Small Residential Income Property Appraisal Report

Small Residential Income Property Appraisal Report File #

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The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.Property Address City State Zip CodeBorrower Owner of Public Record CountyLegal DescriptionAssessor's Parcel # Tax Year R.E. Taxes $Neighborhood Name Map Reference Census TractOccupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per monthProperty Rights Appraised Fee Simple Leasehold Other (describe)Assignment Type Purchase Transaction Refinance Transaction Other (describe)Lender/Client AddressIs 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? Yes NoReport data source(s) used, offering price(s), and date(s).

I did 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 notperformed.

Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes NoIf Yes, report the total dollar amount and describe the items to be paid.

Note: Race and the racial composition of the neighborhood are not appraisal factors.Neighborhood Characteristics

Location Urban Suburban RuralBuilt-Up Over 75% 25-75% Under 25%Growth Rapid Stable Slow

2-4 Unit Housing TrendsProperty Values Increasing Stable DecliningDemand/Supply Shortage In Balance Over SupplyMarketing Time Under 3 mths 3-6 mths Over 6 mths

2-4 Unit HousingPRICE$ (000)

AGE(yrs)

LowHighPred.

Present Land Use %One-Unit %2-4 Unit %Multi-Family %Commercial %Other %

Neighborhood Boundaries

Neighborhood Description

Market Conditions (including support for the above conclusions)

Dimensions Area Shape ViewSpecific Zoning Classification Zoning DescriptionZoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe

Utilities Public Other (describe) Public Other (describe)ElectricityGas

WaterSanitary Sewer

Off-site Improvements - Type Public PrivateStreetAlley

FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map DateAre the utilities and/or off-site improvements typical for the market area? Yes No If No, describeAre there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe

General DescriptionUnits Two Three Four

Accessory Unit (describe below)# of Stories # of bldgs.Type Det. Att. S-Det./End Unit

Existing Proposed Under Const.Design (Style)Year BuiltEffective Age (Yrs)

FoundationConcrete Slab Crawl SpaceFull Basement Partial Basement

Basement Area sq.ft.Basement Finish %

Outside Entry/Exit Sump PumpEvidence of Infestation

Dampness Settlement

Exterior Description materials/conditionFoundation WallsExterior WallsRoof SurfaceGutters & DownspoutsWindow TypeStorm Sash/InsulatedScreens

Interior materials/conditionFloorsWallsTrim/FinishBath FloorBath Wainscot

Attic NoneDrop Stair StairsFloor ScuttleFinished Heated

Heating/CoolingFWA HWBB RadiantOther Fuel

Cooling Central Air ConditioningIndividual Other

AmenitiesFireplace(s) #Patio/DeckPool

Woodstove(s) #FencePorch

Other

Car StorageNoneDriveway # of Cars

Driveway SurfaceGarage # of CarsCarport # of CarsAtt. Det. Built-in

# of Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)Unit # 1 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living AreaUnit # 2 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living AreaUnit # 3 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living AreaUnit # 4 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living AreaAdditional features (special energy efficient items, etc.).

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005

59479328

*REMOVED* CAMBRIA HGHTS NY 11411*REMOVED* *REMOVED* QUEENS

SECTION : 57 BLOCK : 12746NA (SAME AS ABOVE SUMMARY REPORT) 09/10 2,826.00CAMBRIA HGHTS GOOGLE MAPS 606.00

N/A N/A

*REMOVED*

N/A N/A

N/A

250625415

NEW100+

60

40301515ON LOCATION MAP

SUBJECT IS LOCATED IN A RESIDENTIAL NEIGHBORHOOD CONSISTING OF HOMES VARYING IN STYLE, SIZEAND AGE, HOMES ARE IN GENERALLY MAINTAINED CONDITION WITH AVERAGE CARED FOR LANDSCAPING. PROPERTY ISCONVENIENT TO ALL EXPECTED AMENITIES. AREA IS SERVICED BY AN ADEQUATE ROADWAY AND PUBLIC TRANSPORTATIONSYSTEM. SUBJECT IS LOCATED IN A QUIET NEIGHBORHOOD CLOSE TO LOCAL SHOPS. SUBJECT IS IN CONVENIENT PROXIMITY TO

SUPPLY SLIGHTLY EXCEEDS DEMAND AS IT IS DIFFICULT FOR BUYERS TO GETFINANCING. MLS AND OTHER SOURCES INDICATE A MARKETING TIME OF AROUND 3 TO 6 MONTHS. AS PER ZILLOW.COM HOMESWITHIN SUBJECT ZIP CODE HAVE REMAINED STABLE WITHIN THE PAST YEAR.

40 X100 (SUBJECT TO SURVEY) 4,000 SQ.FT. REGULAR AVERAGER2A MULTI FAMILY RESIDENTIAL

X 3604970253F 09/05/2007

2 1

2 FAMILY/AVG195010-15 YRS

95650

CONCRETE/AVGBRICK/STUCCO/AVSHINGLE/AVGALUMINUM/AVGDBLE HUNG/AVGYES/YES/AVGYES/AVG

WD/CER/CPT/APLSTR/SHRCK/AWOOD/AVGCERAMIC/AVGCERAMIC/AVG

GAS

UNITSFRONT

1ASPHALT

2

2 2 N/A N/A N/A 1/15 2 1 9564 1 1 780.5

SITE IMPROVEMENTS (WALKS, LANDSCAPING) SUBJECT HAS A FULL P-FINISHEDBASEMENT WITH INTERIOR ACCESS. SUBJECT HAS A PORCH IN THE FRONT.

THE SUBJECT IS IN OVERALL AVERAGECONDITION; NO RENOVATION NECESSARY.

Lic #: 48000040179

Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

59479328

*REMOVED* CAMBRIA HGHTS NY 11411*REMOVED* *REMOVED* QUEENS

SECTION : 57 BLOCK : 12746NA (SAME AS ABOVE SUMMARY REPORT) 09/10 2,826.00CAMBRIA HGHTS GOOGLE MAPS 606.00

N/A N/A

*REMOVED*

N/A N/A

N/A

250625415

NEW100+

60

40301515ON LOCATION MAP

SUBJECT IS LOCATED IN A RESIDENTIAL NEIGHBORHOOD CONSISTING OF HOMES VARYING IN STYLE, SIZEAND AGE, HOMES ARE IN GENERALLY MAINTAINED CONDITION WITH AVERAGE CARED FOR LANDSCAPING. PROPERTY ISCONVENIENT TO ALL EXPECTED AMENITIES. AREA IS SERVICED BY AN ADEQUATE ROADWAY AND PUBLIC TRANSPORTATIONSYSTEM. SUBJECT IS LOCATED IN A QUIET NEIGHBORHOOD CLOSE TO LOCAL SHOPS. SUBJECT IS IN CONVENIENT PROXIMITY TO

SUPPLY SLIGHTLY EXCEEDS DEMAND AS IT IS DIFFICULT FOR BUYERS TO GETFINANCING. MLS AND OTHER SOURCES INDICATE A MARKETING TIME OF AROUND 3 TO 6 MONTHS. AS PER ZILLOW.COM HOMESWITHIN SUBJECT ZIP CODE HAVE REMAINED STABLE WITHIN THE PAST YEAR.

40 X100 (SUBJECT TO SURVEY) 4,000 SQ.FT. REGULAR AVERAGER2A MULTI FAMILY RESIDENTIAL

X 3604970253F 09/05/2007

2 1

2 FAMILY/AVG195010-15 YRS

95650

CONCRETE/AVGBRICK/STUCCO/AVSHINGLE/AVGALUMINUM/AVGDBLE HUNG/AVGYES/YES/AVGYES/AVG

WD/CER/CPT/APLSTR/SHRCK/AWOOD/AVGCERAMIC/AVGCERAMIC/AVG

GAS

UNITSFRONT

1ASPHALT

2

2 2 N/A N/A N/A 1/15 2 1 9564 1 1 780.5

SITE IMPROVEMENTS (WALKS, LANDSCAPING) SUBJECT HAS A FULL P-FINISHEDBASEMENT WITH INTERIOR ACCESS. SUBJECT HAS A PORCH IN THE FRONT.

