Brinkman Appraisal Services APPRAISAL OF SINGLE FAMILY RESIDENCE LOCATED AT: 227 N Airlane Dr Palm Springs, CA FOR:

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1 File No. DVS Airline APPRAISAL OF SINGLE FAMILY RESIDENCE LOCATED AT: 227 N Airlane Dr Palm Springs, CA FOR: CCFG Investments 6 West Broadway Suite 142 San Diego, CA 9211 BORROWER: William Hertel AS OF: 8/3/215 BY: David Brinkman, SRA Brinkman Appraisal Services

2 Brinkman Appraisal Services File No. DVS Airline Table of Contents Title # Uniform Residential Appraisal Report (URAR) 1 1 URAR 2; Sales Comparison Approach 2 URAR 3; Cost and Income Approach 3 Extra Comps Extra Comps FNMA 14MC 6 Market Graphs 7 Appraisal Compliance Addendum (A.I.R.) 8 Comparable Rent 9 Extra Rental Comps Comments 11 Comments 2 12 Comments 3 13 Subject Property Sketch 14 Sketch 15 Subject Property Photos 16 Subject Property Additional Photos 17 Subject Property Additional Photos 18 Subject Property Additional Photos 19 Subject Property Additional Photos 2 Subject Property Additional Photos 21 Subject Property Additional Photos 22 Subject Property Additional Photos 23 Photo Comparables Photo Comparables Photo Comparables Photo Rentals Photo Rentals Plat Map 29 Location Map 3 Aerial Location Map 31 FEMA Flood Map 32 Zoning Map 33 General Comments 34 Comments 2 35 Comments 3 36 Scope of Work and Intended Use 37 Appraiser's Certification 38 Appraiser's Certification and Signature 39 Attachments 4 Appraiser's License 41 Appraiser's E&O Insurance and Designation 42 Apprasier's Résumé 43 UAD Definition of Terms 44 UAD Definition of Terms 45

3 APPRAISAL REPORT SUBJECT CONTRACT Brinkman Appraisal Services Uniform Residential Appraisal Report File No. DVS Airline The purpose of this appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. City Palm Springs State CA Zip Code Owner of Public Record Hertel Family Trust County Riverside Legal Description LOT 21 MB 28/58 SUNMOR ESTATES 1 Assessor's Parcel # Tax Year 214 R.E. Taxes $ 5,275 Neighborhood Name Sunmore Map Reference N/A Census Tract Occupant Owner X Tenant Vacant Special Assessments $ PUD HOA $ per year per month Property Rights Appraised X Fee Simple Leasehold Other (describe) Assignment Type Purchase Transaction X Refinance Transaction Other (describe) Lender/Client CCFG Investments Address 6 West Broadway Suite 142, San Diego, CA 9211 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? X Yes No Report data source(s) used, offerings price(s), and date(s). DOM 81;Subject property was offered for sale.;latest Price $385,;Latest Date 1/6/214;Original Price $385,;Original Date 7/17/214;Desert Area MLS# The subject is not currently listed, but was purchased as a short sale in October, 214, by the owner of record - who was also the listing agent. 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. Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(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. Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use % Location Urban X Suburban Rural Property Values Increasing X Stable Declining PRICE AGE One-Unit 9 % Built-Up X Over 75% 25-75% Under 25% Demand/Supply Shortage X In Balance Over Supply $ () (yrs) 2-4 Unit 1 % Growth Rapid X Stable Slow Marketing Time Under 3 mths X 3-6 mths Over 6 mths 369 Low 17 Multi-Family 1 % Neighborhood Boundaries Vista Chino to the north, E. La Verne Way to the south, El Cielo and the Palm Springs International 965 High 79 Commercial 6 % Airport to the east, W. Palm Canyon to the west. 65 Pred. 56 Other Vacant 2 % Neighborhood Description The subject is in a ungated neighborhood comprised primarily of 1-story single family homes with a midcentury-modern style, located on level terrain and exhibiting average-good maintenance. Primary roads are city maintained, asphalt-paved and in average condition. All services are available. Linkage to employment, shopping and service centers is very good. The subject is ~1 Minutes from Highway 111 and ~2 minutes of Interstate 1; this provides good transportation to all parts of the Coachella Valley. Market Conditions (including support for the above conclusions) Please see to the 14MC for market analysis. Market exposure is also discussed and concluded in the 14MC. IMPROVEMENTS SITE Dimensions Approximately 1 x 146 Area 1481 sf Shape Basically rectangular View B;Mtn;West Specific Zoning Classification R-1-C Zoning Description Single Family Residential Zoning Compliance X 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? X Yes No If No, describe. The present use as a single family residence is the highest and best use of the subject property, as improved. Utilities Public Other (describe) Public Other (describe) Off-site Improvements--Type Public Private Electricity X Water X Street Asphalt, Good Cond. X Gas X Sanitary Sewer X Alley None FEMA Special Flood Hazard Area Yes X No FEMA Flood Zone X FEMA Map # 665C1559G FEMA Map Date 8/28/28 Are the utilities and/or off-site improvements typical for the market area? X Yes No If No, describe. Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes X No If Yes, describe. The subject is very near the south side of Palm Springs Int. Airport, and will have minimal noise from the airport - but is nowhere near the flight path. Typical utility and street easements apply. No adverse site conditions or negative external value factors observed during my physical inspection of the property or discovered in my review of public & multiple listing records. A preliminary title report was not available for review. Therefore any non-visible adverse conditions, covenants or deed restrictions are unknown to this appraiser. My belief is that subject has marketable title. General Description Foundation Exterior Description materials/condition Interior materials/condition Units X One One with Accessory Unit X Concrete Slab Crawl Space Foundation Walls Concrete Slab / Good Floors Polished Conc/V.Good # of Stories 1. Full Basement Partial Basement Exterior Walls Stucco / Good Walls Drywall / Good Type X Det. Att. S-Det./End Unit Basement Area sq. ft. Roof Surface Composite / Good Trim/Finish Wood / Good X Existing Proposed Under Const. Basement Finish % Gutters & Downspouts None / Typical Bath Floor Polished Conc/V.Good Design (Style) Midcent.Mod. Outside Entry/Exit Sump Pump Window Type Double Pane / New Bath Wainscot Composite/V Good Year Built 1958 Evidence of Infestation Storm Sash/Insulated None / Typical Car Storage None Effective Age (Yrs) 15-2 Dampness Settlement Screens Alum Mesh / Average X Driveway # of Cars 2 Attic X None Heating X FWA HWBB Radiant Amenities Woodstove(s) # Driveway Surface Concrete Drop Stair Stairs Other Fuel Gas X Fireplace(s) # 1 X Fence Conc Blk X Garage # of Cars 2 Floor Scuttle Cooling X Central Air Conditioning X Patio/Deck 1 X Porch Concrete Carport # of Cars Finished Heated Individual Other X Pool Pool and Spa Other None X Att. Det. Built-in Appliances Refrigerator X Range/Oven X Dishwasher X Disposal X Microwave Washer/Dryer Other (describe) Finished area above grade contains: 6 Rooms 3 Bedrooms 3. Bath(s) 2,523 Square Feet of Gross Living Area Above Grade Additional features (special energy efficient items, etc.) See comments Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). C3;Kitchen-remodeled-less than one year ago;bathrooms-remodeled-less than one year ago;the home was in very good condition on the date of the inspection, with no required repairs observed. Kitchen appliances were upgraded and in very good condition. Bathroom fixtures and vanities have been upgraded The temperature was warm (15 degrees) and the A/C system was working well. The water heater was strapped and updated. Only part of the flat roof could be seen from my ground-level inspection, but there was no sign of internal leaks. The home was habitable on the date of the inspection. See comments about the extent of the renovation. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes X No If Yes, describe Smoke and Carbon Monoxide Detectors (COD) are installed. Note: This appraisal can only certify that a Carbon Monoxide Detector(s) and a smoke detector(s) is - or is not installed. This report does not certify that any detector is functioning properly - only that it is installed. Pushing the test button only tests the battery; it does not indicate the device is detecting anything. The appraisal inspection is a *visual inspection;* testing the functionality of any detector is beyond my skills and the scope of this report. See General Comments Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? X Yes No If No, describe This is a standard model in the development. Freddie Mac Form 7 March 25 Fannie Mae Form 14 March 25 1 of 5

