UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
  

FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): March 16, 2016
 
FULL HOUSE RESORTS, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
 
1-32583
 
13-3391527
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
 
4670 S. Fort Apache Road, Suite 190
Las Vegas, Nevada
 
89147
(Address of principal executive offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code: ( 702) 221-7800
 
N/A
 
 
(Former name or former address,
if changed since last report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 
 





Item 1.01     Entry into a Material Definitive Agreement
 
On March 16, 2016, Full House Resorts, Inc., through its wholly-owned subsidiary Gaming Entertainment (Indiana) LLC (the " Company "), entered into that certain First Amendment to Hotel Lease/Purchase Agreement (the " First Amendment ") with Rising Sun/Ohio County First, Inc., an Indiana non-profit corporation (as " Landlord ") amending terms of that certain Hotel Lease/Purchase Agreement dated August 15, 2013 (the " Lease ") to facilitate certain capital improvements to be made by the Company at the Rising Star Casino Resort. The First Amendment:

•
extends the initial term of the Lease by four years to October 1, 2027.

•
reduces rent from April 2016 through March 2020 (the " Rent Reduction Period ") from $77,537 per month as follows:

◦
$48,537 per month from April 2016 through March 2017;
◦
$56,537 per month from April 2017 through March 2018;
◦
$57,537 per month from April 2018 through March 2019; and
◦
$63,537 per month from April 2019 through March 2020.

After the Rent Reduction Period, rent is expected to be approximately $54,326 per month, commencing on April 1, 2020 through the expiration of the Lease. An annual interest rate of 4.5% is applied to the rent payment schedule from October 1, 2017 through the expiration of the Lease.

•
requires the Company to invest a minimum of $1,000,000 in capital expenditures at the Rising Star Casino Resort by March 31, 2017. Possible capital improvements include: (i) rebranding and renovating the steakhouse; and (ii) renovating the lower level of boat and adding a new restaurant concept.

•
if the Company does not provide proof of capital expenditures to the landlord by June 1, 2017, the rent reductions cease after the rent payment due on such date.

The foregoing description of the First Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the First Amendment, which is filed as Exhibit 10.1 to this Report, and which is hereby incorporated by reference herein.


Item 9.01    Financial Statements and Exhibits.
(d)
Exhibits
 
 
 
 
 
Exhibit 10.1
First Amendment to Hotel Lease / Purchase Agreement dated March 16, 2016, by and between Rising Sun/Ohio County First, Inc. and Gaming Entertainment (Indiana) LLC
 
 




SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
Full House Resorts, Inc.
 
 
 
Date: March 18, 2016
 
/s/ Lewis A. Fanger 
 
 
Lewis A. Fanger, Senior Vice President, Chief Financial Officer & Treasurer
 
 




EXHIBIT INDEX
Exhibit No.
 
Description
10.1
 
First Amendment to Hotel Lease / Purchase Agreement dated March 16, 2016, by and between Rising Sun/Ohio County First, Inc. and Gaming Entertainment (Indiana) LLC





EXHIBIT 10.1

FIRST AMENDMENT TO HOTEL LEASE / PURCHASE AGREEMENT

THIS FIRST AMENDMENT TO HOTEL LEASE / PURCHASE AGREEMENT (“ Amendment ”) is entered into as of 16th day of March, 2016 (the “ Effective Date ”) by and between Rising Sun/Ohio County First, Inc., an Indiana non-profit corporation (“ Landlord ” or “ Owner ”) and Gaming Entertainment (Indiana) LLC, a Nevada limited liability company (“ Tenant ”).

WITNESSETH

WHEREAS , Landlord and Tenant entered into that certain Hotel Lease / Purchase Agreement, dated as of August 15, 2013 (the “ Lease ”), concerning the Tenant’s lease of certain real property located on 776 Rising Star Drive, located in Rising Sun, Indiana, as more particularly depicted in the Lease (the “ Premises ”);

WHEREAS , Tenant desires to make certain capital improvements to the Rising Star Casino Resort (“Rising Star”) and Landlord wishes to incentivize Tenant to make such capital improvements and to facilitate the funding that is necessary, the parties have resolved to amend the Lease as set forth below.

