APPRAISAL OF REAL PROPERTY. LOCATED AT: 1001 Beach R #A-103, # A-103 Unit A-103 Bldg A Our House At The Beach Phase 1 Sarasota, FL 34242

Transcription

1 Main File No Page # 1 of 26 Alliance Appraisal Associates of Florida, Inc Lockwood Ridge Rd #125, Sarasota, FL Tel APPRAISAL OF REAL PROPERTY LOCATED AT: Unit A-103 Bldg A Our House At The Beach Phase 1 Sarasota, FL FOR: Our Association Inc/Rick Gunther AS OF: 02/22/2017 BY: Diana L Andersen Cert Res RD2489 APPRAISAL REPORT

2 Main File No Page # 2 of 26 File # Borrower Property Address City Sarasota County Sarasota State FL Zip Code Lender/Client Our Association Inc/Rick Gunther Loan # This Appraisal Report is one of the following types: Appraisal Report Restricted Appraisal Report This report was prepared in accordance with the requirements of the Appraisal Report option of USPAP Standards Rule 2-2(a). This report was prepared in accordance with the requirements of the Restricted Appraisal Report option of USPAP Standards Rule 2-2(b). The intended user of this report is limited to the identified client. This is a Restricted Appraisal Report and the rationale for how the appraiser arrived at the opinions and conclusions set forth in the report may not be understood properly without the additional information in the appraiser's workfile. I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The report analyses, opinions, and conclusions are limited only by the reported assumptions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or specified) personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions, and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. This appraisal report was prepared in accordance with the requirements of Title XI of FIRREA and any implementing regulations. I have performed services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. I performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Those services are described in the comments below. I have made a personal inspection of the property that is the subject of this report. I made a personal inspection of the property that is the subject of this report. Unless otherwise noted, no one provided significant real property appraisal assistance to the person signing this certification. If anyone did provide significant assistance, they are hereby identified along with a summary of the extent of the assistance provided in the report. No one provided significant real property appraisal assistance to the person signing this certification. Additional USPAP related issues requiring disclosure and/or any state mandated requirements: 1) Exposure Time Per USPAP definition for exposure time: Exposure time : estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.(exposure time is a retrospective opinion based on an analysis of past events assuming a competitive and open market.) 2) This report cannot be fully understood without reading the supplemental addendum page, including additional certifications and Firrea/USPAP addendum page. 3) This appraisal report utilizes digital electronic signatures in compliance with the definition stated in the current Uniform Standards of Professional Appraisal Practice (see page 3 for full definition) 4) Scope, Intended use and user stated on "Supplemental Addendum". 5) From the data available a typical marketing time (estimate of future performance) for the property can be supported as being similar to the estimated exposure time, given the assumption that future market conditions will mirror exactly market conditions immediately preceding the effective date of this appraisal. A reasonable marketing time for the subject property is A reasonable exposure time for the subject property is day(s) utilizing market conditions pertinent to the appraisal assignment. day(s). Signature Name Diana L Andersen Date of Signature 02/26/2017 State Certification # Cert Res RD2489 or State License # State FL Expiration Date of Certification or License Effective Date of Appraisal 02/22/ /30/2018 Signature Name Date of Signature State Certification # or State License # State Expiration Date of Certification or License Supervisory Appraiser Inspection of Subject Property Did Not Exterior-only from Street Interior and Exterior USPAP Compliance Addendum 2014 Page 1 of 1

