2022 Trenton Ave. – Re-Sale: Another Ultra High Return NRIA Property Success

LOCATED AT

FOR

AS OF

BY

APPRAISAL OF REAL PROPERTY

2022 TRENTON AVENUE

PHILADELPHIA, PA 19125

SEE DEED OF RECORD

8/2/2011

INC

94

Form GA2NV_LT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

APPRAISAL OF REAL PROPERTY

2022 TRENTON AVENUE


SEE DEED OF RECORD

8/2/2011

INC

94

Form GA2NV_LT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

LOCATED AT

FOR

AS OF

BY

Page #1Main File No.

SUMMARY OF SALIENT FEATURES

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INFO

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Subject Address

Legal Description

City

County

State

Zip Code

Census Tract

Map Reference

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PR

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Sale Price

Date of Sale

$

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Size (Square Feet)

Price per Square Foot

Location

Age

Condition

Total Rooms

Bedrooms

Baths

$

AP

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ER Appraiser

Date of Appraised Value

VA

LUE

Opinion of Value $

Form SSD3 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

2022 TRENTON AVENUE

SEE DEED OF RECORD

PHILADELPHIA

PHILADELPHIA

PA

19125

0161.004/MSA 37980

RM 8018B6

2,141

AVERAGE

NEW

NEW

7

4

2

8/2/2011

400,000

Borrower/Client

Lender

Form SSD3 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

2022 TRENTON AVENUE

SEE DEED OF RECORD

PHILADELPHIA

PHILADELPHIA

PA

19125

0161.004/MSA 37980

RM 8018B6

2,141

AVERAGE

NEW

NEW

7

4

2

8/2/2011

400,000

Borrower/Client

Lender

SUMMARY OF SALIENT FEATURES

SU

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CT

INFO

RM

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ION

Subject Address

Legal Description

City

County

State

Zip Code

Census Tract

Map Reference

SA

LES

PR

ICE

Sale Price

Date of Sale

$

CLI

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CR

IPTI

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OF

IMP

RO

VEM

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Size (Square Feet)

Price per Square Foot

Location

Age

Condition

Total Rooms

Bedrooms

Baths

$

AP

PR

AIS

ER Appraiser

Date of Appraised Value

VA

LUE

Opinion of Value $

Page #2

Uniform Residential Appraisal Report File #

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The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.

Property Address City State Zip CodeBorrower Owner of Public Record County

Legal DescriptionAssessor's Parcel # Tax Year R.E. Taxes $

Neighborhood Name Map Reference Census TractOccupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month

Property Rights Appraised Fee Simple Leasehold Other (describe)Assignment Type Purchase Transaction Refinance Transaction Other (describe)

Lender/Client AddressIs 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 No

Report data source(s) used, offering price(s), and date(s).

I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was notperformed.

Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)

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 NoIf Yes, report the total dollar amount and describe the items to be paid.

Note: Race and the racial composition of the neighborhood are not appraisal factors.

Neighborhood Characteristics

Location Urban Suburban Rural

Built-Up Over 75% 25-75% Under 25%Growth Rapid Stable Slow

One-Unit Housing Trends

Property Values Increasing Stable Declining

Demand/Supply Shortage In Balance Over SupplyMarketing Time Under 3 mths 3-6 mths Over 6 mths

One-Unit Housing

PRICE

$ (000)

AGE

(yrs)Low

HighPred.

Present Land Use %

One-Unit %

2-4 Unit %Multi-Family %

Commercial %Other %

Neighborhood Boundaries

Neighborhood Description

Market Conditions (including support for the above conclusions)

Dimensions Area Shape ViewSpecific Zoning Classification Zoning Description

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

Utilities Public Other (describe) Public Other (describe)

ElectricityGas

WaterSanitary Sewer

Off-site Improvements - Type Public Private

StreetAlley

FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map DateAre the utilities and off-site improvements typical for the market area? Yes No If No, describe

Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe

General Description

Units One One with Accessory Unit

# of StoriesType Det. Att. S-Det./End Unit

Existing Proposed Under Const.Design (Style)

Year BuiltEffective Age (Yrs)

Foundation

Concrete Slab Crawl Space

Full Basement Partial BasementBasement Area sq.ft.

Basement Finish %Outside Entry/Exit Sump Pump

Evidence of InfestationDampness Settlement

Exterior Description materials/condition

Foundation Walls

Exterior WallsRoof Surface

Gutters & DownspoutsWindow Type

Storm Sash/InsulatedScreens

Interior materials/condition

Floors

WallsTrim/Finish

Bath FloorBath Wainscot

Attic NoneDrop Stair Stairs

Floor ScuttleFinished Heated

Heating FWA HWBB RadiantOther Fuel

Cooling Central Air ConditioningIndividual Other

AmenitiesFireplace(s) #

Patio/DeckPool

Woodstove(s) #Fence

PorchOther

Car Storage NoneDriveway # of Cars

Driveway SurfaceGarage # of Cars

Carport # of CarsAtt. Det. Built-in

Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)

Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade

Additional features (special energy efficient items, etc.).

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe

Page 1 of 6Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005

2022 TRENTON AVENUE PHILADELPHIA PA 19125

PHILADELPHIA

SEE DEED OF RECORD

311205400 TAX MAP 18N19 LOT 80 2011 58

FISHTOWN RM 8018B6 0161.004/MSA 37980

N/A N/A

DEVON, PA 19333

TREND/MLS/PUBLIC RECORDS.

N/A

N/A

25

449

153

NEW

100+-

75

81

2

3

5

4

DELAWARE RIVER TO THE EAST, GIRARD AVENUE TO THE SOUTH, 5TH STREET

TO THE WEST, LEHIGH AVENUE TO THE NORTH

SEE TEXT ADDENDUM

SEE TEXT ADDENDUM

14.56 X 70 1,019 Sq.Ft. IRREGULAR RESIDENTIAL

R10A RESIDENTIAL

ASPHALT

NONE

X 4207570182G 1/17/2007

ENCUMBERED BY NORMAL UTILITY EASEMENTS OF RECORD. NO APPARENT ADVERSE EASEMENTS OR ENCROACHMENTS WERE NOTED THAT

WOULD AFFECT FUTURE MARKETABILITY.

THREE(3)

TWHSE-END

2011+-

NEW

702

100

PRD CON-NEW

BRK/SDG/STUCC-NW

ASP B/U--NEW

METAL-NEW

CASEMENT-NEW

NO/YES-NEW

YES-NEW

BAMBOO-NEW

DRYWALL-NEW

WOOD-NEW

CERAMIC-NEW

CERAMIC-NEW

GAS

P P

7 4 2 2,141

PATIO; FENCED YARD; RECESSED LIGHTING; IN-HOUSE SPRINKLERS; FULL FINISHED DAYLIGHT

BASEMENT; 200 AMP CB ELECTRIC SERVICE; GAS WATER HEATER.

SUBJECT IS NEWLY CONSTRUCTED TOWNHOUSE

BUILT OF MASONRY FRAME CONSTRUCTION. SUBJECT HAS AN ULTRA-MODERN KITCHEN AND BATHROOMS WITH A ULTRA-MODERN INTERIOR

DECOR COMPLETED WITH UPSCALE FINISHES. THE PROPERTY WAS 100% COMPLETE AT THE TIME OF INSPECTION AND HAS NOT BEEN OCCUPIED

AS NOTED BY THE APPRAISER.

THE SUBJECT PROPERTY CONFORMS TO ITS NEIGHBORHOOD WITH REGARDS TO FUNCTIONAL UTILITY, STYLE, CONDITION, USE, CONSTRUCTION,

ETC.

RE Appraiser

Form 1004 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


PHILADELPHIA

SEE DEED OF RECORD

311205400 TAX MAP 18N19 LOT 80 2011 58

FISHTOWN RM 8018B6 0161.004/MSA 37980

N/A N/A

DEVON, PA 19333

TREND/MLS/PUBLIC RECORDS.

N/A

N/A

25

449

153

NEW

100+-

75

81

2

3

5

4

DELAWARE RIVER TO THE EAST, GIRARD AVENUE TO THE SOUTH, 5TH STREET

TO THE WEST, LEHIGH AVENUE TO THE NORTH

SEE TEXT ADDENDUM

SEE TEXT ADDENDUM

14.56 X 70 1,019 Sq.Ft. IRREGULAR RESIDENTIAL

R10A RESIDENTIAL

ASPHALT

NONE

X 4207570182G 1/17/2007

ENCUMBERED BY NORMAL UTILITY EASEMENTS OF RECORD. NO APPARENT ADVERSE EASEMENTS OR ENCROACHMENTS WERE NOTED THAT

WOULD AFFECT FUTURE MARKETABILITY.

THREE(3)

TWHSE-END

2011+-

NEW

702

100

PRD CON-NEW

BRK/SDG/STUCC-NW

ASP B/U--NEW

METAL-NEW

CASEMENT-NEW

NO/YES-NEW

YES-NEW

BAMBOO-NEW

DRYWALL-NEW

WOOD-NEW

CERAMIC-NEW

CERAMIC-NEW

GAS

P P

7 4 2 2,141

PATIO; FENCED YARD; RECESSED LIGHTING; IN-HOUSE SPRINKLERS; FULL FINISHED DAYLIGHT

BASEMENT; 200 AMP CB ELECTRIC SERVICE; GAS WATER HEATER.

SUBJECT IS NEWLY CONSTRUCTED TOWNHOUSE

BUILT OF MASONRY FRAME CONSTRUCTION. SUBJECT HAS AN ULTRA-MODERN KITCHEN AND BATHROOMS WITH A ULTRA-MODERN INTERIOR

DECOR COMPLETED WITH UPSCALE FINISHES. THE PROPERTY WAS 100% COMPLETE AT THE TIME OF INSPECTION AND HAS NOT BEEN OCCUPIED

AS NOTED BY THE APPRAISER.

THE SUBJECT PROPERTY CONFORMS TO ITS NEIGHBORHOOD WITH REGARDS TO FUNCTIONAL UTILITY, STYLE, CONDITION, USE, CONSTRUCTION,

ETC.

RE Appraiser



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The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.

Property Address City State Zip CodeBorrower Owner of Public Record County

Legal DescriptionAssessor's Parcel # Tax Year R.E. Taxes $

Neighborhood Name Map Reference Census TractOccupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month

Property Rights Appraised Fee Simple Leasehold Other (describe)Assignment Type Purchase Transaction Refinance Transaction Other (describe)

Lender/Client AddressIs 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 No

Report data source(s) used, offering price(s), and date(s).

I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was notperformed.

Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)

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 NoIf Yes, report the total dollar amount and describe the items to be paid.

Note: Race and the racial composition of the neighborhood are not appraisal factors.

Neighborhood Characteristics

Location Urban Suburban Rural

Built-Up Over 75% 25-75% Under 25%Growth Rapid Stable Slow

One-Unit Housing Trends

Property Values Increasing Stable Declining

Demand/Supply Shortage In Balance Over SupplyMarketing Time Under 3 mths 3-6 mths Over 6 mths

One-Unit Housing

PRICE

$ (000)

AGE

(yrs)Low

HighPred.

