Company: INTG
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010724
Chunk: 31

Company: INTERGROUP CORP
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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40,000,000 and extended the
loan’s maturity date to July 31, 2027. During the nine months ended March 31, 2025, the Company borrowed an additional $11,615,000
to fund its hotel operations. As of March 31, 2025 the balance of the loan was $38,108,000 and the Company has not made any paid-downs
to its note payable to InterGroup. All material intercompany accounts and transactions have been eliminated in consolidation.

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 Aimbridge 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 $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