3 Alliance Appraisal Associates of Florida, Inc. (941) INDIVIDUAL CONDO UNIT APPRAISAL REPORT SUBJECT ASSIGNMENT MARKET AREA DESCRIPTION Main File No Page # 3 of 26 File No.: Property Address: 1001 Beach R #A-103 Unit #: A-103 City: Sarasota State: FL Zip Code: County: Sarasota Legal Description: Unit A-103 Bldg A Our House At The Beach Phase 1 Assessor's Parcel #: Tax Year: 2016 R.E. Taxes: $ 3,555 Special Assessments: $ 0 Borrower (if applicable): Current Owner of Record: Our Association Inc Occupant: Owner Tenant (Market Rent) Tenant (Regulated Rent) Vacant Project Type: Condominium Other (describe) HOA: $ 6,800 per year per month Market Area Name: Our House At The Beach Map Reference: T37-R17-S13 Census Tract: Project Name: Our House At The Beach Phase: 1 The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective Prospective Approaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach (See Reconciliation Comments and Scope of Work) Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe) Intended Use: Stated elsewhere in the report, SEE ADDENDUM PAGE (ADDITIONAL IMPORTANT COMMENT) Intended User(s) (by name or type): Stated elsewhere in the report, SEE ADDENDUM PAGE (ADDITIONAL IMPORTANT COMMENT) Client: Appraiser: Our Association Inc/Rick Gunther Diana L Andersen Address: Address: 8466 Lockwood Ridge Rd. #125, Sarasota, FL Location: Urban Suburban Rural Predominant Condominium Housing Present Land Use Change in Land Use Built up: Over 75% 25-75% Under 25% Occupancy PRICE AGE One-Unit 59 % Not Likely Growth rate: Rapid Stable Slow Owner $(000) (yrs) 2-4 Unit 2 % Likely * In Process * Property values: Demand/supply: Increasing Shortage Stable In Balance Declining Over Supply Tenant Vacant (0-5%) 120 4,000 Low High 4 70 Multi-Unit Comm'l 24 % 10 % * To: Marketing time: Under 3 Mos. 3-6 Mos. Over 6 Mos. Vacant (>5%) 500 Pred 35 Other 5 % Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): Boundaries: South and West of Sarasota Bay; East of Gulf of Mexico; North of South Tip of Siesta Key. Present land use % other is vacant, water, or parks. All amenities are accessible via local main roads. Houses of worship, shopping & schools are close by. Siesta Key Village is a tourist area with many rental properties. Subject & comps are above the predominant price range due to superior view of the Gulf of Mexico & updated condition. No adverse affect on market value and views are considered a positive affect on marketability. The overall market experienced a major correction/decline in prior years, however, prices in this market area have been fluctuating but stable in the last few years. County-wide foreclosures and short sales are high but very low on Siesta Key. Unemployment is starting to decrease. Interest rates are low but financing is difficult to obtain due to a nationwide credit/banking tightening on lending. Flood insurance rates are climbing. Cash buyers in Subject County market is common. There is an over supply on the market but this is not unusual for the Siesta Key market during our winter season market. Many listings will be put on the market with an expectation of a possible high price. Zoning Classification: RMF-3/SKOD Description: Residential Multi Family, 13 units per acre, Siesta Key Overlay District Zoning Compliance: Legal Legal nonconforming (grandfathered) Illegal No zoning Ground Rent (if applicable) $ / Comments: Highest & Best Use as improved (or as proposed per plans & specifications): Present use, or Other use (explain) PROJECT SITE DESCRIPTION Actual Use as of Effective Date: Summary of Highest & Best Use: Condo Use as appraised in this report: Condo Stated elsewhere in the report, SEE ADDENDUM PAGE (ADDITIONAL IMPORTANT COMMENT) Utilities Public Other Provider/Description Off-site Improvements Type Public Private Electricity Gas Water Sanitary Sewer Storm Sewer FPL None County Water County Sewer County Storm Sewer Street Curb/Gutter Sidewalk Street Lights Alley Asphalt Concrete Concrete Yes None Other site elements: Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe) Density Size Topography View Drainage Easements 13+/- units/acre 106 Units/8.14 Acres Generally level, above street grade Similar units Appears adequate Typical/Utility assumed FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone AE FEMA Map # 12115C0143F FEMA Map Date 11/04/2016 Site Comments: None noted, no survey provided. Parcel map attached is assumed accurate. No readily apparent adverse conditions/external factors noted. See Scope of work comments. Appraiser cannot verify the accuracy of Flood zone data, see lenders guaranteed flood certificate for a more accurate report. Location on a barrier key would be considered a positive influence on market value. PROJECT INFORMATION Data source(s) for project information Realest Tax, SCPA, MFRMLS/Manager. No condo questionnaire was provided by the client. Project Description Detached Row or Townhouse Garden Mid-Rise High-Rise Other (describe) General Description of Project Subject Phase # If Project Completed # # of Stories # of Elevators 8 1 Per Building Exterior Walls Roof Surface CBS/Avg Membrn/Avg Units Units Completed 56 Phases 56 Units 2 Planned Phases 106 Planned Units Existing Design (Style) Proposed High-Rise Und.Cons. Total # Parking Ratio (spaces/unit) Units For Sale Units Sold 6 Units for Sale 56 Units Sold 6 Units for Sale 106 Units Sold Actual Age (Yrs.) 36 Parking Type(s) Gar/CP/Open Units Rented 16 Units Rented 20 Units Rented Effective Age (Yrs.) 25 Guest Parking 87 Owner Occup. Units 40 Owner Occup. Units 86 Owner Occup. Units Project Primary Occupancy Principal Residence Second Home or Recreational Tenant Is the developer/builder in control of the Homeowners Association (HOA)? Yes No Management Group: Homeowners' Association Developer Management Agent (name of management agent or company): Tropical Sands Accommodations Phone: Was the project created by the conversion of existing building(s) into a condominium? Yes No If Yes, describe the original use and date of conversion. Are CC&Rs applicable? Yes No Unknown Have the documents been reviewed? Yes No Comments: If Project Incomplete # Project Comments (condition, quality of construction, completion status, etc.): Subject is an apparently well maintained project consisting of average quality construction with attached units. There is a 1 week minimum lease period in subject complex and units can be rented 52 times in a year. Condo complex is not a condo-hotel. Common Elements and Recreational Facilities: Community pool, recreation/fitness center, security entrance, tennis courts, and on site manager. Copyright 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

