from: invoice date reference - featured website ayres...lp available well/typical septic/typical...

INVOICEFROM:

Telephone Number: Fax Number:

TO:

Telephone Number: Fax Number:Alternate Number: E-Mail:

INVOICE NUMBER

DATE

REFERENCEInternal Order #:

Lender Case #:

Client File #:

Main File # on form:

Other File # on form:

Federal Tax ID:

Employer ID:

Lender: Client:Purchaser/Borrower:

Property Address:City:

County: State: Zip:Legal Description:

$

DESCRIPTION

FEES AMOUNT

SUBTOTAL

PAYMENTS AMOUNT

Check #: Date: Description:Check #: Date: Description:Check #: Date: Description:

SUBTOTAL

TOTAL DUE

Form NIV5 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEMarcore Appraisals/Annette Marriner

Annette Marriner28703 Adlers Rest LanePrincess Anne, Maryland 21853

410 251-1203

Hebron Savings Bank543C Riverside DriveSalisbury, Md 21801

2011-11-100

11/08/2011

2011-11-100

2011-11-100

Hebron Savings Bank Hebron Savings BankPatricia Reed7116 Ayres Ln RdSnow HillWorcester MD 21863Liber 1177 Folio 238

URAR 325.00

325.00

325.00

Form NIV5 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEMarcore Appraisals/Annette Marriner

Annette Marriner28703 Adlers Rest LanePrincess Anne, Maryland 21853

410 251-1203

Hebron Savings Bank543C Riverside DriveSalisbury, Md 21801

2011-11-100

11/08/2011

2011-11-100

2011-11-100

Hebron Savings Bank Hebron Savings BankPatricia Reed7116 Ayres Ln RdSnow HillWorcester MD 21863Liber 1177 Folio 238

URAR 325.00

325.00

325.00

INVOICEFROM:

Telephone Number: Fax Number:

TO:

Telephone Number: Fax Number:Alternate Number: E-Mail:

INVOICE NUMBER

DATE

REFERENCEInternal Order #:

Lender Case #:

Client File #:

Main File # on form:

Other File # on form:

Federal Tax ID:

Employer ID:

Lender: Client:Purchaser/Borrower:

Property Address:City:

County: State: Zip:Legal Description:

$

DESCRIPTION

FEES AMOUNT

SUBTOTAL

PAYMENTS AMOUNT

Check #: Date: Description:Check #: Date: Description:Check #: Date: Description:

SUBTOTAL

TOTAL DUE

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 CountyLegal DescriptionAssessor's Parcel # Tax Year R.E. Taxes $Neighborhood Name Map Reference Census TractOccupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per monthProperty 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 NoReport 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 RuralBuilt-Up Over 75% 25-75% Under 25%Growth Rapid Stable Slow

One-Unit Housing TrendsProperty Values Increasing Stable DecliningDemand/Supply Shortage In Balance Over SupplyMarketing Time Under 3 mths 3-6 mths Over 6 mths

One-Unit HousingPRICE$ (000)

AGE(yrs)

LowHighPred.

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 DescriptionZoning 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 PrivateStreetAlley

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

General DescriptionUnits One One with Accessory Unit# of StoriesType Det. Att. S-Det./End Unit

Existing Proposed Under Const.Design (Style)Year BuiltEffective Age (Yrs)

FoundationConcrete Slab Crawl SpaceFull Basement Partial Basement

Basement Area sq.ft.Basement Finish %

Outside Entry/Exit Sump PumpEvidence of Infestation

Dampness Settlement

Exterior Description materials/conditionFoundation WallsExterior WallsRoof SurfaceGutters & DownspoutsWindow TypeStorm Sash/InsulatedScreens

Interior materials/conditionFloorsWallsTrim/FinishBath FloorBath Wainscot

Attic NoneDrop Stair StairsFloor ScuttleFinished Heated

Heating FWA HWBB RadiantOther Fuel

Cooling Central Air ConditioningIndividual Other

AmenitiesFireplace(s) #Patio/DeckPool

Woodstove(s) #FencePorchOther

Car Storage NoneDriveway # of Cars

Driveway SurfaceGarage # of CarsCarport # 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 GradeAdditional 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

