APPRAISAL REPORT Charles Road North Olmsted, OH PREPARED FOR

Transcription

1 APPRAISAL REPORT OF PREPARED FOR Kim Wenger The City North Olmsted 5200 Dover Center Rd. North Olmsted OH., AS OF 07/14/2016 PREPARED BY 1162 Fireside Trail Broadview Heights, OH 44147

2 File No. Case No. LAND APPRAISAL REPORT PO # The purpose this appraisal report is to provide the lender/client with an accurate supported opinion the market value the subject property. CLIENT AND PROPERTY IDENTIFICATION Property Address Borrower Owner Public Record TR 6 & 8 OLMSTEDFA 0013 ALL Olmsted Farms Neighborhood Name 0 Special Assessments PUD Property Rights Appraised Fee Simple State N.Olmsted Land Reutilization Program OH Zip Code Legal Description Assessor's Parcel Number Assignment Type Purchase Transaction Yes R.E. Taxes Census Tract HOA 0 No Leasehold Per Year Per Month Other (Describe) Refinance Transaction The City North Olmsted Lender/Client 2015 Google Map Tax Year Map Reference Market Value Other (describe) Address 5200 Dover Center Rd., North Olmsted OH., CONTRACT ANALYSIS I did did not analyze the contract sale for the subject purchase transaction. Explain the results the analysis the contract for sale or why the analysis was not performed. Contract Price: Date Contract Is the property seller the owner public record? Yes No Data Source(s): Is there any financial assistance (loan charges, sale concessions, gift or down payment assistance, etc.) to be paid by any party on behalf the borrower? Yes No If Yes, report the total dollar amount and describe items paid. NEIGHBORHOOD DESCRIPTION Note: Race and the racial composition the neighborhood are not appraisal factors. Neighborhood Characteristics One-Unit Trends One-Unit Housing Suburban Stable Rural Property Values Increasing Declining Price Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply (000) Stable Growth Rapid Slow Marketing Time Under 3 mnths 3-6 mnths Over 6 mnths Neighborhood Boundaries The Subject is bounded to the North by Detroit Rd, to the East by Clague Rd and Fairview Park, Ohio, South by Interstate 480, and West by Lorain Rd and North Ridgeville, Ohio. 165 Location Urban Good Average Fair Poor Present Land Use % 100 Age One Unit % (yrs) 2-4 Unit Low 10 High 85 Pred. 53 Good % Multi-family % Commercial % % Average Fair Poor Property Compatibility General appearance properties Convenience to Primary Education Adequacy Police/Fire Protection Convenience to Recreational Facilities Protection from Detrimental Conditions Employment Stability Overall appeal to market Neighborhood Description: Lorain Rd / Barton Rd is a suburban neighborhood (based on population density) located in North Olmsted, Ohio. Lorain Rd / Barton Rd real estate is primarily made up medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and townhomes. Most the residential real estate is owner occupied. Many the residences in the Lorain Rd / Barton Rd neighborhood are older, and well-established, built between 1940 and A number residences were also built between 1970 and Convenience to Employment Convenience to Shopping Market Conditions (including support for the above conclusions): Real estate vacancies in Lorain Rd / Barton Rd neighborhood are at 4.7%, which is lower than one will find in 77.9% American neighborhoods. Demand for real estate in the Lorain Rd / Barton Rd neighborhood is above average for the U.S., and is a signal that demand is high and supply is low. Price increases or increased new construction residential homes are expected to increase for this neighborhood, albeit at a slower pace due to low supply quantity vacant land for sale. This market is a "sellers market" where supply is lower than demand. Land values are increasing and construction is forecasted to increase. SITE DESCRIPTION Dimensions: 80 x 195 Specifc Zoning Classification Zoning Compliance Area: 15,600 R-1 Residential Legal Legal Nonconforming (Grandfathered Use) Uses permitted under current zoning regulations Highest and Best Use: Acres Sq. Ft. Shape Rectangular One Family Residence Zoning Description No Zoning View Residential Illegal (Describe) Single Family Residence USE RESTRICTIONS. Structures may be designed, built,altered or used for only One family dwellings. Single Family Residential Home Describe any improvements The subject lot has no improvements located on site. There are water, sewer, and electrical utilities available. Do present improvements conform to zoning? Yes No Vacant Residential Land Topography: Level/Cleared Size: 15,600 sf Corner Lot Yes No Underground Utilities: No Special Flood Hazard Area Yes FEMA Flood Zone Present Use Subject Site Utilities Electricity Gas Water Sewer Public Other Provider or description No improvements on site- Home has been razed Yes No If yes, Shape Rectangular Drainage Adequate No Fenced? Yes No If yes, type FEMA Map # 39035C0139E FEMA Map Date 12/03/2010 No Improvements (If "No", Explain) Current or Proposed Ground Rent Yes Off-Site Improvements Municipal Municipal Municipal Municipal Street Surface Street Type/Influence Curb/Gutter Sidewalks Street/Lights (Type) Alley Are the utilities and f-site improvements typical for the market? Yes No Type/Description Public Asphalt Residential - (Cul-De-Sac) No/No (Grass. Covered Culvert) Yes - Concrete Noted Noted Other If No, describe: No If Yes, describe Yes There are no adverse site conditions noted. The site has been cleared and the there are no adverse easements noted. The concrete driveway has been cleared and the site is ready for proposed construction. Land use is residential and the zoning is typical single family residential use. No adverse environmental conditions were visual upon physical inspection. Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Site Comments: The site is level and has been cleared the previous improvement on the property. The site has 15,600 sf and is rectangular and similar to the other lots in the area. The dimensions the lot are 80 x 195 according to the Records and verified by GIS mapping and Parcel Maps. The site size is approximate and a pressional surveyor did not supply me the exact measurements. The information from the is deemed reliable. (See Parcel Maps and Aerial GIS Maps attached at the end this report). * North Olmsted Zoning Ordinance: 1

