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) October 3, 1997
(September 24, 1997)
Commission File Number 0-18550
NTS Mortgage Income Fund
(Exact name of registrant as specified in its charter)
Delaware 61-1146077
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) No.)
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 2. Acquisition of Assets
The NTS Mortgage Income Fund (the Fund) has been admitted as a
partner in the Orlando Lake Forest Joint Venture (the Joint
Venture) effective as of August 16, 1997, and entered into an
Amended and Restated Joint Venture Agreement on September 24, 1997,
evidencing the Fund's admission to the Joint Venture as a partner
with Orlando Lake Forest, Inc., Orlando Capital Corporation and OLF
II Corporation, all of whom are Affiliates of and are under common
control with NTS Corporation, the Fund's Sponsor. The Joint Venture
will continue to operate under its current legal name as the
Orlando Lake Forest Joint Venture.
The Joint Venture owns the Orlando Lake Forest project, a
single-family residential community located in Seminole County,
Florida (near Orlando) consisting of approximately 360 acres of
residential land and improvements and approximately 20 acres of
commercial land. The Joint Venture will continue to own and develop
the Orlando Lake Forest project.
The Fund contributed to the Joint Venture as a capital contribution
its $10,418,701 interest in the principal and interest of the first
mortgage loan on the Orlando Lake Forest project, and obtained a
50% interest in the Joint Venture. The NTS entities named above
hold cumulatively the remaining 50% interest in the Joint Venture.
As a 50% partner, the Fund will gain significant rights of approval
with regard to ongoing operations of the Orlando Lake Forest
project. The Orlando Lake Forest Joint Venture has obtained a loan
commitment from Barnett Bank, Central Florida, N.A. to provide
funds for the continued development of the Orlando Lake Forest
project.
The Fund is evaluating whether its entry into the Joint Venture
will effect the Fund's qualification as a real estate investment
trust.
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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 MORTGAGE INCOME FUND
(Registrant)
/s/ John W. Hampton
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John W. Hampton
Secretary/Treasurer
(principal accounting and
chief financial officer)
Date: September 24, 1997
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