<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 24)*
NATIONAL INCOME REALTY TRUST
................................................................................
(Name of Issuer)
Shares of Beneficial Interest, no par value
................................................................................
(Title of Class of Securities)
63645C-20-1
................................................................................
(CUSIP Number)
William S. Friedman
280 Park Avenue
East Building, 20th Floor
New York, New York 10017
(212) 949-8001 (fax)
(212) 949-5000
................................................................................
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
September 10, 1998
................................................................................
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.1.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box 13d-1(b)(3) or (4), check the following box [ ].
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss. 240.13d-7(b) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting persons's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE> 2
CUSIP No. 63645C-20-1
- --------------------------------------------------------------------------------
1) Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons
(entities only)
William S. Friedman
- --------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b)
- --------------------------------------------------------------------------------
3) SEC Use Only
- --------------------------------------------------------------------------------
4) Source of Funds (See Instructions) PF
- --------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
- --------------------------------------------------------------------------------
6) Citizenship or Place of Organization United States of America
- --------------------------------------------------------------------------------
7) Sole Voting Power 18,465
Number of --------------------------------------------------------------
Shares Bene-
ficially 8) Shared Voting Power 385,252
Owned by --------------------------------------------------------------
Each Report-
ing Person 9) Sole Dispositive Power 18,465
With --------------------------------------------------------------
10) Shared Dispositive Power 385,252
- --------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
403,717
- --------------------------------------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
- --------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11) 10.8%
- --------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions) IN
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CUSIP No. 63645C-20-1
- --------------------------------------------------------------------------------
1) Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons
(entities only)
Lucy N. Friedman
- --------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b)
- --------------------------------------------------------------------------------
3) SEC Use Only
- --------------------------------------------------------------------------------
4) Source of Funds (See Instructions) PF
- --------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
- --------------------------------------------------------------------------------
6) Citizenship or Place of Organization United States of America
- --------------------------------------------------------------------------------
7) Sole Voting Power 851,515
Number of --------------------------------------------------------------
Shares Bene-
ficially 8) Shared Voting Power 350,200
Owned by --------------------------------------------------------------
Each Report-
ing Person 9) Sole Dispositive Power 851,515
With --------------------------------------------------------------
10) Shared Dispositive Power 350,200
- --------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
1,201,715
- --------------------------------------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
- --------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11) 32.2%
- --------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions) IN
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CUSIP No. 63645C-20-1
- --------------------------------------------------------------------------------
1) Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons
(entities only)
Beachwold Partners, L.P. FEI75-25682952
- --------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b)
- --------------------------------------------------------------------------------
3) SEC Use Only
- --------------------------------------------------------------------------------
4) Source of Funds (See Instructions) WC
- --------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
- --------------------------------------------------------------------------------
Texas
6) Citizenship or Place of Organization
- --------------------------------------------------------------------------------
7) Sole Voting Power 263,760
Number of --------------------------------------------------------------
Shares Bene-
ficially 8) Shared Voting Power -0-
Owned by --------------------------------------------------------------
Each Report-
ing Person 9) Sole Dispositive Power 263,760
With --------------------------------------------------------------
10) Shared Dispositive Power -0-
- --------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
263,760
- --------------------------------------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
- --------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11) 7.1%
- --------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions) PN
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CUSIP No. 63645C-20-1
- --------------------------------------------------------------------------------
1) Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons
(entities only)
Tarragon Capital Corporation FEI75-2340089
- --------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b)
- --------------------------------------------------------------------------------
3) SEC Use Only
- --------------------------------------------------------------------------------
4) Source of Funds (See Instructions) WC
- --------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
- --------------------------------------------------------------------------------
6) Citizenship or Place of Organization Texas
- --------------------------------------------------------------------------------
7) Sole Voting Power 47,456
