- 33 -
statement is the amount of the loan proceeds. Set out
below is a summary of the settlement sheets for the
purchase of the 39 condominium units in Paseos Castellanos:
Paseos Castellanos Buyer Seller
Contract sales price $3,020,700.00 $3,020,700.00
Price adjustment 476.97 476.97
Other charges 30,934.87 -0-
Gross amount due 3,052,111.84 3,021,176.97
Principal amount of loans 2,869,625.00 -0-
Builder fee 205,407.60
Rent advance -0- 68,625.00
Rental deficit contribution-0- 587,676.00
Other credits -0- 141,575.39
Amount due from buyer 182,486.84
Amount due to seller 2,017,892.98
According to the settlement sheets, the aggregate principal
amount of the loans, $2,869,625, was credited as follows:
Buyer Seller Others Total
Settlement charges -0- -0- $30,934.87$30,934.87
Builder fee $205,407.60-0- -0- 205,407.60
Rent advance 68,625.00 -0- -0- 68,625.00
Rental deficit contribution587,676.00-0- -0- 587,676.00
Other credits -0- -0- 141,575.39141,575.39
Amount due from buyer-182,486.84-0- -0- -182,486.84
Amount due to seller -0- $2,017,892.98 -0-2,017,892.98
679,221.762,017,892.98 172,510.262,869,625.00
TMI issued a Commitment and Certificate of Insurance
dated January 11, 1983, under which it committed to issue
mortgage insurance for 25 percent of the first loss amount
with respect to the mortgage on each condominium unit.
Subsequently, EMI and CSL executed an Assignment of
Mortgage dated March 31, 1983, for each condominium unit
transferring their interest in each note to the National
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