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STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE
COMMISSION</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Washington, D.C.
20549</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">FORM 8-K</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">CURRENT REPORT</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Pursuant to Section&#160;13 or 15(d)
of the Securities Exchange Act of 1934</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
of Report (Date of earliest event reported): <font style="DISPLAY: inline; TEXT-DECORATION: underline">July 16,
2008</font></font></div>
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      MORTGAGE INVESTMENT FUND,</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">[Missing Graphic Reference]</div>
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      name of registrant as specified in its
charter)</font></div>
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            <td align="left" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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      </font></td>
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      Creek, California</font></div>
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            <td align="left" colspan="5" valign="top" width="72%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      </font></td>
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telephone number, including area code: <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">(925)&#160;935-3840</font></font></div>
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            <td valign="bottom" width="72%">
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      Applicable</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="72%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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          <tr>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Former
      name or former address, if changed since last
  report.)</font></div>
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          </tr>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 (see General Instruction A.2. below):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Written communications pursuant to Rule&#160;425 under the Securities Act (17
CFR 230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[ ]
Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Pre-commencement communications pursuant to Rule&#160;14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[ ]
Pre-commencement communications pursuant to Rule&#160;13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">TABLE OF
CONTENTS</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 1.01 Entry into a
Material Definitive Agreement</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 9.01 Financial
Statements and Exhibits</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Signatures</font></font></div>
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Agreement of 1850 De La Cruz LLC, a California Limited Liability
Company</font></font></div>
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Sale Agreement and Escrow Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.3 Assignment and
Assumption of Purchase and Sale Agreement and Escrow
Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.4 First Amendment
to Purchase and Sale Agreement and Escrow Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.5 Second
Amendment to Purchase and Sale Agreement and Escrow
Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.6 Third Amendment
to Purchase and Sale Agreement and Escrow Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.7 Fourth
Amendment to Purchase and Sale Agreement and Escrow
Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.8 Fifth Amendment
to Purchase and Sale Agreement and Escrow Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.9 Sixth Amendment
to Purchase and Sale Agreement and Escrow Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.10 Seventh
Amendment to Purchase and Sale Agreement and Escrow
Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.11 Eighth
Amendment to Purchase and Sale Agreement and Escrow
Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.12 Ninth
Amendment to Purchase and Sale Agreement and Escrow
Instructions</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
1 &#8211; Registrant&#8217;s Business and Operations</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Item
1.01 Entry into a Material Definitive Agreement</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="000"><br></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On July 16, 2008, Owens Mortgage
Investment Fund (the &#8220;Registrant&#8221;) entered into an Operating Agreement of 1850
De La Cruz LLC, a California limited liability company (the &#8220;Agreement&#8221;) with
Nanook Ventures LLC (&#8220;Nanook&#8221;) to describe the terms of a joint venture among
the parties. The purpose of the joint venture between the Registrant and Nanook
is to acquire, own and operate certain property located at 1850 De La Cruz
Boulevard and 536-558 Reed Street in Santa Clara, California (the &#8220;Property&#8221;)
that is owned by the Registrant.&#160;&#160;The Property was subject to a
routine Purchase and Sale Agreement dated July 24, 2007 (the &#8220;Sale Agreement&#8221;),
as amended, between the Registrant, as seller, and Nanook, as
buyer.&#160;&#160;During the course of due diligence under the Sale Agreement,
it was discovered that the Property is contaminated and that remediation and
monitoring may be required.&#160;&#160;The parties agreed to enter an Operating
Agreement to restructure the arrangement as a joint venture.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The joint venture has been structured
as a California limited liability company with Nanook and the Registrant as