2011-11-100

7116 Ayres Ln Rd Snow Hill MD 21863Patricia Reed Robert & Patricia Reed Worcester

Liber 1177 Folio 238Map 72 Grid 15 Parcel 112/Acct 02-027771 2011 1,990Snow Hill 72-15-112 9908.00

None

Asset managementHebron Savings Bank 543C Riverside Drive, Salisbury, Md 21801

MLS, listing contract expired

Subject is not under contract

N/A N/A Tax Records

n/a

95900300

110050

40002

58Refer to Narrative Addendum

The subject neighborhood is composed of single family homes and agricultural and poultry farms of varying age, designand amenities

Refer to Narrative Addendum

no survey or plat provided 20.17 ac irregular res/agricultrualAR Agricultural single family residential

lp availablewell/typicalseptic/typical

asphaltnone

C 2400830175C 06/16/1992

1

rancher198615 years

crawlspace

block/avg-gdvinyl/avg-gdshingle/avgyes/yesdbl hung/avgyes/yesyes

carpet,vinyl/avgdrywall/avgwood/avgvinyl/avg-gdfiberglass/avg

bb elec

4

2 +

6 3 2 1,632Refer to narrative addendum

The overall condition of the subject property isconsidered average-good refer to good narrative addendum for further comments

Marcore Appraisals/Annette Marriner

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

2011-11-100

7116 Ayres Ln Rd Snow Hill MD 21863Patricia Reed Robert & Patricia Reed Worcester

Liber 1177 Folio 238Map 72 Grid 15 Parcel 112/Acct 02-027771 2011 1,990Snow Hill 72-15-112 9908.00

None

Asset managementHebron Savings Bank 543C Riverside Drive, Salisbury, Md 21801

MLS, listing contract expired

Subject is not under contract

N/A N/A Tax Records

n/a

95900300

110050

40002

58Refer to Narrative Addendum

The subject neighborhood is composed of single family homes and agricultural and poultry farms of varying age, designand amenities


no survey or plat provided 20.17 ac irregular res/agricultrualAR Agricultural single family residential

lp availablewell/typicalseptic/typical

asphaltnone

C 2400830175C 06/16/1992

1

rancher198615 years

crawlspace

block/avg-gdvinyl/avg-gdshingle/avgyes/yesdbl hung/avgyes/yesyes

carpet,vinyl/avgdrywall/avgwood/avgvinyl/avg-gdfiberglass/avg

bb elec

4

2 +

6 3 2 1,632Refer to narrative addendum

The overall condition of the subject property isconsidered average-good refer to good narrative addendum for further comments

Marcore Appraisals/Annette Marriner



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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 CountyLegal DescriptionAssessor's Parcel # Tax Year R.E. Taxes $Neighborhood Name Map Reference Census TractOccupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per monthProperty 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 NoReport 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 RuralBuilt-Up Over 75% 25-75% Under 25%Growth Rapid Stable Slow

One-Unit Housing TrendsProperty Values Increasing Stable DecliningDemand/Supply Shortage In Balance Over SupplyMarketing Time Under 3 mths 3-6 mths Over 6 mths

One-Unit HousingPRICE$ (000)

AGE(yrs)

LowHighPred.

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 DescriptionZoning 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 PrivateStreetAlley

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

General DescriptionUnits One One with Accessory Unit# of StoriesType Det. Att. S-Det./End Unit

Existing Proposed Under Const.Design (Style)Year BuiltEffective Age (Yrs)

FoundationConcrete Slab Crawl SpaceFull Basement Partial Basement

Basement Area sq.ft.Basement Finish %

Outside Entry/Exit Sump PumpEvidence of Infestation

Dampness Settlement

Exterior Description materials/conditionFoundation WallsExterior WallsRoof SurfaceGutters & DownspoutsWindow TypeStorm Sash/InsulatedScreens

Interior materials/conditionFloorsWallsTrim/FinishBath FloorBath Wainscot

Attic NoneDrop Stair StairsFloor ScuttleFinished Heated

Heating FWA HWBB RadiantOther Fuel

Cooling Central Air ConditioningIndividual Other

AmenitiesFireplace(s) #Patio/DeckPool

Woodstove(s) #FencePorchOther

Car Storage NoneDriveway # of Cars

Driveway SurfaceGarage # of CarsCarport # 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 GradeAdditional 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 #1Main File No. 2011-11-100


