Edmond, Ok 73034 Cellular: (405) 414-9803

KEITH WILSON CO. MOBILE HOME PARK BROKERAGE______

2608 RISING STAR

EDMOND, OK 73034 CELLULAR: (405) 414-9803

EMAIL:

FOR SALE

3 MOBILE HOME PARK PORTFOLIO

IN OKLAHOMA CITY, OK

285 LOTS

$2,850,000

$10,000/LOT

4.15x COLLECTED INCOME!!

10.06% CAP RATE (ACTUAL)

12.9% CASH RETURN (ACTUAL)

6.03% ASSUMABLE FINANCING

The information contained herein, while gathered from sources deemed reliable, cannot be guaranteed

Keith Wilson Co. is pleased to offer for sale a 3 park, 285 lot portfolio in Oklahoma City, OK. The parks are:

APOLLO MHP (105)

1617 S.E. 44th

Oklahoma City, OK 73129

PARKWAY MHP (97)

10301 S.E. 29th

Oklahoma City, OK 73130

BILLS MHP (83)

2145 S.E. 59th

Oklahoma City, OK 73129

Apollo & Bills are located within 1 ½ miles of each other in SE OKC and are operated by one manager. Parkway lies 9 miles N & E. Park income is ALL lot rent and there are no park-owned homes, notes or rentals. All the parks are zoned R-MH-2

APOLLO PARKWAY BILLS TOTALS

No. of lots 105 97 83 285

Rent ($15 raise $220 $220 ($285-RV) $220 $220

On 2/1/10)

Utilities city w/s city s, w/water cityw/s

L pays L pays L pays L pays

Land (acres) 13.06 33.59 10 56.65

RV’S 0 24 0 24

Occ/Vac 89% (12) 93% (7) 78% (19) 87% (38)

Park-owned 0 0 0 0

______

Income (1) $253,605 $176,517 $255,911 $686,033

Expenses 165,591 98,523 134,972 $399,086

NOI $88,014 $77,994 $120,939 $286,947

Debt Service ($1,432,500 @ 6.03%)……………………..103,212

Cash Flow………………………………………………..$183,735

Return on cash($1,417,500)……………………………….12.9%

Note: Income is2010 actual collected income, Expenses are actual 2010 expenses of 58%, because of excessive R/M, due to sewer lines, plumbing. 2010 plumbing costs were about $30,000. Actual 2010 NOI was $227,667. Seller will be increasing rents on 4/1/2011 by $20 (add $59,280/yr. to income) and submetering water/sewer next year (deduct $75,000 from expenses). New sewer lines should reduce R/M by $30,000 (plumbing costs). If buyer did all these, NOI could be in the $383,000 range (12.15% cap at a price of $3,150,000, which is $300,000 sewer+submeter costs + $2,850,000 price) and the buyer would only have $11,000/pad into the park!

(1)Income includes the 4/1/2011 rent increase of $20/mo.

2010

INCOME/EXPENSE

APOLLO BILLS PARKWAY TOTALS

INCOME: $231,285 $161,157 $234,311 $626,753

Add $20 increase 22,320 15,360 21,600

on 4/1/2011 $253,605 $176,517 $255,911……$686,033

EXPENSES:

Accounting 906 906 906

Advertising 1,072 865 989

Auto/fuel 759 542 2,554

Insurance 7,254 4,479 4,958

Bank fees 16 16 88

Landscaping 267 135 487

Licenses/permits 317 363 510

Mgt fees 11,617 8,029 11,623

Office supplies 772 908 1,125

Payroll 21,514 11,145 26,646

Payroll taxes 1,954 1,361 1,271

Postage/Delivery 316 372 476

Legal 1,070 776 555

R/M (1) 23,716 9,471 11,669

Property taxes 5,039 5,283 6,053

Telephone 3,647 2,089 1,441

Utilities (w/s/e/g) 66,443 44,138 61,793

Garbage 19,672 7,330 1,828

Total Exp $165,591 $98,523 $134,972 $399,086(58%)

(65%) (56%) (53%)

NOI…………………………………………………$286,947

Debt Service………………………………………..$103,212

Cash Flow …………….……………………………$183,735

Cash Return ($1,427,500)……………………………12.9%

(1)$8,492 reduced for Parkway- landscaper broke sewer line and $1,000 for Apollo-taxes

SALES INFORMATION

SALES PRICE…………………………$2,850,000

DOWN PAYMENT……………………$1,427,500

ASSUMABLE FINANCING………….$1,432,500,

Terms: Citibank,6.03% interest until 2/1/2013, 30 yr.

am, P&I of $8,601/mo. Beginning 2/1/13, adjusts

every 6 mo’s at 200 basis pts over 6 mo LIBOR,

due 2/1/18. Loan is prepayable and buyer can

obtain new financing.

