File No.: COMMERCIAL APPRAISAL REPORT

COMMERCIAL APPRAISAL REPORT
July 12, 2008
500 Alfred Nobel Drive, Ste. 137 Hercules, Ca 94547-1839 See Preliminary Report
First Community Bank 438 First Street
Santa Rosa, Ca 95401
UCISAR - Small Property .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Additional Comparables 4-6 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Subject Photos .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Subject Photos .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Subject Photos .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Plat Map .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Location Map .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Aerial Map .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Flood Map .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Comparable Photos 1-3 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Comparable Photos 4-6 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... General Text Addendum .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Discussion of Sales Comparision Approach - Page 1 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Discussion of Sales Comparision Approach - Page 2 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Tax bill .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Certificate .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Certificate ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26
Form TCG_LT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
7132008
COMMERCIAL APPRAISAL REPORT
July 12, 2008
500 Alfred Nobel Drive, Ste. 137 Hercules, Ca 94547-1839 See Preliminary Report
First Community Bank 438 First Street
Santa Rosa, Ca 95401
UCISAR - Small Property .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Additional Comparables 4-6 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Subject Photos .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Subject Photos .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Subject Photos .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Plat Map .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Location Map .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Aerial Map .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Flood Map .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Comparable Photos 1-3 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Comparable Photos 4-6 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... General Text Addendum .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Discussion of Sales Comparision Approach - Page 1 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Discussion of Sales Comparision Approach - Page 2 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Tax bill .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Certificate .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Certificate ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26
Form TCG_LT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No.:
Client File Number Property Use Office Commercial Industrial Property Address Map Reference City County State Zip Code Building Name Census Tract Owner/Occupant APN Typical Buyer Owner/User Investor Property Rights Appraised Fee Simple Leased Fee Leasehold Other Purpose of Appraisal
Intended Use of Report
Complete Appraisal Limited Appraisal due to the following departures from Standard 1
Summary Appraisal Report
THREE YEAR OWNERSHIP HISTORY
Owner Recording Reference Date Price Paid Terms of Sale Most Recent $ Previous $ Previous $ Previous $ Current Contract Option Listing Price $ Buyer Contract Price $ Seller Closing Date Analysis/Comments:
NEIGHBORHOOD DESCRIPTION Boundaries:
Industrial % Retail % Vacant % Undersupply Balanced Oversupply Vacancy
Single Family % Multifamily % Office % Retail % Industrial %
Distance-CBD Miles Distance-Freeway Miles Distance-Public Transportation Miles
Location Rural Suburb Urban Development Trend Up Stable Down Value Trend Up Stable Down Vacancy Trend Up Stable Down Rental Demand Up Stable Down
Change In Land Use: Unlikely Likely Taking Place
From To Rental Rate Range (Exclude Extremes) for Subject Property Type:
From $ /SF/Year To $ /SF/Year Age Range (Exclude Extremes) for Subject Property Type:
From To
Environmental Problems Known or Suspected Yes No
Site Size Usable Land Area Excess Land Area Site Dimensions
Street Frontage
© Copyright 1999 by The Appraisal Foundation. All rights reserved.
Form SP9 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Dana W. Burwell, MAI, ASA
First Community Bank 7132008
500 Alfred Nobel Drive, Ste. 137 36084 Hercules Contra Costa Ca 94547-1839 500 Alfred Nobel 3591.01 Phillip Evans 404-710-037-7
To establish Market Value
See attached addenda.
N/A Phillip Evans
The subject is currently owned by PF Enterprises LLC. The price paid is without tenant improvements. There have not been any other transfers in the last three years prior to the above mentioned on 12/2/2005.
Interstate 80 on the southeast, San Pablo Avenue on the southwest, San Pablo Bay on the west and Parker Avenue on the north.
75 50 10
10 10 20
<1 <1 <1
30 yrs 3 yrs
Neighboring property use is single family on the south and north, retail and office in the immediate neighborhood on Alfred Nobel Dr. and Linus Pauling Dr.
The subject is located in an office research development light industrial park on the west side of Interstate 80 in the City of Hercules, California. The office parks in the subject's immediate area were developed circa 2003-2005 and are in very good condition. There were no adverse environmental or physical factors noted at the time of inspection.
Property rental rates in the immediate area range from $1.80 per square foot per month to $2.45 per square foot per month. There are 3 properties on the Loopnet Data Base and one available for rent on the MLS system in the immediate area of the subject. The property at 750 Alfred Noble Drive has two spaces available, 1210 square feet and 6000 square feet. The broker is asking $2.45 per square foot and the units are advertised as medical office space.
See Preliminary Report
863 sq. ft. 863 sq. ft. None The subject site is a condominium in an office condominium project. The subject site fronts Linus Pauling and Alfred Nobel Drive.
Form SP9 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Dana W. Burwell, MAI, ASA
First Community Bank 7132008
500 Alfred Nobel Drive, Ste. 137 36084 Hercules Contra Costa Ca 94547-1839 500 Alfred Nobel 3591.01 Phillip Evans 404-710-037-7
To establish Market Value
See attached addenda.
N/A Phillip Evans
The subject is currently owned by PF Enterprises LLC. The price paid is without tenant improvements. There have not been any other transfers in the last three years prior to the above mentioned on 12/2/2005.
Interstate 80 on the southeast, San Pablo Avenue on the southwest, San Pablo Bay on the west and Parker Avenue on the north.
75 50 10
10 10 20
<1 <1 <1
30 yrs 3 yrs
Neighboring property use is single family on the south and north, retail and office in the immediate neighborhood on Alfred Nobel Dr. and Linus Pauling Dr.
The subject is located in an office research development light industrial park on the west side of Interstate 80 in the City of Hercules, California. The office parks in the subject's immediate area were developed circa 2003-2005 and are in very good condition. There were no adverse environmental or physical factors noted at the time of inspection.
