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to 19 of these 27 properties, the difference between the
principal amount of the debt and the fair market value
determined by respondent's appraisers is not material.
This is certainly true in the case of the 12 single-family
properties purchased by EA 83-XII. According to
respondent's appraisers, the aggregate value of the 12
properties is $858,600, or $22,075 more than the aggregate
principal amount of the loans, $836,525. Similarly,
according to respondent's appraisers, the difference
between the value of 6 of the 14 single-family properties
and the condominium unit at 4107 Medical Drive purchased
by EA 84-III and the principal amount of the loan is less
than 10 percent. As to these 19 properties, therefore,
there is no appreciable difference in the result of the
value comparison depending on whether we use respondent's
valuation or the contract prices of the properties.
The single-family residences as to which, according to
respondent's appraisers, there is a material difference
between the value of the property, and the principal amount
of the debt are the following:
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