Members. The manager of the LLC will be NV Manager, LLC.&#160;&#160;Pursuant to
the Agreement, at the Closing the Registrant contributed the Property to the LLC
at an agreed upon fair market value of $6,350,000. $3,175,000 was distributed by
the LLC to the Registrant such that the Registrant has an initial capital
account balance of $3,175,000.&#160;&#160;At the Closing, Nanook contributed
$3,175,000 to the LLC and has an initial capital account balance of the same
amount.&#160;&#160;The Agreement incorporates the terms of the Sale Agreement by
reference, subject to certain modifications to reflect the agreement to form and
operate the joint venture.&#160;&#160;At the Closing, the two properties were
separately contributed to two new LLC&#8217;s, Nanook Ventures One LLC and Nanook
Ventures Two LLC, that are wholly owned by 1850 De La Cruz LLC.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Nanook has entered into a lease
agreement with Avis Rent A Car System, LLC, for a portion of the property. Per
the Agreement, the lease agreement has been assigned to the LLC at
Closing.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Registrant and Nanook acknowledge
that the Property is contaminated and that remediation and monitoring may be
required.&#160;&#160;Per the Agreement, the Registrant is solely responsible to
fund any costs to contain, remove, remediate and monitor environmental
contamination with respect to the Property and at the Registrant&#8217;s sole cost, to
manage the process, hire the contractors and coordinate with the various
governmental agencies until such time as such agencies issue final written
determinations that no further action is required and the Property is fully
compliant with all applicable environmental laws.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Operating cash flows in the LLC will be
distributed first to provide for mutually agreed upon reasonable reserves for
future costs such as operating expenses, real estate taxes, debt service and
capital expenditures and then to the Members in the ratio of their percentage
interests (initially 50% each).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The term of the LLC will be 50
years.&#160;&#160;At any time after the environmental remediation has been
completed, the Members will be able to activate a &#8220;Buy/Sell Right&#8221; as defined in
the Agreement.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
9 &#8211; Financial Statements and Exhibits</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Item
9.01 Financial Statements and Exhibits</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits</font></div>
            </td>
          </tr>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.1 Operating
Agreement of 1850 De La Cruz LLC, a California Limited Liability
Company</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.2 Purchase and
Sale Agreement and Escrow Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.3 Assignment and
Assumption of Purchase and Sale Agreement and Escrow
Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.4 First Amendment
to Purchase and Sale Agreement and Escrow Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.5 Second
Amendment to Purchase and Sale Agreement and Escrow
Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.6 Third Amendment
to Purchase and Sale Agreement and Escrow Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.7 Fourth
Amendment to Purchase and Sale Agreement and Escrow
Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.8 Fifth Amendment
to Purchase and Sale Agreement and Escrow Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.9 Sixth Amendment
to Purchase and Sale Agreement and Escrow Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.10 Seventh
Amendment to Purchase and Sale Agreement and Escrow
Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.11 Eighth
Amendment to Purchase and Sale Agreement and Escrow
Instructions</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.12 Ninth
Amendment to Purchase and Sale Agreement and Escrow
Instructions</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="001">SIGNATURES</a></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 216pt"></font>OWENS MORTGAGE INVESTMENT
FUND,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 216pt"></font>a California Limited
Partnership</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 216pt"></font>By:&#160;&#160;Owens Financial Group,
Inc., General Partner</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:&#160;July
18,
2008&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;By: <font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ William
C. Owens</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 234pt"></font>William C. Owens,
President</font></div><br>
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{"company-data": {"conformed-name": "OWENS MORTGAGE INVESTMENT FUND A CALIF LTD PARTNERSHIP", "cik": "0000841501", "assigned-sic": "6500", "irs-number": "680023931", "state-of-incorporation": "CA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-17248", "film-number": "08960209"}, "business-address": {"street1": "2221 OLYMPIC BLVD", "street2": "P O BOX 2308", "city": "WALNUT CREEK", "state": "CA", "zip": "94595", "phone": "925-280-5393"}, "mail-address": {"street1": "2221 OLYMPIC BLVD", "street2": "P O BOX 2308", "city": "WALNUT CREEK", "state": "CA", "zip": "94595"}, "former-company": [{"former-conformed-name": "OWENS MORTGAGE INVESTMENT FUND", "date-changed": "19940902"}, {"former-conformed-name": "OWENS MORTGAGE INVESTMENT FUND II", "date-changed": "19920703"}]}
omif8k0708.htm
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 16,
2008
OWENS
      MORTGAGE INVESTMENT FUND,
a
      California Limited Partnership
[Missing Graphic Reference]
(Exact
      name of registrant as specified in its
charter)
California
000-17248
68-0023931
(State
      or other jurisdiction
(Commission
(IRS
      Employer
of
      incorporation)
File
      Number)
Identification
      No.)
