FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark one)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended.........................September 30, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from...............to..........................
Commission file number 0-16795
BASS MORTGAGE INCOME FUND I, LIMITED PARTNERSHIP
- - - ----------------------------------------------------------------------------
(Exact name of partnership as specified in its charter)
Ohio 56-1529726
- - - ----------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P.O. Box 23343 Hilton Head Island, South Carolina 29925
- - - ------------------------------------------------------------------------------
(Address of principal executive office) (Zip Code)
Partnership's telephone number, including area code: (803) 757-6660
------------
Indicate by check mark whether the partnership (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
partnership was required to file such reports), and [2] has been subject to such
filing requirements for the past 90 days.
YES X NO
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BASS MORTGAGE INCOME FUND I, LIMITED PARTNERSHIP
<TABLE>
<CAPTION>
INDEX
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PAGE
NUMBER
<S> <C>
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Condensed Balance Sheet
as of September 30, 1995
(Unaudited) 3
Condensed Statement of Income Three months and nine months ended
September 30, 1995 and 1994
(Unaudited) 4
Statement of Partners' Equity 5
(Unaudited)
Condensed Statement of Cash Flows
Nine months ended September 30, 1995 and 1994
(Unaudited) 6
Notes to Condensed Financial
Statements (Unaudited) 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations 11
PART II. OTHER INFORMATION
SIGNATURES 14
</TABLE>
-2-
<PAGE>
BASS MORTGAGE INCOME FUND I, LIMITED PARTNERSHIP
CONDENSED BALANCE SHEET
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
------------------ -----------------
ASSETS (Unaudited)
-------
<S> <C> <C>
MORTGAGE LOANS TO AFFILIATES:
Mortgage loans to affiliates $12,974,598 $12,974,598
Allowance for losses (957,000) (957,000)
------------------ -----------------
12,017,598 12,017,598
NONRECOURSE PROMISSORY NOTES 53,833 53,833
INTEREST RECEIVABLE FROM AFFILIATES 465,187 306,015
CASH AND CASH INVESTMENTS 224,424 262,157
------------------ -----------------
Total assets $12,761,042 $12,639,603
================== =================
PARTNERS' EQUITY
-------------------
PARTNERS' EQUITY:
Limited partners' interest $12,664,452 $12,553,302
General partners' interest 96,590 86,301
------------------ -----------------
Total partners' equity $12,761,042 $12,639,603
================== =================
</TABLE>
The accompanying notes are an integral part of
the financial statements.
-3-
<PAGE>
BASS MORTGAGE INCOME FUND I, LIMITED PARTNERSHIP
CONDENSED STATEMENT OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three months Nine months Three months Nine months
ended ended ended ended
September 30, September 30, September 30, September 30,
1995 1995 1994 1994
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INTEREST INCOME:
Interest on mortgage loans to affiliates $383,702 $1,137,741 $352,452 $988,138
Other 2,038 6,227 1,386 4,150
--------------- --------------- --------------- ---------------
385,740 1,143,968 353,838 992,288
--------------- --------------- --------------- ---------------
EXPENSES:
Administrative fee to affiliate 6,250 18,750 6,250 18,750
Legal and other restructuring expenses 16,670 67,094 128 58,539
Partnership operating expenses 13,255 29,185 7,498 20,273
--------------- --------------- --------------- ---------------
NET INCOME $349,565 $1,028,939 $339,962 $894,726
=============== =============== =============== ===============
NET INCOME ALLOCATED TO GENERAL PARTNERS $3,496 $10,289 $3,400 $8,947
=============== =============== =============== ===============
NET INCOME ALLOCATED TO LIMITED PARTNERS $346,069 $1,018,650 $336,562 $885,779
=============== =============== =============== ===============
NET INCOME PER LIMITED PARTNERSHIP UNIT, based
on number of units outstanding (1,470,500) $0.24 $0.69 $0.23 $0.60
=============== =============== =============== ===============
</TABLE>
The accompanying notes are an integral
part of the financial statements.
