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<br />1A1~ Ne 07fEB2tO I <br /> <br />Uniform Residential Appraisal ReDor! <br /> <br />RAMSEY <br />Fio#07FEB22D <br /> <br />This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit <br />including a unit in a planned unit develO]Jment (PUO). This report form is mil. designed to report an appraisal of a <br />manufactured nome or a unit in a condominium or cooperative project ' <br /> <br />Tnls ilJlpraisal report is subject to the following stope of work, intended use. intended user. definition of market value, <br />statement of assumptions and limiting conditions. and certifications. Modifications, additions, or deletions to tne inlendlld <br />use, intended user, definition of market value, .or assumpliOlls and limiting conditions are not pennitled. The appraiser may <br />expand the scope of work to include any additional research or analysis necessary based on the-complexity of this appraisal <br />assipnment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do "- <br />notconslitute material a1teralions to this appraisal report. suct1 as ttrase required I7ylaworthoSBreJaleLllD the appraiser's <br />ctmlinuing education or membership in an appraisal organization, are permitted. <br /> <br />SCOPE OF WDRK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the <br />reporting reQuirements of this appraisal repcrt form, including the fOllewing definitien of - market value, statement of <br />assumpfiens and limiting conditions. and cerllfications. The appraiser must, at a minimum: (1) perform a cemplete visual <br />inspection of the interierand exteliorareas of the subject property. (2)inspectthenei ghborheod,(3)inspecteacholthe <br />cemparable sates from at least the streB\, (4) research, verifY, and analyze !lata from reliable pUblic amllor private sources. <br />and (5) report his orheranaJysis. opinions, and oonclusitlns in this apprai salreport <br /> <br />INTENDED USE: TIre intended use of this appraisal report is for the lem:ler/clienl 10 evaiuate the property thai is the <br />subject of this appraisal fora mortgage finance transaction. <br /> <br />INTENDED USER: The Intended user of this appraisal report Is the lender/client. <br /> <br />DERNITlON OF MARKET VALUE: The most probable price which a property should bring in a compelflive and open, <br />market under all contfrtions requisite to a fair sale. the !IlJyer and seller. each acting prudently. knowledgeably and assuming <br />the price is not affected by undue stimulus.lmplicll in-this definition is the consummation of a sale as 01 a specified aate and <br />the passing Dftitfe from seller to buyBr under condllions whereby: (') buyer and seller are typitally motivaled; (2)ttoIh <br />parties are wen informed or well advised,. and each acting in wI1aI ~e or sh~ considers his or lIer own best interest; (3) a <br />reasonable lime is a1lewed for exposure in tile open market (4) payment is made in terms of cash in U. S. dollar:; or in terms <br />of fmancial arrangements 'comparable-thereto; and (5) the price represents the normal considerntion for the property sold <br />unaffected byspeciatorcrealiVefinancinllOTsalesconcessicms- grallledby anyone associated wifh/tle sale. <br /> <br />-Adjustmentt to the comparables must be made for special Dr creative financing or sales concessions. No adjustments aJ'll <br />necessary forlllose costs which are nonnally paid by sellers as a result of tradition or law in a market area: these costs are <br />readilyidBnfifiable since Ihe seller pays Ihese cosls in virtually all salestrnnsaclions. Special Dr crealive financing <br />adjustments can lHl made to the comparable property by cemparisons to financing \elmS offered by a third party inslllulional <br />lender Ih3I is not already involved in the property ortransacfion. Any adjustment sl10uld nol be calculated on a mecllanical <br />dollar for cIollar cost 01 the financing Dr concession bull11e dollar &mOllnl 01 any adjustmerrl should approximate the marlIet's <br />reaction to the financing or concessitlns based on the appraiser's judgment. <br /> <br />STATEMENT OFASSUMPTlDNS AND UMmNG CONDmONS: The appraiser's certification in this report Is <br />subjecttotllefOllawingassumptions~dlimitingcondilions: <br />1. The appraiser will nof be responsible' for matters 01 a legal na1l.Iro Ihat affect either Ihe property ooing appraised orthetille <br />to it, except for information that he or she became aware of {luring the research involved in per/orming this appraisal. The <br />appraiser3$sumes fhatthe title is geol:\.andmarkelallJe and will nOl render any opinions alIoll\lhe lIlle. <br /> <br />2. The appraiser has provided a sketch in this appraisal reper! to show the approximate dimensions of the improvements. <br />Theskelch is included only to assist the reader in visualizing the property and understanding the appraiser'sdelerminalion <br />olits'size. <br /> <br />3. The appraiser has 6xamined the aV311a(!le fioDd maps that are pnwide!J by 1m Federal EmerpenliY ManailBmelll Agenty <br />(or other data sources) and has nOle"d in this appraisal report whether any portion of the subject site is'located'in an <br />identified Sjnlcial Rood Hazard Area. Because the appraiser is nOl a sU/veyor, he or she makes nogwirantees. express or <br />implied. regarding this determination. <br /> <br />4. The illlpraiserwill not give tes\imony or appear in court because he or she made an appraisal ofllle property in Queslion, <br />unless specific'arrangements 10 do so have b.een rriade beforehand, or as otherwise reQuired by law. <br /> <br />1 <br /> <br />5. The'apDraiserhas nofed in ,this appraisal report any aaverse conditions (suct1 as need edrepairs,deterioration,tIle <br />presence of hazardous wastes. toxic substances, etc.) observed I:\uring ttie inspection of the subject property-orilla! he or <br />_sin! became aware of during ll1e research involved in performing the appraisal. Unless otherwise stated in this appraisal <br />report. the appraiser has no knowledge of any hidden or unapparent physk.:al deficienciM or aDverne conditions of !be <br />property (such as, but nof limited to. needed repairs. deterioration, the presence 01 hazarl:\ous wastes, toxic substances. <br />adverse environmental conditions. etc.) thai would make the pro~erty less, valuable, and has assumed thai there are ne such <br />conditions and makes no guarantees or wananlles. express Dr implied. The.appraiser will nOl be responsIble for,any such <br />conllitions that do exist or for any engineering or testing that might be reQuired to.discover whether such conditions exist. <br />Because the appraiser is nol an expert In tile field of environmental hazards. this appraisal report must nOl Ile considered as <br />an environmental assessment of the property. <br /> <br />5. The appraiser has based his or her appraisal report and vaJualion concJusionlor an apprall:althat is subjet:lto satislaclory <br />completion, repairs, Dr alterations on the assumption that the ,completion, repairs. oraJIerations ollhe subject propertywlll <br />be performed in a professional manner. <br /> <br />Freddie Mac f'o1Tll70 March 2005 <br /> <br />FanrlleMaeFonn,004Mart:h201J5 <br /> <br />Page 4 016 <br /> <br />FornIl004_"WinTOTAl.'aPllrntoillcl\Warebyalall'lll~e.irc._l~Al.MIOOE <br /> <br />-178- <br />