4 Brinkman Appraisal Services File No. Uniform Residential Appraisal Report 47 There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 129 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ There are FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 62 S Canon 825 S Riverside Address 227 N Airlane Dr SALES COMPARISON ANALYSIS Palm Springs, CA Proximity to Subject Sale Price Sale Price/Gross Liv. Area Data Source(s) Verification Source(s) VALUE ADJUSTMENTS Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Room Count Gross Living Area Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Fireplaces Pool Orig List Date; Price Palm Springs, CA miles S $ $. DAMLS# PS;DOM 119 APN ;Doc# DESCRIPTION DESCRIPTION N;Res; Fee Simple 1481 sf B;Mtn;West DT1.;Midcent.Mod. Q4 57 C3 ArmLth Conv; s6/15;c6/15 N;Res; Fee Simple 189 sf N;Mtn;East DT1.;Midcent.Mod. Q4 57 C3 +(-) $ Adjustment +15,5 +3, 3. Average FWA/Central None 2ga2dw Concrete 1 Fireplace Pool and Spa N/A 7 4 sq. ft. 2,53 sf 4. Average FWA/Central None 2ga2dw Concrete 1 Fireplace Pool and Spa 2/3/15; $719 X + sq. ft. DESCRIPTION Total Bdrms. Baths -1, 35, ,95 sf 2. Gated FWA/Central None None Concrete 1 Fireplace Pool, No Spa 7/14/15; $649 X + sq. ft. $ $ Net Adjustment (Total) Adjusted Sale Price Net Adj: 5.3% Net Adj: 7.5% of Comparables Gross Adj : 8.3% $ 7,5 Gross Adj: 1.5% $ I X did did not research the sale or transfer history of the subject property and comparable sales. If not, explain 1957 E Andreas Palm Springs, CA miles W $ 72, sq. ft. DAMLS# PS;DOM 67 APN 52761;Doc# (-) $ Adjustment ArmLth Conv; s8/15;c7/15 N;Res; Fee Simple 1368 sf B;Mtn;West DT1.;Midcent.Mod. Q4 58 C3. COMPARABLE SALE # 3 $ DAMLS# PS;DOM 4 APN 58211;Not Recorded Yet Total Bdrms. Baths Total Bdrms. Baths 6 3 2,523 sf $ 65, sq. ft. $ ,. 965, 398, to $ 369,9 to $ Palm Springs, CA miles SW $ 665, sq. ft. sq. ft. $ DVS Airline DESCRIPTION +(-) $ Adjustment ArmLth Cash; s1/15;c11/14 N;Res; Fee Simple sf B;Mtn;South DT1.;Midcent.Mod. Q4 61 C3 Total Bdrms. Baths +1, +31, 6 5 2,51 sf -1, Average FWA/Central None 1ga4dw Concrete 1 Fireplace Pool, No Spa 11/1/14; $ , +2,5 48,5 698, , sq. ft. + Net Adj:.% Gross Adj: 2.8% +7,5 $ +2,5 $ 72, My research X 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) References: the Desert Area MLS, So Cal MLS, CR-MLS, Victor Valley MLS, CLAW MLS (L.A.) Realist, Dataquick, Riverside & San Bernardino Counties My research did X 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) References: the Desert Area MLS, So Cal MLS, CR-MLS, Victor Valley MLS, CLAW MLS (L.A.) Realist, Dataquick, Riverside & San Bernardino Counties 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 1/6/214 3/13/214 7/31/26 7/16/21 Date of Prior Sale/Transfer $385, $33, $6, $385, Price of Prior Sale/Transfer Realist, Doc # 3823 Realist, Doc # Realist, Doc # Realist, Doc # Data Source(s) 8/3/215 8/3/215 8/3/215 Effective Date of Data Source(s) 8/3/215 Analysis of prior sale or transfer history of the subject property and comparable sales Please refer to the Comparable Sales grid (above) which shows the most recent sale or transfer of title. There were no other sales or transfers of title for the comparable sales within 12 months of the effective date of this review. Note: when a comparable sale has activity 12 months prior to the sales date, that activity is looked at. When there was no activity for the past 12 months, I have included the last market sale found in public records. I can sometimes match up historical sales to see how the subject and comparables have compared (by price) in the past, which can be helpful to estimate where things *might* stand and support conclusions in the present. Summary of Sales Comparison Approach See Comments RECONCILIATION Indicated Value by Sales Comparison Approach $ Indicated Value by: Sales Comparison Approach $ 75, 75, 75,923 Cost Approach (if developed) $ Income Approach (if developed) $ The income approach is not used as these properties are not purchased based on their ability to produce income. The cost approach is not reliable in a market of severely declined values where land values have declined at a faster rate that housing and cannot be accurately estimated, and where actual replacement costs can be higher than the sales prices. I place sole emphasis in the sales comparison approach to value which provides the best indication of buyer / seller interaction and the values supported by the market-place. ** See Attached AIM Compliance Addendum. This appraisal is made X "as is," subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: subject to the 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 75, 8/3/215 $, as of, which is the date of inspection and the effective date of this appraisal. Freddie Mac Form 7 March 25 Fannie Mae Form 14 March 25 2 of 5

5 Brinkman Appraisal Services File No. Uniform Residential Appraisal Report *** Important *** DVS Airline Please see most recent update to "Warning, Regarding Desert Area MLS Systems," comments - attached. This report is an appraisal as currently defined by the Uniform Standards of Professional Appraisal Practice. (USPAP) No single part of this report is intended to be used independent of the other parts: it must be reviewed in its entirety to be properly understood. This includes all narratives / comments, addendums, photographs, maps and any other attachments that may be included as part of the report. This report is structured so that anything between the cover page and signature page is considered an integral part of the report. Attachments are placed after the certification page and are intended for support purposes, for lender reference only. Please also refer to ~3 pages of general comments attached to this report. Clarification of Intended Use and Intended User: The Intended User of this appraisal report is the Lender/Client. The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser. ADDITIONAL COMMENTS Additional Certifications: 1. The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. 2. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 3. I have completed the Business and Ethics Course as required by the Appraisal Institute. 4. I have performed no services as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 5. The appraisal was prepared in accordance with the requirements of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended (12 U.S.C 331 et seq.) and any implementing regulations Cost Approach Comments Value Items: Periphery wall, patio, landscape, hard scape, pool and spa. Given the original age of the subject, and the fact that there has been a permitted addition, followed by very substantial renovation of the home physically, functionally and cosmetically - in addition to the construction of the new spa and addition of the third bathroom... figuring out what the actual replacement cost and accrued depreciation should be is very difficult. Also, the Sunmor development is built-out, so there is no vacant lot sales - and the use of other vacant lots in other parts of the city would not necessarily provide a good indication of lot value. I place no weight on the cost approach in the conclusion of subject value. COST APPROACH TO VALUE (not required by Fannie Mae.) INCOME COST APPROACH Provide adequate information for the lender/client to replicate your cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) The estimated site value is 23% of the total value as is allocated to the land by the Riverside County Assessor. This is a built-up neighborhood; finding vacant lots outside the area would not be a good representation of the area. In general, I do not consider a cost approach to provide a good indication of value when the market is recovering from a deep recession - as this market still is. However, this kind of estimate can give an indication as to where the market recovery would be, relative to actual costs. 16, ESTIMATED REPRODUCTION OR X REPLACEMENT COST NEW OPINION OF SITE VALUE =$ 2, ,75 Source of cost data Marshall & Swift Dwelling Sq. $ =$ Good 7/1/215 Sq. $ =$ Quality rating from cost service Effective date of cost data See Note 1 Above 6, Comments on Cost Approach (gross living area calculations, depreciation, etc.) The cost approach supports the estimated value indicated by the sales comparison approach, ,2 Garage/Carport Sq. $ =$ using standard costs for good quality construction. However, the cost approach tends to be 73,95 Total Estimate of Cost-new =$ less reliable when the market is not stable, in that the value of raw land will rise and fall at a Less Physical 26 Functional External different rate than finished housing, and external pressures can have an impact on actual 183,27 183,27 Depreciation =$ ( sales prices that are not easily accounted for by standard costing methods. I place greatest 52,923 Depreciated Cost of Improvements =$ emphasis on the sales comparison approach, as this provides the best indication of values 25, "As-is" Value of Site Improvements =$ reflecting current supply and demand and buyer/seller interaction in the market. 5 75,923 Estimated Remaining Economic Life (HUD and VA only) Years Indicated Value By Cost Approach =$ ) INCOME APPROACH TO VALUE (not required by Fannie Mae.) Estimated Monthly Market Rent $ X Gross Multiplier =$ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) The income approach was not completed because the subject property was not build for, or used to produce income. PUD INFORMATION PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in control of the Homeowner's 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 Homeowner's Association? Yes No If Yes, describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Form 7 March 25 Fannie Mae Form 14 March 25 3 of 5

