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Guarantees
6 Months Ended
Jun. 30, 2014
Guarantees

12. Guarantees

In May 2014, the Company entered into a guarantee of the full and prompt payment and performance when due of all obligations due to a financial institution under a commercial line-of-credit agreement and note entered into by the Company’s equity-method investee, a residential mortgage operation in which the Company has a 50% interest. The term of the line-of-credit agreement is twelve months and the total amount of advances requested and unpaid principal balance cannot exceed $15,000,000. The line of credit bears interest at 0.5% over the financial institution’s base rate with a floor of 3.75%. The Company had entered into a similar guarantee during May 2013, which expired as of May 2014. The outstanding balance on the line of credit was approximately $5,445,000 and $4,256,000 as of June 30, 2014 and December 31, 2013, respectively. The Company did not incur any payments under this guarantee during the six months ended June 30, 2014, or in any prior periods, and does not anticipate that it will incur any payments through the duration of the guarantee.