3 LAND APPRAISAL REPORT 3 4 There are There are PO # to 75,000 to 25,100 File No. Case No. comparable sites currently fered for sale in the subject neighborhood ranging in price from 23,000 comparable sites sold in the past 12 months in the subject neighborhood ranging in price from 16,000 COMPARABLE SALES FEATURE SUBJECT Address City and Zip Code COMPARABLE # Porter Rd Alexander Rd miles NE 2.34 miles NE 5.45 miles NE NEOHRE/ MLS # NEOHRE/ MLS # NEOHRE/ MLS # Realist/ Records 25, /23/ DOM Cash/REO Residential Fee Simple 11,388SF Residential Level/Cleared Realist/ Records 22, /07/ DOM Cash Residential Fee Simple 20,315 SF Residential Level/Cleared Realist/ Records 16, /06/ DOM Cash Residential Fee Simple 24,8 SF Residential Level/Cleared Data Sources Verification Sources Price/ COMPARABLE # Shelley Dr Proximity to Subject Sale Price COMPARABLE # Date Sale (MO/DA/YR) Days on Market Financing Type Concessions Residential Fee Simple 15,600 SF Residential Level/Cleared Location Property Rights Appraised Site Size View Topography Available Utilities Electric,Gas,Sewer,Water Electric,Gas,Sewer,Water Electric,Gas,Sewer,Water Electric,Gas,Sewer,Water Street Frontage 80 Asphalt 78 Asphalt 85 Asphalt 48 Asphalt Street Type Water Influence Fencing Improvements Net=0% Gross=0% Net Adjustments (Total, in ) Adjusted sales price the comparable sales (in ) 25, Net=0% Gross=0% 0 22, Net=0% Gross=0% 0 16,000 The Appraiser has researched the transfer history the subject property for the past 3 years and the listing history the subject for the past 12 months prior to the effective date this appraisal. The appraiser has also researched the transfer and listing history the comparable sales for the past 12 months. Did Did Not reveal any prior sales or transfers the subject property for the three years prior to the effective date the appraisal NEOHRE MLS Data and Realist and Did The appraiser's research Did Not reveal any prior sales or transfers the comparable sales for the year prior to the date sale the comparable sale. Data Sources: NEOHRE MLS Data and Realist and Did The appraiser's research Did Not reveal any prior listings the subject property or comparable sales for the year prior to the effective date the appraisal. NEOHRE MLS Data and Realist and Data Sources: The appraiser's research Data Sources: Listing/Transfer History Transfer/Sale (ONLY) Listing and Transfer history Listing and Transfer history Listing and Transfer history (if more than two, use comments Subject in past 36 months: Comp 1 in past 12 months Comp 2 in past 12 months Comp 3 in past 12 months Nominal section or an addendum) Subject Property is Currently Listed for Sale? Current Listing History 3/11/16 12/31/14 4//16 40,000 38,900 2/8/16 45,000 No Data Source: NEOHRE MLS Data and Realist Yes List Date List Price No Yes Subject Property has been listed within the last 12 Months? 