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CHCI > SEC Filings for CHCI > Form 8-K on 18-Sep-2013All Recent SEC Filings

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Entry into a Material Definitive Agreement, Creation of a Direct

Item 1.01 Entry into a Material Definitive Agreement

The disclosure set forth in Item 2.03 is hereby incorporated into this item by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

On September 13, 2013, Comstock Holding Companies, Inc. (the "Company"), through its Comstock Hall Road, L.C. subsidiary (the "Borrower"), closed on a land assemblage that will be developed into a forty-two unit townhome project located in the Sterling area of Loudoun County, Virginia (the "Project"). In connection with the Project, the Borrower entered into a deferred purchase money promissory note and a secured first deed of trust in the amount of One Million Three Hundred Seventy-Two Thousand Three Hundred and Ninety-Two Dollars ($1,372,392) with certain of the land sellers (the "Seller Financing"). The Seller Financing matures December 13, 2013 (the "Maturity Date"), provides for an interest rate of six percent (6%), is non-recourse to the Company and was entered into to facilitate the Borrower's pursuit of the final approvals and record plat for the Project, which it expects to obtain prior to the Maturity Date.

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