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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 # 3Address

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 +(-) $ AdjustmentSales or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionAbove Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. BathsRoom CountGross Living Area sq.ft. sq.ft. sq.ft. sq.ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck

Net Adjustment (Total) + - + - + -$ $ $Adjusted Sale Priceof Comparables $ $ $

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 #3Date of Prior Sale/TransferPrice 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

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.


2011-11-1003 300,000 680,0005 160,000 399,000

7116 Ayres Ln RdSnow Hill, MD 21863

N/A

Snow HillFee Simple20.17 acres/agricultranchermodular/avg-gd25 yearsaverage-gd

6 3 21,632

crawlspacetypicalfwa,bb ele/cactypical2 +none

outbuildings* poultry hs,shedsadd'l dwelling* single wide

No TransfersNo TransfersTax Records11/2011

518 Snow Hill RdStockton, MD 218645.70 miles SW

200,000112.93

MLS 468841Public Records

Convnone known04/27/2011Stockton/infer +20,000Fee Simple16.33 ac +9,600res/agricultcolonialframe/avg 080 years**average +15,000

7 3 21,771 -4,170

crawlspacetypicalhwbb/cactypical2 + car garageporch -2,000poultry hs,shedsnone +12,000

50,43025.231.4 250,430


2359 Klej Grange RdPocomoke City, MD 218515.02 miles W

150,00092.59


Convnone known07/26/2010Pocomoke/sup -10,000Fee Simple5.31 ac +37,000resdoublewidemanufact/avg +10,0006 years -2,000average-good

6 3 21,620 0

crawlspacetypicalfwa/cactypical2 car garagedeck -1,000none +60,000none +12,000

106,00070.788.0 256,000


7870 Scotts Landing RdSnow Hill, MD 218633.68 miles E

399,000249.38


Convnone known03/10/2009Snow HillFee Simple11.35 ac**water view/bay -150,000contempframe/gd -30,0005 years**good -15,000

7 3 21,600 0

PierFoundationtypicalfwa/cactypical2 car garagedecksnone +60,000none +12,000

-123,00030.866.9 276,000


Tax Records

Tax Records

see above for prior transfer of the subject property in the past thirty sixmonths and comparables in the past twelve months.


275,000275,000 276,420

275,000 November 1, 2011


2011-11-1003 300,000 680,0005 160,000 399,000


N/A


6 3 21,632




518 Snow Hill RdStockton, MD 218645.70 miles SW

200,000112.93


Convnone known04/27/2011Stockton/infer +20,000Fee Simple16.33 ac +9,600res/agricultcolonialframe/avg 080 years**average +15,000

7 3 21,771 -4,170

crawlspacetypicalhwbb/cactypical2 + car garageporch -2,000poultry hs,shedsnone +12,000

50,43025.231.4 250,430


2359 Klej Grange RdPocomoke City, MD 218515.02 miles W

150,00092.59


Convnone known07/26/2010Pocomoke/sup -10,000Fee Simple5.31 ac +37,000resdoublewidemanufact/avg +10,0006 years -2,000average-good

6 3 21,620 0

crawlspacetypicalfwa/cactypical2 car garagedeck -1,000none +60,000none +12,000

106,00070.788.0 256,000


7870 Scotts Landing RdSnow Hill, MD 218633.68 miles E

399,000249.38


Convnone known03/10/2009Snow HillFee Simple11.35 ac**water view/bay -150,000contempframe/gd -30,0005 years**good -15,000

7 3 21,600 0

PierFoundationtypicalfwa/cactypical2 car garagedecksnone +60,000none +12,000

-123,00030.866.9 276,000


Tax Records

Tax Records

see above for prior transfer of the subject property in the past thirty sixmonths and comparables in the past twelve months.


275,000275,000 276,420

275,000 November 1, 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 # 3Address






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 #3Date of Prior Sale/TransferPrice 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

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 dataQuality 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) YearsINCOME 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 soldTotal 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.