NOW, THEREFORE , in consideration of the covenants and agreements herein undertaken to be kept and performed and for other good and valuable consideration, the receipt of which is hereby confirmed, it is agreed as follows:

1.
Extension of the Initial Term . Section 3.1 of the Lease is hereby deleted in its entirety and replaced with the following:

3.1 Initial Term. The initial term of this Lease shall begin on the Open Date, and unless extended as provided below, shall end at 11:59 p.m. on the date immediately preceding the fourteenth (14 th ) anniversary of the Open Date (“ Initial Term ”).

2.
Rent . The “ Base Rent Schedule (Exhibit C) ” as defined in Section 4.1.1 and attached to the Lease shall be modified, as Exhibit C-2 attached hereto.

3.
Rent Calculation . The second sentence of Section 4.2.1 shall be deleted in its entirety and the following shall be added:

a.
Rent Calculation during the Rent Reduction Period . For the four (4) years following April 1, 2016 (the “ Rent Reduction Period ”), Rent shall be reduced from amounts reflected in Exhibit C as follows:

i.
For April 2016 through March 2017, Rent shall be reduced a total of $348,000.00, reduced equally over the twelve (12) month period;

ii.
For April 2017 through March 2018, Rent shall be reduced a total of $252,000.00, reduced equally over the twelve (12) month period;

iii.
For April 2018 through March 2019, Rent shall be reduced a total of $240,000.00, reduced equally over the twelve (12) month period; and

iv.
For April 2019 through March 2020, Rent shall be reduced a total of $168,000.00, reduced equally over the twelve (12) month period.



Rent shall be calculated based on the outstanding principal amount, and applying the annual interest rate of 3.5% through and including the payment due on October 1, 2017; thereafter, the interest rate of 4.5% shall be applied through the expiration of the Term of this Lease. Rent payments shall be payable in equal monthly installments and in arrears for the Term of this Lease. The Rent payments shall be set forth in Exhibit C-2 attached hereto.

b.
Rent Calculation After the Rent Reduction Period. Commencing on April 1, 2020, and through the expiration of the Term of this Lease (October 1, 2027) (the “ Rent Post-Reduction Period ”), Rent shall be calculated based on the outstanding principal amount, and applying the annual interest rate of 4.5%. Rent payments shall be payable in equal monthly installments and in arrears for the remainder of the Term of this Lease. Provided Tenant does not make any additional Rent payments other than what is reflected in Exhibit C-2, or other voluntary payments during the Rent Reduction Period, the Rent, payable monthly in arrears, shall be $54,325.64 per month, beginning March 2020 (payable on April 1, 2020) and concluding with the payment for September 2027 (payable on October 1, 2027), in the amount of $54,325.96 as shown in Exhibit C-2 attached hereto.

c.
Additional Voluntary Principal Payments. If Tenant makes any additional voluntary principal payment, such payments shall reduce the outstanding principal amount and be reflected in the month in which such payment was made. In such case, the parties agree to amend Exhibit C-2 to reflect a revised Rent for all future months, as calculated using this Section 3 and using the reduced outstanding principal amount as a result of such Reconciliation Rent Payment or additional voluntary principal payment.

4.
Capital Improvements. During the period commencing as of the Effective Date and through March 31, 2017 (the “ Improvement Period ”), Tenant, Gaming Entertainment (Indiana), LLC, shall undertake certain improvements to and for the benefit of Rising Star, located in Rising Sun, Indiana, to improve its competitiveness and operating efficiency (“ Capital Improvements ”). Expenditures for Capital Improvements may be made by Tenant or its parent company, Full House Resorts, Inc. and/or its affiliates. Tenant shall submit proof Capital Improvements expenditures to Landlord, Rising Sun/Ohio County First, Inc. and to its Lender, Rising Sun Regional Foundation, Inc. in an amount of no less than one million dollars ($1,000,000.00) no later than May 1, 2017. A list of possible Capital Improvements is attached hereto and marked Exhibit F.

