Residential Appraisal Report. Single Family Residence at

Transcription

1 Residential Appraisal Report Of Single Family Residence at, For JP MORGAN CHASE, BANK, N.A TH STREET FLOOR 2 DENVER, 822 As 6/29/215

2 P.O. BOX 2423, /2/215 JP MORGAN CHASE, BANK, N.A TH STREET FLOOR 2 DENVER, 822 RE:, Dear In accordance with your request, I have personally inspected and prepared an appraisal report the real property located at:,, The purpose this appraisal is to estimate the market value the property described in the body this appraisal report. Enclosed, please find the appraisal report which describes certain data gathered during our investigation the property. The methods approach and reasoning in the valuation the various physical and economic factors the subject property are contained in this report. An inspection the property and a study pertinent factors, including valuation trends and an analysis neighborhood data, led the appraiser to the conclusion that the market value, as 6/29/215 is: 584,9 The opinion value expressed in this report is contingent upon the limiting conditions attached to this report. It has been a pleasure to assist you. If I may be further service to you in the future, please let me know. Respectfully submitted, Signature: HEIDI MITKE

3 NTRACT SUBJECT Uniform Residential Appraisal Report NEIGHBORHOOD The purpose this appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion the market value the subject property. City Owner Public Record MICAH B. SCWALB & KATIE R. SCHWALB Legal Description LOT 17 BLK 1 NORTHCREEK SUB Tax Year R.E. Taxes 2,973 Assessor's Parcel # Neighborhood Name NORTHCREEK SUB Map Reference MapS Census Tract Vacant Special Assessments HOA Occupant X Owner Tenant X PUD 34 X per year per month Property Rights Appraised X Fee Simple Leasehold Other (describe) Refinance Transaction Assignment Type X Purchase Transaction Other (describe) Lender/Client JP MORGAN CHASE, BANK, N.A. Address TH STREET FLOOR 2, DENVER, 822 Is the subject property currently fered for sale or has it been fered for sale in the twelve months prior to the effective date this appraisal? X Yes No Report data source(s) used, ferings price(s), and date(s). DOM Unk;Subject property was listed for sale by owner.;original Price 584,9;Original Date 6/16/215;SELLER;SALES NTRACT I X did did not analyze the contract for sale for the subject purchase transaction. Explain the results the analysis the contract for sale or why the analysis was not performed. Arms length sale;original LIST PRICE WAS 595,. UNDER NTRACT FOR 584,9. NO NCESSIONS, PER FULL EXECUTED SALES NTRACT AS OF 6/16/215 Contract Price 584,9 Date Contract 6/16/215 Is the property seller the owner public record? X Yes No Data Source(s) IRES Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf the borrower? Yes X No If Yes, report the total dollar amount and describe the items to be paid. ;; Note: Race and the racial composition the neighborhood are not appraisal factors. Neighborhood Characteristics One-Unit Housing Trends Urban Rural Stable Location X Suburban Property Values X Increasing Declining Built-Up X Over 75% 25-75% Under 25% Demand/Supply X Shortage In Balance Over Supply Growth Rapid Slow 3-6 mths X Stable Marketing Time X Under 3 mths Over 6 mths Neighborhood Boundaries THE SUBJECT IS LOCATED IN, LORADO, UNTY. IT IS BORDERED BY: 47TH ST., WEST; KENOSHA DR., EAST; KINGS RIDGE BLVD., SOUTH; MITCHELL LN/OPEN SPACE., NORTH. Neighborhood Description One-Unit Housing Present Land Use % PRICE AGE One-Unit 8 () (yrs) 2-4 Unit 5 Low Multi-Family 5 High Commercial 5 Pred. 23 Other LAND % % % % % THE NEIGHBORHOOD IS CLOSE TO NORTH EAST SHOPPING, PUBLIC SCHOOLS, RECREATIONAL FACILITIES AND PLACES OF WORSHIP. THE HOMES IN THIS NEIGHBORHOOD ARE ADEQUATELY MAINTAINED AND MEDIAN SALES PRICES OF HOMES THAT ARE MPARABLE TO THE SUBJECT PROPERTY ARE STABLE. DEMAND FOR HOUSING IS DUE PRIMARILY TO PROXIMITY TO MAJOR /DENVER EMPLOYERS, AMENITIES, HWY, HIGHWAY 287, I-25 RRIDOR, AND THE UNIVERSITY OF LORADO. Market Conditions (including support for the above conclusions) MARKETING TIME IS 1-1 MONTHS. FINANCING AVAILABLE IS TYPICALLY NVENTIONAL; HOWEVER FHA AND VA FINANCING ARE ALSO AVAILABLE. TYPICAL MORTGAGE RATES ARE 4.% TO 1% WITH SELLERS PAYING SOME CLOSING STS AND OR SOME LOAN DISUNT POINTS. SITE Dimensions 16'x21'x26'x99'x24'x11' Area Shape 4484 sf Irregular Zoning Description RESIDENTIAL MEDIUM DENSITY Specific Zoning Classification RM-1 Zoning Compliance X Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe) Is the highest and best use subject property as improved (or as proposed per plans and specifications) the present use? X Yes View N;Res; No If No, describe. Utilities Public Other (describe) Public Other (describe) Off-site Improvements--Type Public Private Electricity X Water Street Asphalt X X Gas Sanitary Sewer Alley None X X FEMA Special Flood Hazard Area Yes X No FEMA Flood Zone X FEMA Map # 813C411J FEMA Map Date 12/18/212 Are the utilities and/or f-site improvements typical for the market area? X Yes No If No, describe. Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes X No If Yes, describe. IMPROVEMENTS AT THE TIME OF THE INSPECTION THE APPRAISER WAS NOT AWARE OF ANY ENCROACHMENTS OR OTHER ADVERSE NDITIONS. NO EASEMENTS OTHER THAN THE NORMAL UTILITY EASEMENTS OF RERD WERE NOTED. General Description Foundation Exterior Description materials/condition Interior materials/condition One with Accessory Unit Concrete Slab Crawl Space Foundation Walls POURED NC/AVG Floors Units X One HD/CPT/CER/LN/AVG # Stories 2 Walls X Full Basement CMPSTE/BR/AVG DRYWALL/AVG Partial Basement Exterior Walls Type X Det. Att. S-Det./End Unit Basement Area 81 sq. ft. Ro Surface ASPHALT SHNGLE/AVG Trim/Finish WOOD/AVG X Existing Proposed Under Const. Basement Finish 9 % Gutters & Downspouts METAL/AVG Bath Floor CER/LN/AVG Design (Style) NEOECLECTIC Outside Entry/Exit Sump Pump Window Type DP PANE/AVG Bath Wainscot CERAMIC/AVG Year Built Car Storage None 1989 Evidence Infestation Storm Sash/Insulated VINYL/AVG Effective Age (Yrs) 5 Settlement Screens Dampness MESH/AVG X Driveway # Cars 2 Attic None Woodstove(s) # Driveway Surface NC Heating X FWA HWBB Radiant Amenities Drop Stair Stairs Other Fuel Gas X Fireplace(s) # 1 X Fence WD X Garage # Cars 2 Floor Cooling X Central Air Conditioning X Patio/Deck WD Carport # Cars X Scuttle Porch None Finished Heated Individual Det. Built-in Other None Pool NONE Other None X Att. Appliances X Refrigerator X Range/Oven X Dishwasher X Disposal X Microwave X Washer/Dryer Other (describe) Finished area above grade contains: Rooms Square Feet Gross Living Area Above Grade 6 3 Bedrooms 2.1 Bath(s) 1,566 Additional features (special energy efficient items, etc.) NONE Describe the condition the property (including needed repairs, deterioration, renovations, remodeling, etc.). C3;Kitchen-updated-one to five years ago;bathrooms-updated-one to five years ago;kitchen AND BATHROOMS RECENTLY UPDATED OR REMODELED AND WELL MAINTAINED Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity the property? Yes X No If Yes, describe A VISUAL INSPECTION OF THE SUBJECT PROPERTY HAS BEEN MADE AND THERE DOES NOT APPEAR TO BE ANY PHYSICAL DEFICIENCIES OR ADVERSE NDITIONS SUCH AS ENVIRONMENTAL HAZARDS. SEE MULTI-PURPOSE ADDENDUM AND CERT. OF LIMITING NDITIONS. No If No, describe THE PROPERTY Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? X Yes DESIGN AND FLOOR PLAN ARE WELL ACCEPTED IN THE MARKET AREA. THE QUALITY AND STYLE OF NSTRUCTION OF THE SUBJECT APPEARS ADEQUATE FOR THE NEIGHBORHOOD. Freddie Mac Form 7 March 25 UAD Version 9/211 Produced by ClickFORMS Stware Fannie Mae Form 14 March 25 1

