I see you are not getting any help, and I wonder if it should be restated for clarity. I can't understand, for instance, if this is what happened:

"shows corporate payout to partner purchasing the property for $150,000.00 and shows private financing for $150,000.00"

The Partnership distributed the half-owned value to that buying partner? Then, considered the unpaid half a Loan?

And: "The partnership then assigns/transfers (as documented by Recorder of Deeds paperwork) the note to the other partner."

Which places the sequence a little differently, or is that a different Note (original mortgage)?