The URL can be used to link to this page

Browse Search

Home My WebLink About971364.tiffRESOLUTION RE: THE BOARD OF EQUALIZATION, 1997, WELD COUNTY, COLORADO - ADJUST VALUE IN PART PETITION OF: PARKER JAMES W IV & TRACY 2202 27 AVE CT GREELEY, CO 80631 DESCRIPTION OF PROPERTY: PIN: R1910386 PARCEL: 095902419041 - GR GT-3B UNIT 3 BLDG B GREELEY TOWNHOUSE COND PT L19-20 BLK18 6TH EDWARDS HOMES 37 AVE CT #3% WHEREAS, the Board of County Commissioners of Weld County, Colorado, convened as the Board of Equalization for the purpose of adjusting, equalizing, raising or lowering the assessment and valuation of real and personal property within Weld County, fixed and made by the County Assessor for the year 1997, and WHEREAS, said petition has been heard before the County Assessor and due Notice of Determination thereon has been given to the taxpayer(s), and WHEREAS, the taxpayer(s) presented a petition of appeal of the County Assessor's valuation for the year 1997, claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS, said petitioner being present, and WHEREAS, the Board has made its findings on the evidence, testimony and remonstrances and is now fully informed. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, acting as the Board of Equalization, that the evidence presented at the hearing supported, in part, the value placed upon the property by the petitioner. The assessment and valuation of the Weld County Assessor shall be, and hereby is, adjusted as follows: ACTUAL VALUE AS DETERMINED ADJUSTED BY ASSESSOR ACTUAL VALUE Land Improvements OR Personal Property TOTAL ACTUAL VALUE $ 4,826 49 578 $ 54,404 $ 4,826 41.424 $ 46.250 971364 AS0038 RE: BOE - PARKER JAMES W IV & TRACY Page 2 BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options; however, said appeal must be filed within thirty (30) days of this resolution: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's (CBOE's) decision to the Board of Assessment Appeals (BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), CRS) Appeals to the BAA must be made on forms furnished by the BAA, and should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 523 Denver, CO 80203 Phone: 866-5880 OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals for a review of the record. (Section 39-8-108(1), CRS) OR 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, CRS) Selecting the Arbitrator: In order to pursue arbitration, you must notify the CBOE of your intent. You and the CBOE select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located will make the selection. 971364 AS0038 APPROVED AS TO FORM: RE: BOE - PARKER JAMES W IV & TRACY Page 3 Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the CBOE. In the case of residential real property, such fees and expenses cannot exceed $150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 17th day of July, A.D., 1997. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO eorge eBtaxter, Chair nstance L. Harbert, nstance L. Pr em EXCUSED Dale K. Hall EXCUSED Barbara J. Kirkmeyer 971364 AS0038 PARKER JAMES W IV & TRACY 2202 27 AVE CT GREELEY, CO 80631 HEARING DATE: July 17, 1997 RING ATTENDED? j /N) AGENT NAME: APPRAISER NAME DECISION: Land BOE SUMMARY SHEET PIN #: R1910386 PARCEL #: 095902419041 TIME: 3:30 p.m. NAME Improvements OR Personal Property Total Actual Value COMMENTS: MOTION BY Off/ TO RESOLUTION NO._ SECONDED BY Failed to prove appropriate value No comparables given Increase/Decrease in Valuation Assessment Ratio Other: ACTUAL VALUATION ORIGINAL $ 4,826 49,578 $54,404 SET BY BOARD /f L(c gozi v&) Hall --( -/L—V- Kirkmeyer --) Webster -- (Y/N) Harbert -- (Y/N) Baxter -- (Y/N) 971364 v05' a:;134 vuvc COLORADO July 11, 1997 PARKER JAMES W IV & TRACY 2202 27 AVE CT GREELEY, CO 80631 CLERK TO THE BOARD PHONE (970) 356-4000 EXT.4218 FAX: (970) 352-0242 915 10TH STREET P.O. BOX 758 GREELEY, COLORADO 80632 Parcel No.: 095902419041 PIN No.: R1910386 Dear Petitioner(s): The Weld County Board of Equalization has seta date of Thursday, July 17, 1997, at or about the hour of 3:30 p.m., to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Centennial Center, 915 10th Street, Greeley, Colorado, in the First Floor Hearing Room. A number of hearings have been scheduled at this time; peitioners will be asked to sign in with the Clerk upon arrival, and cases will be heard on a first come / first heard basis. You have a right to attend this hearing and present evidence to the Board in support of your petition. The Weld County Assessor or his representative will be present. The Board will make its decision on the basis of the record made at said hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 1997, and mailed to you on or before August 10, 1997. Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15 minutes, of which you will be allowed 10 minutes for your presentation. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. PARKER JAMES W IV & TRACY - R1910386 Page 2 At least two (2) working days prior to your hearing the Assessor will have available, at your request, the data supporting his valuation of your property. Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION Donald D. Warden, Clerk to the Board BY: Carol A. Harding Deputy Clerk to the Board cc: Warren Lasell, Assessor NOTICE OF DENIAL tz, COLORADO GR GT-3B UNIT 3 BLDG B GREELEY TOWNHOUSE COND PT L19-20 BLK18 6TH EDWARDS HOMES $702 37 AVE CT #3% OWNER: PARKER JAMES W IV & TRACY PARKER JAMES W IV & TRACY 2202 27 AVE CT GREELEY, CO 80631 06/30/1997 LOG PARCEL ACCOUNT YEAR T_ t 5056 095902419041 R1910386 1997 OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. GREELEY, CO 80631 PHONE (970)353-3845, EXT. 3650 The appraisal 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): RESIDENTIAL PROPERTY IS VALUED BY CONSIDERING THE MARKET APPROACH. 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 defemination 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 1995/1996 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 LAND 4826 4826 IMPS 49578 49578 TOTALS $ $ 54404 $ 54404 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- 106(1)(a), C.R.S. Please see the back of this form for detailed information on filing your appeal. By: IS -OPT -AR Form PR -207-87/94 WARREN L. LASELL 06/30/1997 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE Ce/Ys YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION The County Board of Equalization will sit to hear appeals beginning July 1 and continuing through August 5 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 PROCEDURES: If you choose to appeal the Assessor's decision you must appeal to the County Board of Equalization. To preserve your right to appeal, your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 15 FOR REAL PROPERTY, AND JULY 21 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION'S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days. The County Board must conclude their hearings by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the 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): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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, you must file an appeal with the Board of Assessment Appeals by September 11. 