<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the balance
sheet of CNL Income Fund X, Ltd. at June 30, 1996, and its statement of income
for the six months then ended and is qualified in its entirety by reference to
the Form 10-Q of CNL Income Fund X, Ltd. for the six months ended June 30, 1996.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 1,679,699
<SECURITIES> 0
<RECEIVABLES> 27,281
<ALLOWANCES> 2,132
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 15,555,248
<DEPRECIATION> 786,408
<TOTAL-ASSETS> 36,422,923
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 35,313,387
<TOTAL-LIABILITY-AND-EQUITY> 36,422,923
<SALES> 0
<TOTAL-REVENUES> 1,793,764
<CGS> 0
<TOTAL-COSTS> 211,379
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,712,532
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,712,532
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,712,532
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Due to the nature of its industry, CNL Income Fund X, Ltd. has an unclassified
balance sheet; therefore, no values are shown above for current assets and
current liabilities.
</FN>
</TABLE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
-----------------------------------
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
0-20016
----------------------
CNL Income Fund X, Ltd.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Florida 59-3004139
- ---------------------------- -------------------------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organiza- Identification No.)
tion)
400 E. South Street, #500
Orlando, Florida 32801
- ---------------------------- -------------------------------
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number
(including area code) (407) 422-1574
-------------------------------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
------- -------
CONTENTS
--------
Part I Page
----
Item 1. Financial Statements:
Condensed Balance Sheets 1
Condensed Statements of Income 2
Condensed Statements of Partners' Capital 3
Condensed Statements of Cash Flows 4
Notes to Condensed Financial Statements 5-7
Item 2. Management's Discussion and Analysis
of Financial Condition and
Results of Operations 8-11
Part II
Other Information 12
CNL INCOME FUND X, LTD.
(A Florida Limited Partnership)
CONDENSED BALANCE SHEETS
June 30, December 31,
ASSETS 1996 1995
------ ----------- ------------
Land and buildings on operating
leases, less accumulated
depreciation of $786,408 and
$692,282 $14,768,840 $14,862,966
Net investment in direct financing
leases 14,871,369 14,947,735
Investment in joint ventures 3,502,899 3,416,156
Cash and cash equivalents 1,679,699 1,832,853
Receivables, less allowance for
doubtful accounts of $2,132 and
$12,167 25,149 99,304
Prepaid expenses 11,414 1,651
Organization costs, less
accumulated amortization of
$9,538 and $8,538 462 1,462
Accrued rental income, less
allowance for doubtful accounts
of $43,871 in 1996 1,529,987 1,368,565
Other assets 33,104 33,104
----------- -----------
$36,422,923 $36,563,796
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
---------------------------------
Accounts payable $ 1,335 $ 5,503
Escrowed real estate taxes payable 37,070 30,673
Distributions payable 900,001 940,000
Due to related parties 2,691 7,004
Rents paid in advance and
deposits 104,711 116,341
----------- -----------
Total liabilities 1,045,808 1,099,521
Commitments and Contingencies
(Note 4)
Minority interest 63,728 63,419
Partners' capital 35,313,387 35,400,856
----------- -----------
$36,422,923 $36,563,796
=========== ===========
See accompanying notes to condensed financial statements.
CNL INCOME FUND X, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF INCOME
Quarter Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
--------- --------- ---------- ----------
Revenues:
Rental income from
operating leases $ 438,110 $ 415,351 $ 854,393 $ 887,457
Earned income from direct
financing leases 438,666 419,394 891,785 839,768
Contingent rental income 2,352 - 2,352 -
Interest and other income 27,375 23,082 45,234 42,763
--------- --------- ---------- ----------
906,503 857,827 1,793,764 1,769,988
--------- --------- ---------- ----------
Expenses:
General operating and
administrative 42,088 35,132 88,691 62,585
Professional services 6,455 5,559 18,248 11,498
Real estate taxes - 3,848 - 3,848
State and other taxes 331 290 9,314 15,510
Depreciation and
amortization 47,563 52,236 95,126 104,471
--------- --------- ---------- ----------
96,437 97,065 211,379 197,912
--------- --------- ---------- ----------
Income Before Minority
Interest in Income of
Consolidated Joint
Venture and Equity in
Earnings of Unconsoli-
dated Joint Ventures 810,066 760,762 1,582,385 1,572,076
Minority Interest in
Income of Consolidated
Joint Venture (2,120) (2,088) (3,986) (4,101)
Equity in Earnings of
Unconsolidated Joint
Ventures 72,335 69,214 134,133 129,407
--------- --------- ---------- ----------
Net Income $ 880,281 $ 827,888 $1,712,532 $1,697,382
========= ========== ========== ==========
Allocation of Net Income:
General partners $ 8,803 $ 8,279 $ 17,125 $ 16,974
Limited partners 871,478 819,609 1,695,407 1,680,408
--------- --------- ---------- ----------
$ 880,281 $ 827,888 $1,712,532 $1,697,382
========= ========== ========== ==========
Net Income Per Limited
Partner Unit $ 0.22 $ 0.20 $ 0.42 $ 0.42
========= ========== ========== ==========
Weighted Average Number of
Limited Partner Units
Outstanding 4,000,000 4,000,000 4,000,000 4,000,000
========= ========= ========== ==========
See accompanying notes to condensed financial statements.
