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1 Raymond Medrano - Certified Appraiser FROM: INVOICE INVOICE NUMBER Nu Appraisals NU Firestone Blvd #59 DATE Downey, CA 901 6//01 Telephone Number: Fax Number: REFERENCE TO: Internal Order #: NU06107 Lender Case #: Client File #:, Main File # on form: NU06107 Other File # on form: /361 Redwood Telephone Number: Fax Number: Federal Tax ID: Alternate Number: Employer ID: DESCRIPTION Lender: Purchaser/Borrower: Property Address: : County: Legal Description: West Covina Los Angeles Tr=33553 Lot 1 Condo Unit Client: State: CA Zip: 9179 FEES AMOUNT 1073 GP SUBTOTAL PAYMENTS Check #: Check #: Check #: AMOUNT Date: Date: Date: Description: Description: Description: SUBTOTAL TOTAL DUE Form NIV5 - "TOTAL" appraisal software by a la mode, inc ALAMODE 75.00

2 Raymond Medrano - Certified Appraiser /361 Redwood File # NU06107 APPRAISAL OF REAL PROPERTY LOCATED AT West Covina, CA 9179 Tr=33553 Lot 1 Condo Unit FOR 361 Redwood Ln West Covina, CA 9179 OPINION OF VALUE 9,000 AS OF 06//01 TABLE OF CONTENTS Market Conditions Addendum to the Appraisal Report... 1 GP Condo... GP Condo Certifications Addendum... 6 Additional Comparables Location Map... 9 Plat Map Comparable Photos Comparable Photos Subject Photos Photograph Addendum... 1 Photograph Addendum Photograph Addendum Building Sketch (Page - 1) Addendum Addendum SureDocs Verify... 0 Form TCVV_LT - "TOTAL" appraisal software by a la mode, inc ALAMODE

3 /361 Redwood File No. NU06107 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 1, 009. Property Address West Covina State CA ZIP Code 9179 Borrower 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 1 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 1 Months Prior 6 Months Current 3 Months Median Comparable Sale Price 310, ,000 98,000 Median Comparable Sales Days on Market 38 7 Median Comparable List Price 35,000 99, ,000 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 1 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc.). The CARETS MLS indicates there were 3 closed sales during the past 1 months and 3 of those sales contained seller concessions which is 7% of the total transactions in this market area. Prior Months 7-1: 3 Sales; 1 with concessions; % of sales for this period. -6: 7 Sales; 1 with concessions; 1% of sales for this period. 0-3: 13 Sales; 1 with concessions; 8% of sales for this period. The concessions ranged between 5,000 and 1,000. The median concession amount is 5,000. 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 CARETS MLS indicates there were 3 closed sales during the past 1 months and 11 of those sales were either foreclosure or short sales which is 6% of the total transactions in this market area. Prior Months 7-1: 3 Sales; 6 foreclosure or short sales; 6% of sales for this period. -6: 7 Sales; 0 foreclosure or short sales; 0% of sales for this period. 0-3: 13 Sales; 5 foreclosure or short sales; 38% of sales for this period. Cite data sources for above information. The CARETS MLS was the data source used to complete the Market Conditions Addendum. CONDO/CO-OP PROJECTS 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. Effective Date: Sunday, June, 01 If the subject is a unit in a condominium or cooperative project, complete the following: Project Name: Townhouse/Condo Subject Project Data Prior 7 1 Months Prior 6 Months Current 3 Months Overall Trend Total # of Comparable Sales (Settled) 1 1 Absorption Rate (Total Sales/Months) Total # of Active Comparable Listings 1 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 CARETS MLS indicates there were closed sales during the past 1 months and 1 of those sales were either foreclosure or short sales which is 5% of the total transactions in this market area. Prior Months 7-1: Sales; 1 foreclosure or short sales; 50% of sales for this period. -6: 1 Sales; 0 foreclosure or short sales; 0% of sales for this period. 0-3: 1 Sales; 0 foreclosure or short sales; 0% of sales for this period. Summarize the above trends and address the impact on the subject unit and project. Effective Date: Sunday, June, 01 APPRAISER Signature Appraiser Name Raymond Medrano Company Name NUAppraisals Company Address 850 Firestone Blvd, #59, Downey, CA 901 State License/Certification # AR0365 State Serial #:0C9CF56 Signature Supervisory Appraiser Name Company Name Company Address State License/Certification # Address Address Nu.Appraisals Freddie Mac Form 71 March 009 Page 1 of 1 State Fannie Mae Form 100MC March 009 Form 100MC - "TOTAL" appraisal software by a la mode, inc ALAMODE