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., YOU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR AMOUNT. Attach additional documents as necessary. a s , au/G/us n C'.r TC.r,._. June 36 1997 d0uy {o, do is Weld County Board of Equalization 915 10th Street P.O. Box 758 Greeley, CO 80632 RE: Property Tax Appeal Parcel # 095902419040 Acct # R1910286 HAND DELIVERED To Whom it May Concern: I have received a Notice of Denial from the Office of the County Assessor regarding my appeal of property tax on the above referenced parcel. I have attached a copy. The category of assessment into which my property was placed is "residential property [which] is valued by considering the market approach". I believe this is a correct assumption. The denial reason is then given as " been denied due to comparison of other similar properties which sold during the 1995/1996 time period. This comparison shows your actual property value to be correct for that period". This is where I have a problem, and wish to appeal to your better judgement. I have attached a copy of my original appeal letter. However, I wish to describe the property again. The parcel above was part of transaction involving four uniquely described townhomes. The townhomes are part of a fourplex as described below: Parcel # 1)095902419039 2)095902419040 3)095902419041 4)095902419042 Total Acct # R1910186 R1910286 81910386 R1910486 assessed Value Valuation by Assessor 55,891 54,404 54,404 55,891 220,590 I purchased these townhomes for a total of $175,000 as part of a single, arms length transaction on December 17, 1996. The very definition of the market approach is that price agreed to by a willing buyer and a willing seller, which would indicate $175,000. I understand however, that more objective evidence is required. Therefore, 1 have attached a copy of the appraisal done on the property at the time of the sale. I had also included excerpts for the Assessor, which may not have been adequate for his purposes. The appraisal was done by a certified, licensed appraiser. The final value was determined using market value approach. The final value arrived at by the appraiser was $177,000. The appraiser used six comparable sales within the same time period as the Assessor's data. There were three additional listings of property for sale which were also included in the appraisal. This is objective, comparable data utilized by a qualified individual to arrive at an independent valuation of $177,000 for all four units using the market valuation approach cited by the assessor as required under Colorado law. I believe the appraiser is correct, and in accordance with 39-8-106(1.5), C.R.S. state that I believe the property should be valued at $177,000. Therefore, I submit to you, that the valuation of each unit can be calculated at $177,000 divided by 4, which equals $44,250 each. Please adjust the property tax values accordingly. enclosures es W Par r June 17, 1997 Warren Lasell Weld County Assessor 1400 N 17th Avenue Greeley, Co 80631 RE: Parcel # 095902419040 Acct # R1910286 Dear Mr. Lasell, This letter is being written to appeal the property valuation assigned to the above referenced parcel. This parcel was purchased as part of a transaction involving 4 uniquely described townhomes. The townhomes are part of a 4-plex, as described below: Parcel # 1) 095902419039 2) 095902419040 3) 095902419041 4) 095902419042 Acct # Valuation by Assessor R1910186 55,891 R1910286 54,404 R1910386 54,404 R1910486 55.891 Total Valuation 220,590 I purchased these 4 townhomes as part of a single transaction on December 17, 1996. The purchase price was $175,000. I have attached a copy of the Warranty Deed proving this. I have also attached a copy of the appraisal, showing a valuation of $177,000 on the appraisal date. This is for all 4 units and is supported by comparable sales. Additionally, the 4 units which share a common parking lot were also sold in December, 1996 for $180,000. These units were in better condition, having been managed by a professional property management company for several years. Therefore, due to my appraisal, and the sales prices for all area units, I am convinced the evaluation of the property in total does not exceed $177,000. Taking this valuation and dividing it by 4, the value for each individual unit would be $44,250. Please use this valuation for property tax purposes. I have attached a copy of this letter and the appraisal with each appeal request for the 4 townhomes. Since y, ames W Parker TABLE OF CONTENTS Borrower Parker FIIeNo. 1d -1025a Property Address 702 37th Ave Ct City Greeley County Weld Rate CO zlpCode 80631 Lender 1st Choice Bank 702 37th Ave Ct Services Invoice, Legal Size 1 Summary of Salient Features 2 USPAP Report Identification 3 Small Income --1O/94 4 Income --1O/94 Comparable Photo Page (1-3} 8 Income --1O/94 Subject Photo Page 9 Building Sketch 10 Location Map 11 Operating Income Statement 12 Statement of Limiting Conditions -- 6/93 14 Muttl-purpose Supplemental Addendum 16 Addenda 18 Form P54 -- 'TOTAL 2000• appraisal software by a la mode, Inc. -- 1'-6000 ALAMODE rile No. i d-10250 Page # 2� SUMMARY OF SALIENT FEATURES Subject Address Legal Description City County State Zip Code Census Tract Map Reference 702 37th Ave Ct See Attached: Greeley Weld CO 80631 14.02 MSA 3060 Sale Price $ 175,000 Date ofSale Current Borrower /Client Parker Lender 1st Choice Bank Size (Square Feet) Price per Square Foot Location Age Condition Total Rooms Bedrooms Baths MSA 3060 N. Greeley Form SSD -- 'T0TAL200.0• appraisal software by, a.lamade. Inc„ -- tr 800-ALAMDDE File No. 1d-10254 Page # 3J Borrower Parker Property Address 702 37th Ave Ct File No. ld-1025a city Greeley Lender 1st Choice Bank County Weld APPRAISAL AND REPORT IDENTIFICATION State CO ZlpCode 80631 This Appraisal conforms to one of the following definitions: O Complete Appraisal The act or process of estimating value, or an estimate of value, performed without invoking the Departure Provision. ❑ Limited Appraisal The act or process of estimating value, or an estimation of value, performed under and resulting from invoking the Departure Provision. This Report Is one of the following types: ❑ Self Contained Report A written report prepared under Standards Rule 2-2(A) of a complete or limited appraisal performed under Standard 1. Summary Report A written report prepared under Standards Rule 2-2(B) of a complete or limited appraisal performed under Standard 1. ❑ Restricted Report A written report prepared under Standards Rule 2-2(C) of a complete or limited appraisal performed under Standard 7. Comments on Appraisal and Report Identification Note any departures from Standards Rules 1-2, 1-3, 1-4, plus any USPAP-related issues requiring disclosure: CERTIFICATION STATEMENT I certify that, to the best of my knowledge and belief, the report analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. I certify that