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Home My WebLink Aboutproperty appraisal(2) BCL APPRAISALS, INC. ___ --- —- File No. 112881 J I September 14, 2011 Attn.: Margo Johnson Bank VI 1900 South Ohio Salina, KS 67401 � i File Number: 112881 J Dear Bank VI: � i In accordance with your request, I have appraised the real property at: i 1120 Cox Farm Road � Orono, MN 55356 I 1 The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved. � The property rights appraised are the fee simple interest in the site and improvements. i ' In my opinion, the market value of the property as of August 30, 2011 is; i j $611,000 Six Hundred Eleven Thousand Dollars � i The attached report contains the description, analysis and supportive tlata for the conclusions, i final opinion of value, descriptive photographs, limiting conditions and appropriate certifications. I Sincerely, . Jul Bjorkiund, SRA CRRPA BCL APPRAISALS, INC. Uniform Residential Appraisal Report FileNo. 112881J The purpose of this summary appraisal report is to provide the lentler/client with an accurate, and adequately supported, opinion of the market value of the subject property. Pro ert Address 1120 Cox Farm Road Cit Orono state MN zi Code 55356 Borrower Gre or and Laura Wa ener Owner of Public Record Gre or & Laura Wa ener Counc Henne in Le al Descri �ion Lot 005 Block 001 Shadowood Farm Assessor's Parcel# 2711823310021 Tax Year 2011 R.E.Taxes S 6,094.34 Nei hborhood Name Shadowood Farm Ma Reference 103-D1 Kin 'S Census Tract 272.01 Occu ant X Owner Tenanl Vacant S ecial Assessments$ NOne PUD HOA$ 700.00 X er ear er month '� Pro ert Ri hts A raised X Fee Sim le Leasehold Ocher(describe Assi nment T e Purchase Transaction X Refnance Transaction O[her(describe) �ender/Client Bank VI Address 1900 South Ohio, Salina, KS 67401 Is the sub ect ro ert currentl offered for sale or has it been offered for sale in the twelve months rior[o[he ef(ective date of this a raisal? X Yes No Report data source(s)used,offering price(s),and date(s). DOM 377;Was sold as of 07/07/2010 for$648,000. The reference number is 3945663 as rovided b NStarMLS da s on market is 377. Home was ori inall listed for$648 000 on 7/7/2010. On <continued in addendum > I did did no[analyze the contract for sale for the subject purchase transaction.Explain the results o(the analysis of the contract for sale or why the analysis was not performed. . Contract Price S Date of Contract Is the ro ert seller the owner of ublic record? Yes No Data Source(s) Is there any fnancial assistance(loan charges,sale concessions,gift or downpayment assistance,etc.)to be paid by any party on behalf of the borrower? Yes No � If Yes,report the total dollar amount and describe the items to be paid. Note.Race and[he racial com osition ofthe nei hborhood are nota raisal facrors. Neighborhood Characteris[ics One-Unit Housing Trends One-Uni[Housing Presen[Land Use% Location Urban X Suburban Rural Pro er[ Values Increasin X Stable Declinin PRICE AGE One-Unit 100 °/o Built-U Over 75% X 25-75% Under 25% DemandlSu I Shorta e In Balance X Over Su I S(000) ( rs) 2-4 Unit % • Growth Ra id X Stable Slow Marketin Time Under 3 mths 3-6 mths X Over 6 mths 100 Low New Multi-Famil % � Neighborhood Boundaries Northern boundar is Co. Road 6, eastern bounda is Ferndale Road, 5900 Hi h 110 commercial % ! southern bounda is Lake Minnetonka, and western bounda is North Shore Drive. 823 Pred. 40 other °�o • Neighborhood Description Sub'ect is in the cit of Orono with a Lon Lake mailin address. Orono is west of Wa zata and surrounds the north shore of Lake Minnetonka. Public schools are in the Orono, Mound/Westonka, and Wa zata school districts. Market Conditions(including support for the above condusions) See Attached Addendum Dimensions 68.36 x 132.01 x 511.99 x 235.22 x 406.03 Area 2.35 aC Sha e Irre ular View N;ReS;Ct St� S ecificZonin Classification RR-1B Zonin Descri tion One Famil Rural Residential Zonin Com liance X Le al Le al Noncon(ormin (Grandfathered Use No Zonin Ille al(describe Is the highest and best use o(the subject properry as improved(or as proposed per plans and specifications)the present use? X Yes No If No,describe. SurrOundin nei hborhood is com osed of homes of similar use and nature, so the current use is the hi hest and best use. Utilities Public Other(describe) Public Othcr(describe) Off-si[elm rovemen[s—T e Public Private E�eccricic X water X Private We�l Screec As halt X Gas X sanicar sewer X Private Se tic Alle None FEMA S ecial Flood Hazard Area Yes X No FEMA Flood Zone X FEMA Ma # 270178 0302E FEMA Ma Date 09/02/2004 Are the utili[ies and off-site im rovements t ical(or the market area? X Yes No If No,describe. Are there any adverse site conditions or external factors(easements,encroachments,environmental conditions,land uses,etc.)? X Yes No If Yes,describe. SUb�eCt Slte is ad acent to a count road, so does face some external obsolescence. The have extended the rivac fence between the road and house, so traffic is not as visible nor intrusive. Cox Farm Road is a rivate road maintained b the homeowner's association. GENERALDESCRIPTION FOUNDATION EXTERIORDESCRIPTION ma[erials/condition INTERIOR materials/condition Units X One One with Accessor Unit Concrete Slab Crawl S ace Foundation Walls ConCBIoCk/Ave Floors HW/C t/V UGd k of Stories 2 I X Full Basement Partial Basement Exterior Walls Stucco/Avera e Walls Dr walUGood T e X Det. Att. S-DeL/End Unit Basement Area 1345 s .ft. Roof Surface As hShin /Ave Trim/Finish Stained/Good X Existin Pro osed Under Const. Basement Finish 75% Gutters&Downs outs Ade Overhan /Av Bath Floor CTile/Good Desi n(St le) Tw0-StOf X Outside Ent /Exit Sum Pum Window T e Csmt/Avera e Bath Wainscot CTile/Good Year Built 1998 Evidence of Infestation Srorm Sashllnsulated COmbinatiOn/Ave Car Stora e None Effective A e Yrs 13 Dam ness SetUement Screens Yes/Avera e Drivewa #of Cars 6 Attic None Heatin X FWA HWBB Radian[ Amenities WoodStove(s)#0 Drivewa Surface AS halt/Ave Dro Stair Stairs Other Fuel Ges X fire lace(s)ri 1 Fence NOI1e X Gara e �of Cars 3 Floor X ScutUe Coolin X Central Air Conditionin X PatiolDeck Dk,P X Porch Screen Car ort N of Cars 0 Finished Heated Individual Other Pool NOne Other NOne X AtL DeL Built-in A liances P ReGi erator X Ran elOven X Dishwasher Dis osal X Microwave P WashedDr er Other describe Finished area above qrade contains: 8 Rooms 3 Bedrooms 2.1 Ba[h(s) 2,672 Square Feet of Gross Livinq Area Above Grade BCL APPRAISALS, INC. Uniform Residential Appraisal Report Filetvo. 112881J 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 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 FEATURE SUBJECT COMPARABLE SALE N0.1 COMPARABLE SALE N0.2 COMPARABLE SALE N0.3 1120 Cox Farm Road 2340 Glendale Cove Lane 270 Crestview Avenue 2550 Keller Road nddress Orono Orono, MN 55356 Orono, MN 55356 Orono, MN 55356 Proximit to Sub'ect 1.15 Mile South 2.25 Mile SW 0.5 Mile NW SalePrice S S 612,435 $ 641,500 S 775,000 Sale PricelGross�iv.Area � 0.00 s .ft. � 172.13 s .ft. S 205.54 s .ft. $ 220.55 s .ft. Data source(s NStarMLS#3995407;DOM 83 NStarMLS#4020753;DOM 35 NStarMLS#4017190;DOM 69 Verification Source(s) Count Records Count Records Count Records VAWEADJUSTMENTS DESCRIPTION DESCRIPTION .(-)SAdustmem DESCRIPTION .(-)SAdLstmem DESCRIPTION +(-)$Ad�usimen� 5ale or Financing REO Arm Lth Arm Lth Concessions Cash;O Conv;O Conv;10000 -10,000 Date of SalelTime s03/11;c02/11 s05/11;c04/11 s06/11;c05/11 Location N;Res;Private Road N;Res;Res N;Res;Res B;Res;Res -15,000 Leasehold/Fee Sim ie Fee Sim le Fee Sim le Fee Sim le Fee Sim le sice 2.35 ac 14375 sf 30,000 2.00 ac 29185 sf 15,000 view N;Res;Ct Str B;Res;Res -30,000 B;Woods;Wtr -30,000 B;Res;Res -38,000 �esi n(St le) Two-stor Two-stor Two-stor Two-stor qualit of Construction Q3 Q3 Q3 Q3 Actual A e 13 4 6 5 Conditian C4 C3 -10,000 C3 -10,000 C3 -10,000 Above Grade Total Bdrms. Baths Total Bdrms Baths -��,�0� Total Bdrms Ba�hs Toial Bdrms. Baths Room Count 8 3 2.1 9 4 3.1 7 4 2.1 8 4 2.1 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 Basement&Finished 1345sf1008sfwo 1393sfOsfwo 1289sfOsfwo 1347sf1300sfin 3,000 Rooms Below Grade 1 rrObr1.Oba2o 25,000 25,000 1 rr1 br1.Oba10 -7,000 Func�ionai u�iiic Good Good Good Good . Heatin ICoolin FWA C/Air FWA C/Air FWA C/Air FWA C/Air .' Ener Efficient Items T ical T ical T ical T ical � Gara e�car orc 3 Car Gara e 3 Car Gara e 3 Car Gara e 3 Car Gara e Porch/Pa[io/Deck Pat/Dk/ScrnPor Deck 5,000 Deck,Frt Porch 4,000 Deck,Frt Porch 4,000 � 1 F/P 1 F/P 2 Fire laces -3,000 1 F/P ,4 �,B�s,Sec,wh Similar Similar Similar � Net Ad ustmenl(Total + X - S 21,000 + X - S 29,700 + X - $ 87,500 Adjusted Sale Price Net Adj. -3.4% Net Adj. -4.6% Net Adj. -1 1.3% - o(Com arables GrossAd. 23.0% S 591 435 GrossAd. 13.7°�o S 611 800 GrossAd. 17.0% S 687 500 I X did did not research the sale or transfer history of the subject property and comparable sales.If not,explain 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. oa�a source(s) NStar MLS and Henne in Count Records 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. oaca source(s NStar MLS and Henne in Count Records 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. ITEM SUBJECT COMPARABLE SALE N0.1 COMPARABLE SALE N0.2 COMPARABLE SALE N0.3 Date of Prior Saleffrans(er 08/17/2011 Price of Prior SalefTransfer $555,000 Data Source(s) NStarMLS & Henn Co Rc NStarMLS& Henn Co Rc NStarMLS & Henn Co Rc NStarMLS& Henn Co Rc Et(ective�ate of�ata Source(s) 08/30/2011 08/30/2011 08/30/2011 08/30/2011 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 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. Summary of Sales Comparison Approach. See Attached Addendum BCL APPRAISALS, INC. Uniform Residential Appraisal Report FileNo. 112881J COST APPROACH TO VALUE(not required by Fannie Mae) Provide ade uate information for the lenderlclient fo re licate[he below cost fi ures and calculations. Support for the opinion of site value(summary of comparable land sales or other methods for estimating site value) Estimate of site value is derived usin the 211oC8tion method. ESTIMATED REPRODUCTION OR X REPLACEMENT COST NEW OPINION OF SITE VALUE........................................_ $ 235,000 : Source otcostdata Marshall &Swift Residential Cost Guide Dwellin 2,672 S .Ft.c�S 125............ - S 334,000 : Qualit ratin from cost service Ver Gd Effective tlate of cost data Se t 2011 Fin.Bsmt: 1008 S .Ft.c>R 35............ = S 35,280 � Comments on Cost A roach( ross livin area calculations,de reciation,etc.) Addl Features: CA,FP,Porch,Deck,Bl's,A I 25,000 Land to value ratio is t ical of this nei hborhood. Gara eicar ort 906 s .Fc.@$ 25............ _ $ 22,650 � Total Estimate of Cost-New = $ 416,930 Less 90 Ph sical Functional External De reciation 14% = S( 58,370) De reciated Cost of Im rovements................................ _ $ 358,560 "As-is"Value of Site Im rovemen[s................................ _ $ 25,000 Estimated Remainin Economic Life HUD and VA onl 77 Years INDICATED VALUE BY COST APPROACH...................... _ $ 618,600 . INCOME APPROACH TO VALUE(not required by Fannie Mae) � Estimated Monthl Market Rent$ X Gross Rent Multi lier =$ Indicated Value b Income A roach Summary of Income Approach(including support for market rent and GRM) BCL APPRAISALS, INC. Uniform Residential Appraisal Report FileNo 112881J 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 a manufactured 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 intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or de�etions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable 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 the subject 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 open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5)the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions'granted by anyone associated with the sale. "Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject 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 title to it, except for information that he or she became aware of during the research involved in performing this appraisai. