- 35 -
beginning April 16, 1983, and ending June 30, 1985. If
the entries designated "current period" on the quarterly
statements for a particular year are added, the totals for
each year or part of a year during the period beginning
April 16, 1983, and ending June 30, 1985, are as follows:
4/16/83 to 1/1/84 to1/1/85 to
12/31/83 12/31/84 6/30/85
Revenue:
Rental income $265,635.60$306,577 $158,108
Interest income--general partner2,219.83 90 -0-
Other income 274.10 -0- -0-
Total revenue 268,129.53 306,667 158,108
Expenses:
Interest on first mortgage 386,821.70 546,197 273,062
Additional mortgage interest -0- -0- -0-
Other interest expense -0- -0- 2,106
Real estate taxes, insurance, HOA54,204.89 72,927 39,391
Audit fee 3,545.83 4,900 2,450
Repairs and maintenance 1,940.72 32,412 7,260
Property administration fee 21,675.00 30,778 15,300
Interest expense--general partner-0- 7,147 10,459
Rental commission 24,110.00 21,950 7,461
Legal fees 725.75 7,915 730
Other expenses 77.40 -0- 24
Total expenses 493,101.29 724,226 358,243
Net results of operations -224,971.76-417,559 -200,135
Taxable income (loss):
Net results of operations -224,971.76-417,559 -200,135
Plus: mortgage amortization -0- -0- -0-
Less: depreciation 122,625.76 173,120 86,560
Amortization of loan fees 11,808.84 16,672 8,336
Amortization of refinancing costs-0- -0- -0-
Accrued mortgage interest -0- -0- -0-
Taxable income (loss) -359,406.36-607,351 -295,031
The above amounts can be compared with the cash-flow
projection that was set out in the 83 offering memorandum
and is reproduced as appendix A.
As shown above, one of the expenses recorded as having
been paid on behalf of EA 83-XII during the quarters begin-
ning April 16, 1983, and ending June 30, 1985, is "interest
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