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1 File No PMV ********* INVOICE ********* File Number: PMV 11/27/218 Joy Calonico 325 Metzler Ridge Road Invoice # : Order Date : Reference/Case # : PO Number : PMV 11/26/ Sherwood Rd sfr market value $ 5. $ Invoice Total $ 5. State Sales $. Deposit ( $ 5. ) Deposit ( $ ) Amount Due $. Terms: Paid check #1849, Thank You Please Make Check Payable To: Sherry Oncale Real Estate Appraisals 2315 Eastside Road Fed. I.D. #:

2 Sherry Oncale Real Estate Appraisals Appraisal Services File No PMV APPRAISAL OF A SINGLE FAMILY RESIDENCE LOCATED AT: Sherwood Rd CLIENT: Joy Calonico 325 Metzler Ridge Road Willits, CA, 9549 AS OF: November 27, 218 BY: SHERRY ONCALE 2315 Eastside Road, Willits, Ca Fax

3 PURPOSE SUBJECT SALES HISTORY Residential Appraisal Report File No PMV The purpose of this appraisal report is to provide the client with a credible opinion of the defined value of the subject property, given the intended use of the appraisal. Client Name/Intended User Joy Calonico joy.calonico@gmail.com Client Address 325 Metzler Ridge Road City Willits State CA Zip 9549 Additional Intended User(s) The intended user of this report is Joy Calonico and/or assignees. Intended Use The intended use of this report is to estimate the fair market value of the subject property as of the date of inspection for private use only. Property Address Sherwood Rd City Willits State CA Zip 9549 Owner of Public Record Calonico/Buchmann County MENDOCINO Legal Description legal is not attached Assessor's Parcel # Tax Year 218 R.E. Taxes $ 225 Neighborhood Name Sherwood Area Map Reference County Census Tract 17. Property Rights Appraised X Fee Simple Leasehold Other (describe) My research did X did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Prior Sale/Transfer: Date Price Source(s) BAREIS#REALLIST Analysis of prior sale or transfer history of the subject property (and comparable sales, if applicable) THE SUBJECT HAS NOT BEEN LISTED FOR SALE OR TRANSFERRED OWNERSHIP IN THE PAST 3 YEARS. Offerings, options and contracts as of the effective date of the appraisal N/A NEIGHBORHOOD Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use % Location Urban X Suburban Rural Property Values Increasing X Stable Declining PRICE AGE One-Unit 45% % Built-Up Over 75% X 25-75% Under 25% Demand/Supply X Shortage In Balance Over Supply $() (yrs) 2-4 Unit 2% % Growth Rapid X Stable Slow Marketing Time X Under 3 mths 3-6 mths Over 6 mths 25 Low 5 Multi-Family 3% % Neighborhood Boundaries NORTH TO THIRD GATE, WEST TO TIMBER ROAD, SOUTH TO 6 High 5 Commercial 15% % MUIR MILL ROAD, EAST TO BRAY ROAD 33 Pred. 15 Other vacant 35% % Neighborhood Description LOCATED NORTH WEST OF THE CITY OF WILLITS AND IS COMPRISED OF A WIDE VARIETY OF SINGLE FAMILY HOMES ON A WIDE VARIETY OF PARCEL SIZES. Market Conditions (including support for the above conclusions) THE MARKET IS CONSIDERED TO BE STABLE AND NO TIME OF SALE ADJUSTMENTS WILL BE MADE Dimensions see addendum Area 1.23 ac Shape Irregular View N;Res;Woods Specific Zoning Classification SFR-1 Zoning Description SINGLE FAMILY RESIDENTIAL 1 UNIT Zoning Compliance X Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe) Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? X Yes No If No, describe. see addendum SITE Utilities Public Other (describe) Public Other (describe) Off-site Improvements Type Public Private Electricity X Water X District/Typ Street ASPHALT X Gas none Sanitary Sewer X Septic/Typ Alley NONE Site Comments See Attached Addendum IMPROVEMENTS GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials INTERIOR materials Units One X One w/acc. unit Concrete Slab X Crawl Space Foundation Walls Conc Prtr/Good Floors Laminate/Good # of Stories 2 Full Basement Partial Basement Exterior Walls Vinyl/Good Walls Wd/Drywall/Gd Type X Det. Att. S-Det./End Unit Basement Area sq. ft. Roof Surface Comp Shgl/Good Trim/Finish Wood/Good X Existing Proposed Under Const. Basement Finish % Gutters & Downspouts Partial Bath Floor Tile/Good Design (Style) Contemp Outside Entry/Exit Sump Pump Window Type Single//Dual/Good Bath Wainscot Tile/Good Year Built 192 Storm Sash/Insulated NONE Car Storage None Effective Age (Yrs) 15 Screens Screens/Good X Driveway # of Cars 4 Attic X None Heating X FWA HW Radiant Amenities X WoodStove(s) # 1 Driveway Surface Asphalt Drop Stair Stairs Other Fuel elec Fireplace(s) # X Fence partial Garage # of Cars Floor Scuttle Cooling Central Air Conditioning X Patio/Deck deck X Porch porch Carport # of Cars Finished Heated Individual X Othernone Pool none X Other see add. Att. Det. Built-in Appliances p Refrigerator p Range/Oven X Dishwasher X Disposal X Microwave Washer/Dryer Other (describe) Finished area above grade contains: 6 Rooms 2 Bedrooms 2. Bath(s) 1,594 Square Feet of Gross Living Area Above Grade Additional Features See Attached Addendum Comments on the Improvements THE SUBJECT WAS PURCHASED AS A FIXER, AND THEN USED AS A RENTAL. THE UPGRADES TO THE HOME HAVE BEEN COMPLETED IN THE PAST 9 MONTHS, AND IN A PROFESSIONAL MANNER. Produced using ACI software, Page 1 of 4 This form Copyright ACI Division of ISO Claims Services, Inc., All Rights Reserved. (gpar ) General Purpose Appraisal Report 5/21 GPAR14_