2011-11-100Clarification of Intended Use and Intended User:The Intended User of this appraisal report is the Lender/Client. The Intended Use is to evaluate theproperty that is the subject of this appraisal for asset management subject to the stated Scope of Work, purpose of the appraisal, reportingrequirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser.

The opinion of the site value is based upon areview of recent similar land sales in the subject's marketing area, and or evaluation of site to total ratios.

Marshall & Swiftavg-gd 2011

90,0001,632 80.00 130,560crawl

manuf home,poultry houses, outbldngs 85,0001,500 22.00 33,000

248,560

62,140 62,140186,420

as includes, manuf home,poultry houses & outbldng276,42045


2011-11-100Clarification of Intended Use and Intended User:The Intended User of this appraisal report is the Lender/Client. The Intended Use is to evaluate theproperty that is the subject of this appraisal for asset management subject to the stated Scope of Work, purpose of the appraisal, reportingrequirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser.

The opinion of the site value is based upon areview of recent similar land sales in the subject's marketing area, and or evaluation of site to total ratios.

Marshall & Swiftavg-gd 2011

90,0001,632 80.00 130,560crawl

manuf home,poultry houses, outbldngs 85,0001,500 22.00 33,000

248,560

62,140 62,140186,420

as includes, manuf home,poultry houses & outbldng276,42045



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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 dataQuality 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) YearsINCOME 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 soldTotal 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.


2011-11-100


2011-11-100



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.


2011-11-100


2011-11-100



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 NameCompany Address

Telephone NumberEmail AddressDate of Signature and ReportEffective Date of AppraisalState Certification #or State License #or Other (describe) State #StateExpiration Date of Certification or License

ADDRESS OF PROPERTY APPRAISED

APPRAISED VALUE OF SUBJECT PROPERTY $LENDER/CLIENTNameCompany NameCompany Address

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)


Telephone NumberEmail AddressDate of SignatureState Certification #or State License #StateExpiration Date of Certification or License

SUBJECT PROPERTY

Did not inspect subject propertyDid inspect exterior of subject property from streetDate of InspectionDid inspect interior and exterior of subject propertyDate of Inspection

COMPARABLE SALES

Did not inspect exterior of comparable sales from streetDid inspect exterior of comparable sales from streetDate of Inspection


2011-11-100

Annette Marriner

28703 Adlers Rest Lane, Princess Anne, Md21853

(410) 251-1203

November 09, 2011November 1, 2011

02-11691

Md02/27/2014


275,000

Hebron Savings Bank543C Riverside Drive, Salisbury, Md 21801


2011-11-100

Annette Marriner

28703 Adlers Rest Lane, Princess Anne, Md21853

(410) 251-1203

November 09, 2011November 1, 2011

02-11691

Md02/27/2014


275,000

Hebron Savings Bank543C Riverside Drive, Salisbury, Md 21801



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


Telephone NumberEmail AddressDate of Signature and ReportEffective Date of AppraisalState Certification #or State License #or Other (describe) State #StateExpiration Date of Certification or License

ADDRESS OF PROPERTY APPRAISED

APPRAISED VALUE OF SUBJECT PROPERTY $LENDER/CLIENTNameCompany NameCompany Address

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)


Telephone NumberEmail AddressDate of SignatureState Certification #or State License #StateExpiration Date of Certification or License

SUBJECT PROPERTY

Did not inspect subject propertyDid inspect exterior of subject property from streetDate of InspectionDid inspect interior and exterior of subject propertyDate of Inspection

COMPARABLE SALES

Did not inspect exterior of comparable sales from streetDid inspect exterior of comparable sales from streetDate of Inspection



Property AddressCity County State Zip Code

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

Subject Photo PagePatricia Reed7116 Ayres Ln RdSnow Hill Worcester MD 21863Hebron Savings Bank

