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Home My WebLink About20072223.tiff a CLERK TO THE BOARD 1 PHONE (970) 356-4000 EXT 4226 FAX: (970) 352-0242 915 10TH STREET ip P.O. BOX 758 GREELEY, COLORADO 80632 C. COLORADO August 1, 2007 FRISCHKNECHT ANTHONY J 138 BONANZA DR ERIE CO 80516 Account No.: R1293102 Dear Petitioner: The Weld County Board of Equalization("CBOE"),pursuant to Colorado law, has authority to hear petitions for appeal from persons whose objections to or protests of excessive,erroneous,or illegal valuation have been refused or denied by the County Assessor. However, for tax year 2007,the County Board of Equalization may hear only those matters which were received by the CBOE, or postmarked on or before July 16, 2007, for real property, or July 20, 2007, for personal property. Your petition was not timely received; and the postmark indicates that it was mailed after the deadline. Therefore,the County Board of Equalization does not have jurisdiction to hear your appeal and thus, your petition is dismissed. Very truly yours, BOARD OF EQUALIZATION La Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor 2007-2223 AS0067 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. ////a ERI GV L1 BLK3 GRANDVIEW 138 GREELEY,CO 80631 . t\ BONANZA DR ERIE 000000000 PHONE(970)353-3845,EXT.3650 www.co.weld.co.us OWNER: FRISCHKNECHT ANTHONY J COLORADO FRISCHKNECHT ANTHONY J LOG 3700 138 BONANZA DR PARCEL 146719103001 ACCOUNT 4671110 ERIE, CO 80516 YEAR 2007 The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): Oil and gas leaseholds and lands - The property is assessed at 87 . 5% of the gross value of the oil and/or gas sold or transported from the premises on primary production; secondary production is assessed at 75% . If your concern is the amount of your property tax,local taxing authorities(county,city,fire protection,and other special districts)hold budget hearings in the fall. Please refer to your tax bill or ask your Assessor for a listing of these districts,and plan to attend these budget hearings. The Assessor has carefully studied all available information,giving particular attention to the specifics included on your protest,and has determined the valuation(s)assigned to your property. The reasons for this determination of value are: Your property has been uniformly valued following Colorado law and instructions published by the State Division of Property Taxation. Your protest of value has been denied due to comparison of other similar properties which sold during the 2005/2006 time period. This comparison shows your actual property value to be correct for that period. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW RESIDENTIAL 276481 276481 TOTALS $ $ 276481 $ 276481 APPEAL DEADLINES: REAL PROPERTY-JULY 16,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8-1O6(1)(a),C.R.S. TO PRESERVE YOUR APPEAL RIGHTS,YOU MAY BE REQUIRED TO PROVE THAT YOU FILED A TIMELY APPEAL; THEREFORE,WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF OF MAILING. 06/27/2007 By: Christopher M.Woodruff WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE 2007-2223 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July 2 and continuing through August 3 for real property (land and buildings) and personal property(furnishings, machinery, and equipment). § 39-8-104 and § 39- 8-107(2), C.R.S. APPEAL PRCItCIED S If you choose to appeal the Assessor' s decision, mail or deliver one copy of this completed form to the County Board of Equalization. To preserve your right to appeal,your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 16 FOR REAL PROPERTY, AND JULY 20 FOR PERSONAL PROPERTY. - WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970) 356-4000 Ext. 4225 NOW:WATIQP-O/11414INQ You will be notified of the time and place set for the hearing of your appeal. COVN`t' AL! ATION' JETERMINA'TION The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 3. TAXPAYEkRI P.TIR'1R`APPEAL& If you are not satisfied ie with die County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone (303) 866-5880 www.dola.colorado.gov/baa District Court: 9th Avenue and 9th Street, P.O. Box C Greeley, Colorado 80632 Telephone (970) 356-4000, Ext. 4520 Arbitration: WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970) 356-4000, Ext. 4225 If you do not receive a determination from the County Board of Equalization, contact the county board. If the county board is not going to mail a decision, you must file an appeal with the Board of Assessment Appeals by September 10th. TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILED A TIMELY APPEAL; THEREFORE, WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF OF MAILING. PETITION TO THE COUNTY BOARD OF EQUALIZATION In the space below,please explain why you disagree with the Assessor' s valuation. IN ACCORDANCE WITH § 39-8-106(1.5), C.R.S., IF YOUR APPEAL INVOLVES REAL PROPERTY, YOU MUST STATE YOUR OPINION OF V'°'IpUE TERMS OA A SPECIFIC/HOLLAIZ AMOUNT. Attach ad documents as necessary. P1051 R 11 ilee (- - K P.POY YL 5 49,426700o NOD 207 62 87/07 File No.Landsafe#6305641 Pace#1 5 �. ♦b �� t " ,V �� "RiSx� $*S��`ri v. � . r1.:, .Pr�ita '. ,.".0;' l9 4 sa .'V't.' � ,� rV III 11. 4 V +.'J I, iVi s "- ees r a 14, Si �itkl^ S, �. 1 4 -, 1 4..4'41„'4' 4 I I Cli. r04, y ; °5i ;lfi.ii k It t 1 , ,, APPRAISAL OF REAL PROPERTY 3 44 , kk4.. LOCATED AT: ' _ `' 138 Bonanza Drive q.