Document:

Exhibit 10.3

 

EXEUCTION VERSION

 

This TERMINATION OF INTERCREDITOR AGREEMENT, dated as of December 1, 2015 (this “Termination Agreement”), is entered into in connection with the Intercreditor Agreement, dated as of November 1, 2004 (the “Intercreditor Agreement”), among (i) Ford Motor Credit Company LLC, as Titling Company Administrator and an Interest Holder, (ii) CAB East LLC, CAB West LLC, FCALM, LLC and Ford Credit Titling Trust, as Titling Companies, (iii) CAB East Holdings, LLC, CAB West Holdings, LLC, FCALM Holdings, LLC, FCTT Holdings, LLC and Ford Credit Auto Lease LLC, as Multiple-Use SPVs and Interest Holders, (iv) U.S. Bank National Association, as Titling Company Trustee/Registrar, (v) Ford Credit Auto Lease Trust 2004-A, as an Interest Holder, (vi) JPMorgan Chase Bank, N.A., as 2004-A Indenture Trustee and an Interest Holder and (vii) the other Persons becoming party to the Intercreditor Agreement pursuant to a Joinder Agreement.  Capitalized terms used but not defined in this Termination Agreement are defined in the Intercreditor Agreement.

 

BACKGROUND

 

The Intercreditor Agreement was entered into by the parties to establish the rights of the Interest Holders in the Specified Interests and related Specified Assets of the Original Titling Companies, including the Initial Specified Interest and the Collateral Specified Interest.

 

No Titling Companies other than the Original Titling Companies are or have been party to the Intercreditor Agreement, and Ford Credit Titling Trust, FCTT Holdings, LLC and Ford Credit Auto Lease LLC are no longer in existence.  No Titling Company has designated a Specified Interest other than the Initial Specified Interest and the Collateral Specified Interest.  All Specified Assets held by each remaining Original Titling Company have been allocated to the Collateral Specified Interest, and no Specified Assets remain outstanding and in existence under the Initial Specified Interest of any Original Titling Company.

 

The 2004-A Certificates represented the Initial Specified Interests of each Original Titling Company and were held by the 2004-A Trust.  The 2004-A Trust has no remaining assets, the Securities issued under the 2004-A Trust Agreement are no longer outstanding and JPMorgan Chase Bank, N.A. is no longer serving as 2004-A Indenture Trustee.

 

The parties intend to terminate the Intercreditor Agreement because the stated purposes of the Intercreditor Agreement are no longer relevant.

 

The parties agree as follows:

 

1.                                      Termination of Intercreditor Agreement.  The Intercreditor Agreement is terminated effective as of the date of this Termination Agreement, and is of no further force or effect.

 

2.                                      Certifications.  Ford Credit, as Titling Company Administrator and Interest Holder, certifies as follows:

 

(a)                                 Ford Credit Titling Trust, FCTT Holdings, LLC and Ford Credit Auto Lease LLC have each been dissolved and are no longer in existence.

 

 

(b)                                 The Securities issued by the 2004-A Trust under the 2004-A Trust Agreement were paid in full and are no long outstanding.  The 2004-A Trust has been dissolved and is no longer in existence.  JPMorgan Chase Bank, N.A. has been terminated as 2004-A Trustee and no longer acts in that capacity.

 

(c)                                  The Initial Specified Interest of each Original Titling Company has been terminated and is no longer in existence.  As of the date of this Agreement, the Collateral Specified Interest of each Original Titling Company is the only Specified Interest of each Original Titling Company.

 

3.                                      Indemnification.  Ford Credit, as Titling Company Administrator and Interest Holder, will indemnify the Titling Company Trustee/Registrar and each Interest Holder (each, an “Indemnified Person”) for all fees, expenses, losses, damages and liabilities incurred by an Interest Holder as a result of the termination of the Intercreditor Agreement.

