RIVEREDGE OWNERS, INC.
NOTES TO FINANCIAL STATEMENTS (continued)
December 31, 2006
Note 3: LONG-TERM DEBT (continued) :
Certain stockholders agreed to lend the cooperative
Corporation a secured loan for a total amount of $350,000 as of
November 1, 2002. The loan is secured by a 2nd mortgage (which
will be recorded at the time of any default) and an interest in
the assessment account. The loan matured and was paid in full
A special assessment in the amount of $4.50 per share was
charged in order to raise the funds to repay such loan. The
assessment was charged at the rate of $0.1875 per share per
month starting September 1, 2002, for a period of four years.
The special assessment ceased in August, 2006.