4 INDIVIDUAL CONDO UNIT APPRAISAL REPORT Summary of condominium project budget analysis for the current year (if analyzed): was provided by the client. Main File No Page # 4 of 26 File No.: Condominium documents not available for appraisers review. No condo questionnaire PROJECT ANALYSIS Other fees for the use of the project facilities (other than regular HOA charges): None Compared to other competitive projects of similar quality and design, the subject unit charge appears High Low (If High or Low, describe) Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser? Yes No If Yes, describe and explain the effect on value and marketability. DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $ per month X 12 = $ 6,800 per year. Annual assessment charge per year per SF of GLA = $ 5.89 Utilities included in the Unit Charge: None Heat Air Conditioning Electricity Gas Water Sewer Cable Other Source(s) used for physical characteristics of property: New Inspection Previous Appraisal Files MLS Assessment and Tax Records Prior Inspection Property Owner Other (describe) Realist Tax Data Source for Gross Living Area Sarasota County Condo Plat/Measure check General Description Foundation N/A Basement N/A Heating Floor Location # of Levels 2 1 Concrete None Type Fuel FWA Electric Design (Style) High-Rise None Condition Existing Proposed Under Construction Actual Age (Yrs.) 36 Effective Age (Yrs.) 25 Interior Description Additional features: room, and baths. Exterior Description Foundation Exterior Walls Roof Surface Gutters & Dwnspts. Window Type Storm/Screens Manufactured Home No Attic Concrete/Avg CBS/ Membrn/Avg Aluminum/Avg SingleHung/Avg No/Yes Slab Crawl Space Basement Sump Pump Dampness Settlement Infestation None noted None noted Area Sq. Ft. % Finished Ceiling Walls Floor Outside Entry Cooling Central Other Yes Yes None Condition Car Storage None Garage # Covered # 1 Open # Total # of cars 1 Assigned 103 Owned Space #(s) 103 Appliances N/A Amenities Floors Walls Trim/Finish Bath Floor Bath Wainscot Doors Carpet/Tile/Avg Drywall/Avg Wood/Paint/Avg Tile/Avg Tile/Avg. Wood/Glass/Metal/Avg Refrigerator Range/Oven Disposal Dishwasher Fan/Hood Microwave Stairs Drop Stair Scuttle Doorway Floor Heated Fireplace(s) # Patio Deck Porch Fence Pool Woodstove(s) # Washer/Dryer Finished Balcony Covered-2 Finished area above grade contains: 5 Rooms 2 Bedrooms 2.0 Bath(s) 1,154 Square Feet of Gross Living Area Above Grade Are the heating and cooling for the individual units separately metered? Yes No (If No, describe) Energy efficiency appears average for this type of construction. Additional features include ceiling fans, and ceramic tile in foyer, halls, kitchen, dining Describe the condition of the property (including physical, functional and external obsolescence): Unit is in average condition with no items of deferred maintenance noted. Estimated remaining economic life of subject is xx-xx years. This appraisal report does not guarantee that the property is free from defects. Electric and water was o and functioning. Living area is different then county records due to county rounding to whole numbers and appraiser does not. Carpet in master bedroom is newer but kitchen and baths are dated. Carpet in 2nd bedroom needs to be cleaned or replaced. Subject is in average maintained condition. TRANSFER HISTORY My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s): MFRMLS, Property Appraiser web site, Clerk of Courts, Realist Tax 1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing: Date: 07/01/1982 Price: $84,000 Source(s): Realist Tax/Clerk of Courts 2nd Prior Subject Sale/Transfer Date: Price: Source(s): Subject did not transfer in the last 3 years. Unless otherwise noted above, the comparables were not transferred within 12 months of respective closing dates. Copyright 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