12 Month Listing History List Date Days on Market Data Source: 4/18/13 Data Source Days on Market Comments on Prior Sales/Transfers and Current and Prior Listings: NEOHRE MLS Data and Realist NEOHRE MLS Data and Realist List Price 15,000 Data Source NEOHRE MLS Data and Realist NEOHRE MLS Data and Realist Subject was sold at Sheriff Sale on 3/11/16 and has not been listed for sale within the last 12 months according to MLS Data, Realist and Records. Comp #1 was sold at Sheriff Sale on 12/31/14 for 40,000. No prior transfers within past 12 months for comps #2 and #3. Comparable Sale #2 has 4 expired listings as follows: listed on 4//16 with a list price 38,900 and 61 DOM MLS # , listed on 2/8/16 with a list price 45,000 and 29 DOM MLS # , listed on 12/1/2015 for 65,000 and 62 DOM MLS # and listed on on 9/5/14 for 73,500 and 132 DOM MLS # Comp Sale #3 has a prior expired listing which was listed on 4/18/13 with an original list price 27,900 and a final list price 15,000, 619 DOM MLS # Summary the Sales Comparison Approach: Land sales in the North Olmsted market are very limited. It was neccessary to go back in time to find buildable land comparable properties that were similar in size, location, and shape that were also interior lots less than an acre. The comparable land sales used were all very similar to the subject with these characteristics and no adjustments were needed. There were also 2 listing comparables used to show that the competition was in line with the value indication. Comparable listings are ten used to address the issue marketability and to show market evidence that the land valuation is within the range predominant value for the neighborhood market. *Comp #1: MLS # Sold Price: 25, Acres - Vacant lot in the heart North Olmsted--Bank Owned Sold As Is with No Disclosures-Previous home was demolished and is a build-able lot. *Comp #2: MLS Listing# Sold Price - 22, Acres - Buildable Lot Middle N.Olmsted- 82x279 *Comp #3: MLS Listing#: Sold Price - 16, Acres - Buildable lot in North Olmsted. House and garage on lot removed in Foundation collapsed and filled with clean fill. *Comp #4: MLS Listing#: Sold Price - 24, Acres - Buildable Lot - Treed Lot- Not Cleared *The sales comparison approach is the best approach to value for this type property in this market. The income and cost approaches were considered, but not used. Reconciliation Comments: The reconcilled value is based on similar comparable sales and the comparable listings show market evidence marketability and competition. The indicated value the vacant site is 25,000 based on past sales and current listing for similar sites. No adjustments were made for time, location, or size. The vacant parcels in this market were limited and sales over 12 months were used but the indicated value was not affected by any time differential as the market is stable for this property type. Property value appear to be increasing because limited supply, but sale prices are stable within the market. This appraisal is made "as-is" Subject to the following conditions or inspections: Based on a complete visual inspection the subject site and those improvements upon said site, defined scope work, statement assumptions and limiting conditions and appraiser's certification, my (our) opinion market value, as defined, the real property that is the subject this report is: Opinion Market Value: 25,000 as : 07/14/2016, which is the date inspection and the effective date this appraisal. 2

