As-Is Market Price $475,000

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Drive-by, Commercial Sales Only 6550 Route 23a, Tannersville, NY 12485 Please Note: This report was completed with the following assumptions: Market Approach: Fair Market Price, Exposure Time:

Address Inspection Date Loan Number Borrower Name 6550 Route 23a, Tannersville, NY 12485 02/04/2017 12345 NA Order ID Date of Report APN 5392082 Property ID 22299912 02/10/2017 193689-181-007-0002-

Comparables Map $475,000 Subject Aerial View I.

1 Drive-by, Commercial Sales Only 6550 Route 23a, Tannersville, NY Please Note: This report was completed with the following assumptions: Market Approach: Fair Market Price, Exposure Time: Typical. Important additional information relating to this report, including use and restrictions, is contained in an attached addendum which is an integral part of this report. Address Inspection Date Loan Number Borrower Name 6550 Route 23a, Tannersville, NY /04/ NA Order ID Date of Report APN Property ID /10/ Tracking IDs Order Tracking ID Hunter Mountain Tracking ID Tracking ID 2 -- Tracking ID 3 -- Subject Photo Price Conclusions As-Is Market Price $450,000 Repaired Price Subject & Comparables Map $475,000 Subject Aerial View I. Property Overview Property Type Commercial-Other Gross Building Area (GBA) 17,014 SF Current Use Retail Restaurant Property Condition Fair Projected Use Retail Restaurant Estimated Exterior Repair Cost $10,000 Occupancy Vacant Estimated Interior Repair Cost $0 # of Buildings / Units 1 / 1 Total Estimated Repair $10,000 Average Unit Size -- Extent of Inspection Exterior Only Year Built 1930 Condition/Property Comments At the time of my inspection I did not observe and major or structural damage or needed repairs to the subject property. However, it is a vacant building and does appear to need exterior paint and general landscaping exterior clean-up. Additional interior condition concerns may be present and given the large scale of the subject, if interior condition issues are present, a significant impact on value and marketability may occur. While the majority of the subject exterior is visible, the current snow pack does limit the full visibility of the exterior. This report is prepared with knowledge gained from the exterior-only vantage point. In deriving value for the subject property, a $/GBA ($/PSF) valuation strategy is performed as this is deemed the most appropriate approach to value given the subject's historical use and property type. The subject's acreage positively influences value however, is not considered the main driver of value at this time.

2 II. Subject Sales & Listing History Current Listing Status Subject is not currently listed. Source Date Listed Date Sold List Price Sale Price Notes III. Assessed Value, Taxes & Title Assessor's ID/Parcel Number Data Source Public Records Land $29,600 Improvements $413,400 Total $443,000 Taxes $15,113 Special Assessments $0 Tax Year 2015 IV. Neighborhood & Market Data Location Type Predominant Property Type in Area Typical Property Condition in Area Predominant Occupancy Occupancy Rate Suburban Commercial Good Owner Stable Current Market Vacancy Rate 6-10% Overall Real Estate Values Market for this property type Stable Stable over the past 6 months Neighborhood Comments The subject property is on the outer edge of the village of Tannersville, located in Greene County, New York. The village of Tannersville is located in the North-Central part of the Town of Hunter on Route 23A, which the Subject fronts. The population of Tannersville was 539 as of the most recent 2010 census poll. This reflects a slight increase from the 448 year-round population figure from the 2000 census. The village of Tannersville was incorporated in 1895 and the economy was originally centered on lumber mills and tanneries until the mid-19th century. More recently, the local economy has experienced an economic and tourism revival largely based on tourism from New York City and other surrounding metropolitan areas attracted to the regions ski resorts and other outdoor activities. A major proponent of this revitalization is the 'Hunter Foundation', who is responsible for 'The Paint Project' which focuses on remodeling historical buildings in the downtown core in an effort to increase appeal and tourism to the area. V. Site Description Zoning 01 Accessibility/Visibility Excellent Data Source Public Records Parking Excellent Zoning Description Restaurant/Bar Adequate for Use Yes Subject Use Legal Site Comments The subject site is located on heavily traveled Route 23A. The subject contains 2.70 acres of mostly level and graded area with a slight slope observed in the rear of the parcel. The site is of regular shape and adequately meets the historical uses and need of the subject property. The Subject is zoned 01, which is observed to be a typical zoning for retail based parcels in the local area. Access to and from the parking lot is easy from the ski mountains and the village.

