, 1996 through August 31, 1997, the Partnership insured its properties under a master policy through an agency and affiliated with the General Partner, but with an insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. Under the Limited Partnership Agreement, the General Partner holds an interest in the Partnership and is entitled to participate in certain cash distributions made by the Partnership to its partners. The General Partner received from the Partnership in respect of its interest in the Partnership cash distributions of $165,000 in 1997, $48,000 in 1996 and $36,000 in 1995. The Partnership paid IRG and ICG property management fees for property management services in the amounts of approximately $335,000737,000, $322,000 658,000 and $326,000 572,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG property management fees equal to $85,398 191,000 during the first three months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,000374,000, $217,000 403,000 and $261,000429,000, respectively, and has reimbursed them for such services in the amount of $41,563 103,000 through March 31, 1998. The reimbursement amount amounts for the year three months ended March 31, 1998 and for the years ended December 31, 1997 includes 1997, 1996 and 1995 include $54,000 13,000, $33,000, $27,000 and $32,000, respectively, which was amounts were paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. The Partnership also paid $36,000, $32,000 and $14,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and $11,000 for the three months ended March 31, 1998, to an affiliate of the General Partner for commercial lease commissions. During 1996, an affiliate of the General Partner was paid $98,000 in connection with obtaining financing on certain of the Partnership's properties. For the period January July 1, 1996 1995 through August 31, 1997, the Partnership insured its properties under a master policy through an agency and affiliated with the General Partner, but with an insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the then current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. The Partnership paid IRG and ICG property management fees for property management services in the amounts of approximately $335,000215,000, $322,000 204,000 and $326,000 246,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG property management fees equal to $85,398 59,000 during the first three months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, during 1997, 1996 and 1995 in the amounts of $229,000151,000, $217,000 158,000 and $261,000173,000, respectively, and has reimbursed them for such services in the amount of $41,563 30,000 through March 31, 1998. The reimbursement amount amounts for the year three months ended March 31, 1998 and the years ended December 31, 1997 includes and 1996 include $54,000 2,000, $33,000 and $4,000, respectively, which was amounts were paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. The Partnership also paid $69,000 and $9,000 for the years ended December 31, 1997 and 1996, respectively, and $1,000 for the three months ended March 31, 1998, to an affiliate of the General Partner for commercial lease commissions. In 1997 and 1996, the Partnership paid an affiliate of the General Partner approximately $5,500 and $36,000, respectively, for loan costs incurred in connection with refinancing the debt encumbering two of the Partnership's properties. For the period January July 1, 1996 1995 through August 31, 1997, the Partnership insured its properties under a master policy through an agency and affiliated with the General Partner, but with an insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the then current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand andhand, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. The Partnership paid IRG and ICG property management fees for property management services in the amounts of approximately $335,000373,000, $322,000 372,000 and $326,000 356,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG property management fees equal to $85,398 189,000 during the first three six months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,000208,000, $217,000 232,000 and $261,000143,000, respectively, and has reimbursed them for such services in the amount of $41,563 107,000 through March 31June 30, 1998. The reimbursement amount amounts for the year years ended December 31, 1997 includes and December 31, 1996 include $54,000 24,000 and $25,000, respectively, which was amounts were paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. The Partnership paid approximately $35,000 for the six months ended June 30, 1998 to an affiliate of the General Partner for costs incurred in connection with construction oversight services. For the period January 1, 1996 through August 31, 1997, the Partnership insured its properties under a master policy through an agency and affiliated with the General Partner, but with an insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. The Partnership paid IRG and ICG IESG property management fees for property management services in the amounts of approximately $335,0001,029,000, $322,000 1,033,000 and $326,000 1,032,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG IESG property management fees equal to $85,398 515,000 during the first three six months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,000431,000, $217,000 453,000 and $261,000, 443,000 respectively, and has reimbursed them for such services in the amount of $41,563 219,000 through March 31June 30, 1998. The reimbursement amount amounts for the year years ended December 31, 1997 includes and December 31, 1996 include $54,000 70,000 and $33,000, respectively, which was amounts were paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. The Partnership paid $28,000 for the six months ended June 30, 1998 to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. For