Property rental rates in the immediate area range from $1.80 per square foot per month to $2.45 per square foot per month. There are 3 properties on the Loopnet Data Base and one available for rent on the MLS system in the immediate area of the subject. The property at 750 Alfred Noble Drive has two spaces available, 1210 square feet and 6000 square feet. The broker is asking $2.45 per square foot and the units are advertised as medical office space.
See Preliminary Report
863 sq. ft. 863 sq. ft. None The subject site is a condominium in an office condominium project. The subject site fronts Linus Pauling and Alfred Nobel Drive.
UNIFORM COMMERCIAL/INDUSTRIAL SUMMARY APPRAISAL REPORT - SMALL PROPERTY PAGE 1
Client File Number Property Use Office Commercial Industrial Property Address Map Reference City County State Zip Code Building Name Census Tract Owner/Occupant APN Typical Buyer Owner/User Investor Property Rights Appraised Fee Simple Leased Fee Leasehold Other Purpose of Appraisal
Intended Use of Report
Complete Appraisal Limited Appraisal due to the following departures from Standard 1
Summary Appraisal Report
THREE YEAR OWNERSHIP HISTORY
Owner Recording Reference Date Price Paid Terms of Sale Most Recent $ Previous $ Previous $ Previous $ Current Contract Option Listing Price $ Buyer Contract Price $ Seller Closing Date Analysis/Comments:
NEIGHBORHOOD DESCRIPTION Boundaries:
Industrial % Retail % Vacant % Undersupply Balanced Oversupply Vacancy
Single Family % Multifamily % Office % Retail % Industrial %
Distance-CBD Miles Distance-Freeway Miles Distance-Public Transportation Miles
Location Rural Suburb Urban Development Trend Up Stable Down Value Trend Up Stable Down Vacancy Trend Up Stable Down Rental Demand Up Stable Down
Change In Land Use: Unlikely Likely Taking Place
From To Rental Rate Range (Exclude Extremes) for Subject Property Type:
From $ /SF/Year To $ /SF/Year Age Range (Exclude Extremes) for Subject Property Type:
From To
Environmental Problems Known or Suspected Yes No
Site Size Usable Land Area Excess Land Area Site Dimensions
Street Frontage
Page #1File No. 7132008
PAGE 2
Gd Av Fr Access Street Frontage Shape Functional Utility Visibility Landscaping Drainage Adequacy of Utilities Traffic Pattern Traffic Volume
Utility: Provided By: Electricity Gas Water Sewer Telephone
Street Improvements: Describe:
Street Width Street Paving Sidewalks Curbs & Gutters Storm Sewers Lighting
Topography: Level Mod Slope Steep Slope At Grade Above Grade Below Grade
Yes No Corner Lot Underground Utilities Railroad Access Earthquake Zone Flood Hazard Area Map # Date
Soil Conditions Easements Encroachments Current Zoning Legally Conforming Yes No Zoning Change: Likely Not Likely To Uses Allowed Under Current Zoning
Analysis/Comments:
ASSESSMENT AND TAXES Assessment Year APN Tax Rate Year Taxes Total $ Total Current Taxes $ Land $ County Estimated Taxes $ Building(s) $ City Tax Assessment $ /SF Other $ Other Year Of Next Reassessment
Special Assessments:
Reassessment Issues:
Total
Use Type Net SF Use % Office Retail Warehouse Manufacturing Distribution Research/Development
Year Built Building Efficiency Ratio % Effective Age Total Economic Life Remaining Economic Life Floor Area Ratio % Ground Coverage Ratio %
Parking Yes No On Site Adequacy Covered Parking Garage Paved Number of Spaces Spaces/1000 SFBA
Industrial Only # Overhead Doors Floor Height FT Ceiling Height FT Column Spacing
FT x FT Railroad Spur Yes No
Analysis/Comments:
Form SP9 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
PG&E PG&E City City SBC
50-60 asphalt concrete concrete yes yes
0604340008B 9/30/1982
The soil conditions appear to be normal and support the weight of the improvements. none noted at time of inspection none noted at time of inspection
Current zoning is "PO/RD" for Planned Office-Research District
Office for business, Research & Development and light Industrial use.
The subject is an office condominium located in a well-planned office park. The subject is legal conforming and conforms to the current uses in the immediate neighborhood.
07-08 404-710-037-7 331,107 107,100 224,007
0
.0153
.01
5.87 N/A
Special assessments total $1,326.98 from the City of Hercules. This accounts for water, sewer, emergency, mosquito abatement, and other City charges.
Currently there are no reassessment issues forecast for the near future unless the property is transferred at sale.
The tax bill indicates that the taxes are $5,068.14 which appear to contradict the Preliminary Report. This could be that the Preliminary Report is including the whole or larger portion of the developed parcel.
Condominium CTU 1 2
1 1 863 863
100
The subject is a single user office condominium in good condition. The unit is situated in a concrete tilt-up building that contains approximately 59,176 gross square feet and is divided into 27 condominium units. There is an estimated load factor of 15%. The appraiser used an estimated gross floor area of 863 square feet for analysis in this report.
PG&E PG&E City City SBC
50-60 asphalt concrete concrete yes yes
0604340008B 9/30/1982
The soil conditions appear to be normal and support the weight of the improvements. none noted at time of inspection none noted at time of inspection
Current zoning is "PO/RD" for Planned Office-Research District
Office for business, Research & Development and light Industrial use.
The subject is an office condominium located in a well-planned office park. The subject is legal conforming and conforms to the current uses in the immediate neighborhood.
07-08 404-710-037-7 331,107 107,100 224,007
0
.0153
.01
5.87 N/A
Special assessments total $1,326.98 from the City of Hercules. This accounts for water, sewer, emergency, mosquito abatement, and other City charges.
Currently there are no reassessment issues forecast for the near future unless the property is transferred at sale.
The tax bill indicates that the taxes are $5,068.14 which appear to contradict the Preliminary Report. This could be that the Preliminary Report is including the whole or larger portion of the developed parcel.
Condominium CTU 1 2
1 1 863 863
100
The subject is a single user office condominium in good condition. The unit is situated in a concrete tilt-up building that contains approximately 59,176 gross square feet and is divided into 27 condominium units. There is an estimated load factor of 15%. The appraiser used an estimated gross floor area of 863 square feet for analysis in this report.