 

[Remainder of Page Left Blank]

 

2

 

EXECUTED BY:

 

	
 
    	
FORD MOTOR CREDIT   COMPANY LLC,
    
	
 
    	
as   Titling Company Administrator and Interest Holder
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ David A. Webb
    
	
 
    	
 
    	
Name:
    	
David A. Webb
    
	
 
    	
 
    	
Title:
    	
Assistant Treasurer
    
	
 
    	
 
    
	
 
    	
CAB EAST LLC,
    
	
 
    	
as   an Original Titling Company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Susan J. Thomas
    
	
 
    	
 
    	
Name:
    	
Susan J. Thomas
    
	
 
    	
 
    	
Title:
    	
Secretary
    
	
 
    	
 
    
	
 
    	
CAB WEST LLC,
    
	
 
    	
as   an Original Titling Company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Susan J. Thomas
    
	
 
    	
 
    	
Name:
    	
Susan J. Thomas
    
	
 
    	
 
    	
Title:
    	
Secretary
    
	
 
    	
 
    
	
 
    	
FCALM, LLC,
    
	
 
    	
as   an Original Titling Company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Susan J. Thomas
    
	
 
    	
 
    	
Name:
    	
Susan J. Thomas
    
	
 
    	
 
    	
Title:
    	
Secretary
    

 

[Signature Page to Termination of Intercreditor Agreement]

 

 

	
 
    	
CAB EAST HOLDINGS, LLC,
    
	
 
    	
as a   Multiple-Use SPV and Interest Holder
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Susan J. Thomas
    
	
 
    	
 
    	
Name:
    	
Susan J. Thomas
    
	
 
    	
 
    	
Title:
    	
Secretary
    
	
 
    	
 
    
	
 
    	
CAB WEST HOLDINGS, LLC,
    
	
 
    	
as a   Multiple-Use SPV and Interest Holder
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Susan J. Thomas
    
	
 
    	
 
    	
Name:
    	
Susan J. Thomas
    
	
 
    	
 
    	
Title:
    	
Secretary
    
	
 
    	
 
    
	
 
    	
FCALM HOLDINGS, LLC,
    
	
 
    	
as a   Multiple-Use SPV and Interest Holder
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Susan J. Thomas
    
	
 
    	
 
    	
Name:
    	
Susan J. Thomas
    
	
 
    	
 
    	
Title:
    	
Secretary
    
	
 
    	
 
    
	
 
    	
FORD CREDIT AUTO LEASE   TWO LLC,
    
	
 
    	
as a party to   the Intercreditor Agreement pursuant to a Joinder Agreement
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Susan J. Thomas
    
	
 
    	
 
    	
Name:
    	
Susan J. Thomas
    
	
 
    	
 
    	
Title:
    	
Secretary
    

 

[Signature Page to Termination of Intercreditor Agreement]

 

 

	
 
    	
U.S. BANK NATIONAL   ASSOCIATION,
    
	
 
    	
as   Titling Company Trustee/Registrar
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Melissa A. Rosal
    
	
 
    	
 
    	
Name:
    	
Melissa A. Rosal
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    
	
 
    	
EACH   FORD CREDIT AUTO LEASE TRUST LISTED ON EXHIBIT A, as a party to the   Intercreditor Agreement pursuant to a Joinder Agreement
    
	
 
    	
 
    
	
 
    	
By: 
    	
U.S. BANK NATIONAL   ASSOCIATION,
    
	
 
    	
 
    	
not in its individual   capacity, but solely as Owner Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles Gallagher
    
	
 
    	
 
    	
Name:
    	
Charles Gallagher
    
	
 
    	
 
    	
Title:
    	
Asst. Vice President
    
	
 
    	
 
    
	
 
    	
THE BANK OF NEW YORK   MELLON,
    
	
 
    	
not in its   individual capacity, but solely as Indenture Trustee for each of the Ford   Credit Auto Lease Trusts listed on Exhibit A, as a party to the Intercreditor   Agreement pursuant to a Joinder Agreement
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Esther Antoine
    
	
 
    	
 
    	
Name:
    	