6 EXTRA COMPARABLES File No. DVS Airline City Palm Springs County Riverside State CA Zip Code Lender/Client CCFG Investments Address 6 West Broadway Suite142, San Diego, CA 9211 SALES COMPARISON ANALYSIS FEATURE SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6 Address 227 N Airlane Dr 1111 E Paseo El Mirador 1664 S Calle Marcus 189 E Olive Palm Springs, CA Palm Springs, CA Palm Springs, CA Palm Springs, CA Proximity to Subject 1.51 miles NW 1.86 miles SW 1.51 miles NW Sale Price $ $ 68, $ 684,5 $ 65, Sale Price/Gross Liv. Area $. sq. ft. $ sq. ft. $ sq. ft. $ 25. sq. ft. Data Source(s) Verification Source(s) DAMLS# PS;DOM 65 APN ;Doc# DAMLS# PS;DOM 4 APN ;Doc# DAMLS# PS;DOM 157 APN ;Doc# 8588 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition N;Res; Fee Simple 1481 sf B;Mtn;West DT1.;Midcent.Mod. Q4 57 C3 ArmLth Cash; s7/15;c6/15 N;Res; Fee Simple sf B;Mtn;South DT1.;Midcent.Mod. Q4 59 C3 ArmLth Conv; s7/15;c6/15 N;Res; Fee Simple 1454 sf N;Mtn;East/South DT1.;Contemporary Q4 6 C3 +17,5 ArmLth Conv; s2/15;c1/15 N;Res; Fee Simple 119 sf B;Mtn;South DT1.;Midcent.Mod. Q4 6 C4 +19, +2, Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count , Gross Living Area 2,523 sq. ft. 2,47 sq. ft. +24, 2,363 sq. ft. +8, 2,6 sq. ft. -4, Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck sf Average FWA/Central None 2ga2dw Concrete sf Gated FWA/Central None 2cp2dw Concrete -1, +2,5 sf Gated FWA/Central None 2cp2dw Concrete -1, +2,5 sf Average FWA/Central None 1cp2dw Concrete +1, Fireplaces 1 Fireplace 2 Fireplaces -1,5 1 Fireplace 1 Fireplace Pool Pool and Spa Pool and Spa Pool and Spa Pool, No Spa +2,5 Orig List Date; Price N/A 5/8/15; $699 5/4/15; $749 8/3/14; $699 Net Adjustment (Total) X + - $ 25, X + - $ 18, X + - $ 47,5 Adjusted Sale Price of Comparables Net Adj: 3.7% Gross Adj : 7.1% $ 75, Net Adj: 2.6% Gross Adj: 5.6% $ 72,5 Net Adj: 7.3% Gross Adj: 8.5% $ 697,5 Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales ITEM SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) 1/6/214 $385, Realist, Doc # /3/215 3/31/211 $52, Realist, Doc # /3/215 4/16/213 $599, Realist, Doc # /3/215 No Prior Sale in Realist 8/3/215 Analysis of prior sale or transfer history of the subject property and comparable sales Please refer to the Comparable Sales grid (above) which shows the most recent sale or transfer of title. There were no other sales or transfers of title for the comparable sales within 12 months of the effective date of this review. See Comments Summary of Sales Comparison Approach See Comments, 1 4 of 5

7 EXTRA COMPARABLES File No. DVS Airline Property Address 227 N Airlane Dr SALES COMPARISON ANALYSIS FEATURE SUBJECT COMPARABLE SALE # 7 COMPARABLE SALE # 8 COMPARABLE SALE # 9 Address 227 N Airlane Dr 667 N Monterey 223 E Andreas 215 N Morsun Palm Springs, CA Palm Springs, CA Palm Springs, CA Palm Springs, CA Proximity to Subject.6 miles NW.61 miles W.13 miles W Sale Price $ $ 63, $ 719, $ 619, Sale Price/Gross Liv. Area $. sq. ft. $ sq. ft. $ sq. ft. $ sq. ft. Data Source(s) Verification Source(s) DAMLS# PS;DOM 229 APN ;Doc# DAMLS# PS;DOM 17 APN 52754; Phil Pappalardo DAMLS# ;DOM 115 APN ; HomeSmart Prof VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sale or Financing Concessions Date of Sale/Time ArmLth Conv; s8/14;c7/14 Listing ArmsLength; c7/15-21,5 Listing ArmsLength; Active -18,5 Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition N;Res; Fee Simple 1481 sf B;Mtn;West DT1.;Midcent.Mod. Q4 57 C3 N;Res; Fee Simple 119 sf B;Mtn;West DT1.;Midcent.Mod. Q4 55 C3 N;Res; Fee Simple +19, 189 sf B;Mtn;West DT1.;Midcent.Mod. Q4 61 C3 N;Res; Fee Simple +15, sf B;Mtn;South DT1.;Midcent.Mod. Q4 57 C4 +21, +5, Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count , , Gross Living Area 2,523 sq. ft. 2,82 sq. ft. +22, 2,424 sq. ft. +5, 1944 sq. ft. +29, Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck sf Average FWA/Central None 2ga2dw Concrete sf Inferior yard FWA/Central None 2cp2dw Concrete sf +15, Average FWA/Central None +2,5 2ga2dw Concrete sf Average FWA/Central None 2cp2dw Concrete +15, Fireplaces 1 Fireplace 1 Fireplace 1 Fireplace 1 Fireplace Pool Pool and Spa Pool, No Spa +2,5 Pool and Spa Pool, No Spa +2,5 Orig List Date; Price N/A 1/2/14; $675 7/19/15; $719 4/12/15; $675. Net Adjustment (Total) X + - $ 71, + X - $ -11, X + - $ 99, Adjusted Sale Price of Comparables Net Adj: 11.3% Gross Adj : 11.3% $ 71, Net Adj: -1.5% Gross Adj: 7.2% $ 78, Net Adj: 16.% Gross Adj: 22.% $ 718, Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales ITEM SUBJECT COMPARABLE SALE # 7 COMPARABLE SALE # 8 COMPARABLE SALE # 9 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) 1/6/214 $385, Realist, Doc # /3/215 5/24/213 $443, Realist, Doc # /3/215 1/11/213 $611, Realist, Doc # /3/215 12/1/1979 $57,5 Realist, Doc # /3/215 Analysis of prior sale or transfer history of the subject property and comparable sales Please refer to the Comparable Sales grid (above) which shows the most recent sale or transfer of title. There were no other sales or transfers of title for the comparable sales within 12 months of the effective date of this review. Summary of Sales Comparison Approach 5 of 5

8 Brinkman Appraisal Services File No. MARKET RESEARCH & ANALYSIS Market Conditions Addendum to the Appraisal Report DVS Airline The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 29. Property Address City State ZIP Code 227 N Airlane Dr Palm Springs CA Borrower William Hertel 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 that data in the analysis. If data sources provide all 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. Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend Inventory Analysis Total # of Comparable Sales (Settled) Increasing X Stable Declining Absorption Rate (Total Sales/Months) Increasing X Stable Declining Total # of Comparable Active Listings Declining Stable Increasing X Months of Housing Supply (Total Listings/Ab. Rate) Declining Stable Increasing X Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend Median Sales & List Price, DOM, Sale/List % Median Comparable Sales Price Increasing X Stable Declining 657,5 589, 629, Median Comparable Sales Days on Market Declining Stable Increasing X Median Comparable List Price Increasing X Stable Declining 65, 629,5 649,25 Median Comparable Listings Days on Market Declining Stable Increasing X Median Sale Price as % of List Price Increasing X Stable Declining Seller-(developer, builder, etc,) paid financial assistance prevalent? Yes No Declining X Stable Increasing X Explain in detail 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.) Sometimes specific amounts (e.g. $5,) are paid toward closing costs; sometimes a percentage is paid, not to exceed closing costs. In some cases the concession is furniture; as there's about a dozen used furniture stores that can supply such furniture, it is usually not worth much. However, the buyer is allowed to deduct personal property from the sales price reported to the Country Recorder, so this can create discrepancies between the MLS and public record; I have seen discrepancies as high as 2% of the sales price from the deduction of "furniture and art work." In such cases, the MLS price tends to be more accurate. I have seen very few situations in which the buyer ends up with money in his pocket after the sale, that's reported in the MLS. Are foreclosure sales (REO sales) a factor in the market? Yes X No If yes, explain (including the trends in listings and sales of foreclosed properties). Market Exposure: the DA MLS indicates and average time on the market of 14 days, and a total market exposure of 9 to 18 days, at the estimated subject value See AIR Form Comments Per the MLS, in the last twelve months there was 129 closed sales. There are 47 listings: 37 active, 5 pending and 5 Contingent. 22% of all listings are in escrow, indicating a good market. Per the MLS, in the last twelve months 7 of the 129 closed sales were REOs ( 6 %) and 2 of the 47 listings are REOs ( 5 %) Per the MLS, in the last twelve months 2 of the 129 closed sales were short sales ( 2 %) and none of the 47 listings are short sales ( %) Arm's-length transactions are predominant. Note: Pending sales are not considered closed in this analysis. Cite data sources for above information. The MRMLS - Matrix: ( FARES, Desert Area MLS ( Paragon MLS ( NDC Data, ( DataQuick Information Services ( Riverside and San Bernardino County websites, and personal research files. 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. CONDO/CO.OP PROJECTS ** Note; no one can predict the future. This is an analysis of the past performance of the subject market; as with stocks, the past performance of the market is not a guarantee of future performance, which can change very quickly as a result of any number of things. Market conclusions are made as of the effective date of this report.** The desert has a seasonal market which starts slowly in October, but stalls through the holidays and then picks up again around mid-january. The period from ~February through the end of May tends to be the most active period for desert real estate, producing the highest volume of sales and the best prices. ** It is estimated that as high as 5% of desert residents are part-timers, who typically are gone from the desert during the hot summer months. As the highest-priced sales tends to be done by the 'snow-birds,' it is reasonable to see a decline at the top of the market and an increase in listings as sales volume declines through the summer months. * ** Market exposure can vary dramatically depending on when a property is listed. A home listed at the start of July could sit on the market form monthns - until October or later, due to the slow summer months; if the same home was listed in September, it could be sold in 3 days. Listing a home when buyers are active is critical to exposure time. I have attached graphs which provide a better depiction of market activity over the time-line of the last 12 months; this is used to form the market trend conclusion. 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 N/A N/A N/A Absorption Rate (Total Sales/Months) Increasing Stable Declining N/A N/A N/A Total # of Active Comparable Listings Declining Stable Increasing N/A N/A N/A Months of Unit Supply (Total Listings/Ab. Rate) Declining Stable Increasing. N/A N/A Are foreclosures 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. N/A Summarize the above trends and address the impact on the subject unit and project. N/A APPRAISER Signature Signature Appraiser Name Supervisor Name David Brinkman, SRA Company Name Company Name Brinkman Appraisal Services Company Address Company Address 1146 Paseo de Marcia, Palm Springs, CA State License/Certification # State State License/Certification # State AR34868 CA Address Address david@brinkmanappraisals.com Freddie Mac Form 71 March 29 Fannie Mae Form 14MC March 29 6 of 5

