APPRAISAL OF REAL PROPERTY

Transcription

1 APPRAISAL OF REAL PROPERTY LOCATED AT, MD Lot 15, Block E shown on Plat A Section 4 Hallmark Manor, recorded in plat book 28/69 FOR 9 Sylvan Way Parsippany, NJ 754 OPINION OF VALUE 28, AS OF 3/15/217 BY Dennis Romagnano ADB Properties, Inc. 16 Katy Lane Towson, MD (41) dmr744@verizon.net Form GA2V - "TOTAL" appraisal software by a la mode, inc ALAMODE Page # 1 of 42

2 Loan # USPAP Compliance Addendum County File # State Page # 2 of MD Zip Code APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report is one of the following types: Appraisal Report This report was prepared in accordance with the requirements of the Appraisal Report option of USPAP Standards Rule 2-2(a). Restricted Appraisal Report This report was prepared in accordance with the requirements of the Restricted Appraisal Report option of USPAP Standards Rule 2-2(b). The intended user of this report is limited to the identified client. This is a Restricted Appraisal Report and the rationale for how the appraiser arrived at the opinions and conclusions set forth in the report may not be understood properly without the additional information in the appraiser's workfile. ADDITIONAL CERTIFICATIONS I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The report analyses, opinions, and conclusions are limited only by the reported assumptions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or specified) personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting 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. This appraisal report was prepared in accordance with the requirements of Title XI of FIRREA and any implementing regulations. PRIOR SERVICES I havenot performed 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 HAVEperformed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Those services are described in the comments below. PROPERTY INSPECTION I havenot made a personal inspection of the property that is the subject of this report. I HAVEmade a personal inspection of the property that is the subject of this report. APPRAISAL ASSISTANCE Unless otherwise noted, no one provided significant real property appraisal assistance to the person signing this certification. If anyone did provide significant assistance, they are hereby identified along with a summary of the extent of the assistance provided in the report. ADDITIONAL COMMENTS Additional USPAP related issues requiring disclosure and/or any state mandated requirements: MARKETING TIME AND EXPOSURE TIME FOR THE SUBJECT PROPERTY A reasonable marketing time for the subject property is A reasonable exposure time for the subject property is APPRAISER within 9 within 9 day(s) utilizing market conditions pertinent to the appraisal assignment. day(s). SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Signature Dennis Romagnano Date of Signature 3/17/217 State Certification # Name or State License # or State License # Name State Date of Signature State Certification # MD State Expiration Date of Certification or License 1/1/219 Expiration Date of Certification or License Supervisory Appraiser Inspection of Subject Property Effective Date of Appraisal 3/15/217 Did Not Exterior-only from Street USPAP Compliance Addendum 214 Interior and Exterior Page 1 of 1 Form ID14EC - "TOTAL" appraisal software by a la mode, inc ALAMODE

3 ADB Properties, Inc Uniform Residential Appraisal Report SUBJECT Page # 3 of 42 File # The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Owner of Public Record Laffoon, Lisa & Kevin D. County Legal Description Lot 15, Block E shown on Plat A Section 4 Hallmark Manor, recorded in plat book 28/69 Assessor's Parcel # Tax Year 216 R.E. Taxes $ 3,328 Neighborhood Name Parkville Map Reference KADC63A5 Census Tract 441. Occupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month Property Rights Appraised Fee Simple Leasehold Other (describe) $18 ground rent Assignment Type Purchase Transaction Refinance Transaction Other (describe) Address 9 Sylvan Way, Parsippany, NJ 754 Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No Report data source(s) used, offering price(s), and date(s). DOM 19;MRIS/public records. Per mls#bc , the subject was listed as a short sale on 12/11/61, at a list price of $179,9 and was marketed for 19 days before an offer to purchase was accepted. CONTRACT I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. Short sale;the appraiser analyzed a fully executed sales contract of 37pages, with a ratification date of 12/27/16. All terms and conditions are typical of local short sale transactions and no unusual, or atypical items were noted. Contract Price $ 179, Date of Contract 12/27/216 Is the property seller the owner of public record? Yes No Data Source(s) SDAT, Land Rec's Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No If Yes, report the total dollar amount and describe the items to be paid. $;; NEIGHBORHOOD Note: Race and the racial composition of the neighborhood are not appraisal factors. One-Unit Housing Trends Neighborhood Characteristics Location Urban Built-Up Over 75% Growth Rapid Neighborhood Boundaries Suburban 25-75% Stable Property Values Rural Under 25% Demand/Supply Slow Marketing Time Increasing Shortage Under 3 mths Stable In Balance 3-6 mths PRICE $ () The Beltway (695) to the north, Perring Parkway to the west, The line to the south and Double Rock park to the east. Neighborhood Description See attached addenda. Market Conditions (including support for the above conclusions) Present Land Use % 8 % % 1 % 1 % % One-Unit Housing Declining Over Supply Over 6 mths AGE (yrs) Low High Pred One-Unit 2-4 Unit Multi-Family Commercial Other See Attached Market Conditions Addendum Dimensions 66.12x171.22x14.43x135 Area sf Shape irregular View Specific Zoning Classification D.R. 5.5 Zoning Description Density Residential, 5.5 dwelling units per acre, see addendum Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe) Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe See attached IMPROVEMENTS SITE addenda. Off-site Improvements - Type Public Private Utilities Public Other (describe) Public Other (describe) Street asphalt Water Electricity Alley none Gas Sanitary Sewer FEMA Special Flood Hazard Area Yes No FEMA Flood Zone X FEMA Map # 24127F FEMA Map Date 9/26/28 Are the utilities and off-site improvements typical for the market area? Yes No If No, describe Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe There were no observable easements, encroachments or special assessments that would negatively impact the subject property. The site has an annual ground rent of $18. The site backs to a section of the Parkville Middle School, which is used as a baseball field. The view of the school is obstructed by a tree line barrier in the rear yard and the market data does not indicate any impact on value. General Description Foundation Exterior Description materials/condition Interior materials/condition Units One One with Accessory Unit Concrete Slab Crawl Space Foundation Walls Floors cinder block/avg wd/crpt/good # of Stories Full Basement Partial Basement Exterior Walls Walls 1.75 brick/vinyl/avg shtrk/good Type Det. Att. S-Det./End Unit Basement Area Trim/Finish baseboard/good 1,148 sq.ft. Roof Surface comp.shg/avg Existing Proposed Under Const. Basement Finish Bath Floor 5 % Gutters & Downspouts aluminum/avg ceramic/avg Design (Style) Outside Entry/Exit Sump Pump Window Type Bath Wainscot ceramic/avg cape cd dh-thermal/avg Year Built Evidence of Infestation Storm Sash/Insulated vinyl/avg Car Storage None 1962 Effective Age (Yrs) 2 Dampness Settlement Screens Driveway # of Cars yes/avg 1 Attic None Heating FWA HWBB Radiant Amenities Woodstove(s) # Driveway Surface conc/paver Drop Stair Stairs Other Fuel nat.gas Fireplace(s) # 1 Fence chain link Garage # of Cars 2 Floor Scuttle Cooling Central Air Conditioning Patio/Deck c.pat Porch covered Carport # of Cars Finished Heated Individual Other Pool none Other none Att. Det. Built-in Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Finished area above grade contains: 7 Rooms 4 Bedrooms 2.1 Bath(s) Additional features (special energy efficient items, etc.). See attached addenda. Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). Other (describe) 1,935 Square Feet of Gross Living Area Above Grade C3;Kitchen-remodeled-less than one year ago;bathrooms-remodeled-one to five years ago;see attached addenda. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Freddie Mac Form 7 March 25 UAD Version 9/211 Yes Yes Page 1 of 6 Form 14UAD - "TOTAL" appraisal software by a la mode, inc ALAMODE No If Yes, describe No If No, describe Fannie Mae Form 14 March 25