5 INDIVIDUAL CONDO UNIT APPRAISAL REPORT SALES COMPARISON APPROACH Main File No Page # 5 of 26 File No.: SALES COMPARISON APPROACH TO VALUE (if developed) The Sales Comparison Approach was not developed for this appraisal. FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 1001 Beach R # A Midnight Pass Rd Apt Midnight Pass Rd # 175 Sarasota, FL Sarasota, FL Sarasota, FL Sarasota, FL Project Our House At The Beach Our House At The Beach Siesta Dunes Beach Palm Bay Club Phase Proximity to Subject 0.04 miles S 1.02 miles SE 0.61 miles SE Sale Price $ 0 $ 565,000 $ 501,000 $ 520,000 Sale Price/GLA $ /sq.ft. $ /sq.ft. $ /sq.ft. $ /sq.ft. Data Source(s) Inspection MFRMLS#A ;DOM 48 MFRMLS#A ;DOM 120 MFRMLS#A ;DOM 53 Verification Source(s) Realist Tax/SCPA Realist Tax/SCPA Realist Tax/SCPA Realist Tax/SCPA VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +( ) $ Adjust. DESCRIPTION +( ) $ Adjust. DESCRIPTION +( ) $ Adjust. Sales or Financing Concessions Date of Sale/Time Rights Appraised Location HOA Fees ($/Month) Common Elements and Recreational Facilities Fee Simple Good/Island Location ComPool/Rec Cent Tennis/Near beach Cash/Arms length None Per MLS s03/16;c02/16 Fee Simple Good/Island Location ComPool/Rec Cent Tennis/Near beach 0 Cash/Arms length 0 None Per MLS 0 s07/16;c06/16 Fee Simple Good/Island Location 804 ComPool/Rec Cent Tennis/Near beach 0 Conv/Arms length 0 None Per MLS 0 s12/16;c10/16 Fee Simple Good/Island Location ComPool/Rec Cent Tennis/Near beach Floor Location 2 7 \ View Design (Style) Quality of Construction Similar units High-Rise Distant Gulf High-Rise / -50,000 Similar units Mid-Rise Similar units Mid-Rise Age Condition 36 Avg/Maintained 35 Avg/Maintained 0 37 Avg/Maintained 0 41 Avg/Maintained 0 Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count Gross Living Area 1,154 sq.ft. 1,154 sq.ft. 1,150 sq.ft. 1,268 sq.ft. -6,000 Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Parking Porch/Patio/Deck Furnished CentralHT&AC None Carport-1 Covered Balcony Furnished-No Value CentralHT&AC None Carport-1 Covered Balcony Furnished-No Value CentralHT&AC None Carport-1 Covered Balcony Furnished-No Value CentralHT&AC None Open Parking +5,000 Covered Balcony Furnished-No Value Net Adjustment (Total) + $ -50,000 + $ + $ -1,000 Adjusted Sale Price of Comparables $ 515,000 $ 501,000 $ 519,000 Summary of Sales Comparison Approach Per sources cited above, all sales are closed and from the same market area. Subject & Comps have similar appeal & the improvements are compatible in style & construction to other homes in the market area. No adjustments made for minor differences in actual age when the effective ages of subject & comps appear similar. Comps 1 and 2 sold more than 6 months ago; used due to lack of more recent similar sales in the area. One comps is over one mile distant due to lack of recent more proximate sales. When paired sales analysis was not possible from available data, the appraiser made adjustments where appropriate, based on an estimate of market reaction. Value opinion falls between pre-adjusted sale prices as well as the adjusted sale prices of the comps used. Closed comps were given equal consideration. Indicated Value by Sales Comparison Approach $ 515,000 Copyright 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

6 INDIVIDUAL CONDO UNIT APPRAISAL REPORT INCOME APPROACH Sarasota, FL Our House At The Beach 1 Main File No Page # 6 of 26 File No.: INCOME APPROACH TO VALUE (if developed) The Income Approach was not developed for this appraisal. FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3 Address Project Phase Proximity to Subject Current Monthly Rent $ $ $ $ Rent/GLA $ /sq.ft. $ /sq.ft. $ /sq.ft. $ /sq.ft. Rent Control Yes No Yes No Yes No Yes No Data Source(s) Date of Lease(s) Location Good/Island Location View Age Condition 36 Avg/Maintained Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count Gross Living Area ,154 sq.ft. sq.ft. sq.ft. sq.ft. Utilities Included Summary of Income Approach (including support for market rent and GRM): appraisal problem. Income approach not completed due to lack of rental data and it is not necessary to solve the COST RECONCILIATION ATTACHMENTS Opinion of Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach COST APPROACH TO VALUE (if developed) The Cost Approach was not developed for this appraisal. Summary of Cost Approach: Cost Approach not applicable in the appraisal of attached condo units. Indicated Value by: Sales Comparison Approach $ 515,000 Cost Approach (if developed) $ Income Approach (if developed) $ Final Reconciliation The appraiser did not complete the cost approach or the income capitalization approach, as they were considered not applicable or necessary in this analysis. Based upon the requirements of the client and the intended use of the appraisal, the sales comparison approach is sufficient to solve the appraisal problem. Opinion of market value below is based on a typical exposure time (using USPAP definition stated in additional comments) of 3-6 months. Closed comps were given equal consideration. This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: Subject appraised as is. No personal property, financing costs, title insurance or credits included in value opinion.. This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda. Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $ 515,000, as of: 02/22/2017, which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda. A true and complete copy of this report contains 26 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. Attached Exhibits: Scope of Work Limiting Cond./Certifications Narrative Addendum Photograph Addenda Sketch Addendum Map Addenda Additional Sales Additional Rentals Flood Addendum Hypothetical Conditions Extraordinary Assumptions Budget Analysis Client Contact: Client Name: Our Association Inc/Rick Gunther Address: SIGNATURES Supervisory or Appraiser Name: Diana L Andersen Co-Appraiser Name: Company: Alliance Appraisal Associates of Florida, Inc. Company: Phone: (941) Fax: (941) Phone: Fax: orders@allianceappraisalflorida.com Date of Report (Signature): License or Certification #: 02/26/2017 Cert Res RD2489 State: FL Date of Report (Signature): License or Certification #: State: Designation: Appraiser Designation: Expiration Date of License or Certification: 11/30/2018 Expiration Date of License or Certification: Inspection of Subject: Interior & Exterior Exterior Only None Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection: 02/22/2017 Date of Inspection: Copyright 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