4 Uniform Residential Appraisal Report There are comparable properties currently fered for sale in the subject neighborhood ranging in price from There are 5 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from FEATURE SUBJECT MPARABLE SALE # 1 MPARABLE SALE # 2 Address 3348 SENTINEL DR 3354 SENTINEL DR SALES MPARISON ANALYSIS, Proximity to Subject Sale Price Sale Price/Gross Liv. Area Data Source(s) Verification Source(s) VALUE ADJUSTMENTS Sale or Financing Concessions Date Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality Construction Actual Age Condition Above Grade Room Count Gross Living Area Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck FIREPLACE, miles E 584,9 59 sq. ft sq. ft IRESMLS#74783;DOM 55 VISUAL, ASSESSOR DESCRIPTION DESCRIPTION ArmLth Conv; s8/14;c7/14 N;Res; B;OPEN SPACE TRAIL; FEE SIMPLE FEE SIMPLE 4484 sf 444 sf N;Res; N;Res; DT2;NEOECLECTIC DT2;NEOECLECTIC Q4 Q C3 C sq. ft. 1,566 81sf72sfin 1rr1br1.bao AVERAGE FWA/CAC NONE 2ga2dw DECK 1 FIREPLACE sq. ft sf677sfin 1rr1br1.bao AVERAGE FWA/None SOLAR 2ga2dw NONE NONE DESCRIPTION ArmLth Cash; s4/15;c3/15 N;Res; FEE SIMPLE 3821 sf N;Res; DT2;NEOECLECTIC Q4 21 C3 5 +1,715 +2,5-5, +2,5 +2, sq. ft sf781sfin rr1br1.bao AVERAGE FWA/CAC NONE 2ga2dw PATIO 1 FIREPLACE. 32 SENTINEL DR, miles NE 59 sq. ft IRESMLS#76969;DOM 39 VISUAL, ASSESSOR DESCRIPTION +(-) Adjustment +1, ArmLth Conv; s5/15;c4/15 B;CUL DE SAC; FEE SIMPLE 3973 sf N;Res; DT2;NEOECLECTIC Q4 24 C3 Total Bdrms. Baths 6. 59, MPARABLE SALE # 3 +(-) Adjustment +5,9 +1, Total Bdrms. Baths Total Bdrms. Baths 6 to 46, to, miles E 575 sq. ft IRESMLS#757613;DOM 29 VISUAL, ASSESSOR +(-) Adjustment Total Bdrms. Baths -2,345 +2, Net Adjustment (Total) X + 65,115 X + 9,655 Adjusted Sale Price Net Adj: 13% Net Adj: 2% Comparables 584,655 Gross Adj : 15% Gross Adj: 2% 574,115 I X did did not research the sale or transfer history the subject property and comparable sales. If not, explain sq. ft. 1, sf718sfin 1rr1br1.bao AVERAGE FWA/CAC NONE 2ga2dw PATIO 1 FIREPLACE + X Net Adj: % Gross Adj: % -2, -2, 588, My research did X did not reveal any prior sales or transfers the subject property for the three years prior to the effective date this appraisal. Data source(s) IRES My research did X did not reveal any prior sales or transfers the comparable sales for the year prior to the date sale the comparable sale. Data source(s) IRES Report the results the research and analysis the prior sale or transfer history the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT MPARABLE SALE # 1 MPARABLE SALE # 2 MPARABLE SALE # 3 Date Prior Sale/Transfer Price Prior Sale/Transfer Data Source(s) IRES IRES IRES IRES Effective Date Data Source(s) 7/2/215 7/2/215 7/2/215 7/2/215 Analysis prior sale or transfer history the subject property and comparable sales THE SUBJECT PROPERTY SOLD OR TRANSFERRED IN THE PAST 3.5 YEARS IN A WARRANTY DEED TRANSFER - DOCUMENT NUMBER: SELLER IS JODY B. AND MARK J. ALLEN -- BUYER IS: KATIE R. MICAH B. SCHWALB. THE MPARABLE SALES HAVE NOT SOLD IN THE PAST YEAR OTHER THAN AS NOTED. Summary Sales Comparison Approach THE SUBJECT PROPERTY IS MPATIBLE WITH OTHER PROPERTIES FOUND IN THIS RESIDENTIAL NEIGHBORHOOD IN WHICH IT IS LOCATED. THE MPARABLE SALES USED IN THIS REPORT ARE ALL LOCATED IN THE SUBJECT'S MARKET AREA AND ARE SIMILAR IN OVERALL MARKET APPEAL. ALL SALES MPARABLES ARE CLOSED SALES AND NSIDERED GOOD INDICATORS OF VALUE. MOST NSIDERATION WAS GIVEN TO SALES MPARABLES NUMBERS 2 & 3 BECAUSE THEY HAD THE LEAST AMOUNT OF GROSS ADJUSTMENTS. LLECTIVELY THEY BOTH NTRIBUTE AND SUPPORT THE ESTIMATED MARKET VALUE OF THE SUBJECT PROPERTY. Indicated Value by Sales Comparison Approach Indicated Value by: Sales Comparison Approach RENCILIATION 584,9 584,9 Cost Approach (if developed) SEE RENCILIATION OF THE THREE APPROACHES TO VALUATION IN THE MMENT ADDENDUM. Income Approach (if developed) This appraisal is made X "as is," subject to completion per plans and specifications on the basis a hypothetical condition that the improvements have been completed, subject to the following repairs or alterations on the basis a hypothetical condition that the repairs or alterations have been completed, or subject to the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: Based on a complete visual inspection the interior and exterior areas the subject property, defined scope work, statement assumptions and limiting conditions, and appraiser's certification, my (our) opinion the market value, as defined, the real property that is the subject this report is 584,9 6/29/215, as, which is the date inspection and the effective date this appraisal. Freddie Mac Form 7 March 25 Fannie Mae Form 14 March 25 UAD Version 9/211 Produced by ClickFORMS Stware

