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Home My WebLink About20193086.tiffAugust 6, 2019 Petitioner: DUGGAN HOLDINGS LLC 6564 JERRY BASS LN PUEBLO, CO 81005-9617 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2019-3086 Appeal 2008224774 Hearing 8/5/2019 Dear Petitioner: On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. §39-8-101 et seq., considered petition for appeal of the Weld County Assessor's valuation of your property described above, for the year 2019. Account # Decision The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Determined by Assessor Board R1414086 Stipulated - Approved Stipulated Value $392,191 $363,000 A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30) days of the date the denial is mailed to you. You must select only one of the following three (3) options for appeal: 1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate court. All appeals to the Board of Assessment Appeals filed after August 10, 2019, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2019, in addition to any other requirements under law, any petitioner appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall provide to the County Board of Equalization or to the Board of County Commissioners of the County in the case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable: (A) Actual annual rental income for two full years including the base year for the relevant property tax year; (B) Tenant reimbursements for two full years including the base year for the relevant property tax year; (C) Itemized expenses for two full years including the base year for the relevant property tax year; and (D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for two full years including the base year for the relevant property tax year. (II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within ninety days after the appeal has been filed with the Board of Assessment Appeals. (b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's request, the following information: (A) All of the underlying data used by the county in calculating the value of the subject property that is being appealed, including the capitalization rate for such property; and (B) The names of any commercially available and copyrighted publications used in calculating the value of the subject property. (II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b) shall redact all confidential information contained therein. (c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move the Board of Assessment Appeals to compel disdosure and to issue appropriate sanctions for noncompliance with such order. The motion may be made directly by the County Attorney and shall be accompanied by a certification that the County Assessor or the County Board of Equalization has in good faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c) and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders in regard to the noncompliance as are just and reasonable under the circumstances, including an order dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest shall resume as of the date the contested information has been provided by the taxpayer. Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to you. The address and telephone number of the Board of Assessment Appeals are: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone Number: (303) 864-7710 Email: baa@state.co.us Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent must pay a fee of $101.25 per appeal. OR 2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the District Court of the county wherein your property is located: in this case that is Weld County District Court. A hearing before The District Court will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado appellate review and C.R.S. §24-4-106(9), govern the process. OR 3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this option, the arbitrator's decision is final and you have no further right to appeal your current valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following: a. Select an Arbitrator: You must notify the Board of Equalization that you will pursue arbitration. You and the Board of Equalization will 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 (i.e. Weld) will select the arbitrator. b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records documents and other evidence pertaining to the value of the property. The arbitrator also has the authority to administer oaths, and determine all questions of law and fact presented to him. The arbitration hearing may be confidential and closed to the public if you and the Board of Equalization agree. The arbitrator's decision must be delivered personally or by registered mail within ten (10) days of the arbitration hearing. c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the Board of Equalization. In the case of residential real property, the fess may not exceed $150.00 per case. For cases other than residential real property, the arbitrator's total fees and expenses are agreed to by you and Board of Equalization, but are paid by the parties as ordered by the arbitrator. If you have questions concerning the above information, please call me at (970) 400-4226. Very truly yours, BOARD OF EQUALIZATION ed2,6LtO. ��GZ Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor COUNTY BOARD OF EQUALIZATION WELD COUNTY Single County Schedule Number R1414086 STIPULATION (As To Tax Year 2019 Actual Value) RE PETITION OF : NAME: ADDRESS: Duggan Holdings LLC 207 Birch Street Windsor, CO 80550 Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation regarding the tax year 2019 valuation of the subject property, and jointly move the Board of Equalization to enter its order based on this Stipulation. Petitioner (s) and Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described as: WIN 22721-A L4 BLK1 LAKE VIEW 2. The subject property is classified as Residential property. 3. The County Assessor originally assigned the following actual value to the subject property for the tax year 2019 : Total $392,191.00 4. After further review and negotiation, Petitioner (s) and Weld County Assessor agree to the following tax year2019 actual value for the subject property: Total $363,000.00 5. The valuation, as established above, shall be binding only with respect to tax year2019 6. Brief narrative as to why the reduction was made: Lowest comparable on the grid supports this adjustment. Owner also had a fee appraisal from Nov. 2015 for 310K. 7. Both parties agree that: FAA The hearing scheduled before the Board of Equalization on 8/1/2019 at 8:30 am be vacated. A hearing has not yet been scheduled before the Board of Equalization. l Qo(930Co ASO(O3 DATED this 23rd Gerald Da . `r" ul 24, 2019) day of July Petitioner(s) or Agent or Attorney Address: 6564 JERRY BASS LANE PUEBLO Telephone: 7192505364 Docket Number R1414086 Stip-1.Frm 2019 L tb 4 ` (Assistant) County Attorney for Respondent, Weld County Board of Commissioners Address: 1150 "O" Street P.O. Box 758 Greeley, CO 80632 Telephone:(970) 336-7235 RlancitTA2tt.tis County Assessor Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 400-3650 R1414086/Duggan Holdings LLC Final Audit Report 2019-07-24 Created: 2019-07-23 By: Courtney Anaya (canaya@co.weld.co.us) Status: Signed Transaction ID: CBJCHBCAABAAt7ZQd 6AImKs1cJ0tHWDU4iMBCk9zQaa "R1414086/Duggan Holdings LLC" History It Document created by Courtney Anaya (canaya@co.weld.co.us) 2019-07-23 - 7:12:04 PM GMT- IP address: 204.133.39.9 C Document emailed to Courtney Anaya (canaya@co.weld.co.us) for approval 2019-07-23 - 7:12:06 PM GMT io Document approved by Courtney Anaya (canaya@co.weld.co.us) Approval Date: 2019-07-23 - 7:12:16 PM GMT - Time Source: server- IP address: 204.133.39.9 Document emailed to Valerie Grube (vgrube@weldgov.com) for approval 2019-07-23 - 7:12:17 PM GMT it Email viewed by Valerie Grube (vgrube@weldgov.com) 