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SUMMARY APPRAISAL REPORT <br />Uniform Residential Appraisal Report <br />File # 45110 <br />I HAVE NO CURRENT OR PROSPECTIVE INTEREST IN THE SUBJECT PROPERTY OR THE PARTIES INVOLVED; AND NO <br />SERVICES WERE PERFORMED BY THE APPRAISER WITHIN THE 3 YEAR PERIOD IMMEDIATELY PRECEDING THE <br />ACCEPTANCE OF THIS ASSIGNMENT. AS AN APPRAISER OR IN ANY CAPACITY. <br />EXPOSURE TIME: THE ESTIMATED LENGTH OF TIME THE PROPERTY INTEREST BEING APPRAISED WOULD HAVE BEEN <br />OFFERED ON THE MARKET PRIOR TO THE HYPOTHETICAL CONSUMMATION OF A SALE AT MARKET VALUE ON THE <br />EFFECTIVE DATE OF THE APPRAISAL: A RETROSPECTIVE OPINION BASED ON AN ANALYSIS OF PAST EVENTS <br />ASSUMING A COMPETITIVE AND OPEN MARKET. THE APPRAISERS HAVE DETERMINED THE SUBJECT PROPERTY <br />WOULD HAVE TO HAVE BEEN EXPOSED ON THE OPEN MARKET FOR 2 TO 4 MONTHS TO RESULT IN A LIKELY SALE AT <br />THE APPRAISED VALUE ON THE EFFECTIVE DATE OF THE APPRAISAL. <br />A <br />D <br />D <br />I <br />T <br />I <br />0 <br />N <br />A <br />L <br />C <br />0 • <br />M <br />M <br />E <br />N <br />T <br />S <br />COST APPROACH TO VALUE (not required by Fannie Mae) <br />Provide adequate information for the lender/client to replicate the below cost figures and calculations. <br />Support for the opinion of site value (summary of comparable and sales or other methods for estimating site vatue) <br />C <br />0 <br />s <br />T ESTIMATED I I REPRODUCTION OR I I REPLACEMENT COST NEW <br />OPINION OF SITE VALUE 4 <br />Source of cost data <br />Dwelling 2,090 Sq. Ft. @ $ _$ <br />POualiy rating from cost service Effective date of cost data <br />Sq. Ft. @ $ 4 <br />p Comments on Cost Approach (gross living area calculations, depreciation, etc.) <br />R <br />Garage/Carport Sq. Ft. @ $ =$ <br />D <br />Total Estimate of Cost -New =$ <br />A <br />C <br />Less Physics! <br />Functional <br />External <br />H <br />Depreciation <br />=$ ( ) <br />Depreciated Cost of Improvements =5 <br />'As -Is' Value of Site Improvements =$ <br />Estimated, Remaining Economic Life (HUD and VA only) 47 Years <br />Indicated Value By Cost Approach =$ <br />i INCOME APPROACH TO VALUEnot required <br />( by Fannie Mae) <br />N <br />C Estimated Monthly Market Rent $ X Gross Rent Multiplier =$ IndicatedValuebylncomeApproach <br />O Summary of Income Approach (including support for market rent and GRM) <br />M <br />E <br />PROJECT INFORMATION FOR PUDs (it applkable) <br />P Is the developer/builder in control of the Homeowners' Association (HOA)? 1 1 Yes I I No Unit type(s) L , Detached I I Attached <br />U 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. <br />D Legal name of project <br />Total number of phases Total number of units Total number of units sold <br />N Total number of units rented Total number of units for sale Data Source(s) <br />F Was the project created by the conversion of existing building(s) into a PUD? 1 1 Yes I I No If Yes, date of conversion <br />O Does the project contain any multi -dwelling units? n Yes I I No Data Source(s) <br />MAre the units, common elements, and recreation facilities complete? I _I Yes I 1 No If No, describe the status of completion. <br />A <br />T <br />I Are the common elements leased to or by the Homeowners' Association? I 1 Yes 1 1 No If Yes, describe the rental terms and options. <br />0 <br />N <br />Describe common elements and recreational facilities <br />Freddie Mac Form 70 March 2005 <br />UAD Version 9/2011 <br />Page 3 of 6 <br />ARMFIELD & WAGNER <br />Fannie Mae Form 1004 March 2005 <br />207 <br />Page 6 of 21 <br />