Subject Front

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

7116 Ayres Ln RdN/A1,632632Snow Hillres/agricult20.17 acmodular/avg-gd25 years

Subject Rear

Subject Street

Borrower/Client

Lender

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


Subject Front



Subject Rear

Subject Street

Borrower/Client

Lender




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


Subject Front



Subject Rear

Subject Street

Borrower/Client

Lender

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


Subject Front



Subject Rear

Subject Street

Borrower/Client

Lender




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

Comparable Photo PagePatricia Reed7116 Ayres Ln RdSnow Hill Worcester MD 21863Hebron Savings Bank

Comparable 1

Prox. to SubjectSales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

518 Snow Hill Rd5.70 miles SW200,0001,771732Stockton/inferres/agricult16.33 acframe/avg80 years*

Comparable 2


2359 Klej Grange Rd5.02 miles W150,0001,620632Pocomoke/supres5.31 acmanufact/avg6 years

Comparable 3


7870 Scotts Landing Rd3.68 miles E399,0001,600732Snow Hill*water view/bay11.35 ac*frame/gd5 years*

Borrower/Client

Lender



Comparable 1


518 Snow Hill Rd5.70 miles SW200,0001,771732Stockton/inferres/agricult16.33 acframe/avg80 years*

Comparable 2


2359 Klej Grange Rd5.02 miles W150,0001,620632Pocomoke/supres5.31 acmanufact/avg6 years

Comparable 3


7870 Scotts Landing Rd3.68 miles E399,0001,600732Snow Hill*water view/bay11.35 ac*frame/gd5 years*

Borrower/Client

Lender






Comparable 4


2410 Saint Lukes Road13.13 miles NW182,0002,072742.5Snow Hillres1.9 acframe/avg21 years

Comparable 5


1534 New Bridge Rd11.56 miles SW300,0001,456532Pocomoke/supres/agricult34. acmodular/avg-gd20 years

Comparable 6


Borrower/Client

Lender



Comparable 4


2410 Saint Lukes Road13.13 miles NW182,0002,072742.5Snow Hillres1.9 acframe/avg21 years

Comparable 5


1534 New Bridge Rd11.56 miles SW300,0001,456532Pocomoke/supres/agricult34. acmodular/avg-gd20 years

Comparable 6


Borrower/Client

Lender




Form PICINT6 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Interior PhotosPatricia Reed7116 Ayres Ln RdSnow Hill Worcester MD 21863Hebron Savings Bank

Borrower/Client

Lender

Form PICINT6 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Interior PhotosPatricia Reed7116 Ayres Ln RdSnow Hill Worcester MD 21863Hebron Savings Bank

Borrower/Client

Lender




File No.Supplemental Addendum

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

2011-11-100Patricia Reed7116 Ayres Ln RdSnow Hill Worcester MD 21863Hebron Savings Bank

Borrower/Client

Lender


SCOPE OF WORK (Expanded):

Pursuant to the directions on the prescribed appraisal report form, “The appraiser may expand the scope of work toinclude any additional research or analysis necessary based on the complexity of this appraisal assignment.”Therefore, in addition to the scope of work presented within the attached appraisal report, this document will furtherdescribe the extent and type of information researched and the techniques applied, as well as define or clarifyadditional terminology used in the appraisal report. The intended user, or agent for the intended user, has requestedthe appraiser to evaluate the property, which is the subject of this appraisal report, for asset management. Theappraiser has given consideration to the traditional valuation approaches: the Sales Comparison Approach, the CostApproach and the Income Approach. The applicability of each approach to value must be weighed according to thequalitative and quantitative analysis of available data.

The Sales Comparison Approach is a set of procedures in which a value indication is developed by comparing theproperty being appraised to the most recent sales of similar properties, applying appropriate units of comparison,and making adjustments to the sales prices of the comparables based on the elements of comparison. The SalesComparison Approach may be used to value improved properties, vacant land, or land being considered as thoughvacant. The Sales Comparison Approach best reflects the attitudes of buyers and sellers in today's market place forone-to-four family properties.