2019-07-23 - 7:51:29 PM GMT- IP address: 204.133.39.9 &4 Document approved by Valerie Grube (vgrube@weldgov.com) Approval Date: 2019-07-23 - 8:26:53 PM GMT - Time Source: server- IP address: 204.133.39.9 Document emailed to Brenda Dones (bdones@co.weld.co.us) for signature 2019-07-23 - 8:26:54 PM GMT Email viewed by Brenda Dones (bdones@co.weld.co.us) 2019-07-23 - 8:39:41 PM GMT- IP address: 204.133.39.9 de Document e -signed by Brenda Dones (bdones@co.weld.co.us) Signature Date: 2019-07-23 - 8:58:34 PM GMT - Time Source: server- IP address: 204.133.39.9 Document emailed to Gerald Davis (jdavis123697@gmail.com) for signature 2019-07-23 - 8:58:36 PM GMT Email viewed by Gerald Davis (jdavis123697@gmail.com) 2019-07-23 - 10:41:16 PM GMT- IP address: 66.249.84.165 a. Adobe Sign U6 Document e -signed by Gerald Davis (jdavis123697@gmail.com) Signature Date: 2019-07-24 - 2:03:47 PM GMT - Time Source: server- IP address: 174.209.8.228 Document emailed to Karin McDougal (weld-cboe@weldgov.com) for signature 2019-07-24 - 2:03:49 PM GMT fi Email viewed by Karin McDougal (weld-cboe@weldgov.com) 2019-07-24 - 2:20:40 PM GMT- IP address: 204.133.39.9 % Document e -signed by Karin McDougal (weld-cboe@weldgov.com) Signature Date: 2019-07-24 - 2:35:45 PM GMT - Time Source: server- IP address: 204.133.39.9 Q Signed document emailed to Karin McDougal (weld-cboe@weldgov.com), Brenda Dones (bdones@co.weld.co.us), Gerald Davis (jdavis123697@gmail.com), canaya@weldgov.com, and 2 more 2019-07-24 - 2:35:45 PM GMT C WEREng, Adobe Sigr Thank you for submitting an appeal to the Weld County Board of Equalization We will review the information submitted and you will receive a date to appear before the board Contact Information: Contact Name Gerald Davis Contact Email jdavis123697@gmail coin Contact Phone 719-250-5364 Appeal Submitted 09 55 AM July 15, 2019 Appeal submitted for: R1414086 - DUGGAN HOLDINGS LLC 207 BIRCH ST, WINDSOR Legal WIN 22721-A L4 BLK1 LAKE VIEW Reason Value Too High - This property was professionally appraised on 2/3/16 for $310,000 No material improvements have been made to the property since then The current valuation represents a 26 4% increase, which we believe does not represent realizable appreciation in the property since 2/3/16 We found that the average annual realized appreciation for residential property in Windsor for the last 10 years was approximately 5 76% Applying this appreciation rate to the 2/3/16 appraised value results in our estimate of the property&apos,s value as of 6/30/18 of $353,000 Estimate of Value $353,000 00 Document(s) Submitted: Account R1414086 - 207 Birch St, Windsor, CO 80550 pdf Account R1414086 - R1414086_INITIAL PROTEST pdf Account All Accounts - 2019 Appraisal Service Agreement for Weld County Assessor Protestl pdf You have selected the following Date Preferences Tuesday, July 30, 2019, from 1 30 p m to 4 30 p m Friday, July 26, 2019, from 1 30 p m to 4 30 p m Friday, July 26, 2019, from 9 00 a m to 12 00 p m Thursday, July 25, 2019, from 9 00 a m to 12 00 p m Thursday, July 25, 2019, from 1 30 p m to 4 30 p m The Appeal process can take several weeks for us to complete You will receive a written decision on your appeal within five (5) working days of your hearing We thank you for your submittal Weld County Board of Equalization 2019-3086 ,50/03 Thank you for submitting an appeal to the Weld County Assessor's Office. We will review the information submitted and if we have questions we will contact you at one of the following: Contact Information: Contact Name: Gerald Davis Contact Email: j davis 123697@gmail.com Contact Phone: 719-250-5364 Appeal Submitted: 11:09 AM May 20, 2019 Appeal submitted for: R1414086 - DUG AN HOLDINGS LLC 207 BIRCH ST, WI\ D OR Legal: WIN 22721-A L4 BLK1 LAKE VIEW Reason: Value Too High - This property was professionally appraised on 2/3/16 for $310,000. No material improvements have been made to the property since then. The current valuation represents a 26.4% increase, which we believe does not represent realizable appreciation in the property since 2/3/16. We found that the average annual realized appreciation for residential property in Windsor for the last 10 years was approximately 5.76%. Applying this appreciation rate to the 2/3/16 appraised value results in our estimate of the property's value as of 6/30/18 of $353,000. Estimate of Value: $353,000.00 Document(s) Submitted: Account: R 14140 6 - 207 Birch St, Windsor, CO 80550.pdf The Appeal process can take several weeks for us to complete. We will mail a decision on your appeal by June 30th for real property and by July 10th for business personal property and/or oil and gas We thank you for your submittal. Weld County Assessor's Office (970) 400-3650 Appraisal Services Agreement WE. Lundquist LLB ("Appraiser") is pleased to present this agreement for appraisal services to Mr. Gerald Davis ("Client"). Please sign and return a copy to accept these terms and conditions for the engagement. We look forward to being of service to you. Client and Appraiser agree to the terms of engagement set forth below. This Appraisal Services Agreement and the Terms and Conditions ("Terms and Conditions"), which is attached hereto, shall be collectively referred to as the "Agreement's. The parties agree that specific information about the property to be valued shall be agreed to by the parties in separate written Engagement Letter(s). Such Engagement Letter(s) are expressly incorporated herein by reference and are made part(s) of this Agreement. When capitalized below, the term "Personnel" refers to any and all employees, partners, owners, shareholders, members, officers, directors or independent contractors of the respective party. e1. Property Documentation. Client agrees to provide Appraiser with the documentation required and requested by the Appraiser to complete the appraisal. Delays in Appraiser's receipt of requested documentation may result in Appraiser being unable to deliver the appraisal report on the agreed -upon delivery date. 2. Appraisal Statements and Conditions. The appraisal performed under this Agreement will be subject to all statements, assumptions, limiting conditions and other conditions (collectively, "Appraisal Conditions") set forth in the appraisal report. Client. agrees that Client will review the Appraisal Conditions upon receipt of the report and that Client's use of the appraisal will constitute acceptance of the Appraisal Conditions. The Appraisal Conditions shall be considered as being incorporated into anc forming part of this NOTICE: Nothing herein shall be construed as legal or professional advice, Parties must retain and consult with legal counsel or obtain other appropriate professional advice in the preparation of these types of documents. The Appraisal institute does not assume any responsibility or liability for any services performed pursuant to these materials nor does it make any representation or warranty that these materials contain terms and conditions appropriate to any particular appraisal assignment. Appraisal Institute 2018, All Rights Reserved Appraisal Services Agreement 1128 E. 8" Street Greeley, CO of Page 2 Agreement with respect to the appraisal in which they are contained and to the services relating to that appraisal. Appraiser's anticipated Appraisal Conditions at this time are attached and incorporated into and form part of this Agreement. Additional Appraisal Conditions may be developed during performance of the appraisal and set forth in the report. Incorporation of Terms and Conditions for Appraisal Services and Reports. The Terms and Conditions, the Appraisal Services Agreement, and any Engagement Letters entered into pursuant to the Terms and Conditions and Appraisal Services Agreement forms material parts of this Agreement and are no less important than any other part. The Terms and Conditions also will be attached to and