b'APPENDIX AGLOSSARY1031 ExchangeA section of the Internal Revenue Code that allows the owner of real estate to exchange one real estate asset for another similar real estate asset for the purpose of reinvestment, without paying capital gains taxes.Cap-ital gains taxes will be deferred until the asset is sold without the intent to reinvest the proceeds of the sale.Angel InvestorAn individual who invests his or her own money in a business start-up.Available CashSee Definition of Distributable Cash.Balloon PaymentA large payment due at the end of a loan period, after the payment of a se-ries of smaller payments on the principal amount of the loan. Balloon pay-ments are usually applied to short-term loans, where only a small portion of the principal amount of the loan is amortized over the term of the loan.BrandA unique name and image for a product or service, which differentiates the product or service from others which compete with it.Blue Sky LawsState securities regulations or laws adopted by a state regulatory agency to protect investors from securities fraud.Break ImpoundsThis occurs when the stated minimum dollar amount of a securities of-fering has been raised, allowing the issuer to spend funds. See definition of Irretrievably Committed for purposes of filing federal and state secu-rities notices below. See also the definition of Securities Offering below.157'