4 Raymond Medrano - Certified Appraiser /361 Redwood File No.: NU06107 Property Address: 361 Redwood Ln Unit #: : West Covina State: CA Zip Code: 9179 County: Los Angeles Legal Description: Tr=33553 Lot 1 Condo Unit Assessor's Parcel #: Tax Year: 013 R.E. Taxes: 1,73 Special Assessments: n/a Borrower (if applicable): Current Owner of Record: Occupant: Owner Tenant (Market Rent) Tenant (Regulated Rent) Vacant Project Type: Condominium Other (describe) Townhouse HOA: 38 per year per month Market Area Name: West Covina Map Reference: 679-C1 Census Tract: Project Name: Woodside Park Phase: The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective Prospective Approaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach (See Reconciliation Comments and Scope of Work) Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe) Intended Use: Evaluation of Subject property MARKET AREA DESCRIPTION ASSIGNMENT SUBJECT INDIVIDUAL CONDO UNIT APPRAISAL REPORT Intended User(s) (by name or type): ; Hard money Lender Client: Address: 361 Redwood Ln, West Covina, CA 9179 Appraiser: Raymond Medrano Address: 850 Firestone Blvd, #59, Downey, CA 901 Location: Urban Rural Predominant Condominium Housing Change in Land Use Present Land Use Occupancy Built up: Over 75% 5-75% Under 5% PRICE AGE One-Unit Not Likely 90 % (000) (yrs) - Unit Growth rate: Rapid Slow Owner Likely * In Process * % Property values: Tenant Multi-Unit 1 Low 09 3 % * To: Demand/supply: Shortage In Balance Over Supply Vacant (0-5%) Comm'l 8 High 36 5% Marketing time: Under 3 Mos. 3-6 Mos. Over 6 Mos. Vacant (>5%) % 99 Pred 36 Boundaries- Amar Road to the North Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): ;Valley Blvd to the South ; Azusa Avenue to the West ; Lemon Avenue to the East.The CARETS MLS indicates there were 3 closed sales during the past 1 months and 11 of those sales were either foreclosure or short sales which is 6% of the total transactions in this market area. Prior Months 7-1: 3 Sales; 6 foreclosure or short sales; 6% of sales for this period. -6: 7 Sales; 0 foreclosure or short sales; 0% of sales for this period. 0-3: 13 Sales; 5 foreclosure or short sales; 38% of sales for this period. Zoning Classification: WCR1-PCD1* Ground Rent (if applicable) Zoning Compliance: Comments: / PROJECT SITE DESCRIPTION Highest & Best Use as improved (or as proposed per plans & specifications): Description: Condominium/Townhome Legal nonconforming (grandfathered) Illegal Present use, or No zoning Other use (explain) Use as appraised in this report: Condominium/Townhome Actual Use as of Effective Date: 06//01 Summary of Highest & Best Use: Subject property is a Condominium/ townhome property ( property is typical for the Area) Public Private Density Public Other Provider/Description Off-site Improvements Type Average Size Electricity Edison Asphalt 00,379 Street Topography upslope/hills Gas Gas Co Curb/Gutter Concrete View Water Concrete Res/Street Sidewalk Sanitary Sewer Street Lights Storm Sewer Alley Other site elements: Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe) FEMA Spec'l Flood Hazard Area No FEMA Flood Zone X500 FEMA Map # 06037C1695F FEMA Map Date 09/6/008 Site Comments: Subject property is a townhome property (End home Condominium/Townhome ) Subject is located in a Upslope location ( typical for the area ( no adversity Noted) Utilities Data source(s) for project information Project Description Detached Realist Row or Townhouse Garden Mid-Rise General Description of Project PROJECT INFORMATION Legal High-Rise Subject Phase Other (describe) If Project Completed # # 07 Phases n/a 07 Units 07 1 Units for Sale 1 07 Units Sold 07 0 Units Rented Owner Occup. Units 167 # of Stories Exterior Walls Units Stucco # of Elevators Roof Surface Units Completed 0 Shingle Existing Proposed Und.Cons. Total # Parking Units For Sale Design (Style) Ratio (spaces/unit) ;1 Units Sold Townhome Actual Age (Yrs.) 3 Parking Type(s) Units Rented Grg/ space Effective Age (Yrs.) 30 Guest Parking Owner Occup. Units Present 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 (name of management agent or company): Was the project created by the conversion of existing building(s) into a condominium? No If Project Incomplete Planned Phases Planned Units Units for Sale Units Sold Units Rented Owner Occup. Units # If, describe the original use and date of conversion. Are CC&Rs applicable? No Unknown Have the documents been reviewed? No Comments: Not Provided at time of inspections. Project Comments (condition, quality of construction, completion status, etc.): Subject property is in Average overall Condition laminate flooring in the Kitchen in average condition. the subject consists of bedrooms with and half bath. Common Elements and Recreational Facilities: racquetball courts, and billiards) Subject property has inground pool and and club house ( Recreation facility has pool, jacuzzi, Copyright 007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPCONDOG - "TOTAL" appraisal software by a la mode, inc ALAMODE 6/007