3 VI. Comparable Sales Subject Sold Comp 1 Sold Comp 2 Sold Comp 3 * Street Address 6550 Route 23a 6036 Main St 8 Church Rd 6023 Main St City, State Tannersville, NY Tannersville, NY Big Indian, NY Tannersville, NY Zip Code Miles to Subj ¹ ¹ 1.30 ¹ Property Type Commercial-Other: Restaurant Mixed Use - Res/Com Retail Mixed Use - Res/Com Property Use Retail Restaurant Mixed Use Res/Com Retail Restaurant Mixed Use Res/Com Transaction Details Datasource -- Costar Costar Costar Sale Price $ -- $350,000 $325,000 $130,000 Sale Date -- 07/29/ /11/ /23/2014 Sale Type -- Standard Standard Standard Financing Terms -- Conventional Conventional Conventional Days on Market Gross Building Area (Sq.Ft.) 17,014 6,269 6,500 3,941 Sale Price / GBA -- $55.83 / GBA $50.00 / GBA $32.99 / GBA Occupancy % (ATOS) % % % NOI (if leased at market) -- $0 $0 $0 Capitalization Rate % % % Comparison Factors Market Conditions Current Similar Similar Similar Location Good Similar Similar Similar Accessibility / Visibility Excellent Superior Similar Similar Lot Size 2.70 Ac Ac Ac..23 Ac. Overall Site Utility Excellent Similar Similar Similar # of Units Average Unit Size (Sq.Ft.) Year Built / Age (# of years) 1930 / / / / 87 Construction Quality Fair Similar Similar Similar Property Condition Fair Similar Superior Superior Property Amenities Good Similar Similar Similar Site Coverage Ratio 10.00% 64.00% 2.00% 26.00% Parking 100 Inferior Similar Inferior Parking Type Open Similar Similar Similar Adjustments -- - $105,000 - $162,500 - $39,000 Adjusted Price -- $245,000 $162,500 $91,000 Adjusted Price / GBA -- $39.08 / GBA $25.00 / GBA $23.09 / GBA Comments Why the comparable is superior or inferior to the subject. Sold 1 Sold Comp 1 - This sale comprises a mixed-use property in Downtown Tannersville occupied at time of sale by 'Village Candle'. The property was selected due to the proximate location with comparable condition observed at time of sale. The property features masonry and frame construction similar to the subject totaling 6269 sqft on.15 of an acre. The property is listed as built in 1930 in observed records however, there is online presence of the site dating back to 1912 with use as a billiard room. It is probable that the original storefront dates to 1912 with significant additions occurring in future years. A 1930 year built is observed and adopted for this report as it appears most appropriate to reflect the true age of the building. At time of sale, this property was observed in very similar condition to the subject at current. As a result of the deteriorating condition of this comp, this listing attracted the attention of 'The Hunter Foundation' who purchased the building in 2014 and began a restoration project completed in This property is now occupied by 'Hudson Chatham Winery'. -15% for increased visibility due to the position in the downtown core setting, -25% for economies of scale due to the significantly smaller GBA, +10% for inferior site coverage ratio/site area which also results in diminished parking amenity. Sold 2 Sold Comp 2 - This sale reflects a retail restaurant on acreage in the subject's expanded market area. This sale was selected due to the similar restaurant-type use and comparable site area which is deemed to be a primary driver of value for the subject property. The property features a comparable era built and a similar overall appeal within the market. Property amenities consist of a full commercial kitchen, dining area and bar area. The upper level of the property appears to facilitate a living quarters similar to the subject however, this is not confirmed. Sold comparable number two is superior to the subject property in lot size, condition and is smaller in GBA which necessitates an adjustment for economies of scale. -25% for economies of scale due to the significantly smaller GBA, -10% for superior site area/site coverage, -15% for significantly superior condition. Sold 3 Sold Comp 3 - This sale comprises a 3,941 SF Retail Storefront Retail/Residential Building Built in 1930 per Costar data resources. The sale occurred in December of 2014 from Frank Elizabeth to Thompson & Thompson Ent. The property consists retail on the first floor and residential use on the second floor. The property occupies.23 of an acre. While located on a much smaller site area, this sale was utilized and deemed supportive of subject value due to the very proximate location on the same thoroughfare, similar to S1. Sold comparable number three is inferior to the subject property in lot size. It is superior in condition. +10% for inferior site coverage ratio/site area which also results in diminished parking amenity, -15% for significantly superior condition, -25% for economies of scale due to the significantly smaller GBA.

