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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 style="DISPLAY: inline; FONT-WEIGHT: bold">CURRENT REPORT</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold">PURSUANT TO</font></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 style="DISPLAY: inline; FONT-WEIGHT: bold">Date of Report (Date of earliest event reported): </font>November 10, 2014</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">OWENS REALTY MORTGAGE, INC.</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">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>

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

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As previously reported in the Company&#8217;s Quarterly Report on Form 10-Q filed with the Securities Exchange Commission (the &#8220;SEC&#8221;) on November 13, 2014, Owens Realty Mortgage, Inc. (the &#8220;Company&#8221;) has an investment in a limited liability company, 720 University, LLC (&#8220;720 University&#8221;), which owns a commercial retail property located in Greeley, Colorado (the &#8220;720 University Property&#8221;) The Company receives 65% of the profits and losses in 720 University after priority return on partner contributions is allocated at the rate of 10% per annum. The Company has a note payable in the principal amount of approximately $9,757,000 as of November 12, 2014 with a bank through its investment in 720 University (the &#8220;University Note&#8221;), which is secured by the 720 University Property.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On November 10, 2014, 720 University entered into a Real Estate Sale Agreement (the &#8220;Sale Agreement&#8221;) with Alberta Development Partners, LLC (the &#8220;Purchaser&#8221;), pursuant to which 720 University has agreed to sell the 720 University Property for $21.0 million.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Purchaser&#8217;s obligation to purchase the 720 University Property is subject to a number of conditions including their satisfactory completion of due diligence during a 30 day period (the &#8220;Due Diligence Period&#8221;) commencing on the date of the Purchase Agreement.&#160;&#160;Purchaser has paid an initial deposit into escrow of $500,000.&#160;&#160;This initial deposit is refundable at the election of the Purchaser prior to the end of the Due Diligence Period.&#160;&#160;If the Purchaser elects to continue with the transaction after the Due Diligence Period an additional deposit of $500,000 will be made and such deposits are thereafter non-refundable unless the Refinancing Loan described below does not occur.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Within 30 days after completion of due diligence, an initial closing (the &#8220;Initial Closing&#8221;) will be held for the purpose of refinancing the University Note.&#160;&#160;At the Initial Closing, Purchaser or its affiliate will extend a new loan (the &#8220;Refinancing Loan&#8221;) to [720 University] in an amount sufficient to refinance the [University Note], and the University Note will be paid off.&#160;&#160;The closing of the Refinancing Loan is subject to certain conditions and will be made pursuant to customary loan documents to be negotiated and prepared by the parties prior to the Initial Closing date.&#160;&#160;The principal amount of the Refinancing Loan will not exceed the lower of $9,771,213 and the principal balance of the University Note, and such principal amount shall accrue interest at 6% per annum.&#160;&#160;In the event that loan documents for the Refinancing Loan are not approved by Seller prior to the expiration of the Due Diligence Period the Sale Agreement may be terminated and the deposit returned to Purchaser.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The principal and accrued interest on the Refinancing Loan will be repaid on the date of the Final Closing of the sale of the 720 University Property.&#160;&#160;The Company currently anticipates that the Final Closing will occur on or about May 28, 2015; however, there is no guarantee that the Company will be able to consummate the Refinancing Loan or the sale of the 720 University Property.&#160;&#160;<font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">The parties have made customary representations and warranties to each other in the Sale Agreement.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The foregoing descriptions of the Sale Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the agreement attached as Exhibit&#160;10.1 to this Current Report on Form&#160;8-K and incorporated herein by reference. A copy of a press release announcing the entry into the Sale Agreement is attached hereto as Exhibit 99.1 and is incorporated herein 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">&#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>

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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">Dated:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; November 14, 2014&#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>

