APPRAISAL OF REAL PROPERTY

Transcription

1 File No.: 367 APPRAISAL OF REAL PROPERTY Date of Valuation: 7/8/6 Located At: 6 N 6th St Lot 6 Los Blancos Per Dkt Unit 6 Tog W Undiv Int To The Entire Horiz Regime As Set Forth Per Dkt Phoenix, AZ 856 For: 35 E Camelback Rd, #, Phoenix, AZ 856 Table of Contents: Condo... Condo... Condo... 3 Additional Comparables Condo... 5 Condo... 6 Condo... 7 Market Conditions Addendum to the Appraisal Report... 8 Photograph Addendum... 9 Supplemental Addendum w/sig block... UAD Definitions Addendum... Building Sketch... Subject Photos... 5 Photograph Addendum... 6 Photograph Addendum... 7 Comparable Photos Comparable Photos Parcel Map... Aerial Map... Comparable Sales Map... License... 3 USPAP Identification... Northern Arizona Appraisal, Inc. (98) Form TCG - "TOTAL" appraisal software by a la mode, inc ALAMODE

2 Northern Arizona Appraisal, Inc. (98) File # 367 The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address 6 N 6th St Unit # 6 City Phoenix Zip Code 856 Borrower Gwyn and Jamie Rhys-Evans Owner of Public Record B A L Investments Llc County Maricopa Legal Description Lot 6 Los Blancos Per Dkt Unit 6 Tog W Undiv Int To The Entire Horiz Regime As Set Forth Per Dkt Assessor's Parcel # 6987 Tax Year 5 R.E. Taxes 7 Project Name LOS BLANCOS Phase # Map Reference 386 Census Tract 65. Occupant Owner Tenant Vacant Special Assessments HOA 5 per year per month Property Rights Appraised Fee Simple Leasehold Other (describe) Assignment Type Purchase Transaction Refinance Transaction Other (describe) Lender/Client Address 35 E Camelback Rd, #, Phoenix, AZ 856 Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? No Report data source(s) used, offering price(s), and date(s). DOM 3; ARMLS# 563 list price,8. Listed on 6/9/6. No price reductions CONTRACT SUBJECT Individual Condominium Unit Appraisal Report I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. Arms length sale;the appraiser was provided with a fully executed 3 page sales contract with counter offers and typical addendums. Financial concessions were indicated. Agreed purchase price was, Contract Price, Date of Contract 7//6 Is the property seller the owner of public record? No Data Source(s) Maricopa County Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? No If, report the total dollar amount and describe the items to be paid.,5;;the seller has agreed to pay,5% towards buyers closing costs, HOA account, etc. NEIGHBORHOOD Note: Race and the racial composition of the neighborhood are not appraisal factors. Condominium Unit Housing Trends Neighborhood Characteristics Market Conditions (including support for the above conclusions) One-Unit - Unit Multi-Family Commercial Other PRICE AGE () (yrs) Low 5 85 High 7 Pred. 6 % 5% 5 % % % See Supplemental Addendum and MC. Topography Level Size Average for the area Density Medium Specific Zoning Classification R- Zoning Description Multiple Family Residence Zoning Compliance Legal Legal Nonconforming - Do the zoning regulations permit rebuilding to current density? No Zoning Illegal (describe) Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? PROJECT SITE Present Land Use % Condominium Housing Property Values Urban Suburban Rural Shortage In Balance Over Supply Built-Up Over 75% 5-75% Under 5% Demand/Supply Growth Rapid Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths Neighborhood Boundaries The neighborhood is bounded by the 5 Freeway to the east, 7th Ave to the west, Maryland Ave to the north and Bethany Home Rd to the south. Neighborhood Description See Supplemental Addendum. No No If No, describe Off-site Improvements - Type Public Private Utilities Public Other (describe) Public Other (describe) Street Asphalt - Paved Water Electricity Alley None Gas Sanitary Sewer None FEMA Special Flood Hazard Area No FEMA Flood Zone X5 FEMA Map # 3C75L FEMA Map Date /6/3 Are the utilities and off-site improvements typical for the market area? No If No, describe Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? No If, describe None noted. The subject does not appear to be located in a flood zone. No adverse encroachments or easements evident. PROJECT INFORMATION Data source(s) for project information Project Description Detached County, MLS, HOA High-Rise Row or Townhouse Garden Mid-Rise Other (describe) General Description Subject Phase If Project Completed General Description # of Stories Exterior Walls # of Units # of Phases Mas 8 # of Elevators Roof Surface # of Units Built Up # of Units Completed 8 8 Existing Proposed Total # Parking # of Units For Sale # of Units for Sale 6 Under Construction Ratio (spaces/units) / # of Units Sold # of Units Sold 8 8 Year Built Type # of Units Rented 968 Carport # of Units Rented 9 9 Effective Age 5 Guest Parking # of Owner Occupied Units # of Owner Occupied Units yes Project Primary Occupancy Principal Residence Second Home or Recreational Tenant Is the developer/builder in control of the Homeowners' Association (HOA)? No Management Group Homeowners' Association Developer Management Agent - Provide name of management company. Does any single entity (the same individual, investor group, corporation, etc.) own more than % of the total units in the project? Was the project created by the conversion of existing building(s) into a condominium? Freddie Mac Form 65 March 5 Rosetti Management No If, Describe No If, describe the original use and date of conversion. Are the units, common elements, and recreation facilities complete (including any planned rehabilitation for a condominium conversion)? Is there any commercial space in the project? If Project Incomplete # of Planned Phases # of Planned Units # of Units for Sale # of Units Sold # of Units Rented # of Owner Occupied Units No If No, describe No If, describe and indicate the overall percentage of the commercial space. UAD Version 9/ Page of 6 Form 73UAD - "TOTAL" appraisal software by a la mode, inc ALAMODE Fannie Mae Form 73 March 5