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, 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, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (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 such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions 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 BCL APPRAISALS, INC. Uniform Residential Appraisal Report FileNo. 112881J 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 in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. i reported the condition of the improvements in factual, specific terms. i identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. i performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, 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 for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property 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 prior to 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 that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, ail information in this report that was provided by parties who have a financial interest in the 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 listing services, 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 from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements 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, which are subject oniy to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners 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 not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event(such as approval of a pending mortgage loan .,...,�;,..,«;,,..� BCL APPRAISALS, INC. Uniform Residential Appraisal Report Fi�eNo. 112881J 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisai Practice that 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, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of 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 are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid 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/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, 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's analysis, 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 the appraisal 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 and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my"electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER SUPERVISORY APPRAISER(ONLY IF REQUIRED) Signature Signature Name Julie � rklund, SRA Name Company Name BCL Appraisals, nc. Company Name Company Address 2855 Anthony Lane South Company Address Minneapolis, MN 55418 Telephone Number 612 781 0605 Telephone Number Email Address info@bclappraisals.com Email Address Date of Signature and Report 09/15/2011 Date of Signature Effective Date of Appraisal 08/30/2011 State Certification# State Certification# CRRPA/4000579 or State License# or State License# State or Other(describe) State# Expiration Date of Certification or License BCL APPRAISALS, INC. Uniform Residential Appraisal Report FileNo. 112881J FEATURE SUBJECT COMPARABLE SALE N0.4 COMPARABLE SALE N0.5 COMPARABLE SALE N0.6 1120 Cox Farm Road 2012 Sugarwood Drive 2104 Sugarwood Drive Address Orono Orono, MN 55356 Orono, MN 55356 Proximi� co subec� 0.5 Mile South 0.6 Mile South Sale Price S S 719,999 S 899,900 � Sale Price/Gross Liv.Area S 0.00 s .ft. 5 180.68 s .ft. $ 254.28 s .ft. $ s .ft. Data Source(s) NStarMLS#3941110;DOM 105 NStarMLS#3950384;DOM 407 Verifcation Source(s) Count Records L/S 87.2% VALUEADJUSTMENTS DESCRIPTION DESCRIPTION �(-)SAdus�ment DESCRIPTION +(-)SAd'ustment DESCRIPTION +(-)EAd'ustmem Sale or Financing Short Listing Concessions Conv;O ;115100 -115,100 Date of Sale/Time s10/10;c10/10 Active Location N;Res;Private Road B;ReS;Res -35,000 B;Res;Private Road �easeholdlFee Sim le Fee Sim le Fee Sim le Fee Sim le sice 2.35 ac 37026 sf 15,000 1.11 ac 10,000 view N;Res;Ct Str B;Woods;Res -35,000 B;Woods;Res -39,000 oesi n(s� ie) Two-stor Two-stor Two-stor Qualit of Construction Q3 Q3 Q3 Actual A e 13 19 11 Candition C4 C4 C3 -39,000 Above Grade Total Btlrms. Baihs iotal Bdrms. Baths —rJ,O�� Total Bdrms. 62ths —�0,�� Total Bdrms. Baihs Room Count 8 3 2.1 9 4 2.2 10 4 3.1 Gross�ivin Area 35 2,672 s .ft. 3,985 s .ft. -45,900 3,539 s .ft. -30,300 s .ft. Basement&Finished 1345sf1008sfwo 2184sf1528sfwo -12,000 1846sf1300sfwo -7,500 Rooms Below Grade 1 rrObr1.Oba2o 1 rr2br1.Oba0o -13,000 1 rr1 br1.Oba10 -7,300 Functional U[ilit Good Good Good Heacin �cooiin FWA C/Air FWA C/Air FWA C/Air Ener Efficient�cems T ical T ical T ical Gara eiCar on 3 Car Gara e 3 Car Gara e 3 Car Gara e Porch/Patio/Deck Pat/Dk/ScrnPor Deck 5,000 Deck,Porch 1 F/P 3 Fire laces -6,000 2 Fire laces -3,000 A I,BIs,Sec,Wh Similar Similar Net Ad ustment(Total + X - S 131,900 + X - S 241,200 + $ � Adjusted Sale Price Net Adj. -18.3% Net Adj. -26.8% Net Adj. % : ofCom arables GrossAd. 23.9% � 588 099 GrossAd. 29.0% S 658 700 GrossAd. % 8 ITEM SUBJECT COMPARABLE SALE N0.4 COMPARABLE SALE N0.5 COMPARABLE SALE N0.6 • Date of Prior Sale/Transfer 08/17/2011 . Price of Prior Sale/Transfer $555,000 : �a�a source(s) NStarMLS & Henn Co Rc NStarMLS& Henn Co Rc NStarMLS & Henn Co Rc . Ettective Date ot Data Source s 08/30/2011 08/30/2011 08/30/2011 Summary of Sales Comparison Approach Com arables 4 and 5 are from Su arwood, a small develo ment to the south with onl 24 homes on a rivate street. It is ver wooded and secluded. Com 4 was a short sale. It has four bedrooms and four baths u , and two more � bedrooms and one bath down in the walkout basement. GLA is lar er for above rade and the basement. Com 5 is a current listin , on the market for over a ear. Home has a two stor reat room, cherr millwork, built-ins, and floorin ; a four season orch; in-floor heat; front and back staircases; and finished walkout with wet bar, fitness room and recreation room, and one more bedroom. BCL APPRAISALS, INC. Uniform Appraisal Dataset Definitions FileNo. 112881J Condition Ratings and Definitions C1 The improvements have been very recenUy 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(eature recycled materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100%new (oundation and the recycled materials and the recycled components have been rehabilitafed/re-manufactured into like-new condition.Recently constructed improvements that have not been previously occupied are not considered"new"if they have any signi(icant physical depreciation(i.e.,newly constructed dwellings that have been vacant(or an extended period o(time without adequate maintenance or upkeep). C2 The improvements feature no deferred maintenance,IitUe or no physical depreciation,and require no repairs.Virtually all building components are new or have been recently repaired,refinished,or rehabilitated.All outdated components and finishes have been updated andlor replaced with components that meet current standards.Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction. C3 The improvements are well maintained and feature limited physical depreciation due to normal wear and tear.Some components,but not every major building component,may be updated or recently rehabilitated.The structure has been well maintained. C4 The improvements feature some minor deferred maintenance and physical deterioration tlue to normal wear and tear.The dwelling has been adequately maintained and requires only minimal repairs to building componentslmechanical systems and cosmetic repairs.All major building components 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 remains useable and functional as a residence. C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,soundness,or structural integriry of the improvements.The improvements are in need of substantial repairs and rehabilitation,induding many or most major components. Quality Ratings and Definitions Q1 Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specifed user.Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure.The design features exceptionally high-quality exterior refinements and ornamentation,and excep[ionally high-quality interior refinements.The workmanship,materials,and finishes throughout 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 in this quality grade are also found in high-quality tract developments featuring residences constructed from individual plans or from highly modified or upgraded plans.The design features detailed,high-quality exterior omamentation,high-quality interior refinements,and detail.The workmanship,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-standard residential tract developments or on an individual property owner's site.The design includes significant exterior ornamentation antl interiors that are well finished.The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from"stock"stantlards. Q4 Dwellings with this quality rating meet or exceed the requirements of applicable building codes.Standard or modified standard building plans are 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. Q5 Dwellings with this quality rating feature economy of construction and basic functionality as main considerations.Such dwellings feature a plain tlesign using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail.These dwellings meet minimum building codes and are cons[ructed with inexpensive,stock ma[erials with 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 dwellings are often built with simple plans or without plans,often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing,and other mechanical systems and equipment may be minimal or non-existenL Older dwellings may feature one or more substantlard or non-conforming additions to the original structure. Treatment Of Bathroom Counts For purposes of this report,in the Improvements Section, Finished Rooms Above Grade,the count of bathrooms is represented as the number of"full"bathrooms to the left of the period and the count of"half"bathrooms to the right o(the period. A three-quarter bath is counted as a full bath.Quarter baths @aths that feature only a toilet)are not included in the bathroom count. Abbreviations Used in Data Standardization Text Abbrev. Full Name Appropriate Fields Abbrev. FuII Name Appropriate Fields ac Acres Area,Site Mtn Mountain View View AdjPrk Adjacent to Park Loca[ion N Neutral Location&View AdjPwr Adjacent to Power Lines Location NonArm Non-Arms Length Sale Sale or Financing Concessions A Adverse Location&View BsyRd Busy Road Location ArmLth Arms Length Sale Sale or Financing Concessions o Other Basement&Finished Rooms Below Grade ba Bathroom(s) Basement&Finished Rooms Below Grade Prk Park View View br Bedroom Basement&Finished Rooms Below Grade Pstrl Pastoral View View B Beneficial Location&View PwrLn Power Lines View Cash Cash Sale or Financing Concessions PubTrn Public Transportation Location CtySky City View Skyline View View rr Recrea[ional(Rec)Room Basement&Finished Rooms Below Gratle CtyStr City Street View View Relo Relocation Sale Sale or Financing Concessions Comm Commercial Influence Location REO REO Sale Sale or Financing Concessions ' ' ADDENDUM Borrower Greqory and Laura Wagener File No.: 112881J Property Address 1120 Cox Farm Road Case No.: City Orono State: MN Zip: 55356 Lender: Bank VI Twelve Month Listing