Price/Lot……………………….$10,000

Collected Rent Multiplier………4.15x

Cap Rate………………………….10.06%

Return on cash…………………..12.9%

Note: Cap rate is with actual income/expense (minus small adjustment to R/M, and expenses are 58% of income and there are NO park-owned homes!

(end)

FOR SALE

WOODLAND HILLS

MOBILE HOME PARK

12901 N. E. 10th

Choctaw, OK

( East OKC suburb)

72 lots

$175 rent (raised from $135 on 8/2009-$35 under market)

5 acres of undeveloped land

Landlord pays trash

Sewer is provided by a lagoon with 2 cells and water is provided by a well.

2 park-owned home rentals ($345 & $385)

5 RV’S ($175)

4 notes-$8,800/yr.

99% occupancy

Sale includes a 2,200’ residence for manager, $150,000 value, $90,000 in renovations in 2008.

Quiet 3 star park located in Choctaw, OK, a fast-growing east OKC suburb of 15,000. 1 mile W. of Choctaw H.S. and 1 block W. of an elementary school. New sealcoated drives

The information contained herein, while gathered from sources deemed reliable, cannot be guaranteed

2010

INCOME/EXPENSE

Jan-June (6 mo) Annualized

INCOME

Pad rent………………….$64,321…………….$128,642

Notes………………………..4,400 ………………..8,800

Total……………………...$68,721…………….$137,442

EXPENSES

Accounting………………...$1,500……………….$3,000

Advertising……………………506………………...1,012

Auto……………………………208………………...$416

Insurance……………………1,481 ………………..2,962

Office………………………….514…………………1,028

Payroll……………………....4,641………………...9,282

Professional fees…………...... 370………………...... 740

Property taxes………………2,736…………………5,472

R/M……………………….....6,311………………..12,622

Supplies……………………..1,469…………………2,938

Taxes/Licenses………………..235…………………...470

Utilities………………….....11,698……………….23,396

Total………………………$31,669 ……………..$63,338 46%

NOI…………………….....$37,052………………$74,104

Debt service………………………………………$38,736

Cash flow…………………………………………$35,368

Return on cash ($354,400)………………………..10%

SALES INFORMATION

Sales price…………………………….$1,000,000

Price/lot………………………………….$13,888

Cap rate……………………………………7.41%

Cash return………………………………..10%

GRM………………………………………7.27x

______

Existing Debt: $645,600, 6% interest only, payable $3,228/mo., due May 1, 2013. Note was carried by previous owner, has a due on sale clause, but they may carry for a qualified buyer.

FOR SALE

WINSLOW GLEN APARTMENTS

4750 N. W. 23rd

Oklahoma City, OK

132 UNITS

10.66% CAP

$24,432/Unit

5.17x gross!!

The information contained herein, while gathered from sources deemed reliable, cannot be guaranteed

GENERAL INFORMATION

Name: Winslow Glen Apartments

Address: 4750 N. W. 23rd

Oklahoma City, OK

Location: Between Meridian & Macarthur

6 miles NW of the CBD

1.5 miles west of I-240

Across from the 203,994’ Windsor Hills

Shopping Center

Size: 132 units

Age: 1968

Land: 4.58 acres (28.8 units/acre)

Parking: 186 open spaces (1.41/unit), asphalt

Buildings: 19, 2-story, flat mansard roofs with full

brick exterior, exterior stairwells

Zoning: R-4 High Density Residential

Utilities: Total electric, individually metered, tenants

pay electric. Individual heat/air window

units (one per bedroom). Tenants reimburse

landlord for water at $20/2bed & $15/1bed.

