Common use of Payment of Mortgage Investments Clause in Contracts

Payment of Mortgage Investments. Table IV is not included herein because none of the partnerships has completed its operations or disposed of all of its loans. Table VI (Descriptions of Open Mortgage Investments of Prior Limited Partnerships) is contained in Part II of the Registration Statement. Upon request, the General Partners shall provide without charge a copy of the most recent Form 10-K Annual Report filed with the Securities and Exchange Commission by any prior public program that has reported to the Securities and Exchange Commission within the last twenty-four months. Exhibits to any Annual Report on Form 10-K may be obtained upon payment of a fee sufficient to cover the copying costs. No Major Adverse Developments. There have been no major adverse business developments or conditions experienced by any of the prior limited partnerships that would be material to prospective investors in the Partnership. While the Tax Reform Act of 1986 made a number of changes to the tax laws, some dealing with limitations on interest deductions, it is not expected to have a material adverse effect upon the performance of the prior limited partnerships. In fact, since the deductibility of residential mortgage interest is one of the few deductible items of interest remaining, the Tax Reform Act of 1986 may in fact enhance the utility of residential mortgage loans of the type offered by these limited partnerships. Prior Public Partnerships. In addition to the Partnership, the General Partners have previously sponsored two public partnership registered under the Securities Act of 1933. These partnerships are RMI VI and RMI VII. Three Year Summary of Mortgage Investments Originated by Prior Limited Partnerships. During the three-year period ending June 30, 1996, Mortgage Investments were made by prior programs with investment objectives similar to those of the Partnership. The following table provides a summary of the Mortgage Investments originated for the three-year period as of June 30, 1996. The last column of the following chart reflects total Mortgage Investment balances on all loans for each prior program including those which originated prior to the three (3) year period ending June 30, 1996. The following tables do not include information regarding the Partnership and its existing Mortgage Investment portfolio. ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- Name of Partnership Number of Estimated Total Amount of Outstanding Mortgage Total Outstanding Mortgage Mortgage Investment Investment Balances Mortgage Investments as Investments Originated 7/1/93 to of 06/30/96 6/30/96 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- CMI 20 $1,833,266.67 $1,227,711.55 $1,647,476.61 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- RXX 00 $1,308,542.94 $863,255.49 $1,138,168.22 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- RMI II 15 $1,088,733.18 $445,064.77 $725,978.94 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- RMI III 10 $820,383.27 $796,568.73 $1,244,106.12 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- RMI IV 28 $6,515,657.58 $4,839,848.80 $8,344,059.66 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- RXX X 00 $1,984,598.35 $1,507,214.52 $3,698,939.83 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- RXX XX 00 $7,835,488.84 $5,328,453.81 $9,879,967.86 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- RXX XXX 00 $14,858,725.21 $7,944,672.89 $12,156,040.77 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- TOTAL 191 $36,245,396.04 $22,952,790.56 $38,834,738.01 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- A further breakdown of these Mortgage Investments according to the type of deed of trust, the location of the property securing the Mortgage Investments, and the type of property securing the Mortgage Investment is provided below: Loans First Trust Deeds $17,771,450.00 Second Trust Deeds 17,519,946.04 Third Trust Deeds 554,000.00 Fourth Trust Deeds 400,000.00 ------------------ Total $36,245,396.04 ================= Xxxxxxxx xx Xxxxx Xxxxx Xxxxx Xxxxxx $10,010,312.62 San Mateo County 5,883,925.00 Alameda County 5,430,458.42 San Francisco County 4,587,750.00 Stanislaus 3,478,750.00 Contra Costa County 3,088,000.00 Santa Bxxxxxx 525,000.00 Sonoma 409,500.00 Marin 400,500.00 Monterey 397,000.00 Sacramento County 355,000.00 Mendocino 300,000.00 San Jxxxxxx 275,000.00 Yuba 269,000.00 Shasta 225,000.00 San Lxxx Obispo 200,000.00 Santa Cxxx County 100,000.00 Sxxxxx 60,000.00 Other Counties * 250,200.00 --------------- Total $36,245,396.04 =============== Type of Property Owner Occupied Homes $4,273,069.04 Non-Owner Occupied 3,044,000.00 Commercial 20,482,077.00 Raw Land 3,250,500.00 Apartments 5,195,750.00 ------------- Total $36,245,396.04 ================ *El Dorado *Napa *Mariposa *Axxxxx MANAGEMENT

