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(APPRAISAL REPORT)
<br />48-48-6-0535831
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<br />This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a
<br />unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit
<br />in a condominium or cooperative project.
<br />This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of
<br />assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user,
<br />definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work
<br />to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or
<br />deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations
<br />to this appraisal report, such as those required by law or those related to the appraiser’s continuing education or membership in an
<br />appraisal organization, are permitted.
<br />SCOPE OF WORK:The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the
<br />reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions
<br />and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the
<br />interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at
<br />least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis,
<br />opinions, and conclusions in this appraisal report.
<br />INTENDED USE:The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of
<br />this appraisal for a mortgage finance transaction.
<br />INTENDED USER:The intended user of this appraisal report is the lender/client.
<br />DEFINITION OF MARKET VALUE:The most probable price which a property should bring in a competitive and open market
<br />under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is
<br />not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of
<br />title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed
<br />or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for
<br />exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements
<br />comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative
<br />financing or sales concessions* granted by anyone associated with the sale.
<br />*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
<br />necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily
<br />identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be
<br />made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already
<br />involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the
<br />financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or
<br />concessions based on the appraiser's judgment.
<br />STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS:The appraiser’s certification in this report is subject to the
<br />following assumptions and limiting conditions:
<br />1.The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
<br />to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
<br />appraiser assumes that the title is good and marketable and will not render any opinions about the title.
<br />2.The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The
<br />sketch is included only to assist the reader in visualizing the property and understanding the appraiser’s determination of its size.
<br />3.The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or
<br />other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special
<br />Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this
<br />determination.
<br />4.The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
<br />unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
<br />5.The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of
<br />hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of
<br />during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no
<br />knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to,
<br />needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that
<br />would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or
<br />warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or
<br />testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of
<br />environmental hazards, this appraisal report must not be considered as an environmental assessment of the property.
<br />6.The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
<br />completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be
<br />performed in a professional manner.
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