Morgan Legacy Partners, Inc. (“MLP”) is the sole member and manager of MLS. MLS was formed to hold the real property known as “Cascade”, located in Concord, North Carolina and having an address of 120 Cascade Drive NW (the “Cascade Asset”). The Cascade Asset is the sole asset of MLS.
MLP is offering the opportunity to invest in a portion of its interest in the Cascade Asset via a debenture offered in the maximum amount of Eight Hundred Thousand Dollars ($800,000) (the “Investment”). The Investment will be evidenced by a Promissory Note made by MLP to the investor, which note will yield interest in the amount of Eight percent (8%) per annum, paid quarterly in arrears, and for a term of five (5) years. Notes are offered at a minimum investment of Fifty Thousand Dollars ($50,000).
Security.
The Investment will be secured by a the granting of a security interest in MLP’s sole membership interest in MLS, which interest necessarily includes the Cascade Asset. The Investment will be further secured by the personal guarantee of the Peter A. Morgan Revocable Trust.
Returns on Cascade 2024 arise from MLP’s interest in the Cascade Asset.