Esther Antione
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

[Signature Page to Termination of Intercreditor Agreement]

 

 

Exhibit A

 

Ford Credit Auto Lease Trust 2010-WH1

Ford Credit Auto Lease Trust 2011-WH1

Ford Credit Auto Lease Trust 2011-WH2

Ford Credit Auto Lease Trust 2012-A

Ford Credit Auto Lease Trust 2012-B

Ford Credit Auto Lease Trust 2012-WH1

Ford Credit Auto Lease Trust 2013-A

Ford Credit Auto Lease Trust 2013-B

Ford Credit Auto Lease Trust 2013-WH1

Ford Credit Auto Lease Trust 2014-A

Ford Credit Auto Lease Trust 2014-B

Ford Credit Auto Lease Trust 2014-WH1

Ford Credit Auto Lease Trust 2014-WH2

Ford Credit Auto Lease Trust 2014-WH3

Ford Credit Auto Lease Trust 2015-A

Ford Credit Auto Lease Trust 2015-B

Ford Credit Auto Lease Trust 2015-WH1

Ford Credit Auto Lease Trust 2015-WH2AHIT-Valfre, LP	 	 	 	 	 	 	 	 	 	 
	Debt Rollforward	 	 	 	 	 	 	 	 	 	 
	Sep 30, 2015	 	 	 	 	 	 	 	 	 	 
	 	 	 	Per Promissory Notes
	 	 	 	Holder	Date of Note	Date debt is assumed	Interest	Monthly payment	Escrow	Maturity	9/30/2015
	Loans	 	 	 	 	 	 	 	 	 	 
	 	Apple Tree	 	Ocwen	Mar 17, 2003	8/5/15	5.000%	$    827.01	$    163.10	4/1/18	       21,087.30
	 	Stonehaven	 	NationalStar	Aug 25, 2003	8/5/15	3.125%	$    459.50	$    202.28	9/1/33	       77,142.91
	 	Stonehaven	 	Compass	Jan 13, 2005	8/5/15	2.760%	n/a	$           -  	1/13/40	       50,214.71
	 	Beck	 	Bank of America	Jun 26, 2014	8/5/15	4.125%	$    741.12	$    193.90	7/1/29	       93,209.52
	 	Beck	 	SLS	Mar 9, 2007	8/5/15	3.625%	n/a	$           -  	HELOC	       46,112.62
	 	Capercaille	 	Regions	Aug 22, 2005	8/5/15	3.125%	$    795.38	$    253.57	10/1/35	     141,810.76
	 	Valley Quail	 	Flagstar	Oct 4, 2011	8/5/15	4.500%	$    803.24	$    225.05	11/1/26	       83,996.61
	 	Shadow Pines	 	NationalStar	Oct 4, 2011	8/5/15	2.875%	$    635.40	$    270.27	12/1/34	     112,255.63
	 	Shadow Pines	 	Ocwen	unknown	8/5/15	4.375%	n/a	$           -  	1/1/22	       16,684.90
	 	Sage Hills	 	Wells Fargo	Jun 6, 2011	8/5/15	5.250%	$ 1,631.76	$    445.93	7/1/41	     276,180.43
	 	Sage Hills	 	Green Tree / ditech	Jul 19, 2007	8/5/15	8.250%	$    285.48	$           -  	HELOC	       34,626.92
	 	San Clemente	 	Penny Mac	May 22, 2013	8/5/15	4.125%	$    672.45	$    266.78	6/1/43	     133,009.98
	 	Raptor	 	Penny Mac	May 21, 2013	8/5/15	4.125%	$    574.31	$    254.98	6/1/43	     113,589.16
	 	 	 	 	 	 	 	 	 	 	  1,199,921.45

 

    	-1- 

    	 

    

 

