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SUMMARY APPRAISAL REPORT
<br />Uniform Residential Appraisal Report
<br />File # 45110
<br />APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
<br />1. 1 have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in
<br />this appraisal report.
<br />2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition
<br />of the improvements in factual, specific terms. 1 identified - and reported the physical deficiencies that could affect the
<br />livability, soundness, or structural integrity of the property.
<br />3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal
<br />Practice that were adopted and promulgated by the Appraisal Standards . Board of The Appraisal Foundation and that were in
<br />place at the time this appraisal report was prepared. _
<br />4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales
<br />comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach
<br />for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop
<br />them, unless otherwise indicated in this report.
<br />5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for
<br />sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject
<br />property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
<br />6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
<br />to the date of sale of the comparable sale, unless otherwise indicated in this report.
<br />7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
<br />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
<br />has been built or will be built on the land.
<br />9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
<br />property and the comparable sales.
<br />10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
<br />the sale or financing of the subject property.
<br />11. I have knowledge and experience in appraising this type of property in this market area.
<br />12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing
<br />services, tax assessment records, public land records and other such data sources for the area in which the property is located.
<br />13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from
<br />reliable sources that I believe to be true and correct.
<br />14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject.
<br />property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. 1
<br />have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the
<br />presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the
<br />subject property or that I became aware of during the research involved in performing this appraisal. I have considered these
<br />adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and
<br />marketability of the subject property.
<br />15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
<br />statements and information in this appraisal report are true and correct.
<br />16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which
<br />are subject only to the assumptions and limiting conditions in this appraisal report.
<br />17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or
<br />prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or
<br />completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital
<br />status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the
<br />present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
<br />18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not
<br />conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a
<br />predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of
<br />any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending
<br />mortgage loan application).
<br />19. I personally prepared all conclusions and opinions about the real estate that were set forth In this appraisal report. If I
<br />relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal
<br />or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this
<br />appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make
<br />a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no _
<br />responsibility for it.
<br />20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that
<br />ordered and will receive this appraisal report.
<br />109
<br />Freddie Mac Form 70 March 2005
<br />UAD Version 9/2011
<br />Page 5 of 6
<br />ARMFIELD & WAGNER
<br />Fannie Mae Form 1004 March 2005
<br />Page 8 of 21
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