9 Brinkman Appraisal Services File No. DVS Airline Criteria: Property Type Residential Include Property Subtypes Single Family Attach, Single Family Detach Areas Palm Springs South E, Palm Springs Central Subdivision exclude exact: Little Tuscany, Little Tuscany Compnd, Movie Colony, Old Las Palmas, Andreas Hills, Andreas Palms, Cahuilla Hills, Demuth Park Map Search Radius: 3 mi. Target Address 227 Airlane, PSPR, ca Statuses Active, Contingent, Pending, Sold (7/2/214 or after) Price 35, to 1,, Structure 185 to 285 (also includes values) Year Built 2 year(s) or less Land Fee The graph shows a nearly level median trend line for the last year. There is a good selection of active listings - no shortage - though more than half of the listings are above the trend line. There is five pending sales above, and five below the trend line. The data appears to show a stable market with level prices and active/pending listings appear to show continued stability. Note that Palm Springs is divided into a rough checker-board with every other square mile being Indian land. Also note that the subject is immediately west of the Palm Springs International Airport, and that there's no sales to be found in that direction. An expanded search radius will be needed for those reasons alone. However, there is also the fact that the subject is a midcentury modern-style home; this style has led price advances throughout the city for more than a decade. There are people would not consider any other style of home. In general, I do not mix styles, when appraising a midcentury modern home - because they can (at times) command a premium that is difficult to explain in terms of the general market. As there are similar midcentury home developments spread around the city, I have used a 3 mile radius to include these - as well as to jump over the Indian land that separates the subject from many of these areas. Criteria: Property Type Residential Include Property Subtypes Single Family Attach, Single Family Detach Areas Palm Springs South E, Palm Springs Central Subdivision exclude exact: Little Tuscany, Little Tuscany Compnd, Movie Colony, Old Las Palmas, Andreas Hills, Andreas Palms, Cahuilla Hills, Demuth Park Map Search Radius: 3 mi. Target Address 227 Airlane, PSPR, ca Status Sold (6/1/213 or after) Price 35, to 1,, Structure 185 to 285 (also includes values) Year Built 2 year(s) or less Land Fee There are no recent sales in the subject neighborhood with the exception of the subject itself, which was sold as a short sale and was probably discounted; short sales can be discounted anywhere between 1-2% depending on lender requirements, and does not necessarily even come close to market prices. Since the purchase, the subject has been highly renovated (see comments.) There are no other sales in the development - so the only way to know what other areas the subject could be compared to, is to go back in time to find the most recent sale that could be considered competitive and comparable to the subject. The sale at 272 Plaimore sold on 12/27/213. The graph above shows that prices have not declined since that time, but have increased about 11% since that time (- though it clearly shows that prices have leveled off in the past 7-8 months.) I have completed a CMA of sales which could have been used to appraise the home at 272 Plaimore with the belief that this will provide specific neighborhoods which can be similarly used to appraise the subject; that these are the competitive areas in the subject market place. This is the basis for the search used in completing this report. This is the same search criteria used for the graph above - except for the longer date range. In that the purchase price was $385, as a short sale, it is clear that this would be the bottom of the price range. I have used $1,, as the top of the price range in order to exclude sales which are in superior areas - but not properly located - so they do not skew the data. 7 of 5

10 File No. DVS Airline APPRAISAL COMPLIANCE ADDENDUM Borrower/Client William Hertel Address 227 N Airlane Dr Unit No. Lender/Client CCFG Investments This Appraisal Compliance Addendum is included to ensure this appraisal report meets all USPAP 214 requirements. APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report is one of the following types: X 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. Note; the form used for this report is Copyrighted by FNMA, the form name "Uniform Residential Appraisal Report," and all other form references are embedded into the form and cannot be changed. 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 reported analyses, opinions, and conclusions are limited only by the reported assumptions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.. Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to parties involved. Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment.. My engagement in this assignment was not contingent upon developing or reporting predetermined results.. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.. My analyses, opinions, and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared.. Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report.. Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report).. This report has been prepared in accordance with Title XI of FIRREA as amended, and any implementing regulations. PRIOR SERVICES. X I have NOT performed services, as an appraiser or in another other capacity, regarding the property that is the subject of the report within the three-year period immediately preceding acceptance of this assignment.. IHAVE performed 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 X HAVE made a personal inspection of the property that is the subject of this report.. I have NOT made 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. None ADDITIONAL COMMENTS Additional USPAP related issues requiring disclosure and/or any state mandated requirements: Note that exposure time is going to vary depending on the time of year of a listing, due to the subject's seasonal market - with longer exposure times being typical in the summer and during the holiday periods. Homes listed at the end of the seasonal period in May/June might sit on the market unshown for 4-5 months before getting an offer; if the same home were listing as the new season began, in October/November, it might only sit on the market a couple of weeks. Timing makes a big difference in the desert area. ** Also, note that exposure will depend on the type of sale, with short sales typically requiring the longest market exposure. MARKETING TIME AND EXPOSURE TIME FOR THE SUBJECT PROPERTY X A reasonable marketing time for the subject property is 9-18 day(s) utilizing market conditions pertinent to the appraisal assignment. X A reasonable exposure time for the subject property is 14 day(s). APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Signature Name David Brinkman, SRA Name Date of Signature 8/5/215 Date of Signature State Certification # AR34868 State Certification # or State License # or State License # State CA State Expiration Date of Certification or License 8/17/216 Expiration Date of Certification or License Supervisory Appraiser Inspection of Subject Property: Effective Date of Appraisal 8/3/215 Did Not Exterior Only from street Interior and Exterior USPAP Compliance Addendum of 5

11 Brinkman Appraisal Services File No. SINGLE FAMILY COMPARABLE RENT SCHEDULE DVS Airline This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. Adjustments should be made only for items of significant difference between the comparables and the subject property. ITEM Address 227 N Airlane Dr SUBJECT Palm Springs, CA Proximity to Subject Date Lease Begins Date Lease Expires Monthly Rental Less: Utilities Furniture Adjusted Monthly Rent Data Source RENT ADJUSTMENTS Rent Concessions Location View Design Appeal Age Condition Above Grade Room Count Gross Living Area Other (e.g., basement, etc.) Other: N/A N/A If Currently Rented $ N/A $ $ $ DESCRIPTION N;Res; B;Mtn;West DT1.;Midcent.Mod. Very Good 57 C3 COMPARABLE NO. 1 COMPARABLE NO S Yosemite Dr Palm Springs, CA miles SW 825 Chia Rd Palm Springs, CA miles NW 3/215 3/216 6/215 6/216 7/214 7/215 $ 2,4 $ 2,995 $ 2,75 $ $ $ $ $ $ $ 2,4 $ 2,995 $ 2,75 Listing # PS Desert Area MLS Listing #SW Desert Area MLS 6-12 Month Lease Listing # PS Desert Area MLS DESCRIPTION +(-) $ Adjustment N;Res; N;Mtn;South DT1.;Midcent.Mod. Very Good 58 C4 Total Bdrms Baths Total Bdrms Baths 6 3 2,523 Pool and Spa 1 Fireplace 2-Car Garage COMPARABLE NO San Lucas Rd Palm Springs, CA miles SW Sq. Ft. 1,944 Sq. Ft. Pool, No Spa 1 Fireplace 2-Car Garage DESCRIPTION B;GlfCse; +1 B;Glfvw; DT1.;Midcent.Mod. Very Good C4 Total Bdrms Baths , Pool, No Spa 1 Fireplace 2-Car Garage 3. Sq. Ft. DESCRIPTION +(-) $ Adjustment +(-) $ Adjustment -15 N;Res; -15 B;Mtn;South DT1.;Midcent.Mod. Very Good C3 Total Bdrms Baths Sq. Ft. 1, Pool and Spa 1 Fireplace 2-Car Carport West-Facing Mtn View X + -$ +15 Net Adj. (total) X + - $ 5 + X - $ Indicated Monthly Net= 2.8% Net=-3.3% Net= 5.5% Market Rent Gross= 2.8% $ 2,9 Gross= 16.7% $ 2,895 Gross= 5.5% $ 2,9 Comments on market data, including the range of rents for single family properties, an estimate of vacancy for single family rental properties, the general trend of rents and vacancy, and support for the above adjustments. (Rent concessions should be adjusted to the market, not to the subject property.) The desert has two rental markets; seasonal (part time, "vacation rentals") and annual. A rental survey like this requires consistent income over the course of 12 months in order to show reliable rental income. That means, seasonal rents - which vary by the season, holiday, temperatures, etc - cannot be used for a rental survey. Also, given that there is steady turn-over with seasonal rentals, there is a lot more expense involved - so rents tend to be much higher, and rental agent commissions/costs also tend to be higher. If a seasonal rental price is twice that of annual rent - but the home is only rented a third of the year - then the total rent would be less; but if the seasonal rent was placed into a form like this - it would make it appear like the home is renting at twice the annual/market rent. So - again - seasonal rents can't be used. Unfortunately, the vast majority of rental properties found that are similar to the subject, are rented seasonally. Many of these are rented by owner, and can be found at a website called VBRO.com Final Reconciliation of Market Rent: There is no one rental comparison I can make that is a clear indication of subject market rent. One of the biggest issues is the subject GLA - followed by the large lot and view. Most rentals do not equally compare to this. Comp 3 is of simialr size - but is located on a golf course, with a fairway view - and this typically does generate a rental premium, especially for persons from cold climates to come to rent through the winter months; being on a golf course is a big benefit. I put equal weight on Comps 1-3. Comp 4 has substantial difference though it was included as a means of testing the adjustments used in the other rental comps. I conclude the estimated annual subject rent is $29 per month. I (WE) ESTIMATE THE MONTHLY MARKET RENT OF THE SUBJECT AS OF Appraiser(s) SIGNATURE NAME David Brinkman, SRA Date Property inspected Report Signed 8/5/215 AR34868 State Certification or License # State CA 8/17/216 Expiration Date of License or Certification 8/3/215 TO BE $ 2,9 Supervisory Appraiser SIGNATURE (If applicable) NAME Date Property inspected Report Signed State Certification or License # Expiration Date of License or Certification Freddie Mac Form 1 (8/88) Fannie Mae Form 17 (8/88) State 9 of 5