Amenities: Swimming pools (2)

Clubhouse/leasing office

On-site laundry facility (2)

Ceiling fan in living room, ceramic tile

wainscot in the shower mature trees

Occupancy: 99.2% (2 vacancies on 11/2010 rent roll)

Class: Property “C”

Location “B-”

Assessors Parcel: R147850500

Appraisal: 5/23/2010 CBRE MAI Appraisal done by

Hayden Littlefield & Stephen DuPlantis,

Dallas office, $3,225,000

Deferred Maint: Swimming pools need renovation

UNIT MIX

No. Type Sq. Ft. Rent

68 1/1 670’ $345

64 2/1 890 445

132 102,520’ $51,940/mo.

$623,280/yr.

Average Rent: $393

Average rent/ft.: $.51

INCOME/EXPENSE

5/23/2010 11/31/2010

2009 Actual Appraisal Annualized

INCOME

Rental ……………$516,738……$623,280…….$591,607

Loss to lease…………………………(1,558)

Concessions………………………….(1,558)

Credit loss…………..(978)…………(1,558)

Vacancy……………………………(31,164)

Other………………..21,175……….21,175………26,245

Laundry………………5,782………..5,780………10,082

Water reimburse……18,122………18,120...... 25,902

Gross Income……..$560,839……$632,516…….$653,836

EXPENSES

RE Taxes…………...$22,472…….$41,424………$11,763

Insurance…………….11,853……...23,100………..22,476

Utilities……………..106,367……..105,600………145,435

R/M……………………4,894………39,600……….15,182

Payroll/………………98,218………97,680……….80,250

Mgt. fee………………21,061………22,138……….23,931

Advertising/leasing….15,715………..7,920………...8,534

General/Admin……….2,292………..2,640…………2,242

Reserves for Rplc…………………..26,400

Operating Exp……$282,872 …...$366,502 …….$309,813

NOI…………………...$277,967……$266,014……..$344,020

SALES INFORMATION

Sales Price……………………………….$3,225,000

(5/23/2010 appraisal)

Terms…………………………………….Cash/New loan

______

Price/Unit…………………..$24,432

Price/Ft……………………...$31.45

GRM…………………………5.17x

Cap Rate…………………….8.24% (Appraisal)

8.77% (Actual 2009)

10.66% (10/2010 ann.)

FOR SALE

NEWPORT GRANADA

APARTMENTS

3407 N. W. 39th

(I-44 & Lake Hefner Expressway)

Oklahoma City, OK

UNDER $30,000/UNIT

“B+” LOCATION/ “C” PROPERTY

80% FINANCING – 3% INTEREST

FOR 18 YEARS

36% RETURN

The information contained herein, while gathered from sources deemed reliable, cannot be guaranteed

III. INCOME/EXPENSE

2009 2010 (6 MO. ANN)

Income…………… $582,082……………..$614,885

Expenses…………. $214,396……………..$207,770

Add $250/unit @replacements 31,000 31,000

Add new taxes on sale 20,000 25,000

Total Expenses…….$264,396……………..$263,770

NOI………………..$317,686……………...$351,115

Debt Service (new wrap)…………………..$315,796

Cash Flow……………………………………$35,318

Add principal reduction …………………..$230,000

Total CF + PR……………………………...$265,318

Return on $740,000 cash down………………36%

IV. SALES INFORMATION

Sales Price………………………….$3,700,000

Down Payment………………………$740,000 (20%)

Seller will carry a wrap note of $2,960,000 (80% LTV) based on a 6% rate, with interest payable at prime. The current existing note is with Quail Creek Bank in OKC, balance of $2,725,000, 20 yr. am, 18 yrs remaining, P&I of $24,367/mo. Last year principal reduction was $213,588 or 74% of the loan payment. New wrap note will be $26,316/mo with $230,000 principal reduction (est.).

Price/Unit………………………..$29,838

Price/Ft……………………………$44.66

Cap Rate…………………………..9.49%

GRM………………………………..5.9x (GSI)

6.01x (2010 Collections)

Returns on $740,000 down………..4.77% (cash flow

31.08% (principal reduction)

Total return……………………...35.85%

GENERAL INFORMATION

Apartment Name: Newport Granada

Address: 3407 N. W. 39th

I-44 & Lake Hefner Expressway

Oklahoma City, OK 73132

Location: NW OKC

Fronts on BOTH Highways

Abutts Treadwell Hills, an upper-

middle residential neighborhood

1 mile south of Northwest Expressway &

Integris/Baptist Hospital (largest in OK)

Size: 124 units (Granada-40, Newport-84)

Occupancy: 90% (12 vacant on 6/30/2010 rent roll)

Age: 1964

Land: 4.46 acres

Construction: 8 2-story brick/stone bldgs.