5.
Failure to Make Capital Improvements. If Tenant fails to provide proof of expenditures for Capital Improvements by June 1, 2017, the parties agree that any rent reductions reflected in Exhibit C-2 during the Rent Reduction Period shall cease after the May 2017 Rent payment, payable June 1, 2017. In such case, the parties agree to amend Exhibit C-2 to reflect a revised Rent for all future months, as calculated using the outstanding principal amount and applicable interest rates, payable in equal monthly installments, in arrears, with no reduction or deferment in Rent during any period of the remainder of the Term, expiring October 1, 2027.

6.
Effect of this Amendment . This Amendment shall not change, modify, amend or revise the terms, conditions and provisions of the Lease which are not expressly modified herein and agreed upon by the parties hereto. Landlord and Tenant each hereby confirm and ratify all of the terms, conditions and covenants of the Leasing Agreement, as modified by this Amendment.



7.
Definitions . Terms defined in the Lease that are used in this Amendment shall have the meaning as set forth in the Lease, unless otherwise expressly specified herein or the context expressly provides otherwise.

8.
Miscellaneous .

a.
This Amendment has been executed and delivered and is intended to be performed in the State of Indiana and shall be governed, construed and enforced in all respects in accordance with the substantive laws of the State of Indiana, without regard to its conflict of law provisions.

b.
This Amendment may be amended, modified, renewed or extended only by written instrument executed in the manner of its original execution.

c.
This Amendment contains the entire agreement of the parties hereto with regard to this subject matter and no representations, inducements or agreements, oral or otherwise, between the parties not contained or embodied in this Amendment shall be of any force or effect.

d.
This Amendment may be executed in several counterparts, each of which shall be deemed an original, but all of which counterparts collectively shall constitute one (1) instrument representing this Amendment between the parties. Furthermore, either party may execute this Amendment by means of a facsimile or other electronic signature, and such signature shall be deemed authentic and valid, if such facsimile or other electronic signature is actually received by the other party.

[Signatures appear on the following page(s).]



IN WITNESS WHEREOF, Landlord and Tenant have executed this Amendment on the respective dates shown below the signatures of Landlord and Tenant to be effective as of the Effective Date.



LANDLORD:
 
TENANT:
 
 
 
Rising Sun/Ohio County First, Inc.,
 
Gaming Entertainment (Indiana) LLC,
an Indiana non-profit corporation
 
a Nevada limited liability company
 
 
 
 
By:
/s/ Brent Bascom
 
By:
/s/ Daniel R. Lee
Printed:
Brent Bascom
 
Printed:
Daniel R. Lee
Title:
President
 
Title:
President
Date:
3/16/16
 
Date:
3/7/16
 
 
 
 
 


Exhibit C-2
Base Rent Schedule

 
Date
Payment
Interest
Principal
Balance
Interest Rate
 
 
 
 
 
6,346,885.39

 
23
11/1/2015
77,537.27

18,511.75

59,025.52

6,287,859.87

3.50%
24
12/1/2015
77,537.27

18,339.59

59,197.68

6,228,662.19

3.50%
2015 Totals
155,074.54

36,851.34

118,223.20

 
 
 
 
 
 
 
 
