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property as set forth on exhibit B. We refer to this
amount as the rent advance.
Under the rental purchase agreement, Fox & Jacobs
agreed to pay to EPIC 6.8 percent of the purchase price
of the properties. The rental purchase agreement provides
for this payment as a condition to "the obligation of
the Purchaser to purchase each of the Properties" in the
following terms:
On the Closing Date, Seller shall pay to
Equity Programs Investment Corporation a sum
equal to six and eight-tenths percent (6.8%)
of the Purchase Price of the Properties, and
the execution of this Agreement by Seller shall
constitute an irrevocable assignment to Equity
Programs Investment Corporation from the sale
proceeds of a sum sufficient to make the payment
due under Subparagraph 4.6.
We refer to this sum as the builder fee.
As a further condition to the purchaser's obligation
under the rental purchase agreement, Fox & Jacobs agreed
to pay to "the Purchaser a sum equal to the percentage as
set forth on Exhibit 'A' hereof of the purchase price of
each Property as a contribution towards rental deficits"
(referred to herein as the rental deficit contribution).
The percentages set forth on exhibit A attached to the
rental purchase agreement range from 16.38 to 17.90
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