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The 16th promissory note and the related deed of trust are
similar to the others, except they refer to unit 101 of
The Reflections condominium complex, described below.
Purchase of 40 Condominiums Units in the Reflections
EPIC executed a Residential Rental Purchase Agreement
(rental purchase agreement), dated August 3, 1983, under
which it agreed to purchase a condominium complex located
in San Antonio, Texas, known as the Reflections from Pitman
Properties, Inc., and Japhet Properties, Inc. (herein
Pitman & Japhet), for $3,048,000. For each condominium
unit, there is attached to the agreement an exhibit B that
identifies the unit, lists the appliances and furnishings
included in the purchase price, and states the estimated
monthly rent for the unit.
The Reflections is a 40-unit condominium complex
which was new at the time of this transaction in 1983.
The complex is composed of seven buildings with a total of
40,356.85 square feet of net rentable living area located
on 2.233 acres. The units have fireplaces, parking spaces,
1,135 square feet of storage space, and patios, porches and
balconies. There is a pool and exterior landscaping, and
one side of the complex faces a man-made lake.
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