 
25
1/1/2016
77,537.27

18,166.93

59,370.34

6,169,291.85

3.50%
26
2/1/2016
77,537.27

17,993.77

59,543.50

6,109,748.35

3.50%
27
3/1/2016
77,537.27

17,820.10

59,717.17

6,050,031.18

3.50%
28
4/1/2016
48,537.27

17,645.92

30,891.35

6,019,139.83

3.50%
29
5/1/2016
48,537.27

17,555.82

30,981.45

5,988,158.39

3.50%
30
6/1/2016
48,537.27

17,465.46

31,071.81

5,957,086.58

3.50%
31
7/1/2016
48,537.27

17,374.84

31,162.43

5,925,924.15

3.50%
32
8/1/2016
48,537.27

17,283.95

31,253.32

5,894,670.82

3.50%
33
9/1/2016
48,537.27

17,192.79

31,344.48

5,863,326.34

3.50%
34
10/1/2016
48,537.27

17,101.37

31,435.90

5,831,890.44

3.50%
35
11/1/2016
48,537.27

17,009.68

31,527.59

5,800,362.85

3.50%
36
12/1/2016
48,537.27

16,917.72

31,619.55

5,768,743.30

3.50%
2016 Totals
669,447.24

209,528.35

459,918.89

 
 
 
 
 
 
 
 
 
37
1/1/2017
48,537.27

16,825.50

31,711.77

5,737,031.54

3.50%
38
2/1/2017
48,537.27

16,733.01

31,804.26

5,705,227.27

3.50%
39
3/1/2017
48,537.27

16,640.25

31,897.02

5,673,330.25

3.50%
40
4/1/2017
56,537.27

16,547.21

39,990.06

5,633,340.19

3.50%
41
5/1/2017
56,537.27

16,430.58

40,106.69

5,593,233.50

3.50%
42
6/1/2017
56,537.27

16,313.60

40,223.67

5,553,009.83

3.50%
43
7/1/2017
56,537.27

16,196.28

40,340.99

5,512,668.84

3.50%
44
8/1/2017
56,537.27

16,078.62

40,458.65

5,472,210.18

3.50%
45
9/1/2017
56,537.27

15,960.61

40,576.66

5,431,633.53

3.50%
46
10/1/2017
56,537.27

15,842.26

40,695.01

5,390,938.52

3.50%
47
11/1/2017
56,537.27

20,216.02

36,321.25

5,354,617.27

4.50%
48
12/1/2017
56,537.27

20,079.81

36,457.46

5,318,159.82

4.50%
2017 Totals
654,447.24

203,863.75

450,583.49

 
 
 
 
 
 
 
 
 
49
1/1/2018
56,537.27

19,943.10

36,594.17

5,281,565.64

4.50%
50
2/1/2018
56,537.27

19,805.87

36,731.40

5,244,834.25

4.50%
51
3/1/2018
56,537.27

19,668.13

36,869.14

5,207,965.10

4.50%
52
4/1/2018
57,537.27

19,529.87

38,007.40

5,169,957.70

4.50%
53
5/1/2018
57,537.27

19,387.34

38,149.93

5,131,807.77

4.50%
54
6/1/2018
57,537.27

19,244.28

38,292.99

5,093,514.78

4.50%


 
Date
Payment
Interest
Principal
Balance
Interest Rate
55
7/1/2018
57,537.27

19,100.68

38,436.59

5,055,078.19

4.50%
56
8/1/2018
57,537.27

18,956.54

38,580.73

5,016,497.47

4.50%
57
9/1/2018
57,537.27

18,811.87

38,725.40

4,977,772.06

4.50%
58
10/1/2018
57,537.27

18,666.65

38,870.62

4,938,901.44

4.50%
59
11/1/2018
57,537.27

18,520.88

39,016.39

4,899,885.05

4.50%
60
12/1/2018
57,537.27

18,374.57

39,162.70

4,860,722.35

4.50%
2018 Totals
687,447.24

230,009.77

457,437.47

 
 
 
 
 
 
 
 
