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` EXHIBIT 2013
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`roperty Rights Appraised I] Fee Simple El Leasehold [:l Other (describe)
`Assignment Type I] Purchase Transaction I] Refinance Transaction El Other (describe)
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`Lender/Client
`Address
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`is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? [I Yes [I No
`Report data source(s) used, offering price(s), and date(s).
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`I (:1 didEj did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not
`performed.
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`Is the property seller the owner of public record? DYes |:|No Data Source(s)
`Date of Contract
`Contract Price $
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`there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? |'_'l Yes [I No
`_..,m
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`| Yes, report the total dollar amount and describe the items to be paid.
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`3CD 2
`u
`ban E]
`[:1 Su
`Location): Urban
`(:1 Increasmg
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`rope y
`a Lies
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`N
`Built-Up 1:) Over 75% [I 25—75% [I Under 25% Demand/Supply I] Shortage
`E] In Balancel] Over Supply
`$(000)
`(yrs)
`-4 Unit
`§§§
`..
`cwth
`I] Rapid
`I] Stable
`I] Slow
`arketing Time I] Under 3 mths (:1 3—6 mths El Over 6 mths
`Multi-Family
`Neighborhood Boundaries
`Commercial
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`_— ther
`Neighborhood Description
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`Low
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`a"
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`Market Conditions (including support for the above concIuSIons)
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`Area
`Dimensions
`Zoning Description
`Specific Zoning Classification
`Zoning Compliance I] Legal E) Legal Nonconforming (Grandfathered Use) [I No Zoning I] Illegal (describe)
`Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? I] Yes I] No If No, describe
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`Shape
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`View
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`FEMA Map Date
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`Utilities
`Public Other (describe)
`Public Other (describe)
`Off-siteImprovements—TypePublic
`Private
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`Electricity
`1:]
`[I
`Water
`E)
`[I
`Street
`III
`I]
`Gas
`[I
`[I
`Sanitary Sewer
`[:1
`El
`Alley
`E]
`El
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`FEMA Map #
`FEMA Special Flood Hazard Area (:I Yes I] No
`FEMA Flood Zone
`Are the utilities and off-Site improvements typical for the market area? I] Yes I] No If No, describe
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`Source(s) Used for Physical Characteristics of Propertyjj Appraisal Files [:| MLS I] Assessment and Tax Records [:1 Prior Inspection I] Property Owner
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`Other (desc 'b
`Data
`urce(s) for Gross Liv'
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`# of Stories
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`ype DDet. DAtt. DS-DetJEnd Unit
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`DExisting 1:) Proposed (:1 Under Const.
`Garage
`# of Cars
`# of CarsIi
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`Design (Style)
`|:I Carport
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`Year Built
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`Effective Age (Yrs)
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`UnitsDOne[IOneWithAccessoryUnit
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` Finished area above grade contains:
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`Rooms
`Additional features (special energy efficient items, etc.)
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`Bedrooms
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`Bath(s)
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`Square Feet of Gross Living Area Above Grade
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`I ! |
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`Are there any apparent physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? [:I Yes I] No
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`sq.ft.$
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`Ila,
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`a::0
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`DESCRIPTION
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`Concessions
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`Site
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`+(—)$Adjuslment
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`DESCRIPTION
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`+(-)$Adjustmen DESCRIPTION
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`+(-)$Adjustment
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`Above Grade
`Room Count
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`B
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`5 Gross Living Area
`A Basement & Finished
`L Rooms Below Grade
`5 Functional Utility
`Heating/Cooling
`nergy Efficient Items
`arage/Carport
`orch/Patio/Deck
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`zoomwl—Irwox
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`Summary of Sales Comparison Approach Indicated Value by Sales Comparison Approach $
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`+Du.'4.2
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`Q
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`+PI3
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`Net Adjustment (Total)
`Cl
`[I
`%
`Net Adj.
`%
`Net Adj.
`A Adjusted Sale Price
`% S
`Gross Ad'.
`% 5
`" Gross Adj.
`E of Comparables
`[:I did [I did not research the sale or transfer history of the subject property and comparable sales. If not, explain
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`Net Adj.
`Gross Adj.