5 /361 Redwood File No.: NU06107 INDIVIDUAL CONDO UNIT APPRAISAL REPORT TRANSFER HISTORY DESCRIPTION OF THE UNIT IMPROVEMENTS PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed): Other fees for the use of the project facilities (other than regular HOA charges): provided by Owner. Noted Compared to other competitive projects of similar quality and design, the subject unit charge appears Hoa Fees Are typical for the Area (with Complexes with Pools) High Average Low (If High or Low, describe) Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser? No If, describe and explain the effect on value and marketability. Unit Charge: 38 per month X 1 = 3, per year. Annual assessment charge per year per SF of GLA = 3.9 Utilities included in the Unit Charge: Heat Air Conditioning Electricity Gas Water Sewer Cable Other Source(s) used for physical characteristics of property: New Inspection Previous Appraisal Files MLS Assessment and Tax Records Prior Inspection Property Owner Other (describe) Data Source for Gross Living Area Realist General Description Heating Fau Exterior Description Foundation Basement N/A N/A Floor Location 1st Type Foundation Slab Area Sq. Ft. Concrete Concrete Forced Air # of Levels Fuel Exterior Walls Crawl Space n/a % Finished Stucco Gas Design (Style) Townhome Roof Surface Ceiling Basement n/a Shingle Cooling Central Existing Proposed Gutters & Dwnspts. Walls Sump Pump n/a Under Construction Central Air Window Type Floor Dampness Dual Pane none Actual Age (Yrs.) Other Storm/Screens Outside Entry Settlement none 3 Effective Age (Yrs.) 30 Infestation none Interior Description Appliances Attic Car Storage N/A Amenities Floors Refrigerator Stairs Fireplace(s) # 1 Garage # Woodstove(s) # 0 Vyinl/Carpet-Avg Walls Range/Oven Drop Stair Covered # Patio Drywall - Avg Cvd patio Trim/Finish Disposal Scuttle Open # Deck none Dishwasher Doorway Bath Floor Total # of cars Porch Entry Vynl/ Carpet Fan/Hood Floor Assigned Bath Wainscot Fbrglss Fence Iron Microwave Heated Doors Owned Pool hollow-avg Community Washer/Dryer Finished Space #(s) Balcony Finished area above grade contains: Rooms Bedrooms.1 Bath(s) 1,196 Square Feet of Gross Living Area Above Grade Are the heating and cooling for the individual units separately metered? No (If No, describe) Additional features: Subject Complex has a Recreation facility with an inground pool, jacuzzi, racquetball courts, and billiards Describe the condition of the property (including physical, functional and external obsolescence): Subject property is in average overall condition ; property is an end lot Townhome with a rear Downslope (typical for the area Picture Provided). 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): Realist 1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing: note: transfer was noted as Affidavit on Date: 06/1/01 06/1/01 Price: 0 Source(s): Public Records nd Prior Subject Sale/Transfer Date: Price: Source(s): Copyright 007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPCONDOG - "TOTAL" appraisal software by a la mode, inc ALAMODE 6/007