Present Land Use %

One-Unit %

2-4 Unit %Multi-Family %

Commercial %Other %

Neighborhood Boundaries

Neighborhood Description

Market Conditions (including support for the above conclusions)

Dimensions Area Shape ViewSpecific Zoning Classification Zoning Description

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

Utilities Public Other (describe) Public Other (describe)

ElectricityGas

WaterSanitary Sewer

Off-site Improvements - Type Public Private

StreetAlley

FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map DateAre the utilities and off-site improvements typical for the market area? Yes No If No, describe

Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe

General Description

Units One One with Accessory Unit

# of StoriesType Det. Att. S-Det./End Unit

Existing Proposed Under Const.Design (Style)

Year BuiltEffective Age (Yrs)

Foundation

Concrete Slab Crawl Space

Full Basement Partial BasementBasement Area sq.ft.

Basement Finish %Outside Entry/Exit Sump Pump

Evidence of InfestationDampness Settlement

Exterior Description materials/condition

Foundation Walls

Exterior WallsRoof Surface

Gutters & DownspoutsWindow Type

Storm Sash/InsulatedScreens

Interior materials/condition

Floors

WallsTrim/Finish

Bath FloorBath Wainscot

Attic NoneDrop Stair Stairs

Floor ScuttleFinished Heated

Heating FWA HWBB RadiantOther Fuel

Cooling Central Air ConditioningIndividual Other

AmenitiesFireplace(s) #

Patio/DeckPool

Woodstove(s) #Fence

PorchOther

Car Storage NoneDriveway # of Cars

Driveway SurfaceGarage # of Cars

Carport # of CarsAtt. Det. Built-in

Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)

Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade

Additional features (special energy efficient items, etc.).

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe




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There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .

There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address

Proximity to SubjectSale Price $ $ $ $

Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.Data Source(s)

Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment

Sales or FinancingConcessions

Date of Sale/TimeLocation

Leasehold/Fee SimpleSite

ViewDesign (Style)

Quality of ConstructionActual Age

ConditionAbove Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths

Room CountGross Living Area sq.ft. sq.ft. sq.ft. sq.ft.

Basement & FinishedRooms Below Grade

Functional UtilityHeating/Cooling

Energy Efficient ItemsGarage/Carport

Porch/Patio/Deck

Net Adjustment (Total) + - + - + -$ $ $Adjusted Sale Price

of Comparables $ $ $

Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %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)

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)

Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3

Date of Prior Sale/TransferPrice of Prior Sale/Transfer

Data Source(s)Effective Date of Data Source(s)

Analysis of prior sale or transfer history of the subject property and comparable sales

Summary of Sales Comparison Approach

Indicated Value by Sales Comparison Approach $

Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $

This appraisal is made "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have beencompleted, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to thefollowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limitingconditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is$ , as of , which is the date of inspection and the effective date of this appraisal.


10 359,900 464,900

11 355,000 449,000

2022 TRENTON AVENUE


AVERAGE

FEE SIMPLE

1,019 Sq.Ft.

RESIDENTIAL

TWHSE-END

AVERAGE

NEW

NEW

7 4 2

2,141

FULL BSMT

FINISHED

AVERAGE

F/A - C/A

STANDARD

NONE

PATIO

11/17/2010

SHERIFF SALE, $45,500

TREND/MLS/PUB RECS

8/2/2011

1712 TULIP STREET


0.34 miles S

449,000

207.87

TREND/MLS/LISTING OFFICE

PUBLIC RECORDS DOM - 58

NONE

CONVENTIONAL

5/6/2011

AVERAGE

FEE SIMPLE

1,170 SQ FT

RESIDENTIAL

TWNHSE- END

AVERAGE

NEW

NEW

6 3 2.1 -2,500

2,160 0

FULL BSMT

FINISHED

AVERAGE

F/A - C/A

STANDARD

OFF ST PARK -10,000

ROOF DECK

-12,500

2.8

2.8 436,500

NONE NOTED

NONE NOTED

TREND/MLS/PUB RECS

8/2/2011

1710 TULIP STREET


0.34 miles S

424,000

196.30



CLOSING COST -15,000

CONVENTIONAL

2/25/2011

AVERAGE

FEE SIMPLE

1,036 SQ FT

RESIDENTIAL

TWNHSE- INT +5,000

AVERAGE

NEW

NEW

6 3 2.1 -2,500

2,160 0

FULL BSMT

UNFINISHED +15,000

AVERAGE

F/A - C/A

STANDARD

OFF ST PARK -10,000

DECK

-7,500

1.8

11.2 416,500

NONE NOTED

NONE NOTED

TREND/MLS/PUB RECS

8/2/2011

2544 EAST YORK STREET


0.51 miles SE

405,000

221.67



NONE

CONVENTIONAL

4/15/2011

AVERAGE

FEE SIMPLE

924 SQ FT

RESIDENTIAL

TWNHSE - END

AVERAGE

NEW

NEW

7 4 3 -7,500

1,827 +12,560

FULL BSMT

FINISHED/BATH -7,500

AVERAGE

F/A - C/A

STANDARD

NONE

RF DECK/PATIO -5,000

-7,440

1.8

8.0 397,560

2/25/2010

NOMINAL, $1

TREND/MLS/PUB RECS

8/2/2011

TREND/MLS/PUBLIC RECORDS


THE SUBJECT PROPERTY HAS TRANSFERRED WITHIN THE LAST THREE

(3) YEARS. THERE WAS A PURCHASE AT SHERIFF SALE AS NOTED. COMPARABLE SALES HAVE NOT TRANSFERRED OR SOLD WITHIN ONE (1)

YEARS OF THE LAST RECORDED TRANSFER/SALE

THE COMPARABLE UTILIZED ARE VERIFIED CLOSED SALES WITH CONCESSION NOTED. AFTER A THOROUGH

SEARCH OF ALL AVAILABLE MARKET DATE, THE SALES USED ARE CONSIDERED TO BE THE BEST AVAILABLE INDICATORS OF MARKET VALUE. ***

SEE ATTACHED ADDENDUM.

400,000

400,000 N/A 404,250

THE FINAL DETERMINATION OF VALUE WAS BASED UPON THE MARKET DATA. THE COST APPROACH IS NOT CONSIDERED TO BE A VIABLE

APPROACH TO VALUE DUE TO SUBJECT'S AGE. THE INCOME APPROACH WAS CONSIDERED BE NOT USED DUE TO INSUFFICIENT SALE OF RENTED

PROPERTIES FOR ALPPLICATION OF THIS APPROACH

400,000 8/2/2011


10 359,900 464,900

11 355,000 449,000

2022 TRENTON AVENUE


AVERAGE

FEE SIMPLE

1,019 Sq.Ft.

RESIDENTIAL

TWHSE-END

AVERAGE

NEW

NEW

7 4 2

2,141

FULL BSMT

FINISHED

AVERAGE

F/A - C/A

STANDARD

NONE

PATIO

11/17/2010


TREND/MLS/PUB RECS

8/2/2011

1712 TULIP STREET


0.34 miles S

449,000

207.87



NONE

CONVENTIONAL

5/6/2011

AVERAGE

FEE SIMPLE

1,170 SQ FT

RESIDENTIAL

TWNHSE- END

AVERAGE

NEW

NEW

6 3 2.1 -2,500

2,160 0

FULL BSMT

FINISHED

AVERAGE

F/A - C/A

STANDARD

OFF ST PARK -10,000

ROOF DECK

-12,500

2.8

2.8 436,500

NONE NOTED

NONE NOTED

TREND/MLS/PUB RECS

8/2/2011

1710 TULIP STREET


0.34 miles S

424,000

196.30



CLOSING COST -15,000

CONVENTIONAL

2/25/2011

AVERAGE

FEE SIMPLE

1,036 SQ FT

RESIDENTIAL

TWNHSE- INT +5,000

AVERAGE

NEW

NEW

6 3 2.1 -2,500

2,160 0

FULL BSMT

UNFINISHED +15,000

AVERAGE

F/A - C/A

STANDARD

OFF ST PARK -10,000

DECK

-7,500

1.8

11.2 416,500

NONE NOTED

NONE NOTED

TREND/MLS/PUB RECS

8/2/2011



0.51 miles SE

405,000

221.67



NONE

CONVENTIONAL

4/15/2011

AVERAGE

FEE SIMPLE

924 SQ FT

RESIDENTIAL

TWNHSE - END

AVERAGE

NEW

NEW

7 4 3 -7,500

1,827 +12,560

FULL BSMT

FINISHED/BATH -7,500

AVERAGE

F/A - C/A

STANDARD

NONE

RF DECK/PATIO -5,000

-7,440

1.8

8.0 397,560

2/25/2010

NOMINAL, $1

TREND/MLS/PUB RECS

8/2/2011



THE SUBJECT PROPERTY HAS TRANSFERRED WITHIN THE LAST THREE

(3) YEARS. THERE WAS A PURCHASE AT SHERIFF SALE AS NOTED. COMPARABLE SALES HAVE NOT TRANSFERRED OR SOLD WITHIN ONE (1)

YEARS OF THE LAST RECORDED TRANSFER/SALE

THE COMPARABLE UTILIZED ARE VERIFIED CLOSED SALES WITH CONCESSION NOTED. AFTER A THOROUGH

SEARCH OF ALL AVAILABLE MARKET DATE, THE SALES USED ARE CONSIDERED TO BE THE BEST AVAILABLE INDICATORS OF MARKET VALUE. ***

SEE ATTACHED ADDENDUM.

400,000

400,000 N/A 404,250

THE FINAL DETERMINATION OF VALUE WAS BASED UPON THE MARKET DATA. THE COST APPROACH IS NOT CONSIDERED TO BE A VIABLE

APPROACH TO VALUE DUE TO SUBJECT'S AGE. THE INCOME APPROACH WAS CONSIDERED BE NOT USED DUE TO INSUFFICIENT SALE OF RENTED

PROPERTIES FOR ALPPLICATION OF THIS APPROACH

400,000 8/2/2011



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There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .

There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address







ViewDesign (Style)







Porch/Patio/Deck



Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %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)

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)

Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3

Date of Prior Sale/TransferPrice of Prior Sale/Transfer

Data Source(s)Effective Date of Data Source(s)

Analysis of prior sale or transfer history of the subject property and comparable sales

Summary of Sales Comparison Approach

Indicated Value by Sales Comparison Approach $

Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $

This appraisal is made "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have beencompleted, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to thefollowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limitingconditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is$ , as of , which is the date of inspection and the effective date of this appraisal.




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COST APPROACH TO VALUE (not required by Fannie Mae)

Provide adequate information for the lender/client 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)

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEWSource of cost data

Quality rating from cost service Effective date of cost dataComments on Cost Approach (gross living area calculations, depreciation, etc.)

OPINION OF SITE VALUE =$DWELLING Sq.Ft. @ $ =$

Sq.Ft. @ $ =$=$

Garage/Carport Sq.Ft. @ $ =$Total Estimate of Cost-New =$

Less Physical Functional ExternalDepreciation =$( )

Depreciated Cost of Improvements =$"As-is" Value of Site Improvements =$

INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (HUD and VA only) Years

INCOME APPROACH TO VALUE (not required by Fannie Mae)

Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income ApproachSummary of Income Approach (including support for market rent and GRM)

PROJECT INFORMATION FOR PUDs (if applicable)

Is the developer/builder in control of the Homeowners’ Association (HOA)? Yes No Unit type(s) Detached AttachedProvide 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.