4 * Sold 3 is the most comparable sale to the subject. ¹ Comp's "Miles to Subject" was calculated by the system. ² Comp's "Miles to Subject" provided by Real Estate Professional.

5 VII. Price Conclusion Market Price - Sales Comparison $450,000 Market Price - Income Capitalization -- As-Is Market Price Repaired Price Final Price Conclusion $450,000 $475,000 Final Price Conclusion PSF $26.45 / PSF $27.92 / PSF Probable Buyer Estimated Exposure Time Property Interest Owner User 9-12 Months Fee Simple Conclusion Comments / Summary of Analysis My price conclusion on the subject property is based on the sold comparables that were available at time of inspection in publicly viewed resources. Because of its location, the subject property is likely to experience demand within the local marketplace due to the presence of local tourism driven by ski activities at Hunter Mountain in addition to other attractions. The small geographic area with limited inventory necessitates the expansion of some parameters including sale date and requires the use of value adjustments. The value adjustments, while large for some observed differences, are deemed appropriate and necessary to properly account for differences in value created by variances in characteristics, primarily for condition and GBA. The subject contains an abnormally large GBA which necessitates the adjustment for economies of scale. In deriving the presented 'Market Price PSF', most weight was placed on S1, S3 due to the proximate location with additional consideration given to S2 due to the similar site area observed in that sale. Note that the final price conclusion on a sales-price basis is not bracketed, this is due to the subject's abnormally large GBA for the local market. It is in my professional opinion that the comparables I used to compile this report are the best, newest, and most proximate to the subject property as is possible to locate at this time.

6 VIII. Property Images Subject 6550 Route 23a View Front Comment "Front" Subject 6550 Route 23a View Street Comment "Road 1"

7 VIII. Property Images (continued) Subject 6550 Route 23a View Other Comment "Address located via GPS" Subject 6550 Route 23a View Side Comment "Profile"

8 VIII. Property Images (continued) Subject 6550 Route 23a View Side Comment "Profile 2" Subject 6550 Route 23a View Street Comment "Road 2"

9 VIII. Property Images (continued) Sold Comp Main St View Front Sold Comp 2 8 Church Rd View Front

10 VIII. Property Images (continued) Sold Comp Main St View Front

11 Aerial Imagery Addendum Subject 6550 Route 23a View North* Date 4/21/2006 * The Licensed Imagery (or any portion of the Licensed Imagery) included in this product shall be used solely in conjunction with this product and may not be copied, downloaded, published, transferred, or otherwise sold or distributed.

Aerial Imagery Addendum (continued) Subject 6550 Route 23a View South* Date 4/21/2006 * The Licensed Imagery (or any portion of the Licensed Imagery) included

12 Aerial Imagery Addendum (continued) Subject 6550 Route 23a View South* Date 4/21/2006 * The Licensed Imagery (or any portion of the Licensed Imagery) included in this product shall be used solely in conjunction with this product and may not be copied, downloaded, published, transferred, or otherwise sold or distributed.

Aerial Imagery Addendum (continued) Subject 6550 Route 23a View East* Date 4/21/2006 * The Licensed Imagery (or any portion of the Licensed Imagery) included

13 Aerial Imagery Addendum (continued) Subject 6550 Route 23a View East* Date 4/21/2006 * The Licensed Imagery (or any portion of the Licensed Imagery) included in this product shall be used solely in conjunction with this product and may not be copied, downloaded, published, transferred, or otherwise sold or distributed.

Aerial Imagery Addendum (continued) Subject 6550 Route 23a View West* Date 4/21/2006 * The Licensed Imagery (or any portion of the Licensed Imagery) included

14 Aerial Imagery Addendum (continued) Subject 6550 Route 23a View West* Date 4/21/2006 * The Licensed Imagery (or any portion of the Licensed Imagery) included in this product shall be used solely in conjunction with this product and may not be copied, downloaded, published, transferred, or otherwise sold or distributed.

15 Aerial Imagery Addendum (continued) Subject 6550 Route 23a View Satellite Date 2/10/2017

16 ClearMaps Addendum Comparable Address Miles to Subject Mapping Accuracy Subject 6550 Route 23a, Tannersville, NY -- Parcel Match Sold Main St, Tannersville, NY 1.27 Miles ¹ Parcel Match Sold 2 8 Church Rd, Big Indian, NY Miles ¹ Parcel Match Sold Main St, Tannersville, NY 1.30 Miles ¹ Parcel Match ¹ The Comparable "Distance from Subject" value has been calculated by the Clear Capital system. ² The Comparable "Distance from Subject" value has been provided by the Real Estate Professional. Satellite Map Addendum

Comparable Address Miles to Subject Mapping Accuracy Subject 6550 Route 23a, Tannersville, NY -- Parcel Match Sold 1 6036 Main St, Tannersville, NY 1.