6 /361 Redwood File No.: NU06107 The Sales Comparison Approach was not developed for this appraisal. SALES COMPARISON APPROACH TO VALUE (if developed) FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # COMPARABLE SALE # 3 Address 36 Whittlers Ln 01 Paseo Tepic 0 Illinois St West Covina, CA 9179 West Covina, CA 9179 West Covina, CA 9179 West Covina, CA 9179 Project Woodside Park Woodside Park Canyon Crest Villas Shadow Oaks Villa Phase Proximity to Subject 0.06 miles S 1.9 miles NW 1.00 miles W Sale Price n/a 355,000 98,000 78,000 Sale Price/GLA /sq.ft /sq.ft /sq.ft /sq.ft. Data Source(s) Realist MRMLS#TR100315;DOM 17 ITECH#101366;DOM 7 ITECH# ;DOM 63 Verification Source(s) Field inspection Doc# /13/01 Doc# /30/01 Doc# /15/01 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +( ) Adjust. DESCRIPTION +( ) Adjust. DESCRIPTION +( ) Adjust. Sales or Financing n/a Cash Conventional Cash to New Loan Concessions Sc ,000 Sc-0 Sc-0 Date of Sale/Time 06/13/01 05/30/01 05/15/01 Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple Location Residential HOA Fees (/Month) Common Elements and Green Belts Green Belts Green Belts Green Belts Recreational Facilities Pool/Clubhouse Pool/Clubhouse Pool/Clubhouse Pool/Clubhouse Floor Location 1st ;nd floor 1st ;nd floor 1st ;nd floor 1st ;nd floor View Res/Street,View Res / Street Cty,View Design (Style) Townhome Townhome Othr Conventional Quality of Construction C C C C Age 3 3/ / /1978 Condition C C C3-11,800 C3-11,800 Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count , ,800 Gross Living Area 1,196 sq.ft. 1,68 sq.ft. -19,360 1,160 sq.ft. 0 1,058 sq.ft. +5,600 Basement & Finished Rooms Below Grade Functional Utility Average Average Average Average Heating/Cooling Fau / Cac Fau / Cac Fau / Cac Fau / Cac Energy Efficient Items Parking Car Garage Car Garage Car Garage Porch/Patio/Deck Patio / Balcony Patio / Balcony PtoOpen PtoOpen SALES COMPARISON APPROACH INDIVIDUAL CONDO UNIT APPRAISAL REPORT Net Adjustment (Total) ,360-3,000,600 Adjusted Sale Price of Comparables 31,60 95,000 80,600 Summary of Sales Comparison Approach Comparables used are located within the same general area and selected from the subject's neighborhood within acceptable proximity in the city of West Covina ; Affecting dissimilarities were adjusted according to market reaction; the indicated range of values brackets the value of the subject property. living area adjustment per sqft over 100 sq ft differential. Bedroom and Bath counts were given an Adjustment of (%; 8800 of medium value ) Condition adjustment given at (%;11800 of medium value ) Comparables were in superior condition (upgraded Kitchens). Note comp#1 larger comparable was used due to most recent closed comparable and was also used to bracket Sqft comparable is located in the subject complex (property is located about seven homes from subject) Note:THE ESTIMATED REMAINING ECONOMIC LIFE FOR THE SUBJECT IS 60 years Indicated Value by Sales Comparison Approach 9,000 Copyright 007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPCONDOG - "TOTAL" appraisal software by a la mode, inc ALAMODE 6/007

