uniform residential appraisal...

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

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

0001530

296 Biddle Rd Lincoln VT 05443N/A Tobey, Andrew R. & Carver, Katherine A. Addison

Book 53 Page 355 of the Town Records of Bristol43040123000 2014 8,082Lincoln 4-1-23 9606.00

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Asset ValuationAndrew R. Tobey 296 Biddle Road, Lincoln,VT 05443

Owner & MLS

Town Records

1251,000275

520030

25

75The neighborhood is considered the town of Lincoln

The architectural design of appealing residential dwellings include farmhouses, capes, ranches, colonials, victorians andcustom homes ranges from new to 200 years old. The area is considered moderately built up.The area affords proximity to Burlington, lowerChittenden County & northern Addison County business/consumer services & employment opportunities.

Market activity is slower and the local economy appears stable. Property values appear tohave currently leveled off. Marketing periods are considered ranging from 90-180 days. Financing terms are favorable with interest rates at 3+/-% -4+% with 15-30 years terms and 0-3 point options.

See Plat Plan / Deed 37.2 Ac Irregular Ave-Mtn/WdsOutlying- 5 outlying- 5 acre minimum lot.

LP-privateWellSeptic

GravelNone

C 5000070005B 08/19/1986

1.5

Contemporary197210

87079

Concrete-GdWdClpd-GdAsphaltShingle-GdNoneDblHung-GdInsulated-GdScreensGd

Wd/Carpet/Tile-GdDrywall-GdWood-GdTile-GdTile-Gd

Ranii LP

None

0DK

None

1NoneCPAS

6Gravel

20

6 2 1 2,540Insulated windows & WS

The subject is contemporary style dwelling originallybuilt in 1972 with subsequent additions/improvements including the second floor. The gross living area above is 2540 sf with 2 bedrooms, a bath,dining area, living room, office & a laundry room. The walkout basement contains 2 bedrooms, a bath & a utility room. The parcel also has a 3200sf barn/stable.

Michael Furey Associates

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

0001530

296 Biddle Rd Lincoln VT 05443N/A Tobey, Andrew R. & Carver, Katherine A. Addison

Book 53 Page 355 of the Town Records of Bristol43040123000 2014 8,082Lincoln 4-1-23 9606.00

0 0

Asset ValuationAndrew R. Tobey 296 Biddle Road, Lincoln,VT 05443

Owner & MLS

Town Records

1251,000275

520030

25

75The neighborhood is considered the town of Lincoln

The architectural design of appealing residential dwellings include farmhouses, capes, ranches, colonials, victorians andcustom homes ranges from new to 200 years old. The area is considered moderately built up.The area affords proximity to Burlington, lowerChittenden County & northern Addison County business/consumer services & employment opportunities.

Market activity is slower and the local economy appears stable. Property values appear tohave currently leveled off. Marketing periods are considered ranging from 90-180 days. Financing terms are favorable with interest rates at 3+/-% -4+% with 15-30 years terms and 0-3 point options.

See Plat Plan / Deed 37.2 Ac Irregular Ave-Mtn/WdsOutlying- 5 outlying- 5 acre minimum lot.

LP-privateWellSeptic

GravelNone

C 5000070005B 08/19/1986

1.5

Contemporary197210

87079

Concrete-GdWdClpd-GdAsphaltShingle-GdNoneDblHung-GdInsulated-GdScreensGd

Wd/Carpet/Tile-GdDrywall-GdWood-GdTile-GdTile-Gd

Ranii LP

None

0DK

None

1NoneCPAS

6Gravel

20

6 2 1 2,540Insulated windows & WS

The subject is contemporary style dwelling originallybuilt in 1972 with subsequent additions/improvements including the second floor. The gross living area above is 2540 sf with 2 bedrooms, a bath,dining area, living room, office & a laundry room. The walkout basement contains 2 bedrooms, a bath & a utility room. The parcel also has a 3200sf barn/stable.

Michael Furey Associates



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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

Page #1Main File No. 0001530


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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.