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orm8k111014.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 1933
Date of Report (Date of earliest event reported):
November 10, 2014
OWENS REALTY MORTGAGE, INC.
(Exact Name of Registrant as Specified in its Charter)
Maryland
000-54957
46-0778087
(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))
1
Item 1.01 Entry into a Material Definitive Agreement.
As previously reported in the Company's Quarterly Report on Form 10-Q filed with the Securities Exchange Commission (the "SEC") on November 13, 2014, Owens Realty Mortgage, Inc. (the "Company") has an investment in a limited liability company, 720 University, LLC ("720 University"), which owns a commercial retail property located in Greeley, Colorado (the "720 University Property") The Company receives 65% of the profits and losses in 720 University after priority return on partner contributions is allocated at the rate of 10% per annum. The Company has a note payable in the principal amount of approximately $9,757,000 as of November 12, 2014 with a bank through its investment in 720 University (the "University Note"), which is secured by the 720 University Property.
On November 10, 2014, 720 University entered into a Real Estate Sale Agreement (the "Sale Agreement") with Alberta Development Partners, LLC (the "Purchaser"), pursuant to which 720 University has agreed to sell the 720 University Property for $21.0 million.
Purchaser's obligation to purchase the 720 University Property is subject to a number of conditions including their satisfactory completion of due diligence during a 30 day period (the "Due Diligence Period") commencing on the date of the Purchase Agreement.  Purchaser has paid an initial deposit into escrow of $500,000.  This initial deposit is refundable at the election of the Purchaser prior to the end of the Due Diligence Period.  If the Purchaser elects to continue with the transaction after the Due Diligence Period an additional deposit of $500,000 will be made and such deposits are thereafter non-refundable unless the Refinancing Loan described below does not occur.
Within 30 days after completion of due diligence, an initial closing (the "Initial Closing") will be held for the purpose of refinancing the University Note.  At the Initial Closing, Purchaser or its affiliate will extend a new loan (the "Refinancing Loan") to [720 University] in an amount sufficient to refinance the [University Note], and the University Note will be paid off.  The closing of the Refinancing Loan is subject to certain conditions and will be made pursuant to customary loan documents to be negotiated and prepared by the parties prior to the Initial Closing date.  The principal amount of the Refinancing Loan will not exceed the lower of $9,771,213 and the principal balance of the University Note, and such principal amount shall accrue interest at 6% per annum.  In the event that loan documents for the Refinancing Loan are not approved by Seller prior to the expiration of the Due Diligence Period the Sale Agreement may be terminated and the deposit returned to Purchaser.
The principal and accrued interest on the Refinancing Loan will be repaid on the date of the Final Closing of the sale of the 720 University Property.  The Company currently anticipates that the Final Closing will occur on or about May 28, 2015; however, there is no guarantee that the Company will be able to consummate the Refinancing Loan or the sale of the 720 University Property.
The parties have made customary representations and warranties to each other in the Sale Agreement.
The foregoing descriptions of the Sale Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the agreement attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. A copy of a press release announcing the entry into the Sale Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 above is incorporated herein by reference.
Forward-Looking Statements
This Current Report (including information included or incorporated by reference herein) contains "forward-looking statements"
within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements about the Company's plans, strategies, prospects, and anticipated events, including the transactions discussed in this Current Report, are based on current information, estimates, and projections; they are subject to risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "target," "assume," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements.
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Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Additional information concerning these and other risk factors is contained in the Company's most recent filings with the Securities and Exchange Commission including those appearing under the heading "Item 1A. Risk Factors" in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. All subsequent written and oral forward-looking statements concerning the Company or matters attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
No.
Description
99.1
Press Release dated November 14, 2014.
{00071629; 1}
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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 REALTY MORTGAGE, INC.,
a Maryland corporation
Dated:            November 14, 2014                                     By:
/s/ William C. Owens
Name:  William C. Owens
Title:    President and Chief Executive Officer
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EXHIBIT INDEX
Exhibit
No.
Description
99.1
Press Release dated November 14, 2014.
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