incorporated into Appraiser's report. As between Client and Appraiser, the following modifications of the Terms and Conditions for Appraisal Assignments shall apply: None. 4. Confidentiality. Appraiser and its Personnel will comply with all duties of confidentiality imposed by applicable law and professional standards. Client agrees that Appraiser and its Personnel may disclose the appraisal report, assignment results and other information relating to the appraisal, including information which may be considered confidential under applicable professional standards, to third parties as required by law, and asnecessary for compliance with professional standards. Client consents to and authorizes Appraiser and its Personnel to disclose the appraisal report, assignment results and other information relating to the appraisal, including information which may be considered confidential under applicable professional standards, in response to threatened or actual legal or regulatory actions or for insurance coverage of such matters. Appraiser's duties of confidentiality to Client under applicable laws and professional standards shall continue rollowing completion of Appraiser's services under this Agreement. S. When Appraiser's Obligations Are Complete. Appraiser's obligations under this Agreement are complete when the appraisal report specified above has been delivered to Client. Appraiser agrees to be reasonably responsive to Client's legitimate inquiries regarding the contents of the report after delivery. 6. Withdrawal of Appraiser prior to Completion of Assignment Appraiser may Nithdraw without penalty or liability from the assignment(s) contemplated under this Agreement before completion or reporting of the appraisal in the event that Appraiser determines, at Appraiser's sole discretion, that incomplete information was provided to NOTICE: Nothing herein shall be construed as legal or professional advice_ Parties must retain and consult with legal counsel or obtain other appropriate professional advice in the preparation of these ypes of documents. The Appraisal Institute does not assume any responsibility or liability for any services performed pursuant to these materials nor does it make any representation or wan-anty that hese materials contain terms and conditions appropriate to any particular appraisal assignment. Appraisal Institute 2018, All Rights Reserved Appraisal Services Agreement 1128 E 8th Street Greeley, Co of 6 Page Appraiser prior to the engagement, that Client or other parties have not or cannot provide Appraiser with documentation or information necessary to Appraiser's analysis or reporting, that conditions of the subject property render the original scope of work inappropriate, that Appraiser becomes aware that he or she lacks the competency needed for the assignment within the meaning of applicable professional standards, that a conflict of interest has arisen, or that Client has not complied with its payment obligations under this Agreement. Appraiser shall notify Client of such withdrawal in writing. 7. Cancellation of Assignment by Client. Client may cancel this Agreement at any time prior to Appraiser's delivery of the appraisal report upon written notification to Appraiser. Client shall pay Appraiser for worcompleted on the assignment prior to Appraiser's receipt of written cancellation notice, unless otherwise agreed upon by Appraiser and Client in writing. 8. Services Not Provided. The fees set forth in this Agreement apply to the appraisal services rendered by Appraiser as set forth in this Agreement. Unless otherwise specified herein, Appraiser's services for which the fees in this Agreement apply do not include meetings with persons other than Client, Client's Personnel or Client's agents or professional advisors; Appraiser's deposition(s) or testimony before judicial, arbitration or administrative tribunals; or any preparation associated with such depositions or testimony. Any additional services performed by Appraiser not set forth in this Agreement will be performed on terms and conditions set forth in an amendment to this Agreement or in a separate written agreement. 9. Testimony in Court or Other Proceedings. Unless otherwise stated in this Agreement, Client agrees that Appraisers engagement pursuant to this Agreement does not include Appraiser's participation in or preparation for, whether voluntarily or pursuant to subpoena, any oral or written discovery; sworn testimony in a judicial, arbitration or administrative proceeding; or attendance at any judicial, arbitration or administrative proceeding relating to this assignment_. 10. Designation as an Expert Witness. Unless otherwise stated in this Agreement, Client will not designate or disclose Appraiser or any. of its Personnel as an expert witness in any court, arbitration or other proceeding without the prior written consent of Appraiser. iI i . Entire Agreement. This Agreement, its attachments, and the terms of any Engagement Letters entered into pursuant to the terms of this Agreement, set forth the entire agreement of the parties with respect to the services described herein. Other than such materials that are incorporated expressly into this Agreement, no other agreement, OTlCE: Nothing herein shall be construed as legal or professional advice, Parties must retain and onsult with legal counsel or obtain other appropriate professional advice in the preparation of these ypes of documents_ The Appraisal Institute does not assume any responsibility or liability for any ervices performed pursuant to these materials nor does it make any representation or warranty that hese materials contain terms and conditions appropriate to any particular appraisal assignment. Appraisal Institute 2018, All Rights Reserved Appraisal Services Agreement 1 128 E. 8th Street Greeley, CO Page 4 of 6 statement, or promise made on or before the date this Agreement became effective, oral or otherwise, will be binding on the parties. 12. Modifications. This Agreement may only be modified by a subsequent agreement of the parties in writing signed by all the parties. 13. Assignment. Neither party may assign this Agreement, or any rights or claims under this Agreement, to a third party without the express written consent of the other party, which the non,assi ning party may withhold in its sole discretion. In the event this Agreement is assigned by mutual consent of the parties, it shall become binding on the assigning party's permitted successors and assigns, An assignment of this Agreement, with permission or otherwise, shall not constitute an assignment or readdressing of any completed appraisal to a different client (within the meaning of Appraiser's applicable professional standards) than stated in the report nor result in any obligation of Appraiser to readdress .a report to a different client. 14. severability. If any provision of this Agreement is held, in whole or part, to be void, unenforceable or invalid for any reason, the remainder of that provision and the remainder of the entire Agreement shall be severable and remain in full force and effect. 15. Governing Law and Jurisdiction, This Agreement and any dispute between Client and Appraiser shall be governed by the law of the state in which Appraiser's office as specified in this Agreement is located, exclusive of that state's choice of law rules. Client and Appraiser agree that any legal proceeding brought by either party to interpret or enforce this Agreement,or to enforce an arbitration award entered pursuant to this Agreement, shall all be brought in a state or federal court having jurisdiction over the location of Appraiser's office as specified in this Agreement, and the parties hereby waive any objections to the personal jurisdiction or venue of said court. 