SITE DESCRIPTION (continued)
PAGE 2
Gd Av Fr Access Street Frontage Shape Functional Utility Visibility Landscaping Drainage Adequacy of Utilities Traffic Pattern Traffic Volume
Utility: Provided By: Electricity Gas Water Sewer Telephone
Street Improvements: Describe:
Street Width Street Paving Sidewalks Curbs & Gutters Storm Sewers Lighting
Topography: Level Mod Slope Steep Slope At Grade Above Grade Below Grade
Yes No Corner Lot Underground Utilities Railroad Access Earthquake Zone Flood Hazard Area Map # Date
Soil Conditions Easements Encroachments Current Zoning Legally Conforming Yes No Zoning Change: Likely Not Likely To Uses Allowed Under Current Zoning
Analysis/Comments:
ASSESSMENT AND TAXES Assessment Year APN Tax Rate Year Taxes Total $ Total Current Taxes $ Land $ County Estimated Taxes $ Building(s) $ City Tax Assessment $ /SF Other $ Other Year Of Next Reassessment
Special Assessments:
Reassessment Issues:
Total
Use Type Net SF Use % Office Retail Warehouse Manufacturing Distribution Research/Development
Year Built Building Efficiency Ratio % Effective Age Total Economic Life Remaining Economic Life Floor Area Ratio % Ground Coverage Ratio %
Parking Yes No On Site Adequacy Covered Parking Garage Paved Number of Spaces Spaces/1000 SFBA
Industrial Only # Overhead Doors Floor Height FT Ceiling Height FT Column Spacing
FT x FT Railroad Spur Yes No
Analysis/Comments:
Improvement Rating Gd Av Fr N/A
Appeal/Appearance Floor Plan/Design Construction Quality Exterior Condition Interior Condition Roof Cover Plumbing Heating Air Conditioning Electrical Elevators Parking Area Insulation Sprinkler Landscaping
Site Improvements:
Personal Property or Other Non-Realty Interests Included in Valuation: No Yes
Analysis/Comments:
HIGHEST AND BEST USE AS IF VACANT Legally Permissible Uses:
Physically Possible Uses:
Financially Feasible Uses:
Maximally Productive Use:
Concrete Slab Concrete & Steel Combination of tile and carpeting Hung ceiling in office Concrete & stucco Textured sheetrock Composition sheet Assumed to be average Forced air Forced air Adequate Two On site and adequate Assumed to be adequate Yes Truss/ concrete support walls with steel frame
The site has asphalt striped parking, well maintained landscaping, lighted and there is no indication of adverse environmental impact on the site.
The subject is an office condominium located in a larger office condominium project known as the "Venture Professional Center." The building is of concrete tilt-up constructed circa 2004. There were no adverse conditions noted at the time of inspection. The subject office condominium is in very good condition and includes the tenant improvements that were installed by the owner. The improvements are decorated in a tasteful manner and the unit is in very good condition. The subject unit conforms to the other units located in the project building.
The highest and best use of vacant land is typically that use (or uses) permitted by the existing zoning ordinance. One exception is when a zone change or use variance can likely be obtained. The subject property is currently zoned "PO/RD" for Planned Office-Research and Development Mixed-Use District.
The subject building to land ratio is within the range of other similar projects in the immediate neighborhood. The parcel could support an improvement the same size as the subject building conditioned on the restrictions from the Planning Department of the City of Hercules.
The subject property could be developed with an office building to the densities permitted in the zoning ordinance. The market for such uses appears to be moderate with some vacancies in the area.
Based upon this analysis, it is my opinion that the most economical strategy for the site as unimproved is for development of an office condominium project
Highest and best use as vacant would be for office/ R&D condominium development.
Highest and best use as vacant would be office condominium.
The subject improvements are conforming to current zoning. The property is legally permissible as developed as an office condominium.
The subject property is in good condition with no instances of deferred maintenance observed. The subject building to land ratio is within the range of other similar projects in the immediate neighborhood and thus the improvements are considered maximally efficient.
The highest present value to the owner of the subject improvement is to continue the subject's current use "as is." The Market Value improved is greater than the Market Value of the site as if vacant.
Based on the above tests, the highest and best use of the subject property as improved is considered to be "as is," currently developed as an office condominium. The highest and best use for the subject is as it is currently improved, office condominium.
Concrete Slab Concrete & Steel Combination of tile and carpeting Hung ceiling in office Concrete & stucco Textured sheetrock Composition sheet Assumed to be average Forced air Forced air Adequate Two On site and adequate Assumed to be adequate Yes Truss/ concrete support walls with steel frame
The site has asphalt striped parking, well maintained landscaping, lighted and there is no indication of adverse environmental impact on the site.
The subject is an office condominium located in a larger office condominium project known as the "Venture Professional Center." The building is of concrete tilt-up constructed circa 2004. There were no adverse conditions noted at the time of inspection. The subject office condominium is in very good condition and includes the tenant improvements that were installed by the owner. The improvements are decorated in a tasteful manner and the unit is in very good condition. The subject unit conforms to the other units located in the project building.
The highest and best use of vacant land is typically that use (or uses) permitted by the existing zoning ordinance. One exception is when a zone change or use variance can likely be obtained. The subject property is currently zoned "PO/RD" for Planned Office-Research and Development Mixed-Use District.
The subject building to land ratio is within the range of other similar projects in the immediate neighborhood. The parcel could support an improvement the same size as the subject building conditioned on the restrictions from the Planning Department of the City of Hercules.
The subject property could be developed with an office building to the densities permitted in the zoning ordinance. The market for such uses appears to be moderate with some vacancies in the area.
Based upon this analysis, it is my opinion that the most economical strategy for the site as unimproved is for development of an office condominium project
Highest and best use as vacant would be for office/ R&D condominium development.
Highest and best use as vacant would be office condominium.