The Cost Approach is required when considered to be applicable and necessary to provide a credible opinion ofvalue. The Cost Approach is a set of procedures through which a value indication is derived for the fee simpleinterest in the property by estimating the current reproduction or replacement cost-to-construct the existing structure,deducting accrued depreciation from the reproduction or replacement costs, and adding the estimated land valueplus an entrepreneurial profit. It is necessary to make adjustments for depreciation in the Cost Approach. Theappraiser must estimate the effective age and economic life for the subject property. Effective age is the ageindicated by the condition and utility of a structure and is based on an appraiser’s judgment and interpretation ofmarket perceptions. Economic age is the period of time over which improvements to real property contribute value.The Cost Approach, if developed, is intended to provide support for the Opinion of Market Value and is not intendedto serve any other purpose (e.g. Insurable Value).

The Income Approach is required, when considered to be applicable and necessary to provide a credible opinion ofvalue. Regarding one to four family properties, the appraiser estimates the gross monthly income a property isexpected to generate and capitalizes this income into a value indication using a gross rent multiplier (GRM). AGRM is the relationship or ratio between the sales price or value of the property and its gross monthly income.

The appraiser has completed the appraisal report in compliance with the appraiser’s interpretation of the UniformStandards of Professional Appraisal Practice as promulgated by The Appraisal Foundation.

IMPORTANT: Please read the following very carefully:This appraisal is for no purpose other than property valuation as limited by the scope of the assignment as stated inthis report. The appraisers are neither qualified nor attempting to go beyond that narrow scope. The reader shouldbe aware that there are also inherent limitations to the accuracy of the information and analysis contained in thisappraisal. Before making any decision based on the information and analysis contained in this report, it is criticallyimportant to read this entire section to understand these limitations.

PROPERTY INSPECTIONA “complete visual inspection” includes a walking tour of the property, interior and exterior and viewing all readilyobservable items; observing the floor plan and layout; identifying relevant amenities, evaluating conformity of thesubject with the neighborhood; observing general conditions; assessing functional utility; measuring the house orutilizing other data and information to calculate the living area, and noting any renovations or remodeling that mayhave been done to the property. A “complete visual inspection” does not include observing or viewing any portion ofthe property not readily accessible from a walking tour including full access to attics and/or crawl spaces; activationor operation of all mechanical, electrical, or plumbing equipment or fixtures; any observation or viewing of the roofsurface or structure other than that which is readily viewable from ground level; or activation or testing of any watersystem or sewage or septic tank; walking the entire site if the size and/or topography do not readily allow. Theappraiser is not qualified as an engineer or home inspector and does not represent those services.

GEOGRAPHIC COMPETENCEIn accordance with Certification 11, I further attest to my geographic competence for the market area that is thesubject of this report. This location of the subject property is within an area regularly serviced within my appraisalpractice and I utilize the MLS and other data sources specific to this market area.

"In compliance with the ethics rule of USPAP, I hereby certify that this appraiser has no current or prospectiveinterest in the subject property or parties involved,and has not performed any services regarding the subject propertywithin the 3 year period immediately preceding acceptance of the assignment,as an appraiser or in any othercapacity"

APPRAISAL IS MADE WITH LIMITED DATAAppraisal reports are technical documents addressed to the specific needs of clients. In most cases, appraisals aremade for mortgage companies and/or banks whose use for this report may be wholly different than that of the casualreader. Therefore, the reader should understand that this report was made with a limited amount of data and limitedability to verify certain information. Information was verified when possible through public records, multi-listingservices, real estate agents and exterior inspection. This includes verification that the comparables are actually





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closed sales and the transactions are arms length. No verification technique is one hundred percent accurate but theappraiser has relied upon information as reported and recorded unless better sources prevail.

From time to time, the indicated sizes of comparables shown in available sources such as MLS services or listingsheets appears to be incorrect based on the appraisers professional experience. If the size used in the MLS sheetsdoes not correlate with other known data, the appraiser may use other methods to determine the size ofcomparables. These include assessor's sheets, physical inspection and use of interior room measurements alongwith a multiplier to depict size based on exterior measurements. The deviation of comparable size from publishedsizes only indicates an attempt at higher accuracy in the final report. However, there are many times that the exactsize and features found in comparables cannot be confirmed except by an exterior inspection from the street. Wehave used three or more comparables in this report to eliminate the limited data associated with any singlecomparable. While no factors we believe to be significant but unknown to the client have been knowingly withheld, itis always possible that we have information of significance which may be important to others but which, based onthe original scope of this appraisal for mortgage or other purposes, was not included in the report to the client. Amortgage company or other professional client may not require data that may be important if the report is to be usedfor decision making outside the scope of the report. No decision should be made that is outside the scope of thisreport without first contacting the appraiser in writing for further clarification.

