Section 260.140.115.5 - Special ReportsWithin 60 days after the end of each quarter during which there have been real property acquisitions, a "Special Report" (which may be part of the quarterly report) shall be sent to all participants until the proceeds of the offering are committed or returned to the investors in accordance with Section 260.140.115.4 of these rules. The report shall contain the following information:
(a) the location and a description of the general character of all materially important real properties acquired or presently intended to be acquired by or leased to the program, during the quarter,(b) the present or proposed use of such properties and their suitability and adequacy for such use,(c) the terms of any material lease affecting the property,(d) the proposed method of financing, including estimated down payment, leverage ratio, prepaid interest, balloon payment(s), prepayment penalties, due-on-sale or encumbrance clauses and possible adverse effects thereof and similar details of the proposed financing plan,(e) a statement that title insurance and any require construction, permanent or other financing and performance bonds or other assurances with respect to builders have been or will be obtained on all properties acquired, and(f) a statement of the amount of proceeds in the program which remain uncommitted or unexpended, stated as both a dollar amount and percentage of the total amount of the offering proceeds of the program.Cal. Code Regs. Tit. 10, § 260.140.115.5
1. Amendment filed 1-27-84; effective thirtieth day thereafter (Register 84, No. 4).
2. Amendment and new subsection (f) filed 5-18-92; operative 6-17-92 (Register 92, No. 22). Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25140, Corporations Code.
1. Amendment filed 1-27-84; effective thirtieth day thereafter (Register 84, No. 4).
2. Amendment and new subsection (f) filed 5-18-92; operative 6-17-92 (Register 92, No. 22).