4 Page # 4 of Uniform Residential Appraisal Report File # There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 257,9 to $ 289,9 9 There are to $ 295, 17 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 255, FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 3115 Dubois Ave 335 California Ave 39 Moreland Ave SALES COMPARISON APPROACH, MD Proximity to Subject Sale Price Sale Price/Gross Liv. Area Data Source(s) Verification Source(s) VALUE ADJUSTMENTS Sales or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Room Count Gross Living Area Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck kitchen/baths $ $, MD miles W $ 179, sq.ft. $ DESCRIPTION, MD miles NW $, MD miles NW $ 295, sq.ft. $ 26, sq.ft. ext.insp/mris#bc ;dom 18 ext.insp/mris#bc96895;dom 47 SDAT/Public Records SDAT/Public Records DESCRIPTION +(-) $ Adjustment -3, -5, Total Bdrms. Baths Total Bdrms. Baths ,935 sq.ft. 1148sf574sfwu 1rrbr.1bao avg/4 br fha/cac. ext.insp/mris#bc982435;dom 2 ArmLth Conv; s1/17;c12/16 18 ground rent fee simple sf 154 sf DT1.75;cape coddt1.5;rancher Q4 Q C3 C3 7 $ 285, sq.ft ,962 sq.ft. 123sf515sfwo 1rr1br1.bao avg/4 br fha/cac thermal window storm window 2gd1dw 2gd1dw c.pr,c.pat,fn,sh cv.pr,dk,pat,fn renv kit/up ba renv kit/up ba 1 f/p 2 f/p n/a 1/31/217 DESCRIPTION SDAT/Public Records +(-) $ Adjustment ArmLth Conv;5 s1/16;c9/16 fee simple 18 sf DT1.75;cape cod Q4 69 C3-4, -3, +5, Total Bdrms. Baths +2, ,94 sq.ft. 8sf33sfin -3,5 1rrbr.1bao avg/4 br fha/cac +5, thermal window 2gd4dw +1,5 cv.por,fence upd kit/ba's -2,5 2 f/p,fin.over gr 1/28/ $ -5,5 f/p/sec.syst/other settlement date Net Adjustment (Total) + - $ Adjusted Sale Price Net Adj. Net Adj. 1.9 % 2.7 % of Comparables Gross Adj. 7.9 % $ 279,5 Gross Adj % $ I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain DESCRIPTION +(-) $ Adjustment ArmLth FHA;65 s9/16;c8/16 fee simple 1356 sf DT1.5;cape cod Q4 8 C3-6, -3, Total Bdrms. Baths -1, ,511 sq.ft. +3,5 156sf33sfin 1rrbr1.bao avg/3 br fha/cac +5, +1,6-1, +2,5 thermal window -3, +4,5 +2,5-12,5-8, 2gd1dw cv.pr,dk,fence st kit/1 ren ba 1 f/p 9/16/16 + Net Adj. 287, Gross Adj. - $ 6. % 13.7 % $ +2,5 +5, 15,6 275,6 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) Metropolitan Regional Information Systems (MRIS). Maryland Department of Assessments and Taxation (SDAT). My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data Source(s) Metropolitan Regional Information Systems (MRIS). Maryland Department of Assessments and Taxation (SDAT). Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) MRIS, SDAT Public Rec. MRIS, SDAT Public Rec. MRIS, SDAT Public Rec. MRIS, SDAT Public Rec. Effective Date of Data Source(s) 3/17/217 3/17/217 3/17/217 3/17/217 Analysis of prior sale or transfer history of the subject property and comparable sales There were no prior sales of the subject or sales within the indicated time frames, per the local mls, public records and MDAT. Summary of Sales Comparison Approach Comparable 1 is the most recently settled, required the least adjustment and is given the primary consideration. Sales 2 & 3 settled within 6 months of the effective date of the report, are similar to the subject in condition and updates and are given a secondary weighting. Comparable 4 is a pending sale and comparable 5 is an active listing. They are included as representative samples of the current listing inventory that is competitive with the subject and for additional support for value and current market conditions. See the addendum for additional Sales Comparison comments. RECONCILIATION Indicated Value by Sales Comparison Approach $ 28, Indicated Value by: Sales Comparison Approach $ 28, Cost Approach (if developed) $ 28,59 Income Approach (if developed) $ Sales Comparison Analysis is most applicable since it reflects value in the eyes of a typical buyer. The Cost Approach was given little consideration due to the age of the subject and absence of lot sale data. Most detached properties are purchased for amenity benefits and not to generate income. Therefore, there was insufficient data for development of the Income Approach. This appraisal is made "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: See attached addenda. Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $ 28,, as of, which is the date of inspection and the effective date of this appraisal. 3/15/217 Freddie Mac Form 7 March 25 UAD Version 9/211 Page 2 of 6 Form 14UAD - "TOTAL" appraisal software by a la mode, inc ALAMODE Fannie Mae Form 14 March 25