the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. This is a summary report. Austin & Austin Appraisal Services, (970) 353.0790 Form 101, •• 'TOTAL 2000' appralsai.aaftwareby, a la.made„Inc. •• 140p-ALAMODE Elle No. 1d-1O25a Page # 4� SMALL RESIDENTIAL INCOME PROPERTY APP "• SU'lULJ4 Property Address 702 37th Ave Ct CltyGreeley Stab CO Zip code 80631 Legal Description See Attached: County Weld Assessors Parcel No. 095902419039/40/41/42 Tax Year 1995 R.E. Taxes$ 1,443 Special Assessments $ 0 Neighborhood or Project Name West Greel ey Map Reference MSA 3060 Census Tract 14.02 mBorrower Parker Current Owner Markley Occupant In Owner Fir Tenant 7Vacant N Property rights appraised IT Fee Simple El Leasehold I Project Type n PUD j X] Condominium HOA $ 0 /Mo. Sales Price $ 175,000 Date of Sale Current Description and $ amount of loan charges/concessions to be paid by seller 0 Lender/Cflent 1st Choice Bank Address 2164 35th Ave, Greeley, CO 80634 Appraiser Kenton Sick Address 918 13th Street Greeley CO 80631 Location Bultt u P Growth rate X ❑ Urban X Suburban ❑ Rural Over 75%Shq ❑ 25-75% ❑ Under 25% Rapid X Stable ❑ Slow Predominant Occupancy ■ pancy Owner Si b tamiy housing Ric AGE $(0 O (yrs) 80 Low 15 2-4 Family mirnnt 2Occupan ❑ Owner 2-41amrTy housup $ (000) tiffs) 120 Low 15 Property values nlncreasing X Stable ❑Declining X Tenant 135 High 30 X Tenant 200 High 25 Demand/supply ❑ Shortage X in balance ❑ Over supply X Vacant (0-5%) I H" 'l Predominant t,::iiei XQ Vacant (0-5%) )`''€? ] Predominant Marketing time Fir I Under 3 mos. El 3-6 mos. El Over 6 mos. El Vacant (over 5%) 110 23 El Vacant (over 5% 15 0 20 Typical2-4 family bldg. Type Row No. stories 2 No. units 2 - 6 Age 20 yrs. Present land use % Land use charge Typical rents $ 300 to $ 750 ❑ Increasing © Stable ❑ Declining One family 70 © Not likely Likely Est neighborhood apt vacancy 2 % ❑ Increasing X Stable ❑ Declining 2-4 family 20 ❑ in process to: Rent controls ❑ Yes ❑x No ❑ Likely If yes or likely, describe Multi -family Commercial 10 ( ) Not Race and the radar Neighborhood boundaries composition of the neighborhood am not appraisal tacks. and characteristics: West Greeley, west of 35th Avenue, north of 10th Street, and south of 4th Street. Factors That affect the marketability Edwards is a of the properties In the neighborhood (proximity to employment and amenities, employment stabilly, appeal to market etc.): nice Greeley subdivision developed during the 1960's. made up mostly of ranch styled single family homes. The neighborhood is close to both shopping and parks; Epple Pheasant Run and Bittersweet parks are all with in walking distance. The neighborhood is well cared for, and the homes are in a price range that is much in demand. The south edge of the o neighborhood is zoned R-3 and has a number of multi -family buildings. O 0 x GOThe following available listings s to evaluate the Inventory w property. (Listings outside a represent the most current, similar, and proximate competitive properties to the subject property in the subject neighborhood. This analysis is intended currently on the market competing with the subject property in the subject neighborhood and recent price and marketing time trends affecting the subject the subject neighborhood are not considered applicable). The listing comparables can be the rental or sale comparables if they are currently for sale. REM l SUBJECT COMPARABLE LISTING NO. 1 COMPARABLE LISTING NO.2 COMPARABLE LISTING NO 702 37th Address Greeley Ave Ct 3308 Empire St Evans 700 38th Street Evans .3 2001 9th Avenue Greeley Proximity tosubject r ::.........................:..:. 2 miles south 2 miles south 30 blocks east Listing price $ IxlUnf. nFum.$ 159,900 DCUnt. El Sum .$ 149,900 nUnfFum.$ 750,000 ApproximateGBA 4,000 2,940 2,280 8 100 Data source Insp MLS/Agent MLS/Agent MLS/A,gent Units/rotrms./BR/BA 4 ;1618 ;6 2 112 '6 12 2 110 I6 2 21 ;110 55 '21 Approximate year built 1972 1995 1992 1926& 1975 Approx. days on market N/A 28/Duplex 20/Duplex 78/SFR/12 plex Comparison of listings to subject property: Listing are very limited There are no listings of similar designed properties or four-plexes. Market conditions that affect demand/supply, and marketing Identification of trendsinlistihgprices,averagedaysonmarketandanychangeoverpastyear,etc.: improved 2-4 family properties in the subject neighborhood (including the above lime) and the prevalence and Impact in the subject market area regarding neighborhood indicators of growth rate, property values, loan discounts, interest buydowns and concessions, and The local market in general has over the past year, with generally increased prices for rental properties. There 1s evidence that Dents have peaked, and demand and supply are in' balance. Although with continued construction of rental properties, listing prices could to be strong. No financing concessions prevalent. Interest rates are at a very attractive 8%-9% presently. Dimensions Approx. 76x127 Topography Generally Level Sitearea 9,652 Comer lot x No Yes Size Typical for Specific area zoning classification bnddescription Multi -Family Residence Shape Rectangular Zoning compliance Highest X Legal Legal nonconforming (Grandtathered use) Illegal J No zoning Drainage Appears adequate and best use as improved: ❑X Present use Other use (explain) w View Interior I— Landscaping Average for the Unties area Public Other Of-sibImpnrements Type Public Private Driveway Asphalt Electricity X Street Asphalt © ❑ Apparent easements Utility Gas & Drainage x Curb/gutter Concrete x ❑ Water x Sidewalk Concrete x ❑ FEMA Special Sanitary sewer X Streetlights Pole xJ Flood Hazard Area ❑Yes X No FEMAZone C Map Date 07/16/79 Storm sewer TO Alley None n El FEMAMap No. 080184 0001 B Comments (apparent adverse easements, encroachments, special assessments, slide areas, regal or legal nonconforming zoning, use, etc.): No survey was to the en provided appraiser; inspection of the site and public records provided all information regarding_ easements and possible encroachments, but cannot be relied upon. The site has a paved off-street parking in the front and landscaped with grass and a privacy o fenced backyard, Each unit has a patio area and a storage area. L3 Frnddln Mac Fnrm 72 1r1.0A ........,. . FormSR3 -- 'TOTAL 200Q' appraisal software by a lamads„ Inc.. -- 1; B0Q-ALAMODE Fannie Mae Form 1025 10-94 U, a Special Energy Efficient Items Porches, Paflos, etc. Total Estimated Cost New Physical Functional Less 14 Depreclaffon 22,400 Depreciated Value of improvements 'As is' Value of Site improvements INDICATED VALUE BY COST APPROACH lie Mac Form 72 10-94 ESTIMATED REPRODUCTION OOST-NEW OF IMPROVEMENTS: 4,000 Sq.Ft®S 40.00 General description Unle/bklgs. 