Epic Associates 84-III, William C. Griffith, Jr. - Page 87

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             & 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                 

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