- 31 -
Thereafter, the notes required EA 83-XII to pay monthly
installments of interest and principal for 5 years.
The notes required payment in full on January 1, 1993.
EA 83-XII executed an Allonge to Note dated March 1,
1983, for each of the 39 notes providing for a variable
interest rate for the second 5-year term. The Allonge to
Note extended the date for full payment of the indebtedness
to March 1, 1993. EA 83-XII also executed a mortgage on
the date of closing for each of the condominium units with
EA 83-XII as the mortgagor and EMI as the mortgagee. The
mortgages were modified on March 1, 1983, to reflect that
the maturity date of the notes had changed from January 1,
1993, to March 1, 1993.
Set out below is a list of the 39 condominium units
in the Paseos Castellanos complex that EA 83-XII purchased
from Babcock, together with the purchase price, the builder
fee, the rental deficit contribution, the rent advance, and
the amount borrowed with respect to each condominium unit:
Page: Previous 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 NextLast modified: May 25, 2011