4 / 1 Stories 2 story Type(det/att) Detached Design (stye) 2 story Existing/proposed Existing Under construction No Year Built 1972 Effective age(yrs.) 10 SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORueNa1a1O25x Paga#b] Units 4 Level(s) 1 Foyer LNlna 1 ederbrdesalptlon (Materials/condition) Foundation Concrete Exterior walls Brick/Siding Roof surface Comp Gutters & dwnspts. Metal Window type Alumn Stormsash/Screens Yes/Yes/DP Manufactured housing" ff Yes D No "(Complies with the HUD Manufactured Housing Construction and Safely Standards. Dining x Kitchen 1 Den Famll rm Foundation Slab 0% Crawlspace 100% Sump Pump None Dampness None obs semement None obs Infestation None obs Basement 0 % of 1st floor area Basement finish Crawl -space Bedrooms 2 Baths 1.5 Laundry Other Insulation (R -value If known) E]Roof Fiber ❑X Ceiling Fiber ❑x Walls Fiber ❑ Floor ❑ None Adequacy AVq Energy efficient items: Sa, ft/urfit 1,000 Total rP 4,000 Improvements contain: 16 Rooms: 8 Bedroom(s): 6 Bath(s): 4 , 0 0 0 Square feet o1 GROSS BUILDING AREA GROSS BUILDING AREA (GBA) IS DEFINED AS THE TOTAL FINISHED AREA (INCLUDING COMMON AREAS) OF THE IMPROVEMENTS BASED UPON EXTERIOR MEASUREMENTS, Surfaces (Materials/condmon) Floors Crpt/vl/qd Walls Drywall/vqd Trim/Finish Wd/painted/qd Bathfbor Vinyl/avg-gd Bath wainscot Units/vqd Doors HC/Stnd/qd Fireplace(s) None # 0 Condition of the Improvements, repairs needed, googly of construction, additional features, modernization, etc.: The subject is a four unit building, each unit being a 2 story with the bedrooms and a full bath on the upper floor and the living room, dining area, and kitchen on the main level; the building includes the following features: brick facing; units are identical with two bedrooms, bathroom, living room, combined kitchen and dining area accessing the patio; the carpet and vinyl floors are in good condition with unit 1' being dated and unit 4 having all new floor coverings; unit 1 has hardwood floor in the kitchen/dining area; bath wainscot has been updated and are single unit fiberglass; walls have newer painted and in good condition; The units are in good condition with low anticipated maintenance cost. Heating Type HW88 Fuel Gas Condition Avg Central Unit Cooing Central Room Units Other None Condition Avg IObhanequlp. (#/unit-cond.) Refrigerator 1/unit/avg Range/oven 1/unit/avg Disposal 1/unit/avg Dishwasher 1/unit/avg Fanmood 1/unit/avg Compactor Washer/dryer Common/Coin Microwave Intercom Attic ❑ None ❑ Stairs El Drop stair x❑ Scuttle ❑ Floor ❑ Heated ❑ Finished ❑ Unfinished Car Storage No. Cars 2/ u Garage Carport Attached Detached Adequate Inadequate Offstreet None ED ED ED DO 0 Depreciation (physical, functional, and external inadequacies etc.): The construction quality is typical for the area Based on maintenance, condition & comparison to competing neighborhoods, the estimated effective age is below the actual age. Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the immediate vicinity of the subject property: There are no known or apparent environmental conditions that would negatively impact on the value of the property. NOTE. The building has been condomiuiumized but has has always been held as a 4-plex apartment building as such. never had a formal association set-up and ith a common owner. Therefore it is view ESTIMATED SITE VALUE _ $ VALUATION ANALYSIS 30,000 _$ 160,000 Sq. Ft(PS _$ Sq. Ft®$ _$ Sq.Ft®$ _$ Sq. Ft®$ =$ _$ —$ _$ _$ _$ _$ _$ _$ Exemal 160,000 _$ 22,400 $ 137,600 $ 10,000 177,600 Comments on Cost Approach (such as, source of cost estimate, site value, square foot calculation and, for HUD and VA, the estimated remaining economic life ofthe property): All sale dates are closed dates, contract dates will be noted. Cost information: Residential Cost Handbook Marshall & Swift - Average Quality Remaining Economic Life: 40 years Site value is determined by the extraction method. PAGE 2 OF 4 F001),&93 -. 'TOTAL 2000' appralsal.so}hvare by a la,mode,,lnc. -- 1-844-ALAMDDE Fannie Mae Form 1025 10-94 SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORTIeNo. 1d-1o2sa Page #1 At least three rental comparables should be reported and analyzed in this section.The rental comparables shouldrepresent the most current rental information on properties as similar and proximate to the subject property as possible. (This comparison is based on current rental data, therefore, the rental comparables typically are not the same comparables used In the sales comparison analysis.) The appraisal report should assure the reader that the units and properties selected as comparables are comparable to the subject property (both the units and the overall properly) and accurately represent the rental market for the subject property (unless otherwise stated within the report). ITEM I SUBJECT COMPARABLE RENTAL NO. 1 COMPARABLE RENTAL NO.2 COMPARABLE RENTAL NO.3 Address 702 37th Ave Ct Greeley. 706 37th Avenue Greeley 724 37th Ave Greeley 2709 27th Street Greeley Proximity to subject ty ;, .,@.:is pL'.rripg:> °b•:vgRy..ii:?;;;:::w?i5it% Same area Same area 15 blocks southeast Lease dates (if available) Yearly Yearly Yearly Rent survey date Data source Insp Prop. Manager Agent Files Agent Files ' MLS/Agent Files Rent concessions None None . None None Description of property -units, design, appeal, age, vacancies, andconditlons No.Unds4 No. Vac. 0 No. Unlit 4 No. Vac.0 Yr.Blt.:1971 No. Units 4 No, Vac, 0 Yr. Bit. :1976 No. Units 4 No,Vac.0 Yr. Blt:1950 Yr. Bit.: 1972 4-plex 4-plex 4-plex 4 plex Brick/Frame Similar Similar Similar 2 story Units 2 story Units 2 story Units 2 story Units Appeal:Good Good Good Good nd vidual Iunit breakdown Rm. Count Size Sq. Ft Rm. Count Size Sq. Ft Total Monthly Rest Rm. Count Size Sq. Ft Total Monthly Rent Rm. Count Size Sq. Ft Total Monthly Rent Tot Br Ba. Tot Br Ba Tot Br Ba Tot Br Ba 4 2 1.51,000 4 2 1.5 998 550 4 2 1.5 1,000 5504 2 1.5 988 500 4 2 1.51,000 4 2 1.5 998 550 4 2 1.5 1,000 5504 2 1.5 988 550 4 2 1.51,000 4 2 1.5 998 550 4 2 1.5 1.000 5504 2 1.5 988 550 4 2 1.51,000 4 2 1.5 998 550 4 2 1.5 1,000 5504 2 1.5 988 575 Utilities, furniture, and amenities included in rent Water/Trash Water&Trash Water&Trash Water&Trash Heat Heat Heat Heat Unfurnished Unfurnished Unfurnished Unfurnished None None None None Functional utility, rl basement o heating/cooling, J project amenities, etc. c i F.Util: Avg Average Average Average JIWBB-Combine HWBB-Combine HWBB-Combine FANG/Ind Unit _3/unitOffstr 2/unit0ffstr 2/unit0ffstr 1/unit0ffstr Coin-opLaund LaundHookups Central Laundry Laundry Hookups Analysis of rental data and s pport for estimated market rents for the individual subject ugh (including the adjustments used, the adequacy of comparables, rental concessions, etc.) W Comparables are all very similar designed units and similar in appeal and condition. a The rent for this style of unit is very well defined in the local market. O O U Subjects rentsGredub The rent schedule reconciles the applicable indicated monthly market rents to the appropriate subject unit .and provides the estimated rents for the subject properly. The appraiser must review the rent characteristics of the comparable sales to determine whether estimated rents should reflect actual or market rents. For example, if actual rents were available on the sales comparables and used to derive the gross rent multiplier (GRM), actual rents for the subject should be used. If market rents were used to construct the comparables' rents and derive the GRM, market rents should be used. The total gross estimated rent must represent rent characteristics consistent with the sales comparable data used to derive the GRM. The total gross estimated rent is not adjusted for vacancy. LEASES ACTUAL RENTS ESTIMATED RENTS unit Lease Date Units Per Unit Total Per Unit Total Rents Begin End Vacant Unfurnished Furnished Rents Unfurnished Furnished 1 Monthly monthly 0 $ 440 $ $ 440 $ 550$ $ 550 2 Monthly Monthly 0 440 440 550 550 3 Monthly Monthly 0 440 440 550 550 4 07/13/96 p1/13/97 0 465 465 550 550 4::.i:Fiu:ii4Ri1\::.