Legal Name of ProjectTotal number of phases Total number of units Total number of units sold

Total number of units rented Total number of units for sale Data source(s)Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion.

Does the project contain any multi-dwelling units? Yes No Data SourceAre the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.

Are the common elements leased to or by the Homeowners’ Association? Yes No If Yes, describe the rental terms and options.

Describe common elements and recreational facilities.


IN DEVELOPING A REAL PROPERTY APPRAISAL, WHEN THE VALUE OPINION TO BE DEVELOPED IS MARKET VALUE, AN APPRAISER MUST, IF SUCH

INFORMATION IS AVAILABLE TO THE APPRAISER IN THE NORMAL COURSE OF BUSINESS; (A) ANALYZE ALL AGREEMENTS OF SALE, OPTIONS OR

LISTINGS OF THE SUBJECT PROPERTY CURRENT AS OF THE EFFECTIVE DATE OF THE APPRAISAL; AND (B) ANALYZE ALL SALES OF THE SUBJECT

PROPERTY THAT OCCURRED WITHIN THE THREE (3) YEARS PRIOR TO THE EFFECTIVE DATE OF THE APPRAISAL.

THE SITE/LAND VALUE IS BASED ON SEVERAL

APPROACHES TO VALUE DEPENDENT ON MARKET CONDITIONS. THE APPRAISER CAN UTILIZE EITHER THE SALES COMPARABLE APPROACH,

EXTRACTION, ALLOCATION APPROACH OR USE THE ASSESSMENT VALUE. THE APPRAISER WILL UTILIZE THE BEST APPROACH AS PER THE

SITUATION.

55,000

60

1925 210 404,250

THE GRM WAS DERIVED FROM THE SALES OF RENTED PROPERTIES IN THE

APPRAISERS DATA BANK AND THE MLS. THIS APPROACH IS LESS INDICATIVE OF MARKET VALUE FOR SINGLE FAMILY PROPERTIES.


IN DEVELOPING A REAL PROPERTY APPRAISAL, WHEN THE VALUE OPINION TO BE DEVELOPED IS MARKET VALUE, AN APPRAISER MUST, IF SUCH

INFORMATION IS AVAILABLE TO THE APPRAISER IN THE NORMAL COURSE OF BUSINESS; (A) ANALYZE ALL AGREEMENTS OF SALE, OPTIONS OR

LISTINGS OF THE SUBJECT PROPERTY CURRENT AS OF THE EFFECTIVE DATE OF THE APPRAISAL; AND (B) ANALYZE ALL SALES OF THE SUBJECT

PROPERTY THAT OCCURRED WITHIN THE THREE (3) YEARS PRIOR TO THE EFFECTIVE DATE OF THE APPRAISAL.

THE SITE/LAND VALUE IS BASED ON SEVERAL

APPROACHES TO VALUE DEPENDENT ON MARKET CONDITIONS. THE APPRAISER CAN UTILIZE EITHER THE SALES COMPARABLE APPROACH,

EXTRACTION, ALLOCATION APPROACH OR USE THE ASSESSMENT VALUE. THE APPRAISER WILL UTILIZE THE BEST APPROACH AS PER THE

SITUATION.

55,000

60

1925 210 404,250

THE GRM WAS DERIVED FROM THE SALES OF RENTED PROPERTIES IN THE

APPRAISERS DATA BANK AND THE MLS. THIS APPROACH IS LESS INDICATIVE OF MARKET VALUE FOR SINGLE FAMILY PROPERTIES.



AD

DIT

ION

AL

CO

MM

EN

TS

CO

ST

AP

PR

OA

CH

INC

OM

EP

UD

IN

FO

RM

AT

ION

COST APPROACH TO VALUE (not required by Fannie Mae)

Provide adequate information for the lender/client 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)

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEWSource of cost data

Quality rating from cost service Effective date of cost dataComments on Cost Approach (gross living area calculations, depreciation, etc.)

OPINION OF SITE VALUE =$DWELLING Sq.Ft. @ $ =$

Sq.Ft. @ $ =$=$

Garage/Carport Sq.Ft. @ $ =$Total Estimate of Cost-New =$

Less Physical Functional ExternalDepreciation =$( )

Depreciated Cost of Improvements =$"As-is" Value of Site Improvements =$

INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (HUD and VA only) Years

INCOME APPROACH TO VALUE (not required by Fannie Mae)

Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income ApproachSummary of Income Approach (including support for market rent and GRM)

PROJECT INFORMATION FOR PUDs (if applicable)

Is the developer/builder in control of the Homeowners’ Association (HOA)? Yes No Unit type(s) Detached AttachedProvide 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.

Legal Name of ProjectTotal number of phases Total number of units Total number of units sold

Total number of units rented Total number of units for sale Data source(s)Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion.

Does the project contain any multi-dwelling units? Yes No Data SourceAre the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.

Are the common elements leased to or by the Homeowners’ Association? Yes No If Yes, describe the rental terms and options.

Describe common elements and recreational facilities.




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 amanufactured 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 intendeduse, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser mayexpand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisalassignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that donot constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser’scontinuing 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 thereporting requirements of this appraisal report form, including the following definition of market value, statement ofassumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visualinspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of thecomparable 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 thesubject 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 openmarket under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assumingthe price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date andthe passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) bothparties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) areasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in termsof financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property soldunaffected 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 arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs arereadily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financingadjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutionallender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanicaldollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market’sreaction to the financing or concessions based on the appraiser’s judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report issubject 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 titleto it, except for information that he or she became aware of during the research involved in performing this appraisal. Theappraiser 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 determinationof 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 anidentified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express orimplied, 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, thepresence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he orshe became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisalreport, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of theproperty (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 suchconditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any suchconditions 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 environmental hazards, this appraisal report must not be considered asan environmental assessment of the property.

6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactorycompletion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property willbe performed in a professional manner.


Form 1004 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEForm 1004 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


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 amanufactured 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 intendeduse, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser mayexpand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisalassignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that donot constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser’scontinuing 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 thereporting requirements of this appraisal report form, including the following definition of market value, statement ofassumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visualinspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of thecomparable 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 thesubject 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 openmarket under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assumingthe price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date andthe passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) bothparties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) areasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in termsof financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property soldunaffected 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 arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs arereadily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financingadjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutionallender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanicaldollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market’sreaction to the financing or concessions based on the appraiser’s judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report issubject 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 titleto it, except for information that he or she became aware of during the research involved in performing this appraisal. Theappraiser 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 determinationof 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 anidentified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express orimplied, 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, thepresence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he orshe became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisalreport, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of theproperty (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 suchconditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any suchconditions 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 environmental hazards, this appraisal report must not be considered asan environmental assessment of the property.

6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactorycompletion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property willbe performed in a professional manner.




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 inthis appraisal report.

2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the conditionof the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect thelivability, soundness, or structural integrity of the property.

3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional AppraisalPractice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were inplace 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 salescomparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approachfor this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not developthem, 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 forsale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subjectproperty 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 priorto 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 thathas 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 subjectproperty 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 inthe 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 listingservices, 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 fromreliable 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, subjectproperty, and the proximity of the subject property to adverse influences in the development of my opinion of market value. Ihave noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of thesubject property or that I became aware of during the research involved in performing this appraisal. I have considered theseadverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value andmarketability of the subject property.

15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements 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, whichare 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 orprospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially orcompletely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, maritalstatus, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of thepresent 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 notconditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) apredetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause ofany party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pendingmortgage loan application).

19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If Irelied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisalor the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in thisappraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to makea change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take noresponsibility for it.

20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization thatordered and will receive this appraisal report.


Form 1004 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEForm 1004 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


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 inthis appraisal report.

2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the conditionof the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect thelivability, soundness, or structural integrity of the property.

3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional AppraisalPractice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were inplace 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 salescomparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approachfor this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not developthem, 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 forsale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subjectproperty 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 priorto 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 thathas 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 subjectproperty 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 inthe 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 listingservices, 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 fromreliable 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, subjectproperty, and the proximity of the subject property to adverse influences in the development of my opinion of market value. Ihave noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of thesubject property or that I became aware of during the research involved in performing this appraisal. I have considered theseadverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value andmarketability of the subject property.

15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements 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, whichare 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 orprospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially orcompletely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, maritalstatus, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of thepresent 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 notconditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) apredetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause ofany party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pendingmortgage loan application).

19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If Irelied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisalor the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in thisappraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to makea change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take noresponsibility for it.

20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization thatordered and will receive this appraisal report.




21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of theborrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; othersecondary 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 toobtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisalreport may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, publicrelations, 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 certainlaws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practicethat 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, mortgageinsurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as partof 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 aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid 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/orcriminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United StatesCode, 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’sanalysis, 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 theappraisal 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 andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.

5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.

APPRAISER

SignatureNameCompany Name

Company Address

Telephone NumberEmail Address

Date of Signature and ReportEffective Date of Appraisal

State Certification #or State License #

or Other (describe) State #StateExpiration Date of Certification or License

ADDRESS OF PROPERTY APPRAISED

APPRAISED VALUE OF SUBJECT PROPERTY $

LENDER/CLIENT

NameCompany NameCompany Address

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)


Company Address


Date of SignatureState Certification #

or State License #State

Expiration Date of Certification or License

SUBJECT PROPERTY

Did not inspect subject propertyDid inspect exterior of subject property from street

Date of InspectionDid inspect interior and exterior of subject propertyDate of Inspection

COMPARABLE SALES

Did not inspect exterior of comparable sales from street

Did inspect exterior of comparable sales from streetDate of Inspection


REAL ESTATE APPRAISERS, INC

LANGHORNE, PA

19053

08/08/2011

8/2/2011

PA

6/30/2011

2022 TRENTON AVENUE


400,000

DEVON, PA

19333



LANGHORNE, PA

19053

08/08/2011

8/2/2011

PA

6/30/2011

2022 TRENTON AVENUE


400,000

DEVON, PA

19333



21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of theborrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; othersecondary 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 toobtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisalreport may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, publicrelations, 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 certainlaws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practicethat 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, mortgageinsurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as partof 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 aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid 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/orcriminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United StatesCode, 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’sanalysis, 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 theappraisal 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 andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.

5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.

APPRAISER


Company Address


Date of Signature and ReportEffective Date of Appraisal

State Certification #or State License #

or Other (describe) State #StateExpiration Date of Certification or License

ADDRESS OF PROPERTY APPRAISED

APPRAISED VALUE OF SUBJECT PROPERTY $

LENDER/CLIENT

NameCompany NameCompany Address

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)


Company Address


Date of SignatureState Certification #

or State License #State

Expiration Date of Certification or License

SUBJECT PROPERTY

Did not inspect subject propertyDid inspect exterior of subject property from street

Date of InspectionDid inspect interior and exterior of subject propertyDate of Inspection

COMPARABLE SALES

Did not inspect exterior of comparable sales from street

Did inspect exterior of comparable sales from streetDate of Inspection




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FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #

Address







ViewDesign (Style)







Porch/Patio/Deck



Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).

ITEM SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #Date of Prior Sale/Transfer

Price of Prior Sale/TransferData Source(s)

Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales

Analysis/Comments

Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005

2022 TRENTON AVENUE


AVERAGE

FEE SIMPLE

1,019 Sq.Ft.