7 ADDITIONAL COMPARABLE SALES SALES COMPARISON APPROACH Main File No Page # 7 of 26 File No.: FEATURE SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6 Address 1055 Beach R # B-503 Sarasota, FL Sarasota, FL Project Our House At The Beach Our House At The Beach Phase 1 1 Proximity to Subject 0.06 miles E Sale Price $ 0 $ 599,000 $ $ Sale Price/GLA $ /sq.ft. $ /sq.ft. $ /sq.ft. $ /sq.ft. Data Source(s) Inspection MFRMLS#A ;DOM 85 Verification Source(s) Realist Tax/SCPA Realist/SCPA/Arms Length Listing VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +( ) $ Adjust. DESCRIPTION +( ) $ Adjust. DESCRIPTION +( ) $ Adjust. Sales or Financing Concessions Date of Sale/Time Rights Appraised Location HOA Fees ($/Month) Common Elements and Recreational Facilities Floor Location View Design (Style) Quality of Construction Age Condition Fee Simple Good/Island Location ComPool/Rec Cent Tennis/Near beach 2 Similar units High-Rise 36 Avg/Maintained Active Listing List/Sale 95% Fee Simple Good/Island Location ComPool/Rec Cent Tennis/Near beach 6 Similar units High-Rise 36 Avg/Maintained 0-30, Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count Gross Living Area ,154 sq.ft ,154 sq.ft. sq.ft. sq.ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Parking Porch/Patio/Deck Furnished CentralHT&AC None Carport-1 Covered Balcony Furnished-No Value CentralHT&AC None Carport-1 Covered Balcony Furnished-No Value Net Adjustment (Total) Adjusted Sale Price + $ -30,000 + $ + $ of Comparables $ 569,000 $ $ Summary of Sales Comparison Approach Comp 4 included but not weighted to demonstrate similar and competing listing from the subject's development. Adjustments made to LISTING to indicate differences, please note that any conclusions drawn from the adjusted LIST PRICE could be misleading because a property can be listed at any price level, appropriate or otherwise. Typically, but with exceptions, an open-market listing of a similar property indicates the upper range of value for the subject property. Per Market Analysis report for the report defined market the median sales price to list price in the last 3 months was 95%, therefore comp 4 is adjusted for a probable negotiation at -5%. (rounded to the nearest $1,000) See Comments on Sales Comparison on PG 3. Copyright 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

8 Copyright 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Assumptions, Limiting Conditions & Scope of Work Main File No Page # 8 of 26 File No.: Address: 1001 Beach R #A-103 Unit #: A-103 City: Sarasota State: FL Zip Code: Client: Our Association Inc/Rick Gunther Address: Appraiser: Diana L Andersen Address: 8466 Lockwood Ridge Rd. #125, Sarasota, FL STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS - The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The apprais assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. - The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unles otherwise indicated, a Land Survey was not performed. - If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject unit is located in an identified Special Flood Hazard Area. Because th appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. - The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. - If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and the improvements at their contributory value. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such. - The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of durin the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. - The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. - The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisa Practice, and any applicable federal, state or local laws. - If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner. - An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. - The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, throug advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. - An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraise performs a non-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage the appropriate type of expert to investigate. The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions.

9 Certifications Main File No Page # 9 of 26 File No.: Address: 1001 Beach R #A-103 Unit #: A-103 City: Sarasota State: FL Zip Code: Client: Our Association Inc/Rick Gunther Address: Appraiser: Diana L Andersen Address: 8466 Lockwood Ridge Rd. #125, Sarasota, FL APPRAISER'S CERTIFICATION I certify that, to the best of my knowledge and belief: - The statements of fact contained in this report are true and correct. - The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subjec of this report within the three-year period immediately preceding acceptance of this assignment. - I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property. - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report from the street only. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification. Additional Certifications: DEFINITION OF MARKET VALUE : Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Client Contact: Client Name: Address: Our Association Inc/Rick Gunther SIGNATURES Supervisory or Appraiser Name: Diana L Andersen Co-Appraiser Name: Company: Alliance Appraisal Associates of Florida, Inc. Company: Phone: (941) Fax: (941) Phone: Fax: orders@allianceappraisalflorida.com Date Report Signed: License or Certification #: 02/26/2017 Cert Res RD2489 State: FL Date Report Signed: License or Certification #: State: Designation: Appraiser Designation: Expiration Date of License or Certification: 11/30/2018 Expiration Date of License or Certification: Inspection of Subject: Interior & Exterior Exterior Only None Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection: 02/22/2017 Date of Inspection: Copyright 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