3 67589 File # 367 Describe the condition of the project and quality of construction. The project appears to be well maintained with no adverse conditions noted. The condominiums are built of average materials and design typical of the area. PROJECT INFORMATION Individual Condominium Unit Appraisal Report Describe the common elements and recreational facilities. Pools, grounds, clubhouse, Laundry facility Are any common elements leased to or by the Homeowners' Association? Is the project subject to a ground rent? No If, Are the parking facilities adequate for the project size and type? No If, describe the rental terms and options. per year (describe terms and conditions) No If No, describe and comment on the effect on value and marketability. PROJECT ANALYSIS I did did not analyze the condominium project budget for the current year. Explain the results of the analysis of the budget (adequacy of fees, reserves, etc.), or why the analysis was not performed. The budget was not provided to the appraiser for review. Are there any other fees (other than regular HOA charges) for the use of the project facilities? No If, report the charges and describe. Compared to other competitive projects of similar quality and design, the subject unit charge appears High Average Low If High or Low, describe the HOA fee includes electric. Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser? No If, describe and explain the effect on value and marketability. Because Unit Charge 5 per month X = 5,8. per year Annual assessment charge per year per square feet of gross living area =.9 Utilities included in the unit monthly assessment None Heat Air Conditioning Electricity Gas Water Sewer Cable Other (describe) Exterior maintenance and blanket insurance policy, trash, roof, pool, landscaping UNIT DESCRIPTION General Description Interior materials/condition Amenities Additional features (special energy efficient items, etc.) Car Storage Open balcony, new flooring, tile, marble counters, vanities, cabinets, appliances, fixtures, doors. Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). C;Kitchen-remodeled-less than one year ago;bathrooms-remodeled-less than one year ago;the subject is a bedroom, bath, +/-,8 S/F single level condominium built of average quality materials and design typical of the area. The subject has not been remodeled and finishes are of good quality and meet market expectations. The dwelling appears to have been adequately maintained with no major deferred maintenance noted or observed. Utilities were turned on and operational. Note the dwelling was field measured and differs from the County GLA of,9. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? No If, describe The appraiser did not observe and was not provided with any documentation revealing any physical deficiencies and have reported only apparent conditions. The borrower may not rely on this report for structural conditions that may or may not exist. See Appraisers Limiting Condition #5. Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? The subject blends well with the neighborhood. I PRIOR SALE HISTORY Appliances Floor # Floors Fireplace(s) # Refrigerator None Tile/Carpet/Good # of Levels Walls WoodStove(s) # Range/Oven Garage Covered Open Drywall/Mas/Good Heating Type FA Fuel Gas Trim/Finish Wood/Good Deck/Patio Disp Microwave # of Cars Balc Central AC Individual AC Bath Wainscot Tile/Good Porch/Balcony Cov Dishwasher Assigned Owned Other (describe) Doors Other Washer/Dryer Parking Space # Fib/Good Stg TT Finished area above grade contains: Rooms Bedrooms. Bath(s),8 Square Feet of Gross Living Area Above Grade Are the heating and cooling for the individual units separately metered? No If No, describe and comment on compatibility to other projects in the market area. did No If No, describe did not research the sale or transfer history of the subject property and comparable sales. If not, explain My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data source(s) Maricopa County My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data source(s) Maricopa County Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #3 Date of Prior Sale/Transfer /8/6 Price of Prior Sale/Transfer 87,5 Data Source(s) Monsoon Monsoon Monsoon Monsoon Effective Date of Data Source(s) 7/8/6 7/9/6 7/9/6 7/9/6 Analysis of prior sale or transfer history of the subject property and comparable sales. The subject has transferred in the past 3 years to an investor and has been substantially renovated since purchase. Comp 5 had a similar prior sale by an investor. Freddie Mac Form 65 March 5 UAD Version 9/ Page of 6 Form 73UAD - "TOTAL" appraisal software by a la mode, inc ALAMODE Fannie Mae Form 73 March 5