	American Realty Partners	 	 	 	 	 	 	 	 
	Loans	 	 	 	 	 	 	 	 
	As of November 16, 2015	 	 	 	 	 	 	 	 
	Loans	Principal
    Amount	Holder	Date of Note	Date debt is assumed	Interest	Monthly payment	Escrow	Maturity
	Kingston Cove Ln #155; 1642	54,448.63	PHH Mortgage	 	6/30/2014	3%	321.86	147.19	2/1/2034
	Kingston Cove Ln #252; 0453	75,192.07	PHH Mortgage	 	6/30/2014	3%	444.96	170.56	2/1/2034
	Kingston Cove Ln #254; 1592	75,814.37	PHH Mortgage	 	6/30/2014	3%	448.51	169.84	2/1/2034
	PAJ: Owens, 3525W	180,000	PAJ	5/27/2015	 	16%	2,400.00	 	11/27/2015
	Lead Funding 68th Street; 4630 #218	80,000	Lead	7/8/2015	 	12%	800.00	 	7/8/2016
	Total Loans	$ 465,455.07	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	After ARP Borrower II payoff excluding Key Bank	 	 	 	 	 	 	 	 

 

    	-2- 

    	 

    

 

	Address	City	State	Zip	Allocated Loan Amount	Interest Rate	Monthly P&I Payment	Monthy Tax Escrow	Monthly Insurance Escrow	Total PITI Monthly Payment	Maturity Date
	14542 W Yosemite Dr	Sun City West	AZ	85375	$99,991.00	5.880%	$591.80	$97.90	$38.55	$728.25	12/1/2020
	11637 W Citrus Grove Way	Avondale	AZ	85392	$86,163.00	5.880%	$509.96	$102.52	$35.33	$647.82	12/1/2020
	2233 W Clearview Trl	Anthem	AZ	85086	$180,835.00	5.880%	$1,070.29	$267.88	$62.52	$1,400.68	12/1/2020
	3666 W. Thalia Court	Anthem	AZ	85086	$103,182.00	5.880%	$610.69	$136.59	$52.95	$800.23	12/1/2020
	3559 W Morse Ct	Anthem	AZ	85086	$122,330.00	5.880%	$724.02	$161.01	$46.06	$931.09	12/1/2020
	515 Shalimar Dr	Prescott	AZ	86303	$172,857.00	5.880%	$1,023.07	$162.45	$67.71	$1,253.22	12/1/2020
	3340 W King Dr	Anthem	AZ	85086	$117,011.00	5.880%	$692.54	$178.30	$50.36	$921.19	12/1/2020
	7801 N 32nd Dr	Phoenix	AZ	85051	$85,631.00	5.880%	$506.81	$95.46	$38.37	$640.64	12/1/2020
	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	$968,000.00	5.880%	$5,729.18	$1,202.10	$391.84	$7,323.12	12/1/2020
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Base payment on $968,000.00 (principal & interest) is $5,729.18 (5.880%) and then taxes of $1,803.16 and insurance of $522.45, for an estimated monthly payment of $8,054.79.

 

    	-3- 

    	 

    

 

	 	 	 	 	Holder	Date of Note	Date debt is assumed	Interest	Monthly payment	Escrow	Maturity	9/30/15
Principal
	41204 N Congressional Dr	Anthem	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	1,598.53	 	11/1/2019	166,299.98
	40255 N Faith Lane	Phoenix	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	836.00	 	11/1/2019	86,972.05
	2378 W Firethorn Way	Anthem	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	881.29	 	11/1/2019	91,683.04
	1819 W Owens Way	Anthem	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	631.88	 	11/1/2019	65,736.37
	8457 W Quail Track Drive	Peoria	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	767.21	 	11/1/2019	79,814.97
	3539 W Sousa Court	Anthem	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	668.80	 	11/1/2019	69,577.64
	3030 W Villa Cassandra Drive	Phoenix	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	627.00	 	11/1/2019	65,229.04
	14646 N 90th Dr	Peoria	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	853.42	 	11/1/2019	88,783.97
	42708 N Livingstone Way	Anthem	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	1,003.21	 	11/1/2019	104,366.46
	2514 W Memorial Drive	Anthem	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	748.92	 	11/1/2019	77,912.46
	3545 W Sousa Court	Anthem	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	741.95	 	11/1/2019	77,187.69
	14296 E Thoroughbred Trail	Scottsdale	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	1,227.53	 	11/1/2019	127,703.96
	40629 N Apollo Way	Anthem	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	647.90	 	11/1/2019	67,403.34
	6241 E Camelot Drive	Mesa	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	1,149.51	 	11/1/2019	119,586.57
	42424 N Gavilan Peak Pkwy #21206	Anthem	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	428.45	 	11/1/2019	44,573.18
	3401 W Thoreau Ln	Anthem	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	731.50	 	11/1/2019	76,100.54
	2518 W Warren Dr	Anthem	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	685.12	 	11/1/2019	93,683.39
	4320 W Diburgo Dr	New River	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	900.52	 	11/1/2019	71,274.68
	1102 W Glendale Ave, #122	Phoenix	AZ	ARP Borrower, LLC.	First Key	10/17/2014	 	5.371%	797.37	 	11/1/2019	82,951.04
	 	 	 	 	 	 	 	 	15,926.11	 	 	1,656,840.37