17 Comparable Address Miles to Subject Mapping Accuracy Subject 6550 Route 23a, Tannersville, NY -- Parcel Match Sold Main St, Tannersville, NY 1.27 Miles ¹ Parcel Match Sold 2 8 Church Rd, Big Indian, NY Miles ¹ Parcel Match Sold Main St, Tannersville, NY 1.30 Miles ¹ Parcel Match ¹ The Comparable "Distance from Subject" value has been calculated by the Clear Capital system. ² The Comparable "Distance from Subject" value has been provided by the Real Estate Professional.

18 Addendum: Report Purpose Market Approach and Market Time The Market Approach of this report, as established by the customer, is: Fair Market Price. (See definition below.) The Marketing Time as specified by the customer is Typical. (See definition below.) Definitions: Fair Market Price Distressed Price Marketing Time Typical for Local Market A price at which the property would sell between a willing buyer and a willing seller neither being compelled by undue pressure and both having reasonable knowledge of relevant facts. A price at which the property would sell between a willing buyer and a seller acting under duress. The amount of time the property is exposed to a pool of prospective buyers before going into contract. The customer either specifies the number of days, requests a marketing time that is typical to the subject's market area and/or requests an abbreviated marketing time. The estimated time required to adequately expose the subject property to the market resulting in a contract of sale. Report Instructions This section shows the instructions that were approved by the customer and provided to the Real Estate Professional prior to completing the report. This is a Commercial Evaluation. Do not accept this report unless you have prior commercial sales, leasing, or valuation experience. Make sure you have access to commercial sales comp data. If you determine the property is residential rather than commercial, contact Clear Capital before proceeding. Proximate Comparables Required Please use the closest comps possible that have similar use to the subject. This customer would prefer to use closer comps from the subject's immediate market area and adjust for any differences in characteristics (age, condition, etc) between these comps and the subject. If comps are not available from the subject's immediate market area, please discuss your specific search parameters (data sources, time frame, property type, geographic range) and explain why your search radius needed to be expanded. Additionally, please make adjustments for any differences in location between the subject and the comps or provide commentary explaining why no adjustments for location are necessary. About the Subject Property We kindly ask that you use commercial MLS resources (LoopNet, CoStar, etc.) in conjunction with local assessment data to obtain information necessary to complete the report. If you are unable to locate subject characteristics or other information for the property using MLS or assessment data, please give us a call as we may have information readily available. In the event an address discrepancy exists or multiple parcels, lots, or buildings are tied to this property or borrower, please give us a call at so we may dig into the issue to determine what is needed for this report. Purpose: Market Value A market value assumes a willing buyer/seller and a typical marketing time for the property type and area. Customer Specific Requirements 1. Be sure to comment on the local economy and any issues that might be affecting the local real estate market of this property in particular. 2. Please reference all attached documentation located in the Docs & Data tab. This information should be relied upon when completing the report. If a partial origination appraisal is provided, this document must be relied upon for subject information. If this information is inaccurate or you have questions regarding the use of supplied documentation, please call the Quality Assurance support team. Comparable Requirements: 1. All comps must be the same property type/use as the subject property. 2. Unit of Comparison - Please consider the unit of comparison (e.g. price/gba, price/unit, etc) when searching for comps. Attempt to bracket the subject on this basis. 3. Date of Sale - Please use the most recent comps available. The search can be extended back 3 year in order to provide proximate comps of the same property type. 4. Gross Building Area - Please provide comps that bracket the subject Gross Building Area. If the subject is a multifamily property, please comment on the average unit size for the subject and all comps. 5. Lot - Please provide comps with similar lot sizes and site coverage ratios. 6. Office/Retail Buildout - When applicable (e.g. industrial properties), please comment on office/retail buildout for the subject and comps. Please estimate if this information is unavailable. Analysis Requirements: 1. Adjustments - All differences between the subject and comps must be adjusted for. Please provide an itemized explanation of all adjustments made in the "Overall Comparability Comments" section. For example, "-10% adjustment for superior location." Please ensure that all commentary, adjustments, and comp grid designations are consistent. 2. Unit of Comparison - When adjusting for the unit of comparison (e.g. GBA, unit, etc), only consider significant differences between the subject and the comps. Apply adjustments based on economies of scale. 3. Value - The subject should be valued based on the adjusted unit of comparison of the comps (e.g. price/gba, price/unit, etc). Ensure that the subject valuation is consistent with the comps chosen as being most similar to the subject. Standard Requirements: 1. Clear Capital and our mutual customer greatly appreciate your expertise. If you cannot personally inspect the property, select comparables, and determine a value for the subject, please do not accept this report. 2. Do not accept if you or your office have completed a report on the subject property in the last month, are currently listing this property, or have any vested interest in this property. 3. Please consider all supplemental documentation provided in the Upload Docs & Data tab. 4. Use fair market comps of the same property type whenever possible. 5. Only use REO comparables if they are comparable in property type, characteristics, location, and condition. Training: For assistance with the completion of the report, please review our commercial training documents located on the Clear Capital website. Photo Instructions:

