Epic Associates 84-III, William C. Griffith, Jr. - Page 21

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             back to Raldon for use as model houses for an initial term               
             of 18 months.  For each of the five houses, there is a                   
             schedule attached to the agreement that lists the address;               
             the base price; the "optional extras" included with the                  
             house, such as carpeting, wallpaper, and mirrored walls;                 
             the "marketing extras", such as drapes, sprinkler systems,               
             built-ins, and landscaping; the price for each of the                    
             extras; and the "purchase price" of the house.  The                      
             purchase price for each of the five houses was $8,000 to                 
             $10,000 more than the base price because of the "extras".                
                  As one of the conditions of closing under the                       
             purchase and leaseback agreement, Raldon agreed to pay                   
             EPIC 6 percent of the purchase price of the properties.                  
             The agreement provides as follows:                                       

                       On the Closing Date, Seller [Raldon] shall                     
                  pay to Equity Programs Investment Corporation a                     
                  sum equal to six percent (6%) of the Purchase                       
                  Price of the Properties, and the execution of                       
                  this Agreement by Seller shall constitute an                        
                  irrevocable assignment to Equity Programs                           
                  Investment Corporation from the sale proceeds                       
                  of a sum sufficient to make the payment due                         
                  under this Subparagraph 5.7.                                        

             We refer to the amount payable under the above provision as              
             the builder fee.                                                         

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Last modified: May 25, 2011