 

    	-4- 

    	 

    

 

	 
	Property Details	Revenue	Annual Expenses
	 	Property Type	Address	City	State	Purchase Date	Purchase Price	Rehab	Total Investment	Year Built	Monthly Rent	Annual Rent	ROI	Annual Property Taxes	Annual Property Insurance	Annual HOA Fees	Total Expenses (Taxes, HOA, Insurance)	Bed Count	Bath Count	Approx. Unit Size (SF)	Book  Value	Total Cash Flow	Lender	Entity Holder
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1	Comm	2525 W Carefree Hwy	Phoenix	AZ	2/28/2011	$159,000.00	$60,844	$219,844	2006	Office	 	0.00%	$4,190	$500	$7,380	$12,070	0	0	2573	$219,844	-$12,070	n/a	American Realty Partners, LLC
	2	SFR	41204 N Congressional Dr	Anthem	AZ	3/25/2011	$372,000.00	$21,783	$393,783	2003	$0	$0	0.00%	$5,009	$1,098	$3,938	$10,045	4	3.5	2981	$393,783	-$10,045	First Key	ARP Borrower, LLC.
	3	SFR	40255 N Faith Lane	Phoenix	AZ	3/24/2011	$135,100.00	$11,304	$146,404	2000	$1,500	$18,000	12.29%	$2,339	$462	$1,016	$3,817	4	3	1859	$146,404	$14,183	First Key	ARP Borrower, LLC.
	4	SFR	2378 W Firethorn Way	Anthem	AZ	8/31/2012	$211,000.00	$3,300	$214,300	2001	$1,300	$15,600	7.28%	$2,037	$658	$3,938	$6,633	3	2	2039	$214,300	$8,967	First Key	ARP Borrower, LLC.
	5	Lots	W Joy Ranch Rd - 3 Lots	Phoenix	AZ	7/26/2012	$140,000.00	$166,482	$306,482	2014	$0	$0	0.00%	$2,438	$0	$0	$2,438	0	0	32670	$306,482	-$2,438	n/a	American Realty Partners, LLC
	6	SFR	1819 W Owens Way	Anthem	AZ	5/17/2012	$149,000.00	$22,863	$171,863	2004	$1,300	$15,600	9.08%	$1,723	$493	$3,938	$6,154	2	2	1454	$171,863	$9,446	First Key	ARP Borrower, LLC.
	7	SFR	8457 W Quail Track Drive	Peoria	AZ	11/17/2012	$156,000.00	$2,350	$158,350	2004	$1,150	$13,800	8.71%	$1,771	$530	$600	$2,901	3	2	1828	$158,350	$10,899	First Key	ARP Borrower, LLC.
	8	SFR	3539 W Sousa Court	Anthem	AZ	4/17/2012	$142,900.00	$4,566	$147,466	2000	$1,000	$12,000	8.14%	$1,717	$477	$1,016	$3,210	3	2	1567	$147,466	$8,790	First Key	ARP Borrower, LLC.
	9	SFR	3030 W Villa Cassandra Drive	Phoenix	AZ	7/27/2012	$136,200.00	$7,975	$144,175	2003	$1,000	$12,000	8.32%	$1,550	$460	$598	$2,608	3	2.5	1642	$144,175	$9,392	First Key	ARP Borrower, LLC.
	10	SFR	14646 N 90th Dr	Peoria	AZ	5/18/2012	$217,000.00	$0	$217,000	1994	$1,433	$17,196	7.92%	$2,155	$674	$1,377	$4,206	4	2	2018	$217,000	$12,990	First Key	ARP Borrower, LLC.