00015304 407,500 439,9005 380,000 500,000

296 Biddle RdLincoln, VT 05443

AverageFee Simple37.2 acAve-Mtn/WdsContemporaryAverage42Ave/Gd

6 2 12,540

870 sf.Ft.668 sf wbthTypicalLPHWBsbd/RaTypical2 Car AttachedCP162/DK290

Amenities(included above) WS/AS204Outbuilding Brn3200Personal property Appliances

03/28/2000

Town Records/owner04/02/2015

156 Coon Club RdMonkton, VT 054698.73 miles NW

460,500316.71

NNEREN#4359683; DOM33Ext Inspect/Records/Appraiser

None08/2014GoodFee Simple34.75 ac 0Ave-Wds/Pas 0ContemporaryGood -20,00020 0Good -15,000

8 3 2 -5,0001,454 +43,500

1454 sf -5,0001413 sf w0.5bth -15,000TypicalLPHWBsbdTypical2 Car AttachedEP280/CP70 -5,000DK250/DS 0Brn1624 +15,000Appliances 0

-6,5001.4

26.8 454,000

05/02/2008

Town Records04/16/2015

1172 Pea Ridge RdVergennes, VT 0549110.67 miles W

440,000181.52

NNEREN#4352926;DOM 162Ext Inspect/Records/Broker

None10/2014AverageFee Simple20.9 ac +30,000Gd-Mtn/Pas -10,000GambelGood -20,00036 0Ave/Gd

11 4 1.5 -2,5002,424 +4,500

1232 sf -5,000225 sf +12,000TypicalOHWBsbdTypical2 Car AttachedSEP416/DK480 -15,000FP/IGP 0Brn900 +15,000Appliances

9,0002.0

25.9 449,000

02/23/1976


1008 Hemenway RdBridport, VT 0573420.60 miles SW

500,000181.88


None06/14AverageFee Simple40.0 ac 0Gd-Mtn/Pas -10,000FarmhouseGood -20,000214 0Good -15,000

8 4 3 -10,0002,749 -8,500

1538 sf -5,000 No finish +15,000TypicalOHWBsbdTypical none +12,000SEP250GH326 -8,000IGP/FP 0Brn1089 +25,000Appliances

-24,5004.9

25.7 475,500

05/18/2004


None in past year for comparables & threeyears for subject.

Town Records

Town Records/Vt Real Estate Sales Data

None in past year for comparables & three years for subject.

Adjustments were considered for location, lot & dwelling size, view, quality, age & condition (combined), andamenities @ their contributory value. Adjustment in dwelling size @ $40 sf (rounded)(no adjustment for less than 50 sf difference) & $5000/bath.Due to limited data line items, net & gross adjustments as well as time & distances may exceed normal guide lines.Comp #1 is considered a timely sale of smaller contemporary style dwelling with large finished walkout lower level/basement on a similar size parcelwith a garage & a barn in a considered superior location with proximity to Burlington, Comp #2 is a timely sale of a smaller gambrel style dwellingwith minor basement finish, a garage & barn on a smaller parcel with mountain views. Comp #3 is considered a timely sale of a larger farmhousestyle dwelling with no basement finish, no garage plus a barn on a similar parcel.Exposure time is 90-180 days for values from $400.000 to $500,000.

460,000460,000

Cost Approach was not applied due to the age of the dwelling & subsequent improvements. Sales Comparison Approach adjustment valuesranged from $449,000 to $475,500 with a mean of $460,000. Income Approach was not considered due to similar single family residences notbeing traded for investment purposes.

