Company: INTG
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010724
Chunk: 76

Company: INTERGROUP CORP
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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,000,000 under certain terms and conditions described
in a separate key money agreement. The key money contribution shall be amortized in equal monthly amounts over an eight (8) year period
commencing on the second anniversary of the takeover date. The unamortized portion of $458,000 and $646,000 of the key money is included
in the other notes payable in the consolidated balance sheets as of March 31, 2025 and June 30, 2024, respectively.

Future
minimum principal payments and amortizations for all other financing transactions are as follows:

SCHEDULE
OF FUTURE MINIMUM PRINCIPAL AMORTIZATIONS 

For
the year ending June 30,

    2025 (3 months) 
    $142,000 
  
    2026 
     567,000 
  
    2027 
     463,000 
  
    2028 
     317,000 
  
    2029 
     317,000 
  
    Thereafter 
     315,000 
  
    Long term debt  
    $2,121,000 

    -18-

A.
Mortgage and Mezzanine Loan History

In
December 2013, Justice Investors Limited Partnership (“Justice”), then a consolidated subsidiary of Portsmouth Square, Inc.
(the “Company”), obtained a $97,000,000 mortgage loan and a $20,000,000 mezzanine loan to fund the redemption of limited
partnership interests and repay a prior $42,940,000 mortgage loan. The mortgage loan was secured by the Company’s principal asset,
the Hilton San Francisco Financial District (the “Hotel”), and bore interest at 5.275% per annum. The loan required interest-only
payments through January 2017 and began amortizing thereafter on a 30-year schedule, maturing on January 1, 2024. The mortgage loan was
guaranteed in part by Portsmouth.

The
mezzanine loan, originally bearing interest at 9.75% per annum and maturing concurrently with the senior loan, was secured by the membership
interests of Justice Operating Company, LLC (“Operating”), held by Justice Mezzanine Company, LLC (“Mezzanine”),
and was subordinated to the mortgage debt. The mezzanine loan was refinanced in July 2019 through a new agreement with CRED REIT Holdco
LLC (“Mezzanine Lender”) in