• '4„ ^` Lot 1,Block 3, Grandview Subdivision , . :. Erie,CO 80516 1zi 43 4.w FOR: CMV LLC-DBA Group Guaranteed Mortgage 5401 Stone Creek Circle, Suite 202,tn 1 Loveland CO 80538 ,fir'< t -.14, ' 6S. f� , AS OF: Ner •:nr November 27,2006 lelL ' ''' ' R Randall Reilly,SRA Reilly Appraisal Service AR 3307 S.College Avenue,Suite#215 .,,k Fort Collins, CO 80525 ;' ` ,}xn �4 .,,,s "�.. a . . ?. �.,. r �. T..'"' Randall Reilly Appraisal Service Form GA2—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE • Borrower/Client Anthony J. Frischknecht File No. Landsafe#6305641 Property Address 138 Bonanza Drive City Erie County Weld State CO Zip Code 80516 Lender CMV LLC-DBA Group Guaranteed Mortgage TABLE OF CONTENTS Cover Page 1 Summary of Salient Features 2 USPAP Identification 3 URAR 4 Additional Comparables 4-6 10 Multi-Purpose Supplemental Addendum 11 Location Map 13 Flood Map 14 Building Area Addendum 15 Building Sketch(Page-1) 16 Subject Photos 17 Comparable Photos 1-3 18 Comparable Photos 4-6 19 Statement of Limiting Conditions 20 Invoice 22 Form TOCNP—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE [File No.Landsafe#63056411 Paae#2J SUMMARY OF SALIENT FEATURES Subject Address 138 Bonanza Drive Legal Description Lot 1, Block 3,Grandview Subdivision City Erie C • County Weld State Co Zip Code 80516 Census Tract 020.03 Map Reference PMSA#3060 ▪ Sale Price $ 252,000 U, N Date of Sale 11/09/2006 Borrower/Client Anthony J. Frischknecht Lender CMV LLC-DBA Group Guaranteed Mortgage Size(Square Feet) 2,424.00 Price per Square Foot $ 203.39 Location Grandview • Age 2003 Condition Good N Total Rooms 8 Bedrooms 3 Baths 2.5 ▪ Appraiser R Randall Reilly,SRA Date of Appraised Value November 27,2006 Final Estimate of Value $ 269,000 Form SSD—"WinT0TAL"appraisal software by a la mode,inc.—1-800-ALAM0DE File No.I andsafe#6305641 Paae#3 Borrower/Client Anthony J. Frischknecht File No. Landsafe#63O5641 Property Address 138 Bonanza Drive City Erie County Weld State CO Zip Code 80516 Lender CMV LLC-DBA Group Guaranteed Mortgage APPRAISAL AND REPORT IDENTIFICATION This appraisal conforms to one of the following definitions: ® Complete Appraisal (The act or process of estimating value,or an opinion of value,performed without invoking the Departure Rule.) ❑ Limited Appraisal (The act or process of estimating value,or an opinion of value,performed under and resulting from invoking the Departure Rule.) This report is one of the following types: ❑ Self Contained (A written report prepared under Standards Rule 2-2(a) of a Complete or Limited Appraisal performed under STANDARD 1.) Z Summary (A written report prepared under Standards Rule 2-2(b) of a Complete or Limited Appraisal performed under STANDARD 1.) ❑ Restricted (A written report prepared under Standards Rule 2-2(c) of a Complete or Limited Appraisal performed under STANDARD 1, restricted to the stated intended use by the specified client or intended user.) Comments on Standards Rule 2-3 I certify that,to the best of my 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 limiting conditions,and are my personal,impartial,and unbiased professional analyses,opinions and conclusions. ❑ I have no(or the specified)present or prospective interest in the property that is the subject of this report,and no(or the specified)personal interest with respect to The parties involved. ❑I have no bias with respect to the property that is the subject of this report or the parties involved with this 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 a predetermined value or direction in value that favors the cause of the client,the amount of the value opinion,the attainment of a stipulated result,or the occurrence of a subsequent event directly related to the intended use of this appraisal. ❑My analyses,opinions and conclusions were developed and this report has been prepared,in conformity with the Uniform Standards of Professional Appraisal Practice. ❑ I have(or have not)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.(If there are exceptions,the name of each individual providing significant real property appraisal assistance must be stated.) Comments on Appraisal and Report Identification Note any departures from Standards Rules 1-3 and 1-4, plus any USPAP-related issues requiring disclosure: No departures from standards. APPRAISER: �. SUPERVISORY APPRAISER (only If required): Signature: 7, �^'l'`je.CK -" / Signature: Name: R Randall F#e1y,S Name: Date Signed: November 28,2OO6 Date Signed: State Certification#: CGO 1315476 State Certification#: or State License#: or State License#: State: CO State: Expiration Date of Certification or License: 12/31/2OO7 Expiration Date of Certification or License: ❑ Did ❑ Did Not Inspect Property Randall Reilly Appraisal Service Form IDS—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Randall Reilly Appraisal Service _ File No.Landsafe#6305641 Page#4 • Countrywide Home Loans Uniform Residential Appraisal Report File# Landsafe#6305641 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 138 Bonanza Drive City Erie State CO Zip Code 80516 Borrower Anthony J.Frischknecht Owner of Public Record Cendant Mobility County Weld Legal Description Lot 1,Block 3,Grandview Subdivision Assessor's Parcel# 146719103001 Tax Year 2005 R.E.Taxes$ 1,979.00 Neighborhood Name Erie Map Reference PMSA#3060 Census Tract 020.03 Occupant ❑ Owner ❑Tenant ® Vacant Special Assessments$ 0 ❑ PUD HOA$ 0 ❑per year ❑ per month Property Rights Appraised ® Fee Simple ❑ Leasehold ❑ Other(describe) Assignment Type ® Purchase Transaction ❑ Refinance Transaction ❑ Other(describe) Lender/Client CMV LLC-DBA Group Guaranteed Mortq: Address 5401 Stone Creek Circle,Suite 202, Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? ®Yes ❑ No Report data source(s)used,offering price(s),and date(s). MLS#501747,$259,900 I ® did ❑ did not analyze the contract for sale for the subject purchase transaction.Explain the results of the analysis of the contract for sale or why the analysis was not performed. Typical Colorado contract, Contract Price$ 252,000 Date of Contract 11/09/2006 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 ❑ No If Yes,report the total dollar amount and describe the items to be paid. $4000 in seller paid closing costs Note:Race and the racial composition of the neighborhood are not a •raisal factors. y5 ` k Net hboi og11 afa`Ctensnr " f ® � q s waft '5 .,n s i "" s@ftt@., tune 4�, �„ .