5 Uniform Residential Appraisal Report Page # 5 of File # FHA Repair Conditions Cosmetic repairs are not required; however, they were considered in the overall condition rating and valuation of the property. Any such cosmetic repairs affecting the subject, if applicable are reported in the improvements section (Page 1) of the 14 appraisal form. The physical condition of existing building improvements were examined at the time of the appraisal to determine whether repairs or alterations are necessary - essential to eliminate conditions threatening the continued physical security of the property. Required repairs and/or alterations are limited to necessary requirements to: Protect the health and safety of the occupants (Safety) Protect the security of the property (Security) Correct physical deficiencies or conditions affecting structural integrity (Soundness) ADDITIONAL COMMENTS The appraiser notes those repairs below that are necessary to make the property comply with FHA?s Minimum Property Requirements (MPR) or Minimum Property Standards (MPS) together with estimated repair costs. If no inspections are required and no repairs listed below, the property does therefore conform to FHA's MPR and MPS. The appraiser certifies and agrees that this appraisal was prepared in accordance with the requirements of Title XI of the Financial Institutions, Reform, Recovery, and Enforcement Act (FIRREA) of 1989, as amended (12 U.S.C et seq.), and any applicable implementing regulations in effect at the time the appraiser signs the appraisal certification COST APPROACH TO VALUE (not required by Fannie Mae) Provide adequate information for the lender/client to replicate the below cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) The site value is estimated by allocation and COST APPROACH is consistent with assessed ratios and comparable properties in the area. ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW Source of cost data Marshall & Swift Quality rating from cost service avg Effective date of cost data 12/16 Comments on Cost Approach (gross living area calculations, depreciation, etc.) OPINION OF SITE VALUE DWELLING 1,935 $ basement 1,148 $ The Marshall & Swift Residential Cost Handbook was used for the development of the cost approach. Physical depreciation was based on the effective age/total economic life analysis. Based on a total economic life of 7 years, the remaining economic life is estimated at 5 years. Garage/Carport 75 $ 25. Total Estimate of Cost-New Less Physical Functional External Depreciation 76,23 Depreciated Cost of Improvements "As-is" Value of Site Improvements INCOME Estimated Remaining Economic Life (HUD and VA only) ap,fp,c.p,cv.p,fn,sh 5 Years INDICATED VALUE BY COST APPROACH INCOME APPROACH TO VALUE (not required by Fannie Mae) X Gross Rent Multiplier =$ =$ =$ =$ =$ =$ =$ 85, 174,15 45,92 28, 18,75 266,82 =$( =$ =$ 76,23) 19,59 5, =$ 28,59 Estimated Monthly Market Rent $ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) The income approach was not developed due to the lack of sold, rented comparables in the subject's immediate neighborhood from which to derive a reliable GRM and/or is not necessary to produce a credible report. PUD INFORMATION PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Unit type(s) Detached Attached Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit. Legal Name of Project Total number of phases Total number of units Total number of units sold Total number of units rented Total number of units for sale Data source(s) Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion. Does the project contain any multi-dwelling units? Yes No Data Source Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion. Are the common elements leased to or by the Homeowners' Association? Yes No If Yes, describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Form 7 March 25 UAD Version 9/211 Page 3 of 6 Form 14UAD - "TOTAL" appraisal software by a la mode, inc ALAMODE Fannie Mae Form 14 March 25

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

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

8 Uniform Residential Appraisal Report Page # 8 of File # The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 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 of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 11, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" defined in applicable federal and/or state laws (excluding audio and appraisal report containing a copy or representation of my signature, valid as if a paper version of this appraisal report were delivered containing my "electronic signature," as those terms are video recordings), or a facsimile transmission of this the appraisal report shall be as effective, enforceable and containing my original hand written signature. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Dennis Romagnano Company Name ADB Properties, Inc. Company Address 16 Katy Lane Signature Name Company Name Company Address Towson, MD Telephone Number (41) Address dmr744@verizon.net Date of Signature and Report 3/17/217 Effective Date of Appraisal 3/15/217 State Certification # or State License # or Other (describe) State # Expiration Date of Certification or License 1/1/219 ADDRESS OF PROPERTY APPRAISED, MD APPRAISED VALUE OF SUBJECT PROPERTY $ 28, LENDER/CLIENT Name Land Gorilla Company Name Company Address 9 Sylvan Way, Parsippany, NJ 754 Address Freddie Mac Form 7 March 25 UAD Version 9/211 Telephone Number Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY Did not inspect subject property Did inspect exterior of subject property from street Date of Inspection Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street Date of Inspection Page 6 of 6 Form 14UAD - "TOTAL" appraisal software by a la mode, inc ALAMODE Fannie Mae Form 14 March 25

9 Uniform Residential Appraisal Report FEATURE SALES COMPARISON APPROACH Address Proximity to Subject Sale Price Sale Price/Gross Liv. Area Data Source(s) Verification Source(s) VALUE ADJUSTMENTS Sales or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Room Count Gross Living Area Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck kitchen/baths SALE HISTORY SUBJECT, MD $ $ COMPARABLE SALE # 4 $ 179, sq.ft. $ File # COMPARABLE SALE # 6 COMPARABLE SALE # Evergreen Dr, MD miles W Page # 9 of Moreland Ave, MD miles NW $ 284, sq.ft. $ $ 269, sq.ft. $ sq.ft. ext.insp/mris#bc987378;dom 13 ext.insp/mris#bc ;dom 148 SDAT/Public Records DESCRIPTION DESCRIPTION Listing c3/17 18 ground rent fee simple sf 55 sf DT1.75;cape coddt1.5;cape cod Q4 Q C3 C3 SDAT/Public Records +(-) $ Adjustment -3, +1, -5, Total Bdrms. Baths Total Bdrms. Baths ,935 sq.ft. 1148sf574sfwu 1rrbr.1bao avg/4 br fha/cac ,556 sq.ft. 18sf3sfwu 1rrbr.1bao avg/4 br fha/cac 1dw cv.por,pr,pat,fn ren kit/ba's 1 f/p,sec.syst cd 3/12/217 Active fee simple 113 sf DT1.75;cape cod Q4 66 C3 +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment -2,7-3, +2,5-5, Total Bdrms. Baths +2, ,5 1,851 sq.ft. 1163sf384sfwo +5, 1rrbr.1bao avg/3 br fha/cac thermal window thermal window 2gd1dw c.pr,c.pat,fn,sh renv kit/up ba 1 f/p n/a DESCRIPTION -2,8 Listing Total Bdrms. Baths +5, sq.ft. +2,5 thermal window +7,5 +1,5-7,5-2,5 14,7 1gd1dw cv.pr,dk,pat,fn renv kit/up ba 3 f/p n/a +3, +2,5 f/p/sec.syst/other -5, settlement date Net Adjustment (Total) + - $ + - $ + - $ -2 Adjusted Sale Price Net Adj. Net Adj. Net Adj. % 5.2 %.1 % of Comparables Gross Adj % $ % $ 299,6 Gross Adj % $ 269,7 Gross Adj. Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) MRIS, SDAT Public Rec. MRIS, SDAT Public Rec. MRIS, SDAT Public Rec. Effective Date of Data Source(s) 3/17/217 3/17/217 3/17/217 Analysis of prior sale or transfer history of the subject property and comparable sales There were no prior sales of the subject or sales within the indicated time frames, per the local mls, public records and MDAT. The higher than typical marketing time for comparable 5 indicates overpricing. See addendum for comments. ANALYSIS / COMMENTS Analysis/Comments Freddie Mac Form 7 March 25 UAD Version 9/211 Form 14UAD.(AC) - "TOTAL" appraisal software by a la mode, inc ALAMODE Fannie Mae Form 14 March 25