-4-
<PAGE>
BASS MORTGAGE INCOME FUND I, LIMITED PARTNERSHIP
STATEMENT OF PARTNERS' EQUITY
(Unaudited)
<TABLE>
<CAPTION>
Limited General
Partners Partners Total
---------------- ---------------- --------------
<S> <C> <C> <C>
Balance, January 1, 1995 $12,553,302 $86,301 $12,639,603
Net income 1,018,650 10,289 1,028,939
Distribution to partners (907,500) 0 (907,500)
---------------- ---------------- --------------
Balance, September 30, 1995 $12,664,452 $96,590 $12,761,042
================ ================ ==============
Limited General
Partners Partners Total
---------------- ---------------- --------------
Balance, January 1, 1994 $12,478,520 $73,511 $12,552,031
Net income 885,779 8,947 894,726
Distribution to partners (871,451) 0 (871,451)
---------------- ---------------- --------------
Balance, September 30, 1994 $12,492,848 $82,458 $12,575,306
================ ================ ==============
</TABLE>
The accompanying notes are an integral part of
the financial statements.
-5-
<PAGE>
BASS MORTGAGE INCOME FUND I, LIMITED PARTNERSHIP
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Nine months Nine months
ended ended
September 30, September 30,
1995 1994
------------------- -----------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,028,939 $894,726
Adjustments to reconcile net income to net
cash provided by operating activities-
Change in assets and liabilities:
Amortization of deferred mortgage loan fees 0 (4,194)
Increase in interest receivable from affiliates (159,172) (71,495)
------------------- -----------------
Net cash provided by operating activities 869,767 819,037
------------------- -----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Distribution to partners (907,500) (871,451)
------------------- -----------------
NET DECREASE IN CASH AND CASH INVESTMENTS (37,733) (52,414)
CASH AND CASH INVESTMENTS, beginning of year 262,157 313,743
------------------- -----------------
CASH AND CASH INVESTMENTS, September 30 $224,424 $261,329
=================== =================
</TABLE>
The accompanying notes are an integral part of
the financial statements.
-6-
<PAGE>
BASS MORTGAGE INCOME FUND I, LIMITED PARTNERSHIP
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1. ORGANIZATION
Bass Mortgage Income Fund I, Limited Partnership (the Partnership) is an
Ohio limited partnership, formed for the purpose of investing in assumable,
nonrecourse first mortgage loans on apartment complexes owned by seven real
estate limited partnerships (collectively the Borrower Partnerships) that are
affiliates of Marion F. Bass (the Individual General Partner) and Marion Bass
Mortgage and Investment Corp., (the Managing General Partner). Marion Bass
Mortgage and Investment Corp. is wholly owned by Marion F. Bass.
Under the terms of the partnership agreement, net income (loss) and cash
distributions from operations are to be allocated 99% to the Limited Partners
and 1% to the General Partners. Upon liquidation of the Partnership, the
partnership agreement provides for the following distribution of the
Partnership's net assets:
(Bullet) First, to the payment of creditors of the Partnership (if any) but
excluding secured creditors whose obligations will be assured or
otherwise transferred on the liquidation of Partnership assets;
(Bullet) Second, to the Partners in proportion to and to the extent of the
positive balances in their capital accounts until each partner's
adjusted contribution, as defined, has been returned, and
(Bullet) Third, 70% to the Limited Partners and 30% to the General Partners.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Partnership records are maintained on the accrual basis of accounting
in accordance with generally accepted accounting principles.
In the opinion of management, the accompanying unaudited financial
statements reflect all adjustments (which include only normal recurring
adjustments) necessary to present fairly the Partnership's financial position as
of September 30, 1995, results of operations for the three months and nine
months ended September 30, 1995 and 1994 and cash flow for the nine months ended
September 30, 1995 and 1994.
3. MORTGAGE LOANS TO AFFILIATES AND ALLOWANCE FOR LOAN LOSSES
In 1987, the Partnership invested in seven first mortgage loans secured by
apartment complexes owned by the Borrower Partnerships. Each of the mortgage
loans was evidenced by a 15-year, nonrecourse promissory note requiring only
payments of interest at 11.75% prior to maturity.