4 LAND APPRAISAL REPORT PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in control Homeowner's Association (HOA)? Yes No Unit type(s) Detached Attached Provide the following information for PUDs ONLY if the developer/builder the HOA and the subject property is an attached dwelling unit. Legal name project: Total number phases: Total number units: Total number units rented: Total number units for sale: Was the project created by the conversion an existing building(s) into a PUD? Does the project contain any multi-dwelling units? Yes Are the units, common elements and recreation facilities complete? No Total number units sold: Yes Data source(s): No If yes, date conversion: Data Sources: Yes No If no, describe the status completion. Describe common elements and recreational facilities: CERTIFICATIONS AND LIMITING CONDITIONS This report form is designed to report an appraisal a parcel land which may have some minor improvements but is not considered to be an "improved site". All improvements are considered to be relatively minor value impact on the overall value the site. This report is not designed to report on an "improved site" where significant value is derived from the improvements. This appraisal report form many be used for single family, multi-family sites and may be included within a PUD development. This appraisal report is subject to the following scope work, intended use, intended user, definition market value, statement assumptions and limiting conditions and certifications. Modifications, additions, or deletions to the intended use, intended user, definitions market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope work to include any additional research or analysis necessary based on the complexity this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material altercations to this appraisal report, such as those required by law or those related to the appraiser's continuing educations or membership in an appraisal organizations are permitted. SCOPE OF WORK: The scope work for this appraisal is defined by the complexity this appraisal assignment and the reporting requirements this appraisal report form, including the following definition market value, statement assumptions and limiting conditions and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection the subject site and any limited improvements, (2) inspect the neighborhood, (3) inspect each the comparable sales from at least the street, (4) research verify and analyze date from reliable public and/or private sources, and (5) report his or her analysis, opinions and conclusions in this appraisal report. INTENDED USE: The intended use this appraisal report is for the lender/client to evaluate the property that is the subject this appraisal for a mortgage finance transaction. INTENDED USER: The intended user this report is the lender/client identified within the appraisal report. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgebly, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation a sale as a specified date and passing title from the seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what they consider their own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms cash in United States dollars or in terms financial arrangements comparable thereto and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. ( Source OCC, OTS, FRS, & FDIC joint regulations published June 7, 1994) *Adjustments to the comparables must be made for special or creative concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result tradition law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms fered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost the financing or concession but the dollar amount any adjustment should approximate the market's reaction to the financing 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: 1. The appraiser will not be responsible for matters a legal nature that affect the subject property being appraised or the title to it, except for information that he or she became aware during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 3. The appraiser will not give testimony or appear in court because he or she made an appraisal the property in question unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 4. The appraiser has noted in this appraisal report any adverse conditions (such as the presence hazardous wastes, toxic substances, etc.) observed during the inspection the subject property or that he or she became aware during the research involved in peforming this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge any hidden or unapparent physical deficiencies or adverse conditions the subject property (such as, but not limited to, needed repairs, deterioration, the presence hazardous wastes, toxic substances, adverse enviromental 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 the engineering or testing that might be required to discover whether such conditions do exist. Because the appraiser is not an expert in the field environmental hazards, this appraisal must not be considered as an environmental assessment the property. APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope work requirements stated in this appraisal report. 2. I performed a complete visual inspection the subject site and any limited improvements. I have reported the information in factual and specific terms. I identified and reported deficiencies the subject site that could affect the utility the site and its usefulness as a building lot(s). 3. I performed this appraisal in accordance with the requirements the Uniform Standards Pressional Practice that were adopted and promulgated by the Appraisal Standards Board the Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion the market value the real property that is the subject this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them unless indicated elsewhere within this report as there are no or very limited improvements and these approaches to value are not deemed necessary for credible results and/or reliable indicators value for this appraisal assignment. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any fering for sale the subject property in the twelve months prior to the effective date this appraisal, and the prior sales the subject property for a minimum three years prior to the effective date this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales the comparable sales for a minimum one year to the date the sales the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result combining multiple transactions into one reported sale. 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. 10. I have verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing the subject property and comparable sales. 11. I have knowledge and experience in appraising this type property in this market area. 12. I am aware, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 3