 
61
1/1/2019
57,537.27

18,227.71

39,309.56

4,821,412.79

4.50%
62
2/1/2019
57,537.27

18,080.30

39,456.97

4,781,955.81

4.50%
63
3/1/2019
57,537.27

17,932.33

39,604.94

4,742,350.88

4.50%
64
4/1/2019
63,537.27

17,783.82

45,753.45

4,696,597.42

4.50%
65
5/1/2019
63,537.27

17,612.24

45,925.03

4,650,672.39

4.50%
66
6/1/2019
63,537.27

17,440.02

46,097.25

4,604,575.15

4.50%
67
7/1/2019
63,537.27

17,267.16

46,270.11

4,558,305.03

4.50%
68
8/1/2019
63,537.27

17,093.64

46,443.63

4,511,861.41

4.50%
69
9/1/2019
63,537.27

16,919.48

46,617.79

4,465,243.62

4.50%
70
10/1/2019
63,537.27

16,744.66

46,792.61

4,418,451.01

4.50%
71
11/1/2019
63,537.27

16,569.19

46,968.08

4,371,482.93

4.50%
72
12/1/2019
63,537.27

16,393.06

47,144.21

4,324,338.72

4.50%
2019 Totals
744,447.24

208,063.62

536,383.62

 
 
 
 
 
 
 
 
 
73
1/1/2020
63,537.27

16,216.27

47,321.00

4,277,017.72

4.50%
74
2/1/2020
63,537.27

16,038.82

47,498.45

4,229,519.27

4.50%
75
3/1/2020
63,537.27

15,860.70

47,676.57

4,181,842.70

4.50%
76
4/1/2020
54,325.64

15,681.91

38,643.73

4,143,198.97

4.50%
77
5/1/2020
54,325.64

15,537.00

38,788.64

4,104,410.32

4.50%
78
6/1/2020
54,325.64

15,391.54

38,934.10

4,065,476.22

4.50%
79
7/1/2020
54,325.64

15,245.54

39,080.10

4,026,396.12

4.50%
80
8/1/2020
54,325.64

15,098.99

39,226.65

3,987,169.46

4.50%
81
9/1/2020
54,325.64

14,951.89

39,373.75

3,947,795.71

4.50%
82
10/1/2020
54,325.64

14,804.23

39,521.41

3,908,274.30

4.50%
83
11/1/2020
54,325.64

14,656.03

39,669.61

3,868,604.69

4.50%
84
12/1/2020
54,325.64

14,507.27

39,818.37

3,828,786.32

4.50%
2020 Totals
679,542.57

183,990.17

495,552.40

 
 
 
 
 
 
 
 
 
85
1/1/2021
54,325.64

14,357.95

39,967.69

3,788,818.63

4.50%
86
2/1/2021
54,325.64

14,208.07

40,117.57

3,748,701.06

4.50%
87
3/1/2021
54,325.64

14,057.63

40,268.01

3,708,433.05

4.50%
88
4/1/2021
54,325.64

13,906.62

40,419.02

3,668,014.03

4.50%
89
5/1/2021
54,325.64

13,755.05

40,570.59

3,627,443.44

4.50%
90
6/1/2021
54,325.64

13,602.91

40,722.73

3,586,720.72

4.50%


 
Date
Payment
Interest
Principal
Balance
Interest Rate
91
7/1/2021
54,325.64

13,450.20

40,875.44

3,545,845.28

4.50%
92
8/1/2021
54,325.64

13,296.92

41,028.72

3,504,816.56

4.50%
93
9/1/2021
54,325.64

13,143.06

41,182.58

3,463,633.98

4.50%
94
10/1/2021
54,325.64

12,988.63

41,337.01

3,422,296.97

4.50%
95
11/1/2021
54,325.64

12,833.61

41,492.03

3,380,804.94

4.50%
96
12/1/2021
54,325.64

12,678.02

41,647.62

3,339,157.32

4.50%
2021 Totals
651,907.68

162,278.68

489,629.00

 
 
 
 
 
 
 
 