RESIDENTIAL

TWHSE-END

AVERAGE

NEW

NEW

7 4 2

2,141

FULL BSMT

FINISHED

AVERAGE

F/A - C/A

STANDARD

NONE

PATIO

11/17/2010


TREND/MLS/PUB RECS

8/2/2011

1102 NORTH HOWARD STREET


0.89 miles SW

449,000

224.50

MLS/LISTING AGENT


PENDING SALE -4,490

AVERAGE

FEE SIMPLE

884 SQ FT

AVERAGE

TWNHSE- INT +5,000

AVERAGE

NEW

NEW

6 3 2.1 -2,500

2,000 +5,640

FULL BSMT

FINISHED

AVERAGE

F/A - C/A

STANDARD

OFF ST PARK -10,000

ROOF DECK

-6,350

1.4

6.2 442,650

NONE NOTED

NONE NOTED

TREND/MLS/PUB RECS

8/2/2011

1708 TULIP STREET


0.34 miles S

399,000

207.81



ACTIVE LISTING -3,990

AVERAGE

FEE SIMPLE

1,036 SQ FT

RESIDENTIAL

TWNHSE- INT +5,000

AVERAGE

NEW

NEW

6 3 2.1 -2,500

1,920 +8,840

FULL BSMT

FINISHED

AVERAGE

F/A - C/A

STANDARD

OFF ST PARK -10,000

ROOF DECK

-2,650

0.7

7.6 396,350

10/6/2009

489,900

TREND/MLS/PUB RECS

8/2/2011

4 5 6

4 5 6

SEE PAGE 2 OF 6 OF REPORT FOR ANALYSIS OF PRIOR SALE

AND TRANSFER INFORMATION.

COMPARABLE 4 IS A CURRENT PENDING SALE AND COMPARABLE 5 IS AN ACTIVE LISTING IN THE SUBJECT'S MARKET AREA.

THESE PROPERTIES ARE CONSIDERED REASONABLE ALTERNATIVES AND WOULD RECEIVE SIMILAR MARKET ACCEPTANCE AS THE SUBJECT.

THEY ARE PROVIDED AS ADDITIONAL SUPPORT FOR THE OPINION OF VALUE AND INDICATORS OF CURRENT MARKET CONDITIONS. THEY ARE

ADJUSTED FOR ALL PERTINENT DIFFERENCES.

THE LISTINGS ARE ADJUSTED FOR THE MEDIAN DIFFERENCE BETWEEN LAST LISTING PRICE AND FINAL SALE PRICE AS INDICATED BY THE

MARKET.

Form 1004.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

2022 TRENTON AVENUE


AVERAGE

FEE SIMPLE

1,019 Sq.Ft.

RESIDENTIAL

TWHSE-END

AVERAGE

NEW

NEW

7 4 2

2,141

FULL BSMT

FINISHED

AVERAGE

F/A - C/A

STANDARD

NONE

PATIO

11/17/2010


TREND/MLS/PUB RECS

8/2/2011



0.89 miles SW

449,000

224.50

MLS/LISTING AGENT


PENDING SALE -4,490

AVERAGE

FEE SIMPLE

884 SQ FT

AVERAGE

TWNHSE- INT +5,000

AVERAGE

NEW

NEW

6 3 2.1 -2,500

2,000 +5,640

FULL BSMT

FINISHED

AVERAGE

F/A - C/A

STANDARD

OFF ST PARK -10,000

ROOF DECK

-6,350

1.4

6.2 442,650

NONE NOTED

NONE NOTED

TREND/MLS/PUB RECS

8/2/2011

1708 TULIP STREET


0.34 miles S

399,000

207.81



ACTIVE LISTING -3,990

AVERAGE

FEE SIMPLE

1,036 SQ FT

RESIDENTIAL

TWNHSE- INT +5,000

AVERAGE

NEW

NEW

6 3 2.1 -2,500

1,920 +8,840

FULL BSMT

FINISHED

AVERAGE

F/A - C/A

STANDARD

OFF ST PARK -10,000

ROOF DECK

-2,650

0.7

7.6 396,350

10/6/2009

489,900

TREND/MLS/PUB RECS

8/2/2011

4 5 6

4 5 6

SEE PAGE 2 OF 6 OF REPORT FOR ANALYSIS OF PRIOR SALE

AND TRANSFER INFORMATION.

COMPARABLE 4 IS A CURRENT PENDING SALE AND COMPARABLE 5 IS AN ACTIVE LISTING IN THE SUBJECT'S MARKET AREA.

THESE PROPERTIES ARE CONSIDERED REASONABLE ALTERNATIVES AND WOULD RECEIVE SIMILAR MARKET ACCEPTANCE AS THE SUBJECT.

THEY ARE PROVIDED AS ADDITIONAL SUPPORT FOR THE OPINION OF VALUE AND INDICATORS OF CURRENT MARKET CONDITIONS. THEY ARE

ADJUSTED FOR ALL PERTINENT DIFFERENCES.

THE LISTINGS ARE ADJUSTED FOR THE MEDIAN DIFFERENCE BETWEEN LAST LISTING PRICE AND FINAL SALE PRICE AS INDICATED BY THE

MARKET.

Form 1004.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


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FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #

Address







ViewDesign (Style)







Porch/Patio/Deck



Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).

ITEM SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #Date of Prior Sale/Transfer

Price of Prior Sale/TransferData Source(s)

Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales

Analysis/Comments

Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005


Property AddressCity County State Zip Code

File No.Supplemental Addendum

Form TADD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

2022 TRENTON AVENUE

PHILADELPHIA PHILADELPHIA PA 19125

Borrower/Client

Lender


SCOPE OF WORK:THE PURPOSE OF THIS APPRAISAL IS TO DEVELOP AN OPINION OF MARKET VALUE OF THE SUBJECT PROPERTY, AS IMPROVED.THE INTENDED USER OF THIS APPRAISAL REPORT IS THE LENDER/CLIENT. THE INTENDED USE IS TO EVALUATE THE PROPERTYTHAT IS THE SUBJECT OF THIS APPRAISAL FOR A MORTGAGE FINANCE TRANSACTION, SUBJECT TO THE STATED SCOPE OFWORK, PURPOSE OF THE APPRAISAL, REPORTING REQUIREMENTS OF THIS APPRAISAL REPORT FORM, AND DEFINITION OFMARKET VALUE. NO ADDITIONAL INTENDED USERS ARE IDENTIFIED BY THE APPRAISER.

THE APPRAISAL IS NOT A HOME INSPECTION AND THE APPRAISER IS NOT ACTING AS A HOME INSPECTOR WHEN PREPARINGTHIS REPORT.

THIS APPRAISAL REPORT UTILIZES DIGITAL ELECTRONIC SIGNATURE(S) WHICH COMPLIES WITH THE UNIFORM STANDARDS OFPROFESSIONAL APPRAISAL PRACTICE (USPAP) IN "STATEMENT ON APPRAISAL STANDARDS NO. 8 (SMT-8)" AS PROMULGATEDBY THE APPRAISAL STANDARDS BOARD OF THE APPRAISAL FOUNDATION. THIS STATEMENT IS LOCATED ON PAGE 95 OF USPAP2001 UNDER THE HEADING "SIGNED CERTIFICATION" AND READS AS FOLLOWS: "ANY SOFTWARE PROGRAM USED TOTRANSFER A REPORT ELECTRONICALLY MUST PROVIDE, AT MINIMUM, A DIGITAL SIGNATURE SECURITY FEATURE FOR ALLAPPRAISERS SIGNING THE CERTIFICATION IN A REPORT. THE APPRAISER(S) SHOULD ENSURE THAT THE SIGNATURE(S) AREPROTECTED AND THAT ONLY APPRAISER(S) MAINTAIN CONTROL OF THE SIGNATURE. THIS CONTROL MAY BE MAINTAINED BYPASSWORDS (E.G., PIN NUMBERS), HARDWARE DEVICES (E.G., SECURE CARDS), OR OTHER MEANS. ELECTRONICALLY FIXING ASIGNATURE TO A CERTIFICATION IN A REPORT CARRIES THE SAME LEVEL OF AUTHENTICITY AND RESPONSIBILITY AS AN INKSIGNATURE ON PAPER."

DIGITAL PHOTOGRAPHS COMMENT:ALL DIGITAL PHOTOGRAPHS USED IN THIS REPORT HAVE NOT BEEN ALTERED IN ANY WAY. AT TIMES, IT IS NECESSARY, ORMORE APPROPRIATE, TO UTILIZE MLS PHOTOS DUE TO GENERAL PRIVACY ISSUES FROM REPEATED PHOTOGRAPHY(.E.G. THESELLER GAVE PERMISSION TO PHOTOGRAPH THE PROPERTY WHEN LISTED BUT THE BUYER HAS NOT) NO TRESPASSINGNOTICES, BUSY OR DANGEROUS ROADS, OVERGROWN LANDSCAPING, FENCED PROPERTIES AND OTHER OBSTACLES THATWOULD PREVENT OR PROHIBIT A TRUE AND ACCURATE IMAGE.

MAP REFERENCE:THE NUMBER IN THE MAP REFERENCE SECTION IS THE MAP COORDINATES FOR THE SUBJECT PROPERTY. THE REFERENCEMAP USED IS FROM RAND MCNALLY AND IS DISTRIBUTED BY THE TREND MLS AND IS USED BY MEMBERS OF THE SERVICE.THESE REFERENCE NUMBERS ALSO APPEAR ON LISTING PAGES PROVIDED FROM THE SERVICE.

GROSS LIVING AREA:THE SOURCES FOR GROSS LIVING AREA ARE THE BOARD OF REVISION OF TAXES, TREND MLS AND COUNTY PUBLIC ACCESSSYSTEMS. THESE SOURCES ARE NOT ALWAYS CORRECT AS NOTED FROM APPRAISER KNOWLEDGE, DEVELOPERS, AND THEMEASURING OF MANY PROPERTIES. THE APPRAISER'S DATA FILES, SUPPLEMENTED BY REALTORS, HAVE SOMETIMESPROVIDED A MORE ACCURATE DETERMINATION OF GLA. THE APPRAISER HAS DETERMINED THAT INFORMATION DIFFERINGFROM PUBLIC RECORDS IS NECESSARY TO USE SO AS NOT TO SKEW APPRAISAL RESULTS FOR SOME PROPERTIES.

COMPLETE VISUAL INSPECTION:THE TERM "COMPLETE VISUAL INSPECTION", AS USED IN THIS REPORT, IS LIMITED TO THE ACCESSIBLE AREAS OF THEPROPERTY. IT IS NOT THE SAME LEVEL OF INSPECTION THAT IS REQUIRED FOR A "PROFESSIONAL HOME INSPECTION". THEAPPRAISER DOES NOT FULLY INSPECT THE ELECTRICAL, PLUMBING, MECHANICAL, ROOFING AND FOUNDATION SYSTEMS,FLOOR STRUCTURE OR SUB FLOOR. THE APPRAISER DOES NOT REMOVE FURNITURE OR SIMILAR OBSTACLES, LIFT UP DROPCEILINGS, LIFT UP CARPETS OR PHYSICALLY ENTER CRAWL SPACE OR ATTIC SPACE WHEN THEY ARE NOT REASONABLYACCESSIBLE. IF THE CLIENT NEEDS A MORE DETAILED INSPECTION OF THE PROPERTY, A HOME INSPECTION BY APROFESSIONAL HOME INSPECTOR IS RECOMMENDED. NO LIABILITY IS ACCEPTED FOR THE STRUCTURAL OR MECHANICALCONDITION OF THE SUBJECT.

