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houses and condominiums. We discuss EPIC at greater length
below.
The 83 partnership agreement provides that EPIC's
"interest shall be deemed to be a one-percent (1%) share in
the Partnership's capital contributions for which it shall
contribute" $10,580.81. In addition, the 83 partnership
agreement authorizes two classes of limited partnership
interests: 1 class A unit and 25 class B units. The class
A unit was sold to four investors for an aggregate sum of
$90,000. The purchasers of the class A unit made cash
payments totaling $50,000 and executed recourse promissory
notes totaling $40,000 that were payable to the partnership
on July 1, 1983. These investors were admitted to the
partnership on April 16, 1983.
EA 83-XII also sold 25 class B units of limited
partnership interest for $38,300 per unit or a total of
$957,500. Approximately $3,300 of the amount paid for each
class B unit was paid in cash and the balance of $35,000
was paid in the form of a recourse promissory note payable
to EX 83-XII in 14 quarterly installments of $2,500 each
with the last payment due on April 1, 1987.
Before selling the class B units in EA 83-XII, EPIC
circulated a confidential private placement offering
memorandum dated June 1, 1983 (referred to herein as the
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