Mcnulty appraisal report

www.appraisalguy.com8422 McNulty Ave

File # Grigorian

APPRAISAL OF REAL PROPERTY

LOCATED AT8422 McNulty Ave

Winnetka, CA 91306Lot 4, Tract 41893

FORTo Be Determined

OPINION OF VALUE240,000

AS OF09/14/2013

TABLE OF CONTENTSTable of Contents/Cover Page ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................URAR ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Additional Comparables 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Market Conditions Addendum to the Appraisal Report ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................UAD Definitions Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Supplemental Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................USPAP Identification ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Location Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Building Sketch ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Plat Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Zoning Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Flood Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Interior Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 1-3 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Resume ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................License ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................E & O Insurance ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

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

www.appraisalguy.com8422 McNulty Ave

File # Grigorian

APPRAISAL OF REAL PROPERTY

LOCATED AT8422 McNulty Ave

Winnetka, CA 91306Lot 4, Tract 41893

FORTo Be Determined

OPINION OF VALUE240,000

AS OF09/14/2013

TABLE OF CONTENTSTable of Contents/Cover Page ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................URAR ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Additional Comparables 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Market Conditions Addendum to the Appraisal Report ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................UAD Definitions Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Supplemental Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................USPAP Identification ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Location Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Building Sketch ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Plat Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Zoning Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Flood Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Interior Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 1-3 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Resume ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................License ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................E & O Insurance ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

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

Page #1Main File No. Grigorian

Uniform Residential 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

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

One-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 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 One One with Accessory Unit# of StoriesType 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 FWA HWBB RadiantOther Fuel

Cooling Central Air ConditioningIndividual Other

AmenitiesFireplace(s) #Patio/DeckPool

Woodstove(s) #FencePorchOther

Car Storage NoneDriveway # of Cars

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

Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above GradeAdditional features (special energy efficient items, etc.).

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

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

Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005

www.appraisalguy.com

8422 McNulty AveGrigorian

8422 McNulty Ave Winnetka CA 91306Arax Grigorian Vahan Sahakian Los Angeles

Lot 4, Tract 418932780-004-071 2012 4,541Winnetka 530-C2 1134.22

0 0

To Be Determined

DOM 1;Subject was been listed sale on 07/09/2013 for $250,000 as a "short sale"(MLS#PW13133774).

Short sale;Contract appears typical for this type of transaction.

225,000 07/09/2013 Public Records

$0;;

149565270

18535

792

1522

The market area is roughly bounded on the north by Nordhoff St, south bySaticoy St, west by Winnetka Ave, and east by Topanga Canyon Bl.

The subject is located in a neighborhood made up predominantly of SFRs that generally conform in terms of style,condition, and construction materials. There are also a mixture of various sized multiple units complexes in the immediate area (both condos andrental apartments). Supporting facilities such as schools, shopping, recreation, freeway access, and employment are within reasonable distance.

Per DataQuick single family home values in this zip code have increased by 29.8% in thepast year. A majority of sales are cash to new loans. Loans are available from both governmental and conventional sources.

Approx. 50' x 100' (see plat map) 5,026 sf Rectangular N;Res;R1 Single Family Residential

AsphaltNone

X 060137/06037C/1280 F 09/26/2008

1

Ranch198425

00

N/A (Slab)Stucco/AverageComposition/Avg.Metal/AverageAluminum/AverageNoneAluminum/Average

Carpet-Wood/AvgDrywall/Average4" Base/AverageTile/AverageTile/Average

Gas 1Covrd

None

0BlockFrontNone

2Concrete

20

6 3 2.0 1,777None

C4;Kitchen-remodeled-eleven to fifteen yearsago;Bathrooms-remodeled-eleven to fifteen years ago;No apparent functional, physical, or external inadequacies or repairs noted. Allimprovements appear to be done in a professional and workman-like manner.

Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE



8422 McNulty Ave Winnetka CA 91306Arax Grigorian Vahan Sahakian Los Angeles

Lot 4, Tract 418932780-004-071 2012 4,541Winnetka 530-C2 1134.22

0 0

To Be Determined

DOM 1;Subject was been listed sale on 07/09/2013 for $250,000 as a "short sale"(MLS#PW13133774).

Short sale;Contract appears typical for this type of transaction.

225,000 07/09/2013 Public Records

$0;;

149565270

18535

792

1522

The market area is roughly bounded on the north by Nordhoff St, south bySaticoy St, west by Winnetka Ave, and east by Topanga Canyon Bl.

The subject is located in a neighborhood made up predominantly of SFRs that generally conform in terms of style,condition, and construction materials. There are also a mixture of various sized multiple units complexes in the immediate area (both condos andrental apartments). Supporting facilities such as schools, shopping, recreation, freeway access, and employment are within reasonable distance.

Per DataQuick single family home values in this zip code have increased by 29.8% in thepast year. A majority of sales are cash to new loans. Loans are available from both governmental and conventional sources.

Approx. 50' x 100' (see plat map) 5,026 sf Rectangular N;Res;R1 Single Family Residential

AsphaltNone

X 060137/06037C/1280 F 09/26/2008

1

Ranch198425

00

N/A (Slab)Stucco/AverageComposition/Avg.Metal/AverageAluminum/AverageNoneAluminum/Average

Carpet-Wood/AvgDrywall/Average4" Base/AverageTile/AverageTile/Average

Gas 1Covrd

None

0BlockFrontNone

2Concrete

20

6 3 2.0 1,777None

C4;Kitchen-remodeled-eleven to fifteen yearsago;Bathrooms-remodeled-eleven to fifteen years ago;No apparent functional, physical, or external inadequacies or repairs noted. Allimprovements appear to be done in a professional and workman-like manner.