History of Subject Property Continued from Twelve Month Listing History of Subject Property: 3/5/2011 list price was reduced to $595,000. On 7/19/2011 it was pending, and on 8/17/2011 it was sold for$555,000. Neighborhood Market Conditions Current 30 year fixed conventional mortgage interest rates in the Twin Cities metro area are approximately 4.2%. Sellers of sing�e family homes in Orono report receiving approximately 87.2% of final list price over the last 12 months,with average marketing time 146 days, and cumulative marketing time, 247 days. MLS reported 125 single family homes sold in Orono over the last 12 months, for a monthly 10.4 sales average.There are currently 133 listings in Orono, for a 12.8 month supply. Twin Cities MLS states that a balanced market has a five to six month supply, so this market currently has an oversupply. MLS gives the single family sales statistics for the last year in Orono, in three month increments, as follows: 0-3 months: 40 sales, average sales price $1,097,376 4-6 months: 20 sales, average sales price$724,995 7-9 months: 24 sales, average sales price$604,610 10-12 months: 41 sales, average sales price$732,557 12-15 months: 34 sales, average sales price$777,443 These numbers show a fairly stable market until the most recent quarter, when there was a larger sales volume, and also some higher-valued homes sold, resulting in a large average sales price. Three of the quarters are very similar, so no time adjustments will be made in the sales comparison analysis. Condition of the Property Continued from Condition of the Property: Homeowners are currently installing an invisible fence outside. They have also extended a privacy fence between the county road and the home. They are painting the interior, and have painted the deck and porch. Comments on Sales Comparison All three sales are located in Orono, and have sold in the last six months. Sale 1 was sold as new construction, although it was built n 2007. It was lender-owned. It is in a small, new housing subdivision within an older established neighborhood in Long Lake, but with an Orono mailing address. It is on a quiet cul de sac, but with a much sma�ler site. It is larger,with an additional bath above grade. Quality is similar to subject. It has a deck but no porch, and basement is unfinished. Sale 2 is on an acreage site, also in an established neighborhood, but at the end of the road, at a very private entrance. It is wooded, and has a creek running through it, and backs of the Luce Line Trail. It is a larger home, but with no basement finishing. Sale 3 is in a new subdivision of similar high-quality homes, Keller Estates. It has a 2/3 acre site, and faces other similar quality homes. It is larger than the subject, and has basement finishing. Custom cabinets are alder. There is a finished bonus room. Sale 3 has the largest net adjustment, so greater emphasis is placed on sales 1 and 2. Consideration was also given to comparables 4. Comparable 4 is an older sale, and comparable 5 is a current listing. Since sale 2 is on a acreage site, greatest emphasis is placed on it. Final Reconciliation The intended user of this appraisal report is the 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. As of the date of this report, I, Julie E Bjorklund, SRA, have completed the requirements under the continuing education program of the Appraisal Institute. I have appraised this property previously in the last three years. All three approaches to value were considered in this appraisal. Subject is not an income producing property, so income approach was not applied. The cost approach was developed as a check on value.The sales comparison approach best represents the actions of typical buyers and sellers in this market. I viewed this property on 8/30/2011, accompanied by Laura Wagener. I originally wrote this appraisal for the lender as an exterior only short form appraisal.They have now requested a regular summary appraisal report. This report was signed on September 15, 2011, but the effective date of the appraisal is August 30, 2011. BCL APPRAISALS, WC. Market Conditions Addendum to the Appraisal Report FileNo. 112881J The purpose of this addendum is to provide[he lenderlclient with a clear and accurate understanding of Ihe market trends and conditions prevalent in the subject neighborhood.This is a required addendum(or all a raisal re or[s with an effective date on or after A ril 1,2009. Pro erc Address 1120 Cox Farm Road Cit Orono state MN zi Code 55356 Borrower Gre or and Laura Wa ener Ins[ructions: The appraiser must use the information required on this form as the basis for his/her conclusions,and must provide suppor[for those conclusions,regarding housing trends and overall market condi[ions as repor[ed in the Neighborhood section of the appraisal report form.The appraiser must fll in all the information to the extent it is available and reliable and mus[provide analysis as indicated below.If any required data is unavailable or is considered unreliable,the appraiser must provide an explanation.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 data in 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 an average.Sales and listings must be properties that compete with the subject property,determined by applying the criteria that wouid be used b a ros ective bu er o(the sub ect ro ert .The a raiser must ex lain an anomalies in the data,such as seasonal markets,new construction,foreclosures,etc. Invenrory Analysis Prior 7-12 Months Prior 4-6 Months Current-3 Months Overall Trend Total#of Comparable Sales(SetUed) 12 11 13 X Increasing Stable Declining Absorption Rate(Total SaleslMonths) 2.00 3.67 4.33 X Increasing Stable Declining Total k of Comparable Active Listings 41 41 30 Declining X Stable increasing Monfhs of Housing Supply(Total Listings/Ab.Rate) 20.50 11.17 6.93 X Declining Stable Increasing Median Sale&List Price,DOM,Sale/List% Prior 7-12 Months Prior 4-6 Months Current-3 Months Overall Trend Median Comparable Sale Price 772,500 841 000 1 460 000 X Increasing Stable Declining Median Comparable Sales Da s on Market 84 216 186 X Declining Stable Increasinq Median Comparable List Price 1 185 000 1 499 000 1 295,000 Increasin Stable X Deciining Median Comparable Listin s Days on Market 182 167 160 Dedining X Stable Increasing ' Median Sale Price as%of List Price 91.84% 87.95% 89.53% Increasing X Stable Declining � Seller-(developer,builder,etc.)paid financial assistance prevalent? Yes X No Declining X Stable Increasing . Explain 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,condo fees,options,etc.). : Of the 36 com arable sales, onl three, or 8%, had seller contributions to the sale. Com arables were considered to be an two-stor built 1990 or newer sold in Orono over the last ear. • Are foreclosure sales(REO sales)a(actor in the market? X Yes No If yes,explain(induding the trends in listings and sales o(foreclosed properties). Of those 35 com arable sales, nine of them, or 25%, were REO ro erties. However, of the current 30 listin s, onl one is listed as an REO, so the trend a ears to be slowin . Cite data sources for above in(ormation. Northstar MLS and local newS SOurCeS, online and in rint. Summarize the above information as support for your conclusions in[he Neighborhood section of the appraisal report form.If you used any addi[ional information,such as an analysis of pending sales andlor expired and withdrawn listings,to formulate your condusions,provide both an explanation and support for your conclusions. There were 12 sales the first half of the ear, and 24 sales the second half, but that can be ex ected, durin the s rin and summer market seasons. Median sale rice has been risin , and the last uarter, median com arabie list rice dro ed. Those ro erties that sell at the u er end of the median values are most likel lakeshore ro erties. IF[he subject is a unit in a condominium or cooperative project,comple[e the following: Project Name: Subjecl Projec[Data Prior 7-12 Months Prior 4-6 Mon[hs Current-3 Months Overall Trend Total#of Comparable Sales(SetUed) Increasing Stable Declining Absorption Rate(Total Sales/Months) Increasing Stable Declining To[al k of Active Comparable Listings Declining Stable Increasing Months of Unit Supply(Total Listings/Ab.Rate) Declining Stable increasing Are foreclosure sales(REO sales)a facror in the project? Yes No If yes,indicate the number of REO listings and explain[he trends in Ilslings and sales of foredosed properties. ' � Summarize the above trends and address the impact on the subject unit and project. � • SUBJECT PROPERTY PHOTO ADDENDUM Borrower: Gregory and Laura Wagener File No.: 112881J P�opefty Add�ess:1120 Cox Farm Road Case No.: City: Orono State: MN Zip: 55356 Lender: Bank vl FRONT VIEW OF ` �� SUBJECT PROPERTY � �,� r ��,"+ �" � � , �� Appraised Date:August 30, 2011 `�� '�" � . � Appraised Value: $611,000 "��,� : ,„�,,�, , :�� r -�`�� .�` � ��" ��°� '�� "�+`�� ,�"`�,, , „.s� m � "� ,� ""'�, � ��r�* �� .., �� ,�° � � �' �� '�u,s��'� �� ,n , '�� F�'� �„ � s� _ � g�;, �� '�� `� t .,�� . � �.£ � , '_. t a ._"��>. �a.; ..N�'a�'�' �''�"�� +�t ��. �'�' �� + �� , :� � u� � � �� '. �,�. ' � .r.+. ^'�4"g��,.. " '...� 5 , '�°� �i a t�a�'a.. . _� ::u�� '�'�. a �`�� m�'r i.. � � �u��w, � �� ; � . � T��rc, R��,',�. . �� . �"`�`� ,�-1 F F n� �a .�;�„ � - - '. � v -,A�� .5� i,� .,� ¢ � �sr-�� ,��, �kN ,, � , � ,� , �.;„,� , , ,¢ n. 3 . ,. 'v� ii rv�,.��. N r ' �,� Y � �� x...�� .3.�� $.�k��v��3��t� �`� '�,� � �y�F��'� �,�� . �I H �!�+��(�'��.;-�. � .... . Jaw eA m.�s�..,�,.aw.'�� . .�m' . �.�� .....a .�......... .�S�L38. ��^��i. ._ REAR VIEW OF SUBJECT PROPERTY � r"��m' �� ;a ,. : Fti�� , -� .o�' � �..�.�.�. �� a=� z s � �"Y . �:r,.�.��„��'� ��"�..�.,'a��l - 'p:r �^.m; �� ° '."^� ��„ t a.� � i ; , � ^€ - _. �'.�` ID*��, � :�� a � �`'� s-� ��`" �� :»,� , .. �� ._ � .:��yri r � :a �� ':� 3 �"+�;y�y, `�`P��' � `� �� fij �� € �=r � '" , � °� •. � - �at� �; � .,�. _ f �� :#e „„ . � - � ,.w. � � �� e_ � � c � � �..� �� t�1� � �, � v�' t `" r v a ��t� �� . t �w.: . >.� �Lq�� a ��d ` r '�.� _�� f1 , , �� „'� r'�',aa�.,�`�-..,��tA . ._ . .. . ..._ .,.. �..,� ...,,,.�.. .��u,1ttm, �„ „�,,.:�b, ,:x�....�.�..»,o .__.:�..�� .�,�:a � � w� �3' �� '. STREET SCENE � a�fi A � ��. ��t �a� ' �� „ q ' £ S� ,. :�3 x � 9a � w'�", , ,_Y. _`�� `�� .� � � � � � .5 , � , � � ��' �'u�.�.��'��:�a.� ��`•�:.aa�t"al��. e_a��.... '�� . ; u :�:.',.. ..� ..a_ • � COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: Gregory and Laura Wagener File No.: 112881J Property Adtlress:1120 Cox Farm Road Case No.: City: Orono State: MN Zip� 55356 Lender: Bank v� COMPARABLE SALE#1 ��;3'�� , � �� w��r n� }.."y 2340 Glendale Cove Lane �� ,� Orono, MN 55356 , b � Sale Date: s03/11;c02/11 � ; � �_ � �£ �� T � �� _ � ��„ ��`fi�#� �s� x�'��„ � �. Sale Price: $612,435 �'.�; � �. �� mr � - � �, , , ° �;� �' � �r�t � � „�� _, �� ",,.�, ' :� ,•,.� � � � � � � � �� *��µ��r � � ��: �a•' a',, .� a'a�, � �� ° ��.,: _ �"�� ; �e � .> ,q. ; ,�. � � _ �.,.f e � � � �� :� ,e�. � �� i � ,�,.<n� � � '::. ��1�,� � �� ' � � �� ' �- ° g�� _�� .� � � ��, � .. f � � ; ��eg�' �' � -. + a _� ��t,-��a.` �� q`'?^:,�, �� „�,."� c.�_�� a� `�� *�' � �.� �, � � . � �a . ..... �. . . �,`�*t�°`�� ,�"�� ..a�� <.,_, _. .Au �� _ �� .az �.. m . �, re„,�,,, _ . � <r� .�j � � . . . . .. , ,..h3i+k< .. . , . .. ; '. ' ,.e..v `"`" " .� , a-,i-.-..,, ..... Y� �n«..,:� _ _ .<. �. .�«,:.�`��'"" . . ' , ...,nr, >,«.. , �., . .. . '�......_..._ _,R ...�,R «, ".+u-fr^. . ,� . °"n .. .. ., .. . .,.� ..�� ° �ra� � r� , � �r �r+ a+„' �s, w � " '�� ,o-� ::� ', � :' a °'� x � 3 Q � �y . ,� ��r"¢ . ��.��'� �� 3� , j '�." � � �, �'��'� �` �' "� ��a� , � �" `� �x��t ��,� � ��. � �= x, .