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Business of the Partnership
The business of the Partnership has been and
shall be to acquire, directly or indirectly, own
and finance fee interests in certain improved
residential real properties and to hold such
properties for investment with the objective of
attaining maximum capital appreciation therein
and to engage in and perform all necessary and
proper acts and activities in connection there-
with including, but not limited to, operating,
managing, maintaining, leasing, mortgaging,
selling, exchanging or otherwise dealing with
such properties with the objective of distribut-
ing income generated thereby among the Partners
as provided for herein.
The 84 partnership agreement provides that EPIC's
"interest shall be deemed to be a one-percent (1%) share
in the partnership's capital contributions for which it
shall contribute" $12,267. In addition, the 84 partnership
agreement authorizes five enumerated classes of limited
partnership interest, classes A through E, and such
additional classes as are authorized by the general
partner.
The 84 partnership agreement states that one class A
unit, representing an aggregate capital contribution of
$132,918.89, was sold to four investors, one class B unit,
representing a capital contribution of $56,900, was sold
to one investor, and one class C unit, representing an
aggregate capital contribution of $208,750, was sold to
three investors. It also appears that thereafter two
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