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`% S
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`My research I] did|:] did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
`Data source(s)
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`My research [I didlj did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
`Data source(s)
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`Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
`ITEM
`SUBJECT
`COMPARABLE SALE # 1
`COMPARABLE SALE # 2
`COMPARABLE SALE # 3
`Date of Prior Sale/Transfer
`Price of Prior Sale/Transfer
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`DataSource(s)
`Effective Date of Data Source(s)
`)>
`nalysis of prior sale or transfer history of the subject property and comparable sales
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`Indicated Value by: Sales Comparison Approach $
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`Cost Approach (if developed) $
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`Income Approach (if developed) 3
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`Provide adequate information for the lender/client to replicate the below cost figures and calculations.
`Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)
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`ESTIMATED I] REPRODUCTION OR [:1 REPLACEMENT COST NEW
`Source of cost data
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`Quality rating from cost service
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`Effective date of cost data
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`Physical
`Less
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`=$
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`Estimated Remaining Economic Life (HUD and VA only)
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`Years
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`X Gross Rent Multiplier
`Estimated Monthly Market Rent $
`Summary of Income Approach (including support for market rent and GRM)
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`= $
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`Indicated Value by Income Approach
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`Comments on Cost Approach (gross living area calculations, depreciation, etc.)
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`p 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.
`3
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`Isthedeveloper/bunlderIncontro o theHomeowners Assomation (HOA). I]Yes E] No
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`Unlttype(s) 1:] Detached |:IAttached
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`Total number of phases
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`Total number of units
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`Total number of units sold
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`INF 3
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`Does the project contain any multi-dwelling units? [I Yes [I No Data source(s)
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`use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
`expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal
`assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do
`not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser’s
`continuing education or membership in an appraisal organization, are permitted.
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`SCOPE OF WORK:The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the
`reporting requirements of this appraisal report form, including the following definition of market value, statement of
`assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a visual inspection of
`the exterior areas of the subject property from at least the street, (2) inspect the neighborhood, (3) inspect each of the
`comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,
`and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
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`The appraiser must be able to obtain adequate information about the physical characteristics (including, but not limited to,
`condition, room count, gross living area, etc.) of the subject property from the exterior-only inspection and reliable public
`and/or private sources to perform this appraisal. The appraiser should use the same type of data sources that he or she uses
`for comparable sales such as, but not limited to, multiple listing services, tax and assessment records, prior inspections,
`appraisal files, information provided by the property owner, etc.
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`INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the
`subject of this appraisal for a mortgage finance transaction.
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`INTENDED USER: The intended user of this appraisal report is the lender/client.
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`DEFINITION MARKET VALUE: The most probable price which a property should bring in a competitive and open
`market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming
`the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
`the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties
`are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable
`time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. 8. dollars or in terms of financial
`arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by
`special or creative financing or sales concessions* granted by anyone associated with the sale.
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`*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
`necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are
`readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
`adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional
`lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical
`dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market’s
`reaction to the financing or concessions based on the appraiser’s judgment.
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`STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report is subject
`to the following assumptions and limiting conditions:
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`1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
`to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
`appraiser assumes that the title is good and marketable and will not render any opinions about the title.
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`2. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
`(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an
`identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or
`implied, regarding this determination.
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`3. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
`unless specific arrangements to do so have been made beforehand, or as othenivise required by law.
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`4. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
`presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or
`she became aware of during the research involved in performing this appraisal. Unless othenlvise stated in this appraisal
`report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the
`property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,
`adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such
`conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such
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`of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability,
`soundness, or structural integrity of the property.
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`3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal
`Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in
`place at the time this appraisal report was prepared.
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`4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales
`comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach
`for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop
`them, unless otherwise indicated in this report.
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`5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for
`sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject
`property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
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`6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
`to the date of sale of the comparable sale, unless otherwise indicated in this report.
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`l selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject
`7.
`property.
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`8. l have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home
`that has been built or will be built on the land.
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`9. l have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the
`subject property and the comparable sales.
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`10. l verified, from a disinterested source, all information in this report that was provided by parties who have a financial
`interest in the sale or financing of the subject property.
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`11. l have knowledge and experience in appraising this type of property in this market area.
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`12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing
`services, tax assessment records, public land records and other such data sources for the area in which the property is
`located.
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`13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from
`reliable sources that I believe to be true and correct.