THIS REPORT PRESUMES THAT RADON IS NOT PRESENT IN THE SUBJECT PROPERTY ABOVE 0.02 WORKING LEVELS (4PICOCURIES/LITER) AND, THEREFORE, NO CONSIDERATION HAS BEEN GIVEN TO THE POTENTIAL ADVERSE AFFECT ON THEVALUE OF THE PROPERTY, IF ANY, THAT RADON MIGHT CAUSE.

ALL MECHANICAL SYSTEMS INCLUDING THE HEATING, ELECTRICAL, AND PLUMBING SYSTEMS ARE ON AND APPEAR, UPON AVISUAL INSPECTION, TO BE IN WORKING ORDER. NO WARRANTIES ARE IMPLIED IN THIS STATEMENT.

PERSONAL PROPERTY, IE: FURNITURE, WINDOW TREATMENTS, BUILT-INS, ETC. HAVE NO EFFECT ON THE VALUE OR FUTUREMARKETABILITY OF THE SUBJECT PROPERTY.

NEIGHBORHOOD SECTIONTHE SUBJECT IS SITUATED IN THE FISHTOWN/EAST KENSINGTON AREA OF NORTH CENTRAL PHILADELPHIA. THIS URBANNEIGHBORHOOD IS COMPRISED OF MOSTLY SINGLE FAMILY ROW HOUSES OF VARIOUS SIZES AND AGES WITH SOMECOMMERCIAL USES IN THE AREA. THERE IS EASY ACCESS TO SCHOOLS, SHOPPING, FREEWAY ENTRANCES AND ALL OTHERRESIDENTIAL AMENITIES WHICH FAVOR MARKETABILITY. THE AREA HAS BEEN GENTRIFYING AS NOTED BY INCREASE OFMARKET APPEAL, INCREASE IN HOUSING PRICES, THE REHABBING OF OLDER HOMES AND THE CONSTRUCTION OF NEWHOMES. AS THE NORTHERN LIBERTIES/FISHTOWN BOUNDARIES EXPAND NORTH AND WEST, VACANT LOTS AND SHELLS IN THISPART OF THE MARKET AREA ARE BECOMING IN DEMAND FOR REHABILITATION AND FURTHER REVITALIZATION OF THEIMMEDIATE NEIGHBORHOOD.

MARKET CONDITIONS:RESIDENTIAL REAL ESTATE IS SELLING AT A STEADY THOUGH SLOWER PACE OVER THE LAST 12 MONTH PERIOD WITH ADECREASE OF 11% IN TOTAL SALES IN COMPARISON TO THE PRECEDING 12 MONTH PERIOD. THE MEDIAN SALE PRICE HASDECREASED 12% IN COMPARING THE SAME PERIODS. NO CLEAR TREND IS EVIDENT WITH DATA INDICATING TYPICALCYCLICAL SWINGS THROUGHOUT THE YEAR. SUPPLY APPEARS TO BE SLIGHTLY GREATER THAN DEMAND AS INDICATED WITHTHE CURRENT 8.8 MONTH INVENTORY ACCUMULATION IN THE IMMEDIATE MARKET AREA. REALTORS ARE REPORTING THATFAVORABLE INTEREST RATES AND THE CURRENT SPRING/SUMMER SALE SEASON HAVE TO STIMULATED SOME MARKETACTIVITY. PROPERLY PRICED PROPERTIES ARE SELLING WITHIN 10- 180 DAYS, WITH AN AVERAGE OF 44DAYS ON MARKET.THE MARKETING TIME HAS SEEN A GRADUAL INCREASE WHEN COMPARING THE MEDIAN DAYS ON MARKET FOR THE LAST 12MONTHS TO THE PREVIOUS 12 MONTH PERIOD. THERE ARE SOME SELLER CONCESSIONS NOTED IN THE CURRENT MARKETMOSTLY IN THE FORM OF ASSISTS WITH CLOSING COSTS OR FOR REPAIRS. THE MEDIAN DIFFERENTIAL FROM LAST LIST PRICETO FINAL SALE PRICE IS 96.33% . THE DATA USED IN THIS ANALYSIS IS FOUND IN TREND MLS AND REPRESENTS ALL FEE SIMPLESINGLE FAMILY RESIDENTIAL PROPERTY TYPES IN THE IMMEDIATE MARKET AREA.

THIS DATA USED FOR THIS COMMENT AND THE NEIGHBORHOOD SECTION OF THIS REPORT ENCOMPASS A BROADER SCOPETHAN THE DATA SAMPLE UTILIZED IN THE 1004MC ANALYSIS. THIS DATA COVERED THE ENTIRE SINGLE FAMILY HOUSINGMARKET FOR THE SUBJECT WITHIN ITS MARKET AREA DEFINED IN THE APPRAISAL. THE DATA USED FOR ANALYSIS IN THE1004MC DIFFERS TO THE NEIGHBORHOOD ANALYSIS IN THAT THE DATA SAMPLE ANALYSED INCLUDES ONLY COMPARABLESTO THE SUBJECT AND THE MARKET AREA MAY DIFFER TO INCLUDE COMPARABLES IN COMPETITIVE MARKETS.


File No.Supplemental Addendum

Form TADD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

2022 TRENTON AVENUE


Borrower/Client

Lender


ADDITIONAL COMMENTS ON NEIGHBORHOOD:THE PREDOMINANT VALUE IN THE NEIGHBORHOOD IS LESS THAN THE ESTIMATE OF MARKET VALUE OF THE SUBJECTPROPERTY. THIS IS DUE TO THE SUBJECT'S SIZE, AMENITIES, AND LOCATION WITHIN THE SUBJECT'S MARKETING AREA. THISHAS NO AFFECT ON MARKETABILITY OF THE PROPERTY.

ADDITIONAL COMMENTS ON SALE COMPARISON APPROACH:THE COMPARABLE SELECTED ARE SIMILAR TO THE SUBJECT IN STYLE, QUALITY, AND LOCATION. COMPARABLES 2,4,5 AREINTERIOR TOWNHOUSE UNITS AND ADJUSTED FOR DESIGN(STYLE). COMPARABLES ARE ADJUSTED FOR SIGNIFICANTDIFFERENCE IN GROSS LIVING AREA AT A MARKET INDICATED $40/SF OF DIFFERENCE. COMPARABLES ARE ADJUSTED FOR ALLOTHER PERTINENT DIFFERENCES.

AS NOTED PREVIOUSLY, AN EFFORT WAS MADE TO COMPARE THE SUBJECT PROPERTY WITH THE MOST COMPARABLEPROPERTIES AVAILABLE. THE COMPARABLES SELECTED REPRESENT THE BEST AVAILABLE INFORMATION AT THE TIME OFVALUATION, THE MOST COMPARABLE TO THE SUBJECT OF THOSE REVIEWED, AND AFTER ADJUSTMENTS EACH WERECONSIDERED SUPPORTIVE OF OUR FINAL VALUE ESTIMATE.

FEMA DISASTER COMMENT:THE SUBJECT HAS NOT BEEN DAMAGED, NOR MARKETABILITY AFFECTED BY ANY RECENT STORM OR DISASTER.

COMMENT ON TAXES:AS PER THE BORROWER THE SUBJECT PROPERTY WILL HAVE A TEN-YEAR ABATEMENT FOR NEW CONSTRUCTION IN THE CITYOF PHILADELPHIA. THE PROPERTY WILL BE REASSESSED AT THE END OF THAT PERIOD. THE TAXES NOTED IN THE REPORTARE FOR THE GROUND.

THE SUBJECT PROPERTY WAS VACANT AS OF THE EFFECTIVE DATE OF THIS REPORT. IT IS TO TENANT OCCUPIED.

File No.Market Conditions Addendum to the Appraisal ReportM

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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 City State ZIP Code

BorrowerInstructions: 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 extentit 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 datain 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 would be used by a prospective buyer of thesubject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend

Median Sale & List Price, DOM, Sale/List % Prior 7–12 Months Prior 4–6 Months Current – 3 Months

Total # of Comparable Sales (Settled)

Absorption Rate (Total Sales/Months)Total # of Comparable Active Listings

Months of Housing Supply (Total Listings/Ab.Rate)

Median Comparable Sale PriceMedian Comparable Sales Days on Market

Median Comparable List PriceMedian Comparable Listings Days on Market

Median Sale Price as % of List Price

Increasing Stable Declining

Increasing Stable DecliningDeclining Stable Increasing

Declining Stable IncreasingOverall Trend



Increasing Stable DecliningSeller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining 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, condofees, options, etc.).

Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties).

Cite data sources for above information.

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 and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.

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

Total # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)

Months of Unit Supply (Total Listings/Ab.Rate)Total # of Active Comparable Listings

Increasing Stable DecliningIncreasing Stable Declining

Declining Stable IncreasingDeclining Stable Increasing

Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales offoreclosed properties.

Summarize the above trends and address the impact on the subject unit and project.

SignatureAppraiser Name

Company NameCompany Address

State License/Certification # State

Email Address

SignatureSupervisory Appraiser Name



Email Address

Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009


6

1.00

21

21.0

388,750

79

405,000

170

99.13

4

1.33

19

14.3

399,000

57

399,000

134

96.62

1

0.33

15

45.5

407,000

58

407,000

92

99.8

THERE IS NO RELIABLE SEARCH MECHANISM FOR CONCESSIONS IN OUR MLS. THE DATA THAT IS READILY AVAILABLE IS

NOT RELIABLE AS IT DOESNT ADEQUATELY REFLECT THE MAJORITY OF ALL THE LISTINGS IN THE MARKET AREA AND HAS NOT BEEN VERIFIED

FOR USE (BUY DOWNS, CLOSING COSTS, ETC). THE APPRAISER IS NOT A PARTY TO ALL SALES IN THE NEIGHBORHOOD/MARKET AND CAN

ONLY REPORT PERSONAL EXPERIENCE WHICH HAS BEEN VERIFIED WITH LISTING AGENTS. IT MAY NOT BE REFLECTIVE OF OVERALL TRENDS.

THERE ARE FEW REO SALES AND FORECLOSED PROPERTIES NOTED IN THE MARKET. CURRENTLY, IT IS A SMALL PERCENTAGE OF OVERALL

ACTIVITY AND THEY DO NOT APPEAR TO HAVE AN AFFECT ON TYPICALLY MARKETED PROPERTIES AT THIS TIME. IT IS NOTED THAT BANK

SALES MAY EXTEND THE MARKETING TIME DUE TO THE TIME NEEDED FOR BANK APPROVAL.