Assume all permits & approvalsobtained

460,000 04/02/2015


00015304 407,500 439,9005 380,000 500,000


AverageFee Simple37.2 acAve-Mtn/WdsContemporaryAverage42Ave/Gd

6 2 12,540

870 sf.Ft.668 sf wbthTypicalLPHWBsbd/RaTypical2 Car AttachedCP162/DK290

Amenities(included above) WS/AS204Outbuilding Brn3200Personal property Appliances

03/28/2000

Town Records/owner04/02/2015

156 Coon Club RdMonkton, VT 054698.73 miles NW

460,500316.71

NNEREN#4359683; DOM33Ext Inspect/Records/Appraiser

None08/2014GoodFee Simple34.75 ac 0Ave-Wds/Pas 0ContemporaryGood -20,00020 0Good -15,000

8 3 2 -5,0001,454 +43,500

1454 sf -5,0001413 sf w0.5bth -15,000TypicalLPHWBsbdTypical2 Car AttachedEP280/CP70 -5,000DK250/DS 0Brn1624 +15,000Appliances 0

-6,5001.4

26.8 454,000

05/02/2008


1172 Pea Ridge RdVergennes, VT 0549110.67 miles W

440,000181.52


None10/2014AverageFee Simple20.9 ac +30,000Gd-Mtn/Pas -10,000GambelGood -20,00036 0Ave/Gd

11 4 1.5 -2,5002,424 +4,500

1232 sf -5,000225 sf +12,000TypicalOHWBsbdTypical2 Car AttachedSEP416/DK480 -15,000FP/IGP 0Brn900 +15,000Appliances

9,0002.0

25.9 449,000

02/23/1976


1008 Hemenway RdBridport, VT 0573420.60 miles SW

500,000181.88


None06/14AverageFee Simple40.0 ac 0Gd-Mtn/Pas -10,000FarmhouseGood -20,000214 0Good -15,000

8 4 3 -10,0002,749 -8,500

1538 sf -5,000 No finish +15,000TypicalOHWBsbdTypical none +12,000SEP250GH326 -8,000IGP/FP 0Brn1089 +25,000Appliances

-24,5004.9

25.7 475,500

05/18/2004


None in past year for comparables & threeyears for subject.

Town Records

Town Records/Vt Real Estate Sales Data

None in past year for comparables & three years for subject.

Adjustments were considered for location, lot & dwelling size, view, quality, age & condition (combined), andamenities @ their contributory value. Adjustment in dwelling size @ $40 sf (rounded)(no adjustment for less than 50 sf difference) & $5000/bath.Due to limited data line items, net & gross adjustments as well as time & distances may exceed normal guide lines.Comp #1 is considered a timely sale of smaller contemporary style dwelling with large finished walkout lower level/basement on a similar size parcelwith a garage & a barn in a considered superior location with proximity to Burlington, Comp #2 is a timely sale of a smaller gambrel style dwellingwith minor basement finish, a garage & barn on a smaller parcel with mountain views. Comp #3 is considered a timely sale of a larger farmhousestyle dwelling with no basement finish, no garage plus a barn on a similar parcel.Exposure time is 90-180 days for values from $400.000 to $500,000.

460,000460,000

Cost Approach was not applied due to the age of the dwelling & subsequent improvements. Sales Comparison Approach adjustment valuesranged from $449,000 to $475,500 with a mean of $460,000. Income Approach was not considered due to similar single family residences notbeing traded for investment purposes.

Assume all permits & approvalsobtained

460,000 04/02/2015



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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 $ $ $




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.