� �`, � , COMPARABLE SALE#2 �� -�`z� ,t '; � ��y_ ��'� ��A � ��`: �� .�� r`: �. �..� � � � _.,� _��`��' "�� . �. " �,�� " _ �� °�' °:�� 270 Crestview Avenue �; '��,,, " �,�� ' �r �.� ��,. . �. � �� a �, ��:�,� 2 �� Orono, MN 55356 "�'� �'� ��;,� �� ° `�� '� � �� Sale Date: s05/11;c04/11 -� � �r� s� , � �� ; ��=�� K ��`� �'�� „�� Sale Price: $ 641,500 � „r�`2 i��k�. ��;t o� ,��_� � � f �r � �� s5 , F �� , ` ��k� `� � x � R� �i '��u,.E 4�" «s: z r � ,'� � �� Y�� '.� �"� � ''�y� k� tYi 1@ �� 3 �;:,�,.�� °a'` A`�"� ",� .,�''� .. {# �i�' � "'r '�>��°a`�'�f� � t" ° �� F = ' ��'"�,a .�, =t Nr � � � ,��'"�" �<,��'��"' } # �.. '� ��`� � � ��. -, -.� ;�.�,� t..,4. � � �f,"" M1" ..w�... � � . ... � ' � �{e �ra�� ;,� �� , �y �. �� {j y�� pC.. ��. � '��k�' Y.__ � ��itj ♦d� C..' " �d� eS � ,t;. $ ��{ t�`�;.�' . �.�� , �., . e� � � �. . E�`2w`i]r/PiR�-aetx . , � � ' . . . . .... _. . a�"s'„�'g�Y '� ' ... �1�rc��♦.+P�, '� ��l .:. � .X� '0.,"�7�flh.� '�: ,.. � � � L�yC�rv ��. � #�. � . . ,...... .. . , . n. z. r, w.s� . a �.�a�. . �, 4 �= COMPARABLE SALE#3 �. �� r��; �� .. , � � �.�;�� : ' ° h'�� °'� 2550 Keller Road �. ,..e _ �>ti.A. � ,..�r' . , .�� ,.____ ...� ��.,�,. • � COMPARABLE PROPERTY PHOTO ADDENDUM Bofrower: Gregory and Laura Wagener File NO.: 112881J Property Address:112o Cox Farm Road Case No.: City: Orono State: MN Zip: 55356 Lender: Bank vl ��s� � �� f �� °� � � � � � COMPARABLE SALE#4 �4��; v ,�� ,� , '-� c'� #y� k � �. d ' � e s ��. � � � , � , ��, ��rt°�, «��`�q� �� 2012 Sugarwood Drive �ff. 4 Z .. �. IDti&.• x� � � kt'. � - y � , ��,� � � Orono, MN 55356 � ��'w� Sale Date: s10/10;c10/10 ,� � � �ibw,.• .�� . p f�a`;� � : '; � �'�� ; '� � �� '� '";� Sale Price: $ 719,999 �` ��`�� w�::� � � � '�. .�'p N 'Y � a M ?fi ,;.� ,{'4� d . , ��F', z � .. g �� : � ��1 ' ,, q y' 3, kb .A�2��3tl � c� � ,��r . , W ' ��. .n . � ' � ,.` Ft� #'�_ ' � p, � � t�t • �" .` ^ w � , � .+a' � f'- � 7^ .p�.. `�' �`p�'p*Y ......�� k� �� 2 } '� ..: . �� "` E{{ ,. �` � �° �,��,� �� i�ro''�' fl � . �t�... ;. °�'�3a� a t� � .wm*�.. W' . � ��, �� `� � '� +u '��"v��`&i,��; � �. ,. � ��s. �.� ` � a� d'" � .r. �p „. '+� ,, c � . u r9y � c s �� ¢'�. . E v „ � r _ . � . � ,,d� ��$w.� � '� ��' ,�� .rR"'�,' � x R� ��n .„ . 'MA.�., ..�',', ,� ��t�:: i.. , . '�.��,� m�., '.�: .�. �z_ , � � x ,,� � ��' �� E � `; �`�' j � r�s� �� _. '�:� :. � '�*y� ,�.1a'� ��, n � ,}9 r RY++.. s. �' .��, �' a � � � a � a '` � �� .� ��`��'y a � , . r ' � _r_ a�.,,�E.��..Eu �'`.'� ...,.�.�.�..�au��vc '' ' �, ,." ',L, • .��, w .+ , � '�:y.k. �r �� .' C1� . ' ^-, � ,�+.° °"'1n.,� � , r�_ � � � �- COMPARABLE SALE#5 �< �y�� R+� �^r r � ( � ' �^ ^A`}3�o p� C ' �'��'"'�`� , �� . �� ,� ;,�� 2104 Sugarwood Drive �'�� ;�� `°�*�� Orono, MN 55356 � �y. s �� "" �' � Sale Date: Active P 9 � �� '?�� ;'� Sale Price: $ 899,900 ��. � �� ; � '� ��y ; � ��p�Z � �,:;� r 'rb'�'��, ,� x » ��a "�t.. �, .;' �".� } ` >,,� � '�' � � �r��s," � 4 p� � � c��+ 4�i �.i �,.v, �_ �� +� ��; � ,y > �' ' T-7F- 4C :� � � �` �, q �c ��'.,� ��c`w�.e �� , ,`^`", ��"��s�, �� '�r � �. .t��-.y- �?�rt��r� � �y... �'!`�- �" .� � P kk�S a.-.. �, " � ,�;y: . . 1f�x.^� € 3_�:.��,3 4rm''"i$�'. _, �� ._ _ � ��",s °g+ �' .".@ �",y.� .s... � � „ -F�� . r�ti a# . , .,(��.MP"k�Y',�,� �a. �� - _ . ... ... � �v. _ . � .., � .s . e . '�j� � '_.... y �Y §. .,.,>.,«, . .,i .. . ,.. ... ... . . . ., ,., _ ....YS. COMPARABLE SALE#6 . HUUI I IUNHL F'HU I U5 BoffOwef: Gregory and Laura Wagener File No.: 112881J Property Address:1120 Cox Farm Road Case No.: City: Orono State: MN Zip: 55356 Lender: Bank vl '°�`�" ' � � DRIVEWAY ��i'v . . "��g f}� ' ' 3 1 � �,, ��3a� F�,Y'. 3 '� � .,� k, � M1� �� v � }. d . . � � � � .i W�»Ai ` 3�? � �� tt,`�.: 1 wT $1 N4 3 x��`�� F.� ��3 ,� 3� 7'(` . �. ,r m� Y'. �,� q ='��g i "+�F '� , w �� a. � ��a ,$ 'e�„� '� �. �.. ,� .-R. #t.�;�� t `a= � �' � � P a � �" �� am.'� �� a*�� ,�.t s�• . �_ ��,�.a�i S.�r '�.. ��.�;� �.d-a a��..P�q � _ EE� �� . . 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REAR VIEW INVISIBLE FENCE BEING INSTALLED �� d�� . ��.� . �� a4�<. :. �_ � � �_. •.,. �� ,�, �.ma�� Y�. . . . . ,�#":i_ ... .. ..� �:. _. . . � � AUUI I IUNAL F'HU I U5 BOffOwef: Gregory and Laura Wagener Flle No.: 112881J Property Adtlress:1120 Cox Farm Road Case No.: City: Orono State: MN Zip: 55356 Lender: Bank vl °�� LIVING ROOM � � � � B, �.. �� ; r � � ,�,,. -- � �.. `�;a � �.,,�.,F _� ��=: � �,�'a4 � x,�:. .. ac� � s " �s�." 7; ; '�. t z � � i�r h��.. '� . � � .�d �� i��+ � ..'.� . � d ��. � .��e �a. .. d . . . .,�'�� ,� ...7_.' .. ... ... �� . ... . . �.;,.,� �..�. .. . ..� .� , .: . . �.. _<� .. , . . .. . f x . � . � � . . . � .;. . . .. ��r .� �€ . . t �� k �� '� �� .� °s�, q '' t.�� ,��$ � � � �"� '�'�� .� ��`�� „ .. , � 3�' "`�*�'§g i '��a �s t�z-''. � a s�� a.�� .. ,� R ��+�$: � �. �,x �. � ',�.. " . � , # �s'�" .. � . �t _� �� .. � .� �,3� n i:�my�,rd J"��'{u„'�� . �£� , � . ?''�� ,��.. 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'°r.. �, �e' � #� � � ...,,,�'3"� . n=„�•,� �.��.. �•65 id '� � .. ..�` �.�1RR t �. � BASEMENT OFFICE MECHANICALS � � �. � � �, t �. � . � �°�.�`�.�`' ';� � �r � �.� � ,:_�__�, � , ,��, �� .. ��'l k - . , ?��..�,�w....,_.,, , • AUUI I IUNHL 1-'FiCJ I US Borrower: Gregory and Laura Wagener File No.: 112881J Property Atldress;1120 Cox Farm Road Case No.: City: Orono State: MN Zip: 55356 Lender: Bank vi �. �� _ �� .� �,M � � �� g. E ��. ��,,. � � , f '�.� � , t .. ��e .i�_.�� . -F::�.wyawms�-,•� � e � �}25,�� ,�; 1 8&. �y :>3 . � ��4�s.��,�'`C ? .7 ' ��N"� � � '�} vu:�• ��" � �� k t y�� 1 a3`^ �� *�`.� �� b c�", � '�.f'� a i � ��d� `_� � f�`' 3. . :�: '3�":� 3 fr § � =d i�° �Y7� a, € .�rt; . „ . . FINISHED PANTRY CLOSET IN BASEMENT FLOORPLAN BOrrower: Gregory and Laura Wagener File No.: 112881J Property Address:1120 Cox Farm Road Case No.: City: Orono State: MN Zip: 55356 Lender: Bank vl � ixa I i s��«�ao��n <]0 �a a Lau ry Ki�c�� D�ninp Famiry Room c rage SBatn C 'I � I Foye� D rq m Livi�gRmm 1]0' I � E70' C )d C b�5 3 0, 140' - - IS0' pan BeOrmm Bet� C II WIC I C � � Open BeOrmm ta0 Bedroom 1a0' �50' Sketch by Apex IV WindowsT"^ AREA CALCULATIONS SUMMARY LIVING AREA BREAKDOWN Code Description Size Totals Breakdown Subtotals GLA1 First Floor 1344.50 1344.50 First Floor �� GLA2 Second Floor 1327.00 1327.00 28.5 x 43.0 1225.50 I I P/P Porch 144.00 144.00 2.5 x 16.5 46.25 Gax Garage 906.00 906.00 2.5 x 17.5 43.75 1.0 x 15.0 15.00 1.0 x 14.0 14.00 Second Floor 28.5 x 43.0 1225.50 3.5 x 14.0 99.00 3.5 x 15.0 52.50 LOCATION MAP BOffOwef: Gregory and Laura Wagener Flie No.: 112881J Property Address:1120 Cox Farm Road Case No.: City: Orono State: MN Zip: 55356 Lender: Bank v� � I �� . 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' , ', c. —' i 5� t � .. MICMVIEW N � � O � �� y C�S . Q i... .. �n j � y { . � � . G CHifPFDC1A 3 ..�1 '� Y . . . � . Rq �� I z p O O. .Wq�Rr Vti. �� ..� � ; � � �£Hlr�Gt0. ��'.UCE�tNETP�� C�� R v m �s - s � i . �kuP m �� .. �ttRTlEW00D RD � � o X;P �3 .. t. A � , yi HIGH�N �Y �i WaTERTOWNRD . y� y. � � W4✓<'�IPpB(v��y pV � � � . � . .�a�CLN �� O . ..�S��1PIlp�E..... � . � SALE 1�2Ji0 OLENDCLE COVE L/NEN b � , b � � N S�EF�E� �' � NGJtE��'.a a . � ..:�^ �. �. $ ca`�:�� 4 io 'ror.aiocEao woccm�_eve �. ., Q ._�,1�/ � H . � .� <3 ,s�c.e n no uresrvrewnve _� .. aervcoan war 1,�,� �� _ �.8�� . . , �� . , . r � f; � y . w ? • � i 3 °t�om�o .,3� q......� .� � ,/ W. .. c'l', � .«sr V �'�.. �x . ""F � aiis "�u .. � ` a p.. . m' � �F i � a . . .� �� ICKENCONST �J . .. u �.�n � �� I .. — . "—._ . ._.._'___—_ . _ —_. ._— __.._._'_—.__' ,�:i �... 1 — i 1[ Data use sublect m ucense. � r �I re�2007DeLo�me StreelPllasUSM94008 ' u �oa ie�ao �am �.m a000 �' m tlelmmc com MN;0 5"E) Oah Zoom'4[1 � APPRAISER LICENSE Borrower: Gregory and Laura Wagener File No.: 112881J Property Address:1120 Cox Farm Road Case No.: City: Orono State: MN Zip: 55356 Lender: Bank v� � - ---- --- � ��'I��C E +�F N�1�1 hJ��{�T� , � ��s�� s�� r ' �,� -� ,�,�,,:. ,4,,.. !u�ia` �J��E:��;r�-, ��V�� .�r�r��v �.a*�� :��°��F- �uadE �� d�partrn�nt �f C�rnrner�e t+rlit�l�`JEAF��I�, hrt'd ��1�u Thv�Undersign�d COMI�1{15�147�riE�GF Cf.1�I�fIh1ERGE#or tFre State ot F�Aar�rtes4ta h�reby��erii�es that ! JUL:iA E BJ�I�.KLtJNi� tc-��f�,Nl�-IG"`J'r`L,�,NE�CJU�'t-� li, �4JITE �46 h4l`+fhE:G,��LIS.h1� �'�415 h�s cvm�,G�d wii:i�[��aws Gf t6��ta:e of�lin nes�£a�r�d is h�rP6y lic�n��ta tr�nsact th�tra�sin�ss cf FZesi�dent,A,pp�aiset :Geriified Resiclat�t�ai � �1G�f1S� NtEE�If}�F: �4�JQ57'� u�a�e�s�.is��sthc,ri:y;s=_us�ErrodL+�, r?ur�k�d. or oi#°�e€wise 1+�aEEy terrran.ake��. This li�ensP shal�t,e in�`fpc= ' i u,^�t3}�u�ust 31,��1�. IN TE5TEMCkNY WFiEREOF„ E ha� h�reunt�set my h��d this Septembgr 29,241U. f.�y �'��,• ,��:��_�r^'" l� f�+��,�,,,� n��; t ;' . �' GOhtMfSS10l5EER OF COdVfM�RCE � Gorstiriuing Educa#ioet�� 11lir�nesa[a L��part+t��nt o'�:.�rnrrrc�� L�ns�Q:vis�s �E�te�avirer��er�t Tti�� E��+auir��1�'c�rs �5 r t�a Place Eas�i„SuiD-r 5�0 7c�:aB-�'ippr��sv�r 3C� �� Paul.M`dJ��°��_3;� l�:�F'�,� � Telephcine:{�3v 1;��.,-��0.`� Esn�91�lic�:^tsing.��eme,�,.�sta,��n.u� II tr+lebs�:cxa�nm�a�e.st�te.�nn.�.�s t�Fates: • Cu��l�uln Eciuc.�d�n: 1 v flc+�rr,:Es r�3�^ n it��rsi re��wa��4,�vT:�Y�k��cl�€a�t��U;;F4F��u�.:�3 h�u m a,��-ra�rr�]�;�a:.��ase+�wrt nt��al�f.�C,�'ryt�.n��s a'r h;+.�J�a.4P c�rse. I - +��r�r31sF?ra:Y�u;ra1&t h�i�,�Il�sed R�ct��Gai,�:::etltfi�!7 R�17�t'�al,.c�h�1'�i G�r.��31��a1114:.aCon n,s� r�,.» I ., ._..�_.-.,. .._ ., .....�. .��.,,.,. ...__ ....d ,-...__...... .,. � , ... �_ _.� ,..._..� � .A.. . BCL APPRAISALS, INC. File No. 112881 J -- __ -- --- - -- _ — _— — II� ********* INVOICE ********* I I File Number: 112881J August 30, 2011 � �I Bank VI 1900 South Ohio Street II Salina, KS 67401 � ,I I � � Borrower: Gregory and Laura Wagener Invoice# : 11-2881JB/11-2601J Order Date : � Reference/Case# : PO Number: I � 1004 URAR/UAD Single Family Appraisai 1120 Cox Farm Road I Orono, MN 55356 � i 1004 URAR/UAD Single Family Report $ 350.00 $------------- Invoice Total $ 350.00 State Sales Tax � $ 0.00 Deposit ($ ) Deposit ($ ) -------------- I Amount Due $ 350.00 Terms; Net 30 Days Please Make Check Payable To: BCL APPRAISALS, INC. 2855 Anthony Lane South#145 Minneapolis, MN 55418 Fed. I.D. #: 41-1523184 TCF Bank-Direct Lending Ac Uniform Residential Appraisal Report File# 3803WA The ur ose of this summa a raisal re ort is to rovide the lender/client with an accurate and ade uatel su orted o inion of the market value of the sub'ect ro e . Property Address 1120 Cox Farm Road City Long Lake State �`/�N Zip Code 55356 _ _ _ _ _ _ _ Borrower Gregory 8 Laura Wagener Owner of Public Record Gregory&Laura Wagener County Hennepin . _... __ __ _ _ _ __ _ . _. Legal Description Lot 005 Block 001 Shadowood Farm _ __ _ __ _ Assessors Parcel# 2711823310021 Tax Year 2015 R.E.Taxes$ 6018 � -- — __ _ _ S Nei hborhood Name Shadowood Farm � g Map Reference 103-D1 Census Tract 0272.01 B Occupant �2]C Owner ❑Tenant ❑Vacant Special Assessments$ � � PUD HOA$ $�� peryear ❑ per month � Property Rights Appraised �Fee Simple ❑Leasehold ❑Other (describe) E Assignment Type ❑Purchase Transaction �Refinance Transaction ❑Other (describe) _ _ _ _._ � Lender/Client TCF Bank-Direct Lending Account Address 801 Marquette Ave Minneapolis MN 55402 __ __ ___ —_.. _ Is 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 }�—JC No _ _. __. __ _ . _ Report data source(s)used,offering price(s),and date(s). MLS/Owners. _ __ _ I ❑ did ❑did not analyze the contract for sale for the subject purchase transaction.Explain the resuits of the analysis of the contract for sale or why the analysis was not performed. _ _...... _. C 0 ___...... T Contract Price� Date of Contract Is the property seller the owner of public record? ❑Yes ❑No Data Source(s) _� _____ _. R 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 ❑ No q if Yes report the tota(dollar amount and descnbe the items to be paid . � mm _. C T Note:Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present land Use% N Location [i Urban �Suburban [;Rural Property Values ❑increasing �]C Stable ❑Dedining PRICE AGE One-Unit $5% _ _. E Built Up �L Over 75% ❑25-75% [�Under 25% Demand/Suppty [�Shortage ❑In Balance �C Over Supply $(000) (yrs) 2 4 Unit 10% � Growth ❑Rapid ❑Stable (]Slow ; Marketing Time �Under 3 mths ❑3-6 mths ❑Over 6 mths , �26 Low � Multi-Family °/o HNeighborhood Boundaries . _ 4635 Hi9h 115 Commercial 5 /o See Attached Addendum - �� ` ' ' ` � B 595 Pred. 30 Other % __ , _... __.. � _ . .. .