Condition of Materials and Mechanical Systems: The appraisal report requires the appraiser to note the condition ofmaterials or several components of the subject property. The appraiser makes no representations, guarantees orwarranties (express or implied), regarding those materials, their fitness, quality, condition or remaining economic life. An appraiser is not qualified or trained to disclose hidden defects in material or workmanship. The lender/clientshould utilize or at least consider the services of a professional licensed home inspector to evaluate same ifconcerned about the condition of materials of the subject property.

Personal Property: Unless otherwise indicated, the market value arrived at in this appraisal report is for real estateonly and does not include any personal property of any kind. Above ground pools and non-attached items such asfreestanding appliances and window treatments are some examples of personal property. The inclusion of personalproperty in the sale of real estate is common. Although only the real estate is valued in this report, including personalproperty in a sale does not limit the marketability of a house.

Plat of Survey: The appraiser is not a surveyor. In those instances when a survey has been provided to theappraiser or is available from other real property data sources, it has only been relied upon to provide a legaldescription, site and/or building dimensions, apparent encroachments, or apparent easements. The appraiserrenders no opinion and makes no representations, guarantees or warranties, express or implied, regarding theaccuracy of these items as delineated within the survey.

Public Records and Data Services: The appraiser uses a variety of data services such as public and private onlinedatabases which include assessor’s records, county recorders, FEMA flood maps, county websites, local zoningmaps and/or phone confirmations by the appropriate zoning authorities, local MLS information, or any other reliablesources considered typical for the market area. All sources are considered to be reliable sources of data. Whendiscrepancies in the information are found, the appraiser will use the source(s) that is believed to be the mostreliable in this appraisal report. The appraiser will report only the data pertinent to the valuation process. Whenapplicable, the data presented in the Sales Comparison Approach has been verified by more than one source unlessotherwise noted.

Replacement and Reproduction costs: Replacement and reproduction cost estimates used in the Cost Approachare for valuation purposes only. The lender/client should not rely on these estimates for insurance purposes. Thedefinition of “Market Value” contained in this appraisal report is not consistent with the definition of “Insurable Value”.

Sales Contract and Sellers Disclosure Statement: The appraiser is not an attorney. In those instances when asales contract and/or a seller’s disclosure statement have been provided to the appraiser, they have been reliedupon only to verify the contract price and any seller concessions. The appraiser renders no opinion regarding thelegal nature of the sales contract and/or seller’s disclosure statement.

NEIGHBORHOOD BOUNDARIESThe subject is located in an area known as Snow Hill which is within Worcestor County, Maryland. The subjectimmediate neighborhood boundaries are Route 12 to the west, town limits of Snow Hill to the north, Brick Kiln Roadto the east and the communities of Girdletree and Stockton to the south.

The subject property is sitituated on 20 +/- acres , the improvements consist of a 1600 +/- square foot Nanticokemodular home, based upon an exterior and interior inspection it was rated as average-good condition. A single widemanufactured home also is located on the property. At the time of this appraisal the manufactured dwelling wastenant occupied. A exterior inspection of the manufactured home indicated an average to below average condition.According to the owner, the 1980 single wide has 2 bedrooms, 1 bath, living room and kitchen. No interiorinspection was conducted on the manufactured home. The subject also has two 300' x 42' poultry houses, a 90' x50' manure shed, 2 + car garage,105 K generator, numerous other outbuildings, 2 inch and 4 inch wells and 750gallon septic system and concrete pads for the poultry houses. The poultry houses have not been updated withtunnel ventilation and no poultry contracts are in place at this time, based upon limited interior inspection andexterior inspection they appeared to be in good condition. Research revealed an estimate $30,000-$35,000 perpoultry house to update with tunnel ventilation. It is the opinion of your appraiser with the necessary updates thesubject property could be an income producing poultry farm. Your appraiser is not an expert on the necessaryupdates required for growers however, based on conversation with owner and market research it appears that theonly updates that are needed at this time is tunnel ventilation. This property was appraised as a single family





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dwelling with outbuildings since the poultry houses are not operational at this time. Should all updates becompleted, it should increase the value of the subject property. However this would have to be determined by acommerical appraisal on an income producing property.