5 LAND APPRAISAL REPORT CERTIFICATION AND LIMITING CONDITIONS (CONTINUED) I obtained the infomation, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable source that I believe to be true and correct. I have taken into consideration the factors that have an impact on value with the respect to the subject neighborhood, subject property, and the proximity the subject property to adverse influences in the development my opinion market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection the subject property or that I became aware during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis the property value, and have reported on the effect the conditions on the value and marketability the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and pressional analysis, opinions and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject this report, and I have no present or prospective interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin either the prospective owners or occupants or the subject property or the present owners or occupants the properties in the vicinity the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause any party, or attainment a specific result or occurence a specific subsequent event (such as approval a a pending mortgage loan application.) 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance this appraisal or preparation this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform 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. 20. I idenitified 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. 21. The lender/client may disclose or distribute this appraisal report to: the borrower, another lender at the request the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; pressional appraisal organizations; any department, agency, or instrumentality the United States; and any state, the District Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any or other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media.) 22. I am aware that any disclosure distribution this appraisal report by me or the lender/client may be subject to certain laws and regulations. Furtther, I am also subject to the provisions the Uniforms Standards Pressional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrowers, another lender at the request the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part any mortgage finance transaction that involves any one or more these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission this appraisal report containing a copy or representation my signature, the appraisal report report shall be as effective, enforceable and valid as if a paper version this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalities including, but not limited to, fine or imprisonment or bother under the provisions Title 18, United States Code, Section 1001, et seq., or similar laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either sub-contractor or an employee the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is accepted to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards or Pressional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic signature", as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission this appraisal report containing a copy or representation my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version this appraisal report were delivered containing my original hand written signature. Signature Name Signature Robert J. McGee Company Name 1162 Fireside Trail Company Address Broadview Heights, OH Telephone Number robert.mcgee@cox.net Address 07/21/2016 Date Signature and Report 07/14/2016 Effective Date Appraisal State Certification # Name or State License # State or Other (describe) State State # Company Name Company Address Telephone Number Address Date Signature State Certification # or State License # Expiration Date Certification or License OH Expiration Date Certification or License 04/12/2017 SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED APPRAISED VALUE OF SUBJECT PROPERTY LENDER/CLIENT Did not inspect subject property Did inspect exterior subject property from street 25,000 Date Inspection Did inspect interior and exterior subject property Date Inspection Kim Wenger The City North Olmsted COMPARABLE SALES Company Name 5200 Dover Center Rd. Did not inspect exterior comparable sales from street Company Address North Olmsted OH., Did inspect exterior comparable sales from street wengerk@north-olmsted.com Address Date Inspection Name 4

