- 60 -
Thirty-five month interest only, thirteen months
amortizing on the leases [sic] of a thirty year
amortization schedule, six year level pay fully
amortizing, with no adjustments in the interest
rate during the life of the loan.
Each promissory note was secured by a deed of trust and was
covered by a private mortgage insurance policy. The record
does not contain the deeds of trust or documents relating
to the private mortgage insurance. At some time,
Philadelphia Savings Fund of Philadelphia acquired the
promissory notes that EA 84-III had issued to EMI and EMI
assigned each of the 40 deeds of trust to Philadelphia
Savings Fund of Philadelphia.
Set out below is a list of the 40 condominiums that
EA 84-III purchased together with the purchase price,
rental deficit contribution, rent advance, and loan amount:
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