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issued by EA 84-III in connection with its purchase of the
15 properties from U.S. Home. EMI made the assignment in
documents entitled Assignment of Deed of Trust that are
dated November 29, 1983. In the same instruments, CSL
further assigned to the National Bank of Washington its
interest as holder of each promissory note under the
related deed of trust. This documents the fact that
shortly after EA 84-III purchased the subject properties
from U.S. Home, National Bank of Washington purchased the
promissory notes that EA 84-III had issued to EMI. Salomon
Brothers, Inc., ultimately acquired the deeds of trust for
all of the 15 properties.
As general partner of EA 84-III, EPIC executed 16
promissory notes dated February 1, 1985. Each of the
notes was payable to CSL in the principal amount of $5,000,
a total of $80,000. Under each of the promissory notes,
EA 84-III promised to pay monthly installments of interest
only on the unpaid principal balance at the annual rate
of 15 percent with the principal due and payable on
February 1, 1987. Fifteen of the promissory notes were
secured by deeds of trust on the 15 properties described
above. Each of the deeds of trust states that it is
"subordinate to the lien of the institutional first deed
of trust which was recorded prior to this Deed of Trust".
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