the period January 1, 1996 through August 31, 1997, the Partnership insured its properties under a master policy through an agency and affiliated with the Managing General Partner, but with an insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. The Partnership paid IRG and ICG IESG property management fees for property management services in the amounts of approximately $335,000131,000, $322,000 129,000 and $326,000 171,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG IESG property management fees equal to $85,398 68,000 during the first three six months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,000197,000, $217,000 242,000 and $261,000334,000, respectively, and has reimbursed them for such services in the amount of $41,563 88,000 through March 31June 30, 1998. The reimbursement amount amounts for the year ended December 31, 1997 includes and the six months ended June 30, 1998 include $54,000 1,000 and $1,000, respectively, which was amounts were paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. The Partnership paid $175,000 and $21,000 for the year ended December 31, 1997 and the six months ended June 30, 1998, respectively, to an affiliate of the General Partner for commercial lease commissions. The reimbursement amount for the six months ended June 30, 1998 includes $27,500 which was paid to an affiliate of the General Partner for consulting services. For the period January 1, 1996 through August 31, 1997, the Partnership insured its properties under a master policy through an agency and affiliated with the General Partner, but with an insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Class A Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Class A Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Class A Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. Under the Limited Partnership Agreement, the General Partner holds an interest in the Partnership and is entitled to participate in certain cash distributions made by the Partnership to its partners. The General Partner received from the Partnership in respect of its interest in the Partnership cash distributions of $3,000 to date in 1998, $14,000 in 1997, $5,000 in 1996 and $9,000 in 1995. The Partnership paid IRG and ICG property management fees for property management services in the amounts of approximately $335,000248,000, $322,000 240,000 and $326,000 223,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG property management fees equal to $85,398 128,000 during the first three six months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,000124,000, $217,000 178,000 and $261,000120,000, respectively, and has reimbursed them for such services in the amount of $41,563 56,000 through March 31June 30, 1998. The reimbursement amount for the year ended December 31, 1997 includes $54,000 which was 1998 (including reimbursements paid to an affiliate of the Managing General Partner in the amounts of $11,000 and $54,000 for the years ended December 31, 1997 and 1996, respectively, for costs incurred in connection with construction oversight services). The Partnership paid approximately $1,000 for the six months ended June 30, 1998 to an affiliate of the General Partner for costs incurred in connection with construction oversight services. Pursuant to the Limited Partnership Agreement, the General Partner is entitled to receive a fee for executive and administrative management services equal to 9% of the Partnership's adjusted cash from operations, as and when cash from operations is distributed to the Limited Partners. The fees paid to the General Partner pursuant to this provision were approximately $123,000, $41,000 and $82,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and approximately $31,000 for the six months ended June 30, 1998. For the period January 1, 1996 through August December 31, 19971996, the Partnership insured its properties under a master policy through an agency and insurer unaffiliated with the Managing General Partner, and through an agency affiliated with the General Partner for the period January 1, 1997 through August 31, 1997. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. The Partnership paid IRG and ICG property management fees for property management services in the amounts of approximately $335,000216,000, $322,000 227,000 and $326,000 222,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG property management fees equal to $85,398 83,000 during the first three six months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,000142,000, $217,000 152,000 and $261,000124,000, respectively, and has reimbursed them for such services in the amount of $41,563 51,000 through March 31June 30, 1998. The reimbursement amount amounts for the year years ended December 31, 1997 includes and December 31, 1996 include $54,000 16,000 and $14,000, respectively, which was amounts were paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. The Partnership paid $1,000 for the six months ended June 30, 1998 to an affiliate of the General Partner for costs incurred in connection with construction oversight services. The Partnership paid $26,000 and $4,000 for the year ended December 31, 1997 and the six months ended June 30, 1998, respectively, to an affiliate of the General Partner for costs related to the refinancing of Carriage Hills Apartments in November 1997. The Partnership also paid approximately $87,000 to an affiliate of the General Partner for reimbursement of costs related to the sale of Cardinal ▇▇▇▇▇ Apartments in August 1997. For the period January 1, 1996 through August 31, 1997, the Partnership insured its properties under a master policy through an agency and insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. The Partnership paid IRG and ICG property management fees for property management services in the amounts of approximately $335,000558,000, $322,000 