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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

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

One-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 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 One One with Accessory Unit# of StoriesType 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 FWA HWBB RadiantOther Fuel

Cooling Central Air ConditioningIndividual Other

AmenitiesFireplace(s) #Patio/DeckPool

Woodstove(s) #FencePorchOther

Car Storage NoneDriveway # of Cars

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

Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above GradeAdditional features (special energy efficient items, etc.).

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

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




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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 Price $ $ $ $Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.Data Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ AdjustmentSales or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionAbove Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. BathsRoom CountGross Living Area sq.ft. sq.ft. sq.ft. sq.ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck

Net Adjustment (Total) + - + - + -$ $ $Adjusted Sale Priceof Comparables $ $ $

Net Adj. %Gross Adj. %



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

Summary of Sales Comparison Approach

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



23 240,000 499,000132 149,250 565,000

8422 McNulty AveWinnetka, CA 91306

225,000126.62

N;Res;Fee Simple5,026 sfN;Res;RanchQ329C4

6 3 2.01,777

0sf

AverageFAU/CACNone2 Car GarPatio

Fireplaces 1 FplcPool & Spa NoneAdditional Amenities None

Public Records09/14/2013

20540 Schoenborn StCanoga Park, CA 913060.35 miles SE

250,000130.41

CRISNET#SR13046063;DOM 2No Doc Found; APN:2780028023

ShortCash;0s05/13;c04/13N;Res;Fee Simple8,203 sf -3,000N;Res;Contemporary 0Q337 +1,000C4

6 3 2.01,917 -9,000

0sf

AverageFAU/CACNone2 Car GarPatio1 FplcNoneNone

-11,0004.45.2 239,000

06/13/2013$300,000Public Records09/14/2013

20740 Bryant StWinnetka, CA 913060.28 miles N

270,000144.39

CRISNET#SR13151074;DOM 0Doc#1177022; APN:2780030001

ArmLthCash;0s08/13;c07/13N;Res;Fee Simple6,093 sf -1,000N;Res;RanchQ345 +1,600C4

-10,0007 4 2.0 0

1,870 -6,0000sf


-15,4005.76.9 254,600


20700 Arminta StWinnetka, CA 913060.71 miles S

335,000187.47

CLAW#13651353;DOM 3Doc#566811; APN:2108027009

ArmLthCash;0s04/13;c02/13N;Res;Fee Simple7,453 sf -2,000N;Res;RanchQ354 +3,000C3 -50,000

6 3 2.01,787 -1,000

0sf


-50,00014.916.7 285,000

01/31/2013$237,000Public Records09/14/2013

NDC, DataQuick, and MLS.


Subject was listed for sale as noted on page 1 of the URAR. Its lastprior transfer was in 2007 for $535,000.

All comparable sales are of similar market appeal and physical characteristics to the subject. Comparablesare considered to be good indicators of value for this type of property.

240,000240,000 249,333

See attached addendum on final reconciliation.

No conditions. The appraiserassumes no responsibility for the structural integrity of the subject property.

240,000 09/14/2013



23 240,000 499,000132 149,250 565,000


225,000126.62


6 3 2.01,777

0sf




20540 Schoenborn StCanoga Park, CA 913060.35 miles SE

250,000130.41

CRISNET#SR13046063;DOM 2No Doc Found; APN:2780028023

ShortCash;0s05/13;c04/13N;Res;Fee Simple8,203 sf -3,000N;Res;Contemporary 0Q337 +1,000C4

6 3 2.01,917 -9,000

0sf


-11,0004.45.2 239,000

06/13/2013$300,000Public Records09/14/2013

20740 Bryant StWinnetka, CA 913060.28 miles N

270,000144.39

CRISNET#SR13151074;DOM 0Doc#1177022; APN:2780030001

ArmLthCash;0s08/13;c07/13N;Res;Fee Simple6,093 sf -1,000N;Res;RanchQ345 +1,600C4

-10,0007 4 2.0 0

1,870 -6,0000sf


-15,4005.76.9 254,600


20700 Arminta StWinnetka, CA 913060.71 miles S

335,000187.47

CLAW#13651353;DOM 3Doc#566811; APN:2108027009

ArmLthCash;0s04/13;c02/13N;Res;Fee Simple7,453 sf -2,000N;Res;RanchQ354 +3,000C3 -50,000

6 3 2.01,787 -1,000

0sf


-50,00014.916.7 285,000

01/31/2013$237,000Public Records09/14/2013



Subject was listed for sale as noted on page 1 of the URAR. Its lastprior transfer was in 2007 for $535,000.

All comparable sales are of similar market appeal and physical characteristics to the subject. Comparablesare considered to be good indicators of value for this type of property.

240,000240,000 249,333

See attached addendum on final reconciliation.

No conditions. The appraiserassumes no responsibility for the structural integrity of the subject property.

240,000 09/14/2013



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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






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

Summary of Sales Comparison Approach

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




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

Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income ApproachSummary of Income Approach (including support for market rent and GRM)

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.



GRID ADJUSTMENTS (based upon "matched pairs" analysis):-GLA at $65 per square foot (minimum adjustments of $1,000 rounded).-Bedrooms at $10,000.-Bathrooms at $10,000.-Fireplaces at $2,000.-Pool at $20,000.

-I certify to the best of my knowledge and belief that I have not performed any prior services regarding the subject property or in any other capacitywithin the prior 3 year period immediately preceding the acceptance of this appraisal assignment.

-The 2% "other" land use is public natural open space, schools, religious institutions, municipal buildings, parks, and the like.

-The sold comps are arranged in order of adjustment. The least adjusted as comp 1 and the most as comp 4. Comparable 5 is a pending sale.