00015301) Scope of Work: During the appraisal of the subject property, data was collected, confirmed and reported to the extent required to provide areasonable and reliable basis for the estimate of product reported. The subject neighborhood and influences such as schools, parks, taxes andany detrimental conditions were studied and analyzed, data on site improvements, such as buildings, driveways, landscaping, water/sewer andutilities was collected. The building was visually inspected inside and out. Notes and photographs were taken of the improvements. Tax records,income and expense figures and other data were collected, analyzed and reported. Knowledgeable people were interviewed, concerning thecurrent real estate market and sales of properties like the subject, so the appraiser could gain a working knowledge of the neighborhood andsurrounding areas and how they relate to the subject property, A study of the most recent comparable sales from the neighborhood and othernearby areas was undertaken and the most similar sales data was collected and analyzed. The three most similar sales were adjusted in acomparable sales grid and the most probable value was estimated. All three approaches to value were studied and developed, if they have areliable data base, to meet USPAP requirements. Typically the Cost Approach is only developed if the property is less than 20 years old. TheIncome Approach was only developed for income producing properties.2) This appraisal is intended to comply with FNMA guidelines only.3) The source for the definition of Market Value is found in OCC 12 CRF 34.42(g).4) This report is intended for use only by Andrew R. Tobey for property valuation. The acknowledgement of other parties that often rely on theappraisal report is not meant to expand the list of Intended Users. The intended user of this report is the lender/client only. The intended use isto evaluate the property that is the subject of this appraisal for a mortgage finance transaction subject to the stated scope of work, purpose of theappraisal, reporting requirements of this appraisal report form, and definition of market value. No additional intended users are identified by theappraiser. If other parties choose to rely on this report the appraiser is NOT obligated to such parties becoming an intended user. The intendeduser may rely on the estimate of value found in the report but should not be relying on it to disclose adverse conditions or defects. This is the jobof the home inspector.5) This report is not a home inspection because the appraiser is not qualified to be a home inspector. However, the appraiser did do an interiorand exterior visual inspection of the property. A visual inspection means only those areas that are readily accessible and can easily be seenwithout any extraordinary effort to expose them. If the client is concerned about the construction, existence of hazardous materials or otherdetrimental conditions on or in the property, it is strongly suggested they hire a qualified home inspector, An appraiser only estimates the MarketValue of the property.6) This report was created in adherence to the Appraiser Independence Requirement.7) The appraiser acknowledges that Addison County has been declared a disaster area by FEMA. After the inspection, it wasdetermined by the appraiser that neither the subject property nor the market area were adversely affected by this condition.


00015301) Scope of Work: During the appraisal of the subject property, data was collected, confirmed and reported to the extent required to provide areasonable and reliable basis for the estimate of product reported. The subject neighborhood and influences such as schools, parks, taxes andany detrimental conditions were studied and analyzed, data on site improvements, such as buildings, driveways, landscaping, water/sewer andutilities was collected. The building was visually inspected inside and out. Notes and photographs were taken of the improvements. Tax records,income and expense figures and other data were collected, analyzed and reported. Knowledgeable people were interviewed, concerning thecurrent real estate market and sales of properties like the subject, so the appraiser could gain a working knowledge of the neighborhood andsurrounding areas and how they relate to the subject property, A study of the most recent comparable sales from the neighborhood and othernearby areas was undertaken and the most similar sales data was collected and analyzed. The three most similar sales were adjusted in acomparable sales grid and the most probable value was estimated. All three approaches to value were studied and developed, if they have areliable data base, to meet USPAP requirements. Typically the Cost Approach is only developed if the property is less than 20 years old. TheIncome Approach was only developed for income producing properties.2) This appraisal is intended to comply with FNMA guidelines only.3) The source for the definition of Market Value is found in OCC 12 CRF 34.42(g).4) This report is intended for use only by Andrew R. Tobey for property valuation. The acknowledgement of other parties that often rely on theappraisal report is not meant to expand the list of Intended Users. The intended user of this report is the lender/client only. The intended use isto evaluate the property that is the subject of this appraisal for a mortgage finance transaction subject to the stated scope of work, purpose of theappraisal, reporting requirements of this appraisal report form, and definition of market value. No additional intended users are identified by theappraiser. If other parties choose to rely on this report the appraiser is NOT obligated to such parties becoming an intended user. The intendeduser may rely on the estimate of value found in the report but should not be relying on it to disclose adverse conditions or defects. This is the jobof the home inspector.5) This report is not a home inspection because the appraiser is not qualified to be a home inspector. However, the appraiser did do an interiorand exterior visual inspection of the property. A visual inspection means only those areas that are readily accessible and can easily be seenwithout any extraordinary effort to expose them. If the client is concerned about the construction, existence of hazardous materials or otherdetrimental conditions on or in the property, it is strongly suggested they hire a qualified home inspector, An appraiser only estimates the MarketValue of the property.6) This report was created in adherence to the Appraiser Independence Requirement.7) The appraiser acknowledges that Addison County has been declared a disaster area by FEMA. After the inspection, it wasdetermined by the appraiser that neither the subject property nor the market area were adversely affected by this condition.