16. Notices. Any notice or request required or permitted to be given to any party shall be given in writing and shall be delivered to the receiving party by: a) registered or certified mail, postage prepaid; (b) overnight courier, such as Federal Express, United Parcel Service or equivalent; or (c) hand delivery. The address for delivery of any notice shall be the address for the party as specified in this Agreement, or at such other address as party may designate by written notice to the other party in conformance with this paragraph. Unless otherwise specified herein, notice shall be effective the date it is postmarked or given to a third party for delivery to the receiving party, whether or not the receiving party signs for or accepts delivery of such notice. NOTICE: Nothing herein shall be construed as legal or professional advice. Parties must retain and consult with legal counsel or obtain other appropriate professional advice in the preparation of these types of documents. The Appraisal Institute does not, assume any responsibility or liability for any services performed pursuant to these materials nor does it make any representation or warranty that these materials contain terms and conditions appropriate to any particular appraisal assignment, Appraisal Institute 2018, All Rights Reserved Appraisal Services Agreement 1128 E. 8th Street Greeley, CO of 6 Page 17. Client's Duty to Indemnify Appraiser. Client agrees to defend, indemnify and hold harmless Appraiser from any damages, claims, demands, causes of action, liabilities losses or expenses of whatsoever kind or nature, including attorneys' fees and litigation expenses at trial or on appeal, arising from or relating to allegationsasserted against Appraiser by any third party that if proven to be true would constitute a breach by Client of any of Client's obligations, representations or warranties made in this Agreement, or any violation by Client of any federal, state or local law, ordinance or regulation, or common law (a "Claim"). In the event of a Claim, Appraiser shall promptly notify Client of such Claim, and shall cooperate with Client in the defense or settlement of any Claim: Client shall have the right to select legal counsel to defend any Claim, provided that Appraiser shall have the right, to engage independent counsel at Appraiser's expense to monitor the defense or settlement of any Claim. Client shall have the right to settle any Claim, provided that Appraiser shall have the right to approve any settlement that results in any modification of Appraiser's rights under this Agreement, which approval will not be unreasonably withheld, delayed or conditioned M. Client's Representations and warranties. Client represents and warrants to Appraiser that (1) Client has all right, power and authority to enter into this Agreement; (2) Client's duties and obligations under this Agreement do not conflict with any other duties or obligations assumed by Client under any agreement between Client and any other party; and (3) Client has not engaged Appraiser, nor will Client use Appraiser's appraisal report} for any purposes that violate any federal, state or local law, regulation or ordinance or common law. 19. Signature and Copies. A signature on a copy of this Agreement received by facsimile, by email or in digital form is binding upon the parties as an original. The parties shall treat a photocopy of such facsimile or printout of the emailed or digital form as a duplicate original. "NOTICE: Nothing herein shall be construed as legal or professional advice. Parties must retain and ;onault with legal counsel or obtain other appropriate professional advice in the preparation of these hypes of documents. The Appraisal Institute does not assume any responsibility or liability for any services performed pursuant to these materials nor does it make any representation or warranty that These materials contain terms and conditions appropriate to any particular appraisal assignment.. *Appraisal Institute 20181All Rights Reserved Appraisal Services Agreement 1128 E. 8" Street Greeley, CO of 6 Page 6 20. Expiration. This Agreement is legally binding only if signed by both Appraiser and Client within 10 days of the date appearing on the first page. Client: Mr, Gerald Davis/Duggan Holdings Dated: f By: Name: 6ora Position: Billing Address (email or person/address to whom invoices should be sent): 6564 Jerry Bass Ln, Pueblo, CO 81005 Appraiser WE. Lundquist. LLC Name: William E. Lundquist Position: Principal NOTICE: Nothing herein shall be construed as legal or professional advice, Parties must retain and :onsult with legal counsel or obtain other appropriate professional advice in the preparation of these types of documents. The Appraisal Institute does not assume any responsibility or liability for any services performed pursuant to these materials nor does it make any representation or warranty that these materials contain terms and conditions appropriate to any particular appraisal assignment. Appraisal Institute 2018, All Rights Reserved Northern Colorado Appraisals, Inc. (970) 797-2408 RESIDENTIAL APPRAISAL REPORT Main File No. 0001028 Page #1of17 Appraisal Report FileNo.: 0001028 SUBJECT Property Address: 207 Birch St City: Windsor State: CO Zip Code: 80550 County: Weld Legal Description: Win 22721-A L4 BIk1 Lake View Assessor's Parcel #: 080716303007 Tax Year: 2015 R.E. Taxes: S i 295 Special Assessments: S 0 Borrower (if applicable): N/A Current Otawnerof Record: Duggan, Edmund J Occupant: Owner 0 Tenant Vacant Manufactured Housing Project Type: PUD Condominium Cooperative Otiher (describe) HOA: S 0 per year per month Market Area Name: Lake View Add Map Reference: 24540 Census Tract: 0022.03 ASSIGNMENT The purpose of this appraisal is to develop an opinion of: 0 Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments): Current (the Inspector Date is the Effective Date) 0 Retrospective Prospective Approaches developed forthis appraisal: 0 Sales Comparison Approach Cost Approach Income Approach (See Reconciliation Comments and Scope of Work,) Property Rights Appraised: 0 Fee Simple Leasehold Leased Fee Other (describe) Intended Use: See attached addendum. Intended User(s) (by name ortype): The intended users of this appraisal report are only the representatives of the Ed Duggan estate Client: Ed Duggan Estate O1O Gerald Davis CPA Address: 1236 E. 27th Street, Tulsa, OK 74114 Appraiser: Ron Harding Address: 5480 Gulfstar Court, Windsor, CO 80528 MARKET AREA DESCRIPTION Location: Urban ID Suburban Rural Predominant One -Unit Housing Present Land Use Change in Land Use Occupancy Built up: D. Over 25 -75% Under25% PRICE AGE One -Unit so cx: ID Not Likely Growth rate: Rapid D. Stable Slow Owner 95 8(000) (yrs) 2-4 Unit 1 % Likely * In Process * Property values: Increasing D. Stable Declining Tenant 5 120 Low 9 Muni -Unit 4 % * To: Demand/supply: D. Shortage In Balance Over Supply Vacant (0-5%) 335 High 146 Comm'I 15 oc Marketing lime: Under 3 Mos. 3-6 !kilos. Over 6 Mos. Vacant (>5%) 230 Fred 60 ` Market Area Boundaries, Description, and Market Conditions (including support forte above characteristics and trends): Cedar Street north, Chimney Park Drive east, Chestnut Street south, and 10th Street west. There were no negative influences noted that would effect marketability. The subject is close to all neighborhood supporting amenities, 125, Windsor Lake, Downtown Windsor, Main Street (shopping/dining), Fort Collins, Greeley, Loveland, and the Denver Areas which provide employment, and entertainment. MLS data indicates market conditions in this neighborhood are stable, and there is a shortage of inventory. The predominance of sales reflect prices that transact at 98-100%+- of list prices. Marketing times are for listings that are reasonably priced. SITE DESCRIPTION Dimensions: 50x189x50x189+- Site Area: 9,500 sf Zoning Classification: CS District Description: Central Business District/Residential Use Permitted, 6,000 Square Foot Minimum. Zoning