The subject improvements are conforming to current zoning. The property is legally permissible as developed as an office condominium.
The subject property is in good condition with no instances of deferred maintenance observed. The subject building to land ratio is within the range of other similar projects in the immediate neighborhood and thus the improvements are considered maximally efficient.
The highest present value to the owner of the subject improvement is to continue the subject's current use "as is." The Market Value improved is greater than the Market Value of the site as if vacant.
Based on the above tests, the highest and best use of the subject property as improved is considered to be "as is," currently developed as an office condominium. The highest and best use for the subject is as it is currently improved, office condominium.
IMPROVEMENTS DESCRIPTION (continued)
Improvement Rating Gd Av Fr N/A
Appeal/Appearance Floor Plan/Design Construction Quality Exterior Condition Interior Condition Roof Cover Plumbing Heating Air Conditioning Electrical Elevators Parking Area Insulation Sprinkler Landscaping
Site Improvements:
Personal Property or Other Non-Realty Interests Included in Valuation: No Yes
Analysis/Comments:
HIGHEST AND BEST USE AS IF VACANT Legally Permissible Uses:
Cost Approach Income Approach Direct Sales Comparison Approach Reasons for Excluding an Approach:
$ $ $
EXCESS LAND
Data Sheets Att Subject Comparable #1 Comparable #2 Comparable #3 Location/Address Proximity to Subject Map Reference Deed Reference Date of Sale Exposure Time Data Source Site Size SF Acres Frontage Zoning Utilities Site Improvements
Unit of Comparison Sales Price $ $ $ Price Per Unit $ $ $ Property Rights Conveyed
Adjustment Financing
Analysis/Comments:
$ $
$ $
The Cost Approach was excluded due to the subject being an office condominium. The site value would be difficult to obtain. The Income Approach was excluded due to the owner occupant status of the subject and other units in the development. Value conclusions for such properties are weighted to the Sales Approach.
0 0 0
The subject is appraised "as is" and did not include valuation of any "non-realty items."
500 Alfred Nobel Drive #137
36084
863
The Comparable Sita Analysis is not used in this report.
The Cost Approach was excluded due to the subject being an office condominium. The site value would be difficult to obtain. The Income Approach was excluded due to the owner occupant status of the subject and other units in the development. Value conclusions for such properties are weighted to the Sales Approach.
0 0 0
The subject is appraised "as is" and did not include valuation of any "non-realty items."
36084
863
The Comparable Sita Analysis is not used in this report.
VALUATION METHODS SELECTED PAGE 4
Cost Approach Income Approach Direct Sales Comparison Approach Reasons for Excluding an Approach:
$ $ $
EXCESS LAND
Data Sheets Att Subject Comparable #1 Comparable #2 Comparable #3 Location/Address Proximity to Subject Map Reference Deed Reference Date of Sale Exposure Time Data Source Site Size SF Acres Frontage Zoning Utilities Site Improvements
Unit of Comparison Sales Price $ $ $ Price Per Unit $ $ $ Property Rights Conveyed
Analysis/Comments:
$ $
$ $
COST APPROACH PAGE 5
$ $ $ $ $ $ $ $ $ $ $ $
Reproduction Replacement Cost New of Improvements $ Plus: Indirect (Soft Costs) $ Plus: Entrepreneurial Profit % $ Total Cost New $ Less: Physical Deterioration % Less: Functional Obsolescence % Less: External Obsolescence % Total Accrued Depreciation (Deterioration & Obsolescence) ($ ) Depreciated Value of Building(s) $ Plus: Contributing Value of Site Improvements $ Depreciated Value of Improvements $ Analysis/Comments:
Estimated Site Value $ Plus: Estimated Excess Land Value Plus: Depreciated Value of Improvements Plus: Market Value of Personal Property and Other Non-Realty Interests Indicated Value Before Adjustment for Interest Appraised $ Less: Adjustment for Interest Appraised Value Indication - Cost Approach $ Rounded $
INCOME APPROACH/RENTAL COMPARABLE BUILDING ANALYSIS Data Sheets Att Subject Comparable #1 Comparable #2 Comparable #3 Address Proximity to Subject Map Reference Year Built Gross Building Area Number of Stories Current Vacancy % Construction Type Construction Quality Condition Parking Date of Rent Survey Asking Rent Lease Period Tenant Improvement
Allowance Concessions
Tenant Name Beginning Date Term Lease Type* Tenant Size (SF) Rent Per SF $ $ $ $ Rent Concessions Adj. Adjusted Rent Per SF $ $ $ $ Adjustment for
Market Conditions Adjusted Rent Per SF $ $ $ $
The Cost Approach is not used in this report
36084 Circa 2004
863 1 0 CTU good very good On site and adequate
The Cost Approach is not used in this report
36084 Circa 2004
863 1 0 CTU good very good On site and adequate
COST APPROACH PAGE 5
$ $ $ $ $ $ $ $ $ $ $ $
Reproduction Replacement Cost New of Improvements $ Plus: Indirect (Soft Costs) $ Plus: Entrepreneurial Profit % $ Total Cost New $ Less: Physical Deterioration % Less: Functional Obsolescence % Less: External Obsolescence % Total Accrued Depreciation (Deterioration & Obsolescence) ($ ) Depreciated Value of Building(s) $ Plus: Contributing Value of Site Improvements $ Depreciated Value of Improvements $ Analysis/Comments:
Estimated Site Value $ Plus: Estimated Excess Land Value Plus: Depreciated Value of Improvements Plus: Market Value of Personal Property and Other Non-Realty Interests Indicated Value Before Adjustment for Interest Appraised $ Less: Adjustment for Interest Appraised Value Indication - Cost Approach $ Rounded $
INCOME APPROACH/RENTAL COMPARABLE BUILDING ANALYSIS Data Sheets Att Subject Comparable #1 Comparable #2 Comparable #3 Address Proximity to Subject Map Reference Year Built Gross Building Area Number of Stories Current Vacancy % Construction Type Construction Quality Condition Parking Date of Rent Survey Asking Rent Lease Period Tenant Improvement