7 /361 Redwood File No.: NU06107 INDIVIDUAL CONDO UNIT APPRAISAL REPORT The Income Approach was not developed for this appraisal. FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # COMPARABLE RENTAL # 3 Address West Covina, CA 9179 Project Woodside Park Phase Proximity to Subject Current Monthly Rent Rent/GLA /sq.ft. /sq.ft. /sq.ft. /sq.ft. Rent Control No No No No Data Source(s) Date of Lease(s) Location Residential View Age 3 Condition C Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count.1 Gross Living Area sq.ft. sq.ft. sq.ft. 1,196 sq.ft. Utilities Included INCOME APPROACH INCOME APPROACH TO VALUE (if developed) Summary of Income Approach (including support for market rent and GRM): COST Opinion of Monthly Market Rent COST APPROACH TO VALUE (if developed) Indicated Value by Income Approach X Gross Rent Multiplier = The Cost Approach was not developed for this appraisal. Summary of Cost Approach: Indicated Value by: Sales Comparison Approach 9,000 Cost Approach (if developed) Income Approach (if developed) RECONCILIATION Final Reconciliation The Sales Approach is given most weight as it reflects the action of the buyers and sellers in the market place. The cost approach and income approach supports the value. This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: This Summary Appraisal report is intended for use by the client and for a Hard money finance transaction. This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda. ATTACHMENTS Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is:, as of:, which is the effective date of this appraisal. 9,000 06//01 If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda. Appraiser Inspection of Subject: Interior & Exterior Exterior Only Co-Appraiser Inspection of Subject: Interior & Exterior Exterior Only Date of Inspection: Date of Inspection: 06//01 A true and complete copy of this report contains pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. Attached Exhibits: Scope of Work Limiting Cond./Certifications Narrative Addendum Photograph Addenda Sketch Addendum Map Addenda Additional Sales Additional Rentals Flood Addendum Hypothetical Conditions Extraordinary Assumptions Budget Analysis GENERAL COMMENTS n/a About SureDocs Signature This appraisal report has been electronically signed using SureDocs by a la mode. It is as valid and legally enforceable as a wet ink signature on paper. You can verify the authenticity of this report online at Copyright 007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPCONDOG - "TOTAL" appraisal software by a la mode, inc ALAMODE 6/007

8 /361 Redwood File No.: NU06107 Unit #: : West Covina State: CA Zip Code: 9179 Address: 361 Redwood Ln, West Covina, CA 9179 Address: 850 Firestone Blvd, #59, Downey, CA 901 Assumptions, Limiting Conditions & Scope of Work Address: 361 Redwood Ln Client: Appraiser: Raymond Medrano STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS - The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. - The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Survey was not performed. - If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject unit is located in an identified Special Flood Hazard Area. Because 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. - If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and the improvements at their contributory value. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such. - The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. - The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. - The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. - If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner. - An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. - The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. - An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs a non-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage the appropriate type of expert to investigate. The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions. Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.): Copyright 007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPCONDOAD - "TOTAL" appraisal software by a la mode, inc ALAMODE 6/007

9 /361 Redwood File No.: NU06107 Unit #: : West Covina State: CA Zip Code: 9179 Address: 361 Redwood Ln, West Covina, CA 9179 Address: 850 Firestone Blvd, #59, Downey, CA 901 Certifications Address: 361 Redwood Ln Client: Appraiser: Raymond Medrano APPRAISER'S CERTIFICATION I certify that, to the best of my knowledge and belief: - The statements of fact contained in this report are true and correct. - The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. - I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property. - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification. Additional Certifications: DEFINITION OF MARKET VALUE *: Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated;. Both parties are well informed or well advised and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market;. 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. * This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 199, and in the Interagency Appraisal and Evaluation Guidelines, dated October 7, 199. Client Contact: SIGNATURES APPRAISER Client Name: Address: 361 Redwood Ln, West Covina, CA 9179 SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Appraiser Name: Raymond Medrano Company: NUAppraisals Phone: (909) Fax: Nu.Appraisals Serial #:0C9CF56 Date Report Signed: 06//01 License or Certification #: AR0365 Designation: Expiration Date of License or Certification: Inspection of Subject: Interior & Exterior Date of Inspection: 06//01 State: Exterior Only Supervisory or Co-Appraiser Name: Company: Phone: Fax: Date Report Signed: License or Certification #: Designation: Expiration Date of License or Certification: Inspection of Subject: Interior & Exterior Date of Inspection: State: Exterior Only Copyright 007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPCONDOAD - "TOTAL" appraisal software by a la mode, inc ALAMODE 6/007