10 MARKET RESEARCH & ANALYSIS Market Conditions Addendum to the Appraisal Report Page # 1 of File No 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. ZIP Code Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends and overall market conditions as reported in the Neighborhood section 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 12 Months Prior 4 6 Months Current 3 Months Overall Trend Total # of Comparable Sales (Settled) Increasing Stable Declining Increasing Stable Declining Absorption Rate (Total Sales/Months) Declining Stable Increasing Total # of Comparable Active Listings 9 Declining Stable Increasing Months of Housing Supply (Total Listings/Ab.Rate) 4.5 Median Sale & List Price, DOM, Sale/List % Overall Trend Prior 7 12 Months Prior 4 6 Months Current 3 Months Increasing Stable Declining Median Comparable Sale Price 269,95 26, 275, Declining Stable Increasing Median Comparable Sales Days on Market Increasing Stable Declining Median Comparable List Price 269,9 Declining Stable Increasing Median Comparable Listings Days on Market 7 Increasing Stable Declining Median Sale Price as % of List Price Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable 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.). The average seller concessions within the defined neighborhood boundaries, in chronological order by time frame are: $2,667 in the prior 7-12 months, $5,31 in the prior 4-6 months and $5,75 in the current 3 months. While seller concessions are typical in the area, they are not significant as a percentage of sales and vary with respect to pricing. Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties). See attached addenda. Cite data sources for above information. MRIS, (Metropolitan Regional Information Systems, Inc.) The listing data for areas above that are reported as are not available because comparable active listings from a previous time period (historical listing data) are not available in MRIS. The overall trends for these categories/shaded areas could not be determined. Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. APPRAISER CONDO/CO-OP PROJECTS See attached addenda. 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) Increasing Stable Declining Absorption Rate (Total Sales/Months) Increasing Stable Declining Total # of Active Comparable Listings Declining Stable Increasing Months of Unit Supply (Total Listings/Ab.Rate) Declining Stable 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. Signature Appraiser Name Dennis Romagnano Company Name ADB Properties, Inc. Company Address 16 Katy Lane, Towson, MD State License/Certification # Signature Supervisory Appraiser Name Company Name Company Address State License/Certification # Address Address dmr744@verizon.net Freddie Mac Form 71 March 29 Page 1 of 1 State Fannie Mae Form 14MC March 29 Form 14MC2 - "TOTAL" appraisal software by a la mode, inc ALAMODE

11 Supplemental Addendum County Page # 11 of 42 File No Clarification on Statement of Assumptions and Limiting Conditions #3, Page 4 Reporting for FEMA Special Flood Hazard Area was obtained through an Internet data source provided by ala mode appraisal software. By direction of lender/client, the appraiser reports what can be determined through the Internet data source but does not examined or included available flood maps developed by FEMA. The lender/client obtains flood zone certification from a third party vendor. Clarification on Certification #2, Page 5 "I performed a complete visual inspection of the interior and exterior areas of the subject property..." A complete visual inspection includes areas readily observable defined as observations made by the appraiser of conditions that are immediately discernible and noticeable during the typical site visit. The appraiser is not required to move furniture, equipment or cause damage to the property. The appraiser's inspection of the attic and/or crawl space if applicable is limited to head and shoulders access unless otherwise stated in this report. HUD MPR'S After completion of the 23K repairs and renovations and the MPR repairs for FHA compliance, the subject property will meet HUD minimum property standards per HUD Handbook 4.1, as well as all applicable mortgagee letters. Intended User HUD/FHA is added as an additional intended user. The Intended User of this appraisal is the and FHA. The intended use of the appraisal is to support FHA's Decision to provide mortgage insurance on the real property that is the subject of the appraisal. The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction and to support the underwriting requirements for an FHA-insured mortgage, subject to the stated Scope of Work, purpose of the appraisal, reporting requirement of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser. Intended Use "The intended use of the appraisal is solely to assist FHA in assessing the risk of the property securing the FHA -insured mortgage (24 CFR 2.145(b)). FHA and the Mortgagee are the intended users of the appraisal report. The FHA Appraiser does not guarantee that the property is free from defects. The appraisal establishes the value of the property for mortgage insurance purposes only." AIR Statement and Disclosure: The Appraiser Independence guidelines outlined by FNMA, FMHLC and FHFA, were strictly adhered in the development of this report. The appraiser was not influenced or in any way with the development, reporting, result, or conclusion of value. Head and Shoulders Inspection of the Attic A head and shoulders inspection of the attic was completed. Smoke and Carbon Monoxide Detectors Smoke and carbon monoxide detectors were present in the subject property. Expanded Scope of Work Scope of Work: The amount and type of information researched and the analysis applied in an assignment. Scope of work includes, but is not limited to, the following: The degree to which the property is inspected or identified; The extent of research into physical or economic factors that could affect the property; The extent of data research; and The type and extent of analysis applied to arrive at opinions or conclusions. The appraisal is based on information gathered by the appraiser from a visual inspection of the interior and exterior of the subject property and a visual inspection of the subject neighborhood in the immediate vicinity of the subject property and comparable sales. Observations made at the subject property and in the subject neighborhood are based on readily observable conditions at the time of inspection and did not include the removal of snow, any natural or organic debris, or the movement of any personal property. Data collection sources also include Metropolitan Regional Information Systems (MRIS) data, public records, Flood Insights, and other identified sources. The original source of the Comparable Sales presented in the Sales Comparison Approach is shown in the Data Source section of the Sales Comparison Approach along with the source of confirmation, if available. The original source is presented first. The sources and data are considered reliable. When conflicting information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included in the report nor was it used as a basis for the value conclusion. The subject and comparable properties are compared regarding the four major elements of comparison (including all sub-elements) and necessary market extracted adjustments are utilized to arrive at an indicated value by direct sales comparison. After adjusting the comparables to the subject property, the appraiser follows a thoughtful and thorough reconciliation process to arrive at the opinion of market value, as defined as of the effective date of the appraisal and stated in the Limiting Conditions which are found on page four of this report. The appraiser's inspection was not technically exhaustive. The appraiser is not a home inspector, building Form TADD - "TOTAL" appraisal software by a la mode, inc ALAMODE