In 2002, the Borrower Partnerships' ability to continue as a going concern
is dependent upon the refinancing of the mortgage loans. In the event the
Borrower Partnerships' efforts to renegotiate or otherwise refinance the
mortgage loans are unsuccessful, it is doubtful whether the Borrower
Partnerships would be able to continue operating in the normal course of
business. In the event that the debt service requirements are not met by the
Borrower Partnerships, the carrying amounts of the mortgage loans to affiliates
would most likely not be realizable. While the Managing General Partner
believes, that, absent adverse financial circumstances, the principal amount of
the mortgages and the full amount of all deferred and accrued interest will be
paid, there can be no assurances that the Borrower Partnerships will be able to
refinance their properties or sell their properties in order to generate those
payments.
7
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BASS MORTGAGE INCOME FUND I, LIMITED PARTNERSHIP
In order to record probable incurred losses on the mortgage loans to
affiliates, the Partnership has reserved an allowance for losses which is based
on a review of individual loans, projected and actual cash flows of the Borrower
Partnerships, current economic conditions, the estimated fair value of
underlying collateral and other factors. Actual losses may vary from current
estimates. These estimates are reviewed periodically and adjustments are made
as deemed necessary.
A summary of the mortgage loans to affiliates and allowance for loan
losses as of September 30, 1995 are as follows:
<TABLE>
<CAPTION>
Name of Final Face Allowance Net
Apartment Maturity Amount of Direct Adjusted for Loan Carrying
Complex Date Mortgage Write-downs Cost Losses Amount
- - - ------------------- ------------ ------------- --------------- ------------- ------------ --------------
<S> <C> <C> <C> <C> <C> <C>
Wendover Glen 01/14/2002 $2,630,000 ($100,000) $2,530,000 ($397,000) $2,133,000
Sharon Ridge I 01/14/2002 640,000 (26,000) $614,000 (28,000) $586,000
Sharon Ridge II 02/04/2002 800,000 (12,900) $787,100 0 $787,100
The Chase 03/16/2002 2,856,278 (350,000) $2,506,278 0 $2,506,278
The Landing 04/29/2002 3,334,920 0 $3,334,920 (469,000) $2,865,920
The Courtyard 05/22/2002 1,550,000 (312,000) $1,238,000 (63,000) $1,175,000
The Oaks 12/09/2002 2,000,000 (35,700) $1,964,300 0 $1,964,300
------------- --------------- ------------- ------------ --------------
$13,811,198 ($836,600) $12,974,598 ($957,000) $12,017,598
============= =============== ============= ============ ==============
</TABLE>
4. RELATED PARTY TRANSACTIONS
The Partnership pays the Managing General Partner, Marion Bass Mortgage and
Investment Corp., an annual administrative fee of $25,000 to perform daily
investment management and administrative functions for the Partnership.
5. SUBSEQUENT EVENT
On October 15, 1995, the Partnership made a cash distribution of
$293,000 ($.20 per limited partner unit) relating to the third quarter of 1995.
6. RENTAL PROPERTIES
Summarized financial information as of September 30, 1995 and 1994, for
each of the properties is presented as follows:
<TABLE>
<CAPTION>
Rental Revenue
------------------------------
Property 1995 1994
-------------------------------- ------------- --------------
<S> <C> <C>
Wendover Glen $370,728 $338,266
Sharon Ridge I 128,204 118,639
Sharon Ridge II 188,185 175,442
The Chase 524,068 460,942
The Landing 498,137 468,405
The Courtyard 255,428 232,620
The Oaks 391,880 368,337
------------- --------------
$2,356,630 $2,162,651
============= ==============
</TABLE>
8
<PAGE>
BASS MORTGAGE INCOME FUND I, LIMITED PARTNERSHIP
<TABLE>
<CAPTION>
Net Income (Loss)
Exclusive of Depreciation
------------------------------
Property 1995 1994
-------------------------------- ------------- --------------
<S> <C> <C>
Wendover Glen $7,264 ($8,455)
Sharon Ridge I 24,506 9,843
Sharon Ridge II 43,320 31,712
The Chase 89,236 18,771
The Landing 38,551 20,518
The Courtyard 31,752 (3,780)
The Oaks 97,462 69,915
------------- --------------
$332,091 $138,524
============= ==============
7. RESTRUCTURE OF MORTGAGE LOANS TO AFFILIATES
In January 1994, the Borrower Partnerships and the Partnership approved the
terms of a troubled-debt restructuring of the mortgage loans. The restructured
loan agreement includes the following provisions:
(Bullet) The interest rate has been reduced from 11.75% to 9.5% for the period
from September 1, 1991, through September 30, 1992. Beginning October
1, 1992, through maturity, the interest rate is 7% (the Stated Interest
Rate) per year. In addition to the Stated Interest Rate, the Borrower
Partnerships pay additional interest on a quarterly basis to the extent
of net cash flow from operations, as defined, with total interest
payments not to exceed 9.5% per annum.