�" a ,Yl � Ih - A. P rid Location ❑ Urban ®Suburban ❑ Rural Property Values ❑ Increasing ® Stable ❑ Declining PRICE AGE One-Unit 65% Built-Up ❑ Over 75% ®25-75% ❑ Under 25% Demand/Supply ❑ Shortage ® In Balance ❑ Over Supply $(000) (yrs) 2-4 Unit 10% Growth ❑ Rapid N Stable ❑ Slow Marketing Time H Under 3 mths ❑3-6 mths ❑ Over 6 mths 150 Low 1 Multi-Family Neighborhood Boundaries The subject neighborhood includes the entire area of the small town of Erie, 700 High 30 Commercial 10% Co. Including the developing areas that are located to the south,west and north of the original town. 265 Pred. 10 Other 15% Neighborhood Description The subject property is located on the south side of Erie, CO which has a population of several thousand people.The town of Erie has grown steadily and significantly over the past 6-7 years. Erie is located on the Weld/Boulder County border.The location offers small town living,more affordable housing than is available in the nearby larger cites and easy access to employment.Good Marketability. Market Conditions(including support for the above conclusions) The Front Range residential market is strong with stable property values. Interest rates are affordable, near 6.4%with 0 to 1 point. The population base continues to expand gradually which maintains demand. Market times typically 60 to 180 days for this type of property. The local and regional economy is strong. Unemployment rates are low. Dimensions Typical Residential Area 6,482 square feet Shape Appears Rectangular View Typical Residential Specific Zoning Classification PD Zoning Description Planned Development Zoning Compliance ® Legal ❑ Legal Nonconforming(Grandfathered Use) ❑ No Zoning ❑ Illegal(describe) Is the highest and best use of subject property as improved(or as proposed per plans and specifications)the present use? N Yes ❑ No If No,describe Utilities Public Other(describe) Public Other(describe) Off-site Improvements-Type Public Private Electricity N ❑ Water ® ❑ Street Asphalt (� ❑ Gas ® ❑ Sanitary Sewer ® ❑ Alley None ❑ ❑ FEMA Special Flood Hazard Area ❑ Yes ® No FEMA Flood Zone FEMA Map# 080181 001D FEMA Map Date 09/28/1990 Are the utilities and off-site improvements typical for the market area? ® Yes in No If No,describe Are there any adverse site conditions or external factors(easements,encroachments,environmental conditions,land uses,etc.)? ❑Yes ® No If Yes,describe Typical urban site with full services. No adverse conditions or easements. Site has established landscaping with nice variety with a lawn sprinkler system. Backyard is fenced. tMT "_eneialtles&rapti0n ' ≥< x ,.,IA.-WOO ), :: �w 4 � Q°"° : o�"�,.<m awe-&macairMilQd O44tipr ='-- a a`ir II$/cppditio 1 Units ® One ❑ One with Accessory Unit ❑ Concrete Slab ❑ Crawl Space Foundation Walls Concrete/Good Floors Cpt,Oak,Vinyl/Gd #of Stories Two N Full Basement ❑ Partial Basement Exterior Walls Wood/Good Walls Drywall/Good Type ® Det. ❑ Att. ❑S-DetiEnd Unit Basement Area 1,204.00 sq.tt.Root Surface Comp.Shingle/Good Trim/Finish Painted Wood/Good N Existing ❑ Proposed ❑ Under Const.Basement Finish 5 % Gutters&Downspouts Painted Metal/Good Bath Floor vinvi/Good Design(Style) 2 story/Ave N Outside Entry/Exit ❑ Sump Pump Window Type Vinyl Clad/Good Bath Wainscot Cer Tile,FG Ins/Gd Year Buift 2003 Evidence of ❑ Infestation Storm SaslVlnsulated 2 Pane/Good Car Storage I I None Effective Age(Yrs) 2 ❑ Dampness ❑Settlement Screens Yes/Good {4 Driveway #of Cars 2 Attic None Heating fl FWA HWBB If I Radiant Amenities ( I Woodstove(s)# Driveway Surface Concrete ❑ Drop Stair ❑ Stairs ❑ Other Fuel Nat.Gas ® Fireplace(s)# 1 y Fence ® Garage #of Cars _❑ Floor N Scuttle Cooling N Central Air Conditioning ❑ Patio/Deck N Porch front ❑ Carport #of Cars ❑ Finished ❑ Heated ❑ Individual ID Other ❑ Pool ® Other LSpklr ®Att. ❑ Det. ❑ Built-in Appliances ® Refrigerator ® Range/Oven ® Dishwasher ® Disposal ® Microwave ❑ Washer/Dryer ❑ Other(describe) Finished area above grade contains: 8 Rooms 3 Bedrooms 2.5 Bath(s) 2,424.00 Square Feet of Gross Living Area Above Grade Additional features(special energy efficient items,etc.). Two story home with full basement,double garage,front porch,rear fence,lawn sprinkler,central air, fireplace,oak cabinets,vaulted ceiling,upper level loft,basement partition walls, walkout basement,5 piece master bath,oak kitchen floor. Describe the condition of the property(including needed repairs,deterioration,renovations,remodeling,etc.). The property has been well maintained.The overall condition of the property is good. Functional floorplan. Good quality of construction. No obvious repairs needed.The decor is neutral and pleasant. Are there any physical deficiencies or adverse conditions that affect the livability,soundness,or structural integrity of the property? ❑Yes N No If Yes,describe Based on physical inspection the subject property has no exterior physical deficiencies or adverse conditions.This appraiser is not an expert on roof, mechanical systems and structural engineering, but there is no visible evidence of problems in any of these areas of the subject jmQrovements. _Does the property generally conform to the neighborhood(functional utility,style,condition,use,construction,etc.)? ®Yes ❑ No If No,describe Subject property conforms well to the subject neighborhood and no factors noted that would negatively impact marketability. Freddie Mac Form 70 March 2005 Page 1 of 6 Fannie Mae Form 1004 March 2005 Form 1004—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE File No,Landsafe#6305641 Page#5 Countrywide Home Loans Uniform Residential Appraisal Report File# Landsafe#6305641 There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to$ . There are 6 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from$ 265,000 to$ 297,000 . FEATURE I SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3 Address 138 Bonanza Drive 106 Bonanza Drive 230 McAfee Circle 158 Bonanza Drive Erie,CO 80516 Erie Erie Erie Proximity to Subject MS, . - I 0 04 miles N 0.1 miles NW 102 miles S Sale Price $ 252000, ; ri. v ', $ 269 900 i' , $ 285,000 ' . ' $ 297 500 Sale Price/Gross Liv.Area $ 103.96 s'ft $ 111.62 ult. tau , - , ^s-'," $ 116.14 sq ft. t ,- , 4, �S. $ 123.09 sq.ft., 2' a 41 nr Data Source(s) 14 r ' s`'A MLS#472937,DOM 376 MLS#488997,DOM 84 MLS#480652,DOM 43 Verification Source(s) a "'."'