4 SALES COMPARISON APPROACH Above Grade Total Bdrms. Baths Total Bdrms. Baths Room Count Gross Living Area ,594 sq. ft ,567 sq. ft. Basement & Finished Rooms Below Grade sf sf Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck AVERAGE FWA none see comments 4 Car Driveway Deck,breezeway AVERAGE FWA C/Air see comments 3 Car Garage Patio/Deck,Porch add.improvement accessory unit rec/bed/ba/finstoage add.improvement none shop add.location sherwood/avg walker road/avg Net Adjustment (Total) Adjusted Sale Price + Net Adj. X %% $ of Comparables Gross Adj. 33.3% % $ Summary of Sales Comparison Approach See Attached Addendum Residential Appraisal Report AVERAGE -3, FWA C/Air see comments -15, 2ga2cp4dw Decks -3, small shop -2, none brooktrails/avg 228,1 X + - $ Net Adj. 26.7% % 456,9 Gross Adj. 35.2% % $ File No PMV FEATURE SUBJECT COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO Sherwood Rd 1895 Walker Rd 254 Cobb Dr 2256 Salmon Dr Address Proximity to Subject 4.93 miles SE 1.17 miles NW 1.79 miles NW Sale Price $ $ 685, $ 354, $ 33, Sale Price/Gross Liv. Area $. sq. ft. $ sq. ft. $ sq. ft. $ sq. ft. Data Source(s) Verification Source(s) bareis # ;DOM 45 DOC#7152/Inspection bareis # ;DOM 157 DOC#12/Prior Inspection bareis # ;DOM 61 DOC#1565/Realtor VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sale or Financing Concessions Date of Sale/Time ArmLth Conv; s6/1/218 ArmLth VA; s8/1/218 ArmLth Conv; s8/1/218 Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition N;Res; Fee Simple 1.23 ac N;Res;Woods DT2;Contemp Average 98+/- Years updated/good N;Res; Fee Simple 2. ac N;Pstrl; DT1;Contemp Very Good 29 Custom Upgrade -23,1-68,5-68,5 N;Res; Fee Simple sf N;Res;Woods DT1;Contemp Average 37 some upgrades 7,5 53,1 N;Res; Fee Simple 1.8 ac N;Res;Woods DT2;Contemp Average 41 Average -17,1 66, Total Bdrms. Baths ,575 sq. ft. sf Total Bdrms. Baths ,35 sq. ft. sf AVERAGE -3, FWA C/Air see comments -12, 2 Car Driveway Decks 49, storage building none brooktrails/avg 94,6 X + - $ Net Adj. 33.2% % 448,6 Gross Adj. 45.3% % $ 14,5-3, 49, 19,4 439,4 COST APPROACH TO VALUE Site Value Comments LAND VALUE DETERMINED BY THE DIRECT SALES COMPARISON AND THE EXTRACTION METHODS OF PROPERTIES IN THE AREA.THERE ARE NO SALES OR LISTINGS OF VACANT LAND PARCELS IN THIS AREA. THE LAND IS GIVEN A VALUE OF $6,. PER ACRE FOR A TOTAL OF $73,8.. COST APPROACH ESTIMATED REPRODUCTION OR X REPLACEMENT COST NEW Source of cost data costhelper.com Quality rating from cost service average Effective date of cost data 11/218 Comments on Cost Approach (gross living area calculations, depreciation, etc.) See Attached Addendum OPINION OF SITE VALUE = $ 73,8 Dwelling 1,594 Sq. $ = $ 286,92 acc.unit 198 Sq. $ = $ 164,7 deck,breezeway 14,18 Garage/Carport Sq. $ = $ Total Estimate of Cost-New = $ 465,8 Less 5 Physical Functional External Depreciation $149,34 $ $ = $ ( 149,34) Depreciated Cost of Improvements = $ "As-is" Value of Site Improvements = $ 316,496 6, INCOME INDICATED VALUE BY COST APPROACH = $ INCOME APPROACH TO VALUE Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) 45,3 Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $ See Attached Addendum 45, 45,3 RECONCILIATION This appraisal is made X "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: Based on the scope of work, assumptions, limiting conditions and appraiser's certification, my (our) opinion of the defined value of the real property that is the subject of this report is $ 45, as of 11/27/218, which is the effective date of this appraisal. Produced using ACI software, Page 2 of 4 Sherry Oncale Real Estate Appraisal This form Copyright ACI Division of ISO Claims Services, Inc., All Rights Reserved. (gpar ) General Purpose Appraisal Report 5/21 GPAR14_

5 SALES COMPARISON APPROACH FEATURE SUBJECT Sherwood Rd Address Proximity to Subject Sale Price $ Sale Price/Gross Liv. Area $. sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition DESCRIPTION N;Res; Fee Simple 1.23 ac N;Res;Woods DT2;Contemp Average 98+/- Years updated/good Above Grade Total Bdrms. Baths Total Bdrms. Baths Room Count Gross Living Area ,594 sq. ft ,81 sq. ft. Basement & Finished Rooms Below Grade sf sf Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck AVERAGE FWA none see comments 4 Car Driveway Deck,breezeway AVERAGE Radiant none' see comments 2 Car Garage Deck,Porch add.improvement accessory unit r.v/shop add.improvement none none add.location sherwood/avg pine mountain/avg Net Adjustment (Total) Adjusted Sale Price of Comparables X + Net Adj. Gross Adj % 4.1% $ $ Summary of Sales Comparison Approach Residential Appraisal Report COMPARABLE SALE NO. 4 COMPARABLE SALE NO Ridgewood Rd 48 Ridgewood Road 5.49 miles SE 5.99 miles SE $ 38, $ 459, $ sq. ft. $ sq. ft. bareis# ;dom81 bareis # ;DOM 176 DOC#/Prior Inspection Active/Prior Inspection DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment ArmLth Listing Cash; ; s8/24/218 Active -9,18 N;Res N;Res; Fee Simple Fee Simple 1.46 ac -6,9 2.8 ac -25,5 N;Pstrl;Woods N;Res;Woods DT1;Ranch DT2;Contemp Average Average Average 76, updated/good Total Bdrms. Baths -7, , 1,566 sq. ft. sf AVERAGE FWA C/Air see comments -1, 4 Car Garage Decks 39, none none pine mountain/avg 77,6 + X - $ Net Adj. -1.9% 457,6 Gross Adj. 25.4% $ -5, -3, -2, 54, 8,68 45,32 File No PMV COMPARABLE SALE NO. 6 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. X + - $ Net Adj..% % Gross Adj..% % $ Produced using ACI software, Additional Comparables This form Copyright ACI Division of ISO Claims Services, Inc., All Rights Reserved. (gpar ) General Purpose Appraisal Report 5/21 GPAR14_