10 Additional Important Comments File No Main File No Page # 10 of 26 Borrower Property Address City Sarasota County Sarasota State FL Zip Code Lender/Client Our Association Inc/Rick Gunther The Intended User of this appraisal report is Rick Gunther/Our Association, Inc. The Intended Use is to evaluate the property that is the subject of this appraisal for a market value for use by the association to assist in determining as appropriate listing price, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser. NOT TO BE USED FOR A FEDERALLY RELATED FINANCING TRANSACTION. COMMENT REGARDING FEMA DISASTER AREA: Subject is in a FEMA declared disaster area for public assistance (Manatee and Sarasota Counties) for Tropical Storm Hermine-(Florida Hurricane Hermine (DR-4280) Incident period: August 31, 2016 to September 11, 2016 / Major Disaster Declaration declared on September 28, 2016) but no storm damage was observed for the subject. The whole state of Florida was declared for Hurricane Matthew and only public assistance is listed on the maps at this time. Sarasota, Manatee, and Charlotte counties are not listed for public assistance. Florida Hurricane Matthew (DR-4283) Incident period: October 3, 2016 Major Disaster Declaration declared on October 8, 2016 This storm mostly affected the other side of the State of Florida and no storm damage for the subject was observed as of the effective date of this report. Exposure Time Per USPAP definition for exposure time: Exposure time : estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.(exposure time is a retrospective opinion based on an analysis of past events assuming a competitive and open market.) SCOPE OF WORK: Inspection of Subject Property and immediate neighborhood (within a 1 mile radius and/or comps used in report only): a visual non invasive interior & exterior appraisal inspection (not including the attic, crawl space or any hidden components, no activation or testing of mechanical systems or utilities, no verification of code compliance or building permits, no personal property of any kind was moved during inspection) of subject to determine on & off site conditions that might affect the market value of the property. The 1004 MC is not required and may not be included. This appraisal may not be in compliance with FNMA guidelines since it is not meant to be used for a federally related financing transaction. The appraiser may used MLS photos for comps instead of driving by them, MLS photographs of some/all comparables were used in this report. The MLS photographs are usually taken shortly after a property is listed for sale, and therefore they reflect the condition of the comparable at the time of listing/sale more accurately than current photographs. Either a floor plan provided by a third party or recorded condo plats or on site exterior measurements of the primary structure were taken and a building sketch will be provided, not drawn to scale and if provided by third party or property appraiser web site or condo plats it is assumed accurate for purposes of this report. Extent of Data Research: sources used by appraiser include: Property Appraiser web site, USPS postal address and zip code data, and flood zoning data from Ala Mode map service or FEMA web site, County Property Appraiser data from internet sites, MLS data and/or listing, sales agents, buyers, sellers. Local open market sales as listed in area MLS systems reflect the national, regional & local economic trends which affect the local real estate market. Analysis applied to arrive at the opinion of value includes: Highest & Best Use, analysis of current leases (if any known), Sales Comparison Approach. Cost approach is not relevant in attached units. Income Approach to value was considered, but not utilized, due to conditions explained more fully in the report. This report is not a home inspection. The appraiser only performed a visual inspection of accessible areas and the appraisal cannot be relied upon to disclose conditions and or defects in the property. Condition of improvements as described in this report reflect a visual non invasive appraisal inspection, which reports only those deferred maintenance items (if any) that were readily apparent to the appraiser at time of inspection. Although the appraiser strives for full accuracy, he or she is neither a certified home inspector nor a building contractor. Whenever available, home-inspector's and contractor's reports/bids and estimates to repair are consulted and reported in the appraisal. Many faults and defects, major and minor, can remain hidden until discovered by an expert inspection. The appraiser's estimates to repair (if any) are rough estimates only, unless supported by contractor bids or professional estimates. If these documents are not available, and the client wishes more than the routine non-invasive visual appraisal inspection and rough estimates to repair provided by the appraiser, then the appraiser strongly recommends the use of professional home inspection and contractor services, which are readily available in the subject market area. The appraiser further retains the right to amend the estimate of value contained in this report if at a later date the professional inspection data or repair estimates substantially differ from those reported in the original appraisal report. Appraiser has reported on apparent general condition only. The appraiser is not a professional home or environmental inspector. The appraiser provides an opinion of value. The appraisal does not guarantee that the property is free of defects or environmental problems such as sink holes or soil contamination or any other hazard. The appraiser performs an inspection of visible and accessible areas only. Mold may be present in areas the appraiser cannot see. A professional home inspection or environmental inspection is recommended if the lender wishes a guarantee that mold, Chinese drywall, or other environmental problems do not exist. PLEASE NOTE: Subject is tenant occupied. This indicates that the borrower's interest in the property is LEASED FEE. However, subject rights appraised are FEE SIMPLE - excluding any influence that a leased fee interest exists. HIGHEST & BEST USE: Residential Condominium Highest & best use of land or a site as though vacant: The use of a property based on the assumption that a parcel of land is vacant, or can be made vacant through demolition of any improvements. Highest & best use of property as improved: The use that should be made of a property as it exists. Highest & best use: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility and maximum profitability. The subject meets all of these criteria and is located in an area where residential condo usage is typical. Therefore, the existing