_. „- Exterior Observation Exterior Observation Exterior Observation VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment Sales or Financing Conv-FRM Conv/FRM Conv/FRM Concessions 'i.a '1 , 0 seller points 0 seller points $0 Seller Points Date of Sale/Time ' 4 08/03/2006 07/12/2006 04/27/2006 Location Grandview Grandview Grandview Grandview Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Site 6,482sf/Ave 9468sf/Ave 6500sf/Ave 5000sf/Ave View Typical Resid Typical Resid Typical Resid Typical Resid Design(Style) 2 story/Ave 2 story/Ave 2 story/Ave 2 story/Ave Quality of Construction Good/Wood Good/Wood Good/Wood Good/Wood Actual Age 2003 2002 2002 2003 Condition Good Good V.Gd-New kitch -7,500 Good Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count 8 3 2.5 8 3 2.5 8 3 2.5 8 3 2.5 Gross Living Area 2,424.00 sq.tt. 2,418 sq.ft. +192 2,454 sq.ft. -960 2,417 sq.tt. +224 Basement&Finished 1,204.00 Sq.Ft. 1204 sf-WOUT 1204sf-WOUT 1204sf-WOUT Rooms Below Grade Partitions Unfinished +500 Rec, Bdrm -8,000 Rec,Bdrm,Bath -12,000 Functional Utility Oak kitch/dine Tile floor upgrad -2,500 Standard +2,000 Corian,Maple -5,000 Heating/Cooling GFA/CAC GFA/CAC GFA/CAC GFA/CAC Energy Efficient Items Standard/Ave Standard/Ave Standard/Ave Standard/Ave Garage/Carport Double/Attach Double/Attach Double/Attach Double/Attach Porch/Patio/Deck Porch Deck 0 Deck,Balc,Pat -5,000 Patio,Deck -3,000 Extras Fireplace FP,Sec.Sys -1,000 Fireplace Fireplace Extras Fence, LSpklr Fence,LSpklr Fence,Sprink Fence, LSpkir Extras ran,ref,dw,mic ran,ref,dw ran,dw,mic ra,dw,re,mic,wd -500 Net Adjustment(Total) t4, .r; i7 ' r ❑ + Z - $ -2,808 ❑ + ® - $ -19,460 H + ® - $ -20,276 Adjusted Sale Price dw S + _r P!Net Adj. 1.0 % Net Adj. 6.8 % Net Adj. 6.8 % of Comparables >.a's a�xV;1 ,Gross Adj. 1.6 % $ 267,092 Gross Adj. 8.2 % $ 265,540 Gross Adj. 7.0 % $ 277,224 I (X did ❑did not research the sale or transfer history of the subject property and comparable sales.If not,explain My research ® did ❑ did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s) MLS&County Records My research Z did ❑ did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data Source(s) MLS&County Records Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales(report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3 Date of Prior Sale/Transfer 08/04/2006 No other sales in prior 02/03/2006 October 2003 Price of Prior Sale/Transfer $269,500 3 years $250,000 $268,632 Data Source(s) County Records County Records County Records County Records Effective Date of Data Source(s) November 28,2006 November 28,2006 November 28,2006 November 28,2006 Analysis of prior sale or transfer history of the subject property and comparable sales The subject was purchased by the present owner(a lender)from the original buyer of the property in August of 2006. Sale two was sold by a lender in February of 2006.The buyer than remodeled the home and sold the property in July 2006. Summary of Sales Comparison Approach Four sales of homes of similar age and style with basements all located in the small town of Erie were selected. Sales 1 and 2 and 3 were built by the same builder as the subject property.They are the same basic model as the subject. Sale 3 was built by a competing builder and is located in a similar but competing neighborhood to the subject.Sale 1 has upgraded tile flooring throughout much of the main floor.Sale two has a partially finished basement.Sale three has upgraded cabinets and counter tops and also has a mostly finished basement.Sale four is smaller than the subject. It has a smaller basement with no walkout feature but it does have basement finish.The subject and sales one,two and three all have walkout basements.The subject and the sales all have double garages,three bedrooms, and two and a half bathrooms. The sales bracket the final value and the subject square footage and required only moderate adjustments. Indicated Value by Sales Comparison Approach$ 269,000 Indicated Value by:Sales Comparison Approach$ 269,000 Cost Approach(if developed)$ 278,451 Income Approach(if developed)$ The final value estimate of value is derived primarily from the Direct Sales Comparison Approach as it best measures this segment of the market. Little support was taken from the Cost Approach.The Income Approach is not used. This appraisal is made ® "as is", ❑ subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, ❑ 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 the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: The final value is not conditional. Appraisal is as is. This appraisal is a Summary Report. No personal property value included in the final value. Based on a complete visual inspection of the interior and exterior areas of the subject property,defined scope of work,statement of assumptions and limiting conditions, 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 $ 269,000 ,as of November 27,2006 , which is the date of inspection and the effective date of this appraisal. Freddie Mac Form 70 March 2005 Page 2 of 6 Fannie Mae Form 1004 March 2005 Form 1004—"WinTOTAL'appraisal software by a la mode,inc.—1-800-ALAMODE • File No.Landsafe#63056411 Pace#6 Countrywide Home Loans Uniform Residential Appraisal Report File# Landsafe#6305641 • Z W P E U J a 2 a 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) Site value based on site sales in comparable areas of this market. ESTIMATED ® REPRODUCTION OR ❑ REPLACEMENT COST NEW OPINION OF SITE VALUE =$ 65,000 • Source of cost data Marshall Swift Cost CD DWELLING 2,424.00 Sq.Ft.@$ 70.00 4 169,680 Quality rating from cost service Good Effective date of cost data June 2005 1,204.00 Sq.Ft.@$ 15.00 =$ 18,060 a Comments on Cost Approach(gross living area calculations,depreciation,etc.) porch,fp,cac,appl,fence,sprink =$ 15,000 u~i The Cost Approach is based on the Marshall Swift Cost Manual and Garage/Carport 420.00 Sq.Ft.