DATA WAS OBTAINED FROM TREND MULTIPLE LISTING SERVICE

THE DATA UTILIZED IN THIS REPORT AND THE THE STATISTICAL ANALYSIS COMPLETED IS ONLY AS VALID AS THE INFORMATION SOURCES

AVAILABLE. THE APPRAISER DEEMS THIS INFORMATION TO BE RELIABLE THOUGH CANNOT GUARANTEE ITS ACCURACY 100%. THE NUMBER

OF SALES OF COMPARABLE PROPERTIES WITHIN THE SUBJECT'S MARKET AREA IS TOO SMALL TO BE STATISTICALLY SIGNIFICANTLY. NO

RELIABLE TRENDS CAN BE GLEANED FROM SUCH A SMALL POOL OF SALES. USING THE ABOVE DATA CONTAINED IN THIS ADDENDUM TO CITE

MARKET CONDITIONS WOULD LIKELY BE MISLEADING. DUE TO A LACK OF STATISTICALLY MEANINGFUL DATA, THE APPRAISER HAS PLACED

NO WEIGHT ON BOXES CHECKED IN THE OVERALL TREND SECTION ABOVE. THE MARKET CONDITIONS PARAGRAPH FOUND IN THE TEXT

ADDENDUM SUMMARIZES MARKET CONDITION IN THE SUBJECT'S IMMEDIATE MARKET AREA FOR ALL FEE SIMPLE SINGLE FAMILY

RESIDENTIAL NON-CONDOMINIUM PROPERTIES AND PROVIDES A BROADER LOOK WITH A LARGER DATA SET. SEE TEXT ADDENDUM


LANGHORNE, PA 19053

PA

Form 1004MC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


6

1.00

21

21.0

388,750

79

405,000

170

99.13

4

1.33

19

14.3

399,000

57

399,000

134

96.62

1

0.33

15

45.5

407,000

58

407,000

92

99.8

THERE IS NO RELIABLE SEARCH MECHANISM FOR CONCESSIONS IN OUR MLS. THE DATA THAT IS READILY AVAILABLE IS

NOT RELIABLE AS IT DOESNT ADEQUATELY REFLECT THE MAJORITY OF ALL THE LISTINGS IN THE MARKET AREA AND HAS NOT BEEN VERIFIED

FOR USE (BUY DOWNS, CLOSING COSTS, ETC). THE APPRAISER IS NOT A PARTY TO ALL SALES IN THE NEIGHBORHOOD/MARKET AND CAN

ONLY REPORT PERSONAL EXPERIENCE WHICH HAS BEEN VERIFIED WITH LISTING AGENTS. IT MAY NOT BE REFLECTIVE OF OVERALL TRENDS.

THERE ARE FEW REO SALES AND FORECLOSED PROPERTIES NOTED IN THE MARKET. CURRENTLY, IT IS A SMALL PERCENTAGE OF OVERALL

ACTIVITY AND THEY DO NOT APPEAR TO HAVE AN AFFECT ON TYPICALLY MARKETED PROPERTIES AT THIS TIME. IT IS NOTED THAT BANK

SALES MAY EXTEND THE MARKETING TIME DUE TO THE TIME NEEDED FOR BANK APPROVAL.

DATA WAS OBTAINED FROM TREND MULTIPLE LISTING SERVICE

THE DATA UTILIZED IN THIS REPORT AND THE THE STATISTICAL ANALYSIS COMPLETED IS ONLY AS VALID AS THE INFORMATION SOURCES

AVAILABLE. THE APPRAISER DEEMS THIS INFORMATION TO BE RELIABLE THOUGH CANNOT GUARANTEE ITS ACCURACY 100%. THE NUMBER

OF SALES OF COMPARABLE PROPERTIES WITHIN THE SUBJECT'S MARKET AREA IS TOO SMALL TO BE STATISTICALLY SIGNIFICANTLY. NO

RELIABLE TRENDS CAN BE GLEANED FROM SUCH A SMALL POOL OF SALES. USING THE ABOVE DATA CONTAINED IN THIS ADDENDUM TO CITE

MARKET CONDITIONS WOULD LIKELY BE MISLEADING. DUE TO A LACK OF STATISTICALLY MEANINGFUL DATA, THE APPRAISER HAS PLACED

NO WEIGHT ON BOXES CHECKED IN THE OVERALL TREND SECTION ABOVE. THE MARKET CONDITIONS PARAGRAPH FOUND IN THE TEXT

ADDENDUM SUMMARIZES MARKET CONDITION IN THE SUBJECT'S IMMEDIATE MARKET AREA FOR ALL FEE SIMPLE SINGLE FAMILY

RESIDENTIAL NON-CONDOMINIUM PROPERTIES AND PROVIDES A BROADER LOOK WITH A LARGER DATA SET. SEE TEXT ADDENDUM


LANGHORNE, PA 19053

PA

Form 1004MC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

File No.Market Conditions Addendum to the Appraisal ReportM

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ES

EA

RC

H &

AN

AL

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PR

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TS

AP

PR

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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 City State ZIP Code

BorrowerInstructions: 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 extentit 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 datain 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 would be used by a prospective buyer of thesubject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend

Median Sale & List Price, DOM, Sale/List % Prior 7–12 Months Prior 4–6 Months Current – 3 Months

Total # of Comparable Sales (Settled)

Absorption Rate (Total Sales/Months)Total # of Comparable Active Listings

Months of Housing Supply (Total Listings/Ab.Rate)

Median Comparable Sale PriceMedian Comparable Sales Days on Market

Median Comparable List PriceMedian Comparable Listings Days on Market

Median Sale Price as % of List Price

Increasing Stable Declining


Declining Stable IncreasingOverall Trend



Increasing Stable DecliningSeller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining 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, condofees, options, etc.).

Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties).

Cite data sources for above information.

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 and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.

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

Total # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)

Months of Unit Supply (Total Listings/Ab.Rate)Total # of Active Comparable Listings

Increasing Stable DecliningIncreasing Stable Declining

Declining Stable IncreasingDeclining Stable Increasing

Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales offoreclosed properties.

Summarize the above trends and address the impact on the subject unit and project.

SignatureAppraiser Name



Email Address

SignatureSupervisory Appraiser Name



Email Address

Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009


Operating Income StatementOne- to Four-Family Investment Property and Two- to Four-Family Owner-Occupied Property

Property Address

Street City State Zip Code

General Instructions: This form is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwriter. The applicant mustcomplete the following schedule indicating each unit's rental status, lease expiration date, current rent, market rent, and the responsibility forutility expenses. Rental figures must be based on the rent for an "unfurnished" unit.

CurrentlyRented

Unit No. 1Unit No. 2


Total

YesYes

YesYes

No

No

No

No

ExpirationDate

Current RentPer Month

$$

$$

$

Market RentPer Month

$$

$$

$

Utility Expense

ElectricityGas

Fuel OilFuel (Other)

Water/SewerTrash Removal

PaidBy Owner

PaidBy Tenant

The applicant should complete all of the income and expense projections and for existing properties provide actual year-end operating statements forthe past two years (for new properties the applicant's projected income and expenses must be provided). This Operating Income Statement and anyprevious operating statements the applicant provides must then be sent to the appraiser for review, comment, and/or adjustments next to theapplicant's figures (e.g. Applicant/Appraiser 288/300). If the appraiser is retained to complete the form instead of the applicant, the lender mustprovide to the appraiser the aforementioned operating statements, mortgage insurance premium, HOA dues, leasehold payments, subordinatefinancing, and/or any other relevant information as to the income and expenses of the subject property received from the applicant to substantiate theprojections. The underwriter should carefully review the applicant's/appraiser's projections and the appraiser's comments concerning thoseprojections. The underwriter should make any final adjustments that are necessary to more accurately reflect any income or expense items thatappear unreasonable for the market. (Real estate taxes and insurance on these types of properties are included in PITI and not calculated as anannual expense item) Income should be based on the current rents, but should not exceed market rents. When there are no current rents becausethe property is proposed, new, or currently vacant, market rents should be used.

Annual Income and Expense Projection for Next 12 months

Income (Do not include income for owner-occupied units) By Applicant/AppraiserAdjustments by

Lender's Underwriter

Gross Annual Rental (from unit(s) to be rented) $ $

Other Income (include sources) + +Total $ $

Less Vacancy/Rent Loss – ( %) – ( %)Effective Gross Income $ $

Expenses (Do not include expenses for owner-occupied units)

ElectricityGas

Fuel OilFuel (Type - )


Pest ControlOther Taxes or Licenses

Casual LaborThis includes the costs for public area cleaning, snow removal, etc., even

though the applicant may not elect to contract for such services.

Interior Paint/DecoratingThis includes the costs of contract labor and materials that are required to

maintain the interiors of the living unit.General Repairs/Maintenance

This includes the costs of contract labor and materials that are required tomaintain the public corridors, stairways, roofs, mechanical systems,

grounds, etc.Management Expenses

These are the customer expenses that a professional managementcompany would charge to manage the property.

SuppliesThis includes the costs of items like light bulbs, janitorial supplies, etc.

Total Replacement Reserves - See Schedule on Pg. 2

Miscellaneous

Total Operating Expenses $ $

Freddie MacForm 998 Aug 88

This Form Must Be Reproduced By SellerPage 1 of 2

Fannie MaeForm 216 Aug 88

Form INC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODERE Appraiser


N/A 1,925

1,925

(Market) 23,100

23,100

693 3

22,407

TENANT

TENANT

TENANT

100

100

100

100

397

797

Form INC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODERE Appraiser


N/A 1,925

1,925

(Market) 23,100

23,100

693 3

22,407

TENANT

TENANT

TENANT

100

100

100

100

397

797

Operating Income StatementOne- to Four-Family Investment Property and Two- to Four-Family Owner-Occupied Property

Property Address

Street City State Zip Code

General Instructions: This form is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwriter. The applicant mustcomplete the following schedule indicating each unit's rental status, lease expiration date, current rent, market rent, and the responsibility forutility expenses. Rental figures must be based on the rent for an "unfurnished" unit.

CurrentlyRented



Total

YesYes

YesYes

No

No

No

No

ExpirationDate

Current RentPer Month

$$

$$

$

Market RentPer Month

$$

$$

$

Utility Expense

ElectricityGas

Fuel OilFuel (Other)


PaidBy Owner

PaidBy Tenant

The applicant should complete all of the income and expense projections and for existing properties provide actual year-end operating statements forthe past two years (for new properties the applicant's projected income and expenses must be provided). This Operating Income Statement and anyprevious operating statements the applicant provides must then be sent to the appraiser for review, comment, and/or adjustments next to theapplicant's figures (e.g. Applicant/Appraiser 288/300). If the appraiser is retained to complete the form instead of the applicant, the lender mustprovide to the appraiser the aforementioned operating statements, mortgage insurance premium, HOA dues, leasehold payments, subordinatefinancing, and/or any other relevant information as to the income and expenses of the subject property received from the applicant to substantiate theprojections. The underwriter should carefully review the applicant's/appraiser's projections and the appraiser's comments concerning thoseprojections. The underwriter should make any final adjustments that are necessary to more accurately reflect any income or expense items thatappear unreasonable for the market. (Real estate taxes and insurance on these types of properties are included in PITI and not calculated as anannual expense item) Income should be based on the current rents, but should not exceed market rents. When there are no current rents becausethe property is proposed, new, or currently vacant, market rents should be used.

