- 6 -
83 offering memorandum). The 83 offering memorandum states
that persons who purchased class B units would be admitted
to EA 83-XII as limited partners commencing September 1,
1983.
The 83 offering memorandum states that the limited
partners' contributions would be used primarily to fund
operating deficits of the partnership. The 83 offering
memorandum includes the following summary of EA 83-XII's
anticipated sources and uses of the proceeds of the
offering:
Sources Amount Percent
Proceeds from sale of class A unit $90,000 1.66
Proceeds from sale of class B units 957,500 17.68
Capital contribution of general partner 10,581 0.19
First mortgage loans 3,706,150 68.38
Builder rebate [referred to herein 655,319 12.09
as rental deficit contribution]
5,419,550 100.00
Uses
Purchase price of homes 1 3,901,550 71.98
Sales commissions to broker/dealers83,800 1.55
[8% of the price paid for each unit]
Escrows and prepaid insurance 20,370 0.38
First mortgage loan origination fees 148,246 2.73
Organization fee to general partner 41,900 0.77
[4% of the price paid for each unit]
Estimated cash-flow deficits through
April 15, 1983 58,350 1.08
Available for cash-flow deficits 1,165,334 21.51
5,419,550 100.00
Note: Footnotes omitted.
1This amount is $255 more than the actual purchase price, $3,901,295.
As set forth above, it was anticipated that $58,350 of the
proceeds of the offering would be offset by cash-flow
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011