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<br /> Uniform Residential Appraisal Report File# BAG 180
<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 development (PUD). This report form is not designed to report an appraisal of a
<br /> manufactured home or a unit in a condominium or cooperative project.
<br /> This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,
<br /> statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended
<br /> use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. 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 /> assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do
<br /> not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's
<br /> continuing education or membership in an appraisal organization, are permitted.
<br /> SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the
<br /> reporting requirements of this appraisal report form, including the following definition of market value, statement of
<br /> assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual
<br /> inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the
<br /> comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,
<br /> and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
<br /> INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the
<br /> subject of this appraisal for a mortgage finance transaction.
<br /> INTENDED USER: The intended user of this appraisal report is the lender/client.
<br /> DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open
<br /> market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming
<br /> the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
<br /> the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both
<br /> parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a
<br /> 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
<br /> of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold
<br /> unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
<br /> *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
<br /> necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are
<br /> readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
<br /> adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional
<br /> lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical
<br /> dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's
<br /> reaction to the financing or concessions based on the appraiser's judgment.
<br /> STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is
<br /> subject to the following assumptions and limiting conditions:
<br /> 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
<br /> to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
<br /> appraiser assumes that the title is good and marketable and will not render any opinions about the title.
<br /> 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.
<br /> The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination
<br /> of its size.
<br /> 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
<br /> (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an
<br /> identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or
<br /> implied, regarding this determination.
<br /> 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
<br /> unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
<br /> 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
<br /> presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or
<br /> she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal
<br /> report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the
<br /> property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,
<br /> adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such
<br /> conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such
<br /> conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
<br /> Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as
<br /> an environmental assessment of the property.
<br /> 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
<br /> completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will
<br /> be performed in a professional manner.
<br /> Freddie Mac Form 70 March 2005 Page 4 of 6 Fannie Mae Form 1004 March 2005
<br /> Form 1004-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE
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