2221
      Olympic Boulevard
Walnut
      Creek, California
94595
(Address
      of principal executive offices)
(Zip
      Code)
Registrant's
telephone number, including area code:
(925) 935-3840
Not
      Applicable
(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 (see General Instruction A.2. below):
[ ]
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))
TABLE OF
CONTENTS
Item 1.01 Entry into a
Material Definitive Agreement
Item 9.01 Financial
Statements and Exhibits
Signatures
Exhibit 10.1 Operating
Agreement of 1850 De La Cruz LLC, a California Limited Liability
Company
Exhibit 10.2 Purchase and
Sale Agreement and Escrow Instructions
Exhibit 10.3 Assignment and
Assumption of Purchase and Sale Agreement and Escrow
Instructions
Exhibit 10.4 First Amendment
to Purchase and Sale Agreement and Escrow Instructions
Exhibit 10.5 Second
Amendment to Purchase and Sale Agreement and Escrow
Instructions
Exhibit 10.6 Third Amendment
to Purchase and Sale Agreement and Escrow Instructions
Exhibit 10.7 Fourth
Amendment to Purchase and Sale Agreement and Escrow
Instructions
Exhibit 10.8 Fifth Amendment
to Purchase and Sale Agreement and Escrow Instructions
Exhibit 10.9 Sixth Amendment
to Purchase and Sale Agreement and Escrow Instructions
Exhibit 10.10 Seventh
Amendment to Purchase and Sale Agreement and Escrow
Instructions
Exhibit 10.11 Eighth
Amendment to Purchase and Sale Agreement and Escrow
Instructions
Exhibit 10.12 Ninth
Amendment to Purchase and Sale Agreement and Escrow
Instructions
Section
1 – Registrant's Business and Operations
Item
1.01 Entry into a Material Definitive Agreement
On July 16, 2008, Owens Mortgage
Investment Fund (the "Registrant") entered into an Operating Agreement of 1850
De La Cruz LLC, a California limited liability company (the "Agreement") with
Nanook Ventures LLC ("Nanook") to describe the terms of a joint venture among
the parties. The purpose of the joint venture between the Registrant and Nanook
is to acquire, own and operate certain property located at 1850 De La Cruz
Boulevard and 536-558 Reed Street in Santa Clara, California (the "Property")
that is owned by the Registrant.  The Property was subject to a
routine Purchase and Sale Agreement dated July 24, 2007 (the "Sale Agreement"),
as amended, between the Registrant, as seller, and Nanook, as
buyer.  During the course of due diligence under the Sale Agreement,
it was discovered that the Property is contaminated and that remediation and
monitoring may be required.  The parties agreed to enter an Operating
Agreement to restructure the arrangement as a joint venture.
The joint venture has been structured
as a California limited liability company with Nanook and the Registrant as
Members. The manager of the LLC will be NV Manager, LLC.  Pursuant to
the Agreement, at the Closing the Registrant contributed the Property to the LLC
at an agreed upon fair market value of $6,350,000. $3,175,000 was distributed by
the LLC to the Registrant such that the Registrant has an initial capital
account balance of $3,175,000.  At the Closing, Nanook contributed
$3,175,000 to the LLC and has an initial capital account balance of the same
amount.  The Agreement incorporates the terms of the Sale Agreement by
reference, subject to certain modifications to reflect the agreement to form and
operate the joint venture.  At the Closing, the two properties were
separately contributed to two new LLC's, Nanook Ventures One LLC and Nanook
Ventures Two LLC, that are wholly owned by 1850 De La Cruz LLC.
Nanook has entered into a lease
agreement with Avis Rent A Car System, LLC, for a portion of the property. Per
the Agreement, the lease agreement has been assigned to the LLC at
Closing.
The Registrant and Nanook acknowledge
that the Property is contaminated and that remediation and monitoring may be
required.  Per the Agreement, the Registrant is solely responsible to
fund any costs to contain, remove, remediate and monitor environmental
contamination with respect to the Property and at the Registrant's sole cost, to
manage the process, hire the contractors and coordinate with the various
governmental agencies until such time as such agencies issue final written
determinations that no further action is required and the Property is fully
compliant with all applicable environmental laws.
Operating cash flows in the LLC will be
distributed first to provide for mutually agreed upon reasonable reserves for
future costs such as operating expenses, real estate taxes, debt service and
capital expenditures and then to the Members in the ratio of their percentage
interests (initially 50% each).
The term of the LLC will be 50
years.  At any time after the environmental remediation has been
completed, the Members will be able to activate a "Buy/Sell Right" as defined in
the Agreement.
Section
9 – Financial Statements and Exhibits
Item
9.01 Financial Statements and Exhibits
(c)
Exhibits
Exhibit 10.1 Operating
Agreement of 1850 De La Cruz LLC, a California Limited Liability
Company
Exhibit 10.2 Purchase and
Sale Agreement and Escrow Instructions
Exhibit 10.3 Assignment and
Assumption of Purchase and Sale Agreement and Escrow
Instructions
Exhibit 10.4 First Amendment
to Purchase and Sale Agreement and Escrow Instructions
Exhibit 10.5 Second
Amendment to Purchase and Sale Agreement and Escrow
Instructions
Exhibit 10.6 Third Amendment
to Purchase and Sale Agreement and Escrow Instructions
Exhibit 10.7 Fourth
Amendment to Purchase and Sale Agreement and Escrow
Instructions
Exhibit 10.8 Fifth Amendment
to Purchase and Sale Agreement and Escrow Instructions
Exhibit 10.9 Sixth Amendment
to Purchase and Sale Agreement and Escrow Instructions
Exhibit 10.10 Seventh
Amendment to Purchase and Sale Agreement and Escrow
Instructions
Exhibit 10.11 Eighth
Amendment to Purchase and Sale Agreement and Escrow
Instructions
Exhibit 10.12 Ninth
Amendment to Purchase and Sale Agreement and Escrow
Instructions
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.
OWENS MORTGAGE INVESTMENT
FUND,
a California Limited
Partnership
By:  Owens Financial Group,
Inc., General Partner
Dated: July
18,
2008                                                                   
 By:
/s/ William
C. Owens
William C. Owens,
President