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CLOSING STATEMENT <br />SELLER: GSC Housing Corporation <br />PURCHASER: Merry Land & Investment Company, Inc. <br />ESCROW AGENT: Chicago Title Insurance Company <br />EFFECTIVE DATE: August 8, 1991 <br />PROPERTY: Timber Hollows Apartments, Chapel Hill, North <br />Carolina <br />Purchase Price <br />Seller Charges: <br />Guaranty Federal Savings Bank <br />United Properties Co. <br />John M. Bollinger <br />Documentary Stamps <br />Recording Deed /Cancellations(Est.) <br />Taxes - 1/1- 8/7/91(.6 X .8 X $128,085) <br />Security Deposits <br />Prepaid Rents <br />Accrued Expenses <br />Estimated Clubhouse Repairs <br />Total Seller Charges: <br />Net: <br />Seller Credits: <br />Prepaid Expenses <br />Total Seller Credits: <br />Net Proceeds to Seller: <br />$6,100,000.00 <br />$5,696,743.90 <br />$ 68,000.00 <br />$ 68,000.00 <br />$ 12,200.00 <br />$ 50.00 <br />$ 61,480.00 <br />$ 37,375.00 <br />$ 55,685.26 <br />$ 662.84 <br />$ 99,803.00 <br />$6,100,000.00 $ -0- <br />Page 1 of_3 <br />$ -0- <br />-0- <br />-0- $ -0- <br />QM <br />