Compliance: 0 Legal Legal nonconforming (grandfathered) Illegal No zoning Are CC&Rs applicable? Yes 0 No Unknown Have the documents been reviewed? Yes No Ground Rent (if applicable) S Highest & Best Use as improved: 0 Present use, or Other use (explain) Actual Use as of Effective Date: Residential Use as appraised in this report: Residential Summary of Highest & Best Use: See Attached Addendum. Utilities Public Other ProvideriDescription Off —site Improvements Type Public Private Topography Level at street grade Electricity 0 XCEL Energy Street Macadam 0 Size 9,500+- Square Feet Gas 0 XCEL Energy Curb/Gutter Concrete 0 Shape Rectangular Water 0 Windsor Sidewalk Concrete 0 Drainage Appears Adequate Sanitary Sewer 0 Windsor Street Lights Fluorescent 0 View Residential Storm Sewer 0 Windsor .11ley Dirt 0 Other site elements: Inside Lot 0 Comer Lot Cul de Sac Underground Utilities Other (describe) FEMA Spec'l Flood Hazard Area Yes 0 No F: AA Flood Zone x FEMA Map # 08123O 1 482E FEMA Map Date 1/20/2016 Site Comments: A survey was not available for review. There were no visible apparent adverse easements, encroachments or any other adverse conditions noted at the time of this report. DESCRIPTION OF THE IMPROVEMENTS General Description Exterior Description Foundation Basement None Heating # of Units 1 Acc.Unit Foundation Concrete Slab 0% Area Sq. Ft. 1,605 Type Fwa # of Stories 1 Exterior Walls Brick Crawl Space 0% % Finished 83 Fuel Gas Type ►y1 Det. At Roof Surface Fiberglass Basement 1 00% Ceiling Drywall Design (Style) Ranch Gutters & Dwnspts. Aluminum Sump Pump None Noted Walls Drywall Cooling 0 Existing Proposed Und.Cons. Window Type Horizon/Case Dampness None Noted Floor Carpet Central Cac Actual Age (Yrs.) 47 Storm/Screens Metal Settlement None Noted Outside Entry None Other Effective Age (Yrs.) 12 Infestation None Noted Interior Description Appliances Attic None Amenities Car Storage None Floors Carp/Ceramic Refrigerator � I Stairs Fireplaces} # 2 Woodstove(s) # 0 Garage # of cars ( 4 Tot.) Walls Drywall Range/Oven 0 Drop Stair Patio Concrete Patio -3 Attach. 2 Trim/Finish Wood Disposal 0 Scuttle 0 Deck Wood Deck Detach. Bath Floor Ceramic Dishwasher 0 Doorway Porch Closed Porch BIt.-In Bath Wainscot Ceramic Fan/Hood 0 Floor Fence None Carport Doors Hol lowcore Microwave Heated Pool None Driveway 2 Washer/Dryer el Finished Surface Concrete Finished area above grade contains: 5 Rooms 2 Bedrooms 2.0 Bath(s) 1,619 Square Feet of Grass Lining .Area Above Grade Additional features: Garage door opener. Sprinkler system. Ceiling fan in the Hying room. Smoke and carbon monoxide detectors. Laundry room has sink, and cabinets. Describe the condition of the property (including physical, functional and external obsolescence): Average quality structure with above average maintenance. There were no functional, external, or physical inadequacies noted. The kitchen was remodeled, the hall bathroom was updated with new vanity, and ceramic flooring, and the master bathroom was updated with new toilet, and ceramic flooring. The exterior was painted in 2014. The central air unit was installed in 2013. The hot water heater was replaced in 2009. The subject has been well maintained, and shows well. Functional obsolescence is not considered to be present, because the subject has two bedrooms in the basement, and to the typical buyer the subject is not llist a two bedroom home. The effective age is only 12 years, due to the updating, and above average maintenance over the years. GP RESIDENTIAL Copyright© 2C07 by a la made: inc. This farm may be rr)raduced unmadified 'nithaut',eaten fa hvweswr, a la :node, inc. must be acknavAedged and crc3jitoi. isal software h 800 ALAV10DE Serial# ADBCI F69 3; °°7 inc. -1 Form GPRES2 - "TOTAL" appray a la mode, RESIDENTIAL APPRAISAL REPORT Main File No. 0001028 Page #2of17 Appraisal Report FileNo.: 0001028 TRANSFER HISTORY My research did O did not reveal any prior sales or transfers of the subject property forte three years prior to the effective date of this appraisal. Data Source(s): County Tax Records 1st Prior Subject Sale+Transfer Analysis of sale/transfer history and/or any current agreement of sale/fisting: The prior sale/transfer for the subject Date: was verified through mis, or county tax records. Unless noted all prior sales appear to be arms length Price: transactions. Source(s): County Tax Records 2nd Prior Subject Sale/Transfer Date: Price: Source(s): [ SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed) The Sales Comparison Approach was not developed for this appraisal. FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 207 Birch St Windsor, CO 80550 622 Cedar Ct Windsor, CO 80550 317 8th St Windsor, CO 80550 245 Plum Ct Windsor, CO 80550 Proximity tom Subject 0.16 miles NW 0.39 miles SW 0.93 miles W Sale Price S N/A S 210,000 S 260,000 S 317,000 Sale Price/GLA S /sq.ft. S 212.98 Isql. S 249.04 /sq.ft. S 188.24 NI Data Source(s) Inspection IRESMLS#758937;DOM 125 IRESMLS#764292;DOM 34 IRESMLS#759021;DOM 106 Verification Source(s) Tax Records Mls/County Tax Records/Realtor Mls/County Tax Records/Realtor Mls/County Tax Records/Realtor VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) S Adjust. DESCRIPTION +(-) S Adjust. DESCRIPTION + (-) S Adjust. Sales or Financing Concessions N/A N/A Arms Length Cony; No Conc. Arms Length Cash; No Cone. Arms Length Conn; No Conc. Date of SaleiTime N/A s9/15;c7/15 s07/15;e06/15 s8/15;c7/15 Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple Location Residential Residential Residential Residential Site 9,500 sf 5,357 +4,800 5,525 +4,400 10,875 0 View Residential Lake/Residential -2,500 Residential Residential Design (Style) Ranch Ranch Ranch Ranch Duality of Construction Average Average Average Average Age 47 50 46 21 -13,500 Condition Average Average Average Average Above Grade Total Bdnns Baths Total Bdrnis Baths Total EMI Baths Total Bdrms Baths Roocn Count 5 2 2.0 4 2 1.0 +3,000 5 2 1.0 +3,000 6 3 2.0 Gross Living Area 1,619 set. 986 Wt. +31,700 1,044 sq.ft. +28,800 1,684 sq.ft. Basement & Finished Rooms Below Grade 1605 Sq. Ft. 1330 Finished None None +16,000 +20,000 1044 Sq. Ft. 898 Finished +5,600 +6,500 1660 Sq. Ft. 1494 Finished 0 -2,500 Functional Utility Average Inferior +10,000 Average Average Heating/Cooling Fwa/Cac Fwa/None +3,000 Baseboard/Cac Fwa/Cac Energy Efficient Items None Dbl Pane Wind -2,000 None Dbl Pane Wind -2,000 Garage/Carport 2 Car Attached 1 Car Attached +5,000 2 Car Attached 2 Car Attached Porch./Patio,Ceck CI Por/Pat-3/Deck None +5,000 Porch/Patio +2,500 Por/Lg Pat/Lg Dec 0 Remodeling Kitchen/Bath Kitchen/Bath/Wind -3,000 Hw Flooring/Baths +5,000 Carpeting +7,500 Fireplace 2 Fireplaces None +3,000 None +3,000 None +3,000 Sprinkler System Sprinkler Sys None +2,000 Sprinkler Sys Sprinkler Sys Net Adjustment (Total) 0 + 5 96,000 CI + S 58,800 + 0 - S -7,500 Adjusted Sale Price of Cor-nparables Net 45.7 °k Gross 52.9 CDs 306,000 Net 22.6 °ra Gross 22.6 %1,s 318,800 Nei Gross 2.4 % 9.0 %s 309,500 Summary of Sales Comparison Approach After a thorough search of the mis in the subjects neighborhood over the past year, the comparables used were the best available indicators of market value at this time. Age adjustments were made for differences of more than 15 years. Lot size adustments were made for differences of more than 3,000 square feet. Comparable one has a gla difference of more than 20%, and was still used due to its location to the subject. Comparable one has been adjusted for its inferior functional utility, because it only has a total of two bedrooms. Comparable one is a corner lot to a busy road, and did not get an adjustment, because due to the lack of inventory, potential buyers have been over looking adverse locations. Comparable two has a gla difference of more than 20%, and was used due to its more similar age, above grade room count, finished basement, and 2 car garage. Comparable two did not get a bedroom ad:ustment, because it has a bedroom in the basement, and to the typical buyer it is not just a two bedroom home. Comparable three is from a competing neighborhood, and was used due to its more similar gla, and lot size. Most weight has been placed on comparable three, due to it being the most similar sale, with the least amount of adjustment, and the most similar gla. Indicated Value by Sales Comparison Approach S ,. 