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Each nonrecourse promissory note was secured by a deed
of trust bearing the closing date. The deeds of trust were
recorded in the land records of Ector County, Texas, on
January 14, 1983. Each deed of trust was amended on
March 1, 1983, to reflect the changes made by the Allonge
to Note. A mortgage insurance company, TMI, issued a
Commitment and Certificate of Insurance dated January 7,
1983, providing mortgage insurance for 25 percent of the
first loss amount with respect to the mortgage on each of
the properties.
Set out below is a list of the seven houses that
EA-XII purchased from Fox & Jacobs, Inc., together with
the purchase price, the builder fee, the rental deficit
contribution, the rent advance, and the amount borrowed
with respect to each property:
Purchase Builder Rental Deficit Rent
Fox & Jacobs, Inc.Price Fee ContributionAdvance Loan
1612 Hemphill Ave. $57,400$3,903.20 $10,039 $1,725 $54,525
1921 W. 17th St.54,000 3,672.00 8,847 1,725 51,300
1716 Coronado Ave. 56,9003,869.20 9,864 1,725 54,050
1720 Coronado Ave. 59,4004,039.20 10,635 1,725 56,425
1728 Coronado Ave. 54,0003,672.00 8,847 1,725 51,300
1700 Linda Ave. 56,900 3,869.20 9,864 1,725 54,050
1916 Hollywood Dr.56,000 3,808.00 9,547 1,725 53,200
Subtotal 394,600 26,832.80 67,643 12,075 374,850
A settlement statement was prepared for the sale of
each property. In each case, the statement shows the above
purchase price as the "contract sales price" of the
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