-Properties are current selling for about 100% of the asking price. Therefore, no adjustment was made to the and active listing comparables. Thesold comps are fairly recent, therefore, no time adjustment was made.

The extraction method was used to determine sitevalue. The land to value ratio appears to be typical for the market area.

Marshall & SwiftAverage 09/2013

75,0001,777 125.00 222,125

0

483 35.00 16,905239,030

74,697 74,697164,33310,000

249,333

The cost figures were obtained from the Marshall and Swift handbookand/or surveys of local contractors. The economic age-life method wasused to calculate accrued depreciation based on a total economic life of80 years. No functional or external depreciation was noted.

55



GRID ADJUSTMENTS (based upon "matched pairs" analysis):-GLA at $65 per square foot (minimum adjustments of $1,000 rounded).-Bedrooms at $10,000.-Bathrooms at $10,000.-Fireplaces at $2,000.-Pool at $20,000.

-I certify to the best of my knowledge and belief that I have not performed any prior services regarding the subject property or in any other capacitywithin the prior 3 year period immediately preceding the acceptance of this appraisal assignment.

-The 2% "other" land use is public natural open space, schools, religious institutions, municipal buildings, parks, and the like.

-The sold comps are arranged in order of adjustment. The least adjusted as comp 1 and the most as comp 4. Comparable 5 is a pending sale.

-Properties are current selling for about 100% of the asking price. Therefore, no adjustment was made to the and active listing comparables. Thesold comps are fairly recent, therefore, no time adjustment was made.

The extraction method was used to determine sitevalue. The land to value ratio appears to be typical for the market area.

Marshall & SwiftAverage 09/2013

75,0001,777 125.00 222,125

0

483 35.00 16,905239,030

74,697 74,697164,33310,000

249,333

The cost figures were obtained from the Marshall and Swift handbookand/or surveys of local contractors. The economic age-life method wasused to calculate accrued depreciation based on a total economic life of80 years. No functional or external depreciation was noted.

55



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

Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income ApproachSummary of Income Approach (including support for market rent and GRM)

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 one-unit property or a one-unit property with an accessory unit;including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of amanufactured home or a unit in a condominium or cooperative project.

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 this appraisalassignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that donot constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser'scontinuing 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 thereporting 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 in termsof financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property soldunaffected 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 the market'sreaction 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 the titleto it, except for information that he or she became aware of during the research involved in performing this appraisal. Theappraiser 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.The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determinationof 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 the 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 no suchconditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any suchconditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered asan environmental assessment of the property.

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







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). This report form is not designed to report an appraisal of amanufactured home or a unit in a condominium or cooperative project.

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 this appraisalassignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that donot constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser'scontinuing 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 thereporting 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 in termsof financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property soldunaffected 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 the market'sreaction 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 the titleto it, except for information that he or she became aware of during the research involved in performing this appraisal. Theappraiser 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.The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determinationof 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 the 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 no suchconditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any suchconditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered asan environmental assessment of the property.

6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactorycompletion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property willbe 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. I reported the conditionof the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect thelivability, 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 were inplace 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 approach to value. I have adequate comparable market data to develop a reliable sales comparison approachfor this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not developthem, 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 the subjectproperty for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.

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 a home thathas 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 the subjectproperty 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 report fromreliable 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, subjectproperty, and the proximity of the subject property to adverse influences in the development of my opinion of market value. Ihave noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of thesubject property or that I became aware of during the research involved in performing this appraisal. I have considered theseadverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value andmarketability 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 orprospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially orcompletely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, maritalstatus, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of thepresent owners or occupants 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 cause ofany party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pendingmortgage 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 to makea change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take noresponsibility 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.







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. I reported the conditionof the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect thelivability, 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 were inplace 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 approach to value. I have adequate comparable market data to develop a reliable sales comparison approachfor this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not developthem, 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 the subjectproperty for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.

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 a home thathas 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 the subjectproperty 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 report fromreliable 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, subjectproperty, and the proximity of the subject property to adverse influences in the development of my opinion of market value. Ihave noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of thesubject property or that I became aware of during the research involved in performing this appraisal. I have considered theseadverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value andmarketability 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 orprospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially orcompletely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, maritalstatus, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of thepresent owners or occupants 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 cause ofany party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pendingmortgage 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 to makea change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take noresponsibility 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



Larry BloomAppraisal Guy

23016 Lake Forest Dr #A188Laguna Hills, CA 92653(949) 322-0793

[email protected]/15/2013

09/14/2013AR031299

CA07/15/2015


240,000

Dreamland Holdings LLCTo Be Determined




23016 Lake Forest Dr #A188Laguna Hills, CA 92653(949) 322-0793

[email protected]/15/2013

09/14/2013AR031299

CA07/15/2015


240,000

Dreamland Holdings LLCTo Be Determined



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






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 70 March 2005 Fannie Mae Form 1004 March 2005UAD Version 9/2011



225,000126.62


6 3 2.01,777

0sf




20345 Gresham StWinnetka, CA 913060.80 miles NE

335,000190.77

CRISNET#F12025498;DOM 76Doc#1187668; APN:2781002019

ArmLthConv;0s08/13;c09/12N;Res;Fee Simple7,501 sf -2,000N;Res;Bungalow 0Q357 +3,000C3 -50,000