THE SUBJECT IS IN OVERALL AVERAGECONDITION; NO RENOVATION NECESSARY.

Lic #: 48000040179



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The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.Property Address City State Zip CodeBorrower Owner of Public Record CountyLegal DescriptionAssessor's Parcel # Tax Year R.E. Taxes $Neighborhood Name Map Reference Census TractOccupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per monthProperty Rights Appraised Fee Simple Leasehold Other (describe)Assignment Type Purchase Transaction Refinance Transaction Other (describe)Lender/Client AddressIs 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? Yes NoReport data source(s) used, offering price(s), and date(s).

I did 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 notperformed.

Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes NoIf Yes, report the total dollar amount and describe the items to be paid.

Note: Race and the racial composition of the neighborhood are not appraisal factors.Neighborhood Characteristics

Location Urban Suburban RuralBuilt-Up Over 75% 25-75% Under 25%Growth Rapid Stable Slow

2-4 Unit Housing TrendsProperty Values Increasing Stable DecliningDemand/Supply Shortage In Balance Over SupplyMarketing Time Under 3 mths 3-6 mths Over 6 mths

2-4 Unit HousingPRICE$ (000)

AGE(yrs)

LowHighPred.

Present Land Use %One-Unit %2-4 Unit %Multi-Family %Commercial %Other %

Neighborhood Boundaries

Neighborhood Description

Market Conditions (including support for the above conclusions)

Dimensions Area Shape ViewSpecific Zoning Classification Zoning DescriptionZoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe

Utilities Public Other (describe) Public Other (describe)ElectricityGas

WaterSanitary Sewer

Off-site Improvements - Type Public PrivateStreetAlley

FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map DateAre the utilities and/or off-site improvements typical for the market area? Yes No If No, describeAre there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe

General DescriptionUnits Two Three Four

Accessory Unit (describe below)# of Stories # of bldgs.Type Det. Att. S-Det./End Unit

Existing Proposed Under Const.Design (Style)Year BuiltEffective Age (Yrs)

FoundationConcrete Slab Crawl SpaceFull Basement Partial Basement

Basement Area sq.ft.Basement Finish %

Outside Entry/Exit Sump PumpEvidence of Infestation

Dampness Settlement

Exterior Description materials/conditionFoundation WallsExterior WallsRoof SurfaceGutters & DownspoutsWindow TypeStorm Sash/InsulatedScreens

Interior materials/conditionFloorsWallsTrim/FinishBath FloorBath Wainscot

Attic NoneDrop Stair StairsFloor ScuttleFinished Heated

Heating/CoolingFWA HWBB RadiantOther Fuel

Cooling Central Air ConditioningIndividual Other

AmenitiesFireplace(s) #Patio/DeckPool

Woodstove(s) #FencePorch

Other

Car StorageNoneDriveway # of Cars

Driveway SurfaceGarage # of CarsCarport # of CarsAtt. Det. Built-in

# of Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)Unit # 1 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living AreaUnit # 2 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living AreaUnit # 3 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living AreaUnit # 4 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living AreaAdditional features (special energy efficient items, etc.).

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

Page 1 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005

Page #1Main File No. 59479328


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Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe.

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe.

Is the property subject to rent control? Yes No If Yes, describe

The following properties represent the most current, similar, and proximate comparable rental properties to the subject property. This analysis is intended to support theopinion of the market rent for the subject property.

FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3Address

Proximity to SubjectCurrent Monthly Rent $ $ $ $Rent/Gross Bldg. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.Rent Control Yes No Yes No Yes No Yes NoData Source(s)Date of Lease(s)LocationActual AgeConditionGross Building Area

Unit BreakdownMonthly Rent Monthly Rent Monthly RentRm Count

SizeSq. Ft. Rm Count



SizeSq. Ft.

Tot Br Ba Tot Br Ba Tot Br Ba Tot Br BaUnit # 1 $ $ $Unit # 2 $ $ $Unit # 3 $ $ $Unit # 4 $ $ $Utilities Included

Analysis of rental data and support for estimated market rents for the individual subject units reported below (including the adequacy of the comparables, rental concessions,etc.)

Rent Schedule: The appraiser must reconcile the applicable indicated monthly market rents to provide an opinion of the market rent for each unit in the subject property.

Leases Actual Rents Opinion of Market RentLease Date Per Unit Total

RentsPer Unit Total

RentsUnit # Begin Date End Date Unfurnished Furnished Unfurnished Furnished1234

$ $ $ $ $ $

Comment on lease data Total Actual Monthly Rent $ Total Gross Monthly Rent $Other Monthly Income (itemize) $ Other Monthly Income (itemize) $Total Actual Monthly Income $ Total Estimated Monthly Income $

Utilities included in estimated rents Electric Water Sewer Gas Oil Trash collection Cable OtherComments on actual or estimated rents and other monthly income (including personal property)

I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain

My research 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)My research did 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)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 # 3Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales


59479328

*REMOVED*CAMBRIA HGHTS, NY 11411

0

INSPECTIONN/ARES/URBAN60 YRSAVERAGE

1,736.5

1,736.55 2 1 9564 1 1 780.5

OWNER PAYSELECTRIC.HEAT& HOT WATER

114-44 220TH STCAMBRIA HGHTS0.66 miles NW

1,1500.83

MLS # 2350724MONTH TO MONTHRES/URBAN60 YRSAVERAGE

1,387

1,387 1,1505 2 1 925 OWNER3 1 1 462 1,150

TENANT PAYS ELECTRICHEAT & HOT WATER INCLUDED

116-38 222ND STCAMBRIA HGHTS0.39 miles NW

1,2000.81


1,474

1,474 1,2004 2 1 850 OWNER3 1 1 624 1,200


118-50 NASHVILLE BLVDCAMBRIA HGHTS0.71 miles W

3,5001.59

MLS # 2349971MONTH TO MONTHRES/URBANYRSAVERAGE

2,200

2,200 3,5006 3 1 1,100 1,7506 3 1 1,100 1,750


SEE ATTACHED ADDENDA

OWNER OCCUPIED 0 0 0 1,500 N/A 1,500VACANT VACANT 0 0 0 1,200 N/A 1,200

000

2,7000

2,700

THERE ARE NOLEASES.

FORECASTED RENTS ARE A GOOD INDICATION OF WHATIS AN AVERAGE EXPECTATION FOR DWELLINGS SIMILAR TO THE SUBJECT IN THIS IMMEDIATE AREA. OUR ESTIMATED RENTREPRESENTS CURRENT MARKET RENT FOR THESE UNITS. EXTERNAL OBSOLESCENCE WAS CONSIDERED WHEN ESTIMATINGRENTAL INCOME AS WELL AS ALL UTILITIES BEING INCLUDED IN RENT.

COMPS INC.

COMPS INC.

