Company: INTG
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006758
Chunk: 28

Company: INTERGROUP CORP
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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 June 30, 2024, respectively:

 SCHEDULE
OF RELATED PARTY AND OTHER FINANCING TRANSACTIONS

    As of 
    December
    31,2024  
    June
    30, 2024 
  
    Other note payable - Hilton 
    $                       1,742,000  
    $1,742,000 
  
    Other note payable - Aimbridge 
     521,000  
     646,000 
  
    Total
    related party and other notes payable 
    $2,263,000  
    $2,388,000 

Note
payable to Hilton (Franchisor) is a self-exhausting, interest free development incentive note which is reduced by approximately $316,000
annually through 2030 by Hilton if the Company is still a Franchisee with Hilton.

On
February 1, 2017, Operating entered into a HMA with Ambridge to manage the Hotel with an effective takeover date of February 3, 2017.
The term of the management agreement is for an initial period of 10 years commencing on the takeover date and automatically renews for
an additional year not to exceed five years in aggregate subject to certain conditions. The HMA also provides for Ambridge to advance
a key money incentive fee to the Hotel for capital improvements in the amount of $2,000,000 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 $521,000 and $646,000 of the key money is included
in the other notes payable in the consolidated balance sheets as of December 31, 2024 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 (6 months) 
    $283,000 
  
    2026 
     567,000 
  
    2027 
     463,000 
  
    2028 
     317,000 
  
    2029 
     317,000 
  
    Thereafter 
     316