5 Uniform Residential Appraisal Report UAD AT THE REQUEST OF THE CLIENT, THIS APPRAISAL REPORT HAS BEEN PREPARED IN MPLIANCE WITH THE UNIFORM APPRAISAL DATASET (UAD) FROM FANNIE MAE AND FREDDIE MAC. THE UAD REQUIRES THE APPRAISER TO USE STANDARDIZED RESPONSES THAT INCLUDE SPECIFIC FORMATS, DEFINITIONS, ABBREVIATIONS AND ACRONYMNS. READERS OF THIS REPORT WHO ARE NOT IDENTIFIED AS AN INTENDED USER AND ARE NOT FAMILIAR WITH RECENT CHANGES IN REPORTING FORMATS MAY FIND IT DIFFICULT TO UNDERSTAND PORTIONS OF THIS REPORT. ADDITIONAL MMENTS THE APPRAISER ATTEMPTED TO OBTAIN AN ADEQUATE AMOUNT OF INFORMATION IN THE NORMAL URSE OF BUSINESS REGARDING THE SUBJECT AND MPARABLE PROPERTIES. SOME OF THE STANDARDIZED RESPONSES REQUIRED BY THE UAD, ESPECIALLY THOSE IN WHICH THE APPRAISER HAS NOT HAD THE OPPORTUNITY TO VERIFY PERSONALLY OR MEASURE, ULD MISTAKENLY IMPLY GREATER PRECISION AND RELIABILITY IN THE DATA THAN IS FACTUALLY RRECT OR TYPICAL IN THE NORMAL URSE OF BUSINESS OR IN THE TIMELINE AMCs ALLOW FOR REPORT TURNAROUND ON THIS ASSIGNMENT. EXAMPLES INCLUDE NDITION AND QUALITY RATINGS, AS WELL AS MPARABLE SALES AND LISTING DATA. NOT EVERY ELEMENT OF THE SUBJECT PROPERTY WAS OBSERVED AND MPARABLE PROPERTY DATA WAS GENERALLY OBTAINED FROM THIRD PARTY SOURCES, SUCH AS REALTORS, MLS DATA SHEETS AND UNTY RERDS. NSEQUENTLY, THIS INFORMATION SHOULD BE NSIDERED AN "ESTIMATE" UNLESS OTHERWISE NOTED BY THE APPRAISER. ST APPROACH TO VALUE (not required by Fannie Mae.) Provide adequate information for the lender/client to replicate your cost figures and calculations. Support for the opinion site value (summary comparable land sales or other methods for estimating site value) THE SITE VALUE FOR THE SUBJECT PROPERTY ST APPROACH WAS OBTAINED FROM UNTY ASSESSOR'S RERDS AND MLS PUBLIC RERDS. IT MAY NOT BE A RELIABLE INDICATOR OF MARKET VALUE. THIS WAS USED DUE TO THE LACK OF RECENT LAND SALES WITHIN THE SUBJECT'S NEIGHBORHOOD. ESTIMATED REPRODUCTION OR Source cost data Quality rating from cost service REPLACEMENT ST NEW Bsmt. Effective date cost data 81 = = = Sq. Sq. 72, Comments on Cost Approach (gross living area calculations, depreciation, etc.) THE ST APPROACH IS NOT BEING APPLIED DUE TO THE INABILITY TO ACCURATELY DETERMINE ACCRUED DEPRECIATION ON A HOUSE OF THE SUBJECT AGE AND VERY UPDATED NDTION. THIS APPLICATION WOULD NOT LEAD TO A CREDIBLE RESULT AND WAS THEREFORE NOT APPLIED. REMAINING ENOMIC LIFE FOR THE SUBJECT IS BASED ON A 6 YEAR ENOMIC LIFE PER MARSHALL & SWIFT. Estimated Remaining Economic Life (HUD and VA only) INME OPINION OF SITE VALUE Dwelling 1, Garage/Carport Sq. Total Estimate Cost-new Less Physical 8 Functional Depreciation Depreciated Cost Improvements "As-is" Value Site Improvements = = External = ( = = Years Indicated Value By Cost Approach ) = INME APPROACH TO VALUE (not required by Fannie Mae.) Estimated Monthly Market Rent X Gross Multiplier = Summary Income Approach (including support for market rent and GRM) SEE MMENT ADDENDUM Indicated Value by Income Approach PUD INFORMATION PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in control the Homeowner's Association (HOA)? Yes X No Unit type(s) X Detached Attached Provide the following information for PUDs ONLY if the developer/builder is in control the HOA and the subject property is an attached dwelling unit. Legal Name Project Total number phases Total number units Total number units sold Total number units rented Total number units for sale Data source(s) Was the project created by the conversion existing building(s) into a PUD? Yes No If Yes, date conversion. Does the project contain any multi-dwelling units? Yes No Data source. Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status completion. Are the common elements leased to or by the Homeowner's Association? Yes No If Yes, describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Form 7 March 25 UAD Version 9/211 Produced by ClickFORMS Stware Fannie Mae Form 14 March 25 3

6 EXTRA MPARABLES City Lender/Client JP MORGAN CHASE, BANK, N.A. FEATURE SUBJECT Address Address TH STREET FLOOR 2, DENVER, 822 MPARABLE SALE # SALES MPARISON ANALYSIS HOPKINS PL, , 831 Proximity to Subject.2 miles NE Sale Price 584,9 516 sq. ft. Sale Price/Gross Liv. Area sq. ft Data Source(s) IRESMLS#74951;DOM 33 Verification Source(s) VISUAL, ASSESSOR MPARABLE SALE # MPARABLE SALE # 5 6 sq. ft. sq. ft. DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION VALUE ADJUSTMENTS +(-) Adjustment +(-) Adjustment +(-) Adjustment Sale or Financing ArmLth Concessions Conv; Date Sale/Time s11/14;c1/14 +51,6 Location B;OP. SPACE; B;OPEN SPACE TRAIL; Leasehold/Fee Simple FEE SIMPLE FEE SIMPLE Site 4484 sf 28 sf View N;Res; N;Res; Design (Style) DT2;NEOECLECTIC DT2;NEOECLECTIC Quality Construction Q4 Q4 Actual Age Condition C3 C4 +1, Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count Gross Living Area sq. ft. sq. ft. sq. ft. sq. ft. 1,566 1,539 +4,5 Basement & Finished 81sf72sfin 798sf718sfin Rooms Below Grade 1rr1br1.bao 1rr1br.bao +4, Functional Utility AVERAGE AVERAGE Heating/Cooling FWA/CAC FWA/CAC Energy Efficient Items NONE NONE Garage/Carport 2ga2dw 2ga2dw Porch/Patio/Deck DECK PATIO FIREPLACE 1 FIREPLACE Net Adjustment (Total) Adjusted Sale Price Comparables 1 FIREPLACE X + Net Adj: 13% Gross Adj : 13% 69,65 585,65 + Net Adj: % Gross Adj: % + Net Adj: % Gross Adj: % Report the results the research and analysis the prior sale or transfer history the subject property and comparable sales ITEM SUBJECT MPARABLE SALE # 4 MPARABLE SALE # 5 MPARABLE SALE # 6 Date Prior Sale/Transfer Price Prior Sale/Transfer Data Source(s) IRES IRES Effective Date Data Source(s) 7/2/215 7/2/215 Analysis prior sale or transfer history the subject property and comparable sales MPARABLE 4 HAS BEEN PROVIDED TO FURTHER INDICATE THE ESTIMATED VALUE FOR THE SUBJECT PROPERTY. PER THE 14MC, THERE ARE NO LISTINGS AVAILABLE TO PROVIDE IN THE APPRAISAL REPORT. IT HAS NOT BEEN USED TO DERIVE THE SUBJECT'S ESTIMATED MARKET VALUE. Summary Sales Comparison Approach UAD Version 9/211 Produced by ClickFORMS Stware

7 Uniform Residential Appraisal Report This report form is designed to report an appraisal a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope work, intended use, intended user, definition market value, statement assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope work to include any additional research or analysis necessary based on the complexity this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SPE OF WORK: The scope work for this appraisal is defined by the complexity this appraisal assignment and the reporting requirements this appraisal report form, including the following definition market value, statement assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection the interior and exterior areas the subject property, (2) inspect the neighborhood, (3) inspect each the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use this appraisal report is for the lender/client to evaluate the property that is the subject this appraisal for a mortgage finance transaction. INTENDED USER: The intended user this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: 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, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation a sale as a specified date and the passing 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 each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms cash in U. S. dollars or in terms 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. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms fered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost the financing or concession but the dollar amount any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING NDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination its size. 3. 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 this appraisal report whether any portion the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence hazardous wastes, toxic substances, etc.) observed during the inspection the subject property or that he or she became aware during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge any hidden or unapparent physical deficiencies or adverse conditions the property (such as, but not limited to, needed repairs, deterioration, the presence hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. 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 environmental hazards, this appraisal report must not be considered as an environmental assessment the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations the subject property will be performed in a pressional manner. Freddie Mac Form 7 March 25 Fannie Mae Form 14 March 25 UAD Version 9/211 Produced by ClickFORMS Stware

8 Uniform Residential Appraisal Report APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope work requirements stated in this appraisal report. 2. I performed a complete visual inspection the interior and exterior areas the subject property. I reported the condition the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity the property. 3. I performed this appraisal in accordance with the requirements the Uniform Standards Pressional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion the market value the real property that is the subject this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any fering for sale the subject property in the twelve months prior to the effective date this appraisal, and the prior sales the subject property for a minimum three years prior to the effective date this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales the comparable sales for a minimum one year prior to the date sale the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result combining a land sale with the contract purchase price a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 1. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing the subject property. 11. I have knowledge and experience in appraising this type property in this market area. 12. I am aware, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity the subject property to adverse influences in the development my opinion market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection the subject property or that I became aware during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis the property value, and have reported on the effect the conditions on the value and marketability the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and pressional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin either the prospective owners or occupants the subject property or the present owners or occupants the properties in the vicinity the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause any party, or the attainment a specific result or occurrence a specific subsequent event (such as approval a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance this appraisal or the preparation this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 2. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 7 March 25 Fannie Mae Form 14 March 25 UAD Version 9/211 Produced by ClickFORMS Stware