CNL INCOME FUND X, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF PARTNERS' CAPITAL
Six Months Ended Year Ended
June 30, December 31,
1996 1995
---------------- ------------
General partners:
Beginning balance $ 140,100 $ 104,609
Net income 17,125 35,491
----------- -----------
157,225 140,100
----------- -----------
Limited partners:
Beginning balance 35,260,756 35,384,183
Net income 1,695,407 3,516,576
Distributions ($0.45 and
$0.91 per limited partner
unit,respectively) (1,800,001) (3,640,003)
----------- -----------
35,156,162 35,260,756
----------- -----------
Total partners' capital $35,313,387 $35,400,856
=========== ===========
See accompanying notes to condensed financial statements.
CNL INCOME FUND X, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended
June 30,
1996 1995
----------- -----------
Increase (Decrease) in Cash and Cash
Equivalents:
Net Cash Provided by Operating
Activities $ 1,822,546 $ 1,762,826
----------- -----------
Cash Flows from Investing
Activities:
Additions to land and
buildings on operating
leases (978) -
Investment in direct
financing leases (1,542) -
Investment in joint
venture (129,503) -
----------- -----------
Net cash used in
investing activities (132,023) -
----------- -----------
Cash Flows from Financing
Activities:
Distributions to limited
partners (1,840,000) (1,900,000)
Distributions to holder of
minority interest (3,677) (3,610)
----------- -----------
Net cash used in
financing activities (1,843,677) (1,903,610)
----------- -----------
Net Decrease in Cash and
Cash Equivalents (153,154) (140,784)
Cash and Cash Equivalents at
Beginning of Period 1,832,853 1,812,709
----------- -----------
Cash and Cash Equivalents at End
of Period $ 1,679,699 $ 1,671,925
=========== ===========
Supplemental Schedule of Non-Cash
Financing Activities:
Distributions declared and
unpaid at end of period $ 900,001 $ 900,000
=========== ===========
See accompanying notes to condensed financial statements.
CNL INCOME FUND X, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters and Six Months Ended June 30, 1996 and 1995
1. Basis of Presentation:
---------------------
The accompanying unaudited condensed financial statements have been
prepared in accordance with the instructions to Form 10-Q and do not
include all of the information and note disclosures required by
generally accepted accounting principles. The financial statements
reflect all adjustments, consisting of normal recurring adjustments,
which are, in the opinion of management, necessary to a fair statement
of the results for the interim periods presented. Operating results for
the quarter and six months ended June 30, 1996, may not be indicative of
the results that may be expected for the year ending December 31, 1996.
Amounts as of December 31, 1995, included in the financial statements,
have been derived from audited financial statements as of that date.
These unaudited financial statements should be read in conjunction with
the financial statements and notes thereto included in Form 10-K of CNL
Income Fund X, Ltd. (the "Partnership") for the year ended December 31,
1995.
The Partnership accounts for its 88.26% interest in Allegan Real Estate
Joint Venture using the consolidation method. Minority interest
represents the minority joint venture partner's proportionate share of
the equity in the Partnership's consolidated joint venture. All
significant intercompany accounts and transactions have been eliminated.
Effective January 1, 1996, the Partnership adopted Statement of
Financial Accounting Standards No. 121, "Accounting for the Impairment
of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of." The
Statement requires that an entity review long-lived assets and certain
identifiable intangibles, to be held and used, for impairment whenever
events or changes in circumstances indicate that the carrying amount of
the asset may not be recoverable. Adoption of this standard had no
material effect on the Partnership's financial position or results of
operations.
2. Investment in Joint Ventures:
----------------------------
In January 1996, the Partnership acquired an approximate 13 percent
interest in a Golden Corral property in Clinton, North Carolina, as
tenants-in-common with affiliates of the general partners. The
Partnership accounts for its investment in this property using the
equity method since the Partnership shares control with affiliates, and
amounts relating to its investment are included in investment in joint
ventures.