@$ 22.00 =$ 9,240 cv appraiser files for local building costs. Total Estimate of Cost-New 4 211,980 Remaining Economic Life=67 years. Less Physical Functional External Depreciation based on the age/life method. Depreciation 6,529 =$( 6,529) No functional or external obsolescence. Depreciated Cost of Improvements =$ 205,451 Site value based on site sales in newer but comparable areas of this "As-is"Value of Site Improvements 4 8,000 market. Estimated Remaining Economic Life HUD and VA only 63 Years INDICATED VALUE BY COST APPROACH =$ 278,451 — k i,ra.. A` fIN4'1M.,7xl;fv. ( AP 44+Y., no..eA Gad Estimated Monthly Market Rent$ X Gross Rent Multiplier =$ Indicated Value by Income Approach Summa of Income A''roach includins sus sort for market rent and GRM r 4 Is the developer/builder in control of the Homeowners'Association(HOA)? In Yes /_I No Unit type(s) ® Detached ❑ Attached Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit. Legal Name of Project Total number of phases Total number of units Total number of units sold Total number of units rented Total number of units for sale Data source(s) Was the project created by the conversion of existing building(s)into a PUD? ❑Yes ❑ No If Yes,date of conversion. Does the project contain any multi-dwelling units? ❑Yes ❑ No Data Source Are the units,common elements,and recreation facilities complete? ❑Yes D No If No,describe the status of completion. • Are the common elements leased to or by the Homeowners'Association? 11 Yes n No If Yes,describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Form 70 March 2005 Page 3 of 6 Fannie Mae Form 1004 March 2005 Form 1004—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE File No.Landsafe#63056411 Paae#7 Countrywide Home Loans Uniform Residential Appraisal Report File# Landsafe#6305641 This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an 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 satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac Form 70 March 2005 Page 4 of 6 Fannie Mae Form 1004 March 2005 Form 1004—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE jF e No.Landsafe#6305641 Paae#8 Countrywide Home Loans Uniform Residential Appraisal Report File# Landsafe#6305641 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 March 2005 Page 5 of 6 Fannie Mae Form 1004 March 2005 Form 1004—"WinT0TAL'appraisal software by a la mode,Inc.—1-800-ALAM0DE File No,Landsafe#63056411 Paae#9 Countrywide Home Loans Uniform Residential Appraisal Report File# Landsafe#6305641 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2, I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature ,, (2-7,--(---t(117;:-..-/ Signature Name R R all eilly,SRA Name Company Name Reilly Appraisal Service Company Name Company Address Reilly Appraisal Service Company Address 3307 South College Avenue,Suite 215, Fort Collins,CO 80525 Telephone Number (970)223-2498 Telephone Number Email Address r.randall.reilly@worldnet.att.net Email Address Date of Signature and Report November 28,2006 Date of Signature Effective Date of Appraisal November 27,2006 State Certification# State Certification# CGO 1315476 or State License# or State License# State or Other(describe) State# Expiration Date of Certification or License State CO Expiration Date of Certification or License 12/31/2007 SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED ❑ Did not inspect subject property 138 Bonanza Drive illDid inspect exterior of subject property from street Erie,CO 80516 Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY$ 269,000 ❑ Did inspect interior and exterior of subject property LENDER/CLIENT Date of Inspection Name Borrower: Frischknecht COMPARABLE SALES Company Name CMV LLC-DBA Group Guaranteed Mortgage Company Address 5401 Stone Creek Circle, Suite 202, ❑ Did not inspect exterior of comparable sales from street Loveland CO 80538 ❑ Did inspect exterior of comparable sales from street Email Address Date of Inspection Freddie Mac Form 70 March 2005 Page 6 of 6 Fannie Mae Form 1004 March 2005 Form 1004—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE File No.Landsafe#63056411 Pape#10 Uniform Residential Appraisal Countrywide Home Loans Report Fle# Landsafe#6305641 FEATURE I SUBJECT COMPARABLE SALE#4 COMPARABLE SALE#5 COMPARABLE SALE#6 Address 138 Bonanza Drive 376 Conrad Drive Erie,CO 80516 Erie Proximity to Subject u , 1.36 miles W Sale Price $ 252 000 m a . fit^ -$ 27Q000 r;$ ,r '- -,I. Sale Price/Gross Liv.Area $ 103.96 sq.ft. $ 137.68 sq.ft. '' $ sq.ft. .4r$ sq.ff.1F Data Source(s) MLS#484423,DOM 154 Verification Source(s) _ - „;Exterior Observation VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment Sales or financing ' - - " '_.. Cash Concessions ^".`, ?_$0 Seller Points Date of Sale/Time h 'd 08/17/2006 Location Grandview Sunwest 0 Leasehold/Fee Simple Fee Simple j Fee Simple Site 6,482sf/Ave 7000sf-est/Ave View Typical Resid Typical Resid Design(Style) 2 story/Ave 2 story/Ave Quality of Construction Good,00d Good/Wood Actual Age 2003 1998 +1,500 Condition Good Good Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count 8 3 2.5 7 3 2.5 Gross Living Area 2,424.00 sq.ft. 1,961 sq.ft. +14,816 sett. sq.ft. Basement&Finished 1,204.00 Sq.Ft. 815 sf +5,000 Rooms Below Grade Partitions bath,theat,den -12,000 Functional Utility Oak kitch/dine Oak kitch/dine Heating/Cooling j GFA/CAC GFA/CAC Energy Efficient Items Standard/Ave Standard/Ave Garage/Carport Double/Attach Double/Attach Porch/Patio/Deck Porch Deck,Hottub -2,000 Extras Fireplace FP,Sec.Sys -1,000 Extras Fence, LSpklr Fence,LSpklr Extras ran,ref,dw,mic ran,dw +500 Net Adjustment(Total) ® + ❑ - $ 6,816 q + ❑ - $ Ft + ❑ - $ Adjusted Sale Price a '-;a: Net Adj. 2.5 % Net Adj. % Net Adj. % of Comparables ' > .• Gross Adj. 13.6 % $ 276,816 Gross Adj. % $ Gross Adj. % $ Report the resutts 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#4 COMPARABLE SALE#5 COMPARABLE SALE#6 Date of Prior Sale/Transfer 08/04/2006 June 2001 Price of Prior Sale/Transfer $269,500 $275,000 Data Source(s) County Records County Records Effective Date of Data Source(s) November 28,2006 November 28,2006 Analysis of prior sale or transfer history of the subject property and comparable sales Analysis/Comments Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Form 1004.