Highland Farms, Inc. and Subsidiary - Page 10

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          Apartments                                                                  
               Apartments were available in efficiency, one bedroom, or two           
          bedroom units.  Each apartment had a private patio or balcony.              
          All apartments had fully equipped kitchens, electric baseboard              
          heating, cable television hookup, and adequate closet space.                
          Each apartment was connected to the fire alarm system and an                
          emergency call system.  The apartments were linked by enclosed              
          corridors to all facilities on the premises.                                
               Apartments were available only upon payment of an entry fee            
          and monthly rent pursuant to a rental contract.  Petitioner                 
          collected the entire entry fee before the resident moved into an            
          apartment; no interest accrued on the entry fee.  The monthly               
          rent included the cost of utilities and emergency nursing                   
          services.  Petitioner reserved the right to revise the monthly              
          rent.  The entry fees and monthly rent (exclusive of meals) for             
          the apartments during 1988 were as follows:                                 
               Type of Unit   Entry Fee      Monthly Rent                             
               Efficiency     $16,000        $470                                     
               One Bedroom    22,000         649                                      
               Two Bedrooms   28,000         829                                      
               Petitioner required the residents of the apartments to dine            
          in the main dining room 25 times per month; a separate charge               
          applied to the meal service.  Guests were welcome at meals for a            
          nominal charge.  Petitioner charged the apartment residents                 
          separately for medical costs and other special services, such as            
          transportation, housekeeping, and laundry.                                  





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Last modified: May 25, 2011