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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES ACT OF 1934
Date of Report (Date of earliest Event Reported) July 15, 1994
SUMMIT TAX EXEMPT BOND FUND, L.P
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(Exact Name of Registrant as specified in Charter)
Delaware 1-9373 13-3323104
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification
Number)
625 Madison Ave., New York, N.Y. 10022
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(Address of Principal Executive Offices)
Registrant's telephone number, including area code:(212) 421-5333
N/A
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
As a result of the continuing delinquency in the payment of 1992 and 1993
real estate taxes, the Partnership initiated steps to enforce its rights
and remedies against the owner of the Cypress Run property in Tampa,
Florida, which secures the Partnership's $15,750,000 First Mortgage Bond
("FMB"). These remedies included acceleration of the loan and the drawing
on an irrevocable Letter of Credit in the sum of $350,000, which was issued
on behalf of the owner, as security for the owner's obligations under the
Rental Performance Agreement. In response, the owner of the property filed
a Voluntary Petition for Relief under Chapter 11 of the United States
Bankruptcy Code. At this time, the owner continues to conduct its business
and affairs as a Debtor-in-Possession pending a hearing by the Bankruptcy
Court. The filing of the Voluntary Petition operates as a stay against the
enforcement of the foreclosure action. The Partnership intends to petition
the court to, among other things, allow the Partnership to receive net cash
flow from the property as debt service payments during the bankruptcy.
There is no assurance the court will grant such request. The Cypress Run
Bond represents approximately 11.1% of the Partnership's total assets, and
the owner of the Cypress property owns no other properties which secure the
Partnership's other FMB's.
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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, thereunto duly authorized.
Summit Tax Exempt Bond Fund, L.P.
By: Prudential-Bache Properties, Inc.
A Delaware corporation, General Partner
By: /s/ Chester A. Piskorowski Date: July 28, 1994
Chester A. Piskorowski
Vice President
Prudential-Bache Properties, Inc.