6 Scope of Work, Assumptions and Limiting Conditions Residential Appraisal Report File No PMV Scope of work is defined in the Uniform Standards of Professional Appraisal Practice as " the type and extent of research and analyses in an assignment." In short, scope of work is simply what the appraiser did and did not do during the course of the assignment. It includes, but is not limited to: the extent to which the property is identified and inspected, the type and extent of data researched, the type and extent of analyses applied to arrive at opinions or conclusions. The scope of this appraisal and ensuing discussion in this report are specific to the needs of the client, other identified intended users and to the intended use of the report. This report was prepared for the sole and exclusive use of the client and other identified intended users for the identified intended use and its use by any other parties is prohibited. The appraiser is not responsible for unauthorized use of the report. The appraiser's certification appearing in this appraisal report is subject to the following conditions and to such other specific conditions as are set forth by the appraiser in the report. All extraordinary assumptions and hypothetical conditions are stated in the report and might have affected the assignment results. 1. The appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or title thereto, nor does the appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership. 2. Any sketch in this report may show approximate dimensions and is included only to assist the reader in visualizing the property. The appraiser has made no survey of the property. 3. The appraiser is not required to give testimony or appear in court because of having made the appraisal with reference to the property in question, unless arrangements have been previously made thereto. 4. Neither all, nor any part of the content of this report, copy or other media thereof (including conclusions as to the property value, the identity of the appraiser, professional designations, or the firm with which the appraiser is connected), shall be used for any purposes by anyone but the client and other intended users as identified in this report, nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media, without the written consent of the appraiser. 5. The appraiser will not disclose the contents of this appraisal report unless required by applicable law or as specified in the Uniform Standards of Professional Appraisal Practice. 6. Information, estimates, and opinions furnished to the appraiser, and contained in the report, were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished to the appraiser is assumed by the appraiser. 7. The appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The appraiser assumes no responsibility for such conditions, or for engineering or testing, which might be required to discover such factors. This appraisal is not an environmental assessment of the property and should not be considered as such. 8. The appraiser specializes in the valuation of real property and is not a home inspector, building contractor, structural engineer, or similar expert, unless otherwise noted. The appraiser did not conduct the intensive type of field observations of the kind intended to seek and discover property defects. The viewing of the property and any improvements is for purposes of developing an opinion of the defined value of the property, given the intended use of this assignment. Statements regarding condition are based on surface observations only. The appraiser claims no special expertise regarding issues including, but not limited to: foundation settlement, basement moisture problems, wood destroying (or other) insects, pest infestation, radon gas, lead based paint, mold or environmental issues. Unless otherwise indicated, mechanical systems were not activated or tested. This appraisal report should not be used to disclose the condition of the property as it relates to the presence/absence of defects. The client is invited and encouraged to employ qualified experts to inspect and address areas of concern. If negative conditions are discovered, the opinion of value may be affected. Unless otherwise noted, the appraiser assumes the components that constitute the subject property improvement(s) are fundamentally sound and in working order. Any viewing of the property by the appraiser was limited to readily observable areas. Unless otherwise noted, attics and crawl space areas were not accessed. The appraiser did not move furniture, floor coverings or other items that may restrict the viewing of the property. 9. Appraisals involving hypothetical conditions related to completion of new construction, repairs or alteration are based on the assumption that such completion, alteration or repairs will be competently performed. 1. Unless the intended use of this appraisal specifically includes issues of property insurance coverage, this appraisal should not be used for such purposes. Reproduction or Replacement cost figures used in the cost approach are for valuation purposes only, given the intended use of the assignment. The Definition of Value used in this assignment is unlikely to be consistent with the definition of Insurable Value for property insurance coverage/use. 11. The ACI General Purpose Appraisal Report (GPAR ) is not intended for use in transactions that require a Fannie Mae 14/Freddie Mac 7 form, also known as the Uniform Residential Appraisal Report (URAR). Additional Comments Related To Scope Of Work, Assumptions and Limiting Conditions Produced using ACI software, Page 3 of 4 This form Copyright ACI Division of ISO Claims Services, Inc., All Rights Reserved. (gpar ) General Purpose Appraisal Report 5/21 GPAR14_

7 Appraiser's Certification Residential Appraisal Report The appraiser(s) certifies that, to the best of the appraiser's knowledge and belief: 1. The statements of fact contained in this report are true and correct. File No PMV 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are the appraiser's personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. Unless otherwise stated, the appraiser has no present or prospective interest in the property that is the subject of this report and has no personal interest with respect to the parties involved. 4. The appraiser has no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. The appraiser's engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. The appraiser's 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. 7. The appraiser's analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. 8. Unless otherwise noted, the appraiser has made a personal inspection of the property that is the subject of this report. 9. Unless noted below, no one provided significant real property appraisal assistance to the appraiser signing this certification. Significant real property appraisal assistance provided by: Additional Certifications: Definition of Value: X Market Value Other Value: Source of Definition: USPAP ADDRESS OF THE PROPERTY APPRAISED: Sherwood Rd EFFECTIVE DATE OF THE APPRAISAL: 11/27/218 APPRAISED VALUE OF THE SUBJECT PROPERTY $ 45, APPRAISER SUPERVISORY APPRAISER Signature: Name: SHERRY ONCALE State Certification # AR1347 or License # or Other (describe): State #: Expiration Date of Certification or License: 9/6/219 Date of Signature and Report: Date of Property Viewing: 11/28/218 11/27/218 Degree of property viewing: X Interior and Exterior Exterior Only Did not personally view Signature: Name: State Certification # or License # State: Expiration Date of Certification or License: Date of Signature: Date of Property Viewing: Degree of property viewing: Interior and Exterior Exterior Only Did not personally view Produced using ACI software, Page 4 of 4 Sherry Oncale Real Estate Appraisal This form Copyright ACI Division of ISO Claims Services, Inc., All Rights Reserved. (gpar ) General Purpose Appraisal Report 5/21 GPAR14_