The following presents the combined, condensed financial information for
all of the Partnership's investments in joint ventures at:
June 30, December 31,
1996 1995
--------- ------------
Land and buildings on
operating leases, less
accumulated depreciation $7,922,725 $7,206,289
Net investment in direct
financing lease 656,775 655,216
Cash 160,068 6,927
Prepaid expenses 11,072 22,229
Liabilities 6,981 6,597
Partners' capital 8,743,659 7,884,064
Revenues 454,746 819,032
Net income 328,400 611,174
The Partnership recognized income totalling $134,133 and $129,407 for
the six months ended June 30, 1996 and 1995, respectively, from these
joint ventures, $72,335 and $69,214 of which was earned during the
quarters ended June 30, 1996 and 1995, respectively.
3. Concentration of Credit Risk:
----------------------------
The following schedule presents total rental and earned income from
individual restaurant chains, each representing more than ten percent of
the Partnership's total rental and earned income (including the
Partnership's share of total rental and earned income from joint
ventures) for at least one of the quarters ended June 30:
1996 1995
--------- ---------
Burger King $ 178,661 $ 178,932
Jack in the Box 170,413 171,427
Golden Corral Family
Steakhouse Restaurants 138,080 136,669
Hardees 115,877 117,722
Shoney's 110,473 49,446
Perkins 98,900 114,643
Although the Partnership's properties are geographically diverse and the
Partnership's lessees operate a variety of restaurant concepts, failure
of any one of these restaurant chains or any lessee that contributes
more than ten percent of the Partnership's rental income could
significantly impact the results of operation of the Partnership.
However, the general partners believe that the risk of such a default is
reduced due to the essential or important nature of these properties for
the on-going operations of the lessees.
4. Commitments and Contingencies:
-----------------------------
During 1992, the Partnership entered into two agreements with a tenant
which provide terms for certain improvements to properties the tenant
currently leases from the Partnership. The agreements provide a maximum
aggregate amount of costs to be paid by the Partnership of $165,000.
The agreements provide that the tenant has a period of up to five years
to make such improvements, and the Partnership will not be required to
pay any amounts until the commencement of the improvements. Rental
income relating to the leases of these properties will be adjusted
upward in accordance with the agreements for any such amounts paid. As
of June 30, 1996, the tenant had not yet commenced the aforementioned
improvements.
In October 1995, the tenant of the Partnership's property located in
Austin, Texas, entered into a sublease agreement for a vacant parcel of
land under which the subtenant has the option to purchase such land.
The subtenant exercised the purchase option and in accordance with the
terms of the sublease agreement, the tenant assigned the purchase
contract, together with the purchase contract payment of $69,000, from
the subtenant, to the Partnership. As of June 30, 1996, the sale for the
vacant parcel of land had not been consummated and as a result, the net
proceeds of $68,000 (representing the original $69,000 received by the
Partnership, less $1,000 in costs incurred in anticipation of the sale)
were recorded as a deposit at June 30, 1996. The contract price of
$69,000 exceeds the Partnership's cost attributable to the parcel of
land.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
CNL Income Fund X, Ltd. (the "Partnership") is a Florida limited
partnership that was organized on April 16, 1990, to acquire for cash, either
directly or through joint venture arrangements, both newly constructed and
existing restaurants, as well as land upon which restaurants were to be
constructed (the "Properties"), which are leased primarily to operators of
selected national and regional fast-food and family-style restaurant chains.
The leases are triple-net leases, with the lessees generally responsible for
all repairs and maintenance, property taxes, insurance and utilities. As of
June 30, 1996, the Partnership owned 48 Properties, including nine Properties
owned by joint ventures in which the Partnership is a co-venturer and one
property owned with affiliates as tenants-in-common.
Liquidity and Capital Resources
- -------------------------------
The Partnership's primary source of capital for the six months ended
June 30, 1996 and 1995, was cash from operations (which includes cash received
from tenants, distributions from joint ventures, and interest and other income
received, less cash paid for expenses). Cash from operations was $1,822,546
and $1,762,826 for the six months ended June 30, 1996 and 1995, respectively.
The increase in cash from operations for the six months ended June 30, 1996,
is primarily a result of changes in income and expenses as discussed below in
"Results of Operations" and changes in the Partnership's working capital.
Other sources and uses of capital included the following during the six
months ended June 30, 1996.
In January 1996, the Partnership reinvested the remaining net sales
proceeds from the 1995 sales of the Property in Denver, Colorado, and the
parcel of land in Hendersonville, North Carolina, in a Golden Corral Property
located in Clinton, North Carolina, with affiliates of the general partners as
tenants-in-common. In connection therewith, the Partnership and its
affiliates entered into an agreement whereby each co-venturer will share in
the profits and losses of the Property in proportion to its applicable
percentage interest. The Partnership owns an approximate 13 percent interest
in this Property.