Allowance Concessions
Tenant Name Beginning Date Term Lease Type* Tenant Size (SF) Rent Per SF $ $ $ $ Rent Concessions Adj. Adjusted Rent Per SF $ $ $ $ Adjustment for
Market Conditions Adjusted Rent Per SF $ $ $ $
PAGE 6
Total Adjustments Indicated Market Rent $ $ $ $
*Lease Types: Gross Lease (G), Net Lease (N), Triple Net Lease (TN), Modified Gross (MG), Expense Passthroughs (P), Sales Overage Rents (O), Common Area Maintenance (C), Renewal Options (R)
Analysis/Comments:
SUMMARY OF SUBJECT LEASES Estimated
Tenant Rented Beginning Lease Current Effective Market Name Area (SF) Date Term Types Rent Rent/SF Rent/SF
Analysis/Comments:
INCOME AND EXPENSE HISTORY AND FORECAST Income: Actual Comments and Calculations Stabilized From to Gross Potential Income $ Vacancy and Collection
Loss % ($ ) Other Income $ Effective Gross Income $
Expenses: Property Taxes $ Insurance $ Property Management $ Utilities $ Janitorial $ Maintenance $
$ Reserves $ Total Expenses $ Net Operating Income (NOI) $
$ $ $ ($ ) $ $
NOI (Ro) Estimated Value $ / = $
Equity Dividend Rate Range to Mortgage x = Equity x = Overall Rate (RO) =
The Subject is owner occupied
The Subject is owner occupied
INCOME APPROACH/RENTAL COMPARABLE BUILDING ANALYSIS (continued)
PAGE 6
Total Adjustments Indicated Market Rent $ $ $ $
*Lease Types: Gross Lease (G), Net Lease (N), Triple Net Lease (TN), Modified Gross (MG), Expense Passthroughs (P), Sales Overage Rents (O), Common Area Maintenance (C), Renewal Options (R)
Analysis/Comments:
SUMMARY OF SUBJECT LEASES Estimated
Tenant Rented Beginning Lease Current Effective Market Name Area (SF) Date Term Types Rent Rent/SF Rent/SF
Analysis/Comments:
INCOME AND EXPENSE HISTORY AND FORECAST Income: Actual Comments and Calculations Stabilized From to Gross Potential Income $ Vacancy and Collection
Loss % ($ ) Other Income $ Effective Gross Income $
Expenses: Property Taxes $ Insurance $ Property Management $ Utilities $ Janitorial $ Maintenance $
$ Reserves $ Total Expenses $ Net Operating Income (NOI) $
$ $ $ ($ ) $ $
Equity Dividend Rate Range to Mortgage x = Equity x = Overall Rate (RO) =
YIELD CAPITALIZATION PAGE 7
Cash Flow Analysis in Addenda Yes No Forecast Holding Period Beginning NOI NOI Pattern Reversion Assumption Yield Rate Value Estimate
Market Rate Scenario Contract Rent Scenario
$ $
$ $
Value Estimate - Market Rent Scenario $ Value Estimate - Contract Rent Scenario $ Difference (Adjustment for Interest Appraised) $
Analysis/Comments:
Value Indicated by Direct Capitalization/Yield Analysis (excluding excess land) $ Plus: Estimated Excess Land Value $ Value Indication - Income Approach $ Rounded $
DIRECT SALES COMPARISON APPROACH/COMPARABLE BUILDING ANALYSIS Comp Sheets Att Subject Comparable # 1 Comparable # 2 Comparable # 3 Address Proximity to Subject Map Reference Data Source Gross Building Area Net Building Area Site Size: SF Acres Land-to-Building Ratio Year Built Construction Type Construction Quality Condition Parking Other
Sale Price $ $ $ $ Date of Sale Exposure Time Property Rights Conveyed
36084
863 863 863
1:1 Circa 2004 CTU good very good On site and adequate
N/A
NDC 1,251 1,251 1,251
345,500 10/10/2007 Unknown Fee
NDC 2,308 2,308 2,308
627,500 11/22/2006 Unknown Fee
NDC 3,055 3,055 3,055
680,000 10/19/2006 Unknown Fee
939,675
36084
863 863 863
N/A
NDC 1,251 1,251 1,251
345,500 10/10/2007 Unknown Fee
NDC 2,308 2,308 2,308
627,500 11/22/2006 Unknown Fee
NDC 3,055 3,055 3,055
680,000 10/19/2006 Unknown Fee
YIELD CAPITALIZATION PAGE 7
Cash Flow Analysis in Addenda Yes No Forecast Holding Period Beginning NOI NOI Pattern Reversion Assumption Yield Rate Value Estimate
Market Rate Scenario Contract Rent Scenario
$ $
$ $
Value Estimate - Market Rent Scenario $ Value Estimate - Contract Rent Scenario $ Difference (Adjustment for Interest Appraised) $
Analysis/Comments:
Value Indicated by Direct Capitalization/Yield Analysis (excluding excess land) $ Plus: Estimated Excess Land Value $ Value Indication - Income Approach $ Rounded $
DIRECT SALES COMPARISON APPROACH/COMPARABLE BUILDING ANALYSIS Comp Sheets Att Subject Comparable # 1 Comparable # 2 Comparable # 3 Address Proximity to Subject Map Reference Data Source Gross Building Area Net Building Area Site Size: SF Acres Land-to-Building Ratio Year Built Construction Type Construction Quality Condition Parking Other
(continued)
Analysis/Comments:
FEE SIMPLE OR LEASED FEE OPERATING DATA AND RATIOS
Comparable # 1 Comparable # 2 Comparable # 3 Fee Simple or Leased Fee Gross Potential Income $ $ $ Vacancy and Collection Loss% Effective Gross Income $ $ $ Operating Expenses $ $ $ Expenses/SF Gross Building Area $ $ $ Expense Ratio Net Operating Income $ $ $ EGIM Overall Rate Equity Dividend Rate
Analysis/Comments:
Building Units Value Per Unit $ /Unit Value Estimate $
Effective Gross Income $ Effective Gross Income Multiplier (EGIM) x Value Estimate $
Analysis/Comments:
Value Indicated by Direct Sales Comparison Approach (excluding excess land) $ Plus: Estimated Excess Land Value $ Plus: Adjustment for Interest Appraised $ Value Indication - Direct Sales Comparison Approach $ Rounded $
RECONCILIATION AND FINAL VALUE ESTIMATES Cost Approach Indication $ Income Approach Indication $ Direct Sales Comparison Approach Indication $
Reconciliation:
Extraordinary Assumptions and Limiting Conditions:
Estimated Market Value ''As Is'' $ Effective Date of Valuation Market Value of Personal Property Included in Appraisal $ Market Value of Other Non-Realty Interests Included in Appraisal $
The adjusted values for all six Comparables range from $308 to $451 per square foot. The subject is most similar to Sales Comparable 1 with a value of $361 per square foot. Please refer to the attached narrative addenda "Discussion of Sales Comparison Approach" for a detailed analysis of the Sales Comparables.