NO PRIOR SALEWITHIN PAST 3 YEARSCOMPS INC12/18/10

NO PRIOR SALEWITHIN PAST YEARCOMPS INC12/18/10



AS NOTED ABOVE


59479328


0

INSPECTIONN/ARES/URBAN60 YRSAVERAGE

1,736.5

1,736.55 2 1 9564 1 1 780.5

OWNER PAYSELECTRIC.HEAT& HOT WATER

114-44 220TH STCAMBRIA HGHTS0.66 miles NW

1,1500.83


1,387

1,387 1,1505 2 1 925 OWNER3 1 1 462 1,150



1,2000.81


1,474

1,474 1,2004 2 1 850 OWNER3 1 1 624 1,200


118-50 NASHVILLE BLVDCAMBRIA HGHTS0.71 miles W

3,5001.59

MLS # 2349971MONTH TO MONTHRES/URBANYRSAVERAGE

2,200

2,200 3,5006 3 1 1,100 1,7506 3 1 1,100 1,750



OWNER OCCUPIED 0 0 0 1,500 N/A 1,500VACANT VACANT 0 0 0 1,200 N/A 1,200

000

2,7000

2,700

THERE ARE NOLEASES.

FORECASTED RENTS ARE A GOOD INDICATION OF WHATIS AN AVERAGE EXPECTATION FOR DWELLINGS SIMILAR TO THE SUBJECT IN THIS IMMEDIATE AREA. OUR ESTIMATED RENTREPRESENTS CURRENT MARKET RENT FOR THESE UNITS. EXTERNAL OBSOLESCENCE WAS CONSIDERED WHEN ESTIMATINGRENTAL INCOME AS WELL AS ALL UTILITIES BEING INCLUDED IN RENT.

COMPS INC.

COMPS INC.

NO PRIOR SALEWITHIN PAST 3 YEARSCOMPS INC12/18/10




AS NOTED ABOVE



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Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe.

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe.

Is the property subject to rent control? Yes No If Yes, describe

The following properties represent the most current, similar, and proximate comparable rental properties to the subject property. This analysis is intended to support theopinion of the market rent for the subject property.

FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3Address

Proximity to SubjectCurrent Monthly Rent $ $ $ $Rent/Gross Bldg. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.Rent Control Yes No Yes No Yes No Yes NoData Source(s)Date of Lease(s)LocationActual AgeConditionGross Building Area

Unit BreakdownMonthly Rent Monthly Rent Monthly RentRm Count




SizeSq. Ft.

Tot Br Ba Tot Br Ba Tot Br Ba Tot Br BaUnit # 1 $ $ $Unit # 2 $ $ $Unit # 3 $ $ $Unit # 4 $ $ $Utilities Included

Analysis of rental data and support for estimated market rents for the individual subject units reported below (including the adequacy of the comparables, rental concessions,etc.)

Rent Schedule: The appraiser must reconcile the applicable indicated monthly market rents to provide an opinion of the market rent for each unit in the subject property.

Leases Actual Rents Opinion of Market RentLease Date Per Unit Total

RentsPer Unit Total

RentsUnit # Begin Date End Date Unfurnished Furnished Unfurnished Furnished1234

$ $ $ $ $ $

Comment on lease data Total Actual Monthly Rent $ Total Gross Monthly Rent $Other Monthly Income (itemize) $ Other Monthly Income (itemize) $Total Actual Monthly Income $ Total Estimated Monthly Income $

Utilities included in estimated rents Electric Water Sewer Gas Oil Trash collection Cable OtherComments on actual or estimated rents and other monthly income (including personal property)

I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain

My research 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)My research did 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)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 # 3Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales




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There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .

FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3Address

Proximity to SubjectSale PriceSale Price/Gross Bldg. Area sq.ft. sq.ft. sq.ft. sq.ft.Gross Monthly RentGross Rent MultiplierPrice per UnitPrice per RoomPrice per Bedroom

$$$

$$$

$$$

$$$

$$$

$$$

$$$

$$$

Rent Control Yes No Yes No Yes No Yes NoData Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment DESCRIPTION +(–) AdjustmentSale or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionGross Building AreaUnit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsUnit # 1Unit # 2Unit # 3Unit # 4Basement DescriptionBasement Finished RoomsFunctional UtilityHeating/CoolingEnergy Efficient ItemsParking On/Off SitePorch/Patio/Deck

Net Adjustment (Total) + – + – + –$ $ $Adjusted Sale Price

$ $ $of ComparablesAdjusted Price Per Unit (Adj. SP Comp / # of Comp Units) $ $ $Adjusted Price Per Room (Adj. SP Comp / # of Comp Rooms) $ $ $Adjusted Price Per Bedrm(Adj. SP Comp / # of Comp Bedrooms) $ $ $Value per Unit $ X Units = $ Value per GBA $ X GBA = $Value per Rm. $ X Rooms = $ Value per Bdrms. $ X Bdrms. = $

Net Adj. %Gross Adj. %



Summary of Sales Comparison Approach including reconciliation of the above indicators of value.

Indicated Value by Sales Comparison Approach $Total gross monthly rent $ X gross rent multiplier (GRM) = $ Indicated value by the Income ApproachComments on income approach including reconciliation of the GRM

Indicated Value by: Sales Comparison Approach $ Income Approach $ Cost Approach (if developed) $

This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have beencompleted, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to thefollowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limitingconditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is$ , as of , which is the date of inspection and the effective date of this appraisal.


59479328 4 400000 500000 17 325000 475000


2,700

RES/URBANFEE SIMPLE4,000 SQ.FT.RES/AVG2 FAMILY/AVGBR/STUCCO/DET60 YRSAVERAGE

1,736.5

5 2 14 1 1

956 Sq.Ft.P-FINISHEDAVERAGEGHW/NONEDBLE HUNG WN2 CAR GARAGEPORCH

D.O.M N/A

116-19 221ST STCAMBRIA HGHTS0.42 miles NW

425,000242.58

2,400177.08

212,50053,125

106,250

COMPS INCMLS # 2272048

CONVENTIONALNONE NOTED07/27/10RES/URBANFEE SIMPLE4,000 SQ FTRES/AVG2 FAMILY/AVGBRICK/DET80 YRSAVERAGE

1,752 -1,008

4 2 14 2 1 -4,000

FULLFINISHED -5,000AVERAGEG-STM/NONEDBLE HUNG WN2 CAR GARAGENONE +3,00020 DAYS

-7,0081.63.1 417,992

208,99652,249

104,498


340,000210.79

2,400141.67

170,00042,500

113,333



1,613 +8,028

5 2 13 1 1

FULLUNFINISHED +5,000AVERAGEO-STM/NONEDBLE HUNG WN1 CAR GARAGE +5,000NONE +3,00075 DAYS

21,0286.26.2 361,028

180,51445,129

120,343

119-25 219TH STCAMBRIA HGHTS0.54 miles W

433,000277.56

2,700160.37

216,50048,111

144,333

COMPS INCGEO DATA

CONVENTIONALNONE NOTED07/30/10RES/URBANFEE SIMPLE3,000 SQ FT +5,000RES/AVG2 FAMILY/AVGFRAME/DET85 YRSAVERAGE

1,560 +11,473

5 2 14 1 1

FULLP-FINISHEDAVERAGEGHW/NONEDBLE HUNG WNNONE +10,000PORCHN/A

26,4736.16.1 459,473

229,73751,053

153,158 205000 2 410,000 240 1,736.5 416,76050,000 9 450,000 135000 3 405,000

GLA ADJUSTMENTS ARE MADE AT $65.00 PER SQ FT.FOR THE DIFFERENCE OF 100 SQ FT OR GREATER. SITE ADJUSTMENT IS MADE AT $5.00 PER SQ FT FOR A DIFFERENCE OF 500 SQFT AND GREATER. NOTE:

417,0002,700 160 432,000

THE INCOME APPROACH HAS BEEN THE LEAST RELIED UPON SINCE THESUBJECT IS GENERALLY PURCHASED BY AN OWNER/USER.

417,000 432,000 424,978GREATEST EMPHASIS HAS BEEN PLACED ON THE SALES COMPARISON APPROACH,WHICH IS THE MOST ACCURATE AND RELIABLEAPPROACH TO VALUE IN THE CASE OF THE OWNER/USER, AMENITY TYPE PROPERTIES. ADDITIONAL SUPPORT HAS BEENPROVIDED BY THE COST APPROACH.