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`14. l have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
`property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I
`have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the
`presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the
`subject property or that I became aware of during the research involved in performing this appraisal. l have considered these
`adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and
`marketability of the subject property.
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`15. l have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
`statements and information in this appraisal report are true and correct.
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`16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which
`are subject only to the assumptions and limiting conditions in this appraisal report.
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`17. l have no present or prospective interest in the property that is the subject of this report, and l have no present or
`prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or
`completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital
`status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of
`the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
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`18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not
`conditioned on any agreement or understanding, written or othewvise, that i would report (or present analysis supporting) a
`predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of
`any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending
`mortgage loan application).
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`agency, or instrumentality of the United States; and any state, the District of Columbia, or otherjurisdictions; without having to
`obtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisal
`report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public
`relations, news, sales, or other media).
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`22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain
`laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice
`that pertain to disclosure or distribution by me.
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`23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage of
`any mortgage finance transaction that involves any one or more of these parties.
`insurers, government sponsored enterprises,
`and other secondary market participants may rely on this appraisal report as part
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`24. If this appraisal report was transmitted as an “electronic record" containing my “electronic signature," as those terms are
`defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
`appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
`valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
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`25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or
`criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States
`Code, Section 1001, et seq., or similar state laws.
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`
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`SUPERVISORY APPRAISER’S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
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`l directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the
`1.
`appraiser’s analysis, opinions, statements, conclusions, and the appraiser’s certification.
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`2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraisefis analysis,
`opinions, statements, conclusions, and the appraiser’s certification.
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`3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the
`appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
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`4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
`promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
`report was prepared.
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`5. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms are
`defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
`appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable
`and valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
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`APPRAISER
`
`Signature
`Name
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`Company Name
`Company Address
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`Telephone Number
`Email Address
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`Date of Signature and Report
`Effective Date of Appraisal
`State Certification #
`or State License #
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`or Other (describe)
`State
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`SUPERVISORY APPRAISER (ONLY IF REQUIRED)
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`Signature
`Name
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`Company Name
`Company Address
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`Telephone Number
`Email Address
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`Date of Signature
`State Certification #
`or State License #
`State
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`State #
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`Expiration Date of Certification or License
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`Expiration Date of Certification or License
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`SUBJECT PROPERTY
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`ADDRESS OF PROPERTY APPRAISED
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`|:| Did not inspect exterior of subject property
`[I Did inspect exterior of subject property from street
`Date of Inspection
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`APPRAISED VALUE OF SUBJECT PROPERTY $
`| FNDFRICI IFNT
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`COMPARARI F SAI FS
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`This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit
`development (PUD), based on an exterior-only inspection of the subject property from at least the street. This report form is not designed to report an appraisal
`of a manufactured home or a unit in a condominium or cooperative project.
`Learn How to Use the New Market Conditions Addendum
`
`Gain an understanding of and recognize the sources of market information necessary to analyze market conditions. Our new recorded training is organized to
`address the Market Conditions Addendum (Form 1004MC), effective April 1, 2009, section by section.
`
`View Recorded Training
`
`Modifications, Additions, or Deletions
`This appraisal report is subject to the scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions,
`and certifications contained in the report form. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or
`assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary
`based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications
`that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or
`membership in an appraisal organization are permitted.
`
`Scope of Work
`The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form,
`including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1)
`perform a visual inspection of the exterior areas of the subject property from at least the street, (2) inspect the neighborhood, (3) inspect each of the
`comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis,
`opinions, and conclusions in this appraisal report.
`The appraiser must be able to obtain adequate information about the physical characteristics (including, but not limited to, condition, room count, gross living
`area, etc.) of the subject property from the exterior-only inspection and reliable public and/or private sources to perform this appraisal. The appraiser should
`use the same type of data sources that he or she uses for comparable sales such as, but not limited to, multiple listing services, tax and assessment records,
`prior inspections, appraisal files, information provided by the property owner, etc.
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`Required Exhibits
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`0
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`0
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`0
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`A street map that shows the location of the subject property and of all comparables that the appraiser used;
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`Clear, descriptive photographs (either in black and white or color) that show the front of the subject property, and that are appropriately identified.
`(Photographs must be originals that are produced either by photography or electronic imaging);
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`Any other data--as an attachment or addendum to the appraisal report form--that are necessary to provide an adequately supported opinion of market
`value.
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