	11	SFR	42708 N Livingstone Way	Anthem	AZ	9/14/2012	$209,000.00	$10,120	$219,120	2003	$1,600	$19,200	8.76%	$2,540	$655	$1,016	$4,211	4	2.75	2295	$219,120	$14,989	First Key	ARP Borrower, LLC.
	12	SFR	2514 W Memorial Drive	Anthem	AZ	3/29/2012	$146,700.00	$2,200	$148,900	2003	$1,200	$14,400	9.67%	$1,939	$489	$1,016	$3,443	3	2	1827	$148,900	$10,957	First Key	ARP Borrower, LLC.
	13	SFR	3545 W Sousa Court	Anthem	AZ	6/15/2012	$184,500.00	$1,500	$186,000	2003	$1,260	$15,120	8.13%	$2,110	$589	$1,016	$3,715	4	2.5	2140	$186,000	$11,405	Lead Funding	ARP Borrower, LLC.
	14	SFR	14296 E Thoroughbred Trail	Scottsdale	AZ	1/31/2012	$271,304.00	$17,127	$288,431	1998	$1,950	$23,400	8.11%	$2,651	$826	$414	$3,891	3	2	2582	$288,431	$19,509	First Key	ARP Borrower, LLC.
	15	SFR	40629 N Apollo Way	Anthem	AZ	4/24/2013	$157,000.00	$3,858	$160,858	1999	$1,150	$13,800	8.58%	$1,616	$514	$1,016	$3,146	3	2	1403	$160,858	$10,654	First Key	ARP Borrower, LLC.
	16	SFR	6241 E Camelot Drive	Mesa	AZ	4/30/2013	$290,000.00	$6,872	$296,872	1987	$1,900	$22,800	7.68%	$2,843	$873	$0	$3,716	4	2.6	2677	$296,872	$19,084	First Key	ARP Borrower, LLC.
	17	Condo	42424 N Gavilan Peak Pkwy #21206	Anthem	AZ	5/13/2013	$106,500.00	$4,775	$111,275	2004	$0	$0	0.00%	$1,079	$381	$3,542	$5,002	2	2	1204	$111,275	-$5,002	First Key	ARP Borrower, LLC.
	18	SFR	3401 W Thoreau Ln	Anthem	AZ	4/24/2013	$175,268.00	$10,226	$185,494	2000	$1,260	$15,120	8.15%	$2,036	$563	$1,016	$3,615	3	2	1798	$185,494	$11,505	First Key	ARP Borrower, LLC.
	19	SFR	2518 W Warren Dr	Anthem	AZ	2/25/2014	$190,000.00	$0	$190,000	2002	$1,250	$15,000	7.89%	$1,888	$602	$1,016	$3,506	4	2	1827	$190,000	$11,494	First Key	ARP Borrower, LLC.
	20	SFR	4320 W Diburgo Dr	New River	AZ	2/28/2014	$240,000.00	$11,171	$251,171	2007	$1,900	$22,800	9.08%	$2,082	$742	$1,016	$3,840	4	2	2369	$251,171	$18,960	First Key	ARP Borrower, LLC.
	21	Townhome	1102 W Glendale Ave, #122	Phoenix	AZ	3/7/2014	$192,000.00	$0	$192,000	2002	$1,230	$14,760	7.69%	$2,677	$603	$2,832	$6,112	3	2.5	1809	$192,000	$8,648	First Key	ARP Borrower, LLC.
	22	Condo	7041 Kingston Cove Ln #155	Willis	TX	7/2/2014	$84,391.06	$0	$84,391	1985	$770	$9,240	10.95%	$1,774	$200	$2,640	$4,614	1	1	720	$84,391	$4,626	Exchnage	American Realty Partners, LLC