417,000


59479328 4 400000 500000 17 325000 475000


2,700


1,736.5

5 2 14 1 1


D.O.M N/A

116-19 221ST STCAMBRIA HGHTS0.42 miles NW

425,000242.58

2,400177.08

212,50053,125

106,250



1,752 -1,008

4 2 14 2 1 -4,000

FULLFINISHED -5,000AVERAGEG-STM/NONEDBLE HUNG WN2 CAR GARAGENONE +3,00020 DAYS

-7,0081.63.1 417,992

208,99652,249

104,498


340,000210.79

2,400141.67

170,00042,500

113,333



1,613 +8,028

5 2 13 1 1

FULLUNFINISHED +5,000AVERAGEO-STM/NONEDBLE HUNG WN1 CAR GARAGE +5,000NONE +3,00075 DAYS

21,0286.26.2 361,028

180,51445,129

120,343

119-25 219TH STCAMBRIA HGHTS0.54 miles W

433,000277.56

2,700160.37

216,50048,111

144,333

COMPS INCGEO DATA

CONVENTIONALNONE NOTED07/30/10RES/URBANFEE SIMPLE3,000 SQ FT +5,000RES/AVG2 FAMILY/AVGFRAME/DET85 YRSAVERAGE

1,560 +11,473

5 2 14 1 1

FULLP-FINISHEDAVERAGEGHW/NONEDBLE HUNG WNNONE +10,000PORCHN/A

26,4736.16.1 459,473

229,73751,053

153,158 205000 2 410,000 240 1,736.5 416,76050,000 9 450,000 135000 3 405,000

GLA ADJUSTMENTS ARE MADE AT $65.00 PER SQ FT.FOR THE DIFFERENCE OF 100 SQ FT OR GREATER. SITE ADJUSTMENT IS MADE AT $5.00 PER SQ FT FOR A DIFFERENCE OF 500 SQFT AND GREATER. NOTE:

417,0002,700 160 432,000

THE INCOME APPROACH HAS BEEN THE LEAST RELIED UPON SINCE THESUBJECT IS GENERALLY PURCHASED BY AN OWNER/USER.

417,000 432,000 424,978GREATEST EMPHASIS HAS BEEN PLACED ON THE SALES COMPARISON APPROACH,WHICH IS THE MOST ACCURATE AND RELIABLEAPPROACH TO VALUE IN THE CASE OF THE OWNER/USER, AMENITY TYPE PROPERTIES. ADDITIONAL SUPPORT HAS BEENPROVIDED BY THE COST APPROACH.

417,000



SALE

S C

OM

PAR

ISO

N A

PPR

OA

CH

INC

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NC

ILIA

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There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .

FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3Address


$$$

$$$

$$$

$$$

$$$

$$$

$$$

$$$



$ $ $of ComparablesAdjusted Price Per Unit (Adj. SP Comp / # of Comp Units) $ $ $Adjusted Price Per Room (Adj. SP Comp / # of Comp Rooms) $ $ $Adjusted Price Per Bedrm(Adj. SP Comp / # of Comp Bedrooms) $ $ $Value per Unit $ X Units = $ Value per GBA $ X GBA = $Value per Rm. $ X Rooms = $ Value per Bdrms. $ X Bdrms. = $




Summary of Sales Comparison Approach including reconciliation of the above indicators of value.

Indicated Value by Sales Comparison Approach $Total gross monthly rent $ X gross rent multiplier (GRM) = $ Indicated value by the Income ApproachComments on income approach including reconciliation of the GRM

Indicated Value by: Sales Comparison Approach $ Income Approach $ Cost Approach (if developed) $

This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have beencompleted, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to thefollowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limitingconditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is$ , as of , which is the date of inspection and the effective date of this appraisal.




AD

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ION

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PUD

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COST APPROACH TO VALUE (not required by Fannie Mae)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)

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEWSource of cost dataQuality rating from cost service Effective date of cost dataComments on Cost Approach (gross living area calculations, depreciation, etc.)

OPINION OF SITE VALUE =$DWELLING Sq.Ft. @ $ =$

Sq.Ft. @ $ =$=$

Garage/Carport Sq.Ft. @ $ =$Total Estimate of Cost-New =$Less Physical Functional ExternalDepreciation =$( )Depreciated Cost of Improvements =$"As-is" Value of Site Improvements =$

INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (HUD and VA only) Years

PROJECT INFORMATION FOR PUDs (if applicable)Is the developer/builder in control of the Homeowners’ Association (HOA)? Yes No Unit type(s) Detached AttachedProvide 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.Legal Name of ProjectTotal number of phases Total number of units Total number of units soldTotal number of units rented Total number of units for sale Data source(s)Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion.Does the project contain any multi-dwelling units? Yes No Data SourceAre the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.

Are the common elements leased to or by the Homeowners’ Association? Yes No If Yes, describe the rental terms and options.

Describe common elements and recreational facilities.


59479328

LOCAL CONTRACTORSADEQU 12/10

170,0001,736.5 130.00 225,745

BSMT 956 40.00 38,240PORCH AND FENCE 10,000

400 35.00 14,000287,985

48,007 48,007239,97815,000

424,978


50


59479328

LOCAL CONTRACTORSADEQU 12/10

170,0001,736.5 130.00 225,745

BSMT 956 40.00 38,240PORCH AND FENCE 10,000

400 35.00 14,000287,985

48,007 48,007239,97815,000

424,978


50



AD

DIT

ION

AL

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ENTS

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ST A

PPR

OA

CH

PUD

INFO

RM

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ON

COST APPROACH TO VALUE (not required by Fannie Mae)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)

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEWSource of cost dataQuality rating from cost service Effective date of cost dataComments on Cost Approach (gross living area calculations, depreciation, etc.)

OPINION OF SITE VALUE =$DWELLING Sq.Ft. @ $ =$

Sq.Ft. @ $ =$=$

Garage/Carport Sq.Ft. @ $ =$Total Estimate of Cost-New =$Less Physical Functional ExternalDepreciation =$( )Depreciated Cost of Improvements =$"As-is" Value of Site Improvements =$

INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (HUD and VA only) Years

PROJECT INFORMATION FOR PUDs (if applicable)Is the developer/builder in control of the Homeowners’ Association (HOA)? Yes No Unit type(s) Detached AttachedProvide 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.Legal Name of ProjectTotal number of phases Total number of units Total number of units soldTotal number of units rented Total number of units for sale Data source(s)Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion.Does the project contain any multi-dwelling units? Yes No Data SourceAre the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.

Are the common elements leased to or by the Homeowners’ Association? Yes No If Yes, describe the rental terms and options.

Describe common elements and recreational facilities.




This report form is designed to report an appraisal of a two- to four-unit property, including a two- to four-unit property in aplanned unit development (PUD). A two- to four-unit property located in either a condominium or cooperative projectrequires the appraiser to inspect the project and complete the project information section of the Individual CondominiumUnit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report.

This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intendeduse, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser mayexpand the scope of work to include any additional research or analysis necessary based on the complexity of thisappraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additionalcertifications that do not constitute material alterations to this appraisal report, such as those required by law or thoserelated 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 andthe reporting requirements of this appraisal report form, including the following definition of market value, statement ofassumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visualinspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of thecomparable 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.

INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is thesubject of this appraisal for a mortgage finance transaction.

INTENDED USER: The intended user of this appraisal report is the lender/client.

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and openmarket under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assumingthe price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date andthe passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) bothparties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) areasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or interms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the propertysold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.

*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs arereadily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financingadjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutionallender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanicaldollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate themarket’s reaction to the financing or concessions based on the appraiser’s judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report issubject to the following assumptions and limiting conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or thetitle 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.