% r, •.}.i:4:� ...........> c:.:.�x:::;a::. ;vw;:. � :Cn:: :::::::Q:'v.::i:<":1". .re:.,..:... n:«.r...�:.� :....::.p:.p ..; .:;:.:y:;r.,, S 1 , 785 ::: i!i`<;:::as �L:<:.�.::............... :a^ <?::< s::::: >::e:; ? a:.zr:< �$ 2,200 Other monthly income Qtemlze) $ Vacancy: Actual last year 0 % Previous year 0 % Estimated: 3 % $ 800 Annual& Tow gross &tW inn $ 25,600 Utilities included in estimated rents: ❑ Electric X Water ❑X Sewer X Gas ❑ Oil x. Trash collection ❑ Comments on the rent schedule, actual rents, estimated rents (especially regarding differences between actual and estimated rents), utilities, etc.: Typical rent in area is $250-300/bedroom. The comparables are all located in the general neighborhood of central Greeley with similar amenities. Market rent of this styled unit is very well definedin the local market. The subject property has been managed by the owner who does not live in Greeley. Mac Fore 72 10.94. 3 Forp,SR3 --'TOTAL 2000.' appraisalioftware by a la mode,,Inc. -- 1-SD0-ALAMODE Fannie Mae Form 1025 10-94 File No. 1d-1025 Page # ' SMALL RESIDENTIAL INCQME PROPERTY APPRAISAL REPORT Austin $ Austin ppraisai Services, (970) 353-O79O The undersigned has recited three recent sigthe market data. If a nificant variation between the subnificant ject adjusted sales pricce of the comparable made, thus Increasing the adjusted sales of properties most similar and proximate to the subject property and has described and analyzed and comparable properties, the analysis includes a dollar adjustment reflecting the market reaction to those o If a asignlflcant item inis thecomplor arable propertr more y isle inferioreorulessfavorablet than, minus properlm in thecomparable the subjectupsp sales price of the comparable property.I(1) these in this analysis. If there is a items or an explanation supported perry, a plus (+) adjustment juthe Is Saba Price/doss Monthly Read) ITEM I SUBJECT COMPARABLE SALE NO. 1 COMPARABLE SALE NO.2 COMPARABLE SALE NO.3 702 37th Address Greeley Ave Ct 2702 9th Avenue <^«>`"'°_� Greeley 2440 W 11th Street Greeley 708 37th Ave Ct Greeley Proximiytosubject =<i< :�<_: 2 miles southeast 10 Next door Sales blocks east price $ 175,000 51Unt.(7Fum. $146,000 [junt.jlFum. $185,000 — price per GBA $ 43.75 $ 40.56 $ 61.67 )(Tung Thum. $182,500 $ 45.63 Gross monthly1,780 $ 2,200 $ $ 2,100 $ 2,200 Gross mo. rent mu@0) 79.55 82.02 88.1 , 8P.95 Sales pace per unit $ 43,750 $ 36,500 $ 46,250 $ 40,000 Sales pdce per room $ 10,938 $ 9,125 $ 11,562 S 11 400 Data and/or Verification Sources Insp Inspection/files Inspection/files Leases MLS/Agent/Insp MLS/Agent/Insp Inspection/files Pending Sale ADJUSTMENTS DESCRIPTION DESCRIPTION + (—) $ Adjustment DESCRIPTION + (—) $ Adjustment DESCRIPTION + (—) $ Adjustment Sales orfinancing concessions >�y3r;(>ss;`Y(:;t^?^,'_;:; Conv 80% ;�;;: ;;,„ Rr,.,; � � a$.; >ar, `:?Y>>:'aY: None Cony 70% None Cony 70% None Date of saledime 410$6,—.4. Y:1<:%:r: .,:.�,Y.,:Clsd 6/96 04/30/96 Clsinq 1/97 Location N. Greeley SE Greeley +10,000 C. Greeley -5,000 N. Greeley Leasehold/FeeSimple Fee Simple Fee Simple Fee Simple Fee Simple Site 9,652 7,500 s0 ft 10000 9,652 ��, Interior Interior Interior Interior Design and appeal 2 story Ranch Raised Ranch g/Bry oualiyofconstruction Avq/Brick Avg/Brick2 Avg/Brick Avg/Brick Age Condition 18 16 45 1 18 Avg/Good Average +10.000 Excellent -15,000 Superior Gross Building Area 4 000 Sq.tt 3 600 Sq.tt +5 000 3 000 sq.ft +10 000 4 000 Sq.tt -5.000 Nofo. Rm. count No. No. Rm. count No. No. Rm. count No. No. Rm. count No. Vac. units Tot Br Ba units Tot Br Ba Vac. units Tot Br Ba Vac. units Tot Br Ba Vac. Unit 1 4 2 1.50 1 4 1 0 +500 1 4 ©1 0 +500 1 4 2 1.50 breakdown 1 4 2 1.50 1 4 2 1 0 +500 1 4 2 1 0 +500 1 4 2 1.50 1 4 1.50 1 4 2 1 0 +500 1 4 2 1 0 +500 1 4 2 1.50 Basement 1 4 2 1.50 1 4 2 1 0 +500 1 4 2 1 0 +500 1 4 2 1.50 descdption Functional None Included None Included utility Healing/cooling Average Average Average Average HWBB/Combin FANG/Individ HWBB/combine on/off site Project Off-street Off -Street Off-- Off-street Off-street Off-street amenities and fee (If applicable) 0 f f S t r e e t Net Adj. (total) nin+ nl — ;s 97 nnn r—ih rv, _ - - - Adjusted sales price of comparable $ $ 173,000#t<?=;ys;€ass;<:>:,,,:: :,,�;:;>�:<:<>j<,l$ 177,000 ............... ' $ 177,500 Comments on sales comparison (Including reconciliation of all indicators of value as to consistency and relative strip' and evaluation of the typical Investor's/purchasersmotwationinthatmarket) Sale 3 is the identical units in design with all units recently updated. Sale 2 has recently been completely u dated and is in excellent condition. It is more centrally` located and in a superior neighborhood. Sale 1 is located in a less appealing area amounq commercial use properties It is in average condition with floor coverings near the useful ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO.2 Date,PdceandData No Sales 10/91COMPARABLEN0.3 Source for dorsales9/92 1/89 P History $79,000 $92,000 $111,000 within year of appraisal Pub Rec Pub Rec Pub Rec Pub Analysis of any current agreement of sale, option, or listing of the subject properly and analysis of any prior sales of subject and comparables within one year of the date of appraisal: The subject is not an active listing in the local MLS. 5,000 Total gross monthly estimated rent $ 2,200 X gross rent multiplier (6AM) 82 = 180,400 aVALUE BY APPROACH Comments on income approach (Including expense ratios, If available, and reconciliation of the GRM) Capitalization value equals $172,800 See addendum for expanded income and market data approach INDICATED VALUE BY SALES COMPARISON APPROACH INDICATED VALUE BY INCOME APPROACH INDICATED VALUE BY COST APPROACH $ 180,400 This appraisal is made Qx 'as Is' ❑ subject to the repairs, alterations, Inspections, or conditions listed below S 177,600 Comments and conditions of appraisal: This appraisal was made " a s is . " ❑ subject to campsban per plans and specifications. 