- 17 -
& Loan Association. Thus, shortly after EA 83-XII
purchased the subject properties from Raldon, North Jersey
Savings & Loan Association purchased the promissory notes
that EA 83-XII had issued to EMI.
Purchase of Production Houses in Odessa, Texas
EPIC executed a Residential Rental Purchase Agreement
(rental purchase agreement) dated December 18, 1982, under
which it agreed to purchase seven houses located in the
Hollywood View subdivision in Odessa, Texas, from Fox and
Jacobs, Inc. (Fox & Jacobs), for $394,600. The rental
purchase agreement had originally called for the purchase
of eight properties for a total of $449,500 but was amended
by deleting one house sometime before closing.
The rental purchase agreement includes an exhibit B
for each of the seven properties that sets forth the base
price of the property and the appliances and interior
decorations included in the purchase price. This exhibit
also lists an "estimated rental amount" for the property.
Exhibit C to the rental purchase agreement gives EPIC the
right to rent each of the properties and states that, for
each property not leased as of the closing date, Fox &
Jacobs agrees to pay to the purchaser on the closing date
an amount equal to three times the monthly rent for that
Page: Previous 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 NextLast modified: May 25, 2011