12 EXTRA RENTAL COMPARABLES Brinkman Appraisal Services File No. DVS Airline This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. Adjustments should be made only for items of significant difference between the comparables and the subject property. ITEM SUBJECT COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. Address 227 N Airlane Dr 139 S Calle Marcus 2497 E Santa Ynez Way Palm Springs, CA Proximity to Subject Palm Springs, CA miles SW Palm Springs, CA miles S 6 Date Lease Begins Date Lease Expires N/A N/A 15/214 12/215 Active Can be $1/week Monthly Rental If Currently Rented $ $ 2,85 $ 2,8 $ Less: Utilities $ $ $ $ Furniture $ $ $ $ Adjusted Monthly Rent $ N/A $ 2,85 $ 2,8 $ Data Source Listing # PS Listing # PS Desert Area MLS Desert Area MLS RENT ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Rent Concessions Location View Design Appeal N;Res; B;Mtn;West DT1.;Midcent.Mod. Good N/A N/A A;BsyRd;Sonora N;Mtn; DT1.;Contemporary Good N/A N/A N;Res; B;Mtn;West DT1.;Midcent.Mod. Good Age Condition C3 C4 - Minimal updates +15 C4 - Minimal updates +15 Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count Gross Living Area 2,523 Sq. Ft. 3,72 Sq. Ft ,55 Sq. Ft. Sq. Ft. Other (e.g., basement, etc.) Other: Pool and Spa 1 Fireplace 2-Car Garage Pool and Spa 1 Fireplace 2-Car Garage Pool, No Spa 1 Fireplace 2-Car Garage +5 Net Adj. (total) X + - $ 1 X + - $ 15 X + - $ Indicated Monthly Market Rent Net= 3.5% Gross= 17.5% $ 2,95 Net=5.4% Gross= 8.9% $ 2,95 Net=.% Gross=.% $ Comments on market data, including the range of rents for single family properties, an estimate of vacancy for single family rental properties, the general trend of rents and vacancy, and support for the above adjustments. (Rent concessions should be adjusted to the market, not to the subject property.) See comments 1 of 5

13 COMMENT ADDENDUM File No. DVS Airline NEIGHBORHOOD The subject neighborhood is located very close to the side of the Palm Springs International Airport, so there will be some amount of noise from the airport. But it is rather surprising, but this is not really such a noisy location because of that. The only noise in this area that is very evident is that of the smaller turbo-prop planes; the jets take off and land at the ends of the runway, and homes in the subject area will hear than about the same as every other nearby arear. So while this is a thing that must be mentioned in this report, I do not see it as being a substantial influence on values. What is actually more surprising is that the noise of the airport can echo off the mountain, so depending on the plane, there are places close to the mountain that can have more jet noise than the subject. That said I have shied away from sales located in areas which can command a premium above that of the subject, not just due to the airport but because some neighborhoods just command higher values. SEARCH AREA As noted in the market graph, this is a search area which covers three miles, though I have based my conclusions primarily on those sales which are closer to the subject. Palm Springs is roughly divided into a checkerboard shape, with every other square mile being Indian Land. Between that and the fact that the airport is immediately to the east, the search area had to be expanded not matter what else was true. But lastly, the subject is a highly renovated midcentury modern home. I do not like to mix midcentury style with other styles, because the midcentury home has been at the top of the price charts for more than a decade; it can command a premium due to style that other homes cannot compete with. This is especially true of the 197s homes in general which were built in response to the energy crisis of that time, and changed style to have smaller windows, more stucco, and resulted in a darker kind of home than the midcentury ever was. This can be an issue, because in terms of age, the 197s are closest to the homes built in the 5s and 6s. GLA AND PERMITS The subject's Gross Living Area is larger than is shown in the public record. Per the borrower, this was done prior to their purchase of the property, which was in October, 214. A copy of the Buildfax report is attached; this shows a permit valued at $28,124; this is thought to be for the addition of the northern most bedroom space without a bathroom; just for the added bedroom. I tried a number of times to get through to the city of Palm Springs to confirm this and got a busy signal every time. However, since the purchase of the property, the borrowers have spent an estimated $265, on the renovation of the property, upgraded the home functionally, physically and cosmetically - in addition to added the third bathroom into the bedroom addition, without adding more space to that room. Renovations include new windows throughout, HVAC, water heater, kitchen, bathrooms, glazed-concrete flooring, patio, refurbished pool and brand new elevated spa. There was originally a steel pole supporting a center beam, in the center of the home, between the kitchen and living room; the borrowers have paid a lot of money to replace the beam, so they could remove that pole. In this case there is added value, but not in the way it usually would apply. I recall seeing this home many years ago, and remember Realtors commenting about that pole; it was a very unusual and unfortunate, rather unattractive feature. My thinking is that pole was a detriment to the value of the home; a typical buyer given a chance to buy the same home without a pole, for the same price, would have done so. So the money invested to remove that pole only brought the subject up to the value of competition, by removing a detrimental feature. Doing this would not have added value above that of the competition which did not have this issue to contend with. Per the home owner, all of the work has been fully permitted and inspected by the city, as work has progressed. I was not able to obtain permits for this work, given the time frame of this report. I did speak with the borrower about this, however, and was told that they could provide copies of the permits for the work, if necessary for this loan. SITE Please refer to the attached plat map. The subject does not have the largest lot in the development; there are a number of other lots which are very close to the same size. But the subject has the only lot of this size, in the development, which faces the mountain. All of the large lots located to the west of Plaimore face north, so they do not have the same panoramic view. The subject has a one-of-a-kind location in this development. Even if 11 of 5