9 Uniform Residential Appraisal Report 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; pressional appraisal organizations; any department, agency, or instrumentality the United s; and any state, the District Columbia, or other jurisdictions; without having to obtain the appraiser s or supervisory appraiser s (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions the Uniform Standards Pressional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part any mortgage finance transaction that involves any one or more these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission this appraisal report containing a copy or representation my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions Title 18, United s Code, Section 11, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards Pressional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission this appraisal report containing a copy or representation my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version this appraisal report were delivered containing my original hand written signature. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name HEIDI MITKE Company Name Company Address P.O. BOX 2423 Signature Name Company Name Company Address, Telephone Number Address ARCAPPRAISE@GMAIL.M Date Signature and Report 7/2/215 Effective Date Appraisal 6/29/215 Certification # or License # CR or Other (describe) # Expiration Date Certification or License 12/31/217 Telephone Number Address Date Signature Certification # or License # Expiration Date Certification or License SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED, APPRAISED VALUE OF SUBJECT PROPERTY 584,9 LENDER/CLIENT Name CLEAR CAPITAL Company Name JP MORGAN CHASE, BANK, N.A. Company Address TH STREET FLOOR 2 DENVER, 822 Address Freddie Mac Form 7 March 25 Did not inspect subject property Did inspect exterior subject property from street Date Inspection Did inspect interior and exterior subject property Date Inspection MPARABLE SALES Did not inspect exterior comparable sales from street Did inspect exterior comparable sales from street Date Inspection Fannie Mae Form 14 March 25 UAD Version 9/211 Produced by ClickFORMS Stware

10 MMENT ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A. Address TH STREET FLOOR 2, DENVER, SPE OF APPRAISAL THIS REPORT AS DEFINED BY STANDARD 2.2 OF THE UNIFORM STANDARD OF PROFESSIONAL APPRAISAL PRACTICE IS A SUMMARY REPORT. THE INTENDED USER OF THIS APPRAISAL REPORT IS THE LENDER/CLIENT. THE INTENDED USE IS TO EVALUATE THE PROPERTY THAT IS THE SUBJECT OF THIS APPRAISAL FOR A MORTGAGE FINANCE TRANSACTION, SUBJECT TO THE STATED SPE 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. BOTH INTERIOR AND EXTERIOR INSPECTIONS OF THE SUBJECT PROPERTY WERE PERFORMED AS OF THE EFFECTIVE DATE OF THIS APPRAISAL. ALSO INCLUDED IN THE APPRAISER'S SPE OF WORK WAS A VISUAL INSPECTION OF THE SUBJECT'S NEIGHBORHOOD AND EACH OF THE SALES MPARABLES INCLUDED IN THIS REPORT. THE APPRAISER RESEARCHED, VERIFIED WHEN POSSIBLE, AND ANALYZED DATA FROM RELIABLE PUBLIC AND/OR PRIVATE SOURCES, FOR THE MPLETION OF THIS APPRAISAL. NFIRMATION AND VERIFICATION OF INFORMATION PROVIDED BY OTHERS WAS MADE THROUGH MULTIPLE SOURCES, INCLUDING AGENTS, BUYERS, SELLERS, AND UNTY DATA. IN CASES WHERE THE DATA ULD NOT BE PERSONALLY VERIFIED BY AN ACTIVE PARTICIPANT IN THE TRANSACTION, INFORMATION FROM UNTY DATA SOURCES WAS USED. NFIRMATION INFORMATION AND DATA LLECTED FROM UNTY RERDS IS ASSUMED TO BE ACCURATE. IN CASES WHERE THERE WAS A DISCREPANCY IN DATA, AN EXPLANATION FOR THIS APPRAISER'S NCLUSION WAS PROVIDED. NO PERSONAL PROPERTY WAS INCLUDED IN THE FINAL OPINION OF VALUE. 14MC " " IN THE 14MC GRID = PER THE LOCAL MLS, "A MEDIAN DOM CANNOT BE CALCULATED FOR ACTIVE LISTINGS WITHIN A DATE RANGE." PREVIOUS APPRAISAL VALUATION SERVICES I HAVE NOT PERFORMED ANY APPRAISAL VALUATION SERVICES ON THE SUBJECT PROPERTY IN THE PAST MONTHS FROM THE EFFECTIVE DATE OF THIS APPRAISAL REPORT. I HAVE PERFORMED NO 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. ADDRESS OF SUBJECT THE ADDRESS REPORTED ON THE APPRAISAL FORM IS ACRDING TO THE US POSTAL SERVICE RERDS AS REQUIRED BY UAD FORMAT. THE TITLE MPANY REPORTS THE LEGAL ADDRESS AND THE TITLE REPORT MAY OR MAY NOT MATCH THE USPS RERDS. INSPECTION INFORMATION REPORTED IN THIS APPRAISAL ABOUT THE NDITION OF THE PROPERTY IS BASED ON MY INSPECTION OF THE PROPERTY AND WHAT WAS DISCLOSED TO ME OR WHAT I WAS AWARE OF. I AM NOT A TRAINED HOME INSPECTOR AND THEREFORE WOULD NOT BE AWARE OF ANY NDITIONS THAT WERE NOT APPARENT OR DISCLOSED TO ME. UNLESS INDICATED IN THE REPORT, NONE WERE DISCLOSED TO ME. PHYSICAL DEFICIENCIES AND/OR ADVERSE NDITIONS THIS APPRAISAL SHOULD NOT BE NSIDERED A HOME INSPECTION AS ONLY VISIBLE AREAS OF THE SUBJECT PROPERTY WERE INSPECTED. THIS APPRAISAL SHOULD NOT BE RELIED UPON TO DISCLOSE ANY DEFICIENCIES, ISSUES WITH REGARD TO STRUCTURAL INTEGRITY, MECHANICAL SYSTEMS NDITION OR CAPACITY, MOISTURE OR MOISTURE-RELATED ISSUES INCLUDING SETTLEMENT, MOLD OR WATER RETENTION/DRAINAGE OR ITEMS IN NEED OF REPAIR. THE APPRAISER IS NOT RESPONSIBLE FOR IDENTIFICATION OR REPORTING OF THE NDITION OF STRUCTURAL INTEGRITY OF THE PROPERTY IN AREAS THAT CANNOT BE SEEN, SUCH AS, BUT NOT LIMITED TO, BASEMENT FLOORS OR FOUNDATIONS THAT ARE FINISHED OR VERED. THE APPRAISER CLAIMS NO SPECIAL EXPERTISE IN THESE AREAS, NOR IS THE APPRAISER AN EXPERT REGARDING ISSUES RELATED TO FLOODING, FOUNDATION SETTLEMENT, BASEMENT MOISTURE PROBLEMS, WOOD DESTROYING (OR OTHER) INSECTS, RADON GAS, PRESSURE TREATED WOOD FOUNDATION SYSTEMS OR LEAD BASE PAINT. UNLESS OTHERWISE NOTED, THE APPRAISER ASSUMES THAT THE VARIOUS ELEMENTS THAT NSTITUTE THE SUBJECT PROPERTY ARE FUNDAMENTALLY SOUND AND IN WORKING ORDER. STATEMENTS REGARDING NDITION, PARTICULARLY THOSE ABOUT HEATING AND OLING SYSTEMS, ARE BASED ON SUPERFICAL OBSERVATIONS ONLY. CLIENTS ARE ENURAGED TO EMPLOY QUALIFIED EXPERTS TO INSPECT AND ADDRESS ANY NCERN. IF NEGATIVE NDITIONS ARE DISVERED, THE APPRAISER SHOULD BE NOTIFIED, AS THE OPINION OF VALUE FOR THE SUBJECT ULD REQUIRE MODIFICATION. RENCILIATION OF APPRAISAL APPROACHES SALES MPARISON AND INME APPROACHES THE SALES MPARISON ANALYSIS IS GIVEN THE MOST NSIDERATION IN THIS ANALYSIS, BECAUSE IT REFLECTS BEST THE CURRENT ACTIONS OF BUYERS AND SELLERS IN THE SUBJECT'S MARKET AREA. THE INME APPROACH WAS NSIDERED INAPPLICABLE BECAUSE IN THIS MARKET FEW SINGLE FAMILY HOUSES ARE RENTED AND THERE IS INSUFFICIENT DATA AVAILABLE TO DEVELOP EITHER AN ESTIMATED MONTHLY MARKET RENT OR A GRM. ST APPROACH THE ST APPROACH HAS ITS MOST USEFULNESS WHEN THE PROPERTY BEING APPRAISED INVOLVES NEW IMPROVEMENTS WHICH REPRESENT THE HIGHEST AND BEST USE FOR THE LAND AND NO FORMS OF DEPRECIATION EXIST, OR WHEN THERE IS NO INME OR SALES DATA OF RESIDENTIAL PROPERTIES SIMILAR TO THE SUBJECT. THE SUBJECT WAS NSTRUCTED IN 1989 AND HAS HAD UPDATES AND UPGRADES SINCE ITS ORIGINAL NSTRUCTION. IN THIS CASE, THE ST APPROACH HAS NOT BEEN PERFORMED BECAUSE THE SUBJECT PROPERTY IS NOT IN MPETITION WITH NEW NSTRUCTION, AND BECAUSE THE AMOUNT OF DECPRECIATION RENDERS IT UNRELIABLE. FURTHERMORE, THE SALES MPARISON APPROACH HAS SUFFICIENT DATA, AND THEREFORE, THE ST APPROACH WOULD NOT NTRIBUTE FURTHER VALIDITY. ST APPROACH SITE VALUE THE SITE VALUE FOR THE SUBJECT PROPERTY WAS OBTAINED FROM UNTY ASSESSOR'S RERDS AND MLS PUBLIC RERDS. QUALITY OF NSTRUCTION ADJUSTMENT THE QUALITY OF NSTRUCTION ADJUSTMENT VERS QUALITY OF MATERIALS AND WORKMANSHIP IN ALL RESPECTS, INCLUDING EXTERIOR WALLS, ROOF VERINGS, FRAMING, FINISH FLOORING, INTERIOR WALLS, TRIM, DOORS, HARDWARE, PLUMBING, ELECTRICAL SYSTEMS, BATHS, KITCHEN, AND MECHANICAL EQUIPMENT. NDITION ADJUSTMENT THE NDITION ADJUSTMENT IS MADE FOR OVERALL NDITION OF UPGRADES, UPDATING, FINISHES OF FLOORING, CABINETRY, APPLIANCES, ETC. AGE MPARISON EFFECTIVE AGE IS BEING MPARED IN THE SALES MPARISON GRID, RATHER THAN ACTUAL AGE, DUE TO VARIATION IN THE EXTENT OF UPDATING & REMODELING OF HOMES IN THE NEIGHBORHOOD - IN PARTICULAR - KITCHEN AND BATHROOMS & FLOOR VERING. EFFECTIVE AGE IS A MORE ACCURATE MPARISON OF NDITION AND AGE IN THE SUBJECT'S LOCALE. THERE ARE NO ACTUAL AGE ADJUSTMENTS WARRANTED AS QUALITY OF NSTRUCTION/NDITION ADJUSTMENTS CAPTURE EFFECTIVE AGE DIFFERENCES. THE APPRAISER USES THE DEFINITION PROVIDED BY: AS A GUIDELINE WHEN EVALUATING EFFECTIVE AGE. IT IS DERIVED AS AN ESTIMATE BASED ON REVIEW OF AGENT LISTING DESCRIPTIONS, MLS PHOTOS, AND DRIVE BY OBSERVATION. UAD REQUIREMENTS PROHIBIT THE USE OF "2 STORY" TO DEFINE DESIGN/STYLE. GIVEN THIS REQUIREMENT, "NEOECLECTIC" IS USED IN THE APPRAISAL REPORT TO DESCRIBE A NTEMPORARY "2 STORY" HOME. NEOECLECTIC ARCHITECTURE IS A NAME FOR THE ARCHITECTURAL STYLE THAT HAS DOMINATED RESIDENTIAL BUILDING NSTRUCTION IN NORTH AMERICA IN THE LATER PART OF THE 2TH CENTURY AND EARLY PART OF THE 21ST. THE TERM IS USED TO REFER TO 2 STORY HOMES IN THIS APPRAISAL REPORT TO SATISFY UAD REQUIREMENTS. UAD Version 9/211 Produced by ClickFORMS Stware

