Epic Associates 84-III, William C. Griffith, Jr. - Page 54

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             December 27, 1982, EA 83-XII closed the purchase of each                 
             of the five model houses from Raldon.                                    
                  To finance its purchase of the subject houses, EA 83-               
             XII borrowed approximately 95 percent of the purchase                    
             price of each of the properties from EPIC Mortgage, Inc.                 
             (EMI), a corporation affiliated with EPIC.  EMI's business               
             was to originate mortgages for EPIC partnerships.  At                    
             closing, EA 83-XII executed five nonrecourse promissory                  
             notes, in the aggregate principal amount of $461,675,                    
             payable to EMI in monthly installments of interest only on               
             the unpaid principal balance for 5 years at the rate of                  
             14.375 percent.  The entire indebtedness under each note                 
             was due 5 years after the date of the first payment of                   
             interest required under the note.                                        
                  Each nonrecourse promissory note was secured by a                   
             deed of trust bearing the date of closing and recorded                   
             on January 3, 1983, in the land records of Denton County,                
             Texas.  A mortgage insurance company, Ticor Mortgage                     
             Insurance (TMI), issued a commitment and certificate of                  
             insurance dated December 28, 1982, providing mortgage                    
             insurance for 25 percent of the first loss amount with                   
             respect to the mortgage on each of the five properties.                  
                  Set out below is a list of each of the properties                   
             that EX 83-XII purchased from Raldon, the purchase price                 

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