14 COMMENT ADDENDUM File No. DVS Airline Property Address City 227 N Airlane Dr Palm Springs County Riverside State CA Zip Code other sales were available, given the subject's upgrades and renovation I would expect its value to be higher than the majority of sales in this development because of the lot and the west-facing view. (Note that the lot immediately to the west of the subject would not face the mountain though it is about the same size.) PREDOMINANT VALUE I have used a wide search area which produced a lot of comparable sales. A median value is just the value that is in the middle of the value range; it is not necessarily the same as an average value. That said, with this many sales, the median tends to be fairly close to the same number as the average. It is very clear, given the features and renovation of the subject, that it is an above average home. I would expect the subject value to be higher than the predominant value for homes of this kind as a result of the lot size, the view and the extensive renovation that has been done to the home. SALES USED Given that the subject was sold as short sale without any substantial upgrades, and given the substantial amount of money invested into renovation, there was no doubt but that the subject value would be far higher than the purchase price of $385, in October, 214 but the range of values for midcentury homes of subject size can be from ~$25, to $1,5,, and knowing where the subject value should fall in that range is not something that can be done with precision. There's two considerations in addition to the renovation: the first is that it was sold as a short sale, and this type of sale is typically discounted due to the risks involved with extended escrows and unpredictable lender responses. So it is likely that the purchase price was below market value to start with. Secondly investment does not equal value necessarily; as noted above, the removal of the center pole contributed to value in that it removed something that was a detriment to value but in terms of comparing the subject to other similar properties, which did not have the same kind of steal pole in the middle of the room it would not push subject value higher than the comps; it would make the subject more equal to the comps. That is - it's not the addition of a positive adjustment but the removal of a negative adjustment. I studied the sales and MLS photos carefully, first coming to Comp 7 which was an old sale. But this gave me a clue as to where the subject's market value would fall in the current market. As my market conclusion is that the market is stable, the use of an older sale would still serve as a good indication of subject value; it provided a starting point. In the end, I have provided seven comparable sales including Comp 7. Comp 1 is in another midcentury development called Little Beverly Hills, and is similar to the subject neighborhood though further south. While not as close to the edge of the airport this neighborhood is likely to hear jet noise more than the subject because it is just west of the flight path. (But, as noted, I do not consider the airport to be a substantial factor in the subject value.) The comp faces to the east, so it has a minimal view of the mountains. Comp 2 is located in Tahquitz River Estates, and has a south-facing view. There is no garage. Note: Palm Springs' residents are about 5% part-timers; these are people who come from all over the world to enjoy the warm winter weather and bask in the desert sun. Therefore, facing south toward the winter sun tends to be the most desired location for sun exposure. However, the most dramatic view is to the west, toward Mt. San Jacinto. These two orientations tend to be comparable. Comp 3 has similar upgrades, though the bedrooms have been split up so there is now five bedrooms. The city has had an increase in the vacation rental industry - which has always been a big thing in Palm Springs. But recently, the short term vacation house has become a party house, so there's been a move by some home owners to expand bedroom count in order to squeeze more people into a home. It has been causing controversy around the city. The home has a pool, but no spa. I had a difficult time reconciling Comp 3 with Comps 1 and 2 until I added Comps 4 and 5; the common denominator is that all of these homes are gated. Comp 4 is an upgraded smaller home on a larger lot; although the home is on an east-facing lot, it is a corner lot and the home is situation so that the primary orientation is toward the south. The fact that it is a smaller GLA on a large lot results in a very wide back yard space. Re. garages and carports. The majority of midcentury homes were originally built with carports. Many of the 12 of 5

15 COMMENT ADDENDUM File No. DVS Airline Property Address City 227 N Airlane Dr Palm Springs County Riverside State CA Zip Code Lender/Client CCFG Investment Address 6 West Broadway Suite 142, San Diego, CA 9211 homes that actually appear to have garages are actually open-sided carports with doors put on the front. In my conversation with the borrower I was told that their plan is to remove the door again, and restore the original lines of the home. In that the real difference between carport and garage in this case, is primarily just a door the adjustment cannot be higher than it would cost to add the door. Comp 5 is upgraded, but on a smaller lot. Like Compos 2 and 3, the home has a periphery wall and gated drive. Comp 6 has some upgrades but cosmetically, this is what I've come to refer to as a catalog flip; there is no 'designer' features, but the renovation used standard hardware store materials which can be ordered on-line. The home only has a 1 car carport; it is not the structure that I'm focused on as much as the parking potential covered parking space. Comp 7 as previously noted has very similar upgrades. The largest difference is not just that it has a smaller lot but that the utility of the back lot is so inferior. The entire space in the back is concrete, and quite small so the inferior functional utility impacts the property in addition to the smaller lot. CONCLUSION I've gone through an extended process of convincing myself where the subject value should be in this report. When I first looked at Comp 7, it seemed I'd come to where the value would fall. If the original price of $385, is added to the estimate of current renovation cost of ~$265, the total is $65,; if the removal of the pole does not actually add value then $63, would be a logical conclusion. But after putting this sale into the grid, the value came to just under $7,. So I started looking up the price scale, placing comps in the grid, and in each case I came to adjusted values closer to $7,, than to $63,. However this is readily explained by the fact that the subject was a short sale, and it is very typical to see a short sale discount; in this case a 1% discount on the original purchase price would be about $43,. That adds up to $69, and so the estimate of subject value would be supported using both ways of estimating it. Comp 1 is located in a neighborhood which is most like the subject but the lot and view is not as good. Comp 2 is gated, but the primary issue is that it is a much smaller home. IN fact, Comp 2 is more than 2% smaller than the subject's measured GLA, though it is within guidelines using the GLA found in the public record. I selected this comp before knowing the subject GLA; while is it much smaller, the large lot, renovation, age make this a usable comparison. Comp 3 only has a 1-car garage, but this would probably serve as one of the best comparisons I could find, with the lowest number of required adjustments. Comp 4 is a much smaller home but on a larger lot. That is the primary reason for including it in this report. Comp 3 is also on a larger lot, and my observation is that the lot size differences for lots this large were not that obvious; I could not see that the market was paying for the difference between these lot sizes. Including Comp 4 was a test of this observation and it appears to support this conclusion. Comp 5 is of similar size and age, though on a much smaller lot which is then gated. This also serves as a test of the adjustments selected for these differences, and the adjusted value is within $5 of Comps 1 and 3. Comp 6 has a larger GLA, but inferior upgrades overall, as well as only having a one-car carport. I would place greatest weight on Comps 3 and 5, with support from Comps 1, 2 and 4. I would not put significant weight on Comp 6 due to the differences, or on Comp 7 because of the age of the sale. I conclude the subject value is $72, by sales comparison approach. 13 of 5

16 SKETCH ADDENDUM File No. DVS Airline ^^^ View ^^^ ^^^ View ^^^ Pool Spa Patio Patio 53.5' 24' 1.5' Dining Room Bedroom Bath 15' Bath Bedroom 38' Bath ~~~ Hall ~~~ Kitchen Living Room 2-car Garage 24' Bedroom Bedroom 26' 22' 9.5' Porch 29.5' Sketch by Apex Sketch v5 Standard Comments: AREA CALCULATIONS SUMMARY Code Description Net Size Net Totals GLA1 First Floor GAR Garage LIVING AREA BREAKDOWN Breakdown Subtotals First Floor 1.5 x x x x 1.5 x x x 4.5 x...5 x. x Net LIVABLE Area (rounded) Items (rounded) of 5

17 SKETCH ADDENDUM File No. DVS Airline Garage GAR 22. x 24. = 528. First Floor GLA1 1.5 x 53.5 = x 55.5 = x 77.5 = x 1.5 x. =. 9.5 x 29.5 = x 4.5 x. =..5 x. x 29.5 =. Area total (rounded) = 528 Area total (rounded) = of 5

18 SUBJECT PHOTO ADDENDUM File No. DVS Airline FRONT OF SUBJECT PROPERTY 227 N Airlane Dr Palm Springs, CA REAR OF SUBJECT PROPERTY STREET SCENE 16 of 5

19 SUBJECT PHOTO ADDENDUM File No. DVS Airline Kitchen Kitchen Dining Area 17 of 5

20 SUBJECT PHOTO ADDENDUM File No. DVS Airline Living Area Living Area Bathroom 18 of 5

21 SUBJECT PHOTO ADDENDUM File No. DVS Airline Bedroom Bedroom Bathroom 19 of 5

22 SUBJECT PHOTO ADDENDUM File No. DVS Airline Bedroom Master Bedroom Master Bathroom 2 of 5

23 SUBJECT PHOTO ADDENDUM File No. DVS Airline Side of the house Side of the house West-facing mountain view 21 of 5

24 SUBJECT PHOTO ADDENDUM File No. DVS Airline Refurbished pool, with new spa COD and Smoke Detectors are installed New Water Heater is double-strapped 22 of 5

25 SUBJECT PHOTO ADDENDUM File No. DVS Airline Center beam was replaced to eliminate a steel pole located in the center of the room All windows are replaced with dbl-pane energy efficient glazed glass. Patio space & landscape has been redone. the lot is deeper and larger than surrounding homes. 23 of 5

26 COMPARABLES File No. DVS Airline COMPARABLE SALE # 62 S Canon Palm Springs, CA COMPARABLE SALE # 825 S Riverside Palm Springs, CA COMPARABLE SALE # 1957 E Andreas Palm Springs, CA of 5

27 COMPARABLES File No. DVS Airline COMPARABLE SALE # 1111 E Paseo El Mirador Palm Springs, CA COMPARABLE SALE # 1664 S Calle Marcus Palm Springs, CA COMPARABLE SALE # 189 E Olive Palm Springs, CA of 5

28 COMPARABLES File No. DVS Airline COMPARABLE SALE # 667 N Monterey Palm Springs, CA COMPARABLE SALE # 223 E Andreas Palm Springs, CA COMPARABLE SALE # 215 N Morsun Palm Springs, CA of 5

29 RENTALS File No. DVS Airline COMPARABLE RENTALS # 853 San Lucas Rd Palm Springs, CA COMPARABLE RENTALS # 2352 S Yosemite Dr Palm Springs, CA COMPARABLE RENTALS # 825 Chia Rd Palm Springs, CA of 5

30 RENTALS File No. DVS Airline COMPARABLE RENTALS # 139 S Calle Marcus Palm Springs, CA COMPARABLE RENTALS # 2497 E Santa Ynez Way Palm Springs, CA COMPARABLE RENTALS # 6 28 of 5