177 000 Anaireconcmaflon: The three approaches provide a good range of value. The cost approach is the weakest, with the recent price volatility in building materials and construction costs making many factors very difficult to estimate. The market and income approaches are expected to be The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingent and limiting conditions, and market value definition that are stated In the attached Freddie Mac Form 439/Fannie Mae FOrm 10048 (Revised 06 / 93 I (WE) ESTIMATE THE MAHICET VALUE, AS DEFINED, OF� yTHE REAL PROPERTYTHAT IS THE SUBJECT OF THIS REPORT, AS Cr 12/05/96 ). (WHICH IS THE DATE OFPGPECTotiAND THE T- DATE CPTHIS REPORT) TOBE$ 177 APPRAISER: / Signature ✓r Name Kenton Sick DateReportSIgned December 5, 1996 SUPERVISORY APPF SER (ONLY IF MOUSED): Signature Name Date Report Signed ❑ Dld ❑ Did Not Inspect Property StateCertification # CR01320540 Or State License # its Mao Form 72 10.94, Stale CO State State Certification Or State License Eosin )r'a'T,QTAj,20ArappiAlsPAGE 4 OF atuThEar&a hya,latmark iOp. 1rRPJJ AhAMOAh State State Fannie Mae. Form 1025 10-94 Borrower Parker ProperNAddress 702 37th Ave Ct city Greeley ADDENDA rile Nod to—ia FIIeNo. ld-1025a 2 Lender 1st Choice Bank county Weld state CO zip Code 80631 LEGAL DESCRIPTION LOT 20 AND THE NORTH ELEVEN FEET OF LOT NINETEEN BLOCK EIGHTEEN SIXTH ADDITION TO EDWARDS HOMES, CITY OF GREELEY, COUNTY OF WELD, STATE OF COLORADO; ALSO KNOWN AS: UNITS 1, 2, 3, AND 4, GREELEY TOWNHOUSE CONDOMINIUMS, CITY OF GREELEY, COUNTY OF WELD. STATE OF COLORADO. IN ACCORDANCE WITH THE MAP RECORDED NOVEMBER 5, 1973 IN BOOK 702 AS RECEPTION NO. 1624245; ALSO IN ACCORDANCE WITH THE DECLARATION RECORDED NOVEMBER 5, 1973 IN BOOK 702 AS RECEPTION NO. 1624244; AND ALSO THE RATIFICATION OF SAID MAP AND DECLARATION RECORDED MAY 21, 1982 IN BOOK 968 AS RECEPTION NO. 1892349. COMMENTS ON SALES COMPARISON life. The data support the subject's contracted Sale price with Sale 3 given additional consideration. Sale 3 is under -contract with closing scheduled after year end. After discussions with the local property management company, Vintage Corp, the subject's expense ratio is projected at 28%. The data ratios provide market ranges to evaluate the subject property. Gross Rent Multi Expense Percentage Net Annual Income Overall Cap Rate Price per unit Price per room Price per sq ft Comp Range Subject Value Estimate -- 82-88x 25-28% 10-12% 36K -46K $9K -11.5K $40.56-61.67 82x 28% $19,000 11% $45K $11000 $45.00 $180,000 $172,800 $180,000 $176,000 $180,000 The subject is representatively placed in each range with weight given to Sale 3 due to design and the similar gross monthly rents. Gross Rent Multiplier and the Overall Capitalization Rate are given the most weight with the remaining data providing excellent support. FINAL RECONCILIATION relatively close because the typical purchasers in the market require a quantified return. Therefore the Market and Income approaches are given the most consideration. This a summary report. Borrower Parker Property Address 702 37th Ave Ct INCOME --10/94 COMPARABLE PHOTO PAGE (1-3) City Greeley Lender 1st Choice Bank County Weld state CO File No. 1d -1025d Page # q' FIIeNo. ld-1025a ZlpCode 80631 Comparable 1 Condition Location Quality of Constr. 2702 9th Avenue Average SE Greeley Avg/Brick Comparable 2 Condition Location Quality of Constr. 2440 W 11th Street Excellent C. Greeley Avg/Brick Comparable 3 Condition Location Quality of Constr. Form P01 -- 'TOTAL20QX appraisal software by a.la.mode„Inc.. -- 1:800-ALAMODE 708 37th Ave Ct Superior N. Greeley Avq/Brick Borrower Parker PropertyAddress 702 37th Ave Ct nth/ Greeley Lender 1st Choice Bank INCOME --10/94 SUBJECT PHOTO PAGE County Weld State CO rile No. 1d-10254 Page # FIIeNo. ld-1025a zlpCode 80631 Subject Front Condition Location Quality of Constr. 702 37th Ave Ct Avq/Good N. Greeley Avq/Brick Subject Rear Subject Street Form Pla -- 'T0TAL2000' apgralsal sottwareby ala.made„ina. -- 1,B0SALAMC1Dj Operating Income Statement One- to Four -Family Investment Property and Two- to Four -Family Owner -Occupied Property Property Address File No. 1 d -1025x' Page* 12( Street 702 37th Ave Ct city Greeley Slam CO 2lpCode 80631 General Instructions: This form is to be prepared jointly by the loan applicant, the appraiser, and the lenders underwriter. The applicant must complete the following schedule indicat- ing each units rental status, lease expiration date, current rent, market rent and the responsibility for utility expenses. Rental figures must be based on the rent for an 'unfurnished' unit Currently Expiration Current Rent Market Rent Paid Paid Rented Date Per Month Per Month Expense By Owner By Tenant Unit No. 1 Yes X No Montly S 440 S 550 Electricity O E UnitNo.2 Yes X No Montly S 440 S 550 Gas 0 O Unit No. 3 Yes X No Monthly S 440 S 550 Fuel Oil UnitNo.4 Yes X No 01/13/97 S 465 S 550 Fuel(Other) O Total S' 1,785 S 2,200 Water/Sewer Q Trash Removal ❑x The applicant should complete all of the Income and expense projections and for existing properties provide actual year-end operating statements for the past two years (for new properties the applicant's projected income and expenses must be provided). This Operating Income Statement and any previous operating statements the applicant provides must then be sent to the appraiser for review, comment and/or adjustments next to the applicant's figures (e.g. Applicant/Appralser 288/300). If the appraiser Is retained to complete the form Instead of the applicant the lender must provide to the appraiser the aforementioned operating statements, mortgage Insurance premium, HOA dues, leasehold payments, subordinate financing, and/or any other relevant information as to the income and expenses of the subject property received from the applicant to substantiate the projections. The underwriter should careful& review the applicants/appraisers projections and the appraisers comments concerning those projections. The underwriter should make any final adjustments that are necessary to more accurately reflect any income or expense Items that appear unreasonable for the market (Real estate taxes and Insurance on these types of properties are included in Pirl and not calculated as an annual expense item.) Income should be based on the current rents, but should not exceed market rents. When there are no current rents because the property Is proposed, new, or currently vacant, market rents should be used. Annual Income and Expense Projection for Next 12 months Income (Do not Include Income for owner-0eeupied units) B A Adjustments by Gross Annual Rental (from unh(s) to be rented) y ppgcanVAppralser Lenders Underwriter S 26,400 S Other Income (Include sources) + + Total S 26,400 S Less Vacancy/Rent Loss _ 800 ( 3 %) Effective Gross income S 25,600 S ( %) Expanses (Do not Include aliases for owher-0eeupled unit) Electricity Gas Fuel 011 Fuel Water/Sewer Trash Removal Pest Control Other Taxes or Licenses Casual Labor This includes the costs for public area cleaning, snow removal, etc., even though the applicant may not elect to contract for such services. Interior Paint/Decorating This includes the costs of contract labor and materials that are required to maintain the interiors of the living unit General Repairs/Maintenance This Includes the costs of contract labor and materials that are required to maintain the public corridors, stairways, roofs, mechanical systems, grounds, etc. (type- - ) Management Expenses Supplies These are the customery expenses that a professional management company would charge to manage the property. This