310,000 GP RESIDENTIAL Gapyright© 2CO7 by a la made: inc. This farm may be rr)raduced unmadified withaut ietten ThiiaSfoii, huweser, a b :node, inc. must be ackna 1Aedged and knitted. Form GPRES2 - "TOTAL" appraisal software by a la mode; inc. - 1-800-ALAMODE Serial# ADBCI F69 3/2007 RESIDENTIAL APPRAISAL REPORT Main File No. 0001028 Page #Sof17 Appraisal Report FileNo.: 0001028 COST APPROACH COST APPROACH TO VALUE (if developed) O The Cost Approach was not developed forthis appraisal. Provide adequate information for replication of the following cost figures and calculations. Support forthe opinion of site value (summary of comparable land sales or other methods for estimating site value): ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE =S Source of cost data: DWELLING Sq.Ft. @ S =S Quality rating from cost service: Effective date of cost de e: Sq.Ft. @ S =3 Comments on Cost Approach (gross living area calculations, depreciation, etc.): Sq.Ft. @ S =S Sq.Ft. @ S =S Sq.Ft. r@i.. S =3 =3 Garage/Carport Sq.Ft. @ S =3 Total Estimate of Cost -New =3 Less Physical Functional External Depreciation =S( ) Depreciated Cost of Improvements =S ''As -is" Value of Site Improvements =S =S =3 Estimated Remaining Economic Life (if required): Years INDICATED VALUE BY COST APPROACH =$ 0 INCOME APPROACH INCOME APPROACH TO VALUE (if developed) ►j*1 The Income Approach was not developed forthis appraisal. Estimated Monthly Market Rent S X Gross Rent Multiplier = 3 Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRI/I): Plea PROJECT INFORMATION FOR PUDs (if applicable) The Subject is part of a Planned Unit Development. Legal h',bme of Project: Describe common elements and recreational facilities: RECONCILIATION Indicated Value by: Sales Comparison Approach $ 310,000 Cost Approach (if developed) $ 0 IncomeApproach (if developed)$ Final Reconciliation Reliable and adequate direct sales of similar and competing type homes has provided the best estimate of the current market value. All weight has been given to the sales comparison approach. The cost and income approach were considered, but were not completed due to the subject's age, lack of lot sales, and due to this neighborhood being predominantly owner occupied. 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, subject to the following required inspection based on the E4raordinary Assumption that the condition or deficiency does not require alteration or repair: This report has been made with the subject in as -in condition. This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda. Based on the degree of inspection and Appraiser's Certifications, my (our) of this report is: $ 310,000 If indicated above, this Opinion of of the subject property, Opinion of the Market Value , as of: Value is subject to Hypothetical as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, (or other specified value type), as defined herein, of the real properly that is the subject 11/05/2015 , which is the effective date of this appraisal. Conditions and/or Extraordinary Assumptions included in this report. See attached addenda ATTACHMENTS A true and complete copy of this report contains 18 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to Attached Exhibits: the information contained in the complete report. 0 Scope of Work 0 Limiting Cond./Certifications Narrative Addendum 0 Photograph Addenda 0 Sketch Addendum 0 Map Addenda Additional Sales Cost Addendum 0 Flood Addendum Mandl. House Addendum Hypothetical Conditions Extraordinary Assumptions S9Nfl1VNOIS Client Contact: Don Shannon Client Name: Ed Duggan Estate 0/0 Gerald Davis CPA E -Mail: Don@shannonmai.com Address: 1236 E. 27th Street, Tulsa, OK 74114 APPRAIc 9 www.SureDocs.cornfvaidate irdiA) SUPERVISORY APPRAISER (if required) or CO -APPRAISER (elf applicable) praiser Name: Ron Harding Supervisory or Co -Appraiser Name: t pany: Northern Colorado Appraisals, Inc. (970) 797-2408 Company: Phi Ib. 'r,` <x�e. •yt. ,� :•y�i'�r:,` yDBC ;i r, _i �; I r,' 5) r: 'f•r.r:Og SIMS f:J�YDBC1 ;,:. ,�,,a, �..r,•v;,• r;,•:,�,�• L.r.• r �. 7, rat !:"::I;) ?:a (USrJ,J • ; Phone: Fax: E ,� ,,I /— , - .A -- .1 • E -Mail: a i _ a -. ri. 'p • y l -Mail: Date of Report (Signature): 02/23/2016 Date of Report (Signature): License or Certification #: CR100031197 0003 1 1 07 State: co License or Certification #: State: Designation: Designation: Expiration Date of License or Certification: 12/31/2016 Expiration Date of License or Certification: Inspection of Subject: ►,2 Interior & Exterior Exterior Only None Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection:Date 02/03/2016 of Inspection: p GP RESIDENTIAL Gapyright© 2C07 by a la made: inc. Ibis farm may be rr)raduced unmodified 'nithaut written huvieser, a la :rnjde, inc. must be acknar,tedged and credited. isal software h a la made; inc. -1 1-800-ALAMODE # ADBCI F69 3, 007 Serial Form GPRES2 - "TOTAL" appra y Supplemental Addendum Main File No. 0001028 Page #4 of 17 File Na 0001028 Borrower/Client N/A Property Address 207 Birch St City Windsor Cady" Weld State CO Zip Code 8055() Lender N/A • GP Residential : Additional Comments The intended users of this appraisal report are only the representatives of the Ed Duggan. estate . No purchaser or seller of the subject property nor any borrower are intended users of this appraisal and no such parties should use or rely on this appraisal for any purpose. The intended use is to evaluate the property that is the subject of this. appraisal for estate purposes with an effective date of 11/5/2015, subject to the stated scope of work, purpose of the appraisal, reporting requirements of this appraisal report form, and the definition of market value. No additional intended users are identified by the appraiser. Any other party receiving a copy of this report for any reason, is not an intended user; nor does receiving a copy of this report result in an appraiser -client relationship. Use of this report by any other party(ies), , is not intended by the appraiser. This is an a:.soraisal report. This appraisal report has been prepared for the exclusive benefit of the representatives. of the Ed Duggan estate. It may not be used or relied upon by any other party. Anyone who uses or relies upon any information in this report without the appraiser's written consent does. so at their own risk, and holds the appraiser harmless of any damages. Except where it may be otherwise noted elsewhere in the report, it is assumed that there are no structural or cosmetic defects which are hidden/ or not seen on a typical walk through of the subject property, which are hidden by furniture, floor or wall coverings, or excessive personal belongings which may affect the value of this report. It is assumed that all information provided by the owner, or agent is reliable, and accurate. if the client has any questions regarding the subject structural integrity, mechanical equipment, roof, electrical, or appliances it is the client's responsibility to order the appropriate inspections and certifications by a qualified person. The appraiser does not have the skills or expertise needed to make such inspections. The appraiser has only observed these items on a typical walk through, that they appear to be in working condition. The appraiser assumes no responsibility for these items. The appraiser also assumes no liability for any basement finishing, additions, renovations, or any updating that was completed without the necessary uermits and inspections. I certify to the best of my knowledge and belief: * The statements of fact contained in this report are true, and. correct. * The reported analysis,opinions, and conclusions are limited only by the reported assumptions, limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions/ and conclusions. * I have no present or prospective interest in the property that is the subject of this report, and have no personal interest with the respect to the parties involved. "* 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 directly related to the intended use of the appraisal. * My analyses, opinions, and conclusions were developed, and this report has been prepared in conformity with USPAP. . 