(Bullet) Each of the Borrower Partnerships has executed a nonrecourse promissory
note in the amount of $750,070 representing certain interest deferred
during the period from September 1, 1991 through December 31, 1992. The
interest deferred was calculated at 9.5% per year for each month of
deferral. These promissory notes bear interest at 9.5% per year and are
secured by a deed of trust on the property collateralizing the mortgage
loans. The principal and interest on these promissory notes are due and
payable on the maturity of the mortgage loans, except that prepayments
in full will be permitted at the same time the mortgage loans are paid.
There can be no assurance that the Borrower Partnerships, individually
or collectively, will have the funds necessary at maturity to pay the
principal balance of the mortgage loans plus the amount due under these
promissory notes.
(Bullet) Tax escrow and replacement reserves will continue to be funded monthly
as required by the restructured loan agreements. These reserves have
been pledged by the Borrower Partnerships as additional collateral for
the loans.
(Bullet) The restructuring involves certain considerations given by members of
the Marion Bass Group to induce the Partnership to enter into the
restructuring proposal with the Borrower Partnerships. The amounts of
all loans made, interest related to such loans, and accrued but unpaid
property management fees totaling $1,017,280 have been converted to
individual nonrecourse, subordinated promissory notes from each of the
Borrower Partnerships to applicable members of the Marion Bass Group.
The notes bear interest at the applicable federal rates as provided by
the Internal Revenue Service and are due and payable upon maturity of
the mortgage loans.
Statement of Financial Accounting Standards No. 15, "Accounting by Debtors
and Creditors for Troubled Debt Restructuring," requires the Partnership to
recognize the effects of the restructuring prospectively and, therefore,
beginning January 1994, interest income on mortgage loans to affiliates has
9
<PAGE>
BASS MORTGAGE INCOME FUND I, LIMITED PARTNERSHIP
been computed by applying a constant effective interest rate (8.8% at September
30, 1995) to the recorded investment in the mortgage loans at the beginning of
each period between restructuring and maturity. This effective rate is the
discount rate that equates the present value of all expected future cash
receipts with the carrying amount of the mortgage loans and accrued interest
outstanding at the date of restructuring. Interest will not be accrued on
those loans where a default of principal or interest exists under the terms of
the restructuring, or if collection of the principal or interest is considered
doubtful.
Mortgage interest income of $1,217,112 would have been recognized for the
period ended September 30, 1995, had the Borrower Partnerships been current in
accordance with the original terms of the mortgage loans.
The Limited Partners have approved the proposal from the Borrower
Partnerships that will result in the negotiated prepayment of the mortgage loans
and promissory notes payable to the Partnership. Until the date of receipt of
the minimum payment of $12,260,000, the Borrower Partnerships will be liable for
interest on the loans and that interest outstanding will be due monthly until
such receipt of payment. The Borrower Partnerships have until November 30, 1995
to fund the minimum payment. There is no assurance that the Borrower
Partnerships will be able to meet the terms of the prepayment agreement. If they
do not meet the terms, then the Partnership will not dissolve and shall continue
its business. The accompanying financial statements do not reflect any
adjustments related to the acceptance of this proposal.
10
<PAGE>
BASS MORTGAGE INCOME FUND I, LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
At September 30, 1995, partners' equity was $12,761,042 and cash reserves
amounted to $224,424. The Partnership's sole source of revenues is interest
earned on mortgage loans to affiliates and interest earned on investments of
monthly collections between quarterly distributions and excess cash reserve
funds. If the interest payments on the mortgage loans are not made to the
Partnership, the Partnership will not have funds to distribute to limited
partners.
With the restructure of the mortgage loans to affiliates, the Partnership
implemented the Statement of Financial Accounting Standards No. 15 entitled
"Accounting by Debtors and Creditors for Troubled Debt Restructurings." This
statement requires the Partnership to recognize the effects of the restructuring
prospectively, and, therefore, not change the recorded investment in mortgage
loans to affiliates at the time of restructuring. Interest income on mortgage
loans to affiliates will be computed by applying a constant effective interest
rate to the recorded investment in the mortgage loans.