12 Supplemental Addendum County Page # 12 of 42 File No contractor or engineer. The appraiser is not qualified or competent to detect items not readily observable. The appraiser's inspection is undertaken to help determine the market value of the property and is not a home inspection. The appraiser does not guarantee the condition of the house, its equipment, appliances or systems or that the property is free from defects. The appraiser performs an inspection of readily apparent visible accessible areas only and mold may or may not be present in areas the appraiser cannot see. The appraiser has not tested the property's insulation or for the presence of radon gas, lead, etc. Unless otherwise noted, the insulation adequacy is considered typical of the neighborhood and every effort has been made to confirm such adequacy with the owner, occupant or other party knowledgeable about the property. No obvious evidence of termites or pest infestation exists unless otherwise noted on the appraisal report. The appraiser is not qualified to detect termites or other such infestations. Termite inspections are customary in the area and should be performed by a qualified pest control expert. No opinion is rendered in the appraisal report as to the structural integrity of the residence, nor would the report be considered as a substitute for a professional home inspection which could detect significant defects in the property, which, if present and discovered may have a negative impact on the opinion of market value. Any users of this report having concerns about structural integrity, mechanical systems, infestation, contamination or other issues about the subject property are urged to consult the services of an expert or person trained in the particular field(s) of concern. Any "Cost To Cure" opinion rendered by the appraiser is based on a casual observation only and contains no estimates for items beyond the scope of work for a visual observation. The appraiser is not qualified as a home inspector or contractor and if the reader/intended user has any concerns about the cost to cure, then it is recommended that the reader engage a qualified professional to develop a detailed estimate. APPRAISER CERTIFICATION OF COMPLIANCE AND NON-COERCION Regarding Appraisal of Subject Property located at:,, MD The undersigned, and authorized representative of the below named appraiser, appraisal company, or appraisal management company (the "Appraiser") conducting the appraisal of the Subject Property and preparing the Appraisal Report, hereby certifies that: 1. The Appraiser conducted the appraisal and prepared the Appraisal Report in full compliance with the Uniform Standards of Professional Appraisal Practice (USPAP), the Dodd - Frank Act and all applicable state and federal laws and regulations. 2. The appraisal of the Subject Property was conducted, and the Appraisal Report was prepared, by one, or more, qualified and duly licensed or certified real estate appraisers in compliance with applicable state and federal law. 3. The Appraiser conducting the appraisal of the Subject Property has knowledge and experience in appraising this type of property in the market area within which the Subject Property is located. The Appraiser agrees to notify the Client if it is later determined that the Appraiser is not qualified. 4. Texas Only: The Appraiser is aware that misrepresentation of competency is subject to mandatory reporting to the TALCB as required by the Texas regulations. 5. The Appraiser was not provided any predetermined or desired valuation of the Subject Property by the Client or any third party, except, if applicable, the Appraiser was provided a photocopy of any pending sales contract and addenda thereto, as permitted by the Dodd - Frank Act and required by USPAP standards rule 1-5 (a). 6. The Appraiser was not influenced by the Client or any third party in determining the valuation of the Subject Property and no attempt was made by the Client or any third party to influence the valuation of the Subject Property through coercion, extortion, collusion, compensation, inducement, intimidation, bribery or in any other manner. 7. The Appraiser has adopted and enforces written policies and procedures implementing the Dodd - Frank Act with respect to all its business activities. The Appraiser provides its officers, employees, and agents' adequate training on appraiser independence, including the principles set forth in the Dodd - Frank Act, and has mechanisms in place to report and discipline any of its officers, employees, or agents who violate its policies and procedures. This Certification of Compliance and Non-Coercion is cumulative of any other or additional certifications that may be set forth in the Appraisal Report and does not revoke, amend or modify the terms or standards of engagement with respect to the Appraisal Report. Photograph Certification The photographs used in this appraisal report were produced with digital imaging technology. The digital photographs of the subject property in this report are original photographs that were taken at the time of inspection and have not been altered or enhanced in any way. If applicable, the appraiser personally inspected and photographed the comparable sales used in the appraisal report, however, some of the photographs of the comparable sales may have been downloaded from an on-line provider since these images better depict the comparable at the time of sale. The photographs used in this appraisal report are a true and correct representation of the subject property and the comparable sales. URAR: Neighborhood - Description The neighborhood is comprised of single family attached and detached properties, apartments and commercial uses, which are predominantly located along the Harford Road and Putty Hill Avenue corridors. The houses are generally well maintained and range from those with little recent updating, to complete renovations. Harford Road provides convenient access to retail shopping and dining facilities. The predominant neighborhood price reflects properties that are competitive with the subject. Density Residential Intent: To foster a greater variety of housing types meeting the needs of different housing market requirements; to allow Form TADD - "TOTAL" appraisal software by a la mode, inc ALAMODE

13 Supplemental Addendum County Page # 13 of 42 File No more preservation of natural features and induce the reservation of better open space; to provide greater certainty about dwelling types and densities within existing communities with the goal of conserving and maintaining these areas. Typical Uses Permitted by Right: DR-1: 1 unit/acre DR-2: 2 units/acre DR-3.5: 3.5 units/acre Single family, semi-detached, duplex allowed in each zone. DR-5.5: 5.5 units/acre DR-1.5: 1.5 units/acre DR-16: 16 units/acre Single family, semi-detached, duplex, single family attached* and multifamily* allowed in each zone. *Must meet finding of compatibility standards in DR 5.5. Other: Churches, hospitals, family child care, assisted living (Class A). Typical Uses Permitted by Special Exception: Convalescent homes, community buildings, Class B (up to 4 children) group child care, assisted living facilities (Class B, new or modified building), professional offices in the home (max. 25% of floor area). Notes: No minimum lot width and lot area required for subdivisions greater than 6 lots. See Comprehensive Manual of Development Policies for standards. See 1B2.3.C.1 for standards applied if development is less than six lots. Highest and Best Use The subject is a legally permissible based on its current zoning. The lot size, shape and land to building ratio allow the present structure and indicate a good utilization of the improvements. Based on current market conditions, the existing structure as a single family residence is its financially feasible and maximally productive use. The highest and best use, as if vacant, would be to construct a single family residence. Garage and Shed Interior Inspection The subject site was covered with snow and ice at the time of the inspection, with frozen snow and ice banked on the entrance doors to the garage and shed. Due to the snow and ice cover interior inspection of these areas was not possible at the time of inspection. URAR: Improvements - Additional Features Thermal windows, gas fired heat with central air conditioning, a gas fireplace in the family room and 2 amp electrical service. There is a covered front porch, a covered rear patio and a fenced rear yard with a storage shed and detached garage. The kitchen has quartz counters and there master bathroom has ceramic floors and shower. URAR: Subject - Overall Condition of the Property Based on an interior and exterior inspection of the improvements, the overall condition is rated at C3. The subject is to be renovated and the appraisal is made subject to the 23K repairs and renovations, as well as certain conditions for FHA compliance based on the Hypothetical Condition that the repairs and renovations have been completed as of the effective date of the report. The use of the Hypothetical Condition may have affected the assignment results. The renovations are to include installation of a 5 foot sliding glass door from the dining room to the rear patio, repair of siding, replacement of the front porch post, replacement of the railing at the top of the basement areaway and installation of a handrail on the exterior basement stairs. Handrails are to be installed rear steps. The steps from the driveway to the porch are to be leveled, scraping and painting of the garage fascia boards and installation of a 7 foot trench to run a service cable to the garage. The interior is to be painted and wood flooring is to be installed on the first floor and carpet in the family room in the basement and second level. New master bedroom entrance, closet and bath doors. The master bedroom closet is to be framed and joists and beams are to be repaired as needed. The kitchen is to be gutted and renovated, with quartz counters, new cabinets, appliances, fixtures, wood flooring and new moldings. A kitchen wall is to be removed to provide for an open and contemporary floor plan. The plumbing updates and repairs include installation of a pressure relief tank and overflow pan to water heater, new kitchen plumbing and bathroom trap. The electric is to be updated with a new 2 amp service and electric provided to the garage. The ac condenser is to be leveled and a new 9% efficient gas furnace is to be installed. The basement stairway drain will be cleaned out and 2 new sump pumps are to be installed. The basement exterior door and areaway walls are to be scraped and painted, with scraping completed in compliance with MDE standards for scraping, encapsulation of the area and removal of all paint particles and debris. The leak at the toilet supply line in the first level powder room is to be repaired. After completion of the 23K repairs and renovations and the MPR repairs for FHA compliance, the subject property will meet HUD minimum property standards per HUD Handbook 4.1, as well as all applicable mortgagee letters. URAR: Sales Comparison Analysis - Summary of Sales Comparison Approach Due to the limited amount of comparable data in the subject's market segment, it was necessary to use an expanded search radius and include one listing comparable that is located more than 1 mile from the subject. It is noted that all of the comparables are located within the defined neighborhood boundaries and reflect likely alternate choices that a typical buyer of the subject would consider. Form TADD - "TOTAL" appraisal software by a la mode, inc ALAMODE