In October 1995, the tenant of the Partnership's Property located in
Austin, Texas, entered into a sublease agreement for a vacant parcel of land
under which the subtenant has the option to purchase such land. The subtenant
exercised the purchase option and in accordance with the terms of the sublease
agreement, the tenant assigned the purchase contract, together with the
purchase contract payment of $69,000, from the subtenant, to the Partnership.
As of June 30, 1996, the sale for the vacant parcel of land had not been
consummated and as a result, the net proceeds of $68,000 (representing the
original $69,000 received by the Partnership, less $1,000 in costs incurred in
anticipation of the sale) were recorded as a deposit at June 30, 1996.
During 1992, the Partnership entered into two agreements with a tenant
which provide terms for certain improvements to Properties the tenant
currently leases from the Partnership. The agreements provide a maximum
aggregate amount of costs to be paid by the Partnership of $165,000. The
agreements provide that the tenant has a period of up to five years to make
such improvements, and the Partnership will not be required to pay any amounts
until the commencement of the improvements. Rental income relating to the
leases of these properties will be adjusted upward in accordance with the
agreements for any such amounts paid. As of June 30, 1996, the tenant had not
yet commenced the aforementioned improvements.
Currently, rental income from the Partnership's Properties is invested
in money market accounts or other short-term, highly liquid investments
pending the Partnership's use of such funds to pay Partnership expenses or to
make distributions to the partners. At June 30, 1996, the Partnership had
$1,679,699 invested in such short-term investments as compared to $1,832,853
at December 31, 1995. The decrease in cash and cash equivalents during the
six months ended June 30, 1996, is primarily the result of the Partnership
investing approximately $129,500 in a Golden Corral Property, as described
above. Cash and cash equivalents also decreased as a result of the payment of
a special distribution to the limited partners of $40,000 in January 1996 from
cumulative excess operating reserves. The funds remaining at June 30, 1996,
after payment of distributions and other liabilities, will be used to pay
certain costs relating to improvements to two of the Partnership's Properties
as described above, and to meet the Partnership's working capital and other
needs.
Total liabilities of the Partnership, including distributions payable,
decreased to $1,045,808 at June 30, 1996, from $1,099,521 at December 31,
1995, primarily as a result of the Partnership's accrual of a special
distribution payable to the limited partners of $40,000 at December 31, 1995,
as described above, which was paid in January 1996. The general partners
believe that the Partnership has sufficient cash on hand to meet its current
working capital needs.
Based primarily on cash from operations, the Partnership declared
distributions to limited partners of $1,800,001 and $1,800,000 for the six
months ended June 30, 1996 and 1995, respectively, ($900,001 and $900,000 for
the quarters ended June 30, 1996 and 1995, respectively). This represents
distributions of $0.45 per unit for each of the six months ended June 30, 1996
and 1995 ($0.23 for each of the quarters ended June 30, 1996 and 1995). No
distributions were made to the general partners for the quarters and six
months ended June 30, 1996 and 1995. No amounts distributed or to be
distributed to the limited partners for the six months ended June 30, 1996 and
1995, are required to be or have been treated by the Partnership as a return
of capital for purposes of calculating the limited partners' return on their
adjusted capital contributions. The Partnership intends to continue to make
distributions of cash available for distribution to the limited partners on a
quarterly basis.
The Partnership's investment strategy of acquiring Properties for cash
and leasing them under triple-net leases to operators who generally meet
specified financial standards minimizes the Partnership's operating expenses.
The general partners believe that the leases will continue to generate cash
flow in excess of operating expenses.
The general partners have the right, but not the obligation, to make
additional capital contributions if they deem it appropriate in connection
with the operations of the Partnership.
Results of Operations
- ---------------------
During the six months ended June 30, 1996 and 1995, the Partnership and
its consolidated joint venture, Allegan Real Estate Joint Venture, owned and
leased 39 wholly owned Properties to operators of fast-food and family-style
restaurant chains. In connection therewith, during the six months ended June
30, 1996 and 1995, the Partnership and Allegan Real Estate Joint Venture
earned $1,746,178 and $1,727,225, respectively, in rental income from
operating leases and earned income from direct financing leases for these
Properties, $876,776 and $834,745 of which was earned during the quarters
ended June 30, 1996 and 1995, respectively. In May 1995, the tenant of the
Property in Denver, Colorado, ceased operations of the restaurant business
located at the Property and the Partnership terminated the lease agreement.