4 67589 File # 367 There are comparable properties currently offered for sale in the subject neighborhood ranging in price from 9, to 79,9. 6 There are to 79,9. 95 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from 8, FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE # 3 Address and 6 N 6th St 7 E Maryland Ave 5 E Rovey Ave 555 N th St Unit # 6, Phoenix, AZ 856 8, Phoenix, AZ 85 -, Phoenix, AZ 85 9, Phoenix, AZ 85 Project Name and LOS BLANCOS MIRASOL CONDOMINIUMS Riviera Gardens The Oasis Phase Proximity to Subject. miles.35 miles NW. miles NE Sale Price, 6,5 6,3 36, Sale Price/Gross Liv. Area 9.96sq. ft. 3. sq. ft. 6. sq. ft sq. ft. Data Source(s) ARMLS#539;DOM ARMLS#53;DOM ARMLS#537795;DOM Verification Source(s) County County County VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) Adjustment DESCRIPTION +(-) Adjustment DESCRIPTION +(-) Adjustment Sales or Financing ArmLth ArmLth ArmLth Concessions Conv; Cash; Conv;8 -,8 Date of Sale/Time s6/6;c5/6 s6/6;c5/6 s5/6;c/6 Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple HOA Mo. Assessment Common Elements Pool, Grounds Pool, Grounds Pool, Grounds Pool, Grounds and Rec. Facilities Clubhouse Clubhouse Clubhouse Clubhouse Floor nd nd Bi Lev/End -3, nd Design (Style) RTL;Santa Fe RTL;Sta Barb RTL;Santa Fe RTL;Modern Quality of Construction Q5 Q -, Q5 Q5 +5, Actual Age Condition C C3 +, C C Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count.. -,5.. Gross Living Area,8 sq. ft.,5 sq. ft. -,,8 sq. ft. +3,5,76 sq. ft. -, Basement & Finished sf sf sf sf Rooms Below Grade Functional Utility Average Average Average Average Heating/Cooling Forced Air/AC Forced Air/AC Forced Air/AC Forced Air/AC Energy Efficient Items ClngFns ClngFns ClngFns ClngFns Garage/Carport cv cv cv cv Porch/Patio/Deck Balc/Dk Balc/Pat/Yard -3, LgOp/Pat;BBQ -3, Balc/Dk Pool Community Community Community Community Other None FP/WD Hook -,5 FP/WD Hook -,5 None/WD Hook -,5 SALES COMPARISON APPROACH Individual Condominium Unit Appraisal Report Net Adjustment (Total) , -5, -,98 Adjusted Sale Price Net Adj. Net Adj. Net Adj. 7.5 % 3. %. % of Comparables Gross Adj.. % 8, Gross Adj. 7. % 56,3 Gross Adj. 9.5 % 33, Summary of Sales Comparison Approach Properties were chosen from the subjects north central market and neighborhood and are as recent and similar as possible. Due to a lack of recently closed sales in the complex it was necessary to use properties from competing complexes. A typical buyer would consider several complexes in the market which exceeds mile in size. A list price vs. sales price discount was not applied to listing 5 as it went under contract and 6 is well priced. A market conditions adjustment was not applied as all are recent and the market has had nominal 3% increases. See the MC addendum. The HOA fee was not adjusted as the subjects small complex has pools and includes electric. Comps and 5 has superior quality construction as they are newer. All had varying degrees of updates and finishes, ie flooring, counters, cabinets and tile. The subject was recently renovated with finishes and details popular in this mid town market. The sales were adjusted for material differences. GLA was adjusted at 35 per SF with the subjects GLA bracketed. Bath counts were adjusted as well as for floor and unit location. The contract amount and opinion of value are bracketed by the raw and adjusted sales. The opinion of value is based on the weighing of sales and for recency with 3 considered for low adjustments. Sale 3's finishes are slightly inferior to the subjects with a quality adjustment necessary. Indicated Value by Sales Comparison Approach 5, INCOME INCOME APPROACH TO VALUE (not required by Fannie Mae) Estimated Monthly Market Rent X Gross Rent Multiplier Summary of Income Approach (including support for market rent and GRM) N/A = Indicated Value by Income Approach Indicated Value by: Sales Comparison Approach Income Approach (if developed) 5, The sales comparison approach to value is the most appropriate for the subject as it represents direct actions of buyers and sellers on the open market. The income approach was not developed as the subject is located in a predominantly owner occupied area. RECONCILIATION I have performed no prior services on the subject property. This appraisal is made "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: Not subject to any special conditions. Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is, as of, which is the date of inspection and the effective date of this appraisal. 5, 7/8/6 Freddie Mac Form 65 March 5 UAD Version 9/ Page 3 of 6 Form 73UAD - "TOTAL" appraisal software by a la mode, inc ALAMODE Fannie Mae Form 73 March 5