8 ADDENDUM File No.: PMV Zip: 9549 Neighborhood Boundaries THE REAL ESTATE MARKET IN THE WILLITS AREA IS LIMITED BY A LOW NUMBER OF TURNOVERS AND BY POPULATION AND AVAILABLE HOUSING STOCK. THE MARKET SEARCH MUST BE EXPANDED AND EXTENDED TO INCLUDE SIMILAR AND COMPETING NEIGHBORHOODS. SEARCH PARAMETERS INCLUDE PROPERTIES ON LESS THAN 5. ACRES WITH A BEDROOM COUNT OF 2-3, AND 1-3 BATHROOMS WITH A SQUARE FOOTAGE RANGE OF 1,2 TO 2,. THERE WERE 4 SALES AND 1 LISTING IN THE AREA THAT COULD BE CONSIDERED COMPARABLE. THE COMPARABLES WERE SIFTED AND THE BEST WERE USED IN THIS REPORT. THE SEARCH PARAMETER DOES NOT INCLUDE ALL OF THE SALES, LISTINGS AND PENDING SALES IN THE AREA, ONLY THOSE THAT WERE CONSIDERED TO BE COMPARABLE TO THE SUBJECT PROPERTY. THE 14MC SHOWS A MUCH HIGHER NUMBER OF SALES AND VERY FEW LISTINGS, THE 14MC IS SIMPLY USED TO TRACK A MARKETING TREND IN BROOKTRAILS AND NOT ALL OF THE SALES/LISTINGS ARE COMPARABLE TO THE SUBJECT. THE 14MC WAS RAN ON BROOKTRAILS ONLY TO ESTABLISH A MARKETING TREND. THE SUBJECT'S MARKETING AREA HAS BEEN EXPANDED DUE TO A LACK OF SIMILAR TYPE COMPARABLES WITHIN A 1 MILE RADIUS, THIS IS TYPICAL, COMMON AND NECESSARY. THERE IS CURRENTLY A SHORTAGE OF LISTINGS IN THE AREA AT THIS TIME. THE SUBJECT'S MARKETING AREA CROSSES HWY 11 AND HWY 2. THESE ARE NOT MARKETING BARRIERS. POTENTIAL BUYERS WOULD VIEW ALL PROPERTIES WITHIN THEIR PRICE RANGE WITH NO REGARD TO CROSSING THE HIGHWAYS. Neighborhood Description THE MAJORITY OF THE LOTS ARE OF IRREGULAR SHAPE AND MANY ARE SLOPED WITH NATURAL LANDSCAPING. THIS IS TYPICAL AND COMMON IN THE AREA. THE HOMES RANGE FROM OLDER, AVERAGE QUALITY SITE BUILT HOMES TO NEW TOP QUALITY CUSTOM HOMES. THERE ARE SEVERAL MANUFACTURED HOMES ON FOUNDATIONS, SOME DUPLEXES AND 2-4 UNIT BUILDINGS IN THE AREA. THE CITY OF WILLITS IS A SMALL INCORPORATED COMMUNITY OF 5, + RESIDENTS AND AN ADDITIONAL 5,+ RESIDING IN THE SURROUNDING AREAS. WILLITS HAS TWO SMALL SHOPPING CENTERS, PUBLIC SCHOOLS THROUGH GRADE 12, COLLAGE CLASSES AND A VARIETY OF SMALL INDEPENDENT BUSINESSES. THE MAIN ECONOMIC BASE FOR THE AREA IS VISITOR SERVICES. THE CITY OF WILLITS IS A POPULAR TOURIST DESTINATION DURING THE SUMMER MONTHS. WILLITS IS CONSIDERED TO BE THE GATEWAY TO THE REDWOODS OF NORTHERN CALIFORNIA AND ALSO HAS ATTRACTIONS SUCH AS THE SKUNK TRAIN, A COUNTY MUSEUM AND THE FRONTIER DAYS OVER THE FORTH OF JULY HOLIDAY. THE GROWTH RATE IS STABLE AT THIS TIME. THERE ARE NO SIGNIFICANT INCREASE OR DECREASE IN POPULATION TO THE WILLITS AREA. Highest and Best Use THE EXISTING USE SUPPORTS THE FOUR FUNCTIONS OF HIGHEST AND BEST USE BOTH AS VACANT, AND AS IMPROVED. THE CURRENT USE IS PHYSICALLY POSSIBLE, LEGALLY PERMISSIBLE, FINANCIALLY FEASIBLE, AND IS THE MOST PRODUCTIVE USE OF THE SUBJECT SITE. ANY CHANGE NOW OR IN THE FORESEEABLE FUTURE IS HIGHLY UNLIKELY. THERE ARE A WIDE VARIETY OF HOMES IN THE GENERAL AREA AND THE SUBJECT BLENDS WELL WITH THE NEIGHBORHOOD AND IS NOT AN OVER IMPROVEMENT. Site Comments THE SUBJECT PARCEL IS IRREGULAR IN TERMS OF SHAPE. THE PARCEL SIZE HAS BEEN TAKEN FROM REALLIST. REALLIST SHOWS THAT THE PARCEL IS 1.23 ACRES ± OF LAND. THE DIMENSIONS ARE ALL LISTED ON THE MAP, BUT THEY ARE NOT EQUAL, AND REALLIST IS CONSIDERED TO BE ACCURATE, BUT NOT EXACT. THE PLAT MAP IS ALSO STAMPED WITH THE PARCEL SIZE OF 1.23 ACRES+-. THE SUBJECT PROPERTY HAS DISTRICT WATER SERVICES, AN ON SITE SEPTIC SYSTEM, AND COUNTY ROAD ACCESS. THE MAIN HOUSE IS ELECTRIC, AND THE ACCESSORY UNIT HAS DELIVERED PROPANE GAS. THE OWNER STATES THAT THE MAIN HOUSE AND THE ACCESSORY UNIT RUN OFF OF THE SAME POWER HOOK UP, SEPTIC SYSTEM, AND WATER HOOK UP. THE PARCEL IS AN ALL USABLE PARCEL WITH WOODED AREAS AND OPEN PASTURES. THE SUBJECT IS CLOSE Appraiser: Name: SHERRY ONCALE Supervisory Appraiser: Name: Addendum Page 1 of 5