Annual Income and Expense Projection for Next 12 months

Income (Do not include income for owner-occupied units) By Applicant/AppraiserAdjustments by

Lender's Underwriter

Gross Annual Rental (from unit(s) to be rented) $ $

Other Income (include sources) + +Total $ $

Less Vacancy/Rent Loss – ( %) – ( %)Effective Gross Income $ $

Expenses (Do not include expenses for owner-occupied units)

ElectricityGas

Fuel OilFuel (Type - )


Pest ControlOther Taxes or Licenses

Casual LaborThis includes the costs for public area cleaning, snow removal, etc., even

though the applicant may not elect to contract for such services.

Interior Paint/DecoratingThis includes the costs of contract labor and materials that are required to

maintain the interiors of the living unit.General Repairs/Maintenance

This includes the costs of contract labor and materials that are required tomaintain the public corridors, stairways, roofs, mechanical systems,

grounds, etc.Management Expenses

These are the customer expenses that a professional managementcompany would charge to manage the property.

SuppliesThis includes the costs of items like light bulbs, janitorial supplies, etc.

Total Replacement Reserves - See Schedule on Pg. 2

Miscellaneous

Total Operating Expenses $ $

Freddie MacForm 998 Aug 88

This Form Must Be Reproduced By SellerPage 1 of 2



Replacement Reserve Schedule

Adequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owner's operating statementsor are customary in the local market. This represents the total average yearly reserves. Generally, all equipment and components that havea remaining life of more than one year - such as refrigerators, stoves, clothes washers/dryers, trash compactors, furnaces, roofs, and carpeting,etc. - should be expensed on a replacement cost basis.

Equipment Replacement

Cost

Remaining

Life

By Applicant/

Appraiser

Lender

Adjustments

Stoves/Ranges @ $ ea. ÷ Yrs. x Units = $ $Refrigerators @ $ ea. ÷ Yrs. x Units = $ $

Dishwashers @ $ ea. ÷ Yrs. x Units = $ $A/C Units @ $ ea. ÷ Yrs. x Units = $ $

C. Washer/Dryers @ $ ea. ÷ Yrs. x Units = $ $HW Heaters @ $ ea. ÷ Yrs. x Units = $ $

Furnace(s) @ $ ea. ÷ Yrs. x Units = $ $(Other) @ $ ea. ÷ Yrs. x Units = $ $

Roof @ $ ÷ Yrs. x One Bldg. = $ $

Carpeting (Wall to Wall) RemainingLife

(Units) Total Sq. Yds. @ $ Per Sq. Yd. ÷ Yrs. = $ $

(Public Areas) Total Sq. Yds. @ $ Per Sq. Yd. ÷ Yrs. = $ $

Total Replacement Reserves. (Enter on Pg. 1) $ $

Operating Income Reconciliation

$ – $ = $ ÷ 12 = $

$

Effective Gross Income Total Operating Expenses Operating Income Monthly Operating Income

$ – $ = $Monthly Operating Income Monthly Housing Expense Net Cash Flow

(Note: Monthly Housing Expense includes principal and interest on the mortgage, hazard insurance premiums, real estate taxes, mortgage

insurance premiums, HOA dues, leasehold payments, and subordinate financing payments.)

Underwriter's instructions for 2-4 Family Owner-Occupied Properties

If Monthly Operating Income is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section ofFreddie Mac Form 65/Fannie Mae Form 1003. If Monthly Operating Income is a negative number, it must be included as aliability for qualification purposes.

The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total Monthly Housing Expensefor the subject property to the borrower's stable monthly income.

Underwriter's instructions for 1-4 Family Investment Properties

If Net Cash Flow is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of Freddie MacForm 65/Fannie Mae Form 1003. If Net Cash Flow is a negative number, it must be included as a liability for qualification purposes.

The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total monthly housing expensefor the borrower's primary residence to the borrower's stable monthly income.

Appraiser's Comments (Including sources for data and rationale for the projections)

Appraiser Name Appraiser Signature Date

Underwriter's Comments and Rationale for Adjustments

Underwriter Name Underwriter Signature Date

Freddie MacForm 998 Aug 88 Page 2 of 2


Form INC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

500 10 1 50

450 10 1 45

350 10 1 35

2,500 15 1 167

1,500 15 100

397

22,407 797 21,610 1,801

THE DATA USED IN THIS REPORT WAS GATHERED FROM TREND/MLS, LEASING AGENTS AND THE APPRAISER'S DATA FILE. THE PROJECTIONS

ARE BASED ON MARKET INDICATED DATA FROM THE RENTAL MARKET WITHIN THE SUBJECT'S IMMEDIATE AREA. THE DATA USED IS CONSIDERED

TO OFFER A CONSERVATIVE VIEW OF THE CURRENT EXPENSES AND THE TYPICAL LEASE AGREEMENTS FOUND IN THE MARKET.

08/08/2011

Form INC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

500 10 1 50

450 10 1 45

350 10 1 35

2,500 15 1 167

1,500 15 100

397

22,407 797 21,610 1,801

THE DATA USED IN THIS REPORT WAS GATHERED FROM TREND/MLS, LEASING AGENTS AND THE APPRAISER'S DATA FILE. THE PROJECTIONS

ARE BASED ON MARKET INDICATED DATA FROM THE RENTAL MARKET WITHIN THE SUBJECT'S IMMEDIATE AREA. THE DATA USED IS CONSIDERED

TO OFFER A CONSERVATIVE VIEW OF THE CURRENT EXPENSES AND THE TYPICAL LEASE AGREEMENTS FOUND IN THE MARKET.

08/08/2011

Replacement Reserve Schedule

Adequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owner's operating statementsor are customary in the local market. This represents the total average yearly reserves. Generally, all equipment and components that havea remaining life of more than one year - such as refrigerators, stoves, clothes washers/dryers, trash compactors, furnaces, roofs, and carpeting,etc. - should be expensed on a replacement cost basis.

Equipment Replacement

Cost

Remaining

Life

By Applicant/

Appraiser

Lender

Adjustments

Stoves/Ranges @ $ ea. ÷ Yrs. x Units = $ $Refrigerators @ $ ea. ÷ Yrs. x Units = $ $

Dishwashers @ $ ea. ÷ Yrs. x Units = $ $A/C Units @ $ ea. ÷ Yrs. x Units = $ $

C. Washer/Dryers @ $ ea. ÷ Yrs. x Units = $ $HW Heaters @ $ ea. ÷ Yrs. x Units = $ $

Furnace(s) @ $ ea. ÷ Yrs. x Units = $ $(Other) @ $ ea. ÷ Yrs. x Units = $ $

Roof @ $ ÷ Yrs. x One Bldg. = $ $

Carpeting (Wall to Wall) RemainingLife

(Units) Total Sq. Yds. @ $ Per Sq. Yd. ÷ Yrs. = $ $

(Public Areas) Total Sq. Yds. @ $ Per Sq. Yd. ÷ Yrs. = $ $

Total Replacement Reserves. (Enter on Pg. 1) $ $

Operating Income Reconciliation

$ – $ = $ ÷ 12 = $

$

Effective Gross Income Total Operating Expenses Operating Income Monthly Operating Income

$ – $ = $Monthly Operating Income Monthly Housing Expense Net Cash Flow

(Note: Monthly Housing Expense includes principal and interest on the mortgage, hazard insurance premiums, real estate taxes, mortgage

insurance premiums, HOA dues, leasehold payments, and subordinate financing payments.)

Underwriter's instructions for 2-4 Family Owner-Occupied Properties

If Monthly Operating Income is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section ofFreddie Mac Form 65/Fannie Mae Form 1003. If Monthly Operating Income is a negative number, it must be included as aliability for qualification purposes.

The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total Monthly Housing Expensefor the subject property to the borrower's stable monthly income.

Underwriter's instructions for 1-4 Family Investment Properties

If Net Cash Flow is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of Freddie MacForm 65/Fannie Mae Form 1003. If Net Cash Flow is a negative number, it must be included as a liability for qualification purposes.

The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total monthly housing expensefor the borrower's primary residence to the borrower's stable monthly income.

Appraiser's Comments (Including sources for data and rationale for the projections)

Appraiser Name Appraiser Signature Date

Underwriter's Comments and Rationale for Adjustments

Underwriter Name Underwriter Signature Date

Freddie MacForm 998 Aug 88 Page 2 of 2



SINGLE FAMILY COMPARABLE RENT SCHEDULE

This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. Adjustments should be made only for items of significant

difference between the comparables and the subject property.

ITEM SUBJECT COMPARABLE NO. COMPARABLE NO. COMPARABLE NO.

Address

Proximity to Subject

Date Lease Begins

Date Lease ExpiresMonthy Rental If Currently

$ $ $Rented: $

Less: Utilities $ $ $ $

FurnitureAdjusted

$ $ $ $Monthly Rent

Data Source

RENT ADJUSTMENTS DESCRIPTION DESCRIPTION +( )$ Adjust.– DESCRIPTION +( )$ Adjust.– DESCRIPTION +( )$ Adjust.–

RentConcessions

Location/View

Design and Appeal

Age/Condition

Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsRoom Count

Gross Living Area Sq. Ft. Sq. Ft. Sq. Ft. Sq. Ft.Other (e.g., basement,

etc.)

Other:

Net Adj. (total) + – $ + – $ + – $

Indicated MonthlyMarket Rent $ $ $

Comments on market data, including the range of rents for single family properties, an estimate of vacancy for single family rental properties, the general trend of rents andvacancy, and support for the above adjustments. (Rent concessions should be adjusted to the market, not to the subject property.)

Final Reconciliation of Market Rent:

I (WE) ESTIMATE THE MONTHLY MARKET RENT OF THE SUBJECT AS OF TO BE $

Appraiser(s) SIGNATURE Review Appraiser SIGNATURE

(If applicable)NAME NAME

Freddie Mac Form 1000 (8/88) [Y2K] Fannie Mae Form 1007 (8/88)

Form RNT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

2022 TRENTON AVENUE


N/A

INSPECTION

AVERAGE

RESIDENTIAL

TWHSE-END

AVERAGE

NEW

NEW

7 4 2

2,141

FULL BSMT

FINISHED

ON STREET

PARKING

2101 EAST SUSQUEHANNA AVE


0.09 miles NE

N/A

1,900

1,900

LEASING AGENT

TREND MLS/PUBLIC RECORDS

NONE NOTED

AVERAGE

RESIDENTIAL

TOWNHOUSE

AVERAGE

NEW

NEW

6 3 2

2,000

FULL BSMT

FINISHED

1 CAR GARAGE -150

-150

1,750

1124 EAST OXFORD STREET


0.74 miles S

N/A

2,500

2,500

LEASING AGENT


NONE NOTED

AVERAGE

RESIDENTIAL

TOWNHOUSE

AVERAGE

2 YEARS

GOOD

7 4 3.1 -75

2,200

FULL BSMT

FINISHED

ON STREET

PARKING

-75

2,425

2011 TULIP STREET


0.18 miles SE

N/A

1,950

1,950

LEASING AGENT


NONE NOTED

AVERAGE

RESIDENTIAL

TOWNHOUSE

AVERAGE

5 YEARS

GOOD

7 3 2.1 -25

2,150

FULL BSMT

FINISHED

ON STREET

PARKING

-25

1,925

THE MARKET DATA HAS BEEN

RESEARCHED TO DETERMINE THE MARKET RENTAL FOR THE SUBJECT PROPERTY. THE RANGE OF RENTALS NOTED IN THE AREA FOR

SIMILAR PROPERTIES IS $1500-2500 AND APPEAR TO BE INCREASING. REALTORS AND PROPERTY MANAGERS REPORT AN ADEQUATE

SUPPLY AND DEMAND OF RENTAL UNITS WITH 0-3% VACANCY RATE AND NO RENT CONTROLS NOTED. THE COMPARABLES ARE ADJUSTED

FOR ALL PERTINENT DIFFERENCES AT A MARKET INDICATED VALUE.