5 COMPARABLE SALE # E Maryland Ave A, Phoenix, AZ 85 Maryland Parkway. miles SW 75, 63.5 sq. ft. ARMLS#53855;DOM County, Inspection DESCRIPTION +(-) Adjustment ArmLth Conv; s5/6;c/6 Fee Simple 35 Pool, Grounds Clubhouse Ground/End -5, RTL;Ranch Q5 5 C -5, COMPARABLE SALE # 5 7 E Maryland Ave 3, Phoenix, AZ 85 MIRASOL CONDOMINIUMS. miles 65, 3.69 sq. ft. ARMLS#558795;DOM 6 County DESCRIPTION +(-) Adjustment Listing Pending; c7/6 Fee Simple 78 Pool, Grounds Clubhouse Bi Lev RTL;Santa Fe Q -, 3 C File # 367 COMPARABLE SALE # 6 37 E Maryland Ave A, Phoenix, AZ 85 Maryland Parkway.5 miles NW 3, 6. sq. ft. ARMLS#569;DOM County DESCRIPTION +(-) Adjustment Listing Active; Active Fee Simple 35 Pool, Grounds Clubhouse Ground -3, GRL;Ranch Q5 5 C3 +, Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths SALE / TRANSFER HISTORY SALES COMPARISON APPROACH Individual Condominium Unit Appraisal Report FEATURE SUBJECT Address and 6 N 6th St Unit # 6, Phoenix, AZ 856 Project Name and LOS BLANCOS Phase Proximity to Subject Sale Price, Sale Price/Gross Liv. Area 9.96sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION Sales or Financing Concessions Date of Sale/Time Leasehold/Fee Simple Fee Simple HOA Mo. Assessment 5 Common Elements Pool, Grounds and Rec. Facilities Clubhouse Floor nd Design (Style) RTL;Santa Fe Quality of Construction Q5 Actual Age 8 Condition C Above Grade Total Bdrms. Baths Room Count. Gross Living Area,8 sq. ft. Basement & Finished sf Rooms Below Grade Functional Utility Average Heating/Cooling Forced Air/AC Energy Efficient Items ClngFns Garage/Carport cv Porch/Patio/Deck Balc/Dk Pool Community Other None.,7 sq. ft. sf Average Forced Air/AC ClngFns cv Op/Patios Community None/WD Hook.,5 sq. ft. -,5 -, sf Average Forced Air/AC ClngFns cv Pat/Balc/Yard Community -,5 FP/WD Hook.,6 sq. ft. sf Average Forced Air/AC ClngFns cv -3, Op/Pat Community -,5 None/WD Hook -,5 Net Adjustment (Total) ,5 -, 5,5 Adjusted Sale Price Net Adj. Net Adj. Net Adj..3 % 3. %. % of Comparables Gross Adj..3 % 53,5 Gross Adj. 3. %,9 Gross Adj..8 % 39,5 Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE # COMPARABLE SALE # 5 COMPARABLE SALE # 6 Date of Prior Sale/Transfer /8/6 9//5 Price of Prior Sale/Transfer 87,5 3,5 Data Source(s) Monsoon Monsoon Monsoon Monsoon Effective Date of Data Source(s) 7/8/6 7/9/6 7/9/6 7/9/6 Analysis of prior sale or transfer history of the subject property and comparable sales N/A See page 3 ANALYSIS / COMMENTS Analysis/Comments Freddie Mac Form 65 March 5 UAD Version 9/ Form 73UAD.(AC) - "TOTAL" appraisal software by a la mode, inc ALAMODE Fannie Mae Form 73 March 5

6 Individual Condominium Unit Appraisal Report File # 367 This report form is designed to report an appraisal of a unit in a condominium project or a condominium unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of 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. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: () perform a complete visual inspection of the interior and exterior areas of the subject unit, () inspect and analyze the condominium project, (3) inspect the neighborhood, () inspect each of the comparable sales from at least the street, (5) research, verify, and analyze data from reliable public and/or private sources, and (6) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. 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 of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: () buyer and seller are typically motivated; () 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; () payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *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 of 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 offered 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 of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions:. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of 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.. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of 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 of 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.. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, 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 of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of 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 of environmental hazards, this appraisal report must not be considered as an environmental assessment of 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 of the subject property will be performed in a professional manner. Freddie Mac Form 65 March 5 UAD Version 9/ Page of 6 Form 73UAD - "TOTAL" appraisal software by a la mode, inc ALAMODE Fannie Mae Form 73 March 5