14 Supplemental Addendum County Page # 14 of 42 File No The seller concession adjustments for sales 2 & 3 reflect the appraiser's estimate of what each property would have sold for if the concessions were not offered. Since the buyer and seller were each aware of the exact amount of the concession, it is felt that it was negotiated as part of the contract and influenced the final sales price. Ground rents in the Area are 99 year renewable leases for the use of the land. Ground rent fees are an annual fee that is assessed in semi-annual installments. They are generally not escrowed for and the ground rent owners have land rights that include foreclosure for non-payment. They are fully redeemable and the ground rent adjustments reflect the annual ground rent with a capitalization rate of 6%. This is a state mandated rate and does not adjust with the market. Ground rents are typical within the Greater area. The adjustments reflect the leasehold estate of the subject. Properties with ground rents are readily marketable and buying a leasehold versus fee simple property is not a consideration for the typical buyer, due to the low amount of the typical annual rent. While properties with ground rents are typical throughout County and the city, this may not be reflected in the most comparable data that is available for a given property. This is a result of the selection of properties that are most similar to the subject with respect to condition, size, style and location. Since the typical buyer does not place significant weight on leasehold versus fee simple properties, it is a secondary consideration in the data selection process. The site adjustments reflect differences in lot size, topography and landscaping as compared to the subject. Comparable 1, while similar in lot size and topography, had extensive landscaping that was superior to the subject. Comparable 2 was inferior in lot size and similar in landscaping and topography. Comparable 3 was similar to the subject in all site attributes. The adjustments for comparables 4 & 5 reflect differences in site size as compared to the subject. The quality adjustments reflect differences in exterior construction as compared to the subject. Comparables 4 & 5 are common brick construction, which is superior to the partial brick veneer on the subject. No adjustments were warranted for comparables 1, 2 & 3 due to the limited amount of brick veneer on the subject. The functional utility adjustments for comparables 3 & 5 reflect the inferior utility and desirability of a 3 bedroom floor plan as compared to the 4 bedrooms in the subject. The kitchen and bathroom adjustments reflect differences in the quality of the finish, appliances and fixtures, as compared to the subject. The subject has a renovated kitchen and one updated bath. Comparable 2 has updates to all baths. Comparable 3 has an updated kitchen and one renovated bath. Comparable 4 has a renovated kitchen and bathrooms, with comparables 1 & 5 being similar to the subject in kitchen and bath updates, with no adjustments warranted. Comparable 2 has a finished area over the garage that contains a finished area that could be used as a recreation room and a full bath. This area has sheetrock on the walls and ceilings, has baseboard heat and is cooled with a ductless, wall mounted ac system. This area is adjusted in the line item for fireplace/sec.system/other. Site Value The subject's site value exceeds 3% of the property's total market value. This is due to positive locational influences and has no adverse effect on marketability. The subject's site value is typical of similar sites in the area and is typical of the ratio in neighborhoods containing older housing. This is due to the depreciation of the physical improvements over time, along with a general trend of long term increasing site values. URAR: Conditions of Appraisal No warranty of the appraised property is given or implied. No personal property was considered in the final opinion of value. The appraisal is made subject to the following repairs/inspections: 1) 23K repairs per contractor's bid: installation of a 5 foot sliding glass door from the dining room to the rear patio, repair of siding, replacement of the front porch post, replacement of the railing at the top of the basement areaway and installation of a handrail on the exterior basement stairs. Handrails are to be installed rear steps. The steps from the driveway to the porch are to be leveled, scraping and painting of the garage fascia boards and installation of a 7 foot trench to run a service cable to the garage. The interior is to be painted and wood flooring is to be installed on the first floor and carpet in the family room in the basement and second level. New master bedroom entrance, closet and bath doors. The master bedroom closet is to be framed and joists and beams are to be repaired as needed. The kitchen is to be gutted and renovated, with quartz counters, new cabinets, appliances, fixtures, wood flooring and new moldings. A kitchen wall is to be removed to provide for an open and contemporary floor plan. The plumbing updates and repairs include installation of a pressure relief tank and overflow pan to water heater, new kitchen plumbing and bathroom trap. The electric is to be updated with a new 2 amp service and electric provided to the garage. The ac condenser is to be leveled and a new 9% efficient gas furnace is to be installed. The basement stairway drain will be cleaned out and 2 new sump pumps are to be installed. The estimated cost of the repairs, renovations, 15% contingency fee and draw inspections is $78,316. FHA repairs are: 1) Scrape and paint the basement exterior door and areaway walls, with scraping completed in compliance with MDE standards for scraping, encapsulation of the area and removal of all paint particles and debris. Estimated cost $5. 2) Have a licensed plumber repair the leak at the supply line in the first level powder room. Estimated cost $2. After completion of the 23K repairs and renovations and the MPR repairs for FHA compliance, the subject property Form TADD - "TOTAL" appraisal software by a la mode, inc ALAMODE

15 Supplemental Addendum County Page # 15 of 42 File No will meet HUD minimum property standards per HUD Handbook 4.1, as well as all applicable mortgagee letters. Market Conditions Addendum to the Appraisal Report: Summary of Market Conditions The analysis screened the data for properties that were similar to the subject in age, size, condition, degree of renovation, are located within the defined neighborhood boundaries and were deemed to be competitive with the subject. With consideration given to the limited amount of comparable data, as well as variations within the population, the data indicates stable market conditions, with appropriately priced houses typically selling within 6 days. Properties that are overpriced will receive little or no buyer interest until the list price is reduced to within 11% of market value. The list to sale ratio was calculated as a median of the sales in the inventory analysis, with a ratio of 99% indicated. An analysis of the data indicates that the variations in the median prices reflect differences in the extent and quality of renovations, amenities and do not reflect a trend in value. The active listings and pending sales are included in aggregate in the analysis, with 5 active listings and 4 pending sales, indicating a 2.5 month housing supply at the current sales rate, based on the active/available inventory. While the supply is somewhat limited in this segment, it is felt to be in balance. Housing inventory of 2 months or less would reflect a shortage of supply. Market Conditions Addendum to the Appraisal Report: Foreclosure/REO Sales in the Market Reo and short sales are significant as a percentage of the total sales and listings of detached houses within the defined neighborhood boundaries. They were approximately 18% of total sales in the first six months of the twelve months that were analyzed, 14% in the prior 4-6 month period, 12% in the most recent period and 23% of active listings and pending sales. Reo and short sales represent a submarket within the general neighborhood. Short sales typically sell at a discount to owner sales, while many reo properties sell within the range of comparable investor sales. They are readily marketable, when appropriately priced. While they are significant as a percentage of the total neighborhood sales, the listing and sales analysis indicates that they have not negatively impacted value. While the listing inventory of reo and short sales has increased from the percentage of sales, the analysis does not indicate any impact on pricing as of the effective date of the report. Form TADD - "TOTAL" appraisal software by a la mode, inc ALAMODE