	23	Condo	7041 Kingston Cove Ln #252	Willis	TX	1/2/2014	$118,147.50	$28,255	$146,403	1985	$1,150	$13,800	9.43%	$2,047	$200	$2,640	$4,887	2	2	1101	$146,403	$8,913	Exchnage	American Realty Partners, LLC
	24	Condo	7041 Kingston Cove Ln #254	Willis	TX	7/2/2014	$118,147.50	$16,745	$134,893	1985	$1,150	$13,800	10.23%	$2,047	$200	$2,640	$4,887	2	2	1101	$134,893	$8,913	Exchnage	American Realty Partners, LLC
	25	SFR	14542 W Yosemite Dr	Sun City West	AZ	8/1/2014	$120,000.00	$28,869	$148,869	1987	$1,100	$13,200	8.87%	$1,130	$431	$408	$1,969	2	2	1677	$148,869	$11,231	First Key	Borrower II
	26	SFR	11637 W Citrus Grove Way	Avondale	AZ	8/26/2014	$108,000.00	$13,952	$121,952	1991	$1,350	$16,200	13.28%	$1,182	$351	$416	$1,949	3	2	1268	$121,952	$14,251	First Key	Borrower II
	27	SFR	920 W. Joy Ranch Rd	Phoenix	AZ	7/26/2012	$106,250.00	$401,568	$507,818	2014	$1,950	$23,400	4.61%	$4,908	$1,098	$0	$6,006	4	2	10890	$507,818	$17,394	n/a	American Realty Partners, LLC
	28	SFR	2233 W Clearview Trl	Anthem	AZ	1/22/2015	$320,000.00	$0	$320,000	2004	$1,600	$19,200	6.00%	$2,746	$577	$1,016	$4,339	4	2.5	2663	$320,000	$14,861	First Key	Borrower II
	29	SFR	4630 N 68th St #212	Scottsdale	AZ	2/17/2015	$80,000.00	$27,495	$107,495	1974	$1,150	$13,800	12.84%	$483	$325	$2,220	$3,028	2	2	1020	$107,495	$10,772	Lead Funding	American Realty Partners, LLC
	30	SFR	4630 N 68th St #218	Scottsdale	AZ	7/8/2015	$101,000.00	$0	$101,000	1974	$900	$10,800	10.69%	$362	$325	$2,220	$2,907	2	2	1020	$101,000	$7,893	Lead Funding	American Realty Partners, LLC
	31	SFR	3559 W Morse Ct	Anthem	AZ	2/19/2015	$171,000.00	$11,560	$182,560	2000	$1,500	$18,000	9.86%	$1,858	$468	$1,016	$3,342	3	2	1567	$182,560	$14,658	First Key	Borrower II
	32	SFR	4201 Martin Condo	Las Vegas	NV	12/22/2014	$208,828.03	$5,733	$214,561	2014	$2,700	$32,400	15.10%	$1,212	$323	$423	$1,958	3	2	1500	$214,561	$30,442	Citibank	American Realty Partners, LLC TIC%
	33	SFR	3340 W King Dr	Anthem	AZ	3/19/2015	$203,000.00	$0	$203,000	2000	$1,350	$16,200	7.98%	$2,057	$850	$1,016	$3,923	3	2	1798	$203,000	$12,277	First Key	Borrower II
	34	SFR	515 Shalimar Dr	Prescott	AZ	4/21/2015	$300,000.00	$2,657	$302,657	1983	$1,600	$19,200	6.34%	$1,874	$725	$0	$2,599	4	2	2714	$302,657	$16,601	Exchnage	Borrower II