9 ADDENDUM File No.: PMV Zip: 9549 TO DOWNTOWN, BUT IS ALSO A SECLUDED PROPERTY WITH PRIVACY FROM MOST OF THE SURROUNDING HOMES. THE DRIVEWAY IS PAVED ASPHALT WITH ADEQUATE OFF STREET PARKING ON THE EAST SIDE OF THE HOUSE. Additional Features THE WATER HEATER IN THE MAIN HOUSE IS HOUSED IN THE LAUNDRY ROOM, AND IS PROPERLY STRAPPED FOR SAFETY. THE WATER HEATER HAS A SAFETY RELIEF VALVE TO DIVERT STEAM. THE WATER HEATER FOR THE ACCESSORY UNIT IS HOUSED IN THE LAUNDRY AREA, AND IS NOT STRAPPED FOR SAFETY. THE HOME MUST HAVE WORKING SMOKE DETECTORS, AND A CO DETECTORS ON EACH LEVEL, IN BOTH UNITS, AS REQUIRED BY STATE LAW. THE ASSESSORS OFFICE HAS BEN CONTACTED ABOUT THE SUBJECT PROPERTY. THE ASSESSOR HAS THE MAIN HOUSE BUILT IN 192, AND WAS ORIGINALLY 1,56 SQUARE FEET. THERE WAS A PERMITTED ADDITION, AND THE ASSESSOR HAS THE SQUARE FOOTAGE OF THE MAIN HOUSE AT 1,484 THE APPRAISER HAS MEASURED THE HOME AND HAS A SQUARE FOOTAGE OF 1,594, THE DIFFERENCE IS INSIGNIFICANT. THE ASSESSOR ALSO HAS A DETACHED GARAGE BUILT IN 1987 WITH A LOFT. THE ASSESSOR ALSO STATED THAT THE CONVERSION FROM GARAGE TO A SECOND UNIT WAS DISCOVERED BY THEIR OFFICE IN 211, AND THE SQUARE FOOTAGE WAS ESTIMATED AT 1,1. THEY HAVE NO RECORDS OF ANY PERMITS FOR THE CONVERSION, AND ESTIMATED THAT THE CONVERSION TOOK PLACE AROUND 2. THE ACCESSORY UNIT IS BEING VALUED AS IF IT IS A LEGAL UNIT. IF THE UNIT CANNOT OR WILL NOT BE PERMITTED, THE UNIT WOULD BE CALLED FINISHED STORAGE OR AN ART STUDIO, AND THE KITCHEN STOVE WOULD HAVE TO BE REMOVED. THE MAIN HOUSE AND THE ACCESSORY UNIT HAVE BEEN COMPLETELY UPDATED, AND ARE CONSIDERED TO BE IN GOOD CONDITION. THERE ARE SOME ORIGINAL FEATURES THAT WERE LEFT, BUT MOST OF THE UPGRADES ARE TO MODERN STANDARDS. THERE IS A 12 X 16 SHOP/SHED WEST OF THE HOUSE, AND AN ON SITE WELL. THE SHED IS USABLE, BUT ADDS NO SIGNIFICANT VALUE TO THE PROPERTY, AND WAS GIVEN NO VALUE. THE WELL WAS NOT ON AND WORKING, AND ACCORDING TO THE OWNER, IT IS UNKNOWN IF THE WELL COULD BE AN ADDITIONAL WATER SOURCE. THE WELL WAS GIVEN NO VALUE, AS IT IS CURRENTLY NOT IN WORKING CONDITION. THE REPLACEMENT COST OF THE ACCESSORY UNIT IS NOT MARKET VALUE, MARKET VALUE IS TYPICALLY 1-5+-% OF REPLACEMENT COST DEPENDING ON THE QUALITY, CONDITION, AGE AND MARKET ACCEPTANCE OF THE IMPROVEMENT. AS STATED, THIS UNIT IS NOT PERMITTED, AND IS BEING VALUED AS IF IT IS PERMITTED. THE REPLACEMENT COST OF THE ACCESSORY UNIT IS ESTIMATED AT $15. PER FOOT FOR A TOTAL OF $164,7., AND IT IS GIVEN AN AS IS VALUE OF $54,., ROUGHLY 33% OF REPLACEMENT COST, AND MARKET SUPPORTED FOR AN ACCESSORY UNIT. THE BREEZEWAY IS GIVEN A REPLACEMENT COST OF $3. PER FOOT FOR A TOTAL OF $5,28.. THE DECK IS GIVEN A REPLACEMENT COST OF $2. PER FOOT FOR A TOTAL OF $8,9.. Comments on Sales Comparison THE SALES COMPARISON APPROACH WAS GIVEN THE MOST WEIGHT AS IT REFLECTS THE ACTIONS OF BUYERS/SELLERS IN THE OPEN MARKET. THE COST APPROACH WAS ADDED, BUT WAS GIVEN NO WEIGHT IN THIS REPORT. THE INCOME APPROACH WAS NOT USED. SIGNATURE: PERSONALIZED EVIDENCE INDICATING AUTHENTICATION OF THE WORK PERFORMED BY THE APPRAISER AND THE ACCEPTANCE OF THE RESPONSIBILITY FOR CONTENT, ANALYSES, AND THE CONCLUSIONS IN THE REPORT. THIS APPRAISER TRIES TO BRACKET ALL ASPECTS OF THE SUBJECT PROPERTY. WHEN BRACKETING ALL ASPECTS OF A PROPERTY IN A LIMITED MARKET THE COMPARABLES ARE OFTEN DISTANT, DATED AND REQUIRE LARGE ADJUSTMENTS. THESE DIFFERENCES CANNOT BE HELPED AND ARE TYPICAL FOR THE AREA. THE SALES USED IN THIS REPORT ARE ALL LOCATED IN THE GENERAL MARKETING AREA AND WERE ALL INCLUDED IN THE FINAL ESTIMATE. BASED ON DATA COLLECTED, THE SUBJECT AND THE COMPARABLES APPEAR TO HAVE SIMILAR COMPLIMENT OF ENERGY EFFICIENT ITEMS THAT ARE CONSISTENT WITH MARKET EXPECTATIONS FOR THE AGE, QUALITY AND PRICE RANGE. NO SIGNIFICANT DIFFERENCES BETWEEN THE SUBJECT AND THE COMPARABLES EXIST, AND THEREFORE NO ADJUSTMENTS FOR ENERGY EFFICIENT ITEMS WERE MADE. NET ADJUSTMENTS ON COMPS # 1,2,3 & 4 EXCEED THE NORMAL GUIDELINES. GROSS ADJUSTMENTS ON ALL COMPARABLES EXCEED THE NORMAL 25% GUIDELINES. ALL ADJUSTMENTS WERE NECESSARY AND UNAVOIDABLE TO COMPLETE THIS REPORT. Appraiser: Name: SHERRY ONCALE Supervisory Appraiser: Name: Addendum Page 2 of 5

