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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt; FONT-WEIGHT: bold">UNITED STATES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt; FONT-WEIGHT: bold">FORM 8-K</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt; FONT-WEIGHT: bold">CURRENT REPORT</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported): July 15, 2010</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt; FONT-WEIGHT: bold">NTS MORTGAGE INCOME FUND</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Delaware</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">61-1146077</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10172 Linn Station Road</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 1.01.&#160;&#160;Entry into a Material Definitive Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On July 15, 2010, NTS Mortgage Income Fund (the &#8220;Fund&#8221;) executed a promissory note dated as of July 10, 2010, in favor of Residential Management Company (&#8220;Residential&#8221;) in the principal sum of $22,878.40 evidencing additional advances or loans made by Residential to the Fund during July 2010 for payroll billings and overhead fees.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In addition to the note mentioned above, NTS/Virginia Development Company (&#8220;NTS/VA&#8221;), a wholly-owned subsidiary of the Fund, executed a promissory note dated as of July 10, 2010 in favor of Residential in the principal amount of $184,990.84 to evidence advances made by Residential for payroll billings and overhead fees in connection with the development and operation of Fawn Lake and the Fawn Lake Country Club during July 2010.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Both of the new promissory notes described above have a maturity date of September 30, 2010 and contain substantially the same terms and conditions as notes previously issued by the Fund and its affiliates in return for advances from Residential.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Based on the Fund&#8217;s current budget, it is unlikely that the Fund and its subsidiary will generate sufficient revenue to repay the promissory notes in full on a timely basis.&#160;&#160;The Fund intends to seek an extension on the maturity date for the notes or refinance the unpaid balance prior to the current maturity.&#160;&#160;There can be no assurance that an acceptable extension or refinancing of the promissory notes will be achieved prior to maturity, or at all.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Copies of the newly executed promissory notes are attached to this Current Report on Form 8-K as Exhibits 10.1 and 10.2 and are incorporated in their entirety in this Item 1.01 disclosure by reference.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Promissory Note dated as of July 10, 2010, made by NTS/Virginia Development</font></div>

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{"company-data": {"conformed-name": "NTS MORTGAGE INCOME FUND", "cik": "0000841942", "assigned-sic": "6798", "irs-number": "611146077", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-18550", "film-number": "10955502"}, "business-address": {"street1": "10172 LINN STATION ROAD", "street2": "SUITE 200", "city": "LOUISVILLE", "state": "KY", "zip": "40223", "phone": "502-426-4800"}, "mail-address": {"street1": "10172 LINN STATION ROAD", "street2": "SUITE 200", "city": "LOUISVILLE", "state": "KY", "zip": "40223"}, "former-company": {"former-conformed-name": "NTS HIGH INCOME FUND", "date-changed": "19890212"}}
Unassociated Document
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): July 15, 2010
NTS MORTGAGE INCOME FUND
(Exact name of registrant as specified in its charter)
Delaware
(State or other
jurisdiction of
incorporation)
0-18550
(Commission file
number)
61-1146077
(IRS Employer
Identification No.)
10172 Linn Station Road
Louisville, Kentucky 40223
(Address of principal executive offices)
(502) 426-4800
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
£
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
£
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01.  Entry into a Material Definitive Agreement.
On July 15, 2010, NTS Mortgage Income Fund (the "Fund") executed a promissory note dated as of July 10, 2010, in favor of Residential Management Company ("Residential") in the principal sum of $22,878.40 evidencing additional advances or loans made by Residential to the Fund during July 2010 for payroll billings and overhead fees.
In addition to the note mentioned above, NTS/Virginia Development Company ("NTS/VA"), a wholly-owned subsidiary of the Fund, executed a promissory note dated as of July 10, 2010 in favor of Residential in the principal amount of $184,990.84 to evidence advances made by Residential for payroll billings and overhead fees in connection with the development and operation of Fawn Lake and the Fawn Lake Country Club during July 2010.
Both of the new promissory notes described above have a maturity date of September 30, 2010 and contain substantially the same terms and conditions as notes previously issued by the Fund and its affiliates in return for advances from Residential.
Based on the Fund's current budget, it is unlikely that the Fund and its subsidiary will generate sufficient revenue to repay the promissory notes in full on a timely basis.  The Fund intends to seek an extension on the maturity date for the notes or refinance the unpaid balance prior to the current maturity.  There can be no assurance that an acceptable extension or refinancing of the promissory notes will be achieved prior to maturity, or at all.
Copies of the newly executed promissory notes are attached to this Current Report on Form 8-K as Exhibits 10.1 and 10.2 and are incorporated in their entirety in this Item 1.01 disclosure by reference.
Item 9.01.  Financial Statements and Exhibits.
(a)
Financial Statements of Businesses Acquired: N/A
(b)
Pro Forma Financial Information: N/A
(c)
Shell Company Transactions: N/A
(d)
Exhibits
:
10.1
Promissory Note dated as of July 10, 2010, made by NTS Mortgage
Income Fund payable to Residential Management Company
10.2
Promissory Note dated as of July 10, 2010, made by NTS/Virginia Development
Company payable to Residential Management Company
2
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.
NTS MORTGAGE INCOME FUND
,
a Delaware corporation
By:
/s/ Gregory A. Wells
Name:
Gregory A. Wells
Title:
Secretary/Treasurer/Chief Financial Officer
Date:
July 16, 2010
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