Roofs: pitched/Newport & flat/Granada

Asphalt parking

Amenities: Swimming pool

Clubhouse

Utilities: Newport-total electric, ind. metered,

tenants pay electric, central heat/air

Granada-total electric, ind. metered,

tenants pay electric, window unit A/C,

baseboard heat

Tenants reimbursement for water:

3 bed-$30

2 bed-$20

1 bed-$15

II. UNIT MIX

NEWPORT

Floor Plan No. Sq. Ft. Mo. Rent

Eff 8 483’ $345

1/146586395

2/1 26 793495

3/2 4 1,406 675

84 57,062’ $36,500

GRANADA

1/1 32 613’ $375

2/1 8 763 465

40 25,720’ $15,720

TOTALS

8 eff, 124 82,832’ $52,220/mo.

78 1/1 $626,640/yr.

34 2/1

4 3/2

Average Rent……………………………..$421

Rent/Ft……………………………………..$.63

David & Samuel,

Enjoyed talking with you yesterday about the OKC Mobile Home Market. The following is a compilation of the parks that I have sold in the OKC metro area in the last 4 years. I am fortunate to command 80-90% of all the activity in our market.

2007

Neumayer (219)

Yukon (west OKC suburb)

$1,800,000

El Reno Estates (141-36 never been used))

El Reno, OK (10 miles west of OKC)

$2,300,000

Skyview (87)

El Reno, OK

$779,000

Sunnylane (104)

Norman, OK (south OKC suburb)

$1,400,000

2008

Granada (334)

OKC (West)

$3,900,000

Lakeview Terrace (160)

OKC (NW)

$2,050,000

Apollo (105)

OKC (SE)

$945,000

Parkway (97)

OKC (East)

$985,000

Bills (85)

OKC (SE)

$720,000

Woodland Hills (72)

Choctaw (East OKC suburb)

$800,000

Airway (58)

OKC (NW)

$840,000

2009

Neumayer (219)

Yukon (west OKC suburb)

$2,775,000 resell

2010

Parkwest (151)

Stillwater,OK (45 miles N of OKC)

$2,185,000

UNDER CONTRACT

Granada Village (334)

$4,700,000

Anchor Inn (85)

$1,125,000

Airway (58)

$925,000

LISTED FOR SALE IN THE US

OKLAHOMA

Lakeview Terrace (160)

OKC

$2,450,000

MISSOURI

Greenfield (153)

Fenton, MO (St. Louis suburb)

$3,800,000

Terrisan Reste (125)

Bridgeton, MO (St. Louis suburb)

$4,200,000

Willows (121)

Fenton, MO

$4,050,000

INDIANA

Hollywood Estates (242)

Anderson, IN (30 miles N. of Indy)

$6,600,000

MICHIGAN

Highlands (686)

Mt. Morris, MI

$18,000,000

Hunters Creek (403)

Lapeer, MI

$15,000,000

River Ridge (225)

Lapeer, MI

$6,700,000

Nomad (106)

Muskegon, MI

$3,250,000

Mike,

Legal for Airway MHP is:

All of Block Five (5) ALFALFA ADDITION to Oklahoma County, Oklahoma, as shown by the recorded plat thereof AND part of Block Four (4), described as follows:

Beginning at the Northwest corner of Block 4, East 198.6 feet;

Thence South 222.6 feet;

Thence East 12 feet;

Thence Southeasterly 114.6 feet to a point 242 East of the Southwest corner of Block 4;

Thence West 242 feet;

Thence North 337 feet to the Point of Beginning, all in ALFALFA ADDITION to Oklahoma County, Oklahoma, according to the recorded plat thereof.

FOR SALE

LAKEVIEW TERRACE

MOBILE HOME PARK

1200 N. LAKEVIEW

OKLAHOMA CITY, OK

160 lots

4 star family park

$230 Rent (raised from $200 on 2/1/2010)

Assumable 6.03% loan, 30 yr am, due 2/1/2018

Landlord pays water/trash (OKC utilities)

Seller will tap into the city sewer as a condition of the sale, currently, the sewer is provided by 2 lagoons. $150,000 discount to the price if seller does not tap.

99% occupancy (2 vacant, 4 unusable lots)

10 double lots at $290

Swimming pool/storage

All mobile home park, no RV’s, park-owned homes or notes.