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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.


0001530


0001530



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.


0001530


0001530



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


0001530

Michael W. Furey

Michael W. FureyMichael W. Furey Associates

2442 Maple St, Waltham, VT 05491

(802) [email protected]

April 20, 201504/02/2015

080.0000215

VT05/31/2016


460,000

Andrew R. Tobey296 Biddle Road, Lincoln,VT 05443


0001530

Michael W. Furey

Michael W. FureyMichael W. Furey Associates

2442 Maple St, Waltham, VT 05491

(802) [email protected]

April 20, 201504/02/2015

080.0000215

VT05/31/2016


460,000

Andrew R. Tobey296 Biddle Road, Lincoln,VT 05443



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

File No.Supplemental Addendum

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

0001530N/A296 Biddle RdLincoln Addison VT 05443Andrew R. Tobey

Borrower/Client

Lender


COMMENTS ON SALES COMPARISON ANALYSIS

Proximity - Normal guidelines of sales may be exceeded in Addison County due to the low to moderate density of housingdevelopment. All attempts were used to provide sales that represented comparable market areas.

Sales Data Information - Sales data adjustments are considered for financing/concessions, sale/resale and time of sale. Timeadjustments are considered providing the comparable sales exceed six months and the adjustment can be supported.

Location - Adjustments are determined based upon desirability which include among others employment opportunities,educational facilities, business/consumer services and recreational amenities. Normally adjustments are considered at 5%increments of sale price.

Site - Adjustments consider the characteristics of the site including topography, view, access/frontage and utilities at theircontributory value.

Design - Adjustments are considered as a percent of the net improvement value based upon the quality of construction asmore specifically defined in the Marshall Swift Valuation System.

Age - Effective age is adjusted as a percent of the net improvement value based upon the depreciated value indicated by thecondition and the utility of the dwelling/structure and its components

Condition - Cosmetic appearance is influenced by the degree of wear and tear and maintenance and is adjusted as a percentof the net improvement value.

Room Count - Adjustments are considered for less than two bedrooms due to market desirability. Bath adjustments areconsidered based upon quantity and quality of the bath plumbing fixtures.

Gross Living Area - Adjustments are considered based upon the contributory value of the difference in dwelling size betweenthe subject and comparable sale. Better quality, newer dwellings reflect higher square foot size adjustments; lesser quality,older dwellings reflect lower square foot adjustments. These adjustments are normally applied uniformly; however, largeadjustment variances may require additional adjustment.

Basement - Adjustments are considered for market acceptance of the utilization based upon size, degree of finish, access,baths and exposure to natural light.

Garage/ Auto Storage - Adjustments are considered based upon their contributory value.

Amenities - Adjustments are considered based upon their contributory value.

Due to the limited data available in the general marketplace of Addison County, appraisal assignments may be consideredcomplex. Individual, net and gross adjustments may exceed normal guidelines.


File No.USPAP Certification

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

0001530N/A296 Biddle RdLincoln Addison VT 05443Andrew R. Tobey

Borrower/Client

Lender

APPRAISER CERTIFICATION

I CERTIFY THAT, TO THE BEST OF OUR KNOWLEDGE AND BELIEF:

The statements of fact contained in this report are true and correct.

The reported analyses, opinions and conclusions are limited only by the reported assumptions and limitingconditions, and are our personal, impartial, and unbiased professional analyses,opinions and conclusions.

I have no present or prospective interest in the property that is the subject of this report, and we have nopersonal interest with respect to the parties involved.

I performed no services, as an appraiser or in any other capacity, regarding the property that is the subjectof this report within the three year period immediately preceding acceptance of thisassignment.

I have no bias with respect to the property that is the subject of this report or to the parties involved withthis assignment.

My engagement in this assignment was not contingent upon developing or reporting predetermined results.