square foot 863 361
311,543 0 0
312,000
As discussed in the Sales Approach and the narrative addenda, the subject is most similar to Sales Comparable 1 and within the range of the adjusted sales. The data supports a concluded value of $361 per square foot or $312,000 rounded for the subject.
90-120 days
312,000 7/12/2008
0 0
The adjusted values for all six Comparables range from $308 to $451 per square foot. The subject is most similar to Sales Comparable 1 with a value of $361 per square foot. Please refer to the attached narrative addenda "Discussion of Sales Comparison Approach" for a detailed analysis of the Sales Comparables.
square foot 863 361
311,543 0 0
312,000
As discussed in the Sales Approach and the narrative addenda, the subject is most similar to Sales Comparable 1 and within the range of the adjusted sales. The data supports a concluded value of $361 per square foot or $312,000 rounded for the subject.
90-120 days
312,000 7/12/2008
0 0
(continued)
Analysis/Comments:
FEE SIMPLE OR LEASED FEE OPERATING DATA AND RATIOS
Comparable # 1 Comparable # 2 Comparable # 3 Fee Simple or Leased Fee Gross Potential Income $ $ $ Vacancy and Collection Loss% Effective Gross Income $ $ $ Operating Expenses $ $ $ Expenses/SF Gross Building Area $ $ $ Expense Ratio Net Operating Income $ $ $ EGIM Overall Rate Equity Dividend Rate
Analysis/Comments:
Building Units Value Per Unit $ /Unit Value Estimate $
Effective Gross Income $ Effective Gross Income Multiplier (EGIM) x Value Estimate $
Analysis/Comments:
Value Indicated by Direct Sales Comparison Approach (excluding excess land) $ Plus: Estimated Excess Land Value $ Plus: Adjustment for Interest Appraised $ Value Indication - Direct Sales Comparison Approach $ Rounded $
RECONCILIATION AND FINAL VALUE ESTIMATES Cost Approach Indication $ Income Approach Indication $ Direct Sales Comparison Approach Indication $
Reconciliation:
Extraordinary Assumptions and Limiting Conditions:
Estimated Market Value ''As Is'' $ Effective Date of Valuation Market Value of Personal Property Included in Appraisal $ Market Value of Other Non-Realty Interests Included in Appraisal $
(continued)
Appraiser # 1 Property Signature Date Inspected Name Yes No Certification
Appraiser # 2 Signature Name Yes No Certification No.:
State: Exp. Date:
CONTENTS OF ADDENDA
Legal Description Land Lease Support for Non-Realty Interest Valuation Subject Photographs Segregated Cost Sheet Support for Adjustment for Interest Appraised Area Map Soils Survey Map Copy of Easement Neighborhood Map Subject Leases Appraiser Qualifications Zoning Map Rental Comparable Data Sheets Flood Zone Map Rent Location Map Topographic Map DCF Analysis Site Sketch Improved Property Sales Data Sheets Site Plan Building Sales Location Map Building Plans Copy of Deed Tax Assessment Card Contract of Sale Land Sales Data Sheets Construction Cost Contract Land Sales Map Support for Personal Property Valuation
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 and 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 acting in what they consider their best interests; (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.
ASSUMPTIONS AND LIMITING CONDITIONS
1. As agreed upon with the client prior to the preparation of this appraisal, unless otherwise indicated, this is a Limited Appraisal because it invokes the Departure Provision of the Uniform Standards of Professional Appraisal Practice. As such, information pertinent to the valuation has not been considered and/or the full valuation process has not been applied. Depending on the type and degree of limitations, the reliability of the value conclusion provided herein may be reduced.
2. Unless otherwise indicated, this is a Summary Appraisal Report which is intended to comply with the reporting requirements set forth under Standard Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such, it might not include full discussions of the data, reasoning and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning and analyses is retained in the appraiser's file. The information contained in this report is specific to the needs of the client and for the intended use stated in this report. The appraiser is not responsible for unauthorized use of this report.
3. No responsibility is assumed for legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated in this report.
4. The property is appraised free and clear of any or all liens and encumbrances unless otherwise stated in this report.
5. Responsible ownership and competent property management are assumed unless otherwise stated in this report.
6. The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy.
7. All engineering is assumed to be correct. Any plot plans and illustrative material in this report are included only to assist the reader in visualizing the property.
8. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them.
9. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless otherwise stated in this report.
10. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined, and considered in this appraisal report.
11. It is assumed that all required licenses, certificates of occupancy or other legislative or administrative authority from any local, state, or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in this report are based.
12. Any sketch in this report may show approximate dimensions and is included to assist the reader in visualizing the property. Maps and exhibits found in this report are provided for reader reference purposes only. No guarantee as to accuracy is expressed or implied unless otherwise stated in this report. No survey has been made for the purpose of this report.
13. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless otherwise stated in this report.