540,000 and $326,000 514,000 for the fiscal years ended December October 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG property management fees equal to $85,398 during 284,000 for the first three months of six-month fiscal period ended April 30, 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the fiscal years ended December October 31, 1997, 1996 and 1995 in the amounts of $229,000223,000, $217,000 196,000 and $261,000174,000, respectively, and has reimbursed them for such services in the amount of $41,563 through March 31112,000 for the six-month fiscal period ended April 30, 1998. The reimbursement amount for the year six-month fiscal period ended December 31April 30, 1997 1998 includes $54,000 6,000 which was paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. For the period January November 1, 1996 1995 through August 31, 1997, the Partnership insured its properties under a master policy through an agency and affiliated with the General Partner, but with an insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the then current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. The Partnership paid IRG and ICG property management fees for property management services in the amounts of approximately $335,000670,000, $322,000 632,000, and $326,000 615,000 for the fiscal years ended December 31November 30, 1997, 1996 and 1995, respectively, and has paid IRG and ICG property management fees equal to $85,398 during 351,000 for the first three months of six-month fiscal period ended May 31, 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the fiscal years ended December 31November 30, 1997, 1996 and 1995 in the amounts of $229,000286,000, $217,000 238,000 and $261,000200,000, respectively, and has reimbursed them for such services in the amount of $41,563 through March 126,000 for the six-month fiscal period ended May 31, 1998. The reimbursement amount for the year fiscal years ended December November 30, 1997 and 1996, and the six-month fiscal period ended May 31, 1997 includes 1998 include $54,000 54,000, $8,000 and $4,000, respectively, which was paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. For the period January December 1, 1996 1995 through August 31, 1997, the Partnership insured its properties under a master policy through an agency and affiliated with the General Partner, but with an insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the then current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract
Financing Arrangements. The Purchaser (which is an affiliate of the Managing General Partner) expects to pay for the Units it purchases pursuant to the Offer with funds provided by IPLP as capital contributions. IPLP in turn intends to use its cash on hand and, if necessary, funds available to it under its credit facility (as described in Section 12) to make such contributions. See Section 12. It is possible, however, that in connection with its future financing activities, IPT or IPLP may cause or request the Purchaser (which is an affiliate of the Managing General Partner) to pledge the Units as collateral for loans, or otherwise agree to terms which provide IPT, IPLP and the Purchaser with incentives to generate substantial near-term cash flow from the Purchaser's investment in the Units. This could be the case, for example, if a loan has a "balloon" maturity after a relatively short time or bears a high or increasing interest rate. In such a situation, the Managing General Partner may experience a conflict of interest in seeking to reconcile the best interests of the Partnership with the need of its affiliates for cash flow from the Partnership's activities. Transactions with Affiliates. The Partnership paid IRG and ICG IESG property management fees for property management services in the amounts of approximately $335,00070,000, $322,000 64,000 and $326,000 71,000 for the years ended December 31, 1997, 1996 and 1995, respectively, and has paid IRG and ICG IESG property management fees equal to $85,398 35,000 during the first three six months of 1998. The Partnership reimbursed the Managing General Partner and its affiliates (including Insignia) for expenses incurred in connection with asset management and partnership administration services performed by them for the Partnership for the years ended December 31, 1997, 1996 and 1995 in the amounts of $229,000197,000, $217,000 225,000 and $261,000235,000, respectively, and has reimbursed them for such services in the amount of $41,563 48,000 through March 31June 30, 1998. The reimbursement amount for the year ended December 31, 1997 includes $54,000 27,000 which was paid to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. The Partnership paid $16,000 for the six months ended June 30, 1998 to an affiliate of the Managing General Partner for costs incurred in connection with construction oversight services. The reimbursement amounts for the years ended December 31, 1997 and 1996 and for the six months ended June 30, 1998 also include $35,000, $4,000 and $2,000, respectively, which amounts were paid to an affiliate of the Managing General Partner for commercial lease commissions. The reimbursement amount for the year ended December 31, 1996 includes $38,000 which was paid to an affiliate of the Managing General Partner for brokerage commissions related to the refinancing of the mortgage encumbering Poplar Square Shopping Center. For the period January 1, 1996 through August 31, 1997, the Partnership insured its properties under a master policy through an agency and affiliated with the Managing General Partner, but with an insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. That agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. Insignia and the Managing General Partner believe that the aggregate financial benefit derived by Insignia and its affiliates from such arrangement was immaterial.
Appears in 1 contract