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5820172
<br />Uniform Residential Appraisal Report
<br />File #092096
<br />Thisreportformisdesignedtoreportanappraisalofaone-unitpropertyoraone-unitpropertywithanaccessoryunit;
<br />includingaunitinaplannedunitdevelopment(PUD).Thisreportformisnotdesignedtoreportanappraisalofa
<br />manufacturedhomeoraunitinacondominiumorcooperativeproject.
<br />Thisappraisalreportissubjecttothefollowingscopeofwork,intendeduse,intendeduser,definitionofmarketvalue,
<br />statementofassumptionsandlimitingconditions,andcertifications.Modifications,additions,ordeletionstotheintended
<br />use,intendeduser,definitionofmarketvalue,orassumptionsandlimitingconditionsarenotpermitted.Theappraisermay
<br />expandthescopeofworktoincludeanyadditionalresearchoranalysisnecessarybasedonthecomplexityofthisappraisal
<br />assignment.Modificationsordeletionstothecertificationsarealsonotpermitted.However,additionalcertificationsthatdo
<br />notconstitutematerialalterationstothisappraisalreport,suchasthoserequiredbylaworthoserelatedtotheappraiser's
<br />continuingeducationormembershipinanappraisalorganization,arepermitted.
<br />SCOPE OF WORK:
<br />Thescopeofworkforthisappraisalisdefinedbythecomplexityofthisappraisalassignmentandthe
<br />reportingrequirementsofthisappraisalreportform,includingthefollowingdefinitionofmarketvalue,statementof
<br />assumptionsandlimitingconditions,andcertifications.Theappraisermust,ataminimum:(1)performacompletevisual
<br />inspectionoftheinteriorandexteriorareasofthesubjectproperty,(2)inspecttheneighborhood,(3)inspecteachofthe
<br />comparablesalesfromatleastthestreet,(4)research,verify,andanalyzedatafromreliablepublicand/orprivatesources,
<br />and(5)reporthisorheranalysis,opinions,andconclusionsinthisappraisalreport.
<br />INTENDED USE:
<br />Theintendeduseofthisappraisalreportisforthelender/clienttoevaluatethepropertythatisthe
<br />subjectofthisappraisalforamortgagefinancetransaction.
<br />INTENDED USER:
<br />Theintendeduserofthisappraisalreportisthelender/client.
<br />DEFINITION OF MARKET VALUE:
<br />Themostprobablepricewhichapropertyshouldbringinacompetitiveandopen
<br />marketunderallconditionsrequisitetoafairsale,thebuyerandseller,eachactingprudently,knowledgeablyandassuming
<br />thepriceisnotaffectedbyunduestimulus.Implicitinthisdefinitionistheconsummationofasaleasofaspecifieddateand
<br />thepassingoftitlefromsellertobuyerunderconditionswhereby:(1)buyerandselleraretypicallymotivated;(2)both
<br />partiesarewellinformedorwelladvised,andeachactinginwhatheorsheconsidershisorherownbestinterest;(3)a
<br />reasonabletimeisallowedforexposureintheopenmarket;(4)paymentismadeintermsofcashinU.S.dollarsorinterms
<br />offinancialarrangementscomparablethereto;and(5)thepricerepresentsthenormalconsiderationforthepropertysold
<br />unaffectedbyspecialorcreativefinancingorsalesconcessions*grantedbyanyoneassociatedwiththesale.
<br />*Adjustmentstothecomparablesmustbemadeforspecialorcreativefinancingorsalesconcessions.Noadjustmentsare
<br />necessaryforthosecostswhicharenormallypaidbysellersasaresultoftraditionorlawinamarketarea;thesecostsare
<br />readilyidentifiablesincethesellerpaysthesecostsinvirtuallyallsalestransactions.Specialorcreativefinancing
<br />adjustmentscanbemadetothecomparablepropertybycomparisonstofinancingtermsofferedbyathirdpartyinstitutional
<br />lenderthatisnotalreadyinvolvedinthepropertyortransaction.Anyadjustmentshouldnotbecalculatedonamechanical
<br />dollarfordollarcostofthefinancingorconcessionbutthedollaramountofanyadjustmentshouldapproximatethemarket's
<br />reactiontothefinancingorconcessionsbasedontheappraiser'sjudgment.
<br />STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS:
<br />Theappraiser'scertificationinthisreportis
<br />subjecttothefollowingassumptionsandlimitingconditions:
<br />1.Theappraiserwillnotberesponsibleformattersofalegalnaturethataffecteitherthepropertybeingappraisedorthetitle
<br />toit,exceptforinformationthatheorshebecameawareofduringtheresearchinvolvedinperformingthisappraisal.The
<br />appraiserassumesthatthetitleisgoodandmarketableandwillnotrenderanyopinionsaboutthetitle.
<br />2.Theappraiserhasprovidedasketchinthisappraisalreporttoshowtheapproximatedimensionsoftheimprovements.
<br />Thesketchisincludedonlytoassistthereaderinvisualizingthepropertyandunderstandingtheappraiser'sdetermination
<br />ofitssize.
<br />3.TheappraiserhasexaminedtheavailablefloodmapsthatareprovidedbytheFederalEmergencyManagementAgency
<br />(orotherdatasources)andhasnotedinthisappraisalreportwhetheranyportionofthesubjectsiteislocatedinan
<br />identifiedSpecialFloodHazardArea.Becausetheappraiserisnotasurveyor,heorshemakesnoguarantees,expressor
<br />implied,regardingthisdetermination.
<br />4.Theappraiserwillnotgivetestimonyorappearincourtbecauseheorshemadeanappraisalofthepropertyinquestion,
<br />unlessspecificarrangementstodosohavebeenmadebeforehand,orasotherwiserequiredbylaw.
<br />5.Theappraiserhasnotedinthisappraisalreportanyadverseconditions(suchasneededrepairs,deterioration,the
<br />presenceofhazardouswastes,toxicsubstances,etc.)observedduringtheinspectionofthesubjectpropertyorthatheor
<br />shebecameawareofduringtheresearchinvolvedinperformingtheappraisal.Unlessotherwisestatedinthisappraisal
<br />report,theappraiserhasnoknowledgeofanyhiddenorunapparentphysicaldeficienciesoradverseconditionsofthe
<br />property(suchas,butnotlimitedto,neededrepairs,deterioration,thepresenceofhazardouswastes,toxicsubstances,
<br />adverseenvironmentalconditions,etc.)thatwouldmakethepropertylessvaluable,andhasassumedthattherearenosuch
<br />conditionsandmakesnoguaranteesorwarranties,expressorimplied.Theappraiserwillnotberesponsibleforanysuch
<br />conditionsthatdoexistorforanyengineeringortestingthatmightberequiredtodiscoverwhethersuchconditionsexist.
<br />Becausetheappraiserisnotanexpertinthefieldofenvironmentalhazards,thisappraisalreportmustnotbeconsideredas
<br />anenvironmentalassessmentoftheproperty.
<br />6.Theappraiserhasbasedhisorherappraisalreportandvaluationconclusionforanappraisalthatissubjecttosatisfactory
<br />completion,repairs,oralterationsontheassumptionthatthecompletion,repairs,oralterationsofthesubjectpropertywill
<br />beperformedinaprofessionalmanner.
<br />Freddie Mac Form 70 March 2005UAD Version 9/2011Page 4 of 6Fannie Mae Form 1004 March 2005
<br />Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
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