The Partnership has accepted the proposal from the Borrower Partnerships
that will result in the negotiated prepayment of the mortgage loans and
promissory notes payable to the Partnership. Until the date of receipt of the
minimum payment of $12,260,000, the Borrower Partnerships will be liable for
interest on the loans and that interest outstanding will be due monthly until
such receipt of payment. The Borrower Partnerships have until November 30, 1995
to fund the minimum payment. There is no assurance that the Borrower
Partnerships will be able to meet the terms of the prepayment agreement. If they
do not meet the terms, then the Partnership will not dissolve and shall continue
its business. The accompanying financial statements do not reflect any
adjustments related to the acceptance of this proposal.
Results of Operations
The Partnership earned $383,702 in interest on mortgage loans to affiliates
for the three months ended September 30, 1995. Applying the principles of
Statement of Financial Accounting Standards No.15, the effective interest rate
was 8.8%. Under the original terms of the mortgage loans to affiliates, the
Partnership would have recognized $405,704 based on the interest rate of 11.75%.
Total interest income of $385,740 for the three months ended September 30,
1995 is compared to $353,838 for the corresponding quarter in 1994. After
deduction of an administrative fee to affiliate of $6,250, legal and other
restructuring costs of $16,670 and partnership operating expenses of $13,255,
the Partnership recognized a net income of $349,565 for the three months ended
September 30, 1995. This is compared to a net income of $339,962 in 1994.
Overall, the Partnership recognized a net increase in total interest income
of $151,680 for the nine months ended September 30, 1995 compared to the
corresponding period in 1994. Total expenses increased $17,467 due mainly to
incurring legal and other expense associated with partnership activities and the
prepayment agreement. The Partnership recognized a net income of $1,028,939
after deduction of operating expenses for the nine months ended September 30,
1995. This is compared to a net income of $894,726 for the corresponding period
in 1994.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Response: None
11
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BASS MORTGAGE INCOME FUND I, LIMITED PARTNERSHIP
Item 2. Changes in Securities
Response: None
Item 3. Defaults upon Senior Securities
Response: None
Item 4. Submission of Matters to a Vote of Security Holders
Response: A special meeting of limited partners of the Partnership
was held on July 31, 1995 for the purpose of consideration of
a proposal to dissolve the Partnership on the prepayment of a
discounted principal amount of the mortgage loans. At the
meeting, limited partners holding 1,222,312 out of 1,470,500
outstanding units of limited partnership interest were
represented by proxy. The proposal was approved by the
affirmative vote of 820,298 units with 364,139 units voting
against and 37,875 units abstaining. The percentages for
approval were as follows: 55.8% of the outstanding units
voted in favor and 67.1% of the units cast were voted in
favor.
Item 5. Other Information
Response: None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
3(a) Copy of Amended and Restated Limited Partnership Agreement
dated as of December 1, 1986, filed as Exhibit 3(a) to
Partnership's Registration Statement on Form S-11 (No.
33-8312), filed as part of Amendment No. 2 with the Securities
and Exchange Commission on December 2, 1986, which is
incorporated by reference to such Form S-11.
3(b) Copy of Amended and Restated Certificate of Limited
Partnership dated December 1, 1986, filed as Exhibit 3(b) to
Partnership's Form 10-K Annual Report, filed with the
Securities and Exchange Commission, which is incorporated by
reference to such form 10-K.
3(c) Copy of First Amendment to the Amended and Restated
Certificate of Limited Partnership, dated January 14, 1987,
filed as Exhibit 3(c) to Partnership's Form 10-K Annual
Report, filed with the Securities and Exchange Commission,
which is incorporated by reference to such form 10-K.
3(d) Copy of First Amendment to Amended and Restated Agreement of
Limited Partnership, dated January 14, 1987, filed as Exhibit
3(d) to Partnership's Form 10-K Annual Report, filed with the
Securities and Exchange Commission, which is incorporated by
reference to such Form 10-K.
3(e) Copy of Second Amendment to the Amended and Restated Agreement
of Limited Partnership date as of February 4, 1987, filed as
3(e) to Partnership's Form 10-K Annual Report, filed with the
Securities and Exchange Commission, which is incorporated by
reference to such Form 10-K.