�_..._—_ _ � __.___.._.. _ _ _. R Neighborhood Description _ _ _ H See Attached Addendum 0 0 _ p Market Conditions(including support for the above conciusions) The subject is part of a well-regarded area with traditionally strong values and market demand. Active listings have anticipated marketing times of 0-3 months. All types of mortgage fnancing are generally available at reasonable rates with no unusual buydowns,discounts or concessions. Dimensions Irregular Area 2•35 ac Shape Irregular �ieW N;Res; _ _ _ Specific Zoning Classification RR-1 B Zoning Description One Family Rural Residential-2 Acres _ _ _ __ _ Zoning 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. __ _ _ _ _- _ _ __ __ _ _ _ .........__ _ _ S Utilities Pubhc Other(describe) _ Public Other(describe) Off-site lmprovements-Type Public Private � Electricity �C ❑ 200 Amp Water ❑ 0 Well Street Asphalt [� ❑ �-- __ __. _ __ _ T Gas J� ❑ Sanitary Sewer ❑ 0 Septic Alley None [� __ __ . E FEMA Special Flood Hazard Area ❑Yes �No FEMA Flood Zone X FEMA Map# 2�053C0302E FEMA Map Date 09/02/2004 Are the utilities and off-site improvements typical for the market area? �Yes ❑ No If No,describe. _ _ _ _ Are there any adverse site conditions or extemal factors(easements,encroachments,environmental conditions,land uses,etc.)� n Yes !nC No If Yes,describe. None Noted. _ _ _ General Description Foundation Exterior Description materialslcondition Interior materials/condition Units �C One ❑One with Accessory Unit ❑ Concrete Slab ❑Crawl Space Foundation Walls Concrete/Avg Floors Hwd/CT/Crpt/Avg __ __ __ _ __ # of Stories 2 (Z�C Full Basement ❑Partial Basement Exterior Walls Stucco/Stone/Avg Walls Drywall/Avg Type �Det. ❑Att. ❑S-Det./End Unit Basement Area 1314 sq.ft. Roof Surface AsphalUAvg Trim/Finish Hwd/Avg __ . __ __ � Existing ❑Proposed ❑Under Const. Basement Finish 90 °/a Gutters 8 Downspouts Alum/Avg Bath Floor HwdlCT/avg Design(Style) Modem � Outside Entry/Exit (LC,Sump Pump Window Type Case/Wd/Avg Bath Wainscot Ceramic/Avg _ __ _ Year Built �998 Evidence of ❑Infestation Storm Sash/lnsulated Wood/Avg Car Storage ❑None I Effective Age(Yrs) 5 ❑ Dampness ❑ Settlement Screens Mesh/Avg �Cj Driveway #of Cars 4 PAttic ❑None Neating ,j�C FWA ❑ HWBB []Radiant Amenities ❑WoodStove(s)# � Driveway Surface Asphalt R ❑ Drop Stair ❑Stairs �� Other Fuel Gas (�Cf Fireplace(s)# � �Fence Cedar (}C] Garage #of Cars 3 0 � Floor (LCf Scuttle Cooling �Central Air Conditioning �C]PatiolDeck Rear �porch 3Season [� Carport #of Cars � E ❑ Finished ❑Heated ❑ Individual ❑Other ❑Pool None ❑Other None }(�C Att. ❑ Det ❑Built-in M Appliances � Refrigerator �RangelOven (ZCf Dishwasher (� Disposal �]Microwave i(P' Washer/Dryer ❑Other(describe) F _. . . . . � _ � .. , � , _ .. , , �� .. _ . .,. .. . . .. .. . , . Uniform Residential A raisal Re Oft TCF Bank-Direct Lending A PP p File# 3803WA i There are 4 comparable propeRies currently offered for sale in the subject neighborhood ranging in price from$ 549500 to g 995000 There are � comparable sales in the subject neighborhood within the past twelve months ranging in sale price from$ 595000 to$ 946500 FEATURE � SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3 _ _. __ __ _ _ _. _ __ Address 1120 Cox Farm Road 980 Cox Farm Road 760 Dickey Lake Drive ', 1889 W Farm Road Long Lake, MN 55356 'Orono, MN 55356 Orono, MN 55356 ' Orono, MN 55356 Proximity to Sub�ect 0.18 miles SSW 0.37 miles SSW 0.51 miles SE Sale Price_ _ �.$ _ _ ,$ 735000 g 662500 ' g 750000 __ _.. _ __ Sale Price/Gross Liv.Area $ 0.00 sq.h. ,$ 248.73 sq.ft. $ 152.72 sq.ft. ' $ 255.19 sq.ft. ' _ _ _ _ . Data Source(s) NorthstarMLS#4583578;DOM 61 NorthstarMLS#4503147;DOM 40 NorthstarMLS#4520612;DOM 15 . _ Verification Source(s) Public Records �Public Records Public Records _ _ _. _ _ VAWEADJUSTMENTS DESCRIPTION DESCRIPTION ;+�-)$AdjustmenT DESCRIPTION +(-�$Adjustmenh DESCRIPTIO,N„ ,+(-)$Ad�ustment Sale or Financing ArmLth ArmLth ArmLth ___ _. ,�__ Concessions ' Conv;7350 -7350 ' Conv;10000 � -10000 ' Conv;10000 -10000 _ . . �.__ __. _—�- __- — — �__ _ Date of SalelTime ' s07/15;c06/15 , s09/14;c08/14 ' s10/14;c09/14 _ _ . ___r_._ ______. _..._...__. .._:�_.. Location N;Res, B;WtrFr,Res -25000 N;Res; ' N;Res; �_. �_.—. .._ ______ m_____ Leasehold/Fee Simple Fee Simple Fee Simple E Fee Simple Fee Simple ; .-- - —� _ Site 2.35 ac ' 4.64 ac � -22900 1.99 ac ; +3600' 2.10 ac ; +2500 _ _ __ ;__ . _ _ __ _ View N;Res; ' B;Wtr;Res -25000 ' N;Res; ' N;Res; .__ .. ADesign(Style) DT2;Modern DT2;Modem DT2;Modern DT2;Modern �, Quality of Construction Q3 Q3 Q3 < - Q3 ,... . E Actual Age 17 21 0 I 21 0' 26 0 , ... __ - S Condition C3 C3 C3 , C3 � Above Grade Total Bdrms Baths Total Bdrms Baths `Total Bdrms. Baths Total ; Bdrms Baths _. � . __. .. _ ,_ .. p Room Count 8 3 2.1 9 4 2 1 -5000 8 3 4.1 4000 , 9 , 2.1 -5000 �_.... �..___ . �_4 ___ �. M Gross Living Area 2670 sq.ft. 2955 sq ft ; -11400 4338 sq.ft. ' -66720 2939 sq.ft.I -10760 �__ _ -- .. _ . . __. P Basement&Finished 1314sf1182sfwo 1348sf1149siwo 0 2863sf1378sfwo 0' 1735sf869sfin +10000 A Rooms Below Grade 1 rrObr1.Oba3o 1 rr1 brl.ObaOo -2000 1 rr2br2.Oba1 o W -10000 1 rr1 brl.ObaOo � -2000 R _ __. _ _. _ _ •_____ � Functional Utility Acceptable Acceptable I Acceptable ; ; Acceptable , _ _ � _. _ _ ..__ S Heating/Cooling FWA C/Air FWA C/Air ; i FWA C/Air ', FWA C/Air _..__. .. �__ , N Energy Efficient Items None None None None �arage/Carport 3ga4dw 3ga4dw 3ga4dw ', 3ga4dw , _.._ . _. , __ _......._ _.. . ..._. . — __ A Porch/Patio/Deck 2 Patios,Deck,Porch Patio,Deck,Porch +2500`, Deck,Patio +7500' Deck,Patio +7500 _ _ __ _�_ � ...---- _-,__ P Fireplace 1 Fireplace 2 Fireplaces -2000 2 Fireplaces -2000 ' 2 Fireplaces ; -2000 ,.... +1000 R Fence Fence Fence ' None +1000 None � _ . _.._. . __ __... _ _...._ ___ � Amenity None None None , Inground Pool -20000 . .-_ . ___ , A Net Adjustment(Total) ❑ + � - $ 98150� ❑+ � - $ 80620' ❑ + 0 - $ 28760 _ _ , HAdjusted Sale Price 'Net Adj. -13.4 % ,Net Adj. -�2•2 % 'Net Adj. -3�8 % of Comparables Gross Adj. 14.0 % ', $ 636850'Gross Adj. 15.8 %', $ 581880 Gross Adj. 9.4 ��o ', $ 721240 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) MLS/Realtor/County Tax Records _ __ __ _.. _ _ __............. ..._-----....... ;; 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) MLS/Realtor/County Tax Records __ __ __ Report the results of the research and analysis of the prior sale or transfer history of the subject propeRy and comparable sales(repoR additional prior sales on page 3). ITEM ' SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3 Date of Prior Sale/Transfer ' ' __ _ __ Price of Prior SalelTransfer ' ' _ __ _ _ __ Data Source(s) MLS/Realtor/Counry MLS/Realtor/County ' MLS/Realtor/County MLS/Realtor/County Effective Date of Data Source(s) 08/03/2015 08/03/2015 08/03/2015 08/03/2015 T Analysis of prior sale or transfer history of the subject property and comparable sales The subject has not sold in the past 3 years. Our sources indicate that the comparables have not previously sold nor been listed within the past 12 months other than as stated above. Summary of Sales Comparison Approach _ __ See Attached Addendum TCF Bank-Direct Lending Ac Uniform Residential Appraisal Report File# 3803WA See Attached Addendum A D D I T I 0 N A L C 0 'M ,M E' N T ,S COST APPROACH TO VALUE(not required by Fannie Mae) Provide adequate information for the lendedclient 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) _ __ _. _ The subjecYs estimated site as vacant land value was derived from the appraisers research of land values in the area and county information. C 0 S T ESTIMATED ❑REPRODUCTION OR �REPLACEMENT COST NEW OPINION OF SITE VALUE.............................................................. _$ 195000 Source of cost data Marshall&Swift Dwelling 2670 Sq.Ft.@$ 90 ........... _$ 240300 A _ _ . .. P Quality rating from cost service Effective date of cost data 11/30/2013 Bsmt: 1314 Sq.Ft.@$ �0 , _g 91980 __ _.___. P Comments on Cost Approach(gross living area calculations,depreciation,etc) -g 25000 R The Marshall,Swift and Boeckh cost services,along with the builders cost data,were Garage/Carport 858 Sq.Ft.@$ 40 ........,., _$ 34320 � utilized in the estimation of replacement cost for the subject. A Total Estimate of Cost-New ....... .... _$ 391600 C __ _ __ I H Less Physical Functional External Depreciation 26106 =$( 26106 ) I _ _ Depreciated Cost of Improvements ................................................... _$ 365494 _ __ "As-is"Value of Site Improvements ................................................... _$ 25000 _ Estimated Remaining Economic Life(HUD and VA only) �� Years Indicated Value by Cost Approach __. =S 585500 � INCOME APPROACH TO VALUE(not required by Fannie Mae) N Estimated Monthly Market Rent S X Gross Rent Multiplier =g Indicated Value by Income Approach � Summary of Income Approach(including support for market rent and GRM) 0 _ _ _ _ M E PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in control of the Homeowners'Assoaation(HOA)? ❑Yes � No Unit type(s) 0 Detached ❑Attached Provide 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. P Legal Name of Project Shadowood Farm __ _ __ _ _._ __ _ _ ii _ _ _ _ __ Uniform Residential A raisal Re Ort TCF Bank-Direct Lending Ac pp p F;,e� 3803WA 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 a manufactured 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 intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted.The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable 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 the subject 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 open market under all conditions requisite to a fair sale,the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5)the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions`granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area;these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject 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 title to it, except for information that he or she became aware of during the research involved in performing this appraisal.The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, 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, the presence of Uniform Residential A raisal Re OI't TCF Bank-Direct Lending Ac p p p F;,e# 3803WA 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 in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, 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 for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property 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 prior to 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 that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the markeYs reaction to the differences between the subject property and the comparable sales. 