In connection therewith, during the six months ended June 30, 1995, the
Partnership wrote off approximately $41,500 of accrued rental income amounts
previously recorded (due to the fact that future scheduled rent increases are
recognized on a straight-line basis over the term of the lease in accordance
with generally accepted accounting principles) relating to this Property. In
August 1995, the Partnership sold this Property; therefore, base rental and
earned income during the quarter and six months ended June 30, 1996, was
$9,900 and $38,900, respectively, less than base rental and earned income for
the quarter and six months ended June 30, 1995. However, as a result of the
Partnership reinvesting the majority of the sales proceeds from the sale of
the Property in Denver, Colorado, in a Shoney's Property in Fort Myers Beach,
Florida, in September, 1995, rental and earned income increased approximately
$30,500 and $61,000 during the quarter and six months ended June 30, 1996,
respectively, as compared to the quarter and six months ended June 30, 1995.
Rental and earned income also decreased approximately $15,800 and
$30,300 during the quarter and six months ended June 30, 1996, respectively,
as compared to the quarter and six months ended June 30, 1995, due to the fact
that in March 1996, the lease relating to the Perkins Property in Ft. Pierce,
Florida, was amended to provide for reduced annual base rent from an effective
date of October 1, 1995 through January 1, 1997. In addition, rental and
earned income decreased due to the fact that the lease relating to the Golden
Corral Property in Austin, Texas, was amended in November 1995, to provide for
reduced annual base rent. The lease was amended as a result of a purchase
contract received relating to the sale of a vacant parcel of land adjacent to
the Property, as described above in "Liquidity and Capital Resources."
For the six months ended June 30, 1996 and 1995, the Partnership also
owned and leased eight Properties indirectly through other joint venture
arrangements, and for the six months ended June 30, 1996, owned and leased one
Property as tenants-in-common with affiliates of the general partners. In
connection therewith, during the six months ended June 30, 1996 and 1995, the
Partnership earned $134,133 and $129,407, respectively, attributable to the
net income earned by these unconsolidated joint ventures $72,335 and $69,214
of which was earned during the quarters ended June 30, 1996 and 1995,
respectively. The increase in net income earned by unconsolidated joint
ventures is primarily attributable to the Partnership reinvesting the
remaining net sales proceeds it received from the 1995 sales of the Property
in Denver, Colorado and the parcel of land in Hendersonville, North Carolina,
in a Golden Corral Property in Clinton, North Carolina, with affiliates as
tenants-in-common in January 1996.
Operating expenses, including depreciation and amortization expense,
were $211,379 and $197,912 for the six months ended June 30, 1996 and 1995,
respectively of which $96,437 and $97,065 were incurred for the quarters ended
June 30, 1996 and 1995, respectively. The increase in operating expenses
during the six months ended June 30, 1996, is primarily the result of an
increase in (i) accounting and administrative expenses associated with
operating the Partnership and its Properties, (ii) professional services as a
result of appraisal updates obtained to prepare an annual statement of unit
valuation to qualified plans in accordance with the Partnership's partnership
agreement, and (iii) insurance expense as a result of the general partners'
obtaining contingent liability and property coverage for the Partnership,
effective May 1995. This insurance policy is intended to reduce the
Partnership's exposure in the unlikely event a tenant's insurance policy
lapses or is insufficient to cover a claim relating to the Property. The
increase in operating expenses during the six months ended June 30, 1996 was
partially offset with a decrease due to, and the decrease in operating
expenses during the quarter ended June 30, 1996 is primarily attributable to,
a decrease in depreciation expense as a result of the sale of the Property in
Denver, Colorado, in August 1995.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings. Inapplicable.
-----------------
Item 2. Changes in Securities. Inapplicable.
---------------------
Item 3. Defaults upon Senior Securities. Inapplicable.
-------------------------------
Item 4. Submission of Matters to a Vote of Security Holders.
---------------------------------------------------
Inapplicable.
Item 5. Other Information. Inapplicable.
-----------------
Item 6. Exhibits and Reports on Form 8-K.
--------------------------------
(a) Exhibits - None.
(b) No reports on Form 8-K were filed during the quarter ended
June 30, 1996.
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
DATED this 12th day of August, 1996.
CNL INCOME FUND X, LTD.
By:CNL REALTY CORPORATION
General Partner
By: /s/ James M. Seneff, Jr.
-------------------------
JAMES M. SENEFF, JR.
Chief Executive Officer
(Principal Executive Officer)
By: /s/ Robert A. Bourne
-------------------------
ROBERT A. BOURNE
President and Treasurer
(Principal Financial and
Accounting Officer)