3(f) Copy of Second Amendment to the Amended and Restated
Certificate of Limited Partnership, dated as of February 4,
1987, filed as Exhibit 3(f) to Partnership's Form 10-K Annual
Report, filed with the Securities and Exchange Commission,
which is incorporated by reference to such form 10-K.
12
<PAGE>
3(g) Copy of Third Amendment to the Amended and Restated Agreement
of Limited Partnership, dated as of March 16, 1987, filed as
Exhibit 3(g) to Partnership's Form 10-K Annual Report, filed
with the Securities and Exchange Commission, which is
incorporated by reference to such Form 10-K.
3(h) Copy of Third Amendment to the Amended and Restated
Certificate of Limited Partnership, dated as of March 16,
1987, filed as Exhibit 3(h) to Partnership's Form 10-K Annual
Report, filed with the Securities and Exchange Commission,
which is incorporated by reference to such Form 10-K.
3(i) Copy of Fourth Amendment to the Amended and Restated Agreement
of Limited Partnership, dated as of April 30, 1987, filed as
Exhibit 3(i) to Partnership's Form 10-K Annual Report, filed
with the Securities and Exchange Commission, which is
incorporated by reference to such Form 10-K.
3(j) Copy of Fourth Amendment to the Amended and Restated
Certificate of Limited Partnership, dated as of April 30,
1987, filed as Exhibit 3(j) to Partnership's Form 10-K Annual
Report, filed with the Securities and Exchange Commission,
which is incorporated by reference to such form 10-K.
3(k) Copy of Fifth Amendment to the Amended and Restated Agreement
of Limited Partnership, dated as of May 22, 1987, filed as
Exhibit 3(k) to Partnership's Form 10-K Annual Report, filed
with the Securities and Exchange Commission, which is
incorporated by reference to such Form 10-K.
3(l) Copy of Fifth Amendment to the Amended and Restated
Certificate of Limited Partnership, dated as of May 22, 1987,
filed as Exhibit 3(l) to Partnership's Form 10-K Annual
Report, filed with the Securities and Exchange Commission,
which is incorporated by reference to such form 10-K.
3(m) Copy of Sixth Amendment to the Amended and Restated Agreement
of Limited Partnership, dated as of December 10, 1987, filed
as Exhibit 3(m) to Partnership's Form 10-K Annual Report,
filed with the Securities and Exchange Commission, which is
incorporated by reference to such Form 10-K.
3(n) Copy of Sixth Amendment to the Amended and Restated
Certificate of Limited Partnership, dated as of December 10,
1987, filed as Exhibit 3(n) to Partnership's Form 10-K Annual
Report, filed with the Securities and Exchange Commission,
which is incorporated by reference to such Form 10-K.
4 Specimen Certificate for Units, filed as Exhibit 4 to
Partnership's Registration Statement of Form S-11 (No.
33-8312), filed as part of Amendment No. 2 with the
Securities and Exchange Commission on December 2, 1986,
which is incorporate by reference to such Form S-11.
(b) Reports on Form 8-K. No reports on Form 8-K were filed during the
period covered by this report.
13
<PAGE>
BASS MORTGAGE INCOME FUND I, LIMITED PARTNERSHIP
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Partnership has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
BASS MORTGAGE INCOME FUND I, LIMITED PARTNERSHIP
By: Marion Bass Mortgage and Investment Corp., as Managing General Partner
By: Marion F. Bass, President
Date: November 13, 1995
By: Robert J. Brietz, Executive Vice President
Date: November 13, 1995
14
<PAGE>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Article 5 for 3rd Quarter 10-Q for Bass Mortgage Income Fund I.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 224,424
<SECURITIES> 0
<RECEIVABLES> 12,974,598
<ALLOWANCES> 957,000
<INVENTORY> 0
<CURRENT-ASSETS> 166,885
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 12,761,042
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 12,761,042
<TOTAL-LIABILITY-AND-EQUITY> 12,761,042
<SALES> 0
<TOTAL-REVENUES> 1,143,968
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 115,029
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,028,939
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,028,939
<EPS-PRIMARY> .69
<EPS-DILUTED> .69
</TABLE>