10 ADDENDUM File No.: PMV Zip: 9549 LINE ADJUSTMENT EXCEED THE NORMAL 1% DUE TO A LIMITED NUMBER OF SALES IN THE AREA. THE ADJUSTMENTS WERE NECESSARY AND UNAVOIDABLE TO COMPLETE THIS REPORT. SQUARE FOOTAGE, LINE ADJUSTMENTS, VALUE RANGE, PARCEL SIZE DIFFERENCES EXCEED NORMAL GUIDELINES DUE TO A VERY LIMITED NUMBER OF COMPARABLES IN THE WILLITS AREA. ADJUSTMENTS ARE BASED ON PAIRED SALES ANALYSIS AND INFORMATION GATHERED FROM LOCAL REALTORS THAT ARE EXPERTS IN THE BROOKTRAILS MARKET, ALONG WITH THE APPRAISERS PERSONAL FILES. COMP # 5 IS AN ACTIVE LISTING, AND WAS ADDED AS ADDITIONAL INFORMATION ONLY, AND WAS ADJUSTED AT -2% FOR THE TYPICAL LP/SP DIFFERENCE ON REASONABLY PRICED PROPERTIES. PARCEL ADJUSTMENTS ARE BASED ON LOCATION, PARCEL SIZE, LANDSCAPING AND USABILITY. THERE ARE NO ACROSS THE BOARD PARCEL ADJUSTMENTS IN THIS AREA. THE PARCEL SIZES ALSO EXCEED THE NORMAL15% SIZE DIFFERENCE DUE TO A LIMITED NUMBER OF COMPARABLES. THIS HAS NO ADVERSE AFFECT ON THE VALUE OF THE SUBJECT. SQUARE FOOTAGE DIFFERENCES EXCEED THE NORMAL 25% GUIDELINES, DUE TO A LIMITED NUMBER OF ACTUAL COMPARABLES IN THE GENERAL AREA, WHICH IS TYPICAL AND COMMON AND HAS NO ADVERSE EFFECT ON THE VALUE OR MARKETABILITY OF THE SUBJECT. THIS APPRAISER REALIZES THE DESIRE OF UTILIZING COMPARABLE SALES THAT ARE LOCATED WITHIN 1 MILE OF THE SUBJECT AND THAT ARE SITUATED ON A SIMILAR TYPE PARCEL WITH SIMILAR IMPROVEMENTS. SOMETIMES IN SMALL MARKETS, SUCH AS BROOKTRAILS, THESE "PERFECT" COMPARABLE SALES DO NOT EXIST AND THE MARKET SEARCH MUST BE EXPANDED AND EXTENDED. WHEN EXPANDING AND EXTENDING THE MARKET SEARCH, THE SALES ARE OFTEN DISTANT, DATED AND REQUIRE LARGER THAN PREFERRED ADJUSTMENT. THESE DIFFERENCES CANNOT BE HELPED AND ARE COMMON AND ACCEPTABLE FOR THE AREA. PARCEL ADJUSTMENTS ARE AS FOLLOWS: AS STATED, THE SUBJECT PARCEL IS LOCATED NORTH WEST OF THE CITY OF WILLITS IN A MARKETABLE JUST EAST OF BROOKTRAILS. ALTHOUGH THE PROPERTY IS JUST OVER 1 MILE FROM HWY 11/MAIN STREET, THE PARCEL IS CONSIDERED TO BE RURAL IN NATURE, AS ARE BROOKTRAILS, PINE MOUNTAIN AND WALKER ROAD. ALL OF THE PARCELS WERE ADJUSTED AT $3,. PER ACRE FOR THE PARCEL SIZE DIFFERENCES, WHICH IS 5% OF THE SUBJECT'S PER ACRE VALUE, AND MARKET SUPPORTED. NO ADJUSTMENTS WERE NECESSARY FOR THE ADDITIONAL LOCATION DIFFERENCES. AS STATED, THE SUBJECT IS LOCATED NORTH WEST OF WILLITS. COMP # 1 IS LOCATED SOUTH OF WILLITS OFF OF WALKER ROAD. THE PARCEL IS FENCED, SECLUDED FROM ALL NEIGHBORS, AND HAS AN ELECTRIC SECURITY GATE AT THE ENTRANCE. THIS PROPERTY IS APPROXIMATELY 1 1/2 MILES FROM HWY 11/MAIN STREET, AND SOUTH OF TOWN. COMPS # 2 & 3 ARE LOCATED IN THE BROOKTRAILS AREA, AND ARE CONSIDERED TO BE EQUAL IN TERMS OF THE ADDITIONAL LOCATION, AND ACCESS TO DOWNTOWN. COMPS # 4 & 5 ARE LOCATED EAST OF WILLITS IN THE PINE MOUNTAIN AREA, APPROXIMATELY 4-5 MILES FROM DOWNTOWN. ALTHOUGH LOCATED MORE DISTANT FROM DOWNTOWN, THIS IS A VERY MARKETABLE AREA, AND NO ADDITIONAL ADJUSTMENT WAS MADE FOR THE LOCATION. THIS APPRAISER CHOOSES TO USE THE LAST LINES OF THE GRID FOR ANY ADDITIONAL LOCATION, ADDITIONAL IMPROVEMENTS, OR ADDITIONAL ADJUSTMENTS FOR QUALITY/CONDITION. MANY PROPERTIES ARE RATED "N" FOR THEIR NEIGHBORHOOD, BUT WHEN COMPARED TO A PROPERTY IN THE GENERAL MARKETING AREA, ALSO RATED "N", SOMETIMES AN ADJUSTMENT IS NECESSARY, AND THE ADJUSTMENT IS MADE AT THE BOTTOM OF THE GRID. THE SALES USED ARE THE MOST RECENT, SIMILAR AND PROXIMATE AND ALL HAVE CONTRIBUTING FACTORS IN THE FINAL ESTIMATE OF VALUE. NO ADJUSTMENTS WERE MADE FOR DESIGN DIFFERENCES. POTENTIAL BUYERS WOULD VIEW ALL OF THE PROPERTIES WITHIN THEIR PRICE RANGE WITH NO REGARD TO DESIGN. THERE ARE RANCH HOMES, CONTEMPORARY STYLE HOMES, VICTORIAN, CRAFTSMAN, AND SOME MANUFACTURED HOMES THROUGHOUT THE MARKETING AREA. NO ADJUSTMENTS WERE MADE FOR WOODED, RESIDENTIAL OR PASTURE VIEWS, ALL ARE VERY TYPICAL AND COMMON FOR THE AREA, AND NO ADJUSTMENTS ARE WARRANTED. Appraiser: Name: SHERRY ONCALE Supervisory Appraiser: Name: Addendum Page 3 of 5

