Partner's Quarterly
This report accompanies the quarterly distribution of the 1998 fiscal year to the Unit Holders of Uniprop Income Fund II (the "Partnership") for the period ended June 30, 1998.
A NOTE FROM THE GENERAL PARTNER
Dear Unit Holders:
The Partnership has generated sufficient cash from second quarter operations to distribute $.17 per Unit, or an annualized 4.0% on your adjusted capital contribution of $17.11 per Unit. For custodial accounts, a credit was posted to your account and a confirmation notice is enclosed.
On Monday, August 3, 1998, the Special Meeting of the Unit Holders and Limited Partners of Uniprop Income Fund II was held at the office of the Partnership located at 280 Daines St., Birmingham, MI.
In attendance at the Special Meeting, on behalf of the Partnership, were Terry J. Winter, Chief Investment Officer for Uniprop, Inc., the managing General Partner of Genesis Limited Partnership, which is the General Partner of Uniprop Income Fund II, a nd key representatives from the Partnership’s independent auditors BDO Seidman, LLP.
There was present at the Special Meeting in person and by proxy, a total of 2,140,075 units of limited partnership interest in Uniprop Income Fund II, or approximately 64.8% of the total limited partnership units issued and outstanding.
At the Special Meeting, all four proposals described in the Proxy Statement considered and voted on by the Unit Holders and Limited Partners of UIFII, in connection with the Refinancing (as defined in the Proxy Statement) were approved by a majority consent. A total of 1,747,704 units, or 52.9%, voted in favor of all four proposals.
Accordingly, the General Partner will work toward the mortgage refinancing. It is anticipated that the closing will be completed by August 31, 1998 and the Partnership anticipates making the special distribution from the liquidation proceeds of t he "D" & "R" Securiities (as described in the Proxy Statement) on or around November 15, 1998.
As always, please feel free write to us or call us at 1-800-541-7767, if there is anything we can do to help you with your investment.
Sincerely,
Genesis Associates - The General Partner
UNIPROP, Inc. - its managing general partner
Paul M. Zlotoff, President
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