Number of --------------------------------------------------------------
Shares Bene-
ficially 8) Shared Voting Power -0-
Owned by --------------------------------------------------------------
Each Report-
ing Person 9) Sole Dispositive Power 47,456
With --------------------------------------------------------------
10) Shared Dispositive Power -0-
- --------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
47,456
- --------------------------------------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
- --------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11) 1.3%
- --------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions) CO
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CUSIP No. 63645C-20-1
- --------------------------------------------------------------------------------
1) Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons
(entities only)
Tarragon Partners, Ltd. FEI75-2340088
- --------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b)
- --------------------------------------------------------------------------------
3) SEC Use Only
- --------------------------------------------------------------------------------
4) Source of Funds (See Instructions) WC
- --------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
- --------------------------------------------------------------------------------
6) Citizenship or Place of Organization Texas
- --------------------------------------------------------------------------------
7) Sole Voting Power 36,984
Number of --------------------------------------------------------------
Shares Bene-
ficially 8) Shared Voting Power -0-
Owned by --------------------------------------------------------------
Each Report-
ing Person 9) Sole Dispositive Power 36,984
With --------------------------------------------------------------
10) Shared Dispositive Power -0-
- --------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
38,984
- --------------------------------------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
- --------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11) 1.0%
- --------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions) PN
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CUSIP No. 63645C-20-1
- --------------------------------------------------------------------------------
1) Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons
(entities only)
The Friedman Trust FEI13-6915547
- --------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b)
- --------------------------------------------------------------------------------
3) SEC Use Only
- --------------------------------------------------------------------------------
4) Source of Funds (See Instructions) WC
- --------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
- --------------------------------------------------------------------------------
6) Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7) Sole Voting Power 35,052
Number of --------------------------------------------------------------
Shares Bene-
ficially 8) Shared Voting Power -0-
Owned by --------------------------------------------------------------
Each Report-
ing Person 9) Sole Dispositive Power 35,052
With --------------------------------------------------------------
10) Shared Dispositive Power -0-
- --------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
35,052
- --------------------------------------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
- --------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11) 0.9%
- --------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions) OO
<PAGE> 8
CUSIP No. 63645C-20-1
- --------------------------------------------------------------------------------
1) Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons
(entities only)
William S. Friedman Grantor Trust FEI13-6936654
- --------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b)
- --------------------------------------------------------------------------------
3) SEC Use Only
- --------------------------------------------------------------------------------
4) Source of Funds (See Instructions) WC
- --------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
- --------------------------------------------------------------------------------
6) Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7) Sole Voting Power 17,322
Number of --------------------------------------------------------------
Shares Bene-
ficially 8) Shared Voting Power -0-
Owned by --------------------------------------------------------------
Each Report-
ing Person 9) Sole Dispositive Power 17,322
With --------------------------------------------------------------
10) Shared Dispositive Power -0-
- --------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
17,322
- --------------------------------------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
- --------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11) 0.5%
- --------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions) OO
<PAGE> 9
ITEM 1. SECURITY AND ISSUER.
This Amendment No. 24 to Statement on Schedule 13D ("Amendment No. 24")
is an amendment to, and complete restatement of, Schedule 13D and prior
amendments thereto previously filed with the Securities and Exchange Commission
(the "Commission") relating to shares of beneficial interest, no par value per
share (the "NIRT Shares") of National Income Realty Trust, a California real
estate investments trust ("NIRT" or the "Issuer"), which has its principal
executive offices located at 280 Park Avenue, East Building, 20th Floor, New
York, New York 10017. The CUSIP Number of the NIRT Shares is 63645C-20-1.
ITEM 2. IDENTITY AND BACKGROUND.
(a) and (b) This Amendment No. 24 is being filed on behalf of Lucy N.
Friedman, William S. Friedman, Beachwold Partners, L.P., a Texas limited
partnership, Tarragon Capital Corporation, a Texas corporation, Tarragon
Partners, Ltd., a Texas limited partnership whose sole general partner is
Tarragon Capital Corporation, and The Friedman Trust, a New York trust formed
under the Will of Samuel N. Friedman, the father of William S. Friedman, for the
benefit of the children and grandchildren of Samuel Friedman, and The William S.
Friedman Grantor Trust (of which Mrs. Lucy N. Friedman is the trustee) for the
benefit of Lucy N. Friedman and her children. All of Lucy N. Friedman, William
S. Friedman, Beachwold Partners, L.P., Tarragon Capital Corporation, and
Tarragon Partners, Ltd., The Friedman Trust and The William S. Friedman Grantor
Trust are sometimes collectively referred to herein as the "Reporting Persons."