11 MMENT ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A. Address TH STREET FLOOR 2, DENVER, ADJUSTMENT DERIVATION MPARABLE SALES THAT REPRESENT THE BEST INDICATORS OF VALUE FOR THE SUBJECT PROPERTY WERE SELECTED BASED ON CRITERIA NOTED IN THE SALES MPARABLE ANALSYSIS. ADJUSTMENTS WERE MADE TO REFLECT THE ACTIONS OF THE TYPICAL PURCHASERS IN THE (NORTHCREEK) HOUSING MARKET. DOLLAR ADJUSTMENTS WERE APPLIED TO REFLECT THE MARKET'S REACTION TO THE DIFFERENCES IN THE PROPERTIES, AND DO NOT NECESSARILY REFLECT THE ACTUAL ST OF THE DIFFERENCE. ADJUSTMENTS SUCH AS THESE ARE MADE AFTER ALL MATCHED ATTRIBUTES ARE ACUNTED FOR AND QUANTITATIVE DIFFERENCES ARE ADJUSTED. SOURCES TO HELP DERIVE THE ADJUSTMENT DOLLAR VALUE FOR GLA, BASEMENT, GARAGE, AND AMENITIES THE ADJUSTMENT VALUES ULTIMATELY USED IN THE REPORT ARE EXRACTED FROM THE MARKET'S REACTION IN THIS NEIGHBORHOOD NTRIBUTING TO THE FINAL DOLLAR ADJUSTMENT. THIS INFORMATION WAS FOUND IN IRES MLS AND UNTY ASSESSOR RERDS. PAYMENT THE APPRAISER WAS PAID: 4 FOR APPRAISAL SERVICES BY AMC CLEAR CAPITAL. UPDATING OF SUBJECT PROPERTY THE SUBJECT PROPERTY HAS BEEN UPDATED SINCE THE 212 PURCHASE. UPDATING INCLUDES BUT IS NOT LIMITED TO: 1. NEW CARPET AND INTERIOR PAINT. 2. NEW WOOD DECK AND SPRINKLER SYSTEM REPAIRED. 3. NEW WOOD FENCE IN REAR (3 SIDES) 4. NEW DOWNSPOUTS - REPLACED. THE SUBJECT PROPERTY WAS AFFECTED BY THE 213 FLOOD. THERE WAS WATER INTRUSION IN THE BASEMENT AT FLOOR LEVEL. IT WAS PROFESSIONALLY MITIGATED THOROUGHLY FOR DAMPNESS - DAMAGED CARPET REMOVED, DRIED, MITIGATED FOR MOISTURE AND MOLD. NEW CARPET INSTALLED, FLOOR BOARD TRIM REPLACED. THE BASEMENT HAS BEEN RESTORED MPLETELY. PUD THE PUD'S LEGAL NAME IS: NORTHCREEK HOA ASSESSMENTS ARE: 34/A PUD AMENITIES INCLUDE A MMON RECREATION/PARK AREA - ALL IN AVERAGE NDITION. ALL MPARABLES ARE IN A PUD WITH A SIMILAR MONTHLY FEE AND HAVE SIMILAR AMENITY NDITION. MPARABLE SEARCH LOCATION IN NORTHCREEK SUBDIVISION. LOCATION WITH.5 TO 1 MILE OF THE SUBJECT PROPERTY. SETTLED WITHIN THE LAST 9 DAYS TO 1 YEAR. GLA SQUARE FOOTAGE WITHIN 2% OF SUBJECT'S (OR AS CLOSE AS POSSIBLE). SIMILAR BATHROOM/ BEDROOM UNT IN GLA. BASEMENT. 2 BAY GARAGE CAR STORAGE. MY MPARABLE SEARCH CRITERIA NSISTED OF PROPERTIES THAT ARE BETWEEN 15 AND 16 SQUARE FEET, WHICH SOLD WITHIN THE PAST 9 DAYS TO 1 YEAR, AND ARE LOCATED WITHIN.5 TO 1 MILE OF THE SUBJECT PROPERTY. MY MPARABLE SEARCH DID NOT INCLUDE ANY SALES PRICE OR VALUE PARAMETERS. THE SEARCH RESULTED IN A TOTAL OF 5 POTENTIAL MPARABLE PROPERTY TO NSIDER, OF WHICH 4 RECENT CLOSED SALES AND LISTING WERE INCLUDED AND GRIDDED IN THIS APPRASAL REPORT. THE ADDRESSES FOR EACH OF THOSE ARE LISTED IN REPORT ADDENDUM: "MPARABLES NSIDERED." SALES MPARABLES THAT CLOSED OR WENT UNDER NTRACT OVER SIX MONTHS AGO HAVE BEEN USED IN THIS APPRAISAL REPORT. THEY HAVE BEEN USED BECAUSE THEY ARE CLOSEST IN PROXIMITY TO THE SUBJECT PROPERTY AND MOST SIMILAR TO THE SUBJECT PROPERTY IN AGE, STYLE, & SQUARE FOOTAGE. THE SALES MPARABLES USED IN THIS REPORT ARE THE BEST AVAILABLE INDICATORS OF THE SUBJECT'S MARKET VALUE AT THE TIME OF THE APPRAISAL. THE BELOW NCLUSIONS AND ADJUSTMENTS WERE DERIVED USING EXTRACTION OF MARKET REACTION AS A RESULT OF MANUALLY REVIEWING LISTINGS/SALES IN IRES MLS: 1. THERE WAS NO DISCERNIBLE MARKET REACTION TO LOT SIZES BETWEEN SF. ACRDINGLY ADJUSTMENTS WERE MADE UNDER GLA. 2. ACRDING TO THE 14MC, THE MEDIAN SALES PRICE OF HOMES IN THE SUBJECT'S NEIGHBORHOOD HAVE INCREASED BY GREATER THAN 14% YEAR OVER YEAR. ACRDINGLY A 1% (MORE NSERVATIVE) TIME ADJUSTMENT HAS BEEN MADE TO MPARABLE 1 & PROPERTY LOCATIONS THAT ABUT OPEN SPACE TRAILS, OPEN SPACE GREEN BELTS, OR CUL-DE-SACS ARE NSIDERED MORE DESIREABLE AND BENEFICIAL BY THE MARKET THAN PROPERTIES THAT ABUT OTHER RESIDENCES. THE MARKET WILL PAY A PREMIUM FOR SUCH POSITIVIELY INFLUENCED LOTS. ACRDINGLY, ADJUSTMENTS HAVE BEEN MADE UNDER LOCATION. 4. NDITION ADJUSTMENT FOR MPARABLE 4 IS FOR INFERIOR KITCHEN UPDATING MPARED TO THE SUBJECT PROPERTY. THE MARKET WILL PAY A PREMIUM FOR UPSCALE KITCHEN FINISHES AND APPLIANCES. ACRDINGLY AN ADJUSTMENT HAS BEEN MADE UNDER NDITION. UAD Version 9/211 Produced by ClickFORMS Stware