19 1. At least 3 current, original photos of the front and sides of the subject 2. One address verification photo 3. One onsite parking photo (if applicable) 4. Three current, original street scene photos looking down the street (each direction) and across the street. 5. Comparable photos are required. MLS/online photos are sufficient. Please comment if MLS/online photos are unavailable. Training: For assistance with the completion of the report, please review our commercial training documents located on the Clear Capital website. Broker Information Broker Name David Tucker Company/Brokerage AccessPremierProperties.Com Broker Address 164 Homestead Ave Apt 2/N Broker City/State Albany NY, License No 40TU Electronic Signature /David Tucker/ Disclaimer This document is not an appraisal as defined by USPAP (Uniform Standards of Professional Appraisal Practice). It is not to be construed as an appraisal and may not be used as such for any purpose. The user of this report is likewise advised to consider whether additional sources of information are necessary for compliance with applicable Federal regulations. The sales comparison approach was relied upon exclusively, despite the subject property type typically being income producing. In the sales comparison approach, the market price of the subject property was estimated by a comparison to similar properties that have recently sold. The underlying premise of this approach is that the market price of a property is directly related to the price of comparable, competitive properties in the marketplace. This approach is based on the economic principle of substitution. Unless otherwise specifically agreed to in writing: The intended purpose of this report is to assist the Clear Capital account holder in making decisions within the scope of applicable statutory and regulatory requirements and performing required due diligence. This document is provided solely for the use of the Clear Capital account holder and not any other party, is not intended as any guarantee of value and/or condition of the subject property and should not be relied on as such. In the event that this document is found to be defective, incorrect, negligently prepared or unfit for its authorized use, Clear Capital's sole liability shall be to promptly refund the total fee expended by the account holder for this report or to replace it at no charge to the account holder, but in no event shall Clear Capital be responsible to the account holder for any indirect or consequential damages whatsoever. This warranty is in lieu of all other warranties, express or implied, except where otherwise required by law. The account holder shall notify Clear Capital within thirty (30) days of this report's delivery to the account holder if it believes that this document is defective, incorrect, negligently prepared or unfit for its authorized use. Under no circumstances may Clear Capital forms or their contents be published, copied, replicated, or mimicked.

20 Billed To: Clear Capital, Internal Kevin Marshall Pioneer Trail Truckee, CA Phone: Payable To: ClearCapital.com, Inc. Tax ID: P.O. Box 39000, Dept San Francisco, CA Phone: Invoice Number: Invoice Date: 02/10/2017 Due Date: 03/12/2017 Wire/ACH Information: Bank Name: Umpqua Bank Address: 500 Auburn Folsom Road Auburn, CA Routing/ABA Number: Account Name: ClearCapital.com, Inc Account Number: Tracking 1 Loan Number Trustor Property Price Total Order: Hunter Mountain, Ordered on 02/03/2017 by Mike Frost (Order ID: : 1 Prop at $0) 1) NA 6550 Route 23A Tannersville NY $0.00 Drive-by, Commercial Sales Only Order Subtotal: $0.00 State Sales Tax: $0.00 Invoice Total: $0.00

Date Listed Date Sold List Price Sale Price Notes 07/08/ $14, WITHDRAWN AFTER 133 DAYS

Date Listed Date Sold List Price Sale Price Notes 07/08/ $14, WITHDRAWN AFTER 133 DAYS Standard BPO, Drive-By v2 3802 Crockett Street, San Angelo, TX 76903 Please Note: This report was completed with the following assumptions: Market Approach: Distressed Price, Marketing Time: Abbreviated.