The principal business address of all of the Reporting Persons (except Beachwold
Partners, L.P. and The Friedman Trust) is 280 Park Avenue, East Building, 20th
Floor, New York, New York 10017. The principal business address of Beachwold
Partners, L.P. is 3100 Monticello Avenue, Suite 200, Dallas, Texas 75205. The
principal business address of The Friedman Trust is 180 Atlantic Avenue, Garden
City, New York, New York 11040, the principal business address of one of its
trustees, Robert A. Friedman.
(c) and (f) Lucy N. Friedman is a United States citizen whose present
occupation is President of The After School Corporation, a New York non-profit
corporation located in New York City. Lucy N. Friedman is the wife of William S.
Friedman (a trustee, Chief Executive Officer and President of NIRT).
William S. Friedman is a United States citizen whose present principal
occupation(s) is President, Chief Executive Officer and a director of Tarragon
Realty Investors, Inc., a Nevada corporation ("TRII"), a trustee, President and
Chief Executive Officer of NIRT and a director and Chief Executive Officer of
Tarragon Realty Advisors, Inc., a New York Corporation ("TRA"), the contractual
advisor to TRII and NIRT.
1
<PAGE> 10
Tarragon Capital Corporation is a Texas corporation which has as its
principal business activity investment in other ventures. Lucy N. Friedman and
William S. Friedman are the executive officers and directors of Tarragon Capital
Corporation and Lucy N. Friedman is a shareholder.
Tarragon Partners, Ltd. is a Texas limited partnership which
has as its principal business activity investment in stocks and
real estate. Tarragon Capital Corporation is the sole general
partner of Tarragon Partners, Ltd. and William S. Friedman and
Lucy N. Friedman are the limited partners.
Beachwold Partners, L.P. is a Texas limited partnership which
has as its principal business activity investment in stocks and
real estate. Lucy N. Friedman and William S. Friedman are the
general partners in Beachwold Partners, L.P. and their four
children are the limited partners.
The Friedman Trust is a New York trust formed under the Will
of Samuel N. Friedman, deceased (William S. Friedman's father),
for the benefit of the children and grandchildren of Samuel
Friedman. Included in the beneficiaries are William S. Friedman
and his four children. The trustees of The Friedman Trust are
Robert A. Friedman and Gerald C. Friedman, siblings of William
S. Friedman.
The William S. Friedman Grantor Trust is a New York trust
formed under an Indenture of Trust dated August 1, 1989 for the
benefit of the children of Lucy N. and William S. Friedman which
has as its principal business activity investments in stocks and
other securities. Lucy N. Friedman is the Trustee of the William
S. Friedman Grantor Trust.
(d) During the last five years none of the Reporting Persons nor any of
the officers or directors of Tarragon Capital Corporation nor any trustee of The
Friedman Trust or The William S. Friedman Grantor Trust has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) During the last five years, none of the Reporting Persons nor any
of the officers or directors of Tarragon Capital Corporation or any trustee of
The Friedman Trust or The William S. Friedman Grantor Trust has been a party to
any civil proceeding of a judicial or administrative body of competent
jurisdiction which resulted in a judgment, decree or final order enjoining
future violations of, or prohibiting activity subject to, federal or state
securities laws or finding any violations with respect to such laws.
2
<PAGE> 11
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
On April 28, 1995, the partners in Beachwold Partners, Ltd. contributed
the NIRT Shares previously owned by them to the capital of such partnership.
ITEM 4. PURPOSE OF TRANSACTION.
TRII's Registration Statement No. 333-60527 on Form S-4 was declared
effective September 10, 1998 which covers the issuance of securities pursuant to
the "Merger Agreement" described below. The Reporting Persons have no present
plans or proposals which would result in the Reporting Persons seeking to
acquire the entire equity interest of the Issuer. However, on June 5, 1998, each
of TRII and NIRT executed an Agreement and Plan of Merger dated June 5, 1998
(the "Merger Agreement") which, subject to shareholder approval, provides for
the proposed combination of TRII and NIRT into a single entity with TRII as the
surviving entity, the result of which would be the cessation of the separate
existence of NIRT and the acquisition of the entire equity interest in the
Issuer by TRII in exchange for Common Stock of TRII based upon an exchange ratio
of 1.97 shares of TRII Common Stock for each NIRT Share held by the holders
thereof. Lucy N. Friedman and William S. Friedman are also signatories, in their
individual capacities, to the Merger Agreement pursuant to a covenant therein to
confirm their agreement to vote all shares of TRII Common Stock and NIRT Shares
owned by them in favor of the approval of the Merger Agreement.
