Company: INTG
Filing Date: 2025-09-30
Form Type: 10-K
Source: 0001493152-25-016154
Chunk: 499

Company: INTERGROUP CORP
Filing Date: 2025-09-30
Form: 10-K
Item: Item 8
Chunk 499
---
%
  
    Los Angeles 
    1 
    September 2018 
    October 2048 
     910,000  
     3.50%

    Mortgage notes payable – real estate 
      
     89,025,000  

    Debt issuance costs 
      
     (852,000) 

    Total mortgage notes payable – real estate 
      
    $88,173,000  

(a):The Hotel senior loan includes an interest-rate floor (minimum 7.65%) and requires an interest-rate cap that caps Term SOFR at 4.50%; the mezzanine rate steps to 11.25% after 3/28/2027. Default-rate add-ons are +5% (senior) and +4% (mezzanine).

Future
minimum payments for all mortgage notes payable are as follows:

 SCHEDULE OF FUTURE MINIMUM PAYMENT FOR MORTGAGE NOTES PAYABLE 

    For the year ending June 30, 

    2026 
    $1,229,000 
  
    2027 
     106,663,000 
  
    2028 
     6,588,000 
  
    2029 
     1,845,000 
  
    2030 
     16,032,000 
  
    Thereafter 
     65,403,000 
  
    Total
    Mortgage Notes Payable 
    $197,760,000 

    56

NOTE
11 – MANAGEMENT AGREEMENTS

Hotel
Management

Operating
entered into a hotel management agreement (“HMA”) with Aimbridge Hospitality (“Aimbridge”) to manage the Hotel,
along with its five-level parking garage, with an effective date of February 3, 2017. The term of the management agreement is for an
initial period of ten years commencing on February 3, 2017 and automatically renews for successive one (1) year periods, not to exceed
five years in the aggregate, subject to certain conditions. Under the terms of the HMA, base management fee (“Basic Fee”)
payable to Aimbridge equals one and seven-tenths percent (1.70%) of total Hotel revenue. In addition to the Basic Fee, Aimbridge may
earn an annual incentive fee for each fiscal year equal to ten percent (10%) of the amount by which Gross Operating Profit (“GOP”,
as defined