(Continued)
July 18, 2008
California 12/9/2008
July 18, 2008
California 12/9/2008
(continued)
Appraiser # 1 Property Signature Date Inspected Name Yes No Certification
Appraiser # 2 Signature Name Yes No Certification No.:
State: Exp. Date:
CONTENTS OF ADDENDA
Legal Description Land Lease Support for Non-Realty Interest Valuation Subject Photographs Segregated Cost Sheet Support for Adjustment for Interest Appraised Area Map Soils Survey Map Copy of Easement Neighborhood Map Subject Leases Appraiser Qualifications Zoning Map Rental Comparable Data Sheets Flood Zone Map Rent Location Map Topographic Map DCF Analysis Site Sketch Improved Property Sales Data Sheets Site Plan Building Sales Location Map Building Plans Copy of Deed Tax Assessment Card Contract of Sale Land Sales Data Sheets Construction Cost Contract Land Sales Map Support for Personal Property Valuation
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 and 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 acting in what they consider their best interests; (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.
1. As agreed upon with the client prior to the preparation of this appraisal, unless otherwise indicated, this is a Limited Appraisal because it invokes the Departure Provision of the Uniform Standards of Professional Appraisal Practice. As such, information pertinent to the valuation has not been considered and/or the full valuation process has not been applied. Depending on the type and degree of limitations, the reliability of the value conclusion provided herein may be reduced.
2. Unless otherwise indicated, this is a Summary Appraisal Report which is intended to comply with the reporting requirements set forth under Standard Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such, it might not include full discussions of the data, reasoning and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning and analyses is retained in the appraiser's file. The information contained in this report is specific to the needs of the client and for the intended use stated in this report. The appraiser is not responsible for unauthorized use of this report.
3. No responsibility is assumed for legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated in this report.
4. The property is appraised free and clear of any or all liens and encumbrances unless otherwise stated in this report.
5. Responsible ownership and competent property management are assumed unless otherwise stated in this report.
6. The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy.
7. All engineering is assumed to be correct. Any plot plans and illustrative material in this report are included only to assist the reader in visualizing the property.
8. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them.
9. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless otherwise stated in this report.
10. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined, and considered in this appraisal report.
11. It is assumed that all required licenses, certificates of occupancy or other legislative or administrative authority from any local, state, or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in this report are based.
12. Any sketch in this report may show approximate dimensions and is included to assist the reader in visualizing the property. Maps and exhibits found in this report are provided for reader reference purposes only. No guarantee as to accuracy is expressed or implied unless otherwise stated in this report. No survey has been made for the purpose of this report.
13. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless otherwise stated in this report.
(Continued)
14. The appraiser is not qualified to detect hazardous waste and/or toxic materials. Any comment by the appraiser that might suggest the possibility of the presence of such substances should not be taken as confirmation of the presence of hazardous waste and/or toxic materials. Such determination would require investigation by a qualified expert in the field of environmental assessment. The presence of substances such as asbestos, urea-formaldehyde foam insulation or other potentially hazardous materials may affect the value of the property. The appraiser's value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value unless otherwise stated in this report. No responsibility is assumed for any environmental conditions, or for any expertise or engineering knowledge required to discover them. The appraiser's descriptions and resulting comments are the result of the routine observations made during the appraisal process.
15. Unless otherwise stated in this report, the subject property is appraised without a specific compliance survey having been conducted to determine if the property is or is not in conformance with the requirements of the Americans with Disabilities Act. The presence of architectural and communications barriers that are structural in nature that would restrict access by disabled individuals may adversely affect the property's value, marketability, or utility.
16. Any proposed improvements are assumed to be completed in a in accordance with the submitted plans and specifications.
17. The distribution, if any, of the total valuation in this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used.
18 Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed, and in any event, only with proper written qualification and only in its entirety.
19. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected), shall be disseminated to the public through advertising, public relations, news sales, or other media without prior written consent and approval of the appraiser.
CERTIFICATION
I certify that, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial unbiased professional analyses, opinions, and conclusions.
3. I have no present or prospective interest in the property that is the subject of this report and I have no personal interest or bias with respect to the parties involved.
4 I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
5. My engagement in this assignment was no contingen upon developing or reporting predetermined results.
6. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
7. This appraisal was not based on a requested minimum valuation, a specific valuation, or the approval of a loan.
8. My analyses, opinions, and conclusions were developed, and this report has been prepared in conformity with the edition of the Uniform Standards of Professional Appraisal Practice current as of the date of the appraisal.
9. Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report.
10.No one provided significant professional assistance to the person signing this report, unless otherwise indicated.
Appraiser's Signature Date
July 18, 2008
410018
July 18, 2008
14. The appraiser is not qualified to detect hazardous waste and/or toxic materials. Any comment by the appraiser that might suggest the possibility of the presence of such substances should not be taken as confirmation of the presence of hazardous waste and/or toxic materials. Such determination would require investigation by a qualified expert in the field of environmental assessment. The presence of substances such as asbestos, urea-formaldehyde foam insulation or other potentially hazardous materials may affect the value of the property. The appraiser's value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value unless otherwise stated in this report. No responsibility is assumed for any environmental conditions, or for any expertise or engineering knowledge required to discover them. The appraiser's descriptions and resulting comments are the result of the routine observations made during the appraisal process.
15. Unless otherwise stated in this report, the subject property is appraised without a specific compliance survey having been conducted to determine if the property is or is not in conformance with the requirements of the Americans with Disabilities Act. The presence of architectural and communications barriers that are structural in nature that would restrict access by disabled individuals may adversely affect the property's value, marketability, or utility.
16. Any proposed improvements are assumed to be completed in a in accordance with the submitted plans and specifications.
17. The distribution, if any, of the total valuation in this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used.
18 Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed, and in any event, only with proper written qualification and only in its entirety.
19. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected), shall be disseminated to the public through advertising, public relations, news sales, or other media without prior written consent and approval of the appraiser.
CERTIFICATION
I certify that, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial unbiased professional analyses, opinions, and conclusions.
3. I have no present or prospective interest in the property that is the subject of this report and I have no personal interest or bias with respect to the parties involved.