Except as set forth in this Amendment No. 24, the Reporting Persons
have no present plans or proposals which relate to or would result in:
(a) the acquisition by any person of additional securities of
the Issuer or the disposition of securities of the Issuer, except that
the Reporting Persons may, if the appropriate opportunity exists,
acquire additional securities of the Issuer or dispose of any portion
or all of the Securities of the Issuer presently owned and except to
the extent that the Merger Agreement and the consummation thereof would
result in the acquisition by a person of additional securities of the
Issuer; or
(b) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation involving the Issuer or any of its
subsidiaries, except that the Reporting Persons have participated in
the Merger Agreement subject to shareholder approval and the Reporting
Persons intend to vote all shares of NIRT Shares held by them in favor
of such transaction at a special meeting of shareholders scheduled for
October 20, 1998; or
3
<PAGE> 12
(c) a sale or transfer of a material amount of assets of the
Issuer or any of its subsidiaries, except to the extent that the Merger
Agreement might be viewed as a transfer of a material amount of assets
of the Issuer; or
(d) a change in the present Board of Trustees or management of
the Issuer, including any plans or proposals to change the number or
term of trustees or fill any existing vacancies on the Board, except
that pursuant to the Merger Agreement, upon its approval, the separate
existence of the Issuer will cease and its Board of Trustees will no
longer be in effect, but there is contemplated to be an increase in the
number of members of the Board of Directors of TRII pursuant to the
Merger Agreement, which vacancies are scheduled to be filled by certain
of the existing members of the Board of Trustees of Issuer; or
(e) any material change in the present capitalization or
dividend policy of the Issuer, except to the extent that the Merger
Agreement upon consummation thereof will result in a change in the
present capitalization or dividend policy of the Issuer; or
(f) any other material change in the Issuer's business or
corporate structure, except to the extent that same changes pursuant to
the consummation of the Merger Agreement; or
(g) changes in the Issuer's Charter, Bylaws or instruments
corresponding thereto or other actions which may impede the acquisition
of control of the Issuer by any person, except to the extent that the
Merger Agreement will obviate the Declaration of Trust and Trustees
Regulations of the Issuer; or
(h) causing a class of securities of the Issuer to be
de-listed from a national securities exchange or to cease to be
authorized to be quoted in an inter-dealer quotation system of a
registered national securities association (except that a natural
result of consummation of the Merger Agreement will be for the
securities of NIRT to cease to be listed on the National Market
System); or
(i) a class of equity securities of the Issuer becoming
eligible for termination of registration pursuant to Section 12(g)(4)
of the Securities Exchange Act of 1934, except that a natural result of
the consummation of the Merger Agreement will be for the securities of
NIRT to become eligible for termination of registration pursuant to
Section 12(g)(4) of the Securities and Exchange Act of 1934; or
4
<PAGE> 13
(j) any action similar to any of those enumerated above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of September 10, 1998, the Reporting Persons collectively own
and hold an aggregate of 1,255,232 NIRT Shares which constitutes an aggregate of
approximately 33.6% of the total number of 3,737,171 NIRT shares outstanding at
September 4, 1998. As of September 10, 1998, each of the Reporting Persons own
the number of NIRT shares set forth opposite their respective name below:
<TABLE>
<CAPTION>
NUMBER OF
OF NIRT SHARES OWNED
REPORTING PERSON AS OF SEPTEMBER 10, 1998
---------------- ------------------------
<S> <C>
Beachwold Partners, L.P. 63,760
Tarragon Capital Corporation 47,456
Tarragon Partners, Ltd. 38,984
The Friedman Trust 35,052
The William S. Friedman Grantor Trust 17,322
Lucy N. Friedman 797,493
Lucy N. Friedman as custodian
for minor sons, Gideon Friedman
and Samuel Friedman 36,700
William S. Friedman 18,465
---------
TOTAL 1,255,232
</TABLE>
(b) The Reporting Persons have the sole power to vote the 1,255,232
NIRT Shares of the Issuer and, subject to compliance with applicable securities
laws, the Reporting Persons have the sole power to dispose of all of such
1,255,232 NIRT Shares. During the 60 calendar days ended September 10, 1998, the
Reporting Persons have not engaged in any transactions in NIRT Shares.