6 3 2.01,756 +1,000

0sf


-48,00014.316.7 287,000


21731 Malden StCanoga Park, CA 913040.92 miles W

240,000178.97

CRISNET#SR13091230;DOM 2 APN:2779027021

Listing

c05/13N;Res;Fee Simple7,632 sf -3,000N;Res;RanchQ357 +3,000C4

6 3 2.01,341 +28,000

0sf

AverageFAU/CACNone2 Car GarPatio1 FplcPool -20,000None

8,0003.3

22.5 248,000


4 5 6

4 5 6

Form 1004UAD.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE



225,000126.62


6 3 2.01,777

0sf




20345 Gresham StWinnetka, CA 913060.80 miles NE

335,000190.77

CRISNET#F12025498;DOM 76Doc#1187668; APN:2781002019

ArmLthConv;0s08/13;c09/12N;Res;Fee Simple7,501 sf -2,000N;Res;Bungalow 0Q357 +3,000C3 -50,000

6 3 2.01,756 +1,000

0sf


-48,00014.316.7 287,000


21731 Malden StCanoga Park, CA 913040.92 miles W

240,000178.97

CRISNET#SR13091230;DOM 2 APN:2779027021

Listing

c05/13N;Res;Fee Simple7,632 sf -3,000N;Res;RanchQ357 +3,000C4

6 3 2.01,341 +28,000

0sf

AverageFAU/CACNone2 Car GarPatio1 FplcPool -20,000None

8,0003.3

22.5 248,000


4 5 6

4 5 6

Form 1004UAD.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


SALE

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






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 70 March 2005 Fannie Mae Form 1004 March 2005UAD Version 9/2011


File No.Market Conditions Addendum to the Appraisal ReportM

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The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subjectneighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009.Property Address City State ZIP CodeBorrowerInstructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regardinghousing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extentit is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide anexplanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the datain the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as anaverage. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of thesubject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend

Median Sale & List Price, DOM, Sale/List % Prior 7–12 Months Prior 4–6 Months Current – 3 Months

Total # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)Total # of Comparable Active ListingsMonths of Housing Supply (Total Listings/Ab.Rate)

Median Comparable Sale PriceMedian Comparable Sales Days on MarketMedian Comparable List PriceMedian Comparable Listings Days on MarketMedian Sale Price as % of List Price

Increasing Stable DecliningIncreasing Stable DecliningDeclining Stable IncreasingDeclining Stable Increasing

Overall TrendIncreasing Stable DecliningDeclining Stable IncreasingIncreasing Stable DecliningDeclining Stable IncreasingIncreasing Stable Declining

Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable IncreasingExplain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condofees, options, etc.).

Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties).

Cite data sources for above information.

Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such asan analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.

If the subject is a unit in a condominium or cooperative project , complete the following: Project Name:Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall TrendTotal # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)

Months of Unit Supply (Total Listings/Ab.Rate)Total # of Active Comparable Listings


Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales offoreclosed properties.

Summarize the above trends and address the impact on the subject unit and project.

SignatureAppraiser NameCompany NameCompany AddressState License/Certification # State

Email Address

SignatureSupervisory Appraiser NameCompany NameCompany AddressState License/Certification # State

Email Address

Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009


8422 McNulty Ave Winnetka CA 91306Arax Grigorian

579.521

2.21

$278,00020

$230,00040100

421416

1.14

$286,75016.5

$296,50077

100.22

331123

2.09

$295,00033

$319,50032

102.3

The CRMLS MLS indicates there were 132 closed sales during the past 12 months and 24 of those sales contained sellerconcessions which is 18% of the total transactions in this market area. Prior Months 7-12: 57 Sales; 11 with concessions; 19% of sales for thisperiod. 4-6: 42 Sales; 6 with concessions; 14% of sales for this period. 0-3: 33 Sales; 7 with concessions; 21% of sales for this period. Theconcessions ranged between 700 and 16,500. The median concession amount is $4,500.

The CRMLS MLS indicates there were 132 closed sales during the past 12 months and 35 of those sales were either foreclosures or shortsales which is 27% of the total transactions in this market area. Prior Months 7-12: 57 Sales; 21 foreclosures or short sales; 37% of sales forthis period. 4-6: 42 Sales; 8 foreclosures or short sales; 19% of sales for this period. 0-3: 33 Sales; 6 foreclosures or short sales; 18% of salesfor this period.

The CRMLS MLS was the data source used to complete the Market Conditions Addendum.

Effective Date: Saturday, September 14, 2013


23016 Lake Forest Dr, Laguna Hills, CA 92653AR031299 CA

[email protected]

Form 1004MC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


8422 McNulty Ave Winnetka CA 91306Arax Grigorian

579.521

2.21

$278,00020

$230,00040100

421416

1.14

$286,75016.5

$296,50077

100.22

331123

2.09

$295,00033

$319,50032

102.3

The CRMLS MLS indicates there were 132 closed sales during the past 12 months and 24 of those sales contained sellerconcessions which is 18% of the total transactions in this market area. Prior Months 7-12: 57 Sales; 11 with concessions; 19% of sales for thisperiod. 4-6: 42 Sales; 6 with concessions; 14% of sales for this period. 0-3: 33 Sales; 7 with concessions; 21% of sales for this period. Theconcessions ranged between 700 and 16,500. The median concession amount is $4,500.

The CRMLS MLS indicates there were 132 closed sales during the past 12 months and 35 of those sales were either foreclosures or shortsales which is 27% of the total transactions in this market area. Prior Months 7-12: 57 Sales; 21 foreclosures or short sales; 37% of sales forthis period. 4-6: 42 Sales; 8 foreclosures or short sales; 19% of sales for this period. 0-3: 33 Sales; 6 foreclosures or short sales; 18% of salesfor this period.

The CRMLS MLS was the data source used to complete the Market Conditions Addendum.

