Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Loans Sold to Third Parties – The Company sold its discontinued mortgage lending business in March 2007. In the normal course of business, the Company is obligated to repurchase loans based on violations of representations and warranties in its loan sale agreements. The Company did not repurchase any loans during the three years ended December 31, 2015.

Outstanding Litigation – The Company is at times subject to various legal proceedings arising in the ordinary course of business. As of December 31, 2015, the Company does not believe that any of its current legal proceedings, individually or in the aggregate, will have a material adverse effect on its operations, financial condition or cash flows.

Leases – In December 2012, the Company entered into a 10 year lease agreement with GP 275 Owner, L.L.C., pursuant to which, the Company relocated its corporate office in March 2013. The lease is accounted for as a non-cancelable operating lease. Total property lease expense on this lease amounted to $0.2 million for the years ended December 31, 2015 and 2014, respectively. The lease is secured by a $0.2 million cash deposit.

The prior corporate office lease with Vanderbilt Associates I, L.L.C. expired in March 2013. Total property lease expense on this lease amounted to $0.1 million for the year ended December 31, 2013.

As of December 31, 2015, obligations under non-cancelable operating leases are as follows (dollar amounts in thousands):



Year Ending December 31,	Total
2016	$	207
2017	207
2018	215
2019	217
2020	217
Thereafter	652
	$	1,715