	35	SFR	7801 N. 32nd Dr	Phoenix	AZ	5/27/2015	$140,000.00	$0	$140,000	1964	$1,200	$14,400	10.29%	$1,101	$500	$0	$1,601	3	2	1962	$140,000	$12,799	First Key	Borrower II
	36	SFR	3525 W. Owens Ct	Anthem	AZ	5/27/2015	$212,000.00	$1,270	$213,270	2000	$1,750	$21,000	9.85%	$1,932	$500	$1,016	$3,448	4	3	2140	$213,270	$17,552	PAJ	American Realty Partners, LLC
	37	SFR	7818 E. Apple Tree Dr	Tucson	AZ	8/4/2015	$152,776.13	$0	$152,776	1972	$995	$11,940	7.82%	$1,483	$526	$0	$2,009	4	2	1657	$152,776	$9,931	Ocwen	AHIT Valfre, LLP
	38	SFR	9651 E. Stonehaven Way	Tucson	AZ	8/4/2015	$172,489.18	$0	$172,489	1994	$1,100	$13,200	7.65%	$1,879	$533	$468	$2,880	4	2	1672	$172,489	$10,320	Natnstr/Compass	AHIT Valfre, LLP
	39	SFR	2972 S. Beck Dr.	Tucson	AZ	8/4/2015	$147,847.87	$0	$147,848	2001	$1,100	$13,200	8.93%	$1,690	$485	$288	$2,463	3	2	1645	$147,848	$10,737	SLS/BofA	AHIT Valfre, LLP
	40	SFR	10372 E Capercaillie St	Tucson	AZ	8/4/2015	$197,130.49	$0	$197,130	2005	$1,200	$14,400	7.30%	$2,250	$512	$504	$3,266	3	2	1898	$197,130	$11,134	Regions	AHIT Valfre, LLP
	41	SFR	10395 E. Valley Quail Dr	Tucson	AZ	8/4/2015	$177,417.44	$0	$177,417	2006	$1,200	$14,400	8.12%	$2,159	$431	$504	$3,094	3	2	1761	$177,417	$11,306	Flagstar	AHIT Valfre, LLP
	42	SFR	10833 S. Camino San Clemente	Vail	AZ	8/4/2015	$193,187.88	$0	$193,188	2001	$1,200	$14,400	7.45%	$2,419	$477	$288	$3,184	3	2	2166	$193,188	$11,216	PennyMac	AHIT Valfre, LLP
	43	SFR	10872 S Raptor Court	Vail	AZ	8/4/2015	$187,273.97	$0	$187,274	2002	$1,100	$13,200	7.05%	$2,296	$491	$288	$3,075	3	2	1990	$187,274	$10,125	PennyMac	AHIT Valfre, LLP
	44	SFR	10565 S.Sage Hill Court	Vail	AZ	8/4/2015	$317,380.10	$0	$317,380	2006	$2,000	$24,000	7.56%	$4,038	$685	$288	$5,011	5	3	2998	$317,380	$18,989	W F/Green Tree	AHIT Valfre, LLP
	45	SFR	13735 E. Shadow Pines Lane	Vail	AZ	8/4/2015	$190,230.93	$0	$190,231	2002	$1,200	$14,400	7.57%	$2,484	$504	$288	$3,276	3	2	2166	$190,231	$11,124	Nationstar/ Ocwen	AHIT Valfre, LLP
	46	SFR	3666 W. Thalia Ct	Anthem	AZ	9/4/2015	$193,800.00	$0	$193,800	2006	$1,040	$12,480	6.44%	$2,280	$650	$1,010	$3,940	4	2.5	1772	$193,800	$8,540	First Key	Borrower II
	 	 	 	 	 	 	$8,300,770	 	$9,208,190	 	 	$680,856	 	$98,079	$24,555	$59,296	$181,930	 	 	 	$9,208,190	$498,926	 	 

 

    	-5-

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