2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements,including each of the units. The sketch is included only to assist the reader in visualizing the property and understanding theappraiser’s determination of its size.

3. 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 anidentified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express orimplied, regarding this determination.

4. 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 otherwise required by law.

5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he orshe became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisalreport, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of theproperty (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 nosuch conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for anysuch conditions that do exist or for any engineering or testing that might be required to discover whether such conditionsexist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not beconsidered as an environmental assessment of the property.

6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject tosatisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subjectproperty will be performed in a professional manner.


59479328


59479328



This report form is designed to report an appraisal of a two- to four-unit property, including a two- to four-unit property in aplanned unit development (PUD). A two- to four-unit property located in either a condominium or cooperative projectrequires the appraiser to inspect the project and complete the project information section of the Individual CondominiumUnit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report.

This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intendeduse, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser mayexpand the scope of work to include any additional research or analysis necessary based on the complexity of thisappraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additionalcertifications that do not constitute material alterations to this appraisal report, such as those required by law or thoserelated 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 andthe reporting requirements of this appraisal report form, including the following definition of market value, statement ofassumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visualinspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of thecomparable 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.

INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is thesubject of this appraisal for a mortgage finance transaction.

INTENDED USER: The intended user of this appraisal report is the lender/client.

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and openmarket under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assumingthe price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date andthe passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) bothparties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) areasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or interms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the propertysold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.

*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs arereadily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financingadjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutionallender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanicaldollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate themarket’s reaction to the financing or concessions based on the appraiser’s judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report issubject to the following assumptions and limiting conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or thetitle 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.

2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements,including each of the units. The sketch is included only to assist the reader in visualizing the property and understanding theappraiser’s determination of its size.

3. 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 anidentified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express orimplied, regarding this determination.

4. 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 otherwise required by law.

5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he orshe became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisalreport, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of theproperty (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 nosuch conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for anysuch conditions that do exist or for any engineering or testing that might be required to discover whether such conditionsexist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not beconsidered as an environmental assessment of the property.

6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject tosatisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subjectproperty will be performed in a professional manner.




APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that:

1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated inthis appraisal report.

2. I performed a complete visual inspection of the interior and exterior areas of the subject property, including all units. Ireported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies thatcould affect the livability, soundness, or structural integrity of the property.

3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional AppraisalPractice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that werein place at the time this appraisal report was prepared.

4. I developed my opinion of the market value of the real property that is the subject of this report based on the salescomparison and income approaches to value. I have adequate market data to develop reliable sales comparison andincome approaches to value for this appraisal assignment. I further certify that I considered the cost approach to value butdid not develop it, unless otherwise indicated in this report.

5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering forsale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of thesubject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in thisreport.

6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year priorto the date of sale of the comparable sale, unless otherwise indicated in this report.

7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.

8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of ahome that has been built or will be built on the land.

9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between thesubject property and the comparable sales.

10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest inthe sale or financing of the subject property.

11. I have knowledge and experience in appraising this type of property in this market area.

12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listingservices, tax assessment records, public land records and other such data sources for the area in which the property is located.

13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal reportfrom reliable sources that I believe to be true and correct.

14. I 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 marketvalue. 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 theinspection of the subject property or that I became aware of during the research involved in performing this appraisal. I haveconsidered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditionson the value and marketability of the subject property.

15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements and information in this appraisal report are true and correct.

16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, whichare subject only to the assumptions and limiting conditions in this appraisal report.

17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospectivepersonal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, myanalysis 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 oroccupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.

18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was notconditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) apredetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the causeof any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of apending mortgage loan application).

19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If Irelied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisalor the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in thisappraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone tomake a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I willtake no responsibility for it.

20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization thatordered and will receive this appraisal report.


59479328


59479328



APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that:

1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated inthis appraisal report.

2. I performed a complete visual inspection of the interior and exterior areas of the subject property, including all units. Ireported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies thatcould affect the livability, soundness, or structural integrity of the property.

3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional AppraisalPractice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that werein place at the time this appraisal report was prepared.

4. I developed my opinion of the market value of the real property that is the subject of this report based on the salescomparison and income approaches to value. I have adequate market data to develop reliable sales comparison andincome approaches to value for this appraisal assignment. I further certify that I considered the cost approach to value butdid not develop it, unless otherwise indicated in this report.

5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering forsale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of thesubject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in thisreport.

6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year priorto the date of sale of the comparable sale, unless otherwise indicated in this report.

7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.

8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of ahome that has been built or will be built on the land.

9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between thesubject property and the comparable sales.

10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest inthe sale or financing of the subject property.

11. I have knowledge and experience in appraising this type of property in this market area.

12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listingservices, tax assessment records, public land records and other such data sources for the area in which the property is located.

13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal reportfrom reliable sources that I believe to be true and correct.

14. I 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 marketvalue. 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 theinspection of the subject property or that I became aware of during the research involved in performing this appraisal. I haveconsidered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditionson the value and marketability of the subject property.

15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements and information in this appraisal report are true and correct.

16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, whichare subject only to the assumptions and limiting conditions in this appraisal report.

17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospectivepersonal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, myanalysis 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 oroccupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.

18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was notconditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) apredetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the causeof any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of apending mortgage loan application).

19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If Irelied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisalor the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in thisappraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone tomake a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I willtake no responsibility for it.

20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization thatordered and will receive this appraisal report.




21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of theborrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; othersecondary market participants; data collection or reporting services; professional appraisal organizations; any department,agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having toobtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisalreport may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, publicrelations, news, sales, or other media).

22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certainlaws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practicethat pertain to disclosure or distribution by me.

23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgageinsurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as partof any mortgage finance transaction that involves any one or more of these parties.

24. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.

25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/orcriminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United StatesCode, Section 1001, et seq., or similar state laws.

SUPERVISORY APPRAISER’S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:

1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser’sanalysis, opinions, statements, conclusions, and the appraiser’s certification.

2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser’s analysis, opinions,statements, conclusions, and the appraiser’s certification.

3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or theappraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.

4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.


APPRAISER

SignatureNameCompany NameCompany Address

Telephone NumberEmail AddressDate of Signature and ReportEffective Date of AppraisalState Certification #or State License #or Other (describe) State #StateExpiration Date of Certification or License

ADDRESS OF PROPERTY APPRAISED

APPRAISED VALUE OF SUBJECT PROPERTY $

LENDER/CLIENTNameCompany NameCompany Address

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)


Telephone NumberEmail AddressDate of SignatureState Certification #or State License #StateExpiration Date of Certification or License

SUBJECT PROPERTY

Did not inspect subject propertyDid inspect exterior of subject property from streetDate of InspectionDid inspect interior and exterior of subject propertyDate of Inspection

COMPARABLE SALES

Did not inspect exterior of comparable sales from streetDid inspect exterior of comparable sales from streetDate of Inspection


59479328


417,000

*REMOVED*


59479328


417,000

*REMOVED*



21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of theborrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; othersecondary market participants; data collection or reporting services; professional appraisal organizations; any department,agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having toobtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisalreport may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, publicrelations, news, sales, or other media).

22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certainlaws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practicethat pertain to disclosure or distribution by me.

23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgageinsurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as partof any mortgage finance transaction that involves any one or more of these parties.


25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/orcriminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United StatesCode, Section 1001, et seq., or similar state laws.

SUPERVISORY APPRAISER’S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:

1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser’sanalysis, opinions, statements, conclusions, and the appraiser’s certification.

2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser’s analysis, opinions,statements, conclusions, and the appraiser’s certification.

3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or theappraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.

4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.