Located in NW OKC, 2 miles N. of I-40 and 1 block south of Lake Overholser at the intersection of 10th & County Line Rd.

The information contained herein, while gathered from sources deemed reliable, cannot be guaranteed

INCOME/EXPENSE

JAN.1-JUNE 30, 2010

ANNUALIZED

INCOME……………………………$194,373

ADD JAN RENT INCREASE…………4,590

TOTAL……………………………...$198,963………$397,926

EXPENSES

Advertising…………………………..$1,891

Auto……………………………………1,066

Bank fees………………………………….42

Insurance……………………………...1,259

Landscaping…………………………..1,000 ($7,860-actual)

Mgt. fees……………………………….9,380 (5%)

Office…………………………………..3,813

Payroll………………………………..14,351

Postage/Delivery………………………...245

Professional fees………………………2,034

R/M…………………………………...10,000 ($33,580-actual))

Taxes/Licenses……………………….12,000 ($2,957-actual))

Telephone……………………………...1,341

Utilities……………………………….41,596

Total Expenses……………………$100,018………$200,036

NOI…………………………………………………..$197,890 (50%)

SALES INFORMATION

Sales Price…………………………….$2,450,000/2,300,000

Assumable loan……………………….$1,250,000, 6.03%, 30 yr.

am until 2/1/2013, then

adjusts every 6 mo at 200

pts over 6 mo LIBOR,

due 2/1/2018. Citibank

Price/Pad……………………………….$15,312/$14,375

Cap Rate………………………………….8.07%/8.60%

GRM………………………………………6.15x/5.77x

FOR SALE

HOLLYWOOD ESTATES

MOBILEHOMEPARK

144 Hollywood Blvd.

Anderson, IN

242 lots

$292 rent (increased $12 on 1/1/2010)

19.2% cash return & 23.26% cash return with note income

Includes 20 homes valued at $300,000 & $50,016/yr. notes

Family park but 80% of tenants are 55+

92% occupancy (5/19/2010-vacant are 15 lots and 5 models)

T pays all utilities but trash

3 story modern brick clubhouse/office with decks overlooking pond

Concrete streets & curbs

60% with peaked roofs/lap siding, 25% double-wide homes

Assumable loan at 5.78% interest only, 82% LTV, 7 yrs to run

Anderson is 60,000 pop., 30 miles NE of Indianapolis, MadisonCounty. The park is in the central commercial corridor, walking distance to the only mall in the city, Mounds Mall.

The information contained herein, while gathered from sources deemed reliable, cannot be guaranteed.

KEITH WILSON CO.

MOBILE HOME PARKS AVAILABILTY LIST

JUNE 16, 2010

MICHIGAN (4)

Highlands $18,500,000

2197 E. Mt. Morris Road

Mt. Morris, MI 48458

686 lots, 55+ park, $400-432 rent, T paid utilities, 300+ acres, 100 acres unencumbered, 1972/1999, 40% double-wides, 77% occupancy, 16% down, assume 5.7% conduit loan, 75 miles NW of Detroit

HuntersCreek $15,000,000

725 Demille Road

Lapeer, MI48446

403 lots, 85 acres, $325-340 rent, 78% double-wides, T paid utilities, 99% occupancy, includes 8 homes with a value of $215,000, assume a 75% LTV, 5.98% FNMA loan, 50 miles N. of Detroit

3. River Ridge $7,000,000

25 Pine Ridge

Lapeer, MI48446

215 lots, 5 star park, $335-$355 rent, built in 2000, 57 acres, 97% occupancy, all homes are 2000 or newer, sectional double-wides with faux brick skirting, attached/detached 2 car garages, vinyl windows, guttered, shingled roofs, sheds matching exterior, assume 68% LTV, 6.4% FNMA loan, includes 3 homes valued at $95,000, private system for water (well) and sewer (lagoon), 50 miles N. of Detroit

Nomad $3,250,000

2701 Huizenga

Muskegon, MI49444

106 lots, 55+ park, $338-346 rent, 100% occupancy, L paid utilities, assume 67% LTV, 5.85%, Citibank loan, located in WESTERN Michigan, by Lake Michigan

INDIANA (1)