16 Page # 16 of 42 FHA 23K Addendum FHA Case# County Proposed repairs are based on the information from the client Description Amount 78,316. See Contractor Bid Addendum Total Amount of Repairs $ 78,316. A Additional repairs required to meet HUD requirements If repairs are required that are not included in the repairs list provided by the client Description Scrape and paint the peeling and scaling areas on exterior basement door, jambs and areaway walls Have a licensed plumber repair the leak at the toilet supply line in the 1st level powder room Total Amount of Repairs $ Total Repairs (A+B) $ Amount ,16. A+B Estimated value of the Subject Property ''AS IS'' / Required on Refi's ONLY $ Appraisers Value of the Subject Property ''AS REPAIRED'' $ The ''As Repaired'' Value is based on the completion of the items and includes the added marketability of the property due to the repairs. The appraiser has reviewed comparables in a similar, updated condition, in order to arrive at an ''As Repaired'' Value. Additional photos have been provided of ALL items that are subject to repairs. Form H23KRA - "TOTAL" appraisal software by a la mode, inc ALAMODE B

17 Page # 17 of 42 CAUTION OMB Approval No: (exp. 7/31/29) U.S. Department of Housing and Urban Development Federal Housing Administration (FHA) For Your Protection: Get a Home Inspection Why a Buyer Needs a Home Inspection A home inspection gives the buyer more detailed information about the overall condition of the home prior to purchase. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to: Appraisals are Different from Home Inspections An appraisal is different from a home inspection. Appraisals are for lenders; home inspections are for buyers. An appraisal is required to: Estimate the market value of a house; Make sure that the house meets FHA minimum property standards/requirements; and Make sure that the property is marketable. FHA Does Not Guarantee the Value or Condition of your Potential New Home If you find problems with your new home after closing, FHA can not give or lend you money for repairs, and FHA can not buy the home back from you. That is why it is so important for you, the buyer, to get an independent home inspection. Ask a qualified home inspector to inspect your potential new home and give you the information you need to make a wise decision. Radon Gas Testing The United States Environmental Protection Agency and the Surgeon General of the United States have recommended that all houses should be tested for radon. For more information on radon testing, call the toll-free National Radon Information Line at 1-8-SOS-Radon or As with a home inspection, if you decide to test for radon, you may do so before signing your contract, or you may do so after signing the contract as long as your contract states the sale of the home depends on your satisfaction with the results of the radon test. Be an Informed Buyer It is your responsibility to be an informed buyer. Be sure that what you buy is satisfactory in every respect. You have the right to carefully examine your potential new home with a qualified home inspector. You may arrange to do so before signing your contract, or may do so after signing the contract as long as your contract states that the sale of the home depends on the inspection. HUD CN (6/6) CAUTION CAUTION CAUTION Evaluate the physical condition: structure, construction, and mechanical systems; Identify items that need to be repaired or replaced; and Estimate the remaining useful life of the major systems, equipment, structure, and finishes.

18 Subject Photo Page County Subject Front Sales Price 179, Gross Living Area 1,935 Total Rooms 7 Total Bedrooms 4 Total Bathrooms 2.1 Location View Site sf Quality Q4 Age 55 Subject Rear Subject Street Form PIC3X5.SR - "TOTAL" appraisal software by a la mode, inc ALAMODE Page # 18 of 42

19 Photograph Addendum County Front/Opposite View Rear/Opposite View Street Scene/Opposite View Steps from Driveway to be Leveled Front Porch Posts Porch Post and Steps Form PIC6_LT - "TOTAL" appraisal software by a la mode, inc ALAMODE Page # 19 of 42

20 Photograph Addendum County Rail to be Replaced Areaway/Defective Paint/Need Handrail Detached Garage Garage Door Blocked by Ice Shed Interior Blocked by Ice Shed Interior Blocked by Ice Form PIC6_LT - "TOTAL" appraisal software by a la mode, inc ALAMODE Page # 2 of 42

21 Photograph Addendum County Furnace Operated Basement Family Room Basement Powder Room Sink Operated Toilet Operated Basement Closet Form PIC6_LT - "TOTAL" appraisal software by a la mode, inc ALAMODE Page # 21 of 42

22 Photograph Addendum County Laundry Sink Operated Furnace and Water Heater Unfinished Basement Unfinished Basement Water Heater Form PIC6_LT - "TOTAL" appraisal software by a la mode, inc ALAMODE Page # 22 of 42

23 Photograph Addendum County Circuit Breaker Panel Sump Pump Living Room Dining Room Kitchen Kitchen Form PIC6_LT - "TOTAL" appraisal software by a la mode, inc ALAMODE Page # 23 of 42

24 Photograph Addendum County Windows Operated Smoke/Carbon Monoxide Detector Powder Room Sink Operated Toilet Operated Leak at Water Supply Line/Powder Room Form PIC6_LT - "TOTAL" appraisal software by a la mode, inc ALAMODE Page # 24 of 42

25 Photograph Addendum County Master Bedroom Master Bedroom Unfinished Closet /Master Bedroom Unfinished sheetrock Master Bath Exposed Wiring/Need Light Fixture Form PIC6_LT - "TOTAL" appraisal software by a la mode, inc ALAMODE Page # 25 of 42

26 Photograph Addendum County Sink Operated Toilet Operated Shower Operated Bedroom Bedroom/Opposite View 2nd Level Bath Form PIC6_LT - "TOTAL" appraisal software by a la mode, inc ALAMODE Page # 26 of 42

27 Photograph Addendum County Sink Operated Toilet Operated Shower Operated Hallway Entrance to Bedrooms 3 & 4 Bedroom Bedroom Form PIC6_LT - "TOTAL" appraisal software by a la mode, inc ALAMODE Page # 27 of 42

28 Photograph Addendum County Bedroom/Opposite View Form PIC6_LT - "TOTAL" appraisal software by a la mode, inc ALAMODE Attic Page # 28 of 42

29 Page # 29 of 42 Comparable Photo Page County Comparable Dubois Ave Prox. to Subject.77 miles W Sale Price 285, Gross Living Area 1,962 Total Rooms 8 Total Bedrooms 4 Total Bathrooms 2. Location View Site 154 sf Quality Q4 Age 92 Comparable California Ave Prox. to Subject.6 miles NW Sale Price 295, Gross Living Area 1,94 Total Rooms 8 Total Bedrooms 4 Total Bathrooms 3. Location View Site 18 sf Quality Q4 Age 69 Comparable 3 39 Moreland Ave Prox. to Subject.65 miles NW Sale Price 26, Gross Living Area 1,511 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 1. Location View Site 1356 sf Quality Q4 Age 8 Form PIC3X5.CR - "TOTAL" appraisal software by a la mode, inc ALAMODE