(AC)—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE File No.Landsafe#63056411 Pace#11 MULTI-PURPOSE SUPPLEMENTAL ADDENDUM FOR FEDERALLY RELATED TRANSACTIONS Randall Reilly Appraisal Service Borrower/Client Anthony J.Frischknecht Property Address 138 Bonanza Drive City Erie County Weld State CO Zip Code 80516 Lender CMV LLC-DBA Group Guaranteed Mortgage This Multi-Purpose Supplemental Addendum for Federally Related Transactions was designed to provide the appraiser with a convenient way to comply with the current appraisal standards and requirements of the Federal Deposit Insurance Corporation(FDIC),the Office of the Comptroller of Currency(0CC),The Office of Thrift Supervision(OTS),the Resolution Trust Corporation(RTC),and the Federal Reserve. This Multi-Purpose Supplemental Addendum is for use with any appraisal. Only those statements which have been checked by the appraiser apply to the property being appraised. ® PURPOSE & FUNCTION OF APPRAISAL The purpose of the appraisal is to estimate the market value of the subject property as defined herein. The function of the appraisal is to assist the above-named Lender in evaluating the subject property for lending purposes. This is a federally related transaction. ® EXTENT OF APPRAISAL PROCESS ® The appraisal is based on the information gathered by the appraiser from public records,other identified sources,inspection of the subject property and neighborhood,and selection of comparable sales within the subject market area. The original source of the comparables is shown in the Data Source section of the market grid along with the source of confirmation,if available. The original source is presented first. The sources and data are considered reliable. When conflicting information was provided,the source deemed most reliable has been used. Data believed to be unreliable was not included in the report nor used as a basis for the value conclusion. Z The Reproduction Cost is based on Marshall Swift Cost Manual supplemented by the appraiser's knowledge of the local market. ® Physical depreciation is based on the estimated effective age of the subject property. Functional and/or external depreciation,if present,is specifically addressed in the appraisal report or other addenda. In estimating the site value,the appraiser has relied on personal knowledge of the local market. This knowledge is based on prior and/or current analysis of site sales and/or abstraction of site values from sales of improved properties. ® The subject property is located in an area of primarily owner-occupied single family residences and the Income Approach is not considered to be meaningful. For this reason,the Income Approach was not used. ❑ The Estimated Market Rent and Gross Rent Multiplier utilized in the Income Approach are based on the appraiser's knowledge of the subject market area. The rental knowledge is based on prior and/or current rental rate surveys of residential properties. The Gross Rent Multiplier is based on prior and/or current analysis of prices and market rates for residential properties. ❑ For income producing properties,actual rents,vacancies and expenses have been reported and analyzed. They have been used to project future rents, vacancies and expenses. ® SUBJECT PROPERTY OFFERING INFORMATION According to MLS the subject property: ❑ has not been offered for sale in the past: ❑ 30 days ❑ 1 year ❑ 3 years. Z is currently offered for sale for$ $259,900 ❑ was offered for sale within the past: E 30 days ❑ 1 year ❑ 3 years for $ ❑ Offering information was considered in the final reconciliation of value. ® Offering information was not considered in the final reconciliation of value. ❑ Offering information was not available. The reasons for unavailability and the steps taken by the appraiser are explained later in this addendum. ® SALES HISTORY OF SUBJECT PROPERTY According to County Records the subject property: ❑ Has not transferred ❑ in the past twelve months. ❑ in the past thirty-six months. ❑ in the past 5 years. ® Has transferred LI in the past twelve months. ❑ in the past thirty-six months. ❑ in the past 5 years. ® All prior sales which have occurred in the past are listed below and reconciled to the appraised value,either in the body of the report or in the addenda. Date Sales Price Document# Seller Buyer 08/04/2006 269,500 3409277 Jeremy Hyde Cendant Mobility ® FEMA FLOOD HAZARD DATA ® Subject property is not located in a FEMA Special Flood Hazard Area. ❑ Subject property is located in a FEMA Special Flood Hazard Area. Zone FEMA Map/Panel# Map Date Name of Community 080181 001D 09/28/1990 Erie ❑ The community does not oarticioate in the National Flood Insurance Program. Z The community does oarticioate in the National Flood Insurance Program. Z It is covered by a regular program. ❑ It is covered by an emergency program. Page 1 of 2 Form MPA3—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE File No.Landsafe#63056411 Paae#17J Z CURRENT SALES CONTRACT ❑ The subject property is currentN not under contract. ❑ The contract and/or escrow instructions were not available for review. The unavailability of the contract is explained later in the addenda section. ® The contract and/or escrow instructions were reviewed. The following summarizes the contract: Contract Date Amendment Date Contract Price Seller 11/09/2006 11/14/2006 252,000 Cendant Mobility ❑ The contract indicated that personal property was not included in the sale. ® The contract indicated that personal property was included. ft consisted of fridge Estimated contributory value is$ 400 ® Personal property was not included in the final value estimate. ❑ Personal property was included in the final value estimate. ❑ The contract indicated no financing concessions or other incentives. Z The contract indicated the following concessions or incentives: $4000 in seller paid closing costs • ❑ If concessions or incentives exist,the comparables were checked for similar concessions and appropriate adjustments were made,if applicable,so that the final value conclusion is in compliance with the Market Value defined herein. ® MARKET OVERVIEW Include an explanation of current market conditions and trends. 