Effective Date: Saturday, September 14, 2013


23016 Lake Forest Dr, Laguna Hills, CA 92653AR031299 CA

[email protected]

Form 1004MC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

File No.Market Conditions Addendum to the Appraisal ReportM

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The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subjectneighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009.Property Address City State ZIP CodeBorrowerInstructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regardinghousing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extentit is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide anexplanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the datain the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as anaverage. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of thesubject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend

Median Sale & List Price, DOM, Sale/List % Prior 7–12 Months Prior 4–6 Months Current – 3 Months

Total # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)Total # of Comparable Active ListingsMonths of Housing Supply (Total Listings/Ab.Rate)

Median Comparable Sale PriceMedian Comparable Sales Days on MarketMedian Comparable List PriceMedian Comparable Listings Days on MarketMedian Sale Price as % of List Price


Overall TrendIncreasing Stable DecliningDeclining Stable IncreasingIncreasing Stable DecliningDeclining Stable IncreasingIncreasing Stable Declining

Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable IncreasingExplain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condofees, options, etc.).

Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties).

Cite data sources for above information.

Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such asan analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.

If the subject is a unit in a condominium or cooperative project , complete the following: Project Name:Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall TrendTotal # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)

Months of Unit Supply (Total Listings/Ab.Rate)Total # of Active Comparable Listings


Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales offoreclosed properties.

Summarize the above trends and address the impact on the subject unit and project.

SignatureAppraiser NameCompany NameCompany AddressState License/Certification # State

Email Address

SignatureSupervisory Appraiser NameCompany NameCompany AddressState License/Certification # State

Email Address

Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009


File No.

UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM(Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)

Condition Ratings and Definitions

C1The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new

and the dwelling features no physical depreciation.*

*Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that thedwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufacturedinto like-new condition. Recently constructed improvements that have not been previously occupied are not considered “new” if they have anysignificant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extended period of time without adequatemaintenance or upkeep).

C2The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building componentsare new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replacedwith components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated andare similar in condition to new construction.

C3The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not everymajor building component, may be updated or recently rehabilitated. The structure has been well maintained.

C4The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has beenadequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major buildingcomponents have been adequately maintained and are functionally adequate.

C5

The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs,rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remainsuseable and functional as a residence.

C6The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including manyor most major components.

Quality Ratings and Definitions

Q1Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Suchresidences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanshipand exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-qualityexterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishesthroughout the dwelling are of exceptionally high quality.

Q2

Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings inthis quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highlymodified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. Theworkmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.

Q3

Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standardresidential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiorsthat are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have beenupgraded from “stock” standards.

Q4

Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plansare utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship,finish, and equipment are of stock or builder grade and may feature some upgrades.

UAD Version 9/2011


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


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

File No.


Condition Ratings and Definitions

C1The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new

and the dwelling features no physical depreciation.*

*Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that thedwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufacturedinto like-new condition. Recently constructed improvements that have not been previously occupied are not considered “new” if they have anysignificant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extended period of time without adequatemaintenance or upkeep).

C2The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building componentsare new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replacedwith components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated andare similar in condition to new construction.

C3The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not everymajor building component, may be updated or recently rehabilitated. The structure has been well maintained.

C4The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has beenadequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major buildingcomponents have been adequately maintained and are functionally adequate.

C5

The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs,rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remainsuseable and functional as a residence.

C6The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including manyor most major components.

Quality Ratings and Definitions

Q1Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Suchresidences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanshipand exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-qualityexterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishesthroughout the dwelling are of exceptionally high quality.

Q2

Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings inthis quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highlymodified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. Theworkmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.

Q3

Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standardresidential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiorsthat are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have beenupgraded from “stock” standards.

Q4

Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plansare utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship,finish, and equipment are of stock or builder grade and may feature some upgrades.

UAD Version 9/2011



Quality Ratings and Definitions (continued)

Q5

Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature aplain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentationand limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materialswith limited refinements and upgrades.

Q6

Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellingsare often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built orexpanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanicalsystems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additionsto the original structure

Definitions of Not Updated, Updated, and Remodeled

Not UpdatedLittle or no updating or modernization. This description includes, but is not limited to, new homes.Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no majorcomponents have been replaced or updated. Those over fifteen years of age are also considered not updated if theappliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintainedand fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration.

UpdatedThe area of the home has been modified to meet current market expectations. These modificationsare limited in terms of both scope and cost.An updated area of the home should have an improved look and feel, or functional utility. Changes that constituteupdates include refurbishment and/or replacing components to meet existing market expectations. Updates do notinclude significant alterations to the existing structure.

Remodeled

Significant finish and/or structural changes have been made that increase utility and appeal throughcomplete replacement and/or expansion.

A remodeled area reflects fundamental changes that include multiple alterations. These alterations may includesome or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocationof plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of)square footage). This would include a complete gutting and rebuild.

Explanation of Bathroom Count

Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are notincluded in the bathroom count. The number of full and half baths is reported by separating the two values using aperiod, where the full bath count is represented to the left of the period and the half bath count is represented to theright of the period.

Example:3.2 indicates three full baths and two half baths.

UAD Version 9/2011

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


Quality Ratings and Definitions (continued)

Q5

Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature aplain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentationand limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materialswith limited refinements and upgrades.

Q6

Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellingsare often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built orexpanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanicalsystems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additionsto the original structure

Definitions of Not Updated, Updated, and Remodeled

Not UpdatedLittle or no updating or modernization. This description includes, but is not limited to, new homes.Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no majorcomponents have been replaced or updated. Those over fifteen years of age are also considered not updated if theappliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintainedand fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration.

UpdatedThe area of the home has been modified to meet current market expectations. These modificationsare limited in terms of both scope and cost.An updated area of the home should have an improved look and feel, or functional utility. Changes that constituteupdates include refurbishment and/or replacing components to meet existing market expectations. Updates do notinclude significant alterations to the existing structure.