 
97
1/1/2022
54,325.64

12,521.84

41,803.80

3,297,353.52

4.50%
98
2/1/2022
54,325.64

12,365.08

41,960.56

3,255,392.96

4.50%
99
3/1/2022
54,325.64

12,207.72

42,117.92

3,213,275.04

4.50%
100
4/1/2022
54,325.64

12,049.78

42,275.86

3,170,999.18

4.50%
101
5/1/2022
54,325.64

11,891.25

42,434.39

3,128,564.79

4.50%
102
6/1/2022
54,325.64

11,732.12

42,593.52

3,085,971.27

4.50%
103
7/1/2022
54,325.64

11,572.39

42,753.25

3,043,218.02

4.50%
104
8/1/2022
54,325.64

11,412.07

42,913.57

3,000,304.45

4.50%
105
9/1/2022
54,325.64

11,251.14

43,074.50

2,957,229.95

4.50%
106
10/1/2022
54,325.64

11,089.61

43,236.03

2,913,993.92

4.50%
107
11/1/2022
54,325.64

10,927.48

43,398.16

2,870,595.76

4.50%
108
12/1/2022
54,325.64

10,764.73

43,560.91

2,827,034.85

4.50%
2022 Totals
651,907.68

139,785.21

512,122.47

 
 
 
 
 
 
 
 
 
109
1/1/2023
54,325.64

10,601.38

43,724.26

2,783,310.59

4.50%
110
2/1/2023
54,325.64

10,437.41

43,888.23

2,739,422.37

4.50%
111
3/1/2023
54,325.64

10,272.83

44,052.81

2,695,369.56

4.50%
112
4/1/2023
54,325.64

10,107.64

44,218.00

2,651,151.56

4.50%
113
5/1/2023
54,325.64

9,941.82

44,383.82

2,606,767.73

4.50%
114
6/1/2023
54,325.64

9,775.38

44,550.26

2,562,217.47

4.50%
115
7/1/2023
54,325.64

9,608.32

44,717.32

2,517,500.15

4.50%
116
8/1/2023
54,325.64

9,440.63

44,885.01

2,472,615.13

4.50%
117
9/1/2023
54,325.64

9,272.31

45,053.33

2,427,561.80

4.50%
118
10/1/2023
54,325.64

9,103.36

45,222.28

2,382,339.52

4.50%
119
11/1/2023
54,325.64

8,933.77

45,391.87

2,336,947.65

4.50%
120
12/1/2023
54,325.64

8,763.55

45,562.09

2,291,385.56

4.50%
2023 Totals
651,907.68

116,258.39

535,649.29

 
 
 
 
 
 
 
 
 
121
1/1/2024
54,325.64

8,592.70

45,732.94

2,245,652.62

4.50%
122
2/1/2024
54,325.64

8,421.20

45,904.44

2,199,748.18

4.50%
123
3/1/2024
54,325.64

8,249.06

46,076.58

2,153,671.59

4.50%
124
4/1/2024
54,325.64

8,076.27

46,249.37

2,107,422.22

4.50%
125
5/1/2024
54,325.64

7,902.83

46,422.81

2,060,999.42

4.50%
126
6/1/2024
54,325.64

7,728.75

46,596.89

2,014,402.52

4.50%


 
Date
Payment
Interest
Principal
Balance
Interest Rate
127
7/1/2024
54,325.64

7,554.01

46,771.63

1,967,630.89

4.50%
128
8/1/2024
54,325.64

7,378.62

46,947.02

1,920,683.87

4.50%
129
9/1/2024
54,325.64

7,202.56

47,123.08

1,873,560.79

4.50%
130
10/1/2024
54,325.64

7,025.85

47,299.79

1,826,261.01

4.50%
131
11/1/2024
54,325.64

6,848.48

47,477.16

1,778,783.84

4.50%
132
12/1/2024
54,325.64

6,670.44

47,655.20

1,731,128.64

4.50%
2024 Totals
651,907.68

91,650.76

560,256.92

 
 