31 PLAT MAP File No. DVS Airline 29 of 5

32 LOCATION MAP ADDENDUM File No. DVS Airline 3 of 5

33 LOCATION MAP ADDENDUM File No. DVS Airline 31 of 5

34 FLOOD MAP ADDENDUM File No. DVS Airline SUBJECT 32 of 5

35 ZONING LOCATION MAP File No. DVS Airline Property Address 227 N Airlane Dr 33 of 5

36 File No. DVS Airline GENERAL ADDENDUM This report is an appraisal as currently defined by the Uniform Standards of Professional Appraisal Practice. (USPAP) No single part of this report is intended to be used independent of the other parts: it must be reviewed in its entirety to be properly understood. This includes all narratives / comments, addendums, photographs, maps and any other attachments that may be included as part of the report. This report is structured so that anything between the cover page and signature page is considered an integral part of the report. Attachments are placed after the certification page and are intended for support purposes, for lender reference only. PURPOSE AND INTENDED USE *** The purpose of the appraisal is to establish an opinion of market value for the subject property, as defined herein on the attached certification and Statement of Limiting Conditions. Intended Use is to evaluate the property that is the subject of this appraisal, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value.. The intended user is the lender / client identified within the report; no additional Intended Users are identified by the appraiser. EXTENT AND SCOPE OF APPRAISAL The appraisal is based on information gathered by the appraiser from public records, costing systems, inspection of the subject property and neighborhood, and the selection of comparable sales from within the subject (or similar/competing) market areas and other sources identified in the report,. The original source of the comparables is shown in the data source section of the sales analysis grid, along with the confirmation source or county recorder instrument, if available. The sources and data are considered to be reliable. When conflicting information was provided by the data sources, effort has been made to verify the correct data; where verification is not possible, the sources deemed most reliable have been used. Data believed to be unreliable was not included in the report, nor was it used as a basis for the value conclusion. In determining the site value, the appraiser has relied on commonly used and accepted data sources, personal knowledge of the local market, and in some cases, Assessor ratios. The appraiser also relies on information supplied by parties knowledgeable about the subject property, such as the owner, borrower and real estate agents. DATA SERVICES: First American Real Estate Solutions ( DataQuick Information Services ( DataQuick Real Estate News ( The Desert Area Multiple Listing Service ( The California Regional MLS ( This is via membership in the High Desert Association of Realtors. High Desert, uses California Regional MLS (CR-MLS) Riverside County Land Data Service ( San Bernardino County Public Records Service ( Microsoft Maps, Bing, Google Maps & Google Earth Marshall & Swift and Blue Book cost estimation systems, books and on-line systems. Non-MLS on-line listing or automated valuation services (AVMs) may be referenced. Appraiser's files may be accessed for previously photographed, restricted-access properties, land sales, extracted adjustment values, and market studies. SOFTWARE Primary software is Bradford's "ClickForms" Appraisal Software. Additional features of this software include MLS integration, 14MC analysis and Bing Maps Add-on software that may be used includes Flood Data, Apex Sketch, Pictometry (aerial photos) and BuildFax (permit histories - where available.) Additional software used includes Microsoft Excel and Word; Adobe Acrobat and PhotoShop THE UNIFORM APPRAISAL DATASET At the request of the client, this appraisal report has been prepared in compliance with the Uniform Appraisal Dataset (UAD) from Fannie Mae and Freddie Mac. Reports completed for FHA are also made UAD-Compliant at this time. The UAD requires the appraiser to use standardized responses that include specific formats, definitions, abbreviations, and acronyms. The appraiser attempts to obtain an adequate amount of information in the normal course of business regarding the subject and comparable properties, but some of the standardized responses required by the UAD could imply greater precision and reliability than is factually correct or typical in an appraisal report. Examples include condition and quality ratings - which appear more absolute than they actually are - or data regarding the comparable sales and listing data which is often times not verifiable to the precision indicated by the UAD data. The appraiser is not a property inspector; this report is based upon visual observations of the subject property. The appraiser makes no representations, guarantees or warranties, express or implied, regarding building materials, their fitness, quality, condition or remaining economic life. Updated homes can have a variety of features which could each have their own economic / effective age. Not every element of the subject property is viewable. The appraiser did not move any personal property that may have disguised or hidden unapparent defects to the structure, nor did the appraiser dismantle or probe the structure to observe enclosed, encased, or otherwise concealed areas, due to potential liability of property damage. As a part of the FNMA/Freddie Mac UAD requirement for lenders, the UAD Definition of terms have been included in this report. This form is included only to assist lenders meet their requirements - which includes the requirement for this form; and is intended for their use, only. UAD now requires consistency across all reports for comparable sales which are used in multiple reports. This is a difficult task in many ways, and I'm only just finding ways to make this happen. One issue that remains is view; Coachella Valley is a valley with mountains on at least two sides. It is rare to find a home that does not have some kind of mountain view - but many times that view is distant and does not actually add value. For the most part I've used both N;Res and N;Mtn as being synonymous - because if a borrower can see the tip of a distant mountain over the neighbor's roof top, that is a view... I see no value difference in this under most circumstances. 34 of 5

37 File No. DVS Airline Borrower Property Address City Palm Springs County Riverside William Hertel 227 N Airlane Dr State CA Zip Code Lender/Client CCFG Investments Address 6 West Broadway Suite 142, San Diego, CA 9211 THE SKETCH and GLA: A sketch of the subject property may be provided as a supporting document for the purpose of illustrating the basic configuration (size and shape) of the property, when access to the property is possible. The sketch reflects the physical measurements of the property on the day of the inspection. It is intended for illustration only. It is not unusual to see minor discrepancies between public records and actual measurements as a result of the inexpensive sketch software used in appraisal reports, as well as the inexact construction methods or exterior cosmetic features - such as a stone veneers. Features that add significantly to size but do not contribute to living space have been removed from the sketch. Adjustments for size in the comparable sales grid provide for a tolerance to account for minor variations, (and other such concerns.) Significant discrepancies between physical measurements and public record will be reconciled and noted in the addendum, whenever possible. Room locations on the sketch are approximate. Rooms may have more than one use, and may be labeled in more than one way on the sketch (which is referred to as flexible space.) Rooms are labeled first to reflect public record and second to match the use of space observed at the time of the inspection. Adjustments are not made for differences in bedroom count between homes where flexible space is present, as this is more a matter of owner preference in the way the room is used, than of a physical difference in the properties. In such situations, the adjustment made for GLA is considered sufficient to account for differences in room count. An adjustment for bedroom count will only be made when there is clear and supported market evidence for such an adjustment. Relative position of exterior amenities is approximate, unless noted otherwise. Pool, spa, patio(s,) balcony(s) and driveway(s) are not to scale; the "sketch" software that is integrated into the appraisal software does not have the required power or flexibility and is not intended to provide the sort of accuracy that can be available from architectural CAD software used by architects or engineers. In the event that physical measurements are confirmed to be significantly less than or greater than public record, the actual measured size will be used in the report, superseding public record. COST APPROACH AND SKETCH The cost approach attempts to estimate subject value by assembling all the costs relating to the subject, applying depreciation to depreciable items, and producing a total value based on these costs. The costing makes use of cost manuals, local builder cost estimates and / or personal experience in the subject area. The cost manuals use materials and labor estimates, and applies local cost multipliers to the unit costs in an effort to make the estimates accurate within a geographic area. The cost approach does not cost materials to specific levels (type of granite, Insulation rating, etc.) The costing is based on a visual inspection of the property and an estimate of the quality of materials and labor involved in the construction. In times of recession, sales prices may decline to a point below the actual cost of replacement of the structure(s); in such a situation, the market value of the property may be far below the estimate of value by cost approach. In such a case it would be legitimate to exclude the cost approach form the report; if a cost approach is included, it is to comply with a specific lender requirement. This cost estimate cannot be used for insurance purposes. This is not an intended use for this report. The appraiser assumes no responsibility for consequences that may arise from the misuse of this report, or by the use of this report by unintended uses. COUNTY RECORDS In California there is no law requiring that sales be recorded, therefore there can be no regulation of what is recorded, when it is recorded or the accuracy of the recorded data. There is no quality control of the recorded data, of any kind. It is not unusual for there to be significant discrepancies between public record data and MLS data, or other actual facts discovered by property inspection. In general, the only data that is known reliable on a public records report (within control of the assessor,) is the document number that records sales and transfers; every other item of data on these reports may have variety of inaccuracies and are subject to independent confirmation by appropriate professionals. This includes legal descriptions, assessor parcel numbers, addresses, gross living area, basement data, room counts, garage descriptions, and it is even possible for transfers to be missing from this publically-available record. The public records typically used in appraisal reports come from third party providers that have access to assessor records, that attempt to reformat the assessor's data into the usable reports that can be accessed on-line, for a fee. It should be stressed that these "public records" are not the assessor's actual records, which exists in other forms within the office of the assessor. It should be noted that the County Assessor takes no responsibility for the accuracy of the public records and states that these records should not be used for confirmation of gross living area, room count, age or any other feature of the property that may be changed without notification to the county. RIVERSIDE COUNTY ASSESSOR'S PARCEL NUMBER (APN) The Assessor in Riverside County uses a 9-digit APN, and this is provided in the public record. But internally, the assessor uses 1th "check digit" which is then reported to title companies. If the Assessor's office is contacted about this tenth digit, they will say it is supposed to be for internal use only, which is their reason for not providing the 1th digit on any APN provided in the public records. This creates a discrepancy in the APN shown in public records and title report - which are not always available at the time of an appraisal. The 1th digit is not required for the proper identification of a property in Riverside County; the 9 digit APN is all that is actually required. Most critically is that I have actually found two separate APN reports for the same property, which provides different data - depending on whether the 1th digit was used. In that the 1th digit cannot even be used by public records search systems, this implies that reports with 9 or 1 digits are not actually the same report - but are even considered different by the assessor; there could be additional property data not being made available through typical public access. PERMITS Additions to buildings may be fully permitted by the city, but not shown on the public records; the city permitting systems are an independent system, controlled by the city, and are completely separate from the county's records. The county typically charges a home-owner for a modification to the public record, so owners do not always choose to complete this process. This is especially true when the addition could result in higher taxes. Most city and county governments do not have permit information available on-line prior to 199. Modifications made to properties prior to 197 are considered "Exempt from permits" or 'grand-fathered' in. This date may change from one locality to another, but all cities have similar rules for older properties. Researching data for older properties in city or county offices may require lengthy delays in the report completion, because the data must be first requested and then the city or county agency must have time to find and provide the data, (usually on index cards or microfiche.) It is very possible that no data will be found for older properties. The lack of permits does not mean that original work was not permitted - only that they are no longer available through normal research methods. 35 of 5

