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BCL APPRAISALS, INC.
<br /> Uniform Residential Appraisal Report Filetvo. 112881J
<br /> There are 30 com arable ro erties currentl offered for sale in the sub ect nei hborhood ran in in rice from S 299,900 to S 13,465,000
<br /> There are 36 com arable sales in the sub ect nei hborhood within the ast twelve months ran in in sale rice from$ 162 000 to S 3,887 500
<br /> FEATURE SUBJECT COMPARABLE SALE N0.1 COMPARABLE SALE N0.2 COMPARABLE SALE N0.3
<br /> 1120 Cox Farm Road 2340 Glendale Cove Lane 270 Crestview Avenue 2550 Keller Road
<br /> nddress Orono Orono, MN 55356 Orono, MN 55356 Orono, MN 55356
<br /> Proximit to Sub'ect 1.15 Mile South 2.25 Mile SW 0.5 Mile NW
<br /> SalePrice S S 612,435 $ 641,500 S 775,000
<br /> Sale PricelGross�iv.Area � 0.00 s .ft. � 172.13 s .ft. S 205.54 s .ft. $ 220.55 s .ft.
<br /> Data source(s NStarMLS#3995407;DOM 83 NStarMLS#4020753;DOM 35 NStarMLS#4017190;DOM 69
<br /> Verification Source(s) Count Records Count Records Count Records
<br /> VAWEADJUSTMENTS DESCRIPTION DESCRIPTION .(-)SAdustmem DESCRIPTION .(-)SAdLstmem DESCRIPTION
<br /> +(-)$Ad�usimen�
<br /> 5ale or Financing REO Arm Lth Arm Lth
<br /> Concessions Cash;O Conv;O Conv;10000 -10,000
<br /> Date of SalelTime s03/11;c02/11 s05/11;c04/11 s06/11;c05/11
<br /> Location N;Res;Private Road N;Res;Res N;Res;Res B;Res;Res -15,000
<br /> Leasehold/Fee Sim ie Fee Sim le Fee Sim le Fee Sim le Fee Sim le
<br /> sice 2.35 ac 14375 sf 30,000 2.00 ac 29185 sf 15,000
<br /> view N;Res;Ct Str B;Res;Res -30,000 B;Woods;Wtr -30,000 B;Res;Res -38,000
<br /> �esi n(St le) Two-stor Two-stor Two-stor Two-stor
<br /> qualit of Construction Q3 Q3 Q3 Q3
<br /> Actual A e 13 4 6 5
<br /> Conditian C4 C3 -10,000 C3 -10,000 C3 -10,000
<br /> Above Grade Total Bdrms. Baths Total Bdrms Baths -��,�0� Total Bdrms Ba�hs Toial Bdrms. Baths
<br /> Room Count 8 3 2.1 9 4 3.1 7 4 2.1 8 4 2.1
<br /> Gross�ivin Area35 2,672 s .ft. 3,558 s .ft. -31,000 3,121 s .ft. -15,700 3,514 s .h. -29,500
<br /> Basement&Finished 1345sf1008sfwo 1393sfOsfwo 1289sfOsfwo 1347sf1300sfin 3,000
<br /> Rooms Below Grade 1 rrObr1.Oba2o 25,000 25,000 1 rr1 br1.Oba10 -7,000
<br /> Func�ionai u�iiic Good Good Good Good
<br /> . Heatin ICoolin FWA C/Air FWA C/Air FWA C/Air FWA C/Air
<br /> .' Ener Efficient Items T ical T ical T ical T ical
<br /> � Gara e�car orc 3 Car Gara e 3 Car Gara e 3 Car Gara e 3 Car Gara e
<br /> Porch/Pa[io/Deck Pat/Dk/ScrnPor Deck 5,000 Deck,Frt Porch 4,000 Deck,Frt Porch 4,000
<br /> � 1 F/P 1 F/P 2 Fire laces -3,000 1 F/P
<br /> ,4 �,B�s,Sec,wh Similar Similar Similar
<br /> � Net Ad ustmenl(Total + X - S 21,000 + X - S 29,700 + X - $ 87,500
<br /> Adjusted Sale Price Net Adj. -3.4% Net Adj. -4.6% Net Adj. -1 1.3%
<br /> - o(Com arables GrossAd. 23.0% S 591 435 GrossAd. 13.7°�o S 611 800 GrossAd. 17.0% S 687 500
<br /> I X did did not research the sale or transfer history of the subject property and comparable sales.If not,explain
<br /> M research X did did not reveal an rior sales or transfers of the sub ect ro ert for the three ears rior ro the effective date of this a raisal.
<br /> oa�a source(s) NStar MLS and Henne in Count Records
<br /> M research did X did not reveal an rior sales or transfers of lhe com arable sales for the ear rior to the date of sale of the com arable sale.
<br /> oaca source(s NStar MLS and Henne in Count Records
<br /> Re ort the results of the research and anal sis of the rior sale or transfer histor of the sub ect ro ert and com arable sales(re ort additional rior sales on a e 3.
<br /> ITEM SUBJECT COMPARABLE SALE N0.1 COMPARABLE SALE N0.2 COMPARABLE SALE N0.3
<br /> Date of Prior Saleffrans(er 08/17/2011
<br /> Price of Prior SalefTransfer $555,000
<br /> Data Source(s) NStarMLS & Henn Co Rc NStarMLS& Henn Co Rc NStarMLS & Henn Co Rc NStarMLS& Henn Co Rc
<br /> Et(ective�ate of�ata Source(s) 08/30/2011 08/30/2011 08/30/2011 08/30/2011
<br /> Analysis of prior sale or transfer history of the subject property and comparable sales Sub�eCt laSt Sold 8/17/201 1 for$555,000; rior to that, it sold 06/20/2005
<br /> for$740,000. The three sales used in the sales com arison anal sis re resent the onl sales for those homes over the last ear.
<br /> Summary of Sales Comparison Approach. See Attached Addendum
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