11 residential condominium usage is considered to be the highest & best use of the site both vacant & improved. This appraisal report utilizes digital electronic signatures in compliance with the definition stated in Uniform Standards of Professional Appraisal Practice UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE Definitions: SIGNATURE: personalized evidence indicating authentication of the work performed by the appraiser and the acceptance of the responsibility for content, analyses, and the conclusions in the report.comment: A signature can be represented by a handwritten mark, a digitized image controlled by a personalized identification number, or other media, where the appraiser has sole personalized control of affixing the signature. ABBREVIATIONS USED IN THIS REPORT AGDO Automatic Garage Door Opener CBS Concrete Block with Stucco or Spray Crete finish CCPA Charlotte County Property Appraiser CD Contract Date CL Closing Date DOM Days on Market to Contract (Exposure time) FEMA Federal Emergency Management Agency GLA Gross Living Area HoW House of Worship IMAPP Interactive Mapping. IMAPP, Inc. Clearwater, FL Instr Clerk of Court Instrument Number - Deed Lwr.Eff. Effective Age considered lower than Actual Age MCPA Manatee County Property Appraiser MHP Manufactured/Mobile Home Park MLS Multiple Listing Service RRtrx Railroad Tracks/Railroad Easement SCPA Sarasota County Property Appraiser S/D Subdivision sf Square foot Sim. Eff. Having an effective age similar to the subject property U/C Under Construction PORCHES/PATIOS CLPch Enclosed Porch GlssPch Glassed Porch OPch Open Porch Pat Patio SPch Screened Porch VPch Vinyl and Screened Porch Additional Important Comments File No Main File No Page # 11 of 26 Borrower Property Address City Sarasota County Sarasota State FL Zip Code Lender/Client Our Association Inc/Rick Gunther

12 Alliance Appraisal Associates of Florida, Inc. (941) FIRREA / USPAP ADDENDUM Main File No Page # 12 of 26 Borrower File No Property Address City Sarasota County Sarasota State FL Zip Code Lender/Client Our Association Inc/Rick Gunther The purpose of the appraisal is to develop an opinion of value of the subject property as defined herein as of the date of inspection & of the Effective Date of Appraisal Stated elsewhere in the report, SEE Assumptions, Limiting Conditions & Scope of Work addendum and ADDITIONAL COMMENTS addendum. Intended Use: USER. Intended User(s): Stated elsewhere in the report, SEE ADDENDUM PAGE (ADDITIONAL IMPORTANT COMMENT) OF THIS FORM FOR INTENDED USE / INTENDED Stated elsewhere in the report, SEE ADDENDUM PAGE (ADDITIONAL IMPORTANT COMMENT) Current listing information: Stated elsewhere in the report, if any. Prior sale: Stated elsewhere in the report, if any. Stated elsewhere in the report. The exposure time estimate was developed from local area sales data. The opinion of value stated in this report was developed assuming a typical market area exposure time prior to the effective date of appraisal. From the data available a typical marketing time (estimate of future performance) for the property can be supported as being similar to the estimated exposure time, given the assumption that future market conditions will mirror exactly market conditions immediately preceding the effective date of this appraisal. Stated elsewhere in the report, if any. APPRAISAL REPORT:This is an Appraisal Report which is intended to comply with the reporting requirements set forth under Standards Rule 2.2(a) of the Uniform Standards of Professional Appraisal Practice (USPAP) for an Appraisal Report. As such, it presents only summary discussions of the data, reasoning and analyses that were used in the appraisal process, to develop my opinion of value. Supporting documentation that is not provided with the report concerning the data, reasoning & analyses, is retained in my files The depth of the discussion contained in this report is specific to the needs of the client, and for the intended use stated in the report. The appraiser is not responsible for any unauthorized use of this report. The property rights appraised are FEE SIMPLE. COMMENTS ON STANDARDS RULE 2.3 I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. I have made a personal inspection of the property that is the subject of this report. No one provided significant real property appraisal assistance to the person signing this certification. 1. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or an approval of a loan. 2. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result or the occurrence of a subsequent event. 3. This appraisal report utilizes digital electronic signatures in compliance with the definition stated in the current Uniform Standards of Professional Appraisal Practice (see page 3 Additional Comments section for full definition) Appraiser: Signed Date: Diana L Andersen 02/26/2017 Certification or License #: Cert Res RD2489 Certification or License State: FL Expires: 11/30/2018 Effective Date of Appraisal: 02/22/2017 Supervisory Appraiser: Signed Date: Certification or License #: Certification or License State: Expires: Inspection of Subject: Did Not Exterior Only Interior and Exterior