APPRAISER


Telephone NumberEmail AddressDate of Signature and ReportEffective Date of AppraisalState Certification #or State License #or Other (describe) State #StateExpiration Date of Certification or License

ADDRESS OF PROPERTY APPRAISED

APPRAISED VALUE OF SUBJECT PROPERTY $

LENDER/CLIENTNameCompany NameCompany Address

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)


Telephone NumberEmail AddressDate of SignatureState Certification #or State License #StateExpiration Date of Certification or License

SUBJECT PROPERTY

Did not inspect subject propertyDid inspect exterior of subject property from streetDate of InspectionDid inspect interior and exterior of subject propertyDate of Inspection

COMPARABLE SALES

Did not inspect exterior of comparable sales from streetDid inspect exterior of comparable sales from streetDate of Inspection




SALE

S C

OM

PAR

ISO

N A

PPR

OA

CH

SALE

HIS

TOR

YA

NA

LYSI

S / C

OM

MEN

TS

FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #Address


$$$

$$$

$$$

$$$

$$$

$$$

$$$

$$$



$ $ $of ComparablesAdjusted Price Per Unit (Adj. SP Comp / # of Comp Units) $ $ $Adjusted Price Per Room (Adj. SP Comp / # of Comp Rooms) $ $ $Adjusted Price Per Bedrm (Adj. SP Comp / # of Comp Bedrooms) $ $ $




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 # COMPARABLE SALE # COMPARABLE SALE #

Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales

Analysis/Comments

Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005

59479328


2,700


1,736.5

5 2 14 1 1


D.O.M N/A

226-10 LINDEN BLVDCAMBRIA HGHTS, NY 114110.26 miles S

449,900233.47

3,000149.97

224,95044,990

112,475


CONVENTIONALNONE NOTEDLD 11/15/10 -18,000RES/URBANFEE SIMPLE2,970 SQ FT +5,150RES/AVG2 FAMILY/AVGBRICK/DET60 YRSAVERAGE

1,927 -12,383

5 2 15 2 1 -4,000

FULLP-FINISHED -5,000AVERAGESTEAM/NONEDBLE HUNG WN1 CAR GARAGE +5,000NONE +4,00036 DAYS

-25,2335.611.9 424,667

212,33442,467

106,167

4 5 6

4 5 6NO PRIOR SALEWITHIN PAST 3 YEARSCOMPS INC12/18/10


Form 1025.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

59479328


2,700


1,736.5

5 2 14 1 1


D.O.M N/A

226-10 LINDEN BLVDCAMBRIA HGHTS, NY 114110.26 miles S

449,900233.47

3,000149.97

224,95044,990

112,475


CONVENTIONALNONE NOTEDLD 11/15/10 -18,000RES/URBANFEE SIMPLE2,970 SQ FT +5,150RES/AVG2 FAMILY/AVGBRICK/DET60 YRSAVERAGE

1,927 -12,383

5 2 15 2 1 -4,000

FULLP-FINISHED -5,000AVERAGESTEAM/NONEDBLE HUNG WN1 CAR GARAGE +5,000NONE +4,00036 DAYS

-25,2335.611.9 424,667

212,33442,467

106,167

4 5 6

4 5 6NO PRIOR SALEWITHIN PAST 3 YEARSCOMPS INC12/18/10


Form 1025.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


SALE

S C

OM

PAR

ISO

N A

PPR

OA

CH

SALE

HIS

TOR

YA

NA

LYSI

S / C

OM

MEN

TS

FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #Address


$$$

$$$

$$$

$$$

$$$

$$$

$$$

$$$



$ $ $of ComparablesAdjusted Price Per Unit (Adj. SP Comp / # of Comp Units) $ $ $Adjusted Price Per Room (Adj. SP Comp / # of Comp Rooms) $ $ $Adjusted Price Per Bedrm (Adj. SP Comp / # of Comp Bedrooms) $ $ $




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 # COMPARABLE SALE # COMPARABLE SALE #

Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales

Analysis/Comments

Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005


Operating Income StatementOne- to Four-Family Investment Property and Two- to Four-Family Owner-Occupied Property

Property Address

Street City State Zip Code

General Instructions: This form is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwriter. The applicant must complete the following schedule indicat-ing each unit's rental status, lease expiration date, current rent, market rent, and the responsibility for utility expenses. Rental figures must be based on the rent for an "unfurnished" unit.

CurrentlyRented

Unit No. 1Unit No. 2Unit No. 3Unit No. 4

Total

YesYesYesYes

NoNoNoNo

ExpirationDate

Current RentPer Month

$$$$

$

Market RentPer Month

$$$$$

Utility ExpenseElectricityGasFuel OilFuel (Other)Water/SewerTrash Removal

PaidBy Owner

PaidBy Tenant

The applicant should complete all of the income and expense projections and for existing properties provide actual year-end operating statements for the past two years (for newproperties the applicant's projected income and expenses must be provided). This Operating Income Statement and any previous operating statements the applicant provides mustthen be sent to the appraiser for review, comment, and/or adjustments next to the applicant's figures (e.g. Applicant/Appraiser 288/300). If the appraiser is retained to complete theform instead of the applicant, the lender must provide to the appraiser the aforementioned operating statements, mortgage insurance premium, HOA dues, leasehold payments,subordinate financing, and/or any other relevant information as to the income and expenses of the subject property received from the applicant to substantiate the projections. Theunderwriter should carefully review the applicant's/appraiser's projections and the appraiser's comments concerning those projections. The underwriter should make any finaladjustments that are necessary to more accurately reflect any income or expense items that appear unreasonable for the market. (Real estate taxes and insurance on these types ofproperties are included in PITI and not calculated as an annual expense item.) Income should be based on the current rents, but should not exceed market rents. When there are nocurrent rents because the property is proposed, new, or currently vacant, market rents should be used.

Annual Income and Expense Projection for Next 12 months

Income (Do not include income for owner-occupied units) By Applicant/AppraiserAdjustments by

Lender's UnderwriterGross Annual Rental (from unit(s) to be rented) $ $Other Income (include sources) + +Total $ $Less Vacancy/Rent Loss – ( %) – ( %)Effective Gross Income $ $

Expenses (Do not include expenses for owner-occupied units)ElectricityGasFuel OilFuel (Type - )Water/SewerTrash RemovalPest ControlOther Taxes or LicensesCasual Labor

This includes the costs for public area cleaning, snow removal, etc., eventhough the applicant may not elect to contract for such services.

Interior Paint/DecoratingThis includes the costs of contract labor and materials that are required tomaintain the interiors of the living unit.

General Repairs/MaintenanceThis includes the costs of contract labor and materials that are required tomaintain the public corridors, stairways, roofs, mechanical systems, grounds, etc.

Management ExpensesThese are the customery expenses that a professional management companywould charge to manage the property.

SuppliesThis includes the costs of items like light bulbs, janitorial supplies, etc.

Total Replacement Reserves - See Schedule on Pg. 2Miscellaneous

Total Operating Expenses $ $

Freddie Mac

Page 1 of 2

Fannie MaeForm 998 Aug 88 Form 216 Aug 88

Form INC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODELic #: 48000040179

*REMOVED* CAMBRIA HGHTS NY 11411

OWNER 1,500VACANT 1,200

2,700

14,400

14,400708 2

13,692

3,000

GAS-HW480

360

2,000

900

2,000

360

1,100

10,200

Form INC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODELic #: 48000040179

*REMOVED* CAMBRIA HGHTS NY 11411

OWNER 1,500VACANT 1,200

2,700

14,400

14,400708 2

13,692

3,000

GAS-HW480

360

2,000

900

2,000

360

1,100

10,200

Operating Income StatementOne- to Four-Family Investment Property and Two- to Four-Family Owner-Occupied Property

Property Address

Street City State Zip Code

General Instructions: This form is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwriter. The applicant must complete the following schedule indicat-ing each unit's rental status, lease expiration date, current rent, market rent, and the responsibility for utility expenses. Rental figures must be based on the rent for an "unfurnished" unit.