38 File No. DVS Airline Borrower Property Address City Palm Springs County Riverside William Hertel 227 N Airlane Dr State CA Zip Code Lender/Client CCFG Investments Address 6 West Broadway Suite 142, San Diego, CA 9211 An appraiser is not authorized by the city or county to certify permit-ability; this can only be done by the appropriate city / county planning and/or building safety department. The appraiser can indicate if permits were found or not found, and can comment on the quality of construction used in the addition, but the actual status of permits and whether or not a specific permit did or did not cover all of the work done to a property is something that can only be done by the appropriate authorized home inspector. Other licensed professionals may be required for the certification that work was correctly completed. The appraiser cannot certify or estimate work that requires a specific license; the appraiser is not a plumber, electrician, architect or contractor, etc., and cannot do anything that requires those kinds of licenses. Some lenders require that additions that cannot be shown to be permitted, be ignored and given no value. This would be a violation of the Uniform Standards of Professional Appraisal Practice (USPAP.) USPAP does not allow an appraiser to disregard any feature, characteristic or addition to a property that adds to, or subtracts from the value of the property. The lack of permits does not justify disregarding the feature in the estimate of value. If the item is not legal, the appraisal must estimate or report the cost of correction, either by removal, or by the process of making it legal through proper permitting (- which can only be done by the city.) If the item is believed to be legal by proper permit or grand-fathered use, its value must be included in the report. If there is continued concern about the legality of an addition or alteration, the only legally supported method of resolution is for a physical inspection by the appropriate city or county authority. Regarding Carbon Monoxide and Smoke Detectors The state of California has passed a law requiring that all homes which have any source of carbon monoxide, must have a carbon monoxide detector (CMD) This law is very poorly written; the law does not indicate where detectors should be placed, high, low or mid-height; how they should be connected to the home; or how many should be used or where. As a result, detectors are found at floor level, bolted to ceilings or mid-height on walls, in any room of the home, and very often behind furniture or doors. Detectors can be physically mounted - like smoke detectors, but some detectors can be just plugged into a wall socket, like a lamp, and would be considered personal property. Appraisers are required by most lenders to provide at least one photo of a carbon monoxide detector that is installed within the home being appraised. When a home does not have a CMD, many lenders require the appraiser to return to the home a second time, (costing the borrower from ~$1 to $15) for a photo of a the detector. Requiring appraisers to include this in a report implies that the appraiser is certifying the functionality of the detector; this is not the case. As with smoke detectors, pushing a test button only provides an indication that the battery is working; it does not indicate whether or not the detector is actually detecting anything. In Palm Springs and Cathedral City, there is regulations require the fire department to certify the functionality of smoke and carbon monoxide detectors; Fire Department certifications are put into escrow directly. I have personally witnessed situations in which smoke detectors passed the battery test, and then failed the fire department's detection test. However, the fire department also does not have a way to test the detection functions of any detector. So: 1. A plug-in detector is personal property - like a lamp. A residential appraisal report should never be involved with any item of personal property. However, requiring a verification of a CMD is done as a health and safety concern, in the same manner as confirming the existence of smoke detectors or double-strapping on water heaters. 2. The appraisal can only certify that CMD is or is not installed. The appraisal inspection is a visual inspection; testing the functionality of a detector is beyond my skills and the scope of this report. In other words, pushing the test button tests the battery, but does not indicate if the device will actually detect smoke or carbon monoxide. I am not responsible or liable for the proper functioning of these detection devices; that rests with the manufacturer of the device. 3. These devices do wear out over time, and for personal safety reasons it is each home-owner's responsibility to guard their own safety as much as possible, by proper maintenance and periodic replacement of these devices. There is no way for the appraiser to test actual detection functionality of smoke or carbon monoxide detectors, or any other kind of detector. This report does not include a certification of the actual functionality of any detector - only that they were present in the home 36 of 5

39 Brinkman Appraisal Services File No. Uniform Residential Appraisal Report DVS Airline 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 this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac Form 7 March 25 Fannie Mae Form 14 March of 5

40 Brinkman Appraisal Services Uniform Residential Appraisal Report File No. DVS Airline 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 Fannie Mae Form 14 March of 5

41 Uniform Residential Appraisal Report File No. DVS Airline 21. 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" 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. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name David Brinkman, SRA Company Name Brinkman Appraisal Services Company Address 1146 Paseo de Marcia Signature Name Company Name Company Address Palm Springs, CA Telephone Number Telephone Number Address david@brinkmanappraisals.com Address Date of Signature and Report 8/5/215 Date of Signature Effective Date of Appraisal 8/3/215 State Certification # State Certification # AR34868 or State License # or State License # State or Other (describe) State # Expiration Date of Certification or License State CA Expiration Date of Certification or License 8/17/216 SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED 227 N Airlane Dr Palm Springs, CA Did not inspect subject property Did inspect exterior of subject property from street Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY $ 75, LENDER/CLIENT Did inspect interior and exterior of subject property Date of Inspection Name Direct Valuation Solutions Company Name CCFG Investments COMPARABLE SALES Company Address 3699 Russell Ranch Road Suite 295 Westlake Village, CA Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street Address Date of Inspection Freddie Mac Form 7 March 25 Fannie Mae Form 14 March of 5

42 4 of 5 Attachments File No. DVS Airline

43 Appraiser's License and Designation File No. DVS Airline David Brinkman Certified Residential Appraiser License: CA Expiration: 8/17/216 SRA Member, Appraisal Institute David Brinkman Certified Residential Appraiser Appraisal Institute, SRA Member 41 of 5

44 Appraiser's E&O Insurance File No. DVS Airline David Brinkman E&O Insurance Binder Lloyds of London Expiration, 1/6/ of 5

45 43 of 5 Appraiser's Résumé File No. DVS Airline

46 Brinkman Appraisal Services UNIFORM APPRAISAL DATASET (UAD) Property Condition and Quality Rating Definitions File No. DVS Airline Requirements - Condition and Quality Ratings Usage Appraisers must utilize the following standardized condition and quality ratings within the appraisal report. 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 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 are 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. (Updated 1/214) 44 of 5

47 Brinkman Appraisal Services UNIFORM APPRAISAL DATASET (UAD) Property Condition and Quality Rating Definitions File No. DVS Airline 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 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 residences 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. 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. Requirements - 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 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. (Updated 1/214) 45 of 5

48 Brinkman Appraisal Services UNIFORM APPRAISAL DATASET (UAD) Property Description Abbreviations Used in This Report 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 PubTrn PwrLn Relo REO Res RH rr RT s SD Short sf sqm Unk VA w wo Woods Wtr WtrFr wu Full Name Adverse Acres Adjacent to Park Adjacent to Power Lines Arms Length Sale Attached Structure Beneficial Bathroom(s) Bedroom Busy Road Contracted Date Cash Commercial Influence Conventional Carport Court Ordered Sale City View Skyline View City Street View Covered Days On Market Detached Structure Driveway Expiration Date Estate Sale Federal Housing Administration Garage Attached Garage Built-In Garages 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 Public Transportation Power Lines 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 File No. DVS Airline May Appear in These Fields Location & View Area, Site Location Location Sales 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 Desing (Style) Design (Style) Basement & Finished Rooms Below Grade Location & View Sales 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 Location View 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 (Updated 1/214) 46 of 5

49 Coachella Valley Weather Data (Source, City-data.com) File No. DVS Airline 47 of 5

50 48 of 5 MLS Listing File No. DVS Airline

51 PROPERTY PERMIT INFORMATION ADDENDUM File No. DVS Airline 49 of 5

52 5 of 5 CMA Last half sales, Comp to 272 Plaimor File No. DVS Airline