13 Report Stated Market per MLS Market Analysis for Condo Main File No Page # 13 of 26

14 Subject Transfer History Main File No Page # 14 of 26

15 Subject Aerial Borrower Property Address City Sarasota County Sarasota State FL Zip Code Lender/Client Our Association Inc/Rick Gunther Main File No Page # 15 of 26

16 Building Sketch Borrower Property Address City Sarasota County Sarasota State FL Zip Code Lender/Client Our Association Inc/Rick Gunther Main File No Page # 16 of ' 11.9' 1' Covered Balcony 6.3' 6.3' Bedroom Living Room 26.7' Kitchen Dining Room Covered Balcony 23.3' Dimensions Approximate Interior Not to Scale Bath Laundry Area 1' 9.6' 4.8' 3.7' 4.7' Foyer Bath 22.9' Bedroom 11.9' Sketch by Apex Sketch v5 Standard Comments: AREA CALCULATIONS SUMMARY Code Description Net Size Net Totals GLA1 First Floor P/P Covered Balcony Covered Balcony LIVING AREA BREAKDOWN Breakdown Subtotals First Floor 11.9 x x x x x Net LIVABLE Area (rounded) Items (rounded) 1154

17 Subject Site Map Main File No Page # 17 of 26

18 Location Map Borrower Property Address City Sarasota County Sarasota State FL Zip Code Lender/Client Our Association Inc/Rick Gunther Main File No Page # 18 of 26

19 Subject Photo Page Borrower Property Address City Sarasota County Sarasota State FL Zip Code Lender/Client Our Association Inc/Rick Gunther Main File No Page # 19 of 26 Subject Front Sales Price 0 Gross Living Area 1,154 Total Rooms 5 Total Bedrooms 2 Total Bathrooms 2.0 Location Good/Island Location View Similar units Site Avg density Condo Quality Age 36 Subject Rear Subject Street

20 Photograph Addendum Borrower Property Address City Sarasota County Sarasota State FL Zip Code Lender/Client Our Association Inc/Rick Gunther Main File No Page # 20 of 26 Address Kitchen Kitchen Kitchen Dining room Living room View View Master bedroom Master Bath Bedroom 2 Bath 2 Same bath 2 Laundry area Covered Balcony

21 Comparable Photo Page Borrower Property Address City Sarasota County Sarasota State FL Zip Code Lender/Client Our Association Inc/Rick Gunther Main File No Page # 21 of 26 Comparable Beach R # A-601 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location 0.04 miles S 565,000 1, Good/Island Location View Distant Gulf / Site Quality Age Avg density Condo 35 Comparable Midnight Pass Rd Apt 106 Prox. to Subject 1.02 miles SE Sales Price 501,000 Gross Living Area 1,150 Total Rooms 5 Total Bedrooms 2 Total Bathrooms 2.0 Location Good/Island Location View Similar units Site Avg density Condo Quality Age 37 Comparable Midnight Pass Rd # 175 Prox. to Subject 0.61 miles SE Sales Price 520,000 Gross Living Area 1,268 Total Rooms 5 Total Bedrooms 2 Total Bathrooms 2.0 Location Good/Island Location View Similar units Site Avg density Condo Quality Age 41

22 Comparable Photo Page Borrower Property Address City Sarasota County Sarasota State FL Zip Code Lender/Client Our Association Inc/Rick Gunther Main File No Page # 22 of 26 Comparable Beach R # B-503 Prox. to Subject 0.06 miles E Sale Price 599,000 Gross Living Area 1,154 Total Rooms 5 Total Bedrooms 2 Total Bathrooms 2.0 Location Good/Island Location View Similar units Site Avg density Condo Quality Age 36 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Comparable 5 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Comparable 6

23 Andersen License Main File No Page # 23 of 26

24 Andersen 2017 E & O Insurance Main File No Page # 24 of 26

25 Diana L Andersen Qualifications Page 1 Main File No Page # 25 of 26

26 Diana L Andersen Qualifications Page 2 Main File No Page # 26 of 26