(c) No person other than the Reporting Persons is known to have the
right to receive or the power to direct receipt of dividends from, or the
proceeds of sale of, the 1,255,232 NIRT Shares held by the Reporting Persons.
(d) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
The Reporting Persons are holders of NIRT Shares which, pursuant to the
Merger Agreement, if consummated, would result
5
<PAGE> 14
in the issuance of 1.97 shares of TRII Common Stock for each NIRT Share held as
of the time of consummation of such merger. William S. Friedman and Lucy N.
Friedman are also signatories, in their individual capacities, to the Merger
Agreement pursuant to Section 7.02(b) thereof to confirm their agreement to vote
all shares of TRII Common Stock and all NIRT Shares held by them in favor of the
approval of the Merger Agreement.
44,000 NIRT Shares held by Lucy N. Friedman serve as collateral for
loans from a bank. Certain of the NIRT Shares may be deemed to be "collateral"
for borrowings pursuant to margin or other account arrangements with brokerage
firms relating to accounts of the Reporting Persons. Such arrangements with
brokerage firms are standard arrangements involving margin securities of up to a
specified percentage of the market value of the NIRT Shares and bear interest at
varying rates and contain only standard default and similar provisions, the
operation of which should not give any other person immediate voting power or
investment power over such securities.
Except as set forth in the preceding paragraphs, the Reporting Persons
do not have any contracts, arrangements, understandings or relationships (legal
or otherwise) with any person with respect to any securities of the Issuer
including, but not limited to, transfer or voting of any of the securities,
finders fees, joint ventures, loan or options arrangements, puts or calls,
guaranties of profits, division of profits or loss, or the giving or withholding
of proxies.
6
<PAGE> 15
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
The following are filed herewith as exhibits or incorporated by
reference as indicated below:
EXHIBIT DESIGNATION EXHIBIT DESCRIPTION
99.1 Agreement and Plan of Merger
dated June 5, 1998 between
Tarragon Realty Investors,
Inc. and National Income
Realty Trust (incorporated by
reference to Exhibit 3.6 to
Registration Statement No.
333-60527 on Form S-4).
7
<PAGE> 16
SIGNATURES
After reasonable inquiry and to the best of their respective
knowledge and belief, the undersigned certify that the information
set forth in this Amendment No. 24 to Statement on Schedule 13D
is true, complete and correct.
Dated: September 18, 1998
THE FRIEDMAN TRUST, acting TARRAGON CAPITAL CORPORATION
by its trustees
By: /s/ WILLIAM S. FRIEDMAN By: /s/ WILLIAM S. FRIEDMAN
------------------------- ----------------------------
Robert A. Friedman, William S. Friedman,
Trustee President
William S. Friedman*
By: /s/ WILLIAM S. FRIEDMAN TARRAGON PARTNERS, LTD.,
Gerald C. Friedman, acting by, through and under
Trustee its sole general partner
William S. Friedman* Tarragon Capital Corporation
By: TARRAGON CAPITAL
CORPORATION
By: /s/ WILLIAM S. FRIEDMAN
-------------------------
William S. Friedman,
President
WILLIAM S. FRIEDMAN GRANTOR BEACHWOLD PARTNERS, L.P.,
TRUST,acting through its acting by, through and under
Trustee one of its general partners
By: /s/ WILLIAM S. FRIEDMAN By: /s/ WILLIAM S. FRIEDMAN
---------------------------------- ---------------------------
Lucy N. Friedman, William S. Friedman,
Trustee General Partner
/s/ WILLIAM S. FRIEDMAN /s/ WILLIAM S. FRIEDMAN
---------------------------------- ----------------------------
Lucy N. Friedman, William S. Friedman,
Individually Individually
- --------
*Executed by William S. Friedman pursuant to a Power of Attorney.
8
