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Bank of Washington. Thus, shortly after EA 83-XII
purchased the subject properties from Babcock, National
Bank of Washington purchased the promissory notes that
EA 83-XII had issued to EMI. Ultimately, Westinghouse
Credit acquired the notes.
In summary, the aggregate contract prices of the
properties purchased by EA 83-XII, the aggregate rental
deficit contributions attributable to those properties,
and the aggregate amounts borrowed are as follows:
Contract Rent Deficit Loan
Price Contribution Amount
Raldon $485,995 -0- $461,675
Fox & Jacobs 394,600 $67,643 374,850
Babcock 3,020,700 587,676 2,869,625
Total 3,901,295 655,319 3,706,150
The 83 offering memorandum states that investors would
break even if the real properties acquired by EA 83-XII
appreciated at the annual rate of 7.99 percent over the
4-year period that the partnership planned to hold the
properties.
Financial Statements for EA 83-XII
The general partner prepared and circulated to the
limited partners quarterly statements for EA 83-XII
entitled "Results of Operations and Taxable Income (Loss)."
The record contains the statements for the nine quarters
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