THE SUBJECT PROPERTY WAS VACANT AS OF THE EFFECTIVE DATE OF THIS REPORT. NO FUTURE LEASE INFORMATION WAS MADE

AVAILABLE TO THE APPRAISER

THE ESTIMATED RENTALS FOR THE SUBJECT PROPERTY FALL WITHIN THE INDICATED RANGE. THE

ESTIMATED RENTAL APPEAR TO BE FAIR AND EQUITABLE.

8/2 11 1,925

RE Appraiser

20

1 2 3

Form RNT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

2022 TRENTON AVENUE


N/A

INSPECTION

AVERAGE

RESIDENTIAL

TWHSE-END

AVERAGE

NEW

NEW

7 4 2

2,141

FULL BSMT

FINISHED

ON STREET

PARKING

2101 EAST SUSQUEHANNA AVE


0.09 miles NE

N/A

1,900

1,900

LEASING AGENT


NONE NOTED

AVERAGE

RESIDENTIAL

TOWNHOUSE

AVERAGE

NEW

NEW

6 3 2

2,000

FULL BSMT

FINISHED

1 CAR GARAGE -150

-150

1,750

1124 EAST OXFORD STREET


0.74 miles S

N/A

2,500

2,500

LEASING AGENT


NONE NOTED

AVERAGE

RESIDENTIAL

TOWNHOUSE

AVERAGE

2 YEARS

GOOD

7 4 3.1 -75

2,200

FULL BSMT

FINISHED

ON STREET

PARKING

-75

2,425

2011 TULIP STREET


0.18 miles SE

N/A

1,950

1,950

LEASING AGENT


NONE NOTED

AVERAGE

RESIDENTIAL

TOWNHOUSE

AVERAGE

5 YEARS

GOOD

7 3 2.1 -25

2,150

FULL BSMT

FINISHED

ON STREET

PARKING

-25

1,925

THE MARKET DATA HAS BEEN

RESEARCHED TO DETERMINE THE MARKET RENTAL FOR THE SUBJECT PROPERTY. THE RANGE OF RENTALS NOTED IN THE AREA FOR

SIMILAR PROPERTIES IS $1500-2500 AND APPEAR TO BE INCREASING. REALTORS AND PROPERTY MANAGERS REPORT AN ADEQUATE

SUPPLY AND DEMAND OF RENTAL UNITS WITH 0-3% VACANCY RATE AND NO RENT CONTROLS NOTED. THE COMPARABLES ARE ADJUSTED

FOR ALL PERTINENT DIFFERENCES AT A MARKET INDICATED VALUE.

THE SUBJECT PROPERTY WAS VACANT AS OF THE EFFECTIVE DATE OF THIS REPORT. NO FUTURE LEASE INFORMATION WAS MADE

AVAILABLE TO THE APPRAISER

THE ESTIMATED RENTALS FOR THE SUBJECT PROPERTY FALL WITHIN THE INDICATED RANGE. THE

ESTIMATED RENTAL APPEAR TO BE FAIR AND EQUITABLE.

8/2 11 1,925

RE Appraiser

20

1 2 3

SINGLE FAMILY COMPARABLE RENT SCHEDULE

This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. Adjustments should be made only for items of significant

difference between the comparables and the subject property.

ITEM SUBJECT COMPARABLE NO. COMPARABLE NO. COMPARABLE NO.

Address

Proximity to Subject

Date Lease Begins

Date Lease ExpiresMonthy Rental If Currently

$ $ $Rented: $

Less: Utilities $ $ $ $

FurnitureAdjusted

$ $ $ $Monthly Rent

Data Source

RENT ADJUSTMENTS DESCRIPTION DESCRIPTION +( )$ Adjust.– DESCRIPTION +( )$ Adjust.– DESCRIPTION +( )$ Adjust.–

RentConcessions

Location/View

Design and Appeal

Age/Condition

Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsRoom Count

Gross Living Area Sq. Ft. Sq. Ft. Sq. Ft. Sq. Ft.Other (e.g., basement,

etc.)

Other:

Net Adj. (total) + – $ + – $ + – $

Indicated MonthlyMarket Rent $ $ $

Comments on market data, including the range of rents for single family properties, an estimate of vacancy for single family rental properties, the general trend of rents andvacancy, and support for the above adjustments. (Rent concessions should be adjusted to the market, not to the subject property.)

Final Reconciliation of Market Rent:

I (WE) ESTIMATE THE MONTHLY MARKET RENT OF THE SUBJECT AS OF TO BE $

Appraiser(s) SIGNATURE Review Appraiser SIGNATURE

(If applicable)NAME NAME

Freddie Mac Form 1000 (8/88) [Y2K] Fannie Mae Form 1007 (8/88)



Form PIC3x5.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Subject Photo Page

2022 TRENTON AVENUE


Subject Front

Sales PriceGross Living Area

Total RoomsBorrower/Client

LenderLocation

ViewSite

QualityAge

2022 TRENTON AVENUE

2,141

7

4

2

AVERAGE

RESIDENTIAL

1,019 Sq.Ft.

AVERAGE

NEW

Subject Rear

Subject Street

Borrower/Client

Lender

Form PIC3x5.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Subject Photo Page

2022 TRENTON AVENUE


Subject Front

Sales PriceGross Living Area

Total RoomsBorrower/Client

LenderLocation

ViewSite

QualityAge

2022 TRENTON AVENUE

2,141

7

4

2

AVERAGE

RESIDENTIAL

1,019 Sq.Ft.

AVERAGE

NEW

Subject Rear

Subject Street

Borrower/Client

Lender




Form GPIC3X5 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Photograph Addendum

2022 TRENTON AVENUE


EXTERIOR SIDE OF PROPERTY

Borrower/Client

Lender

Form GPIC3X5 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Photograph Addendum

2022 TRENTON AVENUE


EXTERIOR SIDE OF PROPERTY

Borrower/Client

Lender




Form PICINT6_LT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Interior Photos

2022 TRENTON AVENUE


LIVING ROOM KITCHEN

DINING ROOM WASHER/DRYER

BEDROOM BATHROOM

Borrower/Client

Lender


Interior Photos

2022 TRENTON AVENUE


LIVING ROOM KITCHEN

DINING ROOM WASHER/DRYER

BEDROOM BATHROOM

Borrower/Client

Lender





Interior Photos

2022 TRENTON AVENUE


BEDROOM BEDROOM

BATHROOM BEDROOM

FINISHED BASEMENT MECHANICALS

Borrower/Client

Lender


Interior Photos

2022 TRENTON AVENUE


BEDROOM BEDROOM

BATHROOM BEDROOM

FINISHED BASEMENT MECHANICALS

Borrower/Client

Lender




Form MAP.Site — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Site Map

2022 TRENTON AVENUE


Borrower/Client

Lender

Form MAP.Site — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Site Map

2022 TRENTON AVENUE


Borrower/Client

Lender



48.4' 4

8.4' 48.4' 4

8.4'

2'2

'

48.4' 4

8.4'

2'2

'


Form SKT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Building Sketch

2022 TRENTON AVENUE


Borrower/Client

Lender

48.4' 4

8.4' 48.4' 4

8.4'

2'2

'

48.4' 4

8.4'

2'2

'

Form SKT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Building Sketch

2022 TRENTON AVENUE


Borrower/Client

Lender




Form PIC3x5.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Comparable Photo Page

2022 TRENTON AVENUE

2022 TRENTON AVENUE PHILADELPHIA PHILADELPHIA

COMPARABLE1

Prox. to SubjectSales Price

Borrower/ClientLender

Total BedroomsTotal Bathrooms

LocationView

SiteQuality

Age

1712 TULIP STREET

0.34 miles S

449,000

2,160

6

3

2.1

AVERAGE

RESIDENTIAL

1,170 SQ FT

AVERAGE

NEW

COMPARABLE 2


Gross Living AreaTotal Rooms


LocationView

SiteQuality

Age

1710 TULIP STREET

0.34 miles S

424,000

2,160

6

3

2.1

AVERAGE

RESIDENTIAL

1,036 SQ FT

AVERAGE

NEW

COMPARABLE 3




LocationView

SiteQuality

Age


0.51 miles SE

405,000

1,827

7

4

3

AVERAGE

RESIDENTIAL

924 SQ FT

AVERAGE

NEW

Borrower/Client

Lender



2022 TRENTON AVENUE

2022 TRENTON AVENUE PHILADELPHIA PHILADELPHIA

COMPARABLE1




LocationView

SiteQuality

Age

1712 TULIP STREET

0.34 miles S

449,000

2,160

6

3

2.1

AVERAGE

RESIDENTIAL

1,170 SQ FT

AVERAGE

NEW

COMPARABLE 2




LocationView

SiteQuality

Age

1710 TULIP STREET

0.34 miles S

424,000

2,160

6

3

2.1

AVERAGE

RESIDENTIAL

1,036 SQ FT

AVERAGE

NEW

COMPARABLE 3




LocationView

SiteQuality

Age


0.51 miles SE

405,000

1,827

7

4

3

AVERAGE

RESIDENTIAL

924 SQ FT

AVERAGE

NEW

Borrower/Client

Lender






2022 TRENTON AVENUE


COMPARABLE4




LocationView

SiteQuality

Age


0.89 miles SW

449,000

2,000

6

3

2.1

AVERAGE

AVERAGE

884 SQ FT

AVERAGE

NEW

COMPARABLE 5




LocationView

SiteQuality

Age

1708 TULIP STREET

0.34 miles S

399,000

1,920

6

3

2.1

AVERAGE

RESIDENTIAL

1,036 SQ FT

AVERAGE

NEW

COMPARABLE 6




LocationView

SiteQuality

Age

Borrower/Client

Lender



2022 TRENTON AVENUE


COMPARABLE4




LocationView

SiteQuality

Age


0.89 miles SW

449,000

2,000

6

3

2.1

AVERAGE

AVERAGE

884 SQ FT

AVERAGE

NEW

COMPARABLE 5




LocationView

SiteQuality

Age

1708 TULIP STREET

0.34 miles S

399,000

1,920

6

3

2.1

AVERAGE

RESIDENTIAL

1,036 SQ FT

AVERAGE

NEW

COMPARABLE 6




LocationView

SiteQuality

Age

Borrower/Client

Lender




Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Location Map

2022 TRENTON AVENUE


Borrower/Client

Lender

Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Location Map

2022 TRENTON AVENUE


Borrower/Client

Lender



Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEForm SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


Invoice

Date

8/8/2011

Invoice #

Bill To

Devon, PA 19333

Real Estate Appraisers, Inc.

P.O. No. Terms

ASAP

Project

Thank you for your business.

Total

DescriptionQuantity Rate Amount

S/F Investment Property w/Rent Sched & OIS1 425.00 425.00

2022 Trenton Avenue

Philadelphia, PA 19125

Borrower:

$425.00