11 ADDENDUM File No.: PMV Zip: 9549 SQUARE FOOTAGE ADJUSTMENTS WERE MADE AT $6. PER FOOT EXCEEDING A 1 SQUARE FOOT SIZE DIFFERENCE AND ROUNDED TO THE NEAREST $5.. ROOM COUNT ADJUSTMENTS WERE MADE FOR BEDROOMS AND BATHROOMS. BEDROOMS AND BATHROOMS WERE ADJUSTED AT $5,. EACH, 1/2 BATHS AT $2,5. EACH. GARAGES AT $5,. PER PARKING SLOT. CARPORTS WERE VALUED AT $1,. PER PARKING SLOT. QUALITY AND CONDITION ADJUSTMENTS WERE MADE ON AN INDIVIDUAL BASIS AT 2-2% OF THE SALE/LIST PRICE FOR THE DIFFERENCES. HEATING/COOLING DIFFERENCES WERE MADE ON AN INDIVIDUAL BASIS. AGE WAS NOT ADJUSTED IN THIS REPORT. AS STATED, THE ACCESSORY UNIT IS GIVEN AN AS IS VALUE OF $54,. ON THE GRID FOR THE AS IS VALUE. ADJUSTMENTS ARE AS FOLLOWS: ALL ASPECTS OF THE SUBJECT HAVE NOT BEEN BRACKETED BY THE COMPARABLES USED. THERE ARE NO COMPARABLES USED THAT BRACKET THE ACTUAL AGE OF THE SUBJECT. THIS IS A MINOR DETAIL AND HAS NO ADVERSE EFFECT ON THE VALUE OR MARKETABILITY OF THE PROPERTY. COMP # 1 WAS ADDED TO BRACKET THE ADDITIONAL IMPROVEMENTS, QUALITY AND CONDITION. THIS HOME HAS BEEN COMPLETELY UPGRADED WITH HIGH END MATERIALS, AND IS VERY SUPERIOR TO THE SUBJECT. THE HOME NOW HAS IMPORTED WOOD AND TILE FLOORING, CUSTOM CARVED DOORS, SURROUND SOUND THROUGHOUT THE HOME, IMPORTED LIGHT FIXTURES, CUSTOM BUILT CABINETS, GRANITE COUNTER TOPS, CUSTOM BUILT BATHROOMS, ETC. THE QUALITY AND THE CONDITION WERE ADJUSTED ACCORDINGLY. THIS PROPERTY ALSO HAS A 3 CAR GARAGE WITH A SHOP ATTACHED, A GUEST BEDROOM AND BATHROOM OVER THE ONE CAR GARAGE, A LARGE FINISHED REC ROOM, A LARGE FINISHED STORAGE ROOM, AND A LARGE METAL SHOP BY THE FENCED GARDEN AREA. ADJUSTMENTS WERE MADE FOR THE DIFFERENCES. COMP # 2 WAS ADDED AS IT IS A SIMILAR SIZED HOME WITH 2 BEDROOMS, 2 BATHROOMS ON A LARGE PARCEL. THIS PROPERTY WAS PURCHASED AS A BANK OWNED FIXER, COSMETIC UPGRADES WERE MADE, AND THE PROPERTY RESOLD. THE UPGRADES TO THIS HOME ARE INFERIOR TO THE SUBJECT'S UPGRADES AND AN ADJUSTMENT OF +15%. THIS PROPERTY ALSO HAS A SMALL WORKSHOP VALUED AT $5,.. COMP # 3 WAS ALSO ADDED AS IT IS ON A LARGE PARCEL IN BROOKTRAILS, AND IS A 2 BEDROOM 2 BATHROOM HOME. THIS HOME HAS BEEN WELL MAINTAINED, BUT NO SIGNIFICANT UPGRADES HE BEEN MADE AND AN ADJUSTMENT OF +2% WAS MADE FOR THE DIFFERENCE. THIS PROPERTY ALSO HAS A STORAGE BUILDING VALUED AT $5,.. COMP # 4 WAS ADDED AS ADDITIONAL SUPPORT TO THE VALUE. THIS HOME IS LARGER, HAS ONE ADDITIONAL BEDROOM AND 1/2 BATHROOM. THE HOME HAS HAD NO SIGNIFICANT UPGRADES AND WAS ALSO ADJUSTED AT +2% OF THE SALE PRICE FOR THE DIFFERENCES. THIS PROPERTY HAS AN R.V. BARN, A SHOP AND SEVERAL SHEDS, AND WAS ADJUSTED FOR THE DIFFERENCE. COMP # 5 WAS ONLY ADDED AS ADDITIONAL INFORMATION., THIS HOME HAS ALSO BEEN UPGRADED, HAS ONE ADDITIONAL BEDROOM, BUT IS SIMILAR IN TERMS OF SQUARE FOOTAGE. THIS PROPERTY HAS AN OVERSIZED 4 CAR GARAGE, AND WAS ADJUSTED FOR NO ACCESSORY UNIT. IT IS MY OPINION THAT THE ESTIMATED FAIR MARKET VALUE OF THE SUBJECT PROPERTY IN AS IS CONDITION, AS IF THE ACCESSORY UNIT WERE PERMITTED AND LEGAL, IS SUPPORTED AT $45,.. THE VALUE WOULD BE LESS IF THE ACCESSORY UNIT CANNOT BE PERMITTED, AND IT WOULD BE VALUED AS FINISHED STORAGE OR AN ART STUDIO. THE DIFFERENCE WOULD BE ROUGHLY $34,. LESS. THE VALUE GIVEN TO THIS PROPERTY IS AS OF THE DATE OF INSPECTION. THE OWNER MUST BE AWARE OF THE FACT THAT THE FURTHER WE GET INTO WINTER, THE LESS LIKELY THIS PROPERTY WILL SELL AT THE ESTIMATED MARKET VALUE. TYPICALLY, PROPERTIES THAT ARE LISTED GOING INTO WINTER CAN SIT ON THE MARKET OR WILL REQUIRE PRICE ADJUSTMENTS AS THERE ARE VERY FEW BUYERS DURING THE WINTER MONTHS IN WILLITS, AND REALTORS AND BUYERS ARE LOOKING FOR "DEALS". THE BEST TIME TO MARKET THIS PROPERTY WOULD BE SPRING AND SUMMER. THE RISING INTEREST RATES ALSO HAVE AN EFFECT ON THE MARKETABILITY OF PROPERTIES. THE HIGHER THE RATE, THE LESS MARKETABLE PROPERTIES BECOME. MANY BUYERS ARE PRICED OUT OF THE MARKET EVERYTIME THE INTEREST RATE IS INCREASED BY THE FED. Cost Approach Comments PHYSICAL DEPRECIATION BASED ON AGE/LIFE METHOD. NO FUNCTIONAL OR EXTERNAL INADEQUACIES NOTED. SITE IMPROVEMENTS INCLUDE THE COST OF THE DRIVEWAY AND UTILITY HOOK UPS. LAND VALUE TO TOTAL IMPROVEMENT RATIO IS TYPICAL FOR THE AREA. Appraiser: Name: SHERRY ONCALE Supervisory Appraiser: Name: Addendum Page 4 of 5

12 ADDENDUM File No.: PMV Zip: 9549 EFFECTIVE AGE IS DETERMINED BY TAKING THE ACTUAL AGE AND CONSIDERING THE QUALITY, CONDITION, UPGRADES AND REMODELING. Final Reconciliation THE INTENDED USERS OF THIS APPRAISAL REPORT ARE THE CLIENT. THE INTENDED USE IS TO EVALUATE THE PROPERTY THAT IS THE SUBJECT OF THIS APPRAISAL FOR PRIVATE USE ONLY, SUBJECT TO THE STATED SCOPE OF WORK, PURPOSE OF THE APPRAISAL, REPORTING REQUIREMENTS OF THIS APPRAISAL REPORT FORM, AND DEFINITION OF MARKET VALUE. NO ADDITIONAL INTENDED USERS ARE IDENTIFIED BY THE APPRAISER. THE SCOPE OF THIS APPRAISAL REPORT HAS BEEN TO PREFORM A DETAILED INSPECTION AND ANALYSIS OF THE SUBJECT PROPERTY WITHIN THE LIMITS OF THE TYPE OF APPRAISAL ASSIGNMENT COMPLETED. IT INCLUDES COLLECTING AND ANALYZING COMPARABLE SALES DATA IN ORDER TO REACH AN OPINION OF VALUE AND TO CONVEY THE VALUE TO THE CLIENT. IN THE COLLECTION OF DATA, ALL SOURCES INCLUDING THE BAREIS MLS, COUNTY RECORDS, REALLIST, REALTORS, BROKERS AND THE APPRAISERS FILES WERE UTILIZED. IT IS ASSUMED THAT THE INFORMATION FROM THESE SOURCES IS CORRECT. ALL COMPARABLE SALES HAVE BEEN VERIFIED AS CLOSED SALES BY AT LEAST TWO OF THE SOURCES UTILIZED AND CITED, UNLESS INDICATED TO THE CONTRARY IN THE BODY OF THE REPORT. Appraiser: Name: SHERRY ONCALE Supervisory Appraiser: Name: Addendum Page 5 of 5