7 Individual Condominium Unit Appraisal Report File # 367 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report.. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared.. I developed my opinion of the market value of the real property that is the subject of 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 offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of 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 of combining a land sale with the contract purchase price of 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.. 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 of the subject property.. I have knowledge and experience in appraising this type of property in this market area.. I am aware of, 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. 3. 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.. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 5. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 6. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 7. I have no present or prospective interest in the property that is the subject of 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 of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 8. 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 of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 9. 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 of this appraisal or the preparation of 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.. 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 65 March 5 UAD Version 9/ Page 5 of 6 Form 73UAD - "TOTAL" appraisal software by a la mode, inc ALAMODE Fannie Mae Form 73 March 5

8 Individual Condominium Unit Appraisal Report File # 367. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of 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).. I am aware that any disclosure or distribution of 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 of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 3. The borrower, another lender at the request of 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 of any mortgage finance transaction that involves any one or more of these parties.. 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 of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 5. 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 of Title 8, United States Code, Section, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:. 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.. I accept full responsibility for the contents of 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 of 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.. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of 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" defined in applicable federal and/or state laws (excluding audio and appraisal report containing a copy or representation of my signature, valid as if a paper version of this appraisal report were delivered containing my "electronic signature," as those terms are video recordings), or a facsimile transmission of this the appraisal report shall be as effective, enforceable and containing my original hand written signature. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Mary Henningsen Company Name Northern Arizona Appraisal, Inc. Company Address 538 E Earll Dr Phoenix, AZ 85 Telephone Number (98) Address mary@northernazappraisal.com Date of Signature and Report 7/9/6 Effective Date of Appraisal 7/8/6 State Certification # 8 or State License # or Other (describe) State # Expiration Date of Certification or License /3/7 Signature Name Company Name Company Address ADDRESS OF PROPERTY APPRAISED 6 N 6th St 6, Phoenix, AZ 856 APPRAISED VALUE OF SUBJECT PROPERTY 5, LENDER/CLIENT Name Frisco Lender Services LLC Company Name Company Address 35 E Camelback Rd, #, Phoenix, AZ 856 Address Freddie Mac Form 65 March 5 UAD Version 9/ Telephone Number Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY Did not inspect subject property Did inspect exterior of subject property from street Date of Inspection Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street Date of Inspection Page 6 of 6 Form 73UAD - "TOTAL" appraisal software by a la mode, inc ALAMODE Fannie Mae Form 73 March 5