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 standards of the professional appraisal practice of the appraisal institute. The use of this. report is subject to the requirements of the appraisal institute relating to review by it's duly authorized representatives. Information regarding the previous sales, and transfers of the subject property, and comparables sales has been obtained through the mls tax search, and or county tax records. Information is only up to date as the individual tax office. For the most current sale/transfer information, please refer to the title search. Square footage for the compara:sles has been. obtained from tax records, and or mls records, and or the appraiser's experience in determining square footage. If the comparable gla differs from what is reported in the county tax records, it is because the mls gla has been measured by an appraiser, which is a more reliable source. Square footage differences greater than 100 square feet have had .an adjustment made. Square footage differences less than. 100 square feet are considered insignificant and not measurable, therefore no adjustment is necessary. Interior walls have been added to the sketch to give the reader a better understanding of the floor plan, but the walls are not drawn to scale. All rooms below grade are excluded from the total room count, and gross living area, unless otherwise noted. Rilevel, and tri level homes are excluded from this, as they are built partially below grade. The lender/client may not disclose, or distribute any part of this appraisal, to any data collection or reporting services without written consent from the appraiser. Personal property was not considered in the final reconciliation of this report. Lot dimensions have been obtained from the realist tax search data. This is only an. estimate, and the intended user of this report should obtain a survey for exact measurements. The utilities were on, and working at the time of inspection. This does not imply any type of warranty to the actual system. Form TADD - "TOTAL" appraisal software by a la model inc. - 1-800-ALAMODE Serial# ADBC1F69 Supplemental Addendum Main File No. 0001028 Page #5of17 File Na 0001028 Borrower/Client N/A Property Address 207 Birch St City Windsor County" Weld state co Zip Code 80550 Lender N/A Ron Harding did not complete an appraisal, or any other services on. the subject property in the past three years, immediately preceding accer3tance of this assignment. This appraisal was completed in compliance with A.I.R. Comparable information is taken from the appropriate mis, and is subject to their errors. and omissions. Adjustments in the sales comparison grid have been rounded to the nearest hundred. Every adjustment in the sales comparison grid is not proved on every report. However/ the appraiser is continually running numbers for features to determine the value of each adjustment. Realtor's are called on every comparable to try and verify the sale/listing information, however not every realtor calls back. The appraiser will be paid $450, for this report. The subject has a well for irrigation purposes only. DOM is days on market time. Gla isgross living area. According to Josh Olhava in the planning department, the subject is a legal residential lot. 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 and knowledgeable, and assuming the price is not affected by undue stimulus. This definition is taken from USPAP. The opinion of market value is in terms of cash, or financing terms equivalent to cash. SCOPE OF WORK; The scope of work involves the verification. of the subject's identity through public, and or private tax records, physical interior and exterior inspection of the subject property, and an. exterior observation from the street of all comparables used. Condition, and quality ratings are typically determined through the exterior observation, and the mls interior photos of the comparables. The subject's and comparable's s listing and sale history have been researched, and analyzed through public, and private online records. and documented were necessary. The gla of the subject has, been calculated by an actual measurement of all livable areas above grade. Comparable selection is for sales and listings that are most similar towards the subject in. regards to location, design, gla, age, time of sale, condition, lot size, and room count. Reconciliation is achieved through the sales comparison approach, and then by placing weight on the comparable(s) most similar towards the subject. The appraiser attempted to obtain an adequate amount of information in the normal course of business regarding the subject and comparable properties. Some of the standardized responses required by the OICI , especially those in which the appraiser has not had the opportunity to verify personally or measure, could mistakenly imply greater precision and reliability in the data than is factually correct/ or typical in the normal course of business. Examples include condition, and quality ratings as well as comparables sales and listing data. Not every element of the subjectproperty was viewable, and comparable property data was generally obtained from third -party sources/ such as the Ires/Metro mls/ and if possible the listing or selling realtor. Consequently, this information should be considered an estimate/ unless otherwise noted by the appraiser. HIGHEST AND BEST USE; The subject as improved is a legally permissible use based on it's current zoning (or the likelihood of a variance when it is legal non conforming). Also the lost size, shape, physical condition and land to building ration allow the present structure to indicate a good utilization of the improvements. Based on current market conditions, the present use and structure as a single family residence is it's financially feasible and maximally productive use. EXPOSURE TIME; Exposure time is the time prior to the effective date of the appraisal. The exposure time is 0-45+- days, with typically motivated buyers. and seller, on the open market, and with reasonable list prices. The exposure time has been estimated using data collected, and applied to the 1004mc form. GSE DEFINITION OF DOM; The total number of continuous days from the date that a property is listed or. advertised for sale through the date that is taken off the market or, contracted for sale. FLOOD ADDENDUM: The appraiser is not an engineer, and due to the inadequacies of flood maps, the appraiser recommends the intended user of this report get a flood certification to determine if the subject is in a flood zone. • About SureDocs Signature This appraisal report has been electronically signed using SureDocs by a la mode.. It is as valid and legally enforceable as a wet ink signature on paper. You can verify the authenticity of this report online at www.SureDocs.com/Validate. --eno Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Serial# ADBC1F69 Market Conditions Addendum to the Appraisal Report Main File No. 0001028 Page #6of17 Appraisal Report File No. 0001028 The purpose of this addendum is to provide the lenderr'client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2000. Property