10 /361 Redwood File No.: NU06107 FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # 5 COMPARABLE SALE # 6 Address 3616 Whittlers Ln 3860 Sycamore St 315 S Sentous Ave West Covina, CA 9179 West Covina, CA 9179 West Covina, CA 9179 West Covina, CA 9179 Project Woodside Park Woodside Park Foxglen tract #3151 Phase Proximity to Subject Less than 0.01 miles 0.09 miles NW 0.0 miles SE Sale Price n/a 86,000 85,000 99,000 Sale Price/GLA /sq.ft /sq.ft. 8.7 /sq.ft /sq.ft. Data Source(s) Realist MRMLS#SW107898;DOM MRMLS#TR ;DOM 108 CLAW#173055;DOM 1 Verification Source(s) Field inspection Doc#0803 0/7/01 Pending - 06/13/01 Listing - 0/0/01 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +( ) Adjust. DESCRIPTION +( ) Adjust. DESCRIPTION +( ) Adjust. Sales or Financing n/a Cash Short Sale Arm lgth Concessions Sc-3% Sc-3% Date of Sale/Time 0/7/01 Active Active Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple Location Residential HOA Fees (/Month) Common Elements and Green Belts Green Belts Green Belts Green Belts Recreational Facilities Pool/Clubhouse Pool/Clubhouse Pool/Clubhouse Pool/Clubhouse Floor Location 1st ;nd floor 1st ;nd floor 1st ;nd floor 1st ;nd floor View Res/Street Res / Street Res / Street Res / Street Design (Style) Townhome Townhome Townhome Townhome Quality of Construction C C C C Age 3 3/ / /1979 Condition C C C C Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths -8,000 Room Count , ,800 Gross Living Area 1,196 sq.ft. 1,198 sq.ft. 1,17 sq.ft. 1,151 sq.ft. Basement & Finished Rooms Below Grade Functional Utility Average Average Average Average Heating/Cooling Fau / Cac Fau / Cac Fau / Cac Fau / Cac Energy Efficient Items Parking Car Garage Car Garage Car Garage Porch/Patio/Deck Patio / Balcony Patio / Balcony Patio / Balcony Patio / Balcony SALES COMPARISON APPROACH ADDITIONAL COMPARABLE SALES Net Adjustment (Total) Adjusted Sale Price of Comparables Summary of Sales Comparison Approach ,000 Additional comparables were provided to support final value, , ,800 Copyright 007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPCONDOG.(AC) - "TOTAL" appraisal software by a la mode, inc ALAMODE 6/007

11 Location Map Borrower/Client Property Address Lender West Covina County Los Angeles State CA Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc ALAMODE Zip Code 9179

12 Plat Map Borrower/Client Property Address Lender West Covina County Los Angeles State CA Form MAP.PLAT - "TOTAL" appraisal software by a la mode, inc ALAMODE Zip Code 9179

13 Comparable Photo Page Borrower/Client Property Address Lender West Covina County Los Angeles State CA Zip Code 9179 Comparable 1 36 Whittlers Ln Prox. to Subject 0.06 miles S Sales Price 355,000 Gross Living Area 1,68 Total Rooms 6 Total Bedrooms 3 Total Bathrooms.1 Location View,View Site Quality C Age 3/1980 Comparable 01 Paseo Tepic Prox. to Subject 1.9 miles NW Sales Price 98,000 Gross Living Area 1,160 Total Rooms Total Bedrooms Total Bathrooms 1.1 Location View Res / Street Site Quality C Age 35/1979 Comparable 3 0 Illinois St Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc ALAMODE 1.00 miles W 78,000 1, Cty,View C 36/1978