9 67589 File No. 367 The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of 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, 9. Property Address 6 N 6th St City Phoenix ZIP Code 856 Borrower Gwyn and Jamie Rhys-Evans 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 of 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 the data in the analysis. If data sources provide the required information as an average instead of 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 of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc. Inventory Analysis Prior 7 Months Prior 6 Months Current 3 Months Overall Trend Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Total # of Comparable Active Listings Months of Housing Supply (Total Listings/Ab.Rate) Median Sale & List Price, DOM, Sale/List % Overall Trend Prior 7 Months Prior 6 Months Current 3 Months Median Comparable Sale Price,5 39,9 3,75 Median Comparable Sales Days on Market 3 33 Median Comparable List Price 39,9 9, 6,5 Median Comparable Listings Days on Market Median Sale Price as % of List Price Seller-(developer, builder, etc.)paid financial assistance prevalent? No Explain in detail the seller concessions trends for the past months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc.). The ARMLS MLS indicates there were 95 closed sales during the past months and 6 of those sales contained seller concessions which is % of the total transactions in this market area. Prior Months 7-: 86 Sales; 7 with concessions; % of sales for this period. -6: 53 Sales; 3 with concessions; 5% of sales for this period. -3: 56 Sales; 6 with concessions; 9% of sales for this period. The concessions ranged between 5 and 5,9. The median concession amount is,888. MARKET RESEARCH & ANALYSIS Market Conditions Addendum to the Appraisal Report Are foreclosure sales (REO sales) a factor in the market? No If yes, explain (including the trends in listings and sales of foreclosed properties). The ARMLS MLS indicates there were 95 closed sales during the past months and 5 of those sales were either foreclosures or short sales which is 8% of the total transactions in this market area. Prior Months 7-: 86 Sales; 9 foreclosures or short sales; % of sales for this period. -6: 53 Sales; foreclosures or short sales; 8% of sales for this period. -3: 56 Sales; foreclosures or short sales; % of sales for this period. Cite data sources for above information. Date: Tuesday, July 9, 6 The ARMLS MLS was the data source used to complete the Market Conditions Addendum. Effective Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. APPRAISER CONDO/CO-OP PROJECTS Above statistics were for comparable properties located in the subjects market which expands beyond the immediate complex to capture similar homes from competing proximal neighborhoods in central Phoenix. Data was limited to comparable properties that might appeal to a typical buyer in terms of location, GLA, price point, age, type, amenities and condition. Based on the above sales data as well as listing trends, it appears that the subjects overall market has increased 3% over the past 3 months and list pricing has stabilized. Inventory is low for present market conditions. Appraiser s "Inventory Analysis," "Median Sale & List Price, DOM" and other observations in this addendum are based on the data source identified above, which appraiser generally believes to be an acceptable source of market data. However, the appraiser cannot verify all of the information in that data source and cannot guarantee the accuracy of such data or conclusions based thereon. The appraiser also cannot guarantee future market conditions affecting the subject property. If the subject is a unit in a condominium or cooperative project, complete the following: Project Name: Los Blancos Condominium Subject Project Data Prior 7 Months Prior 6 Months Current 3 Months Overall Trend Total # of Comparable Sales (Settled) 3 Absorption Rate (Total Sales/Months).33. Total # of Active Comparable Listings Months of Unit Supply (Total Listings/Ab.Rate). Are foreclosure sales (REO sales) a factor in the project? No If yes, indicate the number of REO listings and explain the trends in listings and sales of 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 of this assignment to confirm each sale used in the Market Conditions Report. Summarize the above trends and address the impact on the subject unit and project. All sales and listings were included in the above data but none were truly comparable to the subject. The 3 recent sales were inferior to the subject in terms of room count, size and updating. Signature Appraiser Name Mary Henningsen Company Name Northern Arizona Appraisal, Inc. Company Address 538 E Earll Dr, Phoenix, AZ 85 State License/Certification # 8 Address Signature Supervisory Appraiser Name Company Name Company Address State License/Certification # Address mary@northernazappraisal.com Freddie Mac Form 7 March 9 State Page of Fannie Mae Form MC March 9 Form MC - "TOTAL" appraisal software by a la mode, inc ALAMODE

10 MC Graph Addendum Borrower/Client Property Address City Lender Gwyn and Jamie Rhys-Evans 6 N 6th St Phoenix County Maricopa Total Sales and Active Listings Comments: Zip Code 856 Median Sales and List Price Comments: Median Sales and Listings DOM Comments: Housing Supply Comments: Form PICFOUR - "TOTAL" appraisal software by a la mode, inc ALAMODE