Includes the costs of Items like light bulbs, janitorial supplies, etc. 2,000 1,250 360 200 700 500 1,500 0 Total Replacement Reserves - See Schedule on Pg. 2 1,278 Miscellaneous To610perating E1pertes Freddie Mac Form 998 Aug 88 S 7,788 Fannie Mae Form 216 Aug 88 Page 1 of 2 Form INC -- 'TOTAL 2000' appraisal software by a a mode„ Inc, -- 1; 800-ALAMODE File No. 1d-10254 Page #13 Replacement Reserve, Schedule Adequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owners operating statements or are customary In the local market This represents the total average yearly reserves. Generaly, al equipment and components that have a remaining life of more than one year -such as refrigerators, stoves, clothes washers/ dryers, trash compactors, furnaces, roofs, and carpeting, etc. - should be expensed on a replacement cost basis. Equipment Stoves/Ranges Refrigerators Dishwashers A/C Units C. Washer/Dryers HW Heaters Fumace(s) (Other) ©O®®®O©O Replacement Cost Remaining Life $ 300 ea. / 15 Yrs. x $ 400 ea. / 10 Yrs. x $ 300 ea. / 8 Yrs. x $ 150 ea. / 8 Yrs. x $ 350 ea. / 5 Yrs. x $ 1.500 ea. / 15 Yrs. x $ 1,500 ea. / 25 Yrs. x $ ea. / Yrs. x By Applicant/ Appraiser 4 Units = $ 80 $ 4 Units = $ 160 $ 4 Units = $ 152 $ 4 Units = S 76 $ 1 Units = $ 70 $ 1 Units = $ 100 $ 1 Units = $ 60 $ Lender Adjustments Roof @ $ 1,500 / 15 Yrs. x One Bldg. _ Carpeting (Wall to Wan) (Units) (Public Areas) Remaining Life 400 Total Sq. Yds. @ $ 12.00 PerSq.Yd. / 10 Yrs. Total Sq. Yds. @ $ Per Sq. Yd. / Yrs. Total Replacement Reserves. (Enter on Pg. 1) Units = $ $ $ 100 $ $ 480 $ 1,278 $ Operating Income Reconciliation $ 25,600 — $ 7.788 Effective Gross Income Total Operating Expenses $ + 17,812 /12 =$ + 1.484 Operating Income Monthly Operating Income $ + 1,484 — $ = $ + 1,484 Monthly Operating Income Monthly Housing Expense Net Cash Flow (Note: Monty Housing Expense includes principal and Interest an the mortgage, hazard insurance premiums, real estate taxes, mortgage Insurance premiums, HOA dues, leasehold payments, and subordinate financing payments.) Underwriter's Instructions for 2-4 Family Owner -Occupied Properties • if Monthly Operating Income Is a positive number, enter as 'Net Rental Income' In the 'Gross Monthly Income' section of Freddie Mac Form 65/Fannie Mae Form 1003. If Monthly Operating Income is a negative number, It must be Included as a liability for qualification purposes. • The borrower's monthly housing expense -to -Income ratio must be calculated by comparing the total Monthly Housing Expense for the subject property to the borrower's stable monthly income. Underwriter's instructions for 1-4 Family Investment Properties If Net Cash Flow is a positive number, enter as 'Net Rental Income' In the 'Gross Monthly Income' section of Freddie Mac Form 65/Fannie Mae Form 1003. If Net Cash Flow is a negative number, it must be Included as a liability for qualification purposes. • The borrower's monthy housing expense -to -Income ratio must be calculated by comparing the total monthly housing expense for the borrower'spdrrury,residence to the borrower's stable monthly Income. Appraiser's Comments (Including sources for data and rationale forme projections) The'subject and all appliances are in working and assumed in good condition. Data is from Marshall & Swift and local advertisements. Kenton Sick Appraiser Name Appraiser Signature COLORADO CERTIFICED APPRAISER #CR01320540 Underwriter's Comments and Rationale for Adjustments Underwriter Name Underwriter Signature Freddie Mac Form 998 Aug 88 12/05/96 Date Date Austin & Austin Appraisal Services, (970) 353-0790 Page 2 of 2 Fannie Mae Form 216 Aug 88 Form INC -- 'TOTAL 2000' appraisal software by a la mode, Inc. -- 1-800-ALAMODE SKETCH/AREA TABLE ADDENDUM Flle No I- w Property Address 702 37th AVe City Greeley State CO COUrlty _ Weld Zip Code 80634 m Borrower Parker t° Lender/Client 1st Choice Bank = I- 0 w Y co r w 2 w D CC O. 2 I I. Patio Senye Storage Patio _L 1 Main Level 26.3' Unit H Una d2 Mellen Bath tMne Room Una 03 - = — Kitchen Bath - = Olni ng Living Room Una 04 Common sea Laundry rJ^— e' 17 _ 73' 73' Upper Level Bath Bedroom Basement Bath Bedroom Bedroom 27.3' SCALE: 1 Inch = 15 feet Co Z O 1- Q J e) 'C Q U C CC Q AREA CALCULATIONS SUMMARY ' Area Name of Area Size Totals LIVING AREA CALCULATIONS Breakdown Subtotals OLA1 First Floor 2018.09 OLA2 Second Floor 1995.09 POR Patio 584.00 TOTAL LIVABLE (rounded) 2018.09 1995.09 584.00 4013 81.00 X 26.33 -8.00 X 14.33 73.00 X 27.33 2132.73 -114.64 1995.09 4013 APEX SOFTWARE 210-599-8889 8 AUSi1N APPRAISAL SERVICES APX2100 Apex II roe No. 1d-10254 Page .014j 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 pmdenty, knowledgeably and assuming the price is not affected byundue 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. Specialor creative financing adjustments can be made to the comparable properly 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 appraisers 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 matters of a legal nature that affect either the property being appraised or the title to It The appraiser assumes that the titre is good and marketable and, therefore, wit not render any opinions about the titre. 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 properly 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 properly. 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. 6. 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, consultant; professional appraisal organizations; any state or federally approved financial institution; or any department agency, orinstrumentality 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 of 2 Fannie Mae Form 10046 6-93 Form ACR -- 'TOTAL 2000' appralaalsoffw.aigbg al&mede,,img. •• 1; 600-ALAMODE File No. t d -1025x( Page # 15 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 properly is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item Ina 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, tamigal status, or national origin of either the prospective owners or occupant 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 lime 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 lime noted in the neighborhood section of this report unless I have otherwise stated in the reconciliation section. 6. 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 supportthem. 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 fort 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 individual(s) 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 fug responsibility far the appraisal and the appraisal report ADDRESS OF PROPERTY APPRAISED: 702 37th Ave Ct APPRAISER: A / SUPERVISORY APPRAISER (only if required): Signature:.,14<•—?