13 MARKET RESEARCH & ANALYSIS Market Conditions Addendum to the Appraisal Report File No PMV 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, 29. Property Address Sherwood Rd City Willits State CA Zip Code 9549 Borrower Calonico/Buchmann 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 Median Sale & List Price, DOM, Sale/List % Prior 7-12 Months Median Comparable Sale Price 299,5 Median Comparable Sales Days on Market 332 Median Comparable List Price 318, Median Comparable Listings Days on Market 792 Median Sale Price as % of List Price 98.25% Seller-(developer, builder, etc.)paid financial assistance prevalent? X Yes 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 Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Total # of Comparable Active Listings Months of Housing Supply (Total Listings/Ab.Rate) Prior 7-12 Months Prior 4-6 Months Current - 3 Months Increasing Increasing Declining Declining X X X X Overall Trend Stable Stable Stable Stable Declining Declining Increasing Increasing Prior 4-6 Months 287, 49 32, % No Current - 3 Months 329, , % Increasing Declining Increasing Declining Increasing Declining Overall Trend X Stable X Stable Stable X Stable X Stable X Stable Declining Increasing Declining Increasing Declining Increasing Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc.). SALES CONCESSIONS ARE BECOMING MORE FREQUENT IN THIS MARKET AND ARE TYPICALLY ON REO AND SHORT SALE PROPERTIES. THE CONCESSIONS RANGE FROM 1-3% AND HAVE NO ADVERSE EFFECT ON THE VALUE OR MARKETABILITY OF THE PROPERTY. Are foreclosure sales (REO sales) a factor in the market? X Yes No If yes, explain (including the trends in listings and sales of foreclosed properties). THE MARKET HAS BEEN STABLE FOR SOME TIME AND THE NUMBER OF REO AND SHORT SALES HAS DECLINED. THE MARKET TYPICALLY SLOWS DURING THE WINTER MONTHS, BUT IS VERY ACTIVE DURING THE SPRING, SUMMER AND FALL. X Cite data sources for above information. BAREIS MLS MARKET CONDITIONS DETAILED REPORT. 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. THE MARKET IS STABLE WITH NORMAL MONTH TO MONTH FLUCTUATIONS. THERE WILL BE NO TIME OF SALE ADJUSTMENTS ON SALES USED IN THE REPORT. THE MC SHOWS AN INCREASE IN VALUE, WHICH IS SOMEWHAT MISLEADING DUE TO A VERY LIMITED NUMBER OF SALES IN THE AREA. THERE WILL BE NO TIME OF SALE ADJUSTMENTS ON ANY SALES USE DIN THIS REPORT. CONDO / CO-OP PROJECTS If the subject is a unit in a condominium or cooperative project, complete the following: Project Name: Subject Project Data Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Total # of Active Comparable Listings Months of Unit Supply (Total Listings/Ab. Rate) Increasing Increasing Declining Declining Stable Stable Stable Stable Declining Declining Increasing Increasing Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties. Summarize the above trends and address the impact on the subject unit and project. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) APPRAISER Signature Name SHERRY ONCALE Company Name SHERRY ONCALE APPRAISALS Company Address 2315 Eastside Rd State License/Certification # AR1347 State CA Address sherry@oncaleappraisals.com Signature Name Company Name Company Address State License/Certification # Address State Freddie Mac Form 71 March 29 Produced using ACI software, Fannie Mae Form 14MC March 29 Page 1 of 1 14MC_29 999

14 FLOORPLAN SKETCH File No.: PMV Zip: 9549

15 DIMENSION LIST ADDENDUM File No.: PMV Zip: 9549 GROSS BUILDING AREA (GBA) GROSS LIVING AREA (GLA) 1,594 1,594 Area(s) Area % of GLA % of GBA Living Level 1 Level 2 Level 3 Other Basement Garage GBA 1,594 1, Area Measurements Area Type Measurements Factor Total Level 1 Level 2 Level 3 Other Bsmt. Garage 1. x 9. x 1. = 1. x 9. x 1. = 49. x 24. x 1. = 2. x 4. x 1. = 24. x 16. x 1. = 2. x 4. x 1. = , X X X X X X Produced using ACI software, DIM 17213

16 SUBJECT PROPERTY PHOTO ADDENDUM File No.: PMV Zip: 9549 FRONT VIEW OF SUBJECT PROPERTY Appraised Date: November 27, 218 Appraised Value: $ 45, REAR VIEW OF SUBJECT PROPERTY STREET SCENE

17 INTERIOR PHOTOS File No.: PMV Zip: 9549 Kitchen Comment: Living Area Description: Comment: Bathroom Description: Comment: Produced using ACI software, INT3KLB 17213

18 INTERIOR PHOTOS File No.: PMV Zip: 9549 BEDROOM BATHROOM HOT WATER HEATER LAUNDRY FAMILY ROOM BEDROOM Produced using ACI software, INT6AR

19 INTERIOR PHOTOS File No.: PMV Zip: 9549 KITCHEN IN ACCESSORY UNIT LIVING AREA IN ACCESSORY UNIT BATHROOM IN ACCESSORY UNIT BEDROOM IN ACCESSORY UNIT LAUNDRY AREA HOT WATER HEATER Produced using ACI software, INT6AR

20 INTERIOR PHOTOS File No.: PMV Zip: 9549 FAMILY ROOM IN ACCESSORY UNIT BEDROOM IN ACCESSORY UNIT Produced using ACI software, INT6AR

21 File No.: PMV Zip: 9549 ADDITIONAL FRONT OF MAIN HOME REAR OF ACCESSORY UNIT EAST FROM REAR DRIVEWAY FROM STREET OPPOSING STREET SCENE Produced using ACI software, PHT15

22 COMPARABLE PROPERTY PHOTO ADDENDUM File No.: PMV Zip: 9549 COMPARABLE SALE # Walker Rd Sale Date: s6/1/218 Sale Price: $ 685, COMPARABLE SALE #2 254 Cobb Dr Sale Date: s8/1/218 Sale Price: $ 354, COMPARABLE SALE # Salmon Dr Sale Date: s8/1/218 Sale Price: $ 33,

23 COMPARABLE PROPERTY PHOTO ADDENDUM File No.: PMV Zip: 9549 COMPARABLE SALE # Ridgewood Rd Sale Date: s8/24/218 Sale Price: $ 38, COMPARABLE SALE #5 48 Ridgewood Road Sale Date: Active Sale Price: $ 459, COMPARABLE SALE #6 Sale Date: Sale Price: $

24 PLAT MAP File No.: PMV Zip: 9549

25 LOCATION MAP File No.: PMV Zip: 9549

26 APPRAISER ERRORS AND OMISSIONS File No.: PMV Zip: 9549

27 File No.: PMV Zip: 9549

28 AERIAL MAP File No.: PMV Zip: 9549

29 FLOOD MAP File No.: PMV Zip: 9549