3-6 months is considered a reasonable marketing period for the subject property based on market sales data ® ADDITIONAL CERTIFICATION The Appraiser certifies and agrees that: (1) The analyses,opinions and conclusions were developed,and this report was prepared,in conformity with the Uniform Standards of Professional Appraisal Practice("USPAP"),except that the Departure Provision of the USPAP does not apply. (2) Their compensation is not contingent upon the reporting of predetermined value or direction in value that favors the cause of the client,the amount of the value estimate,the attainment of a stipulated result,or the occurrence of a subsequent event. (3) This appraisal assignment was not based on a requested minimum valuation,a specific valuation,or the approval of a loan. Z ADDITIONAL (ENVIRONMENTAL) LIMITING CONDITIONS The value estimated is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental environmental conditions unless otherwise stated in this report. The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions. The appraiser's routine inspection of and inquiries about the subject property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively unless otherwise stated in this report. his possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous substances or detrimental environmental conditions on or around the property that would negatively affect its value. ❑ ADDITIONAL COMMENTS • Z APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION - �� „ �� y Appraiser's Signature Effective Date November 27,2006 Date Prepared November 28,2006 Appraiser's Name-( rint) R Randall Reilly,SRA Phone# (970)223-2498 State CO ® License ❑ Certification# CGO 13154756 Tax ID# ❑ CO—SIGNING APPRAISER'S CERTIFICATION ❑ The co-signing appraiser figs personally inspected the subject property,both inside and out,and has made an exterior inspection of all comparable sales listed in the report. The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepts responsibility for the contents of the report including the value conclusions and the limiting conditions,and confirms that the certifications apply fully to the co-signing appraiser. ❑ The co-signing appraiser has not personally inspected the Interior of the subject property and: ❑ has not inspected the exterior of the subject properly and all comparable sales listed in the report. ❑ has inspected the exterior of the subject property and all comparable sales listed in the report. ❑ The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepts responsibility for the contents of the report,including the value conclusions and the limiting conditions,and confirms that the certifications apply fully to the co-signing appraiser with the exception of the certification regarding physical inspections. The above describes the level of inspection performed by the co-signing appraiser, ❑ The co-signing appraiser's level of inspection,involvement in the appraisal process and certification are covered elsewhere in the addenda section of this appraisal. ❑ CO—SIGNING APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION Co-Signing Appraiser's Signature Effective Date Date Prepared Co-Signing Appraiser's Name(print) Phone# State ❑ License ❑ Certification# Tax ID# Page 2 of 2 Form MPA3—"WinT0TAL'appraisal software by a la mode,inc.—1-800-ALAM0DE [File No.Landsafe#63056411 Paae#13 • Location Map Borrower/Client Anthony J. Frischknecht Property Address 138 Bonanza Drive City Erie County Weld State CO Zip Code 80516 Lender CMV LLC-DBA Group Guaranteed Mortgage I'.�y,.e I -`eP<�4-' II MapPont j III 'tktyerah . ,. -,, List Rd I 1,I 1 � c y k� a t/KenoshuR6= 1 ._- tr Casa .1 '.., it Rue del Fiostt J+IH ^u' I ri 1 lot, I1 II �,y l i j m % II 1 #1 lip I Is d, f i � � � is li .( u saw Rd —±-2 1 CMr la 11^ I �-�' \ I #161II ' `` / - -- say-Flai'aY " -=_JLIJ Y / I r W 9'ge 11r I Ii 9I I [ lc, [ p Lle#1 Jill' 9lbngs/ 7"'- Aii o rose ,le.,I ow m,°lahran`Dr-.> •i-y- Cam, t / �� Y - -vWn-Mkwl" '"W_- . __ a4 R Tmmr-. / C n ruble#1 C p LI #2 0 I 51LC tl, " 2]e McAfee Circle 5L l I lib o,l Dl�nlea �y 138 Bonanza Drive aabeie Rd- Dill d I _ Y � -b. n _ IcomparabiL#3 c _ r5De D�,.e T' �r 0 0 ilea I -dFer,74„ii ,- a> kus Are MPH 14, xd -AustinAve , e'ul 1Y4.e .�• �; �IIi c °P- IM tn-DrA it ! �� L I 'Ilunnell'=Avd L, i ill t • : I -- - ,—___ PaM1dx r.Q iI -�# r II ?fro l`.�. 4.. � '. erapaheel�Rtl ,.. ,¢ _ I:I ,P 4 p mender6 "p ii } x �I.I z4 ,Af ^�G Oft 4r,S rS c.<-'1 M { U d Lafayette - ✓ a II +a�+e, -n I _ k l' I Ill /I ¢6` :. JL2_4_/ =.4A° el, II c Elm Bit m �Ly oak,SIi _... S r oc •oroawa Y'a.006000.. i1 r II Broomfield Form MAP.LOC—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE File No.Landsate#6305641 Paae#14 • Flood Map Borrower/Client Anthony J.Frischknecht Property Address 138 Bonanza Drive City Erie County Weld State CO Zip Code 80516 Lender CMV LLC-DBA Group Guaranteed Mortgage a Prepared for: InterFloodd Randall Reilly Appraisal Service Wet•moot 138 Bonanza Drive www.interfloo6.com • 1-800-252-6633 Erie, CO 80516 1 v I I I I i (':I I-,, rri. / / f fe/f I / � I k ri// / f _ III FLOODSCAPE / -a',-".�.1.1.t" 1'LIT"c` III l'. / - I `I Flood Hazards Map I '' 5 ? II r.I Map Number L. ,j 0801810016E II HIII Effective Date I December 2,2004 I II I' II III G l ill a IrIlLe': rSJ Imo::__ i For more information about I flood zones and flood insurance.contact TC:I1 7. (, 1 ri;"2 I"rii�Y_ / mom= milm. I/ Powered by Flood Source //1 C 11 1i t11 l WM.. MiNNIMII 877.77.F1000 // ir.,I, i II > www.floodsouroe.com , CI 1999-2000 Source Prose and/or FloodSource Corporations.All rights reserved.Patents 6.631.326 and 6,678,615.Other patents pending. For Info:info@floodsouroe.com. ) Form MAP.FLOOD—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAM0DE BUILDING AREA ADDENDUM File No.Land5ate#63056411Paae#151 Borrower Anthony J.Frischknecht File No. Countrywide Home Loans Property Address 138 Bonanza Drive City Erie County Weld State CO Zip Code 80516 Lender CMV LLC-DBA Group Guaranteed Mortgage Gross Living Area (GLA) 2,424 Si. Gross Building Area (GBA) _ 4,048 S.f. Areas r, Square Footage Basement 1,204 s.f. 30% of GBA Level 1,204 s.f. 30% of GBA Level 2 1,220 s.f. 30% of GBA Level 3 s.f. % of GBA Garage 420 s.f. 10% of GBA Other s.f. _% of GBA Area Dimensions Type of Area Level Measurements Factor Area Living Bsmnt Garage Other One Two Three 28.00 X 40.00 X 1.00 = 1,120.00 ® ODD ZOO 4.00 X 21.00 X 1.00 = 84.00 NEEE ® ❑ ❑ 20.00 X 28.00 X 1.00 = 560.00 ® DEO END 20.00 X 32.00 X 1.00 = 640.00 ® ❑ ❑ ❑ ❑ ® ❑ 2.00 X 10.00 X 1.00 = 20.00 ® 000 ❑ ® ❑ 1.00 X 1204.00 X 1.00 = 1,204.00 ❑ ® ❑ ❑ DEE 20.00 X 21.00 X 1.00 = 420.00 ❑ ❑ ® ❑ ❑ ❑ ❑ x x = ❑ ❑ ❑ ❑ ❑ ❑ ❑ x X = ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x = ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x 0000 ❑ ❑ ❑ x x = DODO D OO x x = DODD 1000 x x = EDED DOD x x = ❑ ❑ ❑ ❑ ❑ ❑xxEEEE ❑ ❑ x x = ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x = DEDO DEE x __ x _ _ DECO DEO Form CLC2—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE (File No.I andsafe#63056411 Paae#16 Building Sketch Borrower/Client Anthony J. Frischknecht Property Address 138 Bonanza Drive City Erie County Weld State CO Zip Code 80516 Lender CMV LLC-DBA Group Guaranteed Mortgage 40 I 40 rkihen Master Bedroom Bedroom Family room — Bath 28 28 Master 32 Bedroom Bath Living Room 1/2 ba h Loft Dining Room 19 sundry 20 Porch 1 24 20 Garage 20 Upper level 21 SIUM by Me.N"' Form SKT.BIdSkd—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE File No.Landsate#63056411 Pane#17 Subject Photo Page Borrower/Client Anthony J. Frischknecht Property Address 138 Bonanza Drive City Erie County Weld State Co Zip Code 80516 Lender CMV LLC-DBA 1 Group Guaranteed Mortgage : * Subject Front ;it , ry .- a 138 Bonanza Drive re *, + h "� "• Sales Price 252,000 Gross Living Area 2,424.00 +a" ; Total Rooms 8 -4'1'4- Total Bedrooms 3 i, d 'r'r'� Total Bathrooms 2.5 � s4rd Location Grandview Ali Lrr: =" View Typical Resid - -iy „ :,,.. Site 6,482sf/Ave l -1.0:i _ ' _ Duality Good/VVood Age 2003 tIn Iii ii -�J > Subject Rear 1• ! t.� d �y '�.• .' fi ' ! I , il . LI ' Subject Street y.. i (f119N i, P Form PIC3x5.SR—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE File No.Landsafe#6305641 Paae#18 • Comparable Photo Page Borrower/Client Anthony J. Frischknecht Property Address 138 Bonanza Drive City Erie County Weld State CO Zip Code 80516 Lender CMV LLC-DBA Group Guaranteed Mortgage }0,, s+ xr s ii!, * dl�ifi,�,',e s, `'t` � Comparable 1 Y a siii " r F 106 Bonanza Drive as whM �� , nr ' n «d Prox.to Subject 0.04 miles N q13,0, itk Pr, '-'4r7:::.°�'f,A?" Sale Price 269,900 e rr �- ';'''''''''C- r xz ' *" 7l, - ,..N4, GfO5S Living Area 2,418 'v T.G Total Roams 8"iit� r ' �,u Total Bedrooms 3 s k Total Bathrooms 2.5 t , 3 i V a I I F r ` 4 n `f� �' .. 0a ' Location Grandview a '` ..t-li', View Typical Resid . � "" e �p FP,-"" :. 9468sf/Ave ,n ,, , j' I J Quality Good/Wood j't�;- l ,� ur1 Age 2002 I. 8t , Y --_-,..,,,,,,,,,-...,..-..T.,',:%,,•-,-,--- F j. Comparable 2 i 230 McAfee Circle 4 Prox.to Subject 0.1 miles NW Sale Price 285,000 il Gross Living Area 2,454 Total Rooms 8 II z ,� Total Bedrooms 3 fk d ,T '* "7,'�Iefri • l c ` - Total Bathrooms 2.5 ` i: '� ��x °� `- Location Grandview M x 4 ._.,r,sg * View Typical Resid tit^„, R �.. Site 6500sf/Ave Quality Good/Wood . _✓�';`` .t� t r,.. . . ,rri Age 2002 it f . Comparable 3 158 Bonanza Drive I ; Prox.to Subject 0.02 miles S { Sale Price 297,500 { Gross Living Area 2,417 Total Rooms 8 nr_i_ Total Bedrooms 3 r � � _ w � l ' Total Bathrooms 2.5 r-'� Location Grandview '�' ° lie View Typical Resid Site SOOOsf/Ave Quality GoodftNood , I.i Agety 2003 Form PIC3x5.CR—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE File No.Landsafe#63056411 Page#19 Comparable Photo Page Borrower/Client Anthony J. Frischknecht Property Address 138 Bonanza Drive City Erie County Weld State CO Zip Code 80516 Lender CMV LLC-DBA Group Guaranteed Mortgage *Ow Comparable 4 376 Conrad Drive ` ,r ,,,�5 Prox.to Subject 1.36 miles W Sale Price 270,000 Gross Living Area 1,961 O1/4,2'; ` -'� Total Rooms 7 Total Bedrooms 3 f ',3 Total Bathrooms 2.5 • It ��' ` �;.104$11;./' ViLew Typical Sunwest Typical Resid r � - , .�. _ 7000sf-est/Ave .�?. i (( j Quality Good/Wood ---,J , __ Age 1998 �'• "" �' '""nom +w, .r _a 4 fittFr..w.......uv_ .v..._ xrs a mf,i0a RC =n4SNrm"ix. +Srs. Comparable 5 Prox.to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Comparable 6 Prox.to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Form PIC3x5.CR—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAM0DE (File No Landsafe#63056411 Paae#20 • DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S 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 mailers of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees,express or implied,regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, 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 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, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. 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 appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of 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 data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 6-93 Page 1 oft Fannie Mae Form 1004B 6-93 Randall Reilly Appraisal Service Form ACR—"WInTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE File No.Landsafe#6305641 Paoe#21 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sates price of the comparable and, if a significant item in a comparable property is inferior to,or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party,the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation,a specific valuation,or the need to approve a specific mortgage loan. 7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal,with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. 8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report If I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individuals) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above,and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 138 Bonanza Drive, Erie,CO 80516 APPRAISER: SUPERVISORY APPRAISER (only if required): Signature: /% c-,�dCf� Signature: Name: R R all Reilly,SRA Name: Date Signed( November 28,2006 Date Signed: State Certification#: CGO 1315476 State Certification#: or State License#: or State License#: State: Co State: Expiration Date of Certification or License: 12/31/2007 Expiration Date of Certification or License: ❑ Did ❑ Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 1004B 6-93 Form ACR—"WinTOTAL"appraisal software by a la mode,inc.—1-600-ALAMODE o3° . rill -/ N N . 2t0, • a i • •vQ z- � o Hello