Hollywood Estates $6,600,000

144 Hollywood Blvd. (contract failed 6/15/2010)

Anderson, IN

242 lots, $292 rent, 91% occupancy, family park but 80% of tenants are 55+, T paid utilities, 9.5% cap/ 20% cash return, includes 18 homes valued at $380,000, $50,000 note income, 18% down, assume 82% LTV, conduit, 5.78% INTEREST ONLY loan with 7 years to run, 30 miles N. of Indianapolis

MISSOURI (3)

1. Greenfield $3,800,000

319 Green Creek Drive

Fenton, MO (St. LouisCounty)

153 lots (can be expanded to 188 lots), $278-329 rents, 10.51% cap, 95% occupancy, 1975/2005, T pays water (submetered), 38% down or new loan-only $20,000 prepay penalty,, 5/1/2009 MAI appraisal of $4,010,000, SW St. Louis suburb, 1 mile from 2,000,000’ of new retail/condos/apts/single-family, including the Gravios Bluffs Mall, condos, 20 minutes to downtown St. Louis. 1 mile from the Willows MHP

2. Willows $4,050,000

772 Willow Creek

Fenton, MO63026 (St. LouisCounty)

121 lots, $320 rent, 100% occupancy w/waiting list, built in 1985, T pays water (direct), assume 66% LTV 6.25% private loan, SW St. Louis suburb, walking distance to Gravois Bluffs Mall and 2,000,000’ of new development, only 1 mile from the Greenfield MHP

3. Terrisan Reste $4,200,000

12715 St. Charles Rock Road

Bridgeton, MO63044

125 lots, 55+ community, $330-345 rent, 98% occupancy, assume a 66% LTV private loan, NW St. Louis suburb, 20 minutes to downtown St. Louis

OKLAHOMA (1)

Woodland Hills $1,000,000

12901 N.E. 10th

Choctaw, OK (OKC suburb)

72 lots, $175 rent ($35 under market), $13,880/lot, 95% occupancy, 5 acres extra land, landlord pays trash & sewer (lagoon) & water (well), $150,000, 2,200’ ft. residence included in the sale, used as managers home, possible seller carry of $645,000 at 6% interest only for 3 years

(end)

FOR SALE

THE HIGHLANDS

MOBILEHOMEPARK

2197 E. Mt. Morris Road

Mt. Morris, MI 48458

(GeneseeTownship)

686 lots (all mobile homes))

55+ community

$400.11-$432Rent (includes $23.25 for trash, security & tax)

Tenants pay water/sewer

9% cap, 16.8% cash return, 16% down

Built 1972 (old) and 1999 (newer section-bigger lots, all double-wides, higher rent)

300+ acres with walking trails and 5 fishing ponds of which 100 acres is unencumbered and leased for farming

40% double-wide homes

Gated entry w/security guard

Community Center (fitness center, pool table, TV, shuffleboard)

Owner will increase rents $15 on 6/1/2010

77% occupancy (128 lots, 28 models, 3 unusable are vacant)

527 tenants (include 14 rent-to-own, 9 rentals & 502 homeowners)

51 mobile homes to be priced seperately

Mt. Morris is 15 minutes N. of Flint, MI & 90 miles NW of Detroit

The information contained herein, while gathered from sources deemed reliable, cannot be guaranteed

2009

INCOME/EXPENSE

INCOME: 2009…………………………………………..$2,524,378

1ST Qrt. 2010 annualized…………………....$2,629,012

4/2010 rent roll annualized…………………$2,725,932

6/1/2010 $15 rent increase @ 527……………...$94,860

Total Income………………………………...$2,820,792

EXPENSES

Advertising………………….$21,891

Auto…………………………..16,897

Bank services………………….1,800

Equipment rental……………….950

Insurance…………………….68,516 (G/L-$32,863, auto-$4,175, W/C-$5,078

employees health & mh bonds)

Landscaping…………………..7,620

Office…………………………18,745

Outside services……………...16,196

Payroll……………………....201,127

Payroll taxes……………….....20,732

Professional fees……………….5,619

Property taxes……………....503,994

R/M…………………………...49,828

Supplies……………………....12,275

Taxes/Licenses……………….20,495

Utilities………………………200,743

Total Expenses……………………………………………$1,167,428 (41%)

Net Operating Income……………………………………$1,653,364

Deduct rental & note income……………………………..($100,063)

Net Effective Net Operating Income…………………….$1,553,301

Debt Service……………………………………………….$1,147,800

Cash Flow……………………………………………………$405,501

Cash Flow with note & rental income ($100,063)………...$505,564

Comments on Income/Expense:

Income:

2009, 1st qrt. 2010 & 4/2010 rent roll income ALL include tenant utility reimbursements, note & rental income.