12 LOCATION MAP ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A Address TH STREET FLOOR 2, DENVER, 822 UAD Version 9/211 Produced by ClickFORMS Stware

13 FLOOD MAP ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A Address TH STREET FLOOR 2, DENVER, 822 SUBJECT UAD Version 9/211 Produced by ClickFORMS Stware

14 SKETCH ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A Address TH STREET FLOOR 2, DENVER, ' FIRST FLOOR Bedroom 33.' Full Bathroom OPEN TO BELOW 14.' Full Bathroom 7.' 1.5' 2.' Bedroom Bedroom Open wood deck 1.' 1.' 13.' FIRST FLOOR 5.' 4.' 1.' 5.' Dining 28.' Kitchen Living Room 3.' Foyer 5.5' Half Bathroom 4.' 2.' 2 Car Garage UAD Version 9/211 Produced by ClickFORMS Stware

15 SKETCH ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A Address TH STREET FLOOR 2, DENVER, ' 13.' 4.' 5.' Recreation 28.' Room Bedroom 3.' Full Bathroom 5.5' 4.' 2.' UAD Version 9/211 Produced by ClickFORMS Stware

16 SKETCH ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A Address TH STREET FLOOR 2, DENVER, 822 SKETCH CALCULATIONS A2 A1 A4 A3 A5 A6 A7 A8 A12 A13 A9 A1 A11 A1 : A2 : A3 : A4 : A5 : A6 : A7 : A8 : Perimeter Area 4.9 x 1.8 = 13. x 1.9 =.5 x 4.7x2.5 = 26.6 x 23.6 =.5 x 2.9x2.9 = 19.1 x 2.9 =.5 x.8x3.7 = 19.1 x 3.7 = First Floor 81.2 A9 : 26.8 x 8.2 = A1 : 19.9 x 1.7 = A11 : 1. x 1.2 = A12 :.5 x.x24.8 = A13 : 13. x 24.8 = Second Floor Total Living Area A15 A14 A17 A16 A18 A19 A2 A21 A14 : A15 : A16 : A17 : A18 : A19 : A2 : A21 : x 1.8 = 13. x 1.9 =.5 x 4.7x2.5 = 26.6 x 23.6 =.5 x 2.9x2.9 = 19.1 x 2.9 =.5 x.8x3.7 = 19.1 x 3.7 = Basement 81.2 Total Basement Area 81.2 UAD Version 9/211 Produced by ClickFORMS Stware

17 SUBJECT PHOTO ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A. Address TH STREET FLOOR 2, DENVER, 822 FRONT OF SUBJECT PROPERTY, REAR OF SUBJECT PROPERTY STREET SCENE UAD Version 9/211 Produced by ClickFORMS Stware

18 SUBJECT PHOTO ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A. Address TH STREET FLOOR 2, DENVER, 822 AERIAL ALTERNATIVE STREET SCENE ACROSS THE STREET UAD Version 9/211 Produced by ClickFORMS Stware

19 SUBJECT PHOTO ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A. Address TH STREET FLOOR 2, DENVER, 822 LEFT SIDE RIGHT SIDE FULL BATHROOM - VIEW 1 BASEMENT UAD Version 9/211 Produced by ClickFORMS Stware

20 SUBJECT PHOTO ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A. Address TH STREET FLOOR 2, DENVER, 822 FULL BATHROOM - VIEW 2 BASEMENT RECREATION ROOM BASEMENT BEDROOM BASEMENT UAD Version 9/211 Produced by ClickFORMS Stware

21 SUBJECT PHOTO ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A. Address TH STREET FLOOR 2, DENVER, 822 MECHANICALS BASEMENT LAUNDRY BASEMENT KITCHEN - VIEW 1 FIRST FLOOR UAD Version 9/211 Produced by ClickFORMS Stware

22 SUBJECT PHOTO ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A. Address TH STREET FLOOR 2, DENVER, 822 KITCHEN - VIEW 2 FIRST FLOOR DINING FIRST FLOOR LIVING ROOM FIRST FLOOR UAD Version 9/211 Produced by ClickFORMS Stware

23 SUBJECT PHOTO ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A. Address TH STREET FLOOR 2, DENVER, 822 KITCHEN - VIEW 4 FIRST FLOOR HALF BATHROOM FIRST FLOOR BEDROOM 1 SEND FLOOR UAD Version 9/211 Produced by ClickFORMS Stware

24 SUBJECT PHOTO ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A. Address TH STREET FLOOR 2, DENVER, 822 BEDROOM 2 SEND FLOOR FULL BATHROOM 1 SEND FLOOR FULL BATHROOM 2 - VIEW 1 SEND FLOOR UAD Version 9/211 Produced by ClickFORMS Stware

25 SUBJECT PHOTO ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A. Address TH STREET FLOOR 2, DENVER, 822 FULL BATHROOM 2 - VIEW 2 SEND FLOOR FULL BATHROOM 2 - VIEW 3 SEND FLOOR BEDROOM 3 SEND FLOOR UAD Version 9/211 Produced by ClickFORMS Stware