14 Comparable Photo Page Borrower/Client Property Address Lender West Covina County Los Angeles State CA Zip Code 9179 Comparable 3616 Whittlers Ln Prox. to Subject Less than 0.01 miles Sales Price 86,000 Gross Living Area 1,198 Total Rooms Total Bedrooms Total Bathrooms.1 Location View Res / Street Site Quality C Age 3/1980 Comparable Sycamore St Prox. to Subject 0.09 miles NW Sales Price 85,000 Gross Living Area 1,17 Total Rooms Total Bedrooms Total Bathrooms.0 Location View Res / Street Site Quality C Age 31/1983 Comparable S Sentous Ave Prox. to Subject 0.0 miles SE Sales Price 99,000 Gross Living Area 1,151 Total Rooms 5 Total Bedrooms 3 Total Bathrooms 1.1 Location View Res / Street Site Quality C Age 35/1979 Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc ALAMODE

15 Subject Photo Page Borrower/Client Property Address Lender West Covina County Los Angeles State CA Zip Code 9179 Subject Front Sales Price n/a Gross Living Area 1,196 Total Rooms Total Bedrooms Total Bathrooms.1 Location Residential View Res/Street Site Quality C Age 3 Subject Rear Subject Street Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc ALAMODE

16 Photograph Addendum Borrower/Client Property Address Lender West Covina County Los Angeles State CA Zip Code 9179 Pool/house Entry Complex entry (From La Puete Road) rear Patio / Ac unit Water heater Form PICSIX - "TOTAL" appraisal software by a la mode, inc ALAMODE

17 Photograph Addendum Borrower/Client Property Address Lender West Covina County Los Angeles State CA Zip Code 9179 Master Bath nd Pic DownStairs Half Bath Master Bedroom Master bath Form PICSIX - "TOTAL" appraisal software by a la mode, inc ALAMODE

18 Photograph Addendum Borrower/Client Property Address Lender West Covina Common upstairs Bath County Los Angeles State CA Zip Code 9179 Bedroom View From Upstairs Club House Picture Form PICSIX - "TOTAL" appraisal software by a la mode, inc ALAMODE

19 Building Sketch Borrower/Client Property Address Lender West Covina County Los Angeles State CA Zip Code ' 13' Kitchen Living 1' 0' Bedroom First Floor Entrance 6' [76 Sq ft] 1.5' 1' 16' 6' Car Attached [6 Sq ft] 10' 10' 6' TOTAL Sketch by a la mode, inc. Closet 19' 10.5' 15' Second Floor [70 Sq ft] 10.5' ' 10' Master Bath Master Bedroom Bath (half) 1' 11' 36' Bath 10.5' Area Calculations Summary Living Area First Floor 76 Sq ft = = Second Floor 70 Sq ft Total Living Area (Rounded): Non-living Area Car Attached Calculation Details = = = 1196 Sq ft 6 Sq ft Form SKT.BldSkI - "TOTAL" appraisal software by a la mode, inc ALAMODE = = = 159.5

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22 This appraisal report has been electronically signed using SureDocs by a la mode. It is as valid and legally enforceable as a wet ink signature on paper, with a number of clear advantages. First, SureDocs helps to make identity theft and fraud a thing of the past. By using advanced third party identity verification from Equifax, you can be assured that the appraiser signing this report is really who they say they are. Plus, you can verify that the salient data points of the report have not been altered in any way. To verify the integrity of this document, visit this document that are listed below. Enter the Serial Number and Signer Name fo SureDocs will generate a report showing the profile of the appraiser(s) who signed the report, the date and time the signatures were applied, and the salient data from the report at the time of signing. Comparing the report information in SureDocs to the document you have in hand will quickly reveal if any tampering has taken place. The report below is an example of what you would see when verified by SureDocs. Salient Data: Date of Sale: Borrower: Lender: Size (Sq.Ft): 1,196 Price Per Square Foot: Location: Residential Age: 3 Condition: C Total Rooms: Bedrooms: Baths:.1 Appraiser: Raymond Medrano Effective Date of Value ('as of'): 06//01 Final Opinion of Value: 9,000 Signer 1: Signer : Raymond Medrano 850 Firestone Blvd, #59, Downey, CA 901 Signature: Serial #: 0C9CF56 Date Signed: 06//01 Signature: Serial #: Date Signed: Form SDVERIFY - "TOTAL" appraisal software by a la mode, inc ALAMODE