ComparablesThe gross and net adjustments exceed 15% and 25% respectively, this is primarily due to the necessaryadjustments for poultry houses, outbuildings and single wide manufactured home. No comparables were locatedthat were more similar to the subject property or required less adjustments.

Due to the limited comparables it was necessary to exceed a 5 mile radius for one of the comparable properties, nosales were found closer in proximity or more recent.

Final Summary.The subject property was on the market for $299,000, according to the owner the contract has expired for the listing.

32'

16'16'

32'

60'60'


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

Building SketchPatricia Reed7116 Ayres Ln RdSnow Hill Worcester MD 21863Hebron Savings Bank

Borrower/Client

Lender

32'

16'16'

32'

60'60'

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

Building SketchPatricia Reed7116 Ayres Ln RdSnow Hill Worcester MD 21863Hebron Savings Bank

Borrower/Client

Lender




SALE

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OM

PAR

ISO

N A

PPR

OA

CH

SALE

HIS

TOR

YA

NA

LYSI

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OM

MEN

TS

FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #Address






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/TransferPrice 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

2011-11-100


N/A


6 3 21,632




2410 Saint Lukes RoadSnow Hill, Md13.13 miles NW

182,00087.84


Convnone known01/25/2011Snow HillFee Simple1.9 ac +46,000rescape codframe/avg21 yearsgood -12,500

7 4 2.5 -1,5002,072 -13,200

crawlspacetypicalfwa/cactypicalO.S.P +6,000screen porch -2,000none +60,000none +12,000

94,80052.184.2 276,800


1534 New Bridge RdPocomoke City, MD 2185111.56 miles SW

300,000206.04


ActiveListing -9,000ActivePocomoke/sup -10,000Fee Simple34. ac -33,000res/agricultranchermodular/avg-gd20 yearsaverage-gd

5 3 21,456 +5,280

crawlspacetypicalbb elec/none +4,000typicalcarport +5,000nonegrns hs,outbld +40,000none +12,000

14,2804.839.4 314,280


4 5 6

4 5 6

See Above for prior transfers of the subject property in the past thirty sixmonths and comparables in the past twelve months.

Refer to narrative addendum

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

2011-11-100


N/A


6 3 21,632




2410 Saint Lukes RoadSnow Hill, Md13.13 miles NW

182,00087.84


Convnone known01/25/2011Snow HillFee Simple1.9 ac +46,000rescape codframe/avg21 yearsgood -12,500

7 4 2.5 -1,5002,072 -13,200

crawlspacetypicalfwa/cactypicalO.S.P +6,000screen porch -2,000none +60,000none +12,000

94,80052.184.2 276,800


1534 New Bridge RdPocomoke City, MD 2185111.56 miles SW

300,000206.04


ActiveListing -9,000ActivePocomoke/sup -10,000Fee Simple34. ac -33,000res/agricultranchermodular/avg-gd20 yearsaverage-gd

5 3 21,456 +5,280

crawlspacetypicalbb elec/none +4,000typicalcarport +5,000nonegrns hs,outbld +40,000none +12,000

14,2804.839.4 314,280


4 5 6

4 5 6

See Above for prior transfers of the subject property in the past thirty sixmonths and comparables in the past twelve months.

Refer to narrative addendum

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


SALE

S C

OM

PAR

ISO

N A

PPR

OA

CH

SALE

HIS

TOR

YA

NA

LYSI

S / C

OM

MEN

TS

FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #Address






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/TransferPrice 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



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

Location MapPatricia Reed7116 Ayres Ln RdSnow Hill Worcester MD 21863Hebron Savings Bank

Borrower/Client

Lender

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

Location MapPatricia Reed7116 Ayres Ln RdSnow Hill Worcester MD 21863Hebron Savings Bank

Borrower/Client

Lender



from: invoice date reference - featured website ayres...lp available well/typical septic/typical...

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