26 SUBJECT PHOTO ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A. Address TH STREET FLOOR 2, DENVER, 822 CARBON MONOXIDE ALARM ADDED DERATIVE RAILS SEND FLOOR DERATIVE STAIRWELL UAD Version 9/211 Produced by ClickFORMS Stware

27 SUBJECT PHOTO ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A. Address TH STREET FLOOR 2, DENVER, 822 KITCHEN - VIEW 5 FIRST FLOOR NEW WOOD FENCING - 3 SIDES NEW WOOD DECK UAD Version 9/211 Produced by ClickFORMS Stware

28 SUBJECT PHOTO ADDENDUM City Lender/Client JP MORGAN CHASE, BANK, N.A. Address TH STREET FLOOR 2, DENVER, 822 NEW DOWNSPOUTS ELECTRICAL PANEL UAD Version 9/211 Produced by ClickFORMS Stware

29 MPARABLES City Lender/Client JP MORGAN CHASE, BANK, N.A Address TH STREET FLOOR 2, DENVER, 822 MPARABLE SALE # SENTINEL DR, 831 MPARABLE SALE # SENTINEL DR, 831 MPARABLE SALE # 3 32 SENTINEL DR, 831 UAD Version 9/211 Produced by ClickFORMS Stware

30 MPARABLES City Lender/Client JP MORGAN CHASE, BANK, N.A Address TH STREET FLOOR 2, DENVER, 822 MPARABLE SALE # HOPKINS PL, 831 MPARABLE SALE # 5 MPARABLE SALE # 6 UAD Version 9/211 Produced by ClickFORMS Stware

31 MARKET RESEARCH & ANALYSIS Market Conditions Addendum to the Appraisal Report The purpose this addendum is to provide the lender/client with a clear and accurate understanding the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 29. City ZIP Code Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions and must provide support for those conclusions, regarding housing trends and overall market conditions as reported in the Neighborhood section the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include that data in the analysis. If data sources provide all the required information as an average instead the median, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc. Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend Inventory Analysis Total # Comparable Sales (Settled) Increasing Stable 3 2 X Declining Absorption Rate (Total Sales/Months) Stable Declining.5.67 X Increasing Total # Comparable Active Listings Stable Increasing 1 X Declining Months Housing Supply (Total Listings/Ab. Rate) Declining X Stable Increasing Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend Median Sales & List Price, DOM, Sale/List % Median Comparable Sales Price Stable Declining 59, 582,5 X Increasing Median Comparable Sales Days on Market Stable Increasing X Declining Median Comparable List Price Increasing X Stable Declining 535, Median Comparable Listings Days on Market Declining X Stable Increasing Median Sale Price as % List Price Stable Declining X Increasing Seller-(developer, builder, etc,) paid financial assistance prevalent? Yes Declining X Stable Increasing X No Explain in detail seller concessions trends for the past 12 months (e.g. seller contributions increased from 3% to 5%, increasing use buydowns, closing costs condo fees, options, etc.) The IRES MLS indicates there were 5 closed sales during the past 12 months and 1 those sales contained seller concessions which is 2% the total transactions in this market area. Prior Months 7-12: 3 Sales; 1 with concessions; 33% sales for this period. 4-6: Sales; with concessions; % sales for this period. -3: 2 Sales; with concessions; % sales for this period. The concessions ranged between 1, and 1,. The median concession amount is 1,. Are foreclosure sales (REO sales) a factor in the market? Yes X No If yes, explain (including the trends in listings and sales foreclosed properties). The data used in the grid above does not indicate there were any REO/Short sales or other distressed properties associated with the reported transactions. However, this is not a mandatory reporting field for agents and there may be some distressed sales that were not reported. It is beyond the scope this assignment to confirm each sale used in the Market Conditions Report. Cite data sources for above information. The IRES MLS was the data source used to complete the Market Conditions Addendum. Summarize the above information as support for your conclusions in the Neighborhood section the appraisal report form. If you used any additional information, such as an analysis pending sales, and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. NDO/.OP PROJECTS Effective Date: Thursday, July 2, 215 If the subject is a unit in a condominium or cooperative project, complete the following: Project Name: Subject Project Data Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend Total # Comparable Sales (Settled) Increasing Stable Declining Absorption Rate (Total Sales/Months) Increasing Stable Declining Total # Active Comparable Listings Declining Stable Increasing Months Unit Supply (Total Listings/Ab. Rate) Declining Stable Increasing Are foreclosures sales (REO sales) a factor in the project? Yes No If yes, indicate the number REO listings and explain the trends in listings and sales foreclosed properties. Summarize the above trends and address the impact on the subject unit and project. APPRAISER Signature Signature Appraiser Name Supervisor Name HEIDI MITKE Company Name Company Name Company Address Company Address P.O. BOX 2423,, License/Certification # License/Certification # CR Address Address ARCAPPRAISE@GMAIL.M Freddie Mac Form 71 March 29 UAD Version 9/211 Produced by ClickFORMS Stware Fannie Mae Form 14MC March 29 29

32 APPRAISAL MPLIANCE ADDENDUM /Client Address City Lender/Client JP MORGAN CHASE, BANK, N.A. Unit No This Appraisal Compliance Addendum is included to ensure this appraisal report meets all USPAP 214 requirements. APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report is one the following types: This report was prepared in accordance with the requirements the Appraisal Report option USPAP Standards Rule 2-2(a). X Appraisal Report Restricted Appraisal Report This report was prepared in accordance with the requirements the Restricted Appraisal Report option USPAP Standards Rule 2-2(b). The intended user 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. ADDITIONAL CERTIFICATIONS I certify that, to the best my knowledge and belief:. The statements fact contained in this report are true and correct.. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and are my personal, impartial, and unbiased pressional analyses, opinions, and conclusions.. Unless otherwise indicated, I have no present or prospective interest in the property that is the subject this report and no personal interest with respect to parties involved. Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject this report within the three-year period immediately preceding acceptance this assignment.. I have no bias with respect to the property that is the subject 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 a predetermined value or direction in value that favors the cause the client, the amount the value opinion, the attainment a stipulated result, or the occurrence a subsequent event directly related to the intended use this appraisal.. My analyses, opinions, and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards Pressional Appraisal Practice that were in effect at the time this report was prepared.. Unless otherwise indicated, I have made a personal inspection the property that is the subject this report.. Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name each individual providing significant real property appraisal assistance is stated elsewhere in this report).. This report has been prepared in accordance with Title XI FIRREA as amended, and any implementing regulations. PRIOR SERVICES. X I have NOT performed services, as an appraiser or in another other capacity, regarding the property that is the subject the report within the three-year period immediately preceding acceptance this assignment.. I HAVE performed services, as an appraiser or in another capacity, regarding the property that is the subject this report within the three-year period immediately preceding acceptance this assignment. Those services are described in the comments below. PROPERTY INSPECTION. I X HAVE made a personal inspection the property that is the subject this report.. I have NOT made a personal inspection the property that is the subject this report. APPRAISAL ASSISTANCE 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 the extent the assistance provided in the report. ADDITIONAL MMENTS Additional USPAP related issues requiring disclosure and/or any state mandated requirements: MARKETING TIME AND EXPOSURE TIME FOR THE SUBJECT PROPERTY day(s) utilizing market conditions pertinent to the appraisal assignment. X A reasonable marketing time for the subject property is 1-9 day(s). X A reasonable exposure time for the subject property is 1-9 APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name HEIDI MITKE Date Signature 7/2/215 Certification # or License # CR Expiration Date Certification or License 12/31/217 Effective Date Appraisal 6/29/215 Signature Name Date Signature Certification # or License # Expiration Date Certification or License Supervisory Appraiser Inspection Subject Property: Did Not Exterior Only from street Interior and Exterior 3 USPAP Compliance Addendum 214 UAD Version 9/211 Produced by ClickFORMS Stware

