On August 28th, 2014, the Bank of Utah sent out notice to Holders of Participation Units in the Secured Recourse 8.25% Promissory Note of Cypress Income Fund IV, LLC, (Cypress IV) that it had been advised by Cypress IV that it failed to make the full quarterly installment payment due June 30, 2014, on a $15 million note.
According to the notice, Cypress IV has provided Bank of Utah with a response indicating that there is insufficient net cash flow and that the assets of Cypress IV do not produce ongoing cash flow. The notice can be reviewed below.
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