- 166 -
determined by respondent's appraisers, and the difference
between those amounts:
EA 84-111 Properties Loan + $5,000 Value 2/1/85 Difference
5419 Heronwood Dr. $56,300 $55,000 -$1,300
5411 Heronwood Dr. 66,750 62,000 -4,750
3518 Tower Hill Lane 65,550 50,000 -15,550
12347 Northcliff Manor Dr.60,575 42,000 -18,575
13066 Clarewood Dr. 59,150 46,000 -13,150
6351 S. Briar Bayou Dr. 63,425 45,000 -18,425
12103 Kings Lake Forest Dr.62,475 44,000 -18,475
12107 Kings Lake Forest Dr.52,975 36,000 -16,975
12111 Kings Lake Forest Dr.58,200 38,000 -20,200
12115 Kings Lake Forest Dr.65,800 48,000 -17,800
12231 Carola Forest Dr. 61,050 50,000 -11,050
4850 West Ferret Dr. 72,450 74,287 1,837
4107 Medical Dr. 61,950 58,846 -3,104
13739 Earlywood Dr. 65,800 60,098 -5,702
6402 Ridgecreek Dr. 65,800 58,324 -7,476
The Reflections, unit 101 69,755 54,790 -14,965
Total 1,008,005 822,345 -185,660
In the case of the property at 4850 West Ferret Drive,
it appears, according to respondent's evidence, that the
value of the property as of February 1, 1985, $74,287,
exceeds the amount of the indebtedness, $72,450.
Accordingly, it appears that respondent's evidence shows
that the second trust note secured by that property was
valid indebtedness. Furthermore, in the case of the
properties at 5419 Heronwood Drive, 5411 Heronwood Drive,
4107 Medical Drive, and 13739 Earlywood Drive, the
difference reflected in respondent's appraisals is not
material.
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