CurrentlyRented

Unit No. 1Unit No. 2Unit No. 3Unit No. 4

Total

YesYesYesYes

NoNoNoNo

ExpirationDate

Current RentPer Month

$$$$

$

Market RentPer Month

$$$$$

Utility ExpenseElectricityGasFuel OilFuel (Other)Water/SewerTrash Removal

PaidBy Owner

PaidBy Tenant

The applicant should complete all of the income and expense projections and for existing properties provide actual year-end operating statements for the past two years (for newproperties the applicant's projected income and expenses must be provided). This Operating Income Statement and any previous operating statements the applicant provides mustthen be sent to the appraiser for review, comment, and/or adjustments next to the applicant's figures (e.g. Applicant/Appraiser 288/300). If the appraiser is retained to complete theform instead of the applicant, the lender must provide to the appraiser the aforementioned operating statements, mortgage insurance premium, HOA dues, leasehold payments,subordinate financing, and/or any other relevant information as to the income and expenses of the subject property received from the applicant to substantiate the projections. Theunderwriter should carefully review the applicant's/appraiser's projections and the appraiser's comments concerning those projections. The underwriter should make any finaladjustments that are necessary to more accurately reflect any income or expense items that appear unreasonable for the market. (Real estate taxes and insurance on these types ofproperties are included in PITI and not calculated as an annual expense item.) Income should be based on the current rents, but should not exceed market rents. When there are nocurrent rents because the property is proposed, new, or currently vacant, market rents should be used.

Annual Income and Expense Projection for Next 12 months

Income (Do not include income for owner-occupied units) By Applicant/AppraiserAdjustments by

Lender's UnderwriterGross Annual Rental (from unit(s) to be rented) $ $Other Income (include sources) + +Total $ $Less Vacancy/Rent Loss – ( %) – ( %)Effective Gross Income $ $

Expenses (Do not include expenses for owner-occupied units)ElectricityGasFuel OilFuel (Type - )Water/SewerTrash RemovalPest ControlOther Taxes or LicensesCasual Labor

This includes the costs for public area cleaning, snow removal, etc., eventhough the applicant may not elect to contract for such services.

Interior Paint/DecoratingThis includes the costs of contract labor and materials that are required tomaintain the interiors of the living unit.

General Repairs/MaintenanceThis includes the costs of contract labor and materials that are required tomaintain the public corridors, stairways, roofs, mechanical systems, grounds, etc.

Management ExpensesThese are the customery expenses that a professional management companywould charge to manage the property.

SuppliesThis includes the costs of items like light bulbs, janitorial supplies, etc.

Total Replacement Reserves - See Schedule on Pg. 2Miscellaneous

Total Operating Expenses $ $

Freddie Mac

Page 1 of 2



Replacement Reserve Schedule

Adequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owner's operating statements or are customary in the local market. Thisrepresents the total average yearly reserves. Generally, all equipment and components that have a remaining life of more than one year-such as refrigerators, stoves, clothes washers/dryers, trash compactors, furnaces, roofs, and carpeting, etc. - should be expensed on a replacement cost basis.

Equipment Replacement Remaining By Applicant/ LenderCost Life Appraiser Adjustments

Stoves/Ranges @ $ ea. / Yrs. x Units = $ $Refrigerators @ $ ea. / Yrs. x Units = $ $Dishwashers @ $ ea. / Yrs. x Units = $ $A/C Units @ $ ea. / Yrs. x Units = $ $C. Washer/Dryers @ $ ea. / Yrs. x Units = $ $HW Heaters @ $ ea. / Yrs. x Units = $ $Furnace(s) @ $ ea. / Yrs. x Units = $ $(Other) @ $ ea. / Yrs. x Units = $ $

Roof @ $ / Yrs. x One Bldg. = $ $

Carpeting (Wall to Wall) RemainingLife

(Units) Total Sq. Yds. @ $ Per Sq. Yd. / Yrs. = $ $(Public Areas) Total Sq. Yds. @ $ Per Sq. Yd. / Yrs. = $ $

Total Replacement Reserves. (Enter on Pg. 1) $ $

Operating Income Reconciliation

$ – $ = $ / 12 =$Effective Gross Income Total Operating Expenses Operating Income Monthly Operating Income

$ – $ = $Monthly Operating Income Monthly Housing Expense Net Cash Flow

(Note: Monthly Housing Expense includes principal and interest on the mortgage, hazard insurance premiums, real estate taxes, mortgage insurance premiums, HOA dues, leaseholdpayments, and subordinate financing payments.)

Underwriter's instructions for 2-4 Family Owner-Occupied Properties

If Monthly Operating Income is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of Freddie Mac Form 65/Fannie Mae Form 1003.If Monthly Operating Income is a negative number, it must be included as a liability for qualification purposes.

The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total Monthly Housing Expense for the subject property to theborrower's stable monthly income.

Underwriter's instructions for 1-4 Family Investment Properties

If Net Cash Flow is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of Freddie Mac Form 65/Fannie Mae Form 1003. If Net CashFlow is a negative number, it must be included as a liability for qualification purposes.

The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total monthly housing expense for the borrower'sprimary residenceto the borrower's stable monthly income.

Appraiser's Comments (Including sources for data and rationale for the projections)

Appraiser Name Appraiser Signature Date

Underwriter's Comments and Rationale for Adjustments

Underwriter Name Underwriter Signature Date

Freddie Mac

Page 2 of 2


Form INC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

500 10 2 100.00500 10 2 100.00

500 10 1 50.002,000 20 1 100.00

15,000 20 750

1,100

13,692 10,200 3,492 291

291

THE APPRAISER WAS NOT FURNISHED THE INCOME AND EXPENSE STATEMENT BY THE OWNER. ALL THE EXPENSESARE MARKET SUBSTITUTED. THE ROOFING EXPENSE IS BASED ON ONE COVER LEYER OF COMPOSITION SHINGLE AT$5000 AFTER THE 10TH YEAR AND A FULL "RIP OFF" AT $10,000 AFTER THE 20TH YEAR. THE ROOFING EXPENSE EQUATETO AN AVERAGE ANNUAL EXPENSE OF $750.00 PER YEAR

WITHIN PAST 3 YRS

Form INC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

500 10 2 100.00500 10 2 100.00

500 10 1 50.002,000 20 1 100.00

15,000 20 750

1,100

13,692 10,200 3,492 291

291

THE APPRAISER WAS NOT FURNISHED THE INCOME AND EXPENSE STATEMENT BY THE OWNER. ALL THE EXPENSESARE MARKET SUBSTITUTED. THE ROOFING EXPENSE IS BASED ON ONE COVER LEYER OF COMPOSITION SHINGLE AT$5000 AFTER THE 10TH YEAR AND A FULL "RIP OFF" AT $10,000 AFTER THE 20TH YEAR. THE ROOFING EXPENSE EQUATETO AN AVERAGE ANNUAL EXPENSE OF $750.00 PER YEAR

WITHIN PAST 3 YRS

Replacement Reserve Schedule

Adequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owner's operating statements or are customary in the local market. Thisrepresents the total average yearly reserves. Generally, all equipment and components that have a remaining life of more than one year-such as refrigerators, stoves, clothes washers/dryers, trash compactors, furnaces, roofs, and carpeting, etc. - should be expensed on a replacement cost basis.