Remodeled

Significant finish and/or structural changes have been made that increase utility and appeal throughcomplete replacement and/or expansion.

A remodeled area reflects fundamental changes that include multiple alterations. These alterations may includesome or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocationof plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of)square footage). This would include a complete gutting and rebuild.

Explanation of Bathroom Count

Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are notincluded in the bathroom count. The number of full and half baths is reported by separating the two values using aperiod, where the full bath count is represented to the left of the period and the half bath count is represented to theright of the period.

Example:3.2 indicates three full baths and two half baths.

UAD Version 9/2011



Abbreviations Used in Data Standardization Text

Abbreviation Full Name Fields Where This Abbreviation May Appearac Acres Area, SiteAdjPrk Adjacent to Park LocationAdjPwr Adjacent to Power Lines LocationA Adverse Location & ViewArmLth Arms Length Sale Sale or Financing Concessionsba Bathroom(s) Basement & Finished Rooms Below Gradebr Bedroom Basement & Finished Rooms Below GradeB Beneficial Location & ViewCash Cash Sale or Financing ConcessionsCtySky City View Skyline View ViewCtyStr City Street View ViewComm Commercial Influence Locationc Contracted Date Date of Sale/TimeConv Conventional Sale or Financing ConcessionsCrtOrd Court Ordered Sale Sale or Financing ConcessionsDOM Days On Market Data Sourcese Expiration Date Date of Sale/TimeEstate Estate Sale Sale or Financing ConcessionsFHA Federal Housing Authority Sale or Financing ConcessionsGlfCse Golf Course LocationGlfvw Golf Course View ViewInd Industrial Location & Viewin Interior Only Stairs Basement & Finished Rooms Below GradeLndfl Landfill LocationLtdSght Limited Sight ViewListing Listing Sale or Financing ConcessionsMtn Mountain View ViewN Neutral Location & ViewNonArm Non-Arms Length Sale Sale or Financing ConcessionsBsyRd Busy Road Locationo Other Basement & Finished Rooms Below GradePrk Park View ViewPstrl Pastoral View ViewPwrLn Power Lines ViewPubTrn Public Transportation Locationrr Recreational (Rec) Room Basement & Finished Rooms Below GradeRelo Relocation Sale Sale or Financing ConcessionsREO REO Sale Sale or Financing ConcessionsRes Residential Location & ViewRH USDA - Rural Housing Sale or Financing Concessionss Settlement Date Date of Sale/TimeShort Short Sale Sale or Financing Concessionssf Square Feet Area, Site, Basementsqm Square Meters Area, SiteUnk Unknown Date of Sale/TimeVA Veterans Administration Sale or Financing Concessionsw Withdrawn Date Date of Sale/Timewo Walk Out Basement Basement & Finished Rooms Below Gradewu Walk Up Basement Basement & Finished Rooms Below GradeWtrFr Water Frontage LocationWtr Water View ViewWoods Woods View View

Other Appraiser-Defined Abbreviations

Abbreviation Full Name Fields Where This Abbreviation May Appear

UAD Version 9/2011

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


Abbreviations Used in Data Standardization Text

Abbreviation Full Name Fields Where This Abbreviation May Appearac Acres Area, SiteAdjPrk Adjacent to Park LocationAdjPwr Adjacent to Power Lines LocationA Adverse Location & ViewArmLth Arms Length Sale Sale or Financing Concessionsba Bathroom(s) Basement & Finished Rooms Below Gradebr Bedroom Basement & Finished Rooms Below GradeB Beneficial Location & ViewCash Cash Sale or Financing ConcessionsCtySky City View Skyline View ViewCtyStr City Street View ViewComm Commercial Influence Locationc Contracted Date Date of Sale/TimeConv Conventional Sale or Financing ConcessionsCrtOrd Court Ordered Sale Sale or Financing ConcessionsDOM Days On Market Data Sourcese Expiration Date Date of Sale/TimeEstate Estate Sale Sale or Financing ConcessionsFHA Federal Housing Authority Sale or Financing ConcessionsGlfCse Golf Course LocationGlfvw Golf Course View ViewInd Industrial Location & Viewin Interior Only Stairs Basement & Finished Rooms Below GradeLndfl Landfill LocationLtdSght Limited Sight ViewListing Listing Sale or Financing ConcessionsMtn Mountain View ViewN Neutral Location & ViewNonArm Non-Arms Length Sale Sale or Financing ConcessionsBsyRd Busy Road Locationo Other Basement & Finished Rooms Below GradePrk Park View ViewPstrl Pastoral View ViewPwrLn Power Lines ViewPubTrn Public Transportation Locationrr Recreational (Rec) Room Basement & Finished Rooms Below GradeRelo Relocation Sale Sale or Financing ConcessionsREO REO Sale Sale or Financing ConcessionsRes Residential Location & ViewRH USDA - Rural Housing Sale or Financing Concessionss Settlement Date Date of Sale/TimeShort Short Sale Sale or Financing Concessionssf Square Feet Area, Site, Basementsqm Square Meters Area, SiteUnk Unknown Date of Sale/TimeVA Veterans Administration Sale or Financing Concessionsw Withdrawn Date Date of Sale/Timewo Walk Out Basement Basement & Finished Rooms Below Gradewu Walk Up Basement Basement & Finished Rooms Below GradeWtrFr Water Frontage LocationWtr Water View ViewWoods Woods View View

Other Appraiser-Defined Abbreviations

Abbreviation Full Name Fields Where This Abbreviation May Appear

UAD Version 9/2011


Property AddressCity County State Zip Code

File No.Supplemental Addendum

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

GrigorianVahan Sahakian8422 McNulty AveWinnetka Los Angeles CA 91306Arax Grigorian

Owner

Borrower


Tax information is obtained through third party public data services, as noted above, and contains special assessments as wellas specific property tax amounts. This information is thought to be accurate and reliable although some assessments mayvary, based on current voter indebtedness, and thus, may not be reflected in these numbers.