4 I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
5. My engagement in this assignment was no contingen upon developing or reporting predetermined results.
6. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
7. This appraisal was not based on a requested minimum valuation, a specific valuation, or the approval of a loan.
8. My analyses, opinions, and conclusions were developed, and this report has been prepared in conformity with the edition of the Uniform Standards of Professional Appraisal Practice current as of the date of the appraisal.
9. Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report.
10.No one provided significant professional assistance to the person signing this report, unless otherwise indicated.
Appraiser's Signature Date
DIRECT SALES COMPARISON APPROACH/COMPARABLE BUILDING ANALYSIS Comp Sheets Att Subject Comparable # Comparable # Comparable # Address Proximity to Subject Map Reference Data Source Gross Building Area Net Building Area Site Size: SF Acres Land-to-Building Ratio Year Built Construction Type Construction Quality Condition Parking Other
Form SP9.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Dana W. Burwell, MAI, ASA
36084
Circa 2004 CTU good very good On site and adequate
N/A
NDC 1,460 1,460 1,460
534,500 3/3/2006 Unknown Fee
Loopnet 1,388 1,388 1,388
1:1 Circa 1985 Concrete Stucco good very good On site and adequate
355,000 6/2007 Unknown Fee
Loopnet 2,378 2,378 2,378
749,000 5/2006 Unknown Fee
CerPlease see attached narrative in addenda for further discussion.
Form SP9.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Dana W. Burwell, MAI, ASA
36084
Circa 2004 CTU good very good On site and adequate
N/A
NDC 1,460 1,460 1,460
534,500 3/3/2006 Unknown Fee
Loopnet 1,388 1,388 1,388
1:1 Circa 1985 Concrete Stucco good very good On site and adequate
355,000 6/2007 Unknown Fee
Loopnet 2,378 2,378 2,378
749,000 5/2006 Unknown Fee
UNIFORM COMMERCIAL/INDUSTRIAL SUMMARY APPRAISAL REPORT - SMALL PROPERTY
DIRECT SALES COMPARISON APPROACH/COMPARABLE BUILDING ANALYSIS Comp Sheets Att Subject Comparable # Comparable # Comparable # Address Proximity to Subject Map Reference Data Source Gross Building Area Net Building Area Site Size: SF Acres Land-to-Building Ratio Year Built Construction Type Construction Quality Condition Parking Other
Property Address City County State Zip Code
Form PIC3x5.SC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Photo Page
500 Alfred Nobel Drive, Ste. 137 Hercules Contra Costa Ca 94547-1839 First Community Bank
Subject West Side
500 Alfred Nobel Drive #137 N/A 863 Circa 2004
Subject Building Entrance
Subject Building Foyer
Borrower
Lender
Subject Photo Page
Subject West Side
Subject Building Entrance
Subject Building Foyer
Subject Photo Page
Building Common Restroom
Subject Entry Area
Borrower
Lender
Subject Photo Page
Building Common Restroom
Subject Entry Area
Subject Photo Page
Subject Rear Office
Building Corridor
Subject Street
Borrower
Lender
Subject Photo Page
Subject Rear Office
Building Corridor
Subject Street
Form MAP.PLAT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Plat Map
Borrower
Lender
Form MAP.PLAT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Plat Map
Borrower
Lender
Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Location Map
Borrower
Lender
Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Location Map
Borrower
Lender
Form MAP.Generic — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Aerial Map
Borrower
Lender
Form MAP.Generic — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Aerial Map
Borrower
Lender
Form MAP.FLOOD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Flood Map
Borrower
Lender
Form MAP.FLOOD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Flood Map
Borrower
Lender
Form PIC3x5.CC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Comparable Photo Page
Comparable 1
500 Alfred Nobel #235 345,500 1,251 Circa 2004
Comparable 2
Comparable 3
702 Alfred Nobel 680,000 3,055 Circa 2004
Borrower
Lender
Comparable 1
Comparable 2
Comparable 3
702 Alfred Nobel 680,000 3,055 Circa 2004
Borrower
Lender
Comparable 4
Comparable 5
2380 Salvio St. 355,000 1,388 Circa 1985
Comparable 6
301 Lennon Ln 749,000 2,378 Circa 2002
Borrower
Lender
Comparable 4
Comparable 5
2380 Salvio St. 355,000 1,388 Circa 1985
Comparable 6
301 Lennon Ln 749,000 2,378 Circa 2002
Borrower
Lender
File No.Supplemental Addendum
Form TADD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
7132008
Borrower
Lender
• UCISAR - Small Property : Scope of Work The scope of the appraisal assignment required investigating sufficient data relative to the subject property to derive an opinion of value. The depth of analysis was based on the significance of the appraisal problem. This appraisal assignment is a Complete Appraisal Report (under Standards Rule 2-2, as defined in the Uniform Standards of Professional Appraisal Practice, USPAP) of a Summary Appraisal performed under Standards Rule 1 of the USPAP. The appraisal assignment required the following steps:
1. An inspection of the property and its neighborhood was conducted to determine the physical features and conditions of the subject in addition to its environment and surrounding influences.
2. The appraiser also researched municipal records to ascertain current and historical assessment information and ownership data regarding the subject property.
3. The subject property's current physical and legal conditions were researched in addition to its background and history.
4. The market area was examined to determine existing and proposed inventory, demographics and and marketability of comparable properties.
5. The highest and best use of the property was determined based on the factors of physical possibility, legal permissibility, financial feasibility and maximum productivity.
6. The Cost Approach was not utilized. Comparable sales of similar properties were researched, inspected and the sales were verified with principles or brokers in the transaction.
7. Based on a review and analysis of the market data, the market value of the subject property was estimated by the Sales Comparison approach to value.
8. The Sales Approach was reconciled and a final value conclusion was derived. The value conclusion is subject to certain assumptions and limiting conditions.
Discussion of Sales Comparision Approach - Page 1
Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Tax bill
Tax bill
Certificate
Certificate
Certificate
Certificate

Documents

File No.: COMMERCIAL APPRAISAL REPORT