<-4< —4./ Signature: Name: Kenton Sick Name: DateSigned: December 5, 1996 DateSigned: State Certification #: CR01320540 State Certification #: or State License #: or State License #: State: Co Expiration Date of Certification or License: State: CO 12/31/98 Expiration Date of Certification or License: Dld ❑ Did Not inspect Property Austin & Austin Appraisal Services, (970) 353-0790 Freddie Mac Form 439 8.93 Page 2 of 2 Fannie Mae Form 1004B 6-93 Fgro1.AC.R 'LO,TALau appralsal,antisnrq.b aiatnp4x,lnc.. — t-6AQ-ALAMOOE File No. 1 d-1025td Page #10 MULTI -PURPOSE SUPPLEMENTAL ADDENDUM FOR FEDERALLY RELATED TRANSACTIONS Borrower/Client Parker Property Address 702 37th Ave Ct city Greeley county Weld Stale CO zlpCode 80631 Lender 1st Choice Bank This Multi -Purpose Supplemental Addendum for Federal& 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 Compboier of Currency (OCC), The Office of Thrift Supervision (Olt), 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. 1463,6 Assam 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. SkSOLUADWar n 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. E The Reproduction Cost is based on Marshall & Shift Cost Handbook supplemented by the appraiser's knowledge of the local market n 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. Ti 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. n 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 Mumplier 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. According to Tri-City MLS Information n has not been offered for sale in the past 30 days. ri iscurrentlyoffered for sale for $ 175,000 was offered for sale within the past 30 days for S n Offering Information was considered in the final reconciliation of value. Offering information was not considered In the final reconciliation of value. Ti Offering Information was not available. The reasons for unavailability and the steps taken by the appraiser are explained later in this addendum. the subject properly: m, 3:gaga:eia:aatt .tR:a:$ tlyey�3�y.<fiiOt: Y:twakia According to has not transferred in the pastiweNe months. Ti has transferred In the past twelve months. All prior sales which have occurred in the past twelve months are listed below and reconciled to the appraised value, either in the body of the report or in the addenda. Weld/Larmier County Assessor and MLS Records the subject property: Date Sales Price Document # , Seller Buyer ❑x 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 # C 080184 0001 8 Map Date Name of Community 07/16/79 West Greeley The community does not participate in the National Flood Insurance Program. XD The community does participate in the National Flood Insurance Program. n R Is covered by a regular program. Ti it is covered by an emergency program. Page 1 of 2 Form MPA, -- 'T.OTAL.2AAA' ap, praisil so}twaraby, a.la.m Ste ,Ina . -- 1..-a00: ALAMODE 1i ❑ The subject properly IscurrenlNnot contract ......^. ar.::':::x ;;s.,:geti<a�;r;;: a^.,,:;%4�',,•.K• ` ❑ The contract and/or escrow Instructions were not avaltble forte The unavailability of the contract Is explained later In the addenda section. The contract and/or escrow Instructions were The following summarizes the contract Contract flat. ._ _ ❑ The contract Indicated that personal property was not Included 175 000 L] The contract indicated that personal properly was� Included. It consisted ❑j Personal property was not t Included cluded in the final value estimate. 0 Personal properly was was Included In the final value estimate. ❑The contract indicated no 8nancino concessions ns or other Incentives. The contract Indicated the tolbwlne concessions or Incentives: Estimated contributory value ❑ It concessions or incentives exist the comparables were checked for similar concessions and appropriate adjustments were made, if applicable, so •lthat the final value conclusion is in coteoIlene with the Market value defined herein. n t'>'':1�f11'h'Ytt�ir+a��iwir�•�ti K.:.d$'.%,''K N. �,;�, sete an 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 dent, the amount of the value estimate, the attainment of a stipulated result, of 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. 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 It is 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. e sliM.}`p.P,,\,y.;:tify��,':.?a:N`brt• : l�'' R? ! is ��g): ;'y2 ::^ Mii�R.:`lF."iq::y�h;,•i4,`�3riii:S2lQk:5:x�M2o:Cy.,y""ci:i Ttt)N�li:2G�£�t41Nl..,E., This property does does not X , to the best of my knowledge, show evidence of storage of items, contsiners, or materials that are not intended for normal and average consumer usage around the home. Appraiser's Signature Appraiser'sName(print) Kenton Sick State 7License El Certification # CR01320540 Effective Date 12/05/96 Date Prepared 12/05/96 Phone# (970) 353-0790 TaxlD# 84-1229034 The co-signing appraiser has 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 appy fully to the co-signing appraiser. The co-signing appraiser has not personally Inspected the interior of the subject property and: n has not inspected the exterior of the subject property and all comparable sales listed in the report n has inspected the exterior of the subject property and at 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 tat 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. CQ -SE10141 . Co -Signing Appraiser's Signature '111�9'$'�SI<C°:�n:;^...:'5.;p:n„r.:i%Rii.:.r.:::a2:C,8•: E S1GGI Ai41Fi 'tett.1 EnTiFicAr 12/05/96 Date Prepared 12/05/96 Co -Signing Appraisers Name (print) Phone # ( ) State ❑ License ❑ Certification # Tax ID # Page 2 of 2 Austin & Austin Appraisal Services, (970) 353-0790 Form,MPA -- 'T0TAL.ZQQQ' appraisal.software by a. lam ail, Inn.. -- 1; SQQ-ALAM.0DE. Niketikiift1/4./...aellaravata..„Ait„on diec%v...A,..,t\--arbaentera, Number CR01320540 j uL QIIIiuraitII Expires Not Transferable 7 DEPARTMENT OF REGULATORY AGENCIES V December thirty-first Sf� c: moo_ ### ### ## * # # # # * This is to certify that the person shown below has been duly enrolled as shown above in the S # an through # # # * _an_ as provided for by the Laws of Colorado. Expires December thirty Colaratftb for thtmcalendaAtytr(s) Authorized by the Board of Real Estate Appraisers, WITNESS by my hand and official seal at Denver, Colorado this tom_ da of Jan Qar ^qci y RESUME OF APPRAISER Kenton Sick is a full time certified fee appraiser for Austin & Austin Appraisal Services. Kenton holds a M.S. in Finance from the University of Colorado -Denver and. a B.S. in Economics from the University of Wyoming. Kenton is a Candidate of the Appraisal Institute, and has been appraising full-time since April, 1993, Kenton formally worked at The First National Bank of Fort Morgan serving as chief financial officer, Commercial loan officer, and appraisal reviewer for FIRREA compliance. He currently appraises for 1st Choice Bank, Kersey State Bank, The First National Bank of Fort Morgan, First National Bank of Greeley, Union Colony Bank of Greeley, First City Financial, Pioneer Mortgage of Greeley, Select Mortgage Resources of Denver, Commerical Federal, Banc One Mortgage Corporation, ExecuWest Mortgage Company of Denver, Eaton Bank, KeyCorp Mortgage, Watefield Financial Corporation, ICM Mortgage, Pacific Mortgage, and Firstate Bank. Kenton is registered with HUD and a qualified FHA appraiser. C:\wp51\form\kent.res CERT RESIDENTIAL APPRAISER KENTON A SICK 2129 18TH ST RD GREELEY, CO 80631 /. 7_ _jn O Program Administrator p 10 • Hello