My compensation for completing this assignment is not contingent upon the development or reporting of apredetermined value or direction in value or direction in value that favors the causeof the client, the amount of the value opinion, the attainment of a stipulated result, orthe occurrence of a subsequent event directly related to the intended use of thisappraisal.

My analyses, opinions, and conclusions were developed, and this report has been prepared in conformitywith the Uniform Standards of Professional Appraisal Practice.

I have made a personal inspection of the property that is the subject of this report.

No one provided significant real property appraisal assistance to the person signing this certification.

The reported analyses, opinions and conclusions were developed, and this report has been prepared inconformity with the Code of Professional Ethics and the Standards of theProfessional Appraisal Practice of The Appraisal Institute, as well as the UniformStandards of Professional Appraisal Practice of the Appraisal Institute.

The use of this report is subject to the requirements of The Appraisal Institute relating to review by its dulyauthorized representatives.

As of the date of this report, I, Michael W. Furey. have completed the Standards and Ethics EducationRequirement of the Appraisal Institute for Associate members.

Michael W. FureyCertified General AppraiserVT License 080-0000215


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

Subject Photo PageN/A296 Biddle RdLincoln Addison VT 05443Andrew R. Tobey

Subject Front

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

296 Biddle Rd

2,540621AverageAve-Mtn/Wds37.2 acAverage42

Subject Rear

Subject Street

Borrower/Client

Lender



Subject Front


296 Biddle Rd


Subject Rear

Subject Street

Borrower/Client

Lender






Subject Barn


296 Biddle Rd


Borrower/Client

Lender



Subject Barn


296 Biddle Rd


Borrower/Client

Lender




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

Subject Interior Photo PageN/A296 Biddle RdLincoln Addison VT 05443Andrew R. Tobey