33 MPARABLES NSIDERED City Lender/Client JP MORGAN CHASE, BANK, N.A. Residential-Detached Listings MLS # Type Address TH STREET FLOOR 2, DENVER, 822 Price Status SqFt Style Beds Area IRES RES 46, S Story 3 1/ IRES RES 59, S Story 4 1/ IRES RES 516, S Story 4 1/ IRES RES 575, S Story 3 1/ IRES RES 59, S Story 4 1/5 Address 4871 Hopkins Pl 3348 Sentinel Dr 4833 Hopkins Pl 3354 Sentinel Dr 32 Sentinel Dr Office BOUL ISLVR WRKI RMRE ARRO Total Number Residential-Detached Listings: 5 Total Listings Reported (All Types): 5 UAD Version 9/211 Produced by ClickFORMS Stware

34 LICENSE City Lender/Client JP MORGAN CHASE, BANK, N.A Address TH STREET FLOOR 2, DENVER, 822 UAD Version 9/211 Produced by ClickFORMS Stware

35 E&O City Lender/Client JP MORGAN CHASE, BANK, N.A Address TH STREET FLOOR 2, DENVER, 822 UAD Version 9/211 Produced by ClickFORMS Stware

36 UNIFORM APPRAISAL DATASET (UAD) Property Condition and Quality Rating Definitions Requirements - Condition and Quality Ratings Usage Appraisers must utilize the following standardized condition and quality ratings within the appraisal report. Condition Ratings and Definitions C1 The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are new and the dwelling features no physical depreciation. Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings provided that the dwelling is placed on a 1 percent new foundation and the recycled materials and the recycled components have been rehabilitated/remanufactured into like-new condition. Improvements that have not been previously occupied are not considered "new" if they have significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period time without adequate maintenance or upkeep). C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated and are similar in condition to new construction. Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical depreciation, or an older property that has been recently completely renovated. C3 The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well maintained. Note: The improvement is in its first-cycle replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority short-lived building components have been replaced but not to the level a complete renovation. C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate. Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some the short-lived building components have been replaced, and some short-lived building components are at or near the end their physical life expectancy; however, they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property. C5 The improvements feature obvious deferred maintenance and are in need some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability are somewhat diminished due to condition, but the dwelling remains useable and functional as a residence. Note: Some significant repairs are needed to the improvements due to the lack adequate maintenance. It reflects a property in which many its short-lived building components are at the end or have exceeded their physical life expectancy but remain functional. C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity the improvements. The improvements are in need substantial repairs and rehabilitation, including many or most major components. Note: Substantial repairs are needed to the improvements due to the lack adequate maintenance or property damage. It reflects a property with conditions severe enough to affect the safety, soundness, or structural integrity the improvements. UAD Version 9/211 Produced by ClickFORMS Stware (Updated 1/214) 34

37 UNIFORM APPRAISAL DATASET (UAD) Property Condition and Quality Rating Definitions Quality Ratings and Definitions Q1 Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level workmanship and exceptionally high-grade materials throughout the interior and exterior the structure. The design features exceptionally high-quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are exceptionally high quality. Q2 Dwellings with this quality rating are ten custom designed for construction on an individual property owner's site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residences constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high-quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally high or very high quality. Q3 Dwellings with this quality rating are residences higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner's site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from "stock" standards. Q4 Dwellings with this quality rating meet or exceed the requirements applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are stock or builder grade and may feature some upgrades. Q5 Dwellings with this quality rating feature economy construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades. Q6 Dwellings with this quality rating are basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are ten built with simple plans or without plans, ten utilizing the lowest quality building materials. Such dwellings are ten built or expanded by persons who are pressionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions to the original structure. Requirements - Definitions Not Updated, Updated and Remodeled Not Updated Little or no updating or modernization. This description includes, but is not limited to, new homes. Residential properties fifteen years age or less ten reflect an original condition with no updating, if no major components have been replaced or updated. Those over fifteen years age are also considered not updated if the appliances, fixtures, and finishes are predominantly dated. An area that is 'Not Updated' may still be well maintained and fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration. Updated The area the home has been modified to meet current market expectations. These modifications are limited in terms both scope and cost. An updated area the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or replacing components meet existing market expectations. Updates do not include significant alterations to the existing structure. Remodeled Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion. A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all the following: replacement a major component (cabinet(s), bathtub, or bathroom tile), relocation plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition square footage). This would include a complete gutting and rebuild. Explanation Bathroom Count Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not included in the bathroom count. The number full and half baths is reported by separating the two values using a period, where the full bath count is represented to the left the period and the half bath count is represented to the right the period. Example: 3.2 indicates three full baths and two half baths. UAD Version 9/211 Produced by ClickFORMS Stware (Updated 1/214) 35

38 UNIFORM APPRAISAL DATASET (UAD) Property Description Abbreviations Used in This Report Abbreviation A ac AdjPrk AdjPwr ArmLth AT B ba br BsyRd c Cash Comm Conv cp CrtOrd CtySky CtyStr cv DOM DT dw e Estate FHA g ga gbi gd GlfCse Glfvw GR HR in Ind Listing Lndfl LtdSght MR Mtn N NonArm o O op Prk Pstrl PubTrn PwrLn Relo REO Res RH rr RT s SD Short sf sqm Unk VA w wo Woods Wtr WtrFr wu Full Name Adverse Acres Adjacent to Park Adjacent to Power Lines Arms Length Sale Attached Structure Beneficial Bathroom(s) Bedroom Busy Road Contracted Date Cash Commercial Influence Conventional Carport Court Ordered Sale City View Skyline View City Street View Covered Days On Market Detached Structure Driveway Expiration Date Estate Sale Federal Housing Administration Garage Attached Garage Built-In Garages Detached Garage Golf Course Golf Course View Garden High Rise Interior Only Stairs Industrial Listing Landfill Limited Sight Mid Rise Mountain View Neutral Non-Arms Length Sale Other Other Open Park View Pastoral View Public Transportation Power Lines Relocation Sale REO Sale Residential USDA - Rural Housing Recreational (Rec) Room Row or Townhouse Settlement Date Semi-detached Structure Short Sale Square Feet Square Meters Unknown Veterans Administration Withdrawn Date Walk Out Basement Woods View Water View Water Frontage Walk Up Basement May Appear in These Fields Location & View Area, Site Location Location Sales or Financing Concessions Design (Style) Location & View Basement & Finished Rooms Below Grade Basement & Finished Rooms Below Grade Location Date Sale/Time Sale or Financing Concessions Location Sale or Financing Concessions Garage/Carport Sale or Financing Concessions View View Garage/Carport Data Sources Design (Style) Garage/Carport Date Sale/Time Sale or Financing Concessions Sale or Financing Concessions Garage/Carport Garage/Carport Garage/Carport Garage/Carport Location View Desing (Style) Design (Style) Basement & Finished Rooms Below Grade Location & View Sales or Financing Concessions Location View Design (Style) View Location & View Sale or Financing Concessions Basement & Finished Rooms Below Grade Design (Style) Garage/Carport View View Location View Sale or Financing Concessions Sale or Financing Concessions Location & View Sale or Financing Concessions Basement & Finished Rooms Below Grade Design (Style) Date Sale/Time Design (Style) Sale or Financing Concessions Area, Site, Basement Area, Site Date Sale/Time Sale or Financing Concessions Date Sale/Time Basement & Finished Rooms Below Grade View View Location Basement & Finished Rooms Below Grade UAD Version 9/211 Produced by ClickFORMS Stware (Updated 1/214)

39 Clear Capital Appraisal Package 4817 Hopkins Pl, Boulder, 831 Addendum: Fee Disclosure Pursuant to SECTION 1. In Colorado Revised Statutes, Appraisal management companies - prohibited activities; (r) Failing to disclose to the client the fee amount paid to the appraiser hired or engaged to complete the appraisal upon completion the assignment. Property ID Loan # Thomas Hopson, Ruth Gelfarb 4817 Hopkins Pl, Boulder, 831 Appraiser Name Heidi Mitke Appraiser Compensation 425 Appraisal Management Fee (Includes Sales & Marketing, Quality Assurance, Panel Administration, Order Management, Data Assistance, Technical & Stware Support, Record Retention & Dispute Resolution) 45 Total Fee 47 Thank you for doing business with CLEARCAPITAL.M, Inc. CLEARCAPITAL.M, Inc 1875 PIONEER TRAIL TRUCKEE, CA ***This is not an invoice*** 215 ClearCapital.com Inc.