Payment of Mortgage Investments. Table IV is not included herein because none of the partnerships has completed its operations or disposed of all of its loans. Table VI (Descriptions of Open Mortgage Investments of Prior Limited Partnerships) is contained in Part II of the Registration Statement. Upon request, the General Partners shall provide without charge a copy of the most recent Form 10-K Annual Report filed with the Securities and Exchange Commission by any prior public program that has reported to the Securities and Exchange Commission within the last twenty-four months. Exhibits to any Annual Report on Form 10-K may be obtained upon payment of a fee sufficient to cover the copying costs. No Major Adverse Developments. There have been no major adverse business developments or conditions experienced by any of the prior limited partnerships that would be material to prospective investors in the Partnership. While the Tax Reform Act of 1986 made a number of changes to the tax laws, some dealing with limitations on interest deductions, it is not expected to have a material adverse effect upon the performance of the prior limited partnerships. In fact, since the deductibility of residential mortgage interest is one of the few deductible items of interest remaining, the Tax Reform Act of 1986 may in fact enhance the utility of residential mortgage loans of the type offered by these limited partnerships. Prior Public Partnerships. In addition to the Partnership, the General Partners have previously sponsored two public partnership registered under the Securities Act of 1933. These partnerships are RMI VI and RMI VII. Three Year Summary of Mortgage Investments Originated by Prior Limited Partnerships. During the three-year period ending June 30, 1996, Mortgage Investments were made by prior programs with investment objectives similar to those of the Partnership. The following table provides a summary of the Mortgage Investments originated for the three-year period as of June 30, 1996. The last column of the following chart reflects total Mortgage Investment balances on all loans for each prior program including those which originated prior to the three (3) year period ending June 30, 1996. The following tables do not include information regarding the Partnership and its existing Mortgage Investment portfolio. ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- ------- Name of Partnership Number of Estimated Total Amount of Outstanding Mortgage Total Outstanding Partnership Mortgage Mortgage Investment Amount of Investment Balances Outstanding Investments Mortgage Investments as Investments Originated 7/1/93 to Mortgage Investment 6/30/96 Investments as of 06/30/96 6/30/96 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- CMI 20 $1,833,266.67 $1,227,711.55 $1,647,476.61 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- RXX 00 $1,308,542.94 $863,255.49 $1,138,168.22 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- RMI II 15 $1,088,733.18 $445,064.77 $725,978.94 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- RMI III 10 $820,383.27 $796,568.73 $1,244,106.12 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- RMI IV 28 $6,515,657.58 $4,839,848.80 $8,344,059.66 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- RXX X 00 $1,984,598.35 $1,507,214.52 $3,698,939.83 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- RXX XX 00 $7,835,488.84 $5,328,453.81 $9,879,967.86 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- RXX XXX 00 $14,858,725.21 $7,944,672.89 $12,156,040.77 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- TOTAL 191 $36,245,396.04 $22,952,790.56 $38,834,738.01 ------------------------- ---------------- ---------------------------- ---------------------------- -------------------------- A further breakdown of these Mortgage Investments according to the type of deed of trust, the location of the property securing the Mortgage Investments, and the type of property securing the Mortgage Investment is provided below: Loans First Trust Deeds $17,771,450.00 Second Trust Deeds 17,519,946.04 Third Trust Deeds 554,000.00 Fourth Trust Deeds 400,000.00 ------------------ Total $36,245,396.04 ================= Xxxxxxxx xx Xxxxx Xxxxx Xxxxx Xxxxxx $10,010,312.62 San Mateo County 5,883,925.00 Alameda County 5,430,458.42 San Francisco County 4,587,750.00 Stanislaus 3,478,750.00 Contra Costa County 3,088,000.00 Santa Bxxxxxx 525,000.00 Sonoma 409,500.00 Marin 400,500.00 Monterey 397,000.00 Sacramento County 355,000.00 Mendocino 300,000.00 San Jxxxxxx 275,000.00 Yuba 269,000.00 Shasta 225,000.00 San Lxxx Obispo 200,000.00 Santa Cxxx County 100,000.00 Sxxxxx 60,000.00 Other Counties * 250,200.00 --------------- Total $36,245,396.04 =============== Type of Property Owner Occupied Homes $4,273,069.04 Non-Owner Occupied 3,044,000.00 Commercial 20,482,077.00 Raw Land 3,250,500.00 Apartments 5,195,750.00 ------------- Total $36,245,396.04 ================ *El Dorado *Napa *Mariposa *Axxxxx MANAGEMENT-------