11 g rsupplemental Addendum Borrower/Client Property Address City Lender Gwyn and Jamie Rhys-Evans 6 N 6th St Phoenix County Maricopa File No. 367 Zip Code 856 Neighborhood/ Market Conditions, Addenda to Certification, Intended Use and User, and Scope of Work The subject is located in the north-central corridor area of central Phoenix in Maricopa County. The subject is located in the established, 8 unit story Los Blancos Condominium complex. Properties in the subjects immediate neighborhood are serviced by typical public utilities. Surrounding properties primarily consist of other condo and townhome projects with single family homes in the area. The subjects condominium complex is well located near the 5 Freeway and the up and coming Bethany Home / mid town district with many popular restaurants close by. The complex appears to be well maintained with above average market appeal with club house, landscaped common areas and pool. The clubhouse can be reserved by residents on a first come first served basis. The neighborhood is convenient to freeways, public transportation, shopping, services, schools and employment. The community includes amenities such as grounds and private pools. The topography is predominantly flat in the immediate area and is built up. There are nearby mountains for hiking and biking as well as large City parks. There is an HOA and weekly landscape maintenance. Property values in this area are increasing. See MC fro market conditions. Report Type: This Appraisal is a Summary Report, prepared under Standards Rule -(a), pursuant to the Scope of Work, as disclosed below. Intended Use and User Addendum: The intended user of this appraisal is the lender/ client. No additional intended users are identified by the Appraiser. The intended use of this appraisal is to evaluate the subject in order to assist the lender/ client in making a mortgage underwriting decision per stated the Scope of Work. The purpose of the appraisal is to provide an opinion of value. The type of opinion is fair market value as defined by FNMA. The effective date is the date of inspection, 7/8/6. The subject of the appraisal is real property located at 6 N 6th St #6, Phoenix, AZ 856. This appraisal is not intended to be a home inspection, insurance appraisal or example appraisal per the Scope of Work. The word inspection should not be in any way construed to imply that his report or the initial site visit is or was a home inspection. The appraiser was compensated 55 for this rush assignment. Appraiser Independence Compliance Statement: No employee, director, officer, or agent of the lender, or any other third party acting as a joint venture partner, independent contractor, appraisal management company, or partner on behalf of the Lender has influenced or attempted to influence the development, reporting, result, or review of this assignment through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, bribery or in any other manner. I have not been contacted by anyone other than the intended user (Lender/Client as identified on the first page of the report), borrower, or designated contact to make an appointment to enter the property. I agree to immediately report any unauthorized contacts personally either by phone or electronically to the Client. This appraisal is completed in accordance with standard and current Appraiser Independence Policies and the Uniform Standards of Professional Appraisal Practice. Scope of Work: In completing this appraisal assignment in summary format the appraiser has: - Observed the subject site and exterior of the improvements and the interior of each room; - Gathered sales data from market participants; - Conducted a highest and best use analysis; - Gathered data from governmental agencies such as flood, zoning, taxes, etc.; - Gathered sales data for residences utilizing the Arizona Regional MLS, Realist, and Maricopa County Records; - Confirmed and analyzed the data by cross-checking sources and weighted the Sales Comparison Approach to Value to form an opinion of market value. Special Assignment conditions and assumptions: The appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil or structures which would possibly render it more or less valuable. This appraiser assumes no responsibility for such conditions or for engineering which might be required to discover such factors. If the client or borrower have questions regarding these items, it is their responsibility to order the appropriate inspections by a licensed contractor or home inspector. This report is not a home inspection and the appraiser assumes no responsibility for these items. The scope of work completed was appropriate for the named client and any intended users, but may not be appropriate for other third party users, such as the borrowers or property owners. This appraisal is not intended for insurance purposes. The client referenced as the intended user, may use this appraisal for a single loan determination only (one time use). The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage transaction. Intended user is the lender/client. This appraisal report may only be distributed to those identified in the Appraisers Certification, sections and 3. This appraisal is not a home inspection and the appraiser is not acting as a home inspector when preparing the report. The borrower has the right to obtain a home inspection from a qualified professional prior to purchasing this property. While viewing the property, the appraiser visually observed areas that were readily accessible during the normal course of business. The appraiser is not required to disturb or move anything that obstructs access or visibility with the exception of the attic scuttle. When completing the appraisal, viewing the property was done in accordance with accepted appraisal guidelines. ing of the subject property is not technically exhaustive. The viewing does not offer warranties or guarantees of any kind. Signature Name Mary Henningsen Date Signed 7/9/6 State Certification # 8 Or State License # State Signature Name Date Signed State Certification # Or State License # Form TADD - "TOTAL" appraisal software by a la mode, inc ALAMODE State State

12 File No UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Condition Ratings and Definitions C 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 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 any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep). C 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 of 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 of short-lived building components have been replaced but not to the level of a complete renovation. C 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 of the short-lived building components have been replaced, and some short-lived building components are at or near the end of 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 of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability is 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 of adequate maintenance. It reflects a property in which many of its short-lived building components are at the end of 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 of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components. Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements. Quality Ratings and Definitions Q 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 of workmanship and exceptionally high-grade materials throughout the interior and exterior of 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 of exceptionally high quality. Q Dwellings with this quality rating are often 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 residence 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 of high or very high quality. UAD Version 9/ (Updated /) Form UADDEFINEA - "TOTAL" appraisal software by a la mode, inc ALAMODE

13 UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Quality Ratings and Definitions (continued) Q3 Dwellings with this quality rating are residences of 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. Q Dwellings with this quality rating meet or exceed the requirements of 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 of stock or builder grade and may feature some upgrades. Q5 Dwellings with this quality rating feature economy of 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 of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally 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 Definitions of 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 of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced or updated. Those over fifteen years of 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 of the home has been modified to meet current market expectations. These modifications are limited in terms of both scope and cost. An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or replacing components to 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 of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of) square footage). This would include a complete gutting and rebuild. Explanation of 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 of full and half baths is reported by separating the two values using a period, where the full bath count is represented to the left of the period and the half bath count is represented to the right of the period. Example: 3. indicates three full baths and two half baths. UAD Version 9/ (Updated /) Form UADDEFINEA - "TOTAL" appraisal software by a la mode, inc ALAMODE