Where possible, measurements of living area square footage are generally made in accordance with the standards set forth inthe "American National Standard for Single-Family Residential Buildings/Square Footage - Method for Calculating"(American National Standard Z765-1996), approved on April 8, 1996 by the American National Standards Institute, Inc.. Thisstandard may vary from other methods utilized by other professionals, and therefore may account for some differencesbetween actual field measurements for this report and the reported public record data.

Analysis of data for the subject and comparable properties as relates to the purpose of the appraisal. Interviews anddiscussions with property managers, owners, tenants and/or persons deemed to have pertinent knowledge, as applicable.Consideration and application of the applicable approaches to value. Final reconciliation of research and data to arrive at theestimated market value of the subject property.

Electronic Signatures: This report contains secure password protected electronic signatures. It is the understanding of theappraiser that the federal government now recognizes electronic signatures as carrying the same weight as a hard copysignature.

URAR: Adverse Environmental Conditions: Unless otherwise stated in this report, the existence of hazardous/toxicsubstances, which may or may not be present on the property, was not called to the attention of nor did the appraiser becomeaware of such during the appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or inthe property unless otherwise stated. The appraiser, however, is not qualified to test for such substances. The presence ofsuch hazardous/toxic substances may affect the value of the property. The value opinion developed herein is predicated onthe assumption that no such hazardous/toxic substances exist on or in the property or in proximity thereto, which would causea loss in value. No responsibility is assumed for any such hazardous/toxic substances, nor for any expertise or knowledgerequired to discover them.

COMMENTS REGARDING PERSONAL PROPERTY: The appraised value includes those items of equipment that areconsidered part of the subject property. Free standing personal property is not included in determining final estimate of marketvalue.

URAR: Final Reconciliation: Most weight is given to the sales comparison approach due to the availability and reliability ofdata best reflecting the demand and value for the subject. The cost approach is not considered reliable and accurate for mostresidential properties due to the difficulty in accurately assessing physical depreciation. The income approach is notconsidered relevant as the area is predominantly owner occupied, resulting in a lack of rental data.

Due to the time and resource constraints which are common in the marketplace, the appraiser necessarily reserves the right toprovide modification or addenda to the initial report, based on further information or data presented after the report issubmitted. All efforts were made to verify all information utilized in this report.

Based on the 1004MC exposure time for this type of property is currently about 3 months.

No employee, director, officer, or agent of the lender, or any other third party acting as a joint venture partner, independentcontractor, appraisal management company, or partner on behalf of the lender has influenced or attempted to influence thedevelopment, reporting, result, or review of this assignment through coercion.

File No.Property AddressCity County State Zip Code

This Appraisal Report is one of the following types:

Self Contained (A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report.)

Summary (A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report.)

Restricted Use (A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report,restricted to the stated intended use by the specified client or intended user.)

APPRAISER:

Signature:Name:Date Signed:State Certification #:or State License #:State:Expiration Date of Certification or License:

Effective Date of Appraisal:

SUPERVISORY APPRAISER (only if required):

Signature:

Name:Date Signed:State Certification #:or State License #:State:Expiration Date of Certification or License:Supervisory Appraiser inspection of Subject Property:

Did Not Exterior-only from street Interior and Exterior

Vahan Sahakian Grigorian8422 McNulty AveWinnetka Los Angeles CA 91306Arax Grigorian

APPRAISAL AND REPORT IDENTIFICATION

2-2(a)

2-2(b)

2-2(c)

Comments on Standards Rule 2-3I certify that, to the best of my knowledge and belief:

• The statements of fact contained in this report are true and correct.• The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professionalanalyses, opinions, and conclusions.• I have no present or prospective interest in the property that is the subject of this report and no (or the specified) personal interest with respect to the parties involved.• I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment.• My engagement in this assignment was not contingent upon developing or reporting predetermined results.• My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the causeof the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.• My analyses, opinions and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.• I have made a personal inspection of the property that is the subject of this report.• No one provided significant real property appraisal assistance to the person signing this certification.

Comments on Appraisal and Report IdentificationNote any USPAP related issues requiring disclosure and any State mandated requirements:1. No title report or survey was available for review by the appraiser. It is assumed that there are no adverse items affecting the marketabilityof title to the subject property, including but not limited to; easements, deed restrictions, encroachments, etc.

2. Information regarding the comparables and subject property, obtained from outside sources and data, is assumed to be true and correctand was verified to the best of the appraiser's ability. This information includes but is not limited to non-disclosed sales prices, sales conditions,property condition, etc.

3. Soil conditions were assumed to be adequate to support construction and were also assumed to have no geological factors that wouldadversely affect value or marketability. Although no adverse conditions were noted in this regard, the appraiser is not competent to rendergeological opinions.

Larry Bloom09/15/2013

AR031299

CA07/15/2015

09/14/2013

Form ID06 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


Owner

Borrower

Vahan Sahakian Grigorian8422 McNulty AveWinnetka Los Angeles CA 91306Arax Grigorian

APPRAISAL AND REPORT IDENTIFICATION

2-2(a)

2-2(b)

2-2(c)

Comments on Standards Rule 2-3I certify that, to the best of my knowledge and belief:

• The statements of fact contained in this report are true and correct.• The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professionalanalyses, opinions, and conclusions.• I have no present or prospective interest in the property that is the subject of this report and no (or the specified) personal interest with respect to the parties involved.• I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment.• My engagement in this assignment was not contingent upon developing or reporting predetermined results.• My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the causeof the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.• My analyses, opinions and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.• I have made a personal inspection of the property that is the subject of this report.• No one provided significant real property appraisal assistance to the person signing this certification.

