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Percentage of
Projected Annual Income Amount Total Income
Rental income (less 20%
vacancy & expense factor) $231,293 100.00
Total projected income 231,293 100.00
Annual Operating Expenditures
Aggregate first mortgage
principal & interest 502,217 217.14
Real estate taxes 72,617 31.40
Insurance & homeowner's
association dues 12,511 5.41
Audit expenses 4,945 2.14
Property administration fee 33,000 14.27
Allowance for maintenance
& repairs 19,783 8.55
Additional interest 17,335 7.49
Total projected cash
expenditures 662,408 286.40
Projected operating deficits 431,115186.40
The 84 offering memorandum also includes a cash-flow
analysis for EA 84-III from October 1, 1983, through
December 31, 1987, as set forth in appendix B to this
opinion.
In the 84 offering memorandum, it was contemplated
that EPIC would finance the partnership's operating
deficits by advancing funds to the partnership. The 84
partnership agreement provides that EA 84-III would pay
interest on all unsecured advances of funds by the
general partner at the rate of 15 percent per annum. The
84 partnership agreement permits the partnership to advance
to the general partner any funds that were not distributed
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