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TEXT ADDENDUM File# 3803WA Borrower/Client Gregory 8 Laura Wagener Property Atldress 1120 Cox Farm Road City Long Lake County Hennepin State MN Zip Code 55356 Lender TCF Bank-Direct Lending Account Neighborhood Boundaries The subject's neighborhood is defined as Baker Park Reserve to the west,Co Rd 24 to the north, Hunter Drive and Ferndale Road to the east,and Highway 12 to the south. Neighborhood Description The subject is part of a conforming Orono area consisting primarily of single family homes,some townhomes and commercial properties. All conveniences and necessities are reasonably accessible as well as public transportation and Highway 12 which provides good access to downtown St.Paul and Minneapolis. The subject is conforming and surrounding properties are well maintained. Form data: GLA Adjustment Factor 40 Comments on Sales Comparison In order to utilize the most meaningful sales,it was necessary to use slightly dated sales. All five comparables are closed sales located within the subjecYs neighborhood within the previous 12 months. All five comparables bracket GLA,room count, basement finish,condition,quality of construction,and overall market appeal. Comparable 1 is located on the same road as the subject,but required a Location and View Adjustments for being Iocated on a non-motorized recreational lake. Comparable 5 required a Quality of Construction Adjustment for inferior interior fnishes and a lack of bathroom and kitchen upgrades. Comparable 5 was utilized solely to bracket the subject's GLA on the low end and was not given signifcant weight in the Sales Comparison Approach. Comparable 6 is an active listing that brackets GLA,room count,condition,quality of construction,and overall market appeal. All site adjustments reflect differences in parcel size and market appeal,and were adjusted at$10,000/Acre,which was derived from the appraiser's research of the subjecYs marketing area and knowledge of the local area. All comparables are similar in general size,style and functional utility. All above grade square footage was adjusted at$40/SF. Room adjustments were made as follows:$5,000/Bedroom,$1,000/Room,$2,000/Full Bathroom,and$1,000/Half Bathroom. All are considered to be good indicators of value. All were weighed and considered in this appraisal report. Additional Comments Clarification of Intended Use and Intended User: The Intended User of this appraisal report is the Lender/Client.The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction,subject to the stated Scope of Work,purpose of the appraisal,reporting requirements of this appraisal report form,and Definition of Market Value.No additional Intended Users are identifed by the appraiser. The subject property is located 27 miles from my office.This assignment requires geographic competency as part of the scope of work. I have spent sufficient time in the subjects market and understand the nuances of the local market and the supply and demand factors relating to the specific property type and the location involved.Such understanding will not be imparted solely from a consideration of specific data such as demographics,costs,sales and rentals.The necessary understanding of local market conditions provides the bridge between a sale and a comparable sale or a rental and a comparable rental. The subject has the following updates in the previous 4 years: Converted 3 Season Porch to a 4 Season Porch New Mud Room added New Exterior Landscaping New CedarFence New Exterior Stucco New Window Fascia New Porch Gutters New Carpet New Washer and Dryer New Refrigerator New Hot Water Heater New Septic Pump The subject is located in Orono,but Long Lake is acceptable per the USPS. Revisions dated 08/10/2015: 1. Zip Code on the appraisal report is correct,per the USPS. 2. Value on Page two has been corrected 3. Cost Approach has been completed as requested 4. Site Value Added as requested 5. Sketch altered to be more legible It is the appraiser's opinion that the subject,as of the effective date of this appraisal,would have an expected Exposure Time of+/-1-90 days,according to the appraiser's research of the subjecYs neighborhood and marketing area. "Exposure Time:estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal." Form data: Economic Age Basis 75