Equipment Replacement Remaining By Applicant/ LenderCost Life Appraiser Adjustments

Stoves/Ranges @ $ ea. / Yrs. x Units = $ $Refrigerators @ $ ea. / Yrs. x Units = $ $Dishwashers @ $ ea. / Yrs. x Units = $ $A/C Units @ $ ea. / Yrs. x Units = $ $C. Washer/Dryers @ $ ea. / Yrs. x Units = $ $HW Heaters @ $ ea. / Yrs. x Units = $ $Furnace(s) @ $ ea. / Yrs. x Units = $ $(Other) @ $ ea. / Yrs. x Units = $ $

Roof @ $ / Yrs. x One Bldg. = $ $

Carpeting (Wall to Wall) RemainingLife

(Units) Total Sq. Yds. @ $ Per Sq. Yd. / Yrs. = $ $(Public Areas) Total Sq. Yds. @ $ Per Sq. Yd. / Yrs. = $ $

Total Replacement Reserves. (Enter on Pg. 1) $ $

Operating Income Reconciliation

$ – $ = $ / 12 =$Effective Gross Income Total Operating Expenses Operating Income Monthly Operating Income

$ – $ = $Monthly Operating Income Monthly Housing Expense Net Cash Flow

(Note: Monthly Housing Expense includes principal and interest on the mortgage, hazard insurance premiums, real estate taxes, mortgage insurance premiums, HOA dues, leaseholdpayments, and subordinate financing payments.)

Underwriter's instructions for 2-4 Family Owner-Occupied Properties

If Monthly Operating Income is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of Freddie Mac Form 65/Fannie Mae Form 1003.If Monthly Operating Income is a negative number, it must be included as a liability for qualification purposes.

The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total Monthly Housing Expense for the subject property to theborrower's stable monthly income.

Underwriter's instructions for 1-4 Family Investment Properties

If Net Cash Flow is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of Freddie Mac Form 65/Fannie Mae Form 1003. If Net CashFlow is a negative number, it must be included as a liability for qualification purposes.

The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total monthly housing expense for the borrower'sprimary residenceto the borrower's stable monthly income.

Appraiser's Comments (Including sources for data and rationale for the projections)

Appraiser Name Appraiser Signature Date

Underwriter's Comments and Rationale for Adjustments

Underwriter Name Underwriter Signature Date

Freddie Mac

Page 2 of 2



Property AddressCity County State Zip Code

Form PIC3x5.SC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

SUBJECT PHOTO PAGE*REMOVED**REMOVED*CAMBRIA HGHTS QUEENS NY 11411*REMOVED*

SUBJECT FRONT

Sales Price:GBA:Age:

*REMOVED*

1,736.560 YRS

SUBJECT REAR

SUBJECT STREET

Borrower/Client

Lender

Form PIC3x5.SC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

SUBJECT PHOTO PAGE*REMOVED**REMOVED*CAMBRIA HGHTS QUEENS NY 11411*REMOVED*

SUBJECT FRONT


*REMOVED*

1,736.560 YRS

SUBJECT REAR

SUBJECT STREET

Borrower/Client

Lender




Form PIC3x5.SI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Subject Interior Photo Page*REMOVED**REMOVED*CAMBRIA HGHTS QUEENS NY 11411*REMOVED*

SUBJECT LIVING ROOM

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

*REMOVED*

932RES/URBANRES/AVG4,000 SQ.FT.BR/STUCCO/DET60 YRS

SUBJECT KITCHEN

SUBJECT BATH

Borrower/Client

Lender



SUBJECT LIVING ROOM


*REMOVED*


SUBJECT KITCHEN

SUBJECT BATH

Borrower/Client

Lender






SUBJECT INTERIOR


*REMOVED*


SUBJECT KITCHEN

SUBJECT BATH

Borrower/Client

Lender



SUBJECT INTERIOR


*REMOVED*


SUBJECT KITCHEN

SUBJECT BATH

Borrower/Client

Lender




Form PIC3x5.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


SUBJECT INTERIOR

Sales PriceGross Building AreaAge

*REMOVED*

1,736.560 YRS

SUBJECT INTERIOR

Subject BATH

Borrower/Client

Lender

Form PIC3x5.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


SUBJECT INTERIOR

Sales PriceGross Building AreaAge

*REMOVED*

1,736.560 YRS

SUBJECT INTERIOR

Subject BATH

Borrower/Client

Lender




Form PIC3x5.CC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Comparable Photo Page*REMOVED**REMOVED*CAMBRIA HGHTS QUEENS NY 11411*REMOVED*

Comparable 1


116-19 221ST ST425,0001,75280 YRS

Comparable 2


119-17 232ND ST340,0001,61370 YRS

Comparable 3


119-25 219TH ST433,0001,56085 YRS

Borrower/Client

Lender



Comparable 1


116-19 221ST ST425,0001,75280 YRS

Comparable 2


119-17 232ND ST340,0001,61370 YRS

Comparable 3


119-25 219TH ST433,0001,56085 YRS

Borrower/Client

Lender






Comparable 4

Sales PriceG.B.A.Age/Yr. Blt.

226-10 LINDEN BLVD449,9001,92760 YRS

Comparable 5


Comparable 6


Borrower/Client

Lender



Comparable 4


226-10 LINDEN BLVD449,9001,92760 YRS

Comparable 5


Comparable 6


Borrower/Client

Lender



Comments:

AREA CALCULATIONS SUMMARYCode Description Net Size Net TotalsGLA1 First Floor 956.0GLA2

956.0Second Floor 780.5 780.5

Net LIVABLE Area (Rounded) 1737

Breakdown SubtotalsLIVING AREA BREAKDOWN

First Floor 25.0 x 35.0 875.0 4.5 x 18.0 81.0

Second Floor 16.0 x 35.0 560.0 9.0 x 20.0 180.0 4.5 x 9.0 40.5

5 Items (Rounded) 1737

Sketch by Apex IV™

18.0'

4.5'7.0'

35.0

'

25.0'

39.5

'

9.0'

4.5'7.0'

35.0

'

16.0'

15.0

'

9.0'

20.0

'

9.0'4.

5'

LIVING ROOM

DINING

BEDROOM

BEDROOM

BATHKITCHEN

BEDROOM

BATH

KITCHEN

LIVING ROOM DINING


Form SKT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Building Sketch*REMOVED**REMOVED*CAMBRIA HGHTS QUEENS NY 11411*REMOVED*

Borrower/Client

Lender

Comments:

AREA CALCULATIONS SUMMARYCode Description Net Size Net TotalsGLA1 First Floor 956.0GLA2

956.0Second Floor 780.5 780.5

Net LIVABLE Area (Rounded) 1737

Breakdown SubtotalsLIVING AREA BREAKDOWN

First Floor 25.0 x 35.0 875.0 4.5 x 18.0 81.0

Second Floor 16.0 x 35.0 560.0 9.0 x 20.0 180.0 4.5 x 9.0 40.5

5 Items (Rounded) 1737

Sketch by Apex IV™

18.0'

4.5'7.0'

35.0

'

25.0'

39.5

'

9.0'

4.5'7.0'

35.0

'

16.0'

15.0

'

9.0'

20.0

'

9.0'4.

5'

LIVING ROOM

DINING

BEDROOM

BEDROOM

BATHKITCHEN

BEDROOM

BATH

KITCHEN

LIVING ROOM DINING

Form SKT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Building Sketch*REMOVED**REMOVED*CAMBRIA HGHTS QUEENS NY 11411*REMOVED*

Borrower/Client

Lender




Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Location Map*REMOVED**REMOVED*CAMBRIA HGHTS QUEENS NY 11411*REMOVED*

Borrower/Client

Lender

Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Location Map*REMOVED**REMOVED*CAMBRIA HGHTS QUEENS NY 11411*REMOVED*

Borrower/Client

Lender



Small Residential Income Property Appraisal Report

Documents

Transcript of Small Residential Income Property Appraisal Report