 
 
 
 
 
 
 
133
1/1/2025
54,325.64

6,491.73

47,833.91

1,683,294.74

4.50%
134
2/1/2025
54,325.64

6,312.36

48,013.28

1,635,281.45

4.50%
135
3/1/2025
54,325.64

6,132.31

48,193.33

1,587,088.12

4.50%
136
4/1/2025
54,325.64

5,951.58

48,374.06

1,538,714.06

4.50%
137
5/1/2025
54,325.64

5,770.18

48,555.46

1,490,158.60

4.50%
138
6/1/2025
54,325.64

5,588.09

48,737.55

1,441,421.05

4.50%
139
7/1/2025
54,325.64

5,405.33

48,920.31

1,392,500.74

4.50%
140
8/1/2025
54,325.64

5,221.88

49,103.76

1,343,396.98

4.50%
141
9/1/2025
54,325.64

5,037.74

49,287.90

1,294,109.08

4.50%
142
10/1/2025
54,325.64

4,852.91

49,472.73

1,244,636.34

4.50%
143
11/1/2025
54,325.64

4,667.39

49,658.25

1,194,978.09

4.50%
144
12/1/2025
54,325.64

4,481.17

49,844.47

1,145,133.62

4.50%
2025 Totals
651,907.68

65,912.65

585,995.03

 
 
 
 
 
 
 
 
 
145
1/1/2026
54,325.64

4,294.25

50,031.39

1,095,102.23

4.50%
146
2/1/2026
54,325.64

4,106.63

50,219.01

1,044,883.22

4.50%
147
3/1/2026
54,325.64

3,918.31

50,407.33

994,475.90

4.50%
148
4/1/2026
54,325.64

3,729.28

50,596.36

943,879.54

4.50%
149
5/1/2026
54,325.64

3,539.55

50,786.09

893,093.45

4.50%
150
6/1/2026
54,325.64

3,349.10

50,976.54

842,116.91

4.50%
151
7/1/2026
54,325.64

3,157.94

51,167.70

790,949.21

4.50%
152
8/1/2026
54,325.64

2,966.06

51,359.58

739,589.63

4.50%
153
9/1/2026
54,325.64

2,773.46

51,552.18

688,037.45

4.50%
154
10/1/2026
54,325.64

2,580.14

51,745.50

636,291.95

4.50%
155
11/1/2026
54,325.64

2,386.09

51,939.55

584,352.40

4.50%
156
12/1/2026
54,325.64

2,191.32

52,134.32

532,218.08

4.50%
2026 Totals
651,907.68

38,992.15

612,915.53

 
 
 
 
 
 
 
 
 
157
1/1/2027
54,325.64

1,995.82

52,329.82

479,888.26

4.50%
158
2/1/2027
54,325.64

1,799.58

52,526.06

427,362.20

4.50%
159
3/1/2027
54,325.64

1,602.61

52,723.03

374,639.17

4.50%
160
4/1/2027
54,325.64

1,404.90

52,920.74

321,718.43

4.50%
161
5/1/2027
54,325.64

1,206.44

53,119.20

268,599.23

4.50%
162
6/1/2027
54,325.64

1,007.25

53,318.39

215,280.84

4.50%


 
Date
Payment
Interest
Principal
Balance
Interest Rate
163
7/1/2027
54,325.64

807.30

53,518.34

161,762.50

4.50%
164
8/1/2027
54,325.64

606.61

53,719.03

108,043.47

4.50%
165
9/1/2027
54,325.64

405.16

53,920.48

54,122.99

4.50%
166
10/1/2027
54,325.96

202.96

54,123.00

—

4.50%
2027 Totals
543,256.72

11,038.63

532,218.09

 
 



Exhibit F

Possible Capital Improvements

1.
Rebrand and renovate steakhouse for celebrity restauranteur operation;
2.
Renovate lower level of boat and add new restaurant concept