14 UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Abbreviations Used in Data Standardization Text 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 PwrLn PubTrn 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 Skyline City Street Covered Days On Market Detached Structure Driveway Expiration Date Estate Sale Federal Housing Authority Garage Attached Garage Built-in Garage Detached Garage Golf Course Golf Course Garden High Rise Interior Only Stairs Industrial Listing Landfill Limited Sight Mid-rise Mountain Neutral Non-Arms Length Sale Other Other Open Park Pastoral Power Lines Public Transportation 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 Water Water Frontage Walk Up Basement Fields Where This Abbreviation May Appear & Area, Site Design (Style) & Basement & Finished Rooms Below Grade Basement & Finished Rooms Below Grade Date of Sale/Time Garage/Carport Garage/Carport Data Sources Design (Style) Garage/Carport Date of Sale/Time Garage/Carport Garage/Carport Garage/Carport Garage/Carport Design (Style) Design (Style) Basement & Finished Rooms Below Grade & Design (Style) & Basement & Finished Rooms Below Grade Design (Style) Garage/Carport & Basement & Finished Rooms Below Grade Design (Style) Date of Sale/Time Design (Style) Area, Site, Basement Area, Site Date of Sale/Time Date of Sale/Time Basement & Finished Rooms Below Grade Basement & Finished Rooms Below Grade UAD Version 9/ (Updated /) Form UADDEFINEA - "TOTAL" appraisal software by a la mode, inc ALAMODE

15 Building Sketch Borrower/Client Property Address City Lender Gwyn and Jamie Rhys-Evans 6 N 6th St Phoenix County Maricopa Zip Code 856.8f t 35. ft.5ft 8ft ft.5ft ft Bedroom 8ft 9.5ft Dining Bath 8.5ft Bedroom Kitchen Bath Living.5ft. 35f t 7.5ft TOTAL Sketch by a la mode, inc. Living Area First Floor Total Living Area (Rounded): Non-living Area Deck Area Calculations Summary Calculation Details 7.99 Sq ft = 7.75 = 6 = =.6 = = = 8 Sq ft 3 Sq ft Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc ALAMODE 3

16 Subject Photo Page Borrower/Client Property Address City Lender Gwyn and Jamie Rhys-Evans 6 N 6th St Phoenix County Maricopa Zip Code 856 Subject Front 6 N 6th St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Site Quality Age,,8. Q5 8 Subject Rear Subject Street Form PIC3x5.SR - "TOTAL" appraisal software by a la mode, inc ALAMODE

17 Photograph Addendum Borrower/Client Property Address City Lender Gwyn and Jamie Rhys-Evans 6 N 6th St Phoenix County Maricopa Kitchen Living Dining Bath Bedroom Bedroom Form PICSIX - "TOTAL" appraisal software by a la mode, inc ALAMODE Zip Code 856

18 Photograph Addendum Borrower/Client Property Address City Lender Gwyn and Jamie Rhys-Evans 6 N 6th St Phoenix County Maricopa Zip Code 856 Bath Pool Club House Interior Street/ Carport Grounds Form PICSIX - "TOTAL" appraisal software by a la mode, inc ALAMODE

19 Comparable Sales Photos -3 Borrower/Client Property Address City Lender Gwyn and Jamie Rhys-Evans 6 N 6th St Phoenix County Maricopa Zip Code 856 Comparable 7 E Maryland Ave Prox. to Subject. miles Sales Price 6,5 Gross Living Area,5 Total Rooms Total Bedrooms Total Bathrooms. Site Quality Q Age 5 Comparable 5 E Rovey Ave Prox. to Subject.35 miles NW Sales Price 6,3 Gross Living Area,8 Total Rooms Total Bedrooms Total Bathrooms. Site Quality Q5 Age 3 Comparable N th St Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Site Quality Age Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc ALAMODE. miles NE 36,,76. Q5 36

20 Comparable Sales Photos -6 Borrower/Client Property Address City Lender Gwyn and Jamie Rhys-Evans 6 N 6th St Phoenix County Maricopa Zip Code 856 Comparable E Maryland Ave Prox. to Subject. miles SW Sales Price 75, Gross Living Area,7 Total Rooms Total Bedrooms Total Bathrooms. Site Quality Q5 Age 5 Comparable5 7 E Maryland Ave Prox. to Subject. miles Sales Price 65 Gross Living Area 5 Total Rooms Total Bedrooms Total Bathrooms. Site Quality Q Age 3 Comparable 6 6 N 5th St Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Site Quality Age Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc ALAMODE.5 miles NW Q5 53

21 Parcel Map Form SCNLGL - "TOTAL" appraisal software by a la mode, inc ALAMODE

22 Aerial Map Borrower/Client Property Address City Lender Gwyn and Jamie Rhys-Evans 6 N 6th St Phoenix County Maricopa Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc ALAMODE Zip Code 856

23 Comparable Sales Map Borrower/Client Property Address City Lender Gwyn and Jamie Rhys-Evans 6 N 6th St Phoenix County Maricopa Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc ALAMODE Zip Code 856

24 License Form SCNLGL - "TOTAL" appraisal software by a la mode, inc ALAMODE