4/2010 rent roll income is allocated as such:

Pad …………………..$188,769.25

Water/Sewer………….$16,126.42 (reimbursement)

Trash…………………...13,926.77 (reimbursement)

Notes…………………….5,658.33 (14)

Rentals…………………..2,680.26 (9)

Total rent roll………..$227,161.03

Expenses:

The following items were deleted from the 2009 expenses

Mgt.Fees……………..$103,011

Moving Expenses……$101,989 (They are finished with their moving

program. 0 move-ins in 2010.

Sale includes 51 mobile homes currently utilized as such:

Vacant models……………….28 (2 are for rent and 26 are available for rent

to own)

Rent-to-own………………….14

Rentals…………………………9 (5 mobile homes and 4 duplexes)

SALES INFORMATION

Sales Price………………………………………$18,500,000

Down Payment…………………………………...$3,000,000 (16%)

Assume Existing Debt/Payoff…………………..$15,500,000 (84%)

Existing Debt: Wachovia Securities (conduit), 5.7%, $95,65o/mo. P&I plus $47,928 escrow includes $46,053 (taxes/insurance) and $1,875 for reserves, 30 yr. amortization, due on 11/11/2013. Loan #34-3000891. Loan servicer has indicated possibility of allowing loan to be paid off.

Price/Lot……………………………. $26,967

Cap Rate………………………………8.4%

w/note & rental income…………….9.0%

Cash Return………………………....13.5%

w/note & rental income…………..16.8%

Leverage………………………………84%

EXTENSION

Seller agrees to extend the time for the due diligence contingency from May 27, 2020 to June 15, 2010 on the contract between Seller and Richard Nodel for the sale of the Airway Mobile Home Park in Oklahoma City, OK, dated April 27, 2010.

The financing contingency and the closing date, as described in the contract, are not modified.

SELLER: Keith MHP Seven LLC, an Oklahoma limited liability company

______Date: May, 27, 2010

Henry A. Keith II, managing member

EMERALD COURT

MARCH – MAY 2010 RENT ROLL ANALYSIS

Rent Water reimburse Total Annualized

MARCH $42,500 $1,760 $44,260 $531,120

APRIL $43,075 $1,805 $44,080 $538,560

MAY $43,410 $1,835 $45,245 $542,940

Property Purchase Agreement and Joint Escrow Instructions

Date: June 18, 2010

OFFER:
This is an offer from Sundance Capital Group and /or assignee (“Buyer”), 1501 N. Technology Way, Bldg. A, Siute 3300, Orem, UT84097
The Real Property to be acquired is described as: Hollywood Estates MHP,

144 Hollywood Blvd., Anderson, IN, 242 spaces, on 41.01 acres, including 23 park-owned homes.

C. Purchase Price Offered: $6,600,000

D. Close of Escrow shall occur on or before September 18, 2010 (90 days after

acceptance). Buyer will be allowed one 30 day extension, IF NEEDED, in

order to assume the loan.

FINANCE TERMS:

Obtaining the loans necessary to purchase this property is a contingency of this

Agreement and buyer agrees to immediately notify the debtholder, Berkadia, to initiate the loan assumption process. If financing cannot be assumed, Buyer is to receive his entire earnest money back. Buyer shall act diligently and in good faith to obtain the assumption.

Initial Deposit: Within 3 days of acceptance, Buyer shall deposit $33,000 with Stewart Title Co, 20 E. 91st. St, Indianapolis, IN46240, attn: Lisa Ingram, (317) 818-2419.
Increased Deposit: Buyer shall deposit an additional $33,000 after the 30 day due diligence contingency removal described in 12 (b) herein.
First loan in the amount of $5,360,000 shall be assumed by the buyer.
Buyer will provide verification of down payment funds, in the amount of $1,240,000, within 10 days of acceptance or cancel this agreement.
Loan Contingency Removal: Loan contingency shall remain in effect until the designated loan is approved for assumption by the lender, but not later than October 18, 2010.
Appraisal Contingency: This agreement is contingent upon the property appraising at no less than the purchase price.

CLOSING AND OCCUPANCY:

Occupancy shall be delivered to Buyer on the date of close of escrow.