10. I verified,from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have know�edge 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 listing services, 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 from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements 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,which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners 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 not conditioned on any agreement or understanding, written or otherwise, that I would report(or present analysis supporting) a predetermined specific value a nredetermined minimum value a ranae or direction in value a value that favors the cause of anv oartv. or the attainment of a Uniform Residential A raisal Re Ot't TCF Bank-Direct Lending Ac pp p F;,e # 3803WA 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary 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 to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, 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 certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that 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, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of 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 are defined in applicable federal and/or state laws(excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid 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/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, 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's analysis, 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 the appraisal 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 and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record"containing my"electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. AP R � SUPERVISORY APPRAISER(ONLY IF REQUIRED) Sig Signature Name Brandon Whitehead Name Company Name whitehead Appraisals, Inc. Company Name Company Address 9237 Albano Trail Company Address Inver Grove Heights MN 55077 Telephone Number 952-292-5134 Telephone Number Email Address whiteheadappraisals@msn.com Email Address Date of Signature and Report o8/10/2015 Date of Signature Effective Date of Appraisal 08/03/2015 State Certification# State Certification# 20433256 or State License# or State License# State or Other(describel State# Ex�iration Date of Certification or License Uniform Residential A raisal Re Ort TCF Bank-Direct Lending Ac Pp p File# 3803WA FEATURE SUBJECT COMPARABLE SALE#4 COMPARABLE SALE#5 ' COMPARABLE SALE#6 ' _ . __ Address ��20 Cox Farm Road 1065 Willow Drive 2642 Bobolink Road ' 725 Dickey Lake Drive Long Lake, MN 55356 'Orono, MN 55356 'Medina, MN 55356 ' Orono,MN 55356 _ _ _ _ Proximity to Sub�ect_ 0.26 miles W 0.68 miles NW 0.49 miles SSW Sale Price � $ 595000 $ 482000 ' $ 549500 ASale Pnce/Gross Liv.Area $ 0.00 sq.ft. $ 189.07 sq ft $ 184.53 sq.ft. $ 171.72 sq ft � Data Source(s) NorthstarMLS#4590711;DOM 38 NorthstarMLS#4599390;DOM 16 NorthstarMLS#4609528;DOM 55 E Venfication Source(s) ^ Public Records Public Records Public Records 5 VALUE ADJUSTMENTS _ DESCRIPTION DESCRIPTION �a±(-)$Adjustment DESCRIPTION __ +(-)$Ad�ustment DESCRIPTION, „ +,(-)$Adjustment Sale or Financing ArmLth ArmLth Listing Conv;10000_ _10000 Conv;O 0, ;p _ p p Concessions _ _ __ __ _ M Date of Sale/Time s07/15;c06/15 ' s07/15;c06/15 Active ._ . __. __ _�_. _...... _ .__....____�m _____.. P Location N;Res; N;Res, ; i N;Res, ' N;Res; _ . ..... , _ _ A LeaseholdlFee Simple Fee Simple Fee Simple t Fee Simple Fee Simple _. _.. R Site 2.35 ac 1.01 ac +23400' 16553 sf +19700 2 ac +3500 � _.._....._. , _ —�_... _ _.. __. ,...._........ _. ��__..._ S View N;Res, N;Res; N;Res; N;Res, -- - � _ _�_. �� .. - --� .. 0 Design(Style) DT2;Modern DT2;Modern DT2;Modern DT2;Modern N Quality of Construction Q3 Q3 Q4 +25000 Q4 +25000 _ �_ .. __ __ _. A Actual Age _ 17 14 _ � 50 � 29 � P Condition C3 C3 __ C3 _ C3 _ P Above Grade Total Bdrms Baths Total Bdrms Baths ;Total 'Bdrms.'',Baths ' Total Bdrms.: Baths , __ ___._. R Room Count 8 3.. 2.1 ' 9 4 3.1 -7000 9 5 2A _8000 ' 9 4 2.1 -5000 _._._. . _ __ _ __ � Gross Living Area 2670 sq.ft. 3147 sq ft. -19080 2612 sq.ft. 2320, 3200 sq.ft. -21200 � Basement&Finished 1314sf1182sfwo 1734sf1249sfwo 0; 1028sf561 sfin +10000; 1602sf1602sfin +10000 ___ _._ ,.... _ ____ H Rooms Below Grade 1 rrObrl.Oba3o 1 rr1 br1.Oba10 -3000 1 rrObr1.Oba0o +3000 1 rr1 brl.ObaOo -2000 ,__. — ___ �,-_ _......._ _ _ Functional Utility Acceptable Acceptable ; Acceptable ' Acceptable _ _ :. _ ._ _ _,. :............_. Heating/Cooling ' FWA C/Air FWA C/Air ' FWA C/Air ; FWA C/Air _. Energy Efficient Items None None None ' None _ � . _ .__. Garage/Carport 3ga4dw , 3ga4dw ; 2ga4dw +10000' 3ga4dw ,_ ___.___. Porch/PatiolDeck 2 Patios,Deck,Porch Deck ; +10000 Deck,Porch , +5000' Deck,Porch +5000 y--. .. — ___��_. ___W_ Fireplace 1 Fireplace 2 Fireplaces ; -2000 1 Fireplace ' 2 Fireplaces -2000 �._ _ _ _ , ______ . __ Fence Fence None +1000 None +1000 None +1000 _..__. _ ._ __ . __� _____ Amenity None None None ' None _ __ __ , , ......_ Net Ad�ustment(Total) ❑+ � - $ 6680{ _ �+ ❑ - _ $ 68020' �+ ❑ - ,$ 14300 Adjusted Sale Price ', ;Net Adj. -1.1 % 'Net Adj. 14.1 °/a ', Net Adj. 2.6 % of Comparables ' 'Gross Adj. 12.7 °/a', $ 588320 i Gross Adj.17.4 %',$ 550020 Gross Adj. 13.6 %' $ 563800 Summary of Sales Comparison Approach A N A L Y S I S I � ITEM SUBJECT COMPARABLE SALE#4 COMPARABLE SALE#5 ' COMPARABLE SALE#6 M Date of Prior Sale/Transfer _ _ _._ �. _____ M Price of Prior Sale/Transfer ' ', _ . _ __._.. . � _ E Data Source(s) MLS/Realtor/County MLS/Realtor/Counry MLS/Realtor/County MLS/Realtor/County _ _ __ ___ _._.. _ N Effective Date of Data Source(s) 08/03/2015 OS/03/2015 08/03/2015 08/03/2015 T _ _ -- _ _ _ � _ _.. ... _ .. __._ _. S Analysis of prior sale or transfer history of the sub�ect property and comparable sales 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 TCF Bank-Direct Lending A File# 3803WA UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source:Fannie Mae UAD Appendix D:UAD Field-Specific Standardization Requirements) Condition Ratings and Definitions C1 The improvements have been recently constructed and have not been previously occupied.The entire structure and all components are new and the dwelling features no physical depreciation. Note:Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been rehabilitated/remanufactured info like-new condition.Improvements that have not been previously occupied are not considered"new"if they have any significant physical depreciation(fhat is,newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep). C2 The improvements feature no deferred maintenance,little or no physical depreciation,and require no repairs.Virtually all building components are new or have been recently repaired,refnished,or rehabilitated.All outdated components and finishes have been updated and/or replaced with components that meet current standards.Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction. Note:The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physica/depreciation,or an o/der property that has been recent/y completely renovated. C3 The improvements are well maintained and feature limited physical depreciation due to normal wear and tear.Some components,but not every major building component,may be updated or recently rehabilitated.The structure has been well maintained. Note: The improvement is in its first-cycle of replacing short-lived building components(appliances,floor coverings,HVAC,etc.J and is being well maintained.Its estimated effective age is less than its actual age.It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level ol a complete renovation. C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear.The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs.All major building components have been adequately maintained and are functionally adequate. Note:The estimated effective age may be close to or equal to its actual age.It reflects a property in which some of the short-lived building components have been replaced,and some short-lived building components are at or near the end of their physical life expectancy;however,they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property. CS The improvements feature obvious deferred maintenance and are in need of some signifcant repairs.Some building components need repairs,rehabilitation,or updating.The functional utility and overall livability is somewhat diminished due to condition,but the dwelling remains useable and functional as a residence. Note:Some significant repairs are needed to the improvements due to the lack of adequate maintenance.It reflects a property in which many of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional. C6 The 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 many or most major components. Note:Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage.It reflects a property with conditions severe enough to affect the safefy,soundness,or structural integrity of the improvements. Quality Ratings and Definitions Q1 Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user.Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure.The design features exceptionally high-quality exterior refnements and ornamentation,and exceptionally high-quality interior refinements.The workmanship, materials,and fnishes throughout 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 in this quality grade are also found in high-quality tract developments featuring residence constructed from individuai plans or from highly modified or upgraded plans.The design features detailed,high quality exterior ornamentation,high-quality interior refinements,and detail The workmanship,materials,and fnishes 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-standard residential tract developments or on an individual property owner's site.The design includes significant exterior ornamentation and interiors that are well finished.The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from"stock"standards. 44 Dwellings with this quality rating meet or exceed the requirements of appticable building codes.Standard or modified standard building plans are 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. QS Dwellings with this quality rating feature economy of construction and basic functionality as main considerations.Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic fnishes with minimal exterior ornamentation and limited interior detail.These dwellings meet minimum building codes and are constructed with inexpensive,stock materials with 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 dwellings are often built with simple plans or without plans,often utilizing the lowest quality building materials.Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills.Electrical,plumbing,and other mechanical systems and equipment may be minimal or non-existent.Older dwellings may feature one or more substandard or non-conforming additions to the original structure. Definitions of Not Updated,Updated,and Remodeied Not Updated Little 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 major components have been replaced or updated.Those TCF Bank-Direct Lending A Abbreviations Used in Data Standardization Text F11e# 3803WA Abbreviation Full Name Fields Where This Abbreviation May Appear A Adverse Location R View ac Acres Area,Site Ad Prk Ad acent to Park Location AdjPwr Adjacent to Power Lines Location ArmLth Arms Length Sale Sale or Financing Concessions AT Attached Structure Design(Style) B Beneficial �ocation&View ba Bathroom(s) Basement&Finished Rooms Below Grade br Bedroom Basement&Finished Rooms Below Grade BsyRd Busy Road Location c Contracted Date Date of Sale/Time Cash Cash Sale or Financing Concessions Comm Commercial Influence Location Conv Conventional Sale or Financing Concessions cp Carport Garage/Carport CrtOrd Court Ordered Sale Sale or Financing Concessions CtySky City View Skyline View View CtyStr City Street View View cv Covered Garage/CarpoR DOM Days On Market Data Sources DT Detached Structure Design(Style) dw Driveway Garage/Carport e Expiration Date Date of Sale/Time Estate Estate Sale Sale or Financing Concessions FHA Federal Housing Authority Sale or Financing Concessions g Garage Garage/Carport ga Attached Garage Garage/Carport gbi Built-In Garage Garage/Carport gd Detached Garage Garage/Carport GlfCse Golf Course Location Glfvw Golf Course View View GR Garden Design(Style) HR High Rise Design(Style) in Interior Only Stairs Basement&Finished Rooms Below Grade Ind Industrial Location&View Listing Listing Sale or Financing Concessions Lndfl Landfill Location LtdSght Limited Sight View MR Mid-Rise Desi n St le Mtn Mountain View View N Neutral Location&View NonArm Non-Arms Length Sale Sale or Financing Concessions o Other Basement&Finished Rooms Below Grade O Other Design(Style) op Open Garage/Carport Prk Park View View Pstrl Pastoral View View PwrLn Power Lines View PubTrn Public Transportation Location Relo Relocation Sale Sale or Financing Concessions REO REO Sale Sale or Financing Concessions Res Residential Location&View RH USDA—Rural Housing Sale or Financing Concessions rr Recreational(Rec)Room Basement&Finished Rooms Below Grade RT Row or Townhouse Design(Style) s Settlement Date Date of Sale/Time SD Semi-detached Structure Design(Style) ChnA Rhnrf.Cale Ralo nr Finanrinn Cnnraccinnc DIMENSION LIST ADDENDUM File No. 3803WA Bofrower or Own2f Gregory 8 Laura Wagener Property Address >>20 Cox Farm Road City Long Lake County Hennepin State MN Zip Code 55356 Lendef Of Client TCF Bank-Direct Lending Account Gross Living Area (GLA) 2670 s.f. Gross Building Area (GBA) 2670 s.f. Areas Square Footage Basement 13i4 s.f. %of GBA Level 1 1365.000o s.f. 51�12 %of GBA Level 2 1305.000o s.f. 48 88 %of GBA Level 3 0.000o S.f. o.00 %of GBA Garage 85s.0000 s.f. °/o of GBA Other � s.f. 0.00 %of GBA Area Dimensions Type of Area Level Measurements Factor Area Living Bsmnt Garage Other One Two Three 1.00 X 22.00 X 1.00 = 22.00 ❑ ❑ X❑ ❑ ❑ ❑ ❑ 18.00 x 34.00 x 1.00 = 612.00 ❑ ❑ � ❑ ❑ ❑ ❑ 28.00 x 8.00 x 1.00 = 224.00 ❑ ❑ 0 ❑ ❑ ❑ ❑ 19.00 x 42.00 x 1.00 = 798.00 ❑ � ❑ ❑ � ❑ ❑ 8.00 X 48.00 X 1.00 = 384.00 � � � � � � � 14.00 x 1.00 x 1.00 = 14.00 � Q � � 0 � � 17.00 x 2.00 x 1.00 = 34.00 � � � ❑ � ❑ ❑ 18.00 x 2.00 x 1.00 = 36.00 ❑ ❑ ❑ ❑ ❑X ❑ ❑ 42.00 x 2.00 x 1.00 = 84.00 ❑ ❑X ❑ ❑ ❑X ❑ ❑ 15.00 x 1.00 x 1.00 = 15.00 ❑ ❑ ❑ ❑ ❑X ❑ ❑ x x = ❑ ❑ ❑ ❑ ❑ ❑ ❑ 29.00 X 42.00 X 1.00 = 1218.00 � � � � � � � 14.00 x 3.00 x 1.00 = 42.00 ❑ ❑ ❑ ❑ ❑ 0 ❑ 15.00 x 3.00 x 1.00 = 45.00 ❑ ❑ ❑ ❑ ❑ 0 ❑ x x = ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x = ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x = ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x = ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x = ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x = ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x = ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x = ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x = ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x = ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x = ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x = ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x = ❑ ❑ ❑ ❑ ❑ ❑ ❑ X X = ❑ ❑ ❑ ❑ o ❑ ❑ Market Conditions Addendum to the A raisal Re ort TCF Bank-Direct Lending Ac PP p File# 3803WA 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 subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1,2009. _ Property Address 1120 Cox Farm Road �i�y Long Lake State MN ZIP Code 55356 __ _ _ Borrower Gregory&Laura Wagener _ _ ...._.__ _ __ __ _ _...... . _. _ _ _ _ . __.._ nstructions: The appraiser must use the information required on this form as the basis for his/her conclusions,and must provide support for those conclusions,regarding housing 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 extent it 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 an explanation. 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 data in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the avaiiable figure and identify it as an average. 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 the subject property. The appraiser must explain any anomalies in the data,such as seasonal markets,new construction,foreclosures,etc. M Inventory Analysis Prior 7-12 Months Prior 4�Months Current—3 Months Overall Trend A Total#of Comparable Sales(Settled) 3 0 4 7c❑Increasing ❑Stable ❑Declining KAbsorption Rate(Total Sales/Months) 0.50 0 1.33 K❑Increasing ❑Stable ❑Declining E Total#of Com arable Active Listin s � 5 4 ❑Declinin �Stable ❑Increasin T Months of Housin Su I Total Listin s/Ab.Rate 2.00 unavaiiable 3.01 ❑Declinln ❑Stable ❑X Increasin R Median Sale&List Price,DOM,Sa�ellist% Prior 7-12 Months Prior 4�Months Current-3 Months Overall Trend E Median Comparable Sale Price 750000 unavailable 772500 ❑Increasin K Stable g ❑ ❑Declining E Median Comparable Sales Da s on Market 40 unavailable 50 ❑Dedinin x Stable g ❑ ❑Increasing A Median Comparable List Price 724950 762400 774900 ❑Increasin �Stable ❑Deciinin R Median Comparable Listings Days on Market g$ �9 55 ❑Deciining Q Stable ❑Increasing HMedian Sale Price as%of List Price 94.66 unavailable 98.46 K❑Increasing ❑Stable ❑Declining Seller-(developer,builder,etc.)paid financial assistance prevatent? ❑x Yes ❑No ❑Declining 0 Stable ❑Increasing & Explain in detail the seller concessions trends for the past 12 months(e g.,seller contributions increased from 3%to 5%o,increasing use of buydowns,closing costs,condo fees,options etc.). A Seller paid concessions,with the increase in availability and use of FHA financing,as well as the typically slower selling winter season in Mlnnesota,have remained constant within N the subject's market area and immediate neighborhood. Typical seller paid concession range from 2%-5%. A L Y S � Are foreclosure sales(REO sales)a factor in the market? ❑Yes ❑X No If yes,explain(including the trends in listings and sales of foreclosed properties). g _ _ . _ _ . ._.. The subject's market area has been minimally affected by foreclosures and short sales. Properties in similar condition are typically not affected by foreclosures. Cite data sources for above information. _ _ _. Local MLS,Realtors,and County Tax Records. _ _ _ _ ��. _ — 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 as an analysis of pending sales andlor expired and withdrawn listings to formulate your conclusions provide both an explanation and support for your conclusions. _ _. __ Minnesota Real Estate is typically slower from November-March. Median comparable sales prices appear to be stable. The subjecPs market area appears to be increasing in List Price to Sales Price Ratio with a ratio range of 94.66%-98.46%. Comparable Days On Market for comparables appears to be stable. Foreclosure and non-foreclosure sales were analyzed in regards to this data. 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 Trend NTotal#of Comparable Sales Settled) ❑Increasing ❑Stable ❑Declining D Absorption Rate Total Sales/Months) ❑Increasing ❑Stable ❑Declining � Total#of Active Comparable Listin s ❑Declining ❑Stable � ❑Increasing � Months of Unit Suppl Total Listin s/Ab.Rate ❑Declining ❑Stable ❑Increasin � Are foreclosure sales(REO sales)a factor in the project7 ❑Yes ❑No If yes,indicate the number of REO listings and explain the trends in listings and sales of - foreclosed properties. 0 _ _ P P R 0 J E � TCF Bank-Direct Lending Account USPAP ADDENDUM File No. 3803WA Borrower Gregory 8 Laura Wagener PropeRy Address 1120 Cox Farm Road City Long Lake County Hennepin State MN Zip Code 55356 Lender TCF Bank-Direct Lending Account This report was prepared under the following USPAP reporting option: �App�aisai RepOrt This report was prepared in accordance with USPAP Standards Rule 2-2(a). � Restricted Appraisal Report This report was prepared in accordance with USPAP Standards Rule 2-2(b). Reasonable Exposure Time My opinion of a reasonable exposure time for the subject property at the market value stated in this report is: �-g0 days. Additional Certifications I certify that,to the best of my knowledge and belief: � I have NOT performed services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. � I HAVE performed services,as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Those services are described in the comments below. Additional Comments SUBJECT PHOTOGRAPH ADDENDUM File# 3803WA BorrowedClient Gregory 8 Laura Wagener Property Address 1120 Cox Farm Road City Long Lake County Hennepin State MN Zip Code 55356 Lender TCF Bank-Direct Lending Account � ,��E,A, � �� ' �� , �.�.�,� �" ,� � �,��; , � � ' � �, � � � ��,�� FRONT OF SUBJECT PROPERTY �� ,�'3�a �:�� ;» �� r a•� �' � �,, ��' �� ; � Appraised Date:August 3,2015 �� _, s"�'� � k°�" � �� a �' �- ,�-: �� m� ��t� Appraised Value:$585000 ��: �*�,,� '� ' ��' �� .< ��"�� . �� '.L� R��gq.� ,�� ' � � �-� $�� ,�q: � �� i r`� ,�`��" �� '� �� ; � � gy t � �� ',�Gk '� '.�.$`T�'� #-�� _ _�d, ''�" .'�w�`h°,.'� ,. �.� °�a� "�t, � ..�+' a�5�"�G�`..s ta �. 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ADDITIONAL PHOTOGRAPH ADDENDUM Fi�e# 3803WA BorrowedClient Gregory&Laura Wagener Property Address 1120 Cox Farm Road City Long Lake County Hennepin State MN Zip Code 55356 Lender TCF Bank-Direct Lending Account ��> a> INTERIOR � 2nd Floor Bedroom �� t ..- �,w��'��,, � � � � � ��,` ��-�.. � � � �,�� . _::� ''.. ;&� f � �� , `°' �� G��,� � , xy�'� � � � ��: _ � �.., . �' �� ` - ; �� rv .��-� l�� 3 -�d$F� ��r,,,D }x . . Y �,� � �� 2nd Floor Den � � � � � A�� a .� 3i . a '��"s � .. . �.�up,. 5 ��4�� ., � ��a�� s� "s`�.�"," ,m ` 5�"t"�' �, a�: �� t ;3 -;y �; �'� �� ar,�� ,w� � �,. x""a` � �a*. s� . 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'�j ��,cys�_ ��Y:�� 1 � � a� �`" .;�,.��' �;;; .,� a'��,a � � �iE � �: ��` �•�[�*�`r �� ,.�0 1< �'h��e�., �A��;.� ��b �l+ 1��'%,� � �A. $. i.�"✓@ � �"��3A ii3�''.: '";��.3'�' � ' �� Q� � � �� t��'`'m .�s� a��i� � . ¢ � ��.��:��.�M . 3 r - a t��ti�h_ . . o<��e�� - ��'."A�+ `IM5 .%�A£z6Y �.(��4��pId�K�f�.f{'`+��^ Si t s.: 9 t 313A.,�di ��g,R. � ��',��" . . .. .. . . : Basement Recreation Room �� ADDITIONAL PHOTOGRAPH ADDENDUM File# 3803WA Borrower/Client Gregory&Laura Wagener Property Address 1120 Cox Farm Road City Long Lake County Hennepin State MN Zip Code 55356 Lender TCF Bank-Direct Lending Acco�nt � ' Basement Recreation Room :�� i ��` � , �'��' �� r - �� £ � � � .. 'R:n �'`°`'.k�#�4i �h,.�¢ri �� '� � � }�� c ��l YP��..'�,� ,�. ��. � �`�� i � � `� ;��, ...,�f.:a.#�1...� `'� � � � .: 1 Y �..�..a��K r . '- � � � a� � � �� n� , � '�c��iF�`t�Ci��b ��I N, �;�t' � *S«�`n�. _ ,., .�'.,.�.�.».,`.;.,,.....�naa�utt;ia.rt�. a;� ,... �„H:w t iw A��k'��s � ��A� . t I�� a =� �,y,�.s� a i x r�Jps�� . ' ' � 3�,'� •�.a.�.a � #� �� et� L:trin,�.a.. �'g�'��R$�,x' ��.,�,��t,,.�.. , � �i.- � � �� `�"°� �� Basement Den I '�� '� � � '� � fi� � q � �� .� � �� "� � � � �� n��.,�.�� ;�� '4, p� � � �� ., � �' k�' '.,,�� , £ t �' � �: �� R� ��. � � ,.�, ��,�'s�.� � � �� i�'�� 4 s ��, t ; t a�� y �� " 3�, ^�. g��` ��i��+?�xf� ;a 4� . ��.�s�. ;� � � *""'��"�T�Y� �� `= � a�'"�" �,�`. ��.� �k� '�.y.,d.�."`�� r. .. ��..''' _.. � �� aii '� �w..ao-,�.�r�y ��.,,,. . ... � ��• ..^� "� �.