Comments on Appraisal and Report IdentificationNote any USPAP related issues requiring disclosure and any State mandated requirements:1. No title report or survey was available for review by the appraiser. It is assumed that there are no adverse items affecting the marketabilityof title to the subject property, including but not limited to; easements, deed restrictions, encroachments, etc.

2. Information regarding the comparables and subject property, obtained from outside sources and data, is assumed to be true and correctand was verified to the best of the appraiser's ability. This information includes but is not limited to non-disclosed sales prices, sales conditions,property condition, etc.

3. Soil conditions were assumed to be adequate to support construction and were also assumed to have no geological factors that wouldadversely affect value or marketability. Although no adverse conditions were noted in this regard, the appraiser is not competent to rendergeological opinions.

Larry Bloom09/15/2013

AR031299

CA07/15/2015

09/14/2013

Form ID06 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


Owner

Borrower

File No.Property AddressCity County State Zip Code

This Appraisal Report is one of the following types:

Self Contained (A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report.)

Summary (A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report.)

Restricted Use (A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report,restricted to the stated intended use by the specified client or intended user.)

APPRAISER:

Signature:Name:Date Signed:State Certification #:or State License #:State:Expiration Date of Certification or License:

Effective Date of Appraisal:

SUPERVISORY APPRAISER (only if required):

Signature:

Name:Date Signed:State Certification #:or State License #:State:Expiration Date of Certification or License:Supervisory Appraiser inspection of Subject Property:

Did Not Exterior-only from street Interior and Exterior



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

Location MapVahan Sahakian8422 McNulty AveWinnetka Los Angeles CA 91306Arax Grigorian

Owner

Borrower


Location MapVahan Sahakian8422 McNulty AveWinnetka Los Angeles CA 91306Arax Grigorian

Owner

Borrower



44.5'

17'

41.5

'

22'22'

5'

14'


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

Building SketchVahan Sahakian8422 McNulty AveWinnetka Los Angeles CA 91306Arax Grigorian

Owner

Borrower

44.5'

17'

41.5

'

22'22'

5'

14'

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

Building SketchVahan Sahakian8422 McNulty AveWinnetka Los Angeles CA 91306Arax Grigorian

Owner

Borrower





Plat MapVahan Sahakian8422 McNulty AveWinnetka Los Angeles CA 91306Arax Grigorian

Owner

Borrower


Plat MapVahan Sahakian8422 McNulty AveWinnetka Los Angeles CA 91306Arax Grigorian

Owner

Borrower



Zoning Map

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

Zoning Map



Flood Map


Flood Map




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

Subject Photo PageVahan Sahakian8422 McNulty AveWinnetka Los Angeles CA 91306Arax Grigorian

Subject Front

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

8422 McNulty Ave225,0001,777632.0N;Res;N;Res;5,026 sfQ329

Subject Rear

Owner

Borrower

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


Subject Front

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge


Subject Rear

Owner

Borrower




Form SUBLG2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


Side View

Sales PriceG.L.A.Tot. RoomsTot. Bedrms.Tot. Bathrms.LocationViewSiteQualityAge


Side View

Owner

Borrower

Form SUBLG2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


Side View

Sales PriceG.L.A.Tot. RoomsTot. Bedrms.Tot. Bathrms.LocationViewSiteQualityAge


Side View

Owner

Borrower




Form PICINT12_LT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Subject Interior PhotosVahan Sahakian8422 McNulty AveWinnetka Los Angeles CA 91306Arax Grigorian

Owner

Borrower

Form PICINT12_LT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Subject Interior PhotosVahan Sahakian8422 McNulty AveWinnetka Los Angeles CA 91306Arax Grigorian

Owner

Borrower




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

Comparable Photo PageVahan Sahakian8422 McNulty AveWinnetka Los Angeles CA 91306Arax Grigorian

Comparable 1

Prox. to SubjectSale PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

20540 Schoenborn St0.35 miles SE250,0001,917632.0N;Res;N;Res;8,203 sfQ337

Comparable 2


20740 Bryant St0.28 miles N270,0001,870742.0N;Res;N;Res;6,093 sfQ345

Comparable 3


20700 Arminta St0.71 miles S335,0001,787632.0N;Res;N;Res;7,453 sfQ354

Owner

Borrower



Comparable 1


20540 Schoenborn St0.35 miles SE250,0001,917632.0N;Res;N;Res;8,203 sfQ337

Comparable 2


20740 Bryant St0.28 miles N270,0001,870742.0N;Res;N;Res;6,093 sfQ345

Comparable 3


20700 Arminta St0.71 miles S335,0001,787632.0N;Res;N;Res;7,453 sfQ354

Owner

Borrower






Comparable 4


20345 Gresham St0.80 miles NE335,0001,756632.0N;Res;N;Res;7,501 sfQ357

Comparable 5


21731 Malden St0.92 miles W240,0001,341632.0N;Res;N;Res;7,632 sfQ357

Owner

Borrower



Comparable 4


20345 Gresham St0.80 miles NE335,0001,756632.0N;Res;N;Res;7,501 sfQ357

Comparable 5


21731 Malden St0.92 miles W240,0001,341632.0N;Res;N;Res;7,632 sfQ357

Owner

Borrower



Resume


Resume



License


License



E & O Insurance


E & O Insurance



Mcnulty appraisal report

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Transcript of Mcnulty appraisal report