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) January 20, 1998
(December 30, 1997)
Commission File Number 0-13400
NTS-PROPERTIES V, a Maryland Limited Partnership
(Exact name of registrant as specified in its charter)
Maryland 61-1051452
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
10172 Linn Station Road
Louisville, Kentucky 40223
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number,
including area code (502) 426-4800
Not Applicable
Former name, former address and former fiscal year,
if changed since last report
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Item 5. Other Items
On December 30, 1997, Full Sail Recorders, Inc., a tenant at the University
Boulevard office development in Orlando, Florida (Full Sail), delivered written
notice to the Partnership that Full Sail had (i) exercised its right of first
refusal under its lease with the Partnership to purchase the University I office
building and the Phase III vacant land, and (ii) exercised its right of first
refusal under its lease with NTS University Boulevard Joint Venture to purchase
the University II office building, for an aggregate purchase price for all three
of $18,700,000. Full Sail exercised its right of first refusal under the leases
in response to a letter of intent to purchase University I, University II and
the Phase III land which was previously received by the Partnership from an
unaffiliated buyer. Under its right of first refusal, Full Sail must purchase
the properties on the same terms and conditions as contemplated by the letter of
intent. Full Sail agreed in its notice to the Partnership to proceed to
negotiate in good faith a definitive purchase agreement for the properties.
Because no binding agreement exists for the purchase of these properties at this
time, there can be no assurance that a mutual agreement of purchase and sale
will be reached among the parties, nor that the sale of the properties will be
consummated. The University II office building is owned by the
Lakeshore/University II Joint Venture, the successor to NTS University Boulevard
Joint Venture, in which the Partnership owns a 69% joint venture interest. Under
the terms of the right of first refusal, the closings of the sale of University
I, University II and the Phase III vacant land are to occur simultaneously. The
Partnership has not determined the use of net proceeds from any such sale.
On February 1, 1996, NTS-Properties V (the "Partnership") established an
Interest Repurchase Reserve pursuant to Section 16.4 of the Partnership's
Amended and Restated Agreement of Limited Partnership. Under Section 16.4,
limited partners may request the Partnership to repurchase their respective
interests (Units) in the Partnership. The Partnership notified the limited
partners by letter on February 1, 1996 of the establishment of the Interest
Repurchase Reserve of $50,000 to acquire up to 370 Units and the opportunity to
request that the Partnership repurchase Units at $135 per Unit. The authorized
Units were repurchased. Subsequently, an additional funding was authorized and
370 Units were repurchased at the same price.
As of January 16, 1998, NTS-Properties V has elected to continue the Repurchase
Program and fund an additional amount of $30,000 to its Interest Repurchase
Reserve. With this funding, the Partnership will be able to repurchase up to 200
additional Units at a price of $150 per Unit. If the number of units submitted
for repurchase exceeds that which can be repurchased by the Partnership with the
current funding, those additional Units may be repurchased in subsequent
quarters. The above offering price per Unit was established by the General
Partner in its sole discretion and does not purport to represent the fair market
value or liquidation value of the Unit. The Partnership will notify the limited
partners of this action and opportunity by mail during January 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the NTS
Mortgage Income Fund has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
NTS-Properties V, a Maryland
Limited Partnership
(Registrant)
By: NTS-Properties Associates V,
General Partner
By:NTS Capital Corporation,
General Partner
/s/ John W. Hampton
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John W. Hampton
Senior Vice President
Date: January 20, 1998
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