` . �� E� �t � � �' "`;�� x ° � �� - 1 st Floor Family Room , �� r� �.... ADDITIONAL PHOTOGRAPH ADDENDUM File# 3803WA Borrower/Client Gregory 8 Laura Wagener Property Address 1120 Cox Farm Road City Long Lake County Hennepin State MN Zip Code 55356 Lender TCF Bank-Direct Lending Account � p;�r� Porch Interior � �� ?�. �a §�-: � ��r� � rw�z� c � � �.� }��o-_ �� «3 � � 6 x� �� +r _� � �y� �` � ��. 4 �� 3� '� `� � '��,�TM,�a�� ,� , ,� & ��;�� ¥�r; ��$s,�� r. ..""'�� 3�E p i �j;�`6�.�'.ia+wry �.r" �� 1 � � � '� '%�.�"-,s,w» ' .` '"�,s+ t ��m�'�°�`�` _.. � �,��., �tY �; y„A�n F� �� i I �� '��._�:. �. r�� Kitchen "��' �,. ��.� � -;�;d�� g r �� . -�� .. �p� �; �i € � � a �� .�� 't k• �� k� �� ...� .g�� .. � � �� .. . .. � _ •�. p � � �� rf ` �." �y �, �� & ��S; n�s� � ,��'s.�:` ' - �� s r ?i y,`� "'<i,°, � "'�nts� ��s;;: �� m�.�`� �� ;�. �� . i� � � � i s � �# �' �� F � '' a+° � �� z��3.fr� fv' . � , 1 st Floor Half Bathroom .�F� �4.<:� �� . ADDITIONAL PHOTOGRAPH ADDENDUM F11e# 3803WA BorrowedClient Gregory 8 Laura Wagener Property Address 1120 Cox Farm Road City Long Lake County Hennepin State MN Zip Code 55356 Lender TCF Bank-Direct Lending Account �':' � = - � ��` :. ...� � : � �„e. `� e�_��, ��, �:.=�' ��1�1�1 � � `�� Subject Walk-Out Basement ,�-� �� r� �� .. � n ��x�.�� ._� � � �,,�il z�;�- f ' �'� =� :� �n i�.roL >��. es I k*', '�' ��'� �..�_...__� . >r .. ��n. ' . �` .,. . p �� . � . '�+��a�; x'�`��'�" �x� � � ��x� �$ � -� � �� {�, ��,�� ;�''°`4�`� z''�� "�7b'��,��r � � �. � y.�e-,;"�9k fi'�' g} �� ` �' �� ` '� �� g`,��` �-�k�� t ��-��; s r 3 � m `4 t � � � ��: � ; '��,� Patio s�� _ �' � 1'a �. ��a � � s' € � �� T�� ' z «�,.. ��. <� � � "�'. 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COMPARABLES PHOTOGRAPH ADDENDUM File# 3803WA BorrowerlClient Gregory&Laura Wagener Property Address 1120 Cox Farm Road City Long Lake County Nennepin State MN Zip Code 55356 Lender TCF Bank-Direct Lending Account �,� -, --_ ��;. .� � ��''� Comparable Sale 1 �-� � �� `� � 980 Cox Farm Road - ��"��- Orono MN 55356 ��, -.��c�""^ �� _.�+s�°�^�.� �� a � � � � �� " xF Date of Sale: s07/15;c06/15 ;, _�� ; � � �� s�� s5000 �. �� ' �� Sale Price: Ffi,� a a� �� `� �� a�,� � � ' ° � � � ��`�- �' �t ra � t€� �� , ,� �; Sq. Ft.: 2955 � � �. .��., � � =a `�s �, s �` �' ; � �'�` = � �� $ /Sq. Ft.: 248.73 ��'� ,�� su '� �� ,�� , , u� � �t�� a� r�,�.��',��°�g�`�;s�� ;,.� �` fi . ��. � t . �" � "YRa rdz 3�-&d�i k e�zx;,,�,g� ss* saz+?, � .„� . $ � - t�. . ' ""� �� T �� 9 E -�{ r�� }� . .y�� .�. �^ .. '�� . � �� 'Ma'Y`td��K£�}; ��'i�,.... .�+:' .�ka�"�4 �: .g ,p." �. k�� :'=k. t� t. Y ,�� trre� "+.i� ..Y Pi'a Sib-i�ry �{b* e.a.»A-4a'�n' $$ -'..w�+s..> .� ^. ,� :Y`��'� � -w�,y n�,."��, _.'*�^. . � ��°� . . -..�""-`, '-�,p�., . . .�.n,,, -� ...�._ ; Y� � #W4R��«,p��l�'�, ... -„ ��'ea.v�.a � }��.(6E' � .. r� .. . .. . � . .. ""�"9f �t��;;� �... .. . . �,f,: � ��P,s. �� F.. � � � Comparable Sale 2 ,�,�� .�_ k,�.. �,,� ,.� - 760 Dickey Lake Drive � �� +�; �. �° � ,�;` � � �� Orono MN 55356 �� Lr� : `�•` ' =� r`��'�� s09/14;c08/14 � ,...�� p�`�� Date of Sale: ; � '� �� °* �--.�..�� " Sale Price: 662500 �� .��"^,� � �' � '1 ",� ,, '� :,�-.�"a"--.M„M---�.,�...�..,_. �, =� Sq. Ft.: 4338 �, < �, � _, x�.� �� .� $ /Sq. Ft.: 152.72 4 � i � � . . } �'� ��F� � � `�. j ° �� a� ' � �� A�'� .M�f.c;, a...�,. kW ��. �:Y'� � .i.ae �r�ik.aw'« �� '�' " � � "1' ' - "� ` � 7 � Y 4F � -�._3'{�e . . .. , � a 2�'�3 ,. r a''g �;: r �� e - a `C'�a., " �� 'Y y t �� k 1 '4 ��fi�0.��'�'{Y4�� s.y�.#"�°�«.`ln'Wv:.",�l.t�� ,�� , < �F : _ . .. . . ._ ��.r�� 4 .. �.�Yk.�� . .. �� • i,a � � Comparable Sale 3 � '; �. . �,�:��'��"«� y��"' '�� '� ��,.��' �.�-�`��°�� ' �.,��,:..�,_`�`��"�>.. ....,. . 1889 W Farm Road COMPARABLES PHOTOGRAPH ADDENDUM File# 3803WA Borrower/Client Gregory 8�Laura Wagener Property Address 1120 Cox Farm Road City �ong Lake County Hennepin State MN Zip Code 55356 Lender TCF Bank-Direct Lending Account , �, � w �, °e r , , t 1{ , � _ � ,', i� i '� � �` z� � '��' ' �' Comparable Sale 4 '�' � ' ��., � �i+l`� ',` �`" � '� s Y ; ��.� F ;/ 1065 Willow Drive �.; '� v;,�� r� r � .�,"" - � � �, � �;'� �`� � r�� R- � � ` Orono MN 55356 � �.<�� "°� �.: �_ '� �,� ,� -� ` z �. „ .s � �' � � � � r ��i� �` �� Date of Sale: s07/15;c06/15 � c 4' " � � �� "` Sale Price: 595000 ��, �; , , �� ,w.� �,�u';� a � r_�� .�ua, �� ' � ,� � Sq. Ft.: 3147 gr � �i�F�� ,�� . � � s � ��°`� � � d'�� ` $ /Sq. Ft.: 189.07 •, � . � � ... . , , .. . �� . . ,. �y � � s..� � �� - � �F>. � .r g � � ��` . �y . �- _ �'��.. .� �' ��. � � ��' , .��, ��'�ti_ ,� �� . �..�'��y E��,r '� '� . +4.r.�.�� - . , "fir�°'s �..� �c�fC.��gy— .e�. .. `,°d�sw,.�'i�`?r t . , ._ .,, .� �" ..�., .. .._ . , . ...� '.� s . , _ ,. .� . .... �., .�.... o-._z�,w�,,; ,��,r;�� z��'�y� �a.F ��. ;g:- �, .` � COITIpaI'8bI@ $8I@ S . P i��e� �/ �� $ • � � tA ��u� � � � y� r"��. r :`�'"~ =r ,�� _; �� .� 2642 Bobolink Road �� " � �� : � �� `��" E ��. : �� ;�, �' Medina MN 55356 ��_ � �, ;r,� '`�� _ - ��«^ �- �'� � � � Date of Sale: s07/15;c06/15 �� , � � �, .. � .� z�; - �" �� - � Sale Price: 482000 ��, � 6 � �� `�� F � �R '�� u��m ' ��E� ��; � 1 = Sq. Ft.: 2612 r�� , , �: � � t ` � ;.� ' { � �. , �� $ /Sq. Ft.: 184.53 . 1t i r, . N l�_ „ � b��p : .jy� �r ,.,�,�,p�y,,,.:.,_�,� az&,..>.«,n.a, f ` �Ayf�C�.�'.+i�_��-�-_ � ��' . ... � � .._ :.��: �,„� . . _. ,. _ a .°>�= � , _. ,x� ., s ,. �.� g �' L .^T� � �Y:`�� , � �t 'h$.¢R � �k v .* * sk��,Ad� �� , �� . �� f�"f�b. . k� t'�` ' t _q � '� e} p Jf'�'�� . �' � ��a 'fi �� _ '`Y � � ,,�. � , r�«� ��"�� Comparable Sale 6 �1�,,¢y,� w s� „� ._& y �,� �'�xi , �� t, ,� � s " ,� "�r .5� � � :� '� ' : �''_ � � .g. t . 3 �'� s ' ;��.��:k� �� , „ �...,ri�. , ,, �i! , .. „�?� �,.��F . tt �-"`� �c.«, ,�� "`'tn�`,.. 725 Dickey Lake Drive LOCATION MAP ADDENDUM File# 3803WA Borrower/Client Gregory&Laura Wagener Property Address 1120 Cox Farm Road City Long Lake County Hennepin State MN Zip Code 55356 Lender TCF Bank-Direct Lending Account .,1 :�, - -��,i3 t.r�a,f��.�s_� ,� � .�c'�` `«...... <*` '— �� . �t;ffr' l.i.��[i':`. ,. Cier,, I?;:; F�.c' SUbJect 1120 Crx Farrn F:d Lang LaE;e, h�1N 55356 � P` l �� f,. 'j ��:h�4�'�, }' �, t, �'f /p � f aw�ra�:��tsa�l � rt' Comparabl� Sale 5 � � �,� 2642 Bobolink Rd i:� f �,r Long Lake, ��1PJ 55356 � ��t' �. f0,68 mile� NV�j .� �� `: 1��,f Comparable Sale 4 �_a_4,� � �f��a��,� ��, ��` f Camp�rable Sale 1 � 1065 Willow Dr N " Long Lake, �V1N 55?56 ��, � f :�'' 980 Cnx Farm R.r_l � ��-�'� .;,�� ,�t��.�� Lnng La{te, f��1P1 55�56 (0,26 miles tNj �, - �� ,, �� _ (0,15 miles �.,�� .� ��'3 ,�,,,. 1 fr .="r�-.-..-- � �� $ <. �'$Rrt Comparable Sale 2 '� ° .,.._...,,�_,.w�.vr x �}�4� ,,� 76Q Dicke)� Lak� Dr �� Long Lake MPd 5535� .�� . ��"y , `� ��_��r �� (0,37 rr�iles SSb',1j � "� �� ,� '�, ''`ti,` �� ; -�� F , � �� ;, ', +' c"; : � ''� �,�. � :� k�I:��t��K��,��, .;��` ,+�`^�'` �' ��''`�. C.orr�parable �ale � 4 � \`� �� 1889 '�N Farm �:d > � '\ '-.� Lnng Lake, f��1N 5�?56 � ,, •,�� `'� ��3�r�� 3J�r� �lIJ (i�,51 mile� SE;1 ;� Comparable Sale 6 .. �r �� n��l,o„ i �I.o n�- SKETCH ADDENDUM File# 3803WA BorrowedClient Gregory&Laura Wagener Property Address 1120 Cox Farm Road City Long Lake County Hennepin State MN Zip Code 55356 Lender TCF Bank-Direct Lending Account L' r.��.,_._.__.�..� � 1 IN • �.�x � T � ' � • � 1L � Ivi _. 5' ;-a � ��:� � -- . >- _- .- . _._. x- �= e� r .... T ft � r , Y Z�� , , �E� � �..'.d�..�... f A f^3 c� =�.a. m '�-_— :�...::•. � '_'" �� fr. 1� ' � tY:r'.[ �('�� r,�E�, c�,�c�.��.ri�r�s ��r,��;��.�.R�r u��.�ira�_� �.�E?. ��E:�,��c��,��a�.=r�a Gr�d� Ceszriptign ftet 5i�g Flat'F�tzls Ereakd��sTn Eu�tut��s� File# 3803WA BorrowedClient Gregory&Laura Wagener Property Address 1120 Cox Farm Road City Long Lake County Hennepin State MN Zip Code 55356 Lender TCF Bank-Direct Lending Account .7TJ�i! � ti,.li ��/� ��iK s�� ,�� 5 �� `�i*�y , °�_ �� .P �; �`� �.., �'�a Eaiil�f'�i�iiN C;I�'E.{;%i62Y tf;�f i4 t I }lE:nE.:r �```` �rn.,rt� 9�3, r L�ht�d�'``�it L � ; �. ,r��= r, �.ar��:�vr td= ��s,,�� r.�rd a,�;�;-, t��pa�€�� c�f ��rr�r��r�c� The tlncfc�r�,ic��rc! 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C+:'L�C��Ck:'ta,C)'�i�it;4't�'lI��C��ft�7c"3�e)' ;t?717'i13T1(�u ��`.tti�IG'E.'t'�� Sit,�'� u��:It C�'�`�e �anl�!1.�,;��;1 :�1 �t37� IN 7�53'il�t(3N'f VltN�t2�C»,t have hereuntc�set rt�y nand this A��t1s�39, 2t39:3. �`� I' ��' !f� � � �� ,. � �'C CC�1RhMiIS51UNER��GUPr1kTERC=_ A.ii��nr.sC�t�[?vg'�"rru=-,t.,'t:;r�tr.�..c,, Cot�tinuin� Educ�titar�: t.i.�.��a��;��a��+t}ri : Re�t u��?r7;Na�t T r�� t; f��;�..ss�i�.r�°1�7:t1t� F�5 rtt��.��E.��. ,;ar t�>�:r,{� Tr�#a:'_�s,.p�r�a��r °uJ G(i ;;t }',��ct,'tiet;'>1�,3-;!1f�.`i t�St'i�,� 7 t;� T�sc{a'7�r��u t4�.S1;��:; '�`wtw� �:*iaR. et't�rt;:rk�t;�+r•�.rt� r�.,,r:?r�t;�.,r � t,'r tJ�li�3�.5t1�.ti,:fii�`E�?fGk?3'..iJt[9 1:1£F..::S NOf�B: • Ce:n�tt�uint #�t�caL=(z�ti�. 1 f�e,�rra s�r,:�rer€r[9 n�i y�ie��rr a,r.�r�Nk r,ae*�r,r.�l.�4^i�€r t,�sr��_fr.� � ��i. _,i�.�ccr;arsr. '�.'}i�z.e��±� ig'€�'.�v, �.��.�x��:8t S.;:rSr�zu�r�t r�Letitai pert,�d,v�i��f��ttciUf,9'-.%�a r YI�*,�t 18',si',.� �.cai�s.. ' ,�¢t�("`�I.E Ctt' T`� tt T '�t �� d�f�Cf CL'�`�t"��it�Ci1�:il� Lf17r�C1 ��C+..1"�C'ttB �.a> � C^("�' .,,'4 L r�fP `�.'� �! .��g`sTt ttl BvPi t�. .�t;a ,<a._�... a.. i�.s ,€, ,i. �,....� ,��.,la!..1.r a.�.. ..e✓.r... Tew..at.m� �ir..,..r.n,.w.i.R. 1...,�k4 ee/. ....m.r.,.. ,..f.,..r.a ...-.�.�....�.,..r..f_... File# 3803WA Borrower/Client Gregory&Laura Wagener Property Address 1120 Cox Farm Road City Long Lake County Hennepin State MN Zip Code 55356 Lender TCF Bank-Direct Lending Account LE�I�G�'4P� l�JS�JF��1�� (.��,�;�'� '�'4`PI�t4T1T�(:"I't)R, �k;I,.�44',�ktF :3+3czaax.ctr.rt:.�€>tEars °„713sph'atrc�t.�'.uc�r?3. TS�as:�ro.`.ia�;�.khuu;3cti.',111l�:31S1; CeRificate Tlumt>�r: 03'f�6377�-�3 T�is CertifiCate forms�part crf N��sft�r Policy�tur»ber Q1$38Jt3Tf#-Q3 €3�n�wat of A�1�ster Pcaiicy Ni�mt�r: Q18389876-02 YC}UE� RlSK PURGtiASlNG C��C?t1P i*�ASTER FOUCY IS A CLAI�S MADE Pf3LtCY. RFAD THE ATTACHED N3AST'ER PULiCY CAREFtlLLY TN� AMFI2lGAN RGADE�rtY t7F S�il1 k C�RTIf l�l?AE'E-'FiAl.�SEE�."i ��Ft"T"IF�iGAT'E DECU�RATlQR1S 1. Name and At#dress csf GertificaC� Holder� t�lhitr�htt�d Appr3i5a1�,lroc. 9237 Albano Tr�~�ii inner Grc�ve Heights �!V 5�`7T 2. C�rt'r#icat�Periad: Effccfive i3ate: OB/03115 to�x�ir�t�crra C?�Ec:. 08103!'f6 12�t31nm "t.uu:3lThri�,at�l��rf•>�iA;Pt %+5.:��inecx�,tt 2a. R�tro3C1lVC Uaie; 08�031f}5 i?41':a�ti t�r.„:�: 1in:e�:it Ph��Azki1+�`.�+t�€!ht;IrSt.tn;1 3. Limit of Liabtlity: $ 1,QUQ,QOU eacE�cfaim $ 1,OtJ(?,O�p4 �q�re��tte limit �i_ peductibl��: :� 5,OQt? e�eh clairra S. €�rcrfes�sonal Covercd S�rvices ir�sureti by this poticy a�:HE.A:,,�S1/�T�APF'�'2111;�AI-_;3E,hVIC:�S 6. 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ST�T'�ItJSU�JiF�:CF IUS:")t�\��FJ+�'Y�1Ir'iF2t�NTY FUN[)S 11f-,`t�1C?T 11V11IL11E3L�' f�0?2�fi)l3R RI.,K i"'IIRCHA,`.E.lt�GFiJlJY qI+ISIJ�^i:'R ! �} � �`��.,�`1 i'yx.�;,.��'� COu€�ty: t�<t3s�t� File# 3803WA Borrower/Client Gregory&Laura Wagener Property Address 1120 Cox Farm Road City Long Lake County Hennepin State MN Zip Code 55356 Lender TCF Bank-Direct Lending Account �� . ,�,� -,.� � y �� ; _"'� CMf7rnva:,�y i r�� ` '1�` � r��,_ � f � � ,_f � ❑ � ?{ � " � c;�' � :: , - £.:: , � ��r; � �,'�� `iy �i:<..: �W��h��R� ��: .. ��,ie':. b, '— i;,� VJI14*�v Rd r� ,: � Hr�bnlink R ' � �_� � �-��"�..��t4�7rry�ry sf . �u�.�� , �a c� `'---�_�_�e F � ��,, �j,'','; � �� 1120 Cox Fa rm Rd � W Long Lake, MN �535� �, �� , �; ,_. � �. , - � � �_ _�� . � . � . �� C��.,;��-,� �`�.. , 'cr �f°'•:��,/�o� � ��r�i��rr�'+ti,,��;� t �J . � �_.—_r e � �� z ' �� L � Ue�,��.� t_.� � �� _ �, -7 �--�� ., � },, �. �—+''Fam}R� � P1 _�� o - � � _ ❑ £1 �ti i ♦�� GTJ . ,J �� : -�- ~ , y�,Ji x .....� - � � Ciy.,.Y, � � � .+ vy i: � i�f r, Y:elley Pltu,y �5�j� �-- �c�.th .. . � ��.1 �.-�G'� . ��. � � C« S? 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