Subject Living Room


296 Biddle Rd


Subject Kitchen

Subject Laundry

Borrower/Client

Lender



Subject Living Room


296 Biddle Rd


Subject Kitchen

Subject Laundry

Borrower/Client

Lender






Subject Office


296 Biddle Rd


Subject Bath

Subject Interior

Borrower/Client

Lender



Subject Office


296 Biddle Rd


Subject Bath

Subject Interior

Borrower/Client

Lender






Subject Bath- Basement


296 Biddle Rd


Subject Bedroom-Basement

Borrower/Client

Lender



Subject Bath- Basement


296 Biddle Rd


Subject Bedroom-Basement

Borrower/Client

Lender




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

Comparable Photo PageN/A296 Biddle RdLincoln Addison VT 05443Andrew R. Tobey

Comparable 1

Prox. to SubjectSale PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

156 Coon Club Rd8.73 miles NW460,5001,454832GoodAve-Wds/Pas34.75 acGood20

Comparable 2


1172 Pea Ridge Rd10.67 miles W440,0002,4241141.5AverageGd-Mtn/Pas20.9 acGood36

Comparable 3


1008 Hemenway Rd20.60 miles SW500,0002,749843AverageGd-Mtn/Pas40.0 acGood214

Borrower/Client

Lender

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

Comparable Photo PageN/A296 Biddle RdLincoln Addison VT 05443Andrew R. Tobey

Comparable 1


156 Coon Club Rd8.73 miles NW460,5001,454832GoodAve-Wds/Pas34.75 acGood20

Comparable 2


1172 Pea Ridge Rd10.67 miles W440,0002,4241141.5AverageGd-Mtn/Pas20.9 acGood36

Comparable 3


1008 Hemenway Rd20.60 miles SW500,0002,749843AverageGd-Mtn/Pas40.0 acGood214

Borrower/Client

Lender




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

Comparable Sales MapN/A296 Biddle RdLincoln Addison VT 05443Andrew R. Tobey

Borrower/Client

Lender


Comparable Sales MapN/A296 Biddle RdLincoln Addison VT 05443Andrew R. Tobey

Borrower/Client

Lender




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

Plat MapN/A296 Biddle RdLincoln Addison VT 05443Andrew R. Tobey

Borrower/Client

Lender

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

Plat MapN/A296 Biddle RdLincoln Addison VT 05443Andrew R. Tobey

Borrower/Client

Lender





Location MapN/A296 Biddle RdLincoln Addison VT 05443Andrew R. Tobey

Borrower/Client

Lender


Location MapN/A296 Biddle RdLincoln Addison VT 05443Andrew R. Tobey

Borrower/Client

Lender




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

Flood MapN/A296 Biddle RdLincoln Addison VT 05443Andrew R. Tobey

Borrower/Client

Lender

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

Flood MapN/A296 Biddle RdLincoln Addison VT 05443Andrew R. Tobey

Borrower/Client

Lender




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

Building SketchN/A296 Biddle RdLincoln Addison VT 05443Andrew R. Tobey

Borrower/Client

Lender

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

Building SketchN/A296 Biddle RdLincoln Addison VT 05443Andrew R. Tobey

Borrower/Client

Lender




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

Deed page 1N/A296 Biddle RdLincoln Addison VT 05443Andrew R. Tobey

Borrower/Client

Lender



Borrower/Client

Lender






Borrower/Client

Lender



Borrower/Client

Lender



File No.

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditionsrequisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in thisdefinition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller aretypically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowedfor exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the pricerepresents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated withthe sale. (Source: FDIC Interagency Appraisal and Evaluation Guidelines, October 27, 1994.)

* Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessaryfor those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiablesince the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to thecomparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in theproperty or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concessionbut the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on theappraiser's judgement.

STATEMENT OF LIMITING CONDITIONS AND CERTIFICATION

CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes thatthe title is good and marketable and, therefore, will not render any opinions about the title. The property is valued on the basis of it being under responsibleownership.

2. Any sketch provided in the appraisal report may show approximate dimensions of the improvements and is included only to assist the reader of the report in visualizingthe property. The appraiser has made no survey of the property.

3. 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 doso have been made beforehand, or as otherwise required by law.

4. Any distribution of valuation between land and improvements in the report applies only under the existing program of utilization. These separate valuations of theland and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used.

5. The appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous waste,toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties,express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering ortesting that might be required to discover whether such conditions exist. This appraisal report must not be considered an environmental assessment of the subject property.

6. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to bereliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by otherparties.

7. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice,and any applicable federal, state or local laws.

8. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, oralterations on the assumption that completion of the improvements will be performed in a workmanlike manner.

9. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report(including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisalorganizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgageinsurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentalityof the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to datacollection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must alsobe obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.

10. The appraiser is not an employee of the company or individual(s) ordering this report and compensation is not contingent upon the reporting of a predeterminedvalue or direction of value or upon an action or event resulting from the analysis, opinions, conclusions, or the use of this report. This assignment is notbased on a required minimum, specific valuation, or the approval of a loan.

Page 1 of 2

0001530

Form ACR2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

0001530


File No.

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditionsrequisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in thisdefinition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller aretypically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowedfor exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the pricerepresents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated withthe sale. (Source: FDIC Interagency Appraisal and Evaluation Guidelines, October 27, 1994.)

* Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessaryfor those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiablesince the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to thecomparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in theproperty or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concessionbut the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on theappraiser's judgement.

STATEMENT OF LIMITING CONDITIONS AND CERTIFICATION

CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes thatthe title is good and marketable and, therefore, will not render any opinions about the title. The property is valued on the basis of it being under responsibleownership.

2. Any sketch provided in the appraisal report may show approximate dimensions of the improvements and is included only to assist the reader of the report in visualizingthe property. The appraiser has made no survey of the property.

3. 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 doso have been made beforehand, or as otherwise required by law.

4. Any distribution of valuation between land and improvements in the report applies only under the existing program of utilization. These separate valuations of theland and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used.

5. The appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous waste,toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties,express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering ortesting that might be required to discover whether such conditions exist. This appraisal report must not be considered an environmental assessment of the subject property.

6. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to bereliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by otherparties.

7. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice,and any applicable federal, state or local laws.

8. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, oralterations on the assumption that completion of the improvements will be performed in a workmanlike manner.

9. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report(including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisalorganizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgageinsurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentalityof the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to datacollection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must alsobe obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.

10. The appraiser is not an employee of the company or individual(s) ordering this report and compensation is not contingent upon the reporting of a predeterminedvalue or direction of value or upon an action or event resulting from the analysis, opinions, conclusions, or the use of this report. This assignment is notbased on a required minimum, specific valuation, or the approval of a loan.

Page 1 of 2


File No.

CERTIFICATION: The appraiser certifies and agrees that:

1. The statements of fact contained in this report are true and correct.

2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartialand unbiased professional analyses, opinions, and conclusions.

3. Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interestinterest with respect to the parties involved.

4. Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subjectof this report within the three-year period immediately preceding acceptance of this assignment.

5. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment.

6. My engagement in this assignment was not contingent upon developing or reporting predetermined results.

7. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in valuethat favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent eventdirectly related to the intended use of this appraisal.

8. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of ProfessionalAppraisal Practice that were in effect at the time this report was prepared.

9. Unless otherwise indicated, I have made a personal inspection of the interior and exterior areas of the property that is the subject of this report,and the exteriors of all properties listed as comparables.

10. Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there areexceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report).

ADDRESS OF PROPERTY ANALYZED:

APPRAISER:

Signature:Name:

State Certification #:or State License #:State: Expiration Date of Certification or License:Date Signed:

SUPERVISORY or CO-APPRAISER (if applicable):

Signature:Name:


Did Did Not Inspect PropertyPage 2 of 2

0001530

296 Biddle Rd, Lincoln, VT 05443

Michael W. FureyTitle:

080.0000215

VT 05/31/2016April 20, 2015

Title:


0001530

296 Biddle Rd, Lincoln, VT 05443

Michael W. FureyTitle:

080.0000215

VT 05/31/2016April 20, 2015

Title:


File No.

CERTIFICATION: The appraiser certifies and agrees that:

1. The statements of fact contained in this report are true and correct.

2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartialand unbiased professional analyses, opinions, and conclusions.

3. Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interestinterest with respect to the parties involved.

4. Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subjectof this report within the three-year period immediately preceding acceptance of this assignment.

5. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment.

6. My engagement in this assignment was not contingent upon developing or reporting predetermined results.

7. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in valuethat favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent eventdirectly related to the intended use of this appraisal.

8. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of ProfessionalAppraisal Practice that were in effect at the time this report was prepared.

9. Unless otherwise indicated, I have made a personal inspection of the interior and exterior areas of the property that is the subject of this report,and the exteriors of all properties listed as comparables.

10. Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there areexceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report).

ADDRESS OF PROPERTY ANALYZED:

APPRAISER:

Signature:Name:


SUPERVISORY or CO-APPRAISER (if applicable):

Signature:Name:


Did Did Not Inspect PropertyPage 2 of 2


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-ALAMODEMichael Furey Associates

Michael W. FureyMichael Furey Associates2442 Maple StreetWaltham, VT 05491

Tobey, Andrew R.

,

0001530

04/20/2015

0001530

0001530

Andrew R. Tobey Tobey, Andrew R.N/A296 Biddle RdLincolnAddison VT 05443Book 53 Page 355 of the Town Records of Bristol

Real Estate Appraisal 450.00

450.00

04/01/2015 Paid by Andrew R. Tobey 450.00

450.00

0

Form NIV5 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEMichael Furey Associates

Michael W. FureyMichael Furey Associates2442 Maple StreetWaltham, VT 05491

Tobey, Andrew R.

,

0001530

04/20/2015

0001530

0001530

Andrew R. Tobey Tobey, Andrew R.N/A296 Biddle RdLincolnAddison VT 05443Book 53 Page 355 of the Town Records of Bristol

Real Estate Appraisal 450.00

450.00

04/01/2015 Paid by Andrew R. Tobey 450.00

450.00

0

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...

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