6 SUBJECT PHOTO ADDENDUM Borrower Property Address The City North Olmsted Lender/Client Address OH State Zip Code 5200 Dover Center Rd., North Olmsted OH., FRONT OF SUBJECT PROPERTY REAR OF SUBJECT PROPERTY STREET SCENE

7 COMPARABLES Borrower Property Address Lender/Client The City North Olmsted OH State Zip Code COMPARABLE SALE # 3946 Shelley Dr 1 COMPARABLE SALE # 4881 Porter Rd 2 COMPARABLE SALE # Alexander Rd 3 6

8 Comp Sale #4 & Listing Comparables #5 & #6 Borrower Property Address North Olmsted City The City North Olmsted Lender/Client OH State The undersigned has recited three recent sales properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar adjustment reflecting market reaction to those items significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to or more favorable than the subject property, a minus (-) adjustment is made thus reducing the indicated value subject; if a significant item in the comparable is inferior to or less favorable than the subject property, a plus (+) adjustment is made thus increasing the indicated value the subject. SUBJECT PROPERTY COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6 PP # (Walter Rd) 4564 Clague Rd PP# (Sterns Rd) miles NE 4.63 miles NE 0.82 miles E Proximity to Subject 23,000 Sales Price 24,000 25,700 Price Data Source NEOHRE MLS # , Realist, NEOHRE MLS # , Realist, NEOHRE MLS # , Realist, +(-) +(-) +(-) Date Sale and DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION Adjustment Adjustment Adjustment 03/05/2014 Time Adjustment Listed 5/22/15, 426 DOM Listed 2/10/15, 527 DOM Residential Residential Residential Residential Location 15,600 SF 12,800 SF 20,145 SF 18,726 SF Site/View Utilities Electric,Gas,Sewer,Water Electric,Gas,Sewer,Water Electric,Gas,Sewer,Water Electric,Gas,Sewer,Water Street Frontage Topography Level/Cleared Flat/Level Flat/Level Flat/Level Street Type Asphalt Asphalt Asphalt Asphalt Listing Listing Sales or Financing Concessions Plus 0 Plus 0 Plus 0 Net Adj.(Total) Minus Minus Minus Net=0% Net=0% Net=0% Indicated Value Gross=0% Subject 24,000 Gross=0% 25,700 Gross=0% 23,000 Comments on Market Data Comparable Sale #4 was first listed on May 9th, 2013 for,500 and sold for 24,000 on March 5th, Comparable MARKET DATA ANALYSIS Address #5 is currently active for sale, but was also listed for sale on 9/13/13 with a list price 35,000 and 538 DOM MLS # and the listing expired on 3/6/15. Comparable #6 is currently active for sale with an original list price 29,900 and a current list price 23,000 and was last COMMENTS sold at Sheriff Sale on 3/17/15 for 14,667. 7

9 COMPARABLES Borrower Property Address Lender/Client The City North Olmsted OH State Zip Code COMPARABLE SALE # 4 PP # (Walter Rd) COMPARABLE SALE # Clague Rd COMPARABLE SALE # 6 PP# (Sterns Rd) 8

10 COMPARABLES Borrower Property Address Lender/Client The City North Olmsted OH State Zip Code COMPARABLE SALE # Shelley Dr COMPARABLE SALE # Porter Rd COMPARABLE SALE # Alexander Rd 9

11 COMPARABLES Borrower Property Address Lender/Client The City North Olmsted OH State Zip Code COMPARABLE SALE # 4 PP # (Walter Rd) COMPARABLE SALE # Clague Rd COMPARABLE SALE # 6 PP# (Sterns Rd) 10

12 LISTINGS Borrower Property Address Lender/Client The City North Olmsted OH State Zip Code COMPARABLE LISTING # Clague Rd COMPARABLE LISTING # 6 PP# (Sterns Rd) COMPARABLE LISTING # 3 11

13 LOCATION MAP ADDENDUM Borrower Property Address Lender/Client The City North Olmsted OH State 12

14 LOCATION MAP ADDENDUM Borrower Property Address Lender/Client The City North Olmsted OH State Zip Code 13

15 LOCATION MAP ADDENDUM Borrower Property Address Lender/Client The City North Olmsted OH State Zip Code 14

16 Parcel Map Borrower Property Address Lender/Client The City North Olmsted State OH 15

17 FLOOD MAP ADDENDUM Borrower Property Address Lender/Client The City North Olmsted OH State Zip Code SUBJECT 16

18 Zoning Map & Aerial Site Map Borrower Property Address Lender/Client The City North Olmsted State OH 17

19 City Overview Map Borrower Property Address Lender/Client The City North Olmsted State OH 18

20 Market Area Research Borrower Property Address Lender/Client The City North Olmsted State OH 19

21 Market Research Neighborhood Borrower Property Address Lender/Client The City North Olmsted State OH 20

22 Market Research Neighborhood Borrower Property Address Lender/Client The City North Olmsted State OH 21

23 Market Research Neighborhood Borrower Property Address Lender/Client The City North Olmsted State OH 22

24 Market Research Neighborhood Borrower Property Address Lender/Client The City North Olmsted State OH 23

25 Market Research Neighborhood Borrower Property Address Lender/Client The City North Olmsted State OH 24

26 Market Research Neighborhood Borrower Property Address Lender/Client The City North Olmsted State OH 25

27 CMA Land Sales Borrower Property Address Lender/Client The City North Olmsted State OH 26

28 License Borrower Property Address Lender/Client The City North Olmsted State OH 27

29 E&O Declaration Borrower Property Address Lender/Client The City North Olmsted State OH