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ADDITIONAL COMMENTS Borrower or Owner N/A Property Address 4740 58TH AV City VERO BEACH County INDIAN RIVER state FL Zlp Code 32967 Lender or Client INDIAN RIVER COUNTY NEIGHBORHOOD DESCRIPTION SUPPORT FACILITIES ARE EASILY ACCESSIBLE VIA 26TH STREET. IMMEDIATE AREA ALSO INCLUDE NEARBY SPORTS COMPLEX AND INDIAN RIVER MALL AND RELATED COMMERCIAL SUPPORTAREA 1.5 MILE SOUTHWEST HELP SUPPORT DEMAND FOR AREA. NOISE FACTORS FROM PROXIMITY TO VERO BEACH AIRPORT HAS NOT BEEN MAJOR NEGATIVE IN PAST. AREA HAS A MIX OF USES CONSISTING OF NEWER SINGLE FAMILY SUBDIVISIONS AND SCATTERED INDIVIDUAL RESIDENTIAL PARCELS LIKE THE SUBJECT REPRESENTING OLDER DEVELOPMENT PATTERNS. MARKET CONDITIONS HOWEVER, THE DOWNWARD PRICE TRENDS BEGAN TO MITIGATE IN 2009 WHEN SALES INCREASED AS THE MARKET REACTED TO LOWER PRICES. EVENTUALLY MARKET ACTIONS RESULTED IN NEARLY STABLE VALUE TRENDS THAT WERE MORE PRONOUNCED IN 2011 THROUGH 2013. THE MARKET'S STEADY SALES PACE INFLUENCED BY SOME SEASONALITY, HAS RESULTED IN LOWER SUPPLY IN MOST SEGMENTS OVER THE PAST YEAR OR MORE. THESE TIGHTER MARKET CONDITIONS HAVE FIRMED MARKET PRICING WITH PRICES MOVING UPWARD OVER THE PAST YEAR. PRICE MOVEMENTS HOWEVER, HAVE BEEN GRADUAL WITH VARIANCE IN PATTERN. FOR THE SUBJECT NEIGHBORHOOD NO TIME ADJUSTMENTS ARE APPLIED TO SALES OCCURRING WITHIN THE PAST SIX MONTHS. OLDER SALES ARE ADJUSTED UPWARD BY 1/2% PER MONTH. INTEREST RATES ARE AFFORDABLE FOR THIS SEGMENT BUT LOAN UNDERWRITING HAS RESULTED IN FINANCING BEING LESS READILY AVAILABLE. CASH PURCHASES ARE WELL REPRESENTED. ADVERSE SITE CONDITIONS AND/OR EXTERNAL FACTORS THERE IS AN OLDER STORAGE BUILDING ON THE PROPERTY BUT IS IN POOR CONDITION AND ESTIMATED TO CONTRIBUTE ZERO TO VALUE. THE SUBJECT PARCEL IS AN UNPLATTED PARCEL ABOUT .98 ACRE IN SIZE HAVING FRONTAGE ON 58TH AVENUE OF 146.07 FEET AND DEPTH OF ABOUT 293.46 FEET. THE RIGHTS OWNED BY THE PROPERTY OWNER ARE AFFECTED BY A MURPHY DEED RESERVATION THAT EXISTS ON THE FRONT 25 FEET OF THE SITE. A MURPHY DEED IS A RESERVATION OF RIGHTS HELD BY THE GOVERNMENT THAT ALLOWS IT TO BUILD ROADS ON THE PROPERTY. THESE RIGHTS HOWEVER DO NOT PRECLUDE THE PROPERTY OWNER FROM USING THE PROPERTY UNTIL SUCH USE FOR PUBLIC ROADS ARISE. TYPICALLY THE LOCAL GOVERNMENT THUS DOES NOT ALLOW LAND OWNERS TO IMPROVE SUCH SITES WITH PERMANENT IMPROVEMENTS NOR BUILDINGS. IN THE SUBJECT CASE HOWEVER, THERE ARE DRIVE WAYS, ENTRY IMPROVEMENTS, A FRONTING • POND WITH FLOW WELL THAT ARE PART OF THE SUBJECT'S SITE IMPROVEMENTS. THUS THE USE IS GREATER THAN TYPICAL. BASED LARGELY ON THE APPRAISER'S EXPERIENCE, IT IS ESTIMATED THAT THE MURPHY DEED IMPACTS THE FEE TITLE RIGHTS IN A PROPORTION OF ABOUT 50% OF FULL FEE VALUE. THE MURPHY DEED AREA BEING A RESERVATION ON THE FRONT 25 FEET OF THE SUBJECTCT SITE AMOUNTS TO ABOUT 3653 SQUARE FEET OF LAND (ABOUT 1% OF THE TOTAL SITE AREA). THE FEE SIMPLE PORTION OF THE SUBJECT SITE IS THUS ABOUT 39,213 SQUARE FEET. SITE IMPROVEMENTS OF THE SUBJECT INCLUDE AN ENTRY POINT MARKED BY TWO BRICK CONSTRUCTED GATE STANDARDS; CONCRETE DRIVE THAT LEADS TO THE SUBJECT GARAGE AND PROVIDES A CIRCULAR TRAVERSE AROUND EXISTING FRONTING POND THAT IS SERVED BY FLOW WELL. OTHER SITE IMPROVEMENTS INCLUDE AN OLDER FRAME STORAGE SHED AT THE REAR OF THE SITE, ADJACENT CONCRETE SLABS AND WOOD DECK ADJACENT TO THE REAR OF THE SUBJECT RESIDENCES. LANDSCAPING CONSISTS OF GRASS LAWN, FRONTING POND, AND SOME OAK AND PALM TREES ALONG WITH SOME SHRUBBERY MOSTLY AT THE FRONT LAWN AREA. ADDITIONAL FEATURES FLOORS ARE WOOD LAM/TILE/CARPET. OVERALL THE HOUSE HAS A FUNCITONAL FLOOR PLAN. UPDATES TO KITHCEN AND BATHS HAVE BEEN MADE IN THE PAST. SALES COMPARISON APPROACH THE SALES REPORTED ARE THE RESULT OF A SEARCH OF THE SALES IN THE LOCAL AREA CHOSEN AS REPRESENTATIVE OF THE MOST COMPARABLE DATA FOUND. THE SEARCH MADE CONSIDERS LOCATION AS THE PRIME CONSTRAINT, THOUGH EVEN IN THIS RESPECT ECONOMIC COMPETITIVENESS IS CONSIDERED ABOVE PROXIMITY. THEREFORE SOME SALES MAY BE CONSIDERED IF FELT COMPETITIVE EVEN THOUGH DISTANT. OTHER FACTORS ANALYZED ARE AGE, SIZE, SITE, AND QUALITY. ADJUSTMENTS REPRESENT OBSERVED DIFFERENCES BETWEEN THE SALES AND THE SUBJECT IN AREAS, THAT BASED ON MARKET OBSERVATIONS, TEND TO MAKE SIGNIFICANT DIFFERENCES IN PRICING DECISIONS. ADJUSTMENTS APPLIED ARE FOR DIFFERENCE IN SIZE NOT ONLY FOR LIVING AREA BUT ALSO FOR SUPPORT AREAS LIKE PORCHES, AND GARAGES. ADJUSTMENTS ARE MADE FOR DIFFERENCES IN UTILITY AS INDICATED BY BATH COUNT, THOUGH LITTLE ADJUSTMENT WAS RECOGNIZED FOR DIFFERENCES IN BEDROOMS AND OR ROOM COUNT, AS LOCAL MARKET OBSERVATIONS INDICATE THAT MARGINAL VALUES FOR THESE DIFFERENCES ARE SMALL OTHER THAN THAT REPRESENTED BY SIZE OF LIVING AREA. OTHER ADJUSTMENTS ARE MADE FOR AMENITIES DIFFERENCES LIKE FIREPLACE, POOLS ETC. CONDITION ADJUSTMENTS ARE BASED ON THE ESTIMATED DIFFERENCE IN COMPETITIVE OR EFFECTIVE AGE. THIS IS BASED ON OBSERVED 205 Page 4 of 21