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| PTSX > SEC Filings for PTSX > Form 8-K on 15-Jun-2009 | All Recent SEC Filings |
15-Jun-2009
Completion of Acquisition or Disposition of Assets, Creation of a Direct Financial Obli
On June 12, 2009, Point.360 purchased land and an 18,000 square foot building (the "Property") from an unaffiliated entity pursuant to a Standard Offer, Agreement and Escrow Instructions for the Purchase of Real Estate dated April 9, 2009. Point.360 paid $4,750,000 for the Property located in Hollywood, California. For the Property, Point.360 paid $1,187,500 in cash, and financed $3,562,500 million through a first mortgage with the seller.
On June 12, 2009, Point.360 entered into a $3,562,500 million Purchase Money Promissory Note secured by Deed of Trust ("Note") with Michael James Lantry, Trustee of the M.J. Lantry Trust dated June 15, 2000 for the purchase of the Property. The Note bears interest at 7% fixed for ten years. The principal amount of the Note is payable on June 12, 2019. The Note is secured by the Property.
10.1 Standard Offer, Agreement and Escrow Instructions for the Purchase of Real Estate dated April 9, 2009 between Point.360 and Michael James Lantry, Trustee of the M.J. Lantry Trust dated June 15, 2000.
10.2 Purchase Money Promissory Note secured by Deed of Trust dated June 10, 2009 between Point.360 and Michael James Lantry, Trustee of the M.I. Lantry trust dated June 15, 2000.
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