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BCL APPRAISALS, INC.
<br /> Uniform Residential Appraisal Report FileNo. 112881J
<br /> APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
<br /> 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this
<br /> appraisal report.
<br /> 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. i reported the condition of
<br /> the improvements in factual, specific terms. i identified and reported the physical deficiencies that could affect the livability,
<br /> soundness, or structural integrity of the property.
<br /> 3. i performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice
<br /> that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the
<br /> time this appraisal report was prepared.
<br /> 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison
<br /> approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal
<br /> assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise
<br /> indicated in this report.
<br /> 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale
<br /> of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property
<br /> for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
<br /> 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the
<br /> date of sale of the comparable sale, unless otherwise indicated in this report.
<br /> 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
<br /> 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home
<br /> that has been built or will be built on the land.
<br /> 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
<br /> property and the comparable sales.
<br /> 10. I verified, from a disinterested source, ail information in this report that was provided by parties who have a financial interest in
<br /> the sale or financing of the subject property.
<br /> 11. I have knowledge and experience in appraising this type of property in this market area.
<br /> 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing
<br /> services, tax assessment records, public land records and other such data sources for the area in which the property is located.
<br /> 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from
<br /> reliable sources that I believe to be true and correct.
<br /> 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
<br /> property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have
<br /> noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of
<br /> hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property
<br /> or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in
<br /> my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject
<br /> property.
<br /> 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
<br /> statements and information in this appraisal report are true and correct.
<br /> 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are
<br /> subject oniy to the assumptions and limiting conditions in this appraisal report.
<br /> 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective
<br /> personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my
<br /> analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap,
<br /> familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or
<br /> occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
<br /> 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned
<br /> on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined
<br /> specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the
<br /> attainment of a specific result or occurrence of a specific subsequent event(such as approval of a pending mortgage loan
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