30 Page # 3 of 42 Comparable Photo Page County Comparable Evergreen Dr Prox. to Subject 1.2 miles W Sale Price 284,9 Gross Living Area 1,556 Total Rooms 7 Total Bedrooms 4 Total Bathrooms 2. Location View Site 55 sf Quality Q4 Age 6 Comparable Moreland Ave Prox. to Subject.57 miles NW Sale Price 269,9 Gross Living Area 1,851 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 1. Location View Site 113 sf Quality Q4 Age 66 Comparable 6 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Form PIC3X5.CR - "TOTAL" appraisal software by a la mode, inc ALAMODE

31 File No. Page # 31 of UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Condition Ratings and Definitions C1 The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are new and the dwelling features no physical depreciation. Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings provided that the dwelling is placed on a 1 percent new foundation and the recycled materials and the recycled components have been rehabilitated/remanufactured into like-new condition. Improvements that have not been previously occupied are not considered new if they have any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep). C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated and are similar in condition to new construction. Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical depreciation, or an older property that has been recently completely renovated. C3 The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well maintained. Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of a complete renovation. C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate. Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however, they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property. C5 The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains useable and functional as a residence. Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional. C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components. Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements. Quality Ratings and Definitions Q1 Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality. Q2 Dwellings with this quality rating are often custom designed for construction on an individual property owner s site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality. UAD Version 9/211 (Updated 1/214) Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc ALAMODE

32 Page # 32 of 42 UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Quality Ratings and Definitions (continued) Q3 Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner s site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from stock standards. Q4 Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades. Q5 Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades. Q6 Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions to the original structure Definitions of Not Updated, Updated, and Remodeled Not Updated Little or no updating or modernization. This description includes, but is not limited to, new homes. Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced or updated. Those over fifteen years of age are also considered not updated if the appliances, fixtures, and finishes are predominantly dated. An area that is Not Updated may still be well maintained and fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration. Updated The area of the home has been modified to meet current market expectations. These modifications are limited in terms of both scope and cost. An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not include significant alterations to the existing structure. Remodeled Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion. A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of) square footage). This would include a complete gutting and rebuild. Explanation of Bathroom Count Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not included in the bathroom count. The number of full and half baths is reported by separating the two values using a period, where the full bath count is represented to the left of the period and the half bath count is represented to the right of the period. Example: 3.2 indicates three full baths and two half baths. UAD Version 9/211 (Updated 1/214) Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc ALAMODE

33 Page # 33 of 42 UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Abbreviations Used in Data Standardization Text Abbreviation A ac AdjPrk AdjPwr ArmLth AT B ba br BsyRd c Cash Comm Conv cp CrtOrd CtySky CtyStr cv DOM DT dw e Estate FHA g ga gbi gd GlfCse Glfvw GR HR in Ind Listing Lndfl LtdSght MR Mtn N NonArm o O op Prk Pstrl PwrLn PubTrn Relo REO Res RH rr RT s SD Short sf sqm Unk VA w wo Woods Wtr WtrFr wu Full Name Adverse Acres Adjacent to Park Adjacent to Power Lines Arms Length Sale Attached Structure Beneficial Bathroom(s) Bedroom Busy Road Contracted Date Cash Commercial Influence Conventional Carport Court Ordered Sale View Skyline View Street View Covered Days On Market Detached Structure Driveway Expiration Date Estate Sale Federal Housing Authority Garage Attached Garage Built-in Garage Detached Garage Golf Course Golf Course View Garden High Rise Interior Only Stairs Industrial Listing Landfill Limited Sight Mid-rise Mountain View Neutral Non-Arms Length Sale Other Other Open Park View Pastoral View Power Lines Public Transportation Relocation Sale REO Sale Residential USDA - Rural Housing Recreational (Rec) Room Row or Townhouse Settlement Date Semi-detached Structure Short Sale Square Feet Square Meters Unknown Veterans Administration Withdrawn Date Walk Out Basement Woods View Water View Water Frontage Walk Up Basement Fields Where This Abbreviation May Appear Location & View Area, Site Location Location Sale or Financing Concessions Design (Style) Location & View Basement & Finished Rooms Below Grade Basement & Finished Rooms Below Grade Location Date of Sale/Time Sale or Financing Concessions Location Sale or Financing Concessions Garage/Carport Sale or Financing Concessions View View Garage/Carport Data Sources Design (Style) Garage/Carport Date of Sale/Time Sale or Financing Concessions Sale or Financing Concessions Garage/Carport Garage/Carport Garage/Carport Garage/Carport Location View Design (Style) Design (Style) Basement & Finished Rooms Below Grade Location & View Sale or Financing Concessions Location View Design (Style) View Location & View Sale or Financing Concessions Basement & Finished Rooms Below Grade Design (Style) Garage/Carport View View View Location Sale or Financing Concessions Sale or Financing Concessions Location & View Sale or Financing Concessions Basement & Finished Rooms Below Grade Design (Style) Date of Sale/Time Design (Style) Sale or Financing Concessions Area, Site, Basement Area, Site Date of Sale/Time Sale or Financing Concessions Date of Sale/Time Basement & Finished Rooms Below Grade View View Location Basement & Finished Rooms Below Grade UAD Version 9/211 (Updated 1/214) Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc ALAMODE

34 File No. Page # 34 of UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM Other Appraiser-Defined Abbreviations (continued) Abbreviation Full Name Fields Where This Abbreviation May Appear UAD Version 9/211 (Updated 1/214) Form UADDEFINE2A - "TOTAL" appraisal software by a la mode, inc ALAMODE

35 Appraiser's License Form SCNLGL - "TOTAL" appraisal software by a la mode, inc ALAMODE Page # 35 of 42

36 E & O - Page 1 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc ALAMODE Page # 36 of 42

37 E & O - Page 2 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc ALAMODE Page # 37 of 42

38 Aerial Map County Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc ALAMODE Page # 38 of 42

39 Plat Map Form SCNLGL - "TOTAL" appraisal software by a la mode, inc ALAMODE Page # 39 of 42

40 Page # 4 of 42 Building Sketch County 41' 13.75' 13.75' 23.25' Cov. Patio [ Sq ft] Bath 8.75' 6.5' 4.5' 31' Bedroom Dining Room Kitchen 3.5' 28' 6' 2.5' 6.5' 28' Bedroom Bedroom 13.25' 17' Master Bedroom 3' 2' Living Room 18.5' 14' 41' Cov. Porch 4' 4' Master Bath Bath (half) [82 Sq ft] 2.5' Second Floor [ Sq ft] First Floor [1148 Sq ft] 41' Family Room Closet 28' Basement 28' Unfinished Basement [1148 Sq ft] Laundry Bath (half) 41' TOTAL Sketch by a la mode, inc. Living Area First Floor Second Floor Total Living Area (Rounded): Non-living Area Cov. Porch Cov. Patio Basement Area Calculations Summary Calculation Details 1148 Sq ft Sq ft = = = = = = = = Sq ft 82 Sq ft Sq ft 1148 Sq ft Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc ALAMODE = = 1148

41 Contractor Bid Addendum Form SCNLGL - "TOTAL" appraisal software by a la mode, inc ALAMODE Page # 41 of 42

42 Location Map County Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc ALAMODE Page # 42 of 42