Address 207 Birch St City Windsor State co ZIP Code 80550 Borrower N/A Instructions: housing trends it is available explanation. in the analysis. average. Sales subject prouerty. The appraiser must use the information required on this form m as the basis for his/her conclusions, and must provide support forthose conclusions, regarding and overall market conditions as reported in the Neighborhood section of the appraisal report torn'. The appraiser must fill in all the information to the extent and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the data If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as an and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc. Inventory Analysis Prior 7-12 Months Prior 4-6 Months Current — 3 Months Overall Trend Total # of Comparable Sales (Settled) 4 0 2 Increasing 0 Stable Declining Absorption Rate (Total Sales/Months) 0.67 0 0.67 Increasing �i� Stable Declining Total # of Comparable Active Listings N/A N/A 0 Declining Stable Increasing Months of Housing Supply (Total ListingslAh,Rate) N/A N/A 0 Declining Stable Increasing Median Sale & List Price, DOLL Sale/List % Prior 7-12 Months Prior 4-6 Months Current — 3 Months Overall Trend Median Comparable Sale Price 272,475 0 278,000 1i1 Increasing Stable Declining Median Comparable Sales Days on Market 51 0 71 Declining Stable 0 Increasing Median Comparable List Price N/A N/A 0 Increasing Stable Declining w Median Comparable Listings Days on Market N/A N/A 0 Declining Stable Increasing Median Sale Price as % of List Price 98.28 0 100.20 �i� Increasing Stable Declining a Seller -(developer, builder, etc.)paid financial assistance prevalent? 0 Yes No Declining 0 Stable Increasing = Explain in detail the seller concessions trends forthe past 12 months (e.g., seller contributions increased fees, options, etc.). Seller concession trends are stable. Typical from 3% to 5%, increasing use of buydowns, seller concessions are 1-3 closing costs, condo percent of the purchase price, and are typically w used for the buyer's pre paids, and closing costs. ce I- w m Are foreclosure sales (REO sales) a factor in the market? Yes kid No If yes, explain (including the tends in listings and sales of foreclosed properties). Cite data sources far above information. IRES MLS. Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pending sales andior expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. The above very limited comparable market data has too little data to fully determine the current market conditions. The IRES MLS data does not keep the total number of listings from prior months, it only has the current listings. Inventory for comparable listings is a shortage, because typically less than 2 months of inventory is considered to be too little. The lack of inventory has been a trend over the past year, and has had a positive affect on listings. The overall neighborhood market data has 46 sales over the past year, and supports a more stable market. lithe subject is a unit in a condominium or cooperative project , complete the following: Project Name: Subject Project Data Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend Total # of Comparable Sales (Settled) Increasing Stable Declining Absorption Rate (Total Sales/Months) Increasing Stable Declining Total # of Active Comparable Listings Declining Stable Increasing Months of Unit Supply (Total Listings/Ab.Rate) Declining Stable Increasing Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties. i- o w a ce oL a O o Q 0 z Summarize the above trends and address the impact on the subject unit and project. . www.sureao cortlralidate j A Signature Signature Appraiser lire Ron arding SupervisoryAppraiserName W Company l me NorthernColorado } pp r i 7 7-24 a sals, Inc.c (970) Q3 Company Name De Company Add • ss ., • .::::Ida. ,. r, Company Address ' Sc$' r;i � POI 4 1_;i. ' State LieenseiCertificalx:n �"�,if ;, ; �,_. State License,eCertification # State Email Address RON HARD I N GJR@COMCAST. N ET Email Address Page 1 of 1 Faraie Mae Form 1004MC March 2009 cir-H •WaPly Serial# ADBC1 F69 Freddie Mac Form 71 March 2009 Form 1004MC2 -"TOTAL" appraisal software by a la mode; inc. -1-800-ALAMOOE Main File No. 0001.028 I Page # 7 of 17 Subject Photo Page Borrower/Client N/A Property Address 207 Birch St City Windsor Count' Weld State CO Zip Code 80550 Lender N/A Subject Front 207 Birth St Sales Price N/A Gross Living Area 1,619 Total Rooms 5 Total Bedrooms 2 Total Bathrooms 2.0 Location Residential View Residential Site 9,500 sf Quality Average Age 47 Subject Rear Subject Street friai, Form PICPIX.SR -"TOTAL" appraisal software by a la mode, Inc. ® 1-800-A ODE Seriatm ADBCI F69 Main File No. 0001.028 I Page # 8 of 17 Interior Photos Borrower/Client N/A Property Address 207 Birch St City Windsor Count' Weld State CO Zip Code 80550 Lender N/A Kitchen Laundry Room Additional Bathroom Photo Basement Rec Room Utilities Living. Room Master Bedroom Bedroom Basement Bedroom Basement Bedroom Form PICINT15 - "TOTAL" appraisal software by a la mode, inc. -1-BOO-ALAMODE Dining Room Master Bathroom Bathroom Basement Bathroom Serial# ADBC1 F69 Main File No. 0001.028 I Page # 9of 17 Comparable Photo Page Borrower/Client N/A Property Address 207 Birch St City Windsor County Weld State CO P Code 80550 Lender N/A Comparablel 622 Cedar Ct Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 0.16 miles NW 210,000 986 4 2 1.0 Residential Lake/Residential 5,357 Average 50 Comparable2 317 8th St Prox. to Subject 0.39 miles SW Sale Price 260,000 Gross Living Area 1,044 Total Rooms 5 Total Bedrooms 2 Total Bathrooms 1.0 Location Residential View Residential Site 5,525 Quality Average Age 46 Comparable 3 245 Plum Ct Prox. to Subject 0.93 miles W Sale Price 317,000 Gross Living Area 1,684 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 2.0 Location Residential View Residential Site 10,875 Quality Average Age 21 Form PICPIX.CR -"TOTAL" appraisal software by a la mode, inc. 61-800-ALAMQDE les) ga, Bedell/ ADBC I F69 Main File Mo. 0001028 Building Sketch (Page - 1) Page#10 of 17 Borrower/Client N/A Property Address 207 Birch St City Windsor Count' Weld State CO Zip Code 80550 Lender N/A 34' 6" 19' 13' Uncovered Patio 43' Uncovered Deck a) 0 Closet _ Master Bath 0 a_sce fb Ike Bath Laundry Bedroom 0 e Kitchen Living Room Dining Jncovered Patio Breezeway 26' 6,r Uncovered Patio 1st Floor 53' 6" 36' 4-0 Bath Laundry Bedroom O CPI Bedroom Storage c) CD fi Clo Storage Rec Room Stairs 53' 6" Basement TOTAL Sketch by a la mode, inc. G 21' 2 Car Garage 21' loy) frist, Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Serial,/ AOBC1 F69 Main File Mo. 0001028 Building Sketch (Page - 2) Page # 11 of 17 Borrower/Client N/A Property Address 207 Birch St City Windsor Count' Weld State CO Zip Code 80550 Lender N/A Living Area Calculation Details First Floor 1619.2 Sq ft Total Living Area (Rounded): 1619 Sq ft 53.5 x 30 = 1605 0.5 x 1.97 x 2.26 = 2.23 1.97 x 4.9 = 9.64 0,5x1.93x2.3 = 2.22 0.04 x 2.3 = 0.09 0.5 x 0,04 x 1.04 = 0.02 Non -living Area Wood Deck 175.63 Sq ft Closed Porch 241,.03 Sq ft 2 Car Attached 546 Sq ft Concrete Patio 243.9 Sq ft Basement 1605 Sq ft Concrete Patio 129.74 Sq ft Concrete Patio 309.63 Sq ft 19 x 8.03 = 152.6 1.93 x 8,.5 = 16.39 0.5x0,04x8.5 = 0.17 0.5 x 1,97 x 2.26 = 2.23 1.04 x 1.93 = 2 0.5 x 1.93 x 2.3 = 2.22 0.5 x 1.04 x 0.04 = 0.02 0.5 x 1.53 x 1.29 = 0.5 x 1.29 x 1.53 = 3.94x 1.29 = 9x26 = 0.98 0.98 5.06 234 21 x 26 = 546 5,96 x 27 = 160.93 9 x 8.71 = 78.43 0.5 x 1,53 x 1.29 = 0.98 1.29 x 2 = 2.57 0,5 x 1.29 x 1.53 = 0.98 30 x 53.5 = 1605 13 x 9.96 = 129.48 0.5x13x0.04 = 0.26 3.96 x 2,5 4.96x3 9.96 x 28 1x5.96 = 9.9 = 14.88 = 278.89 = 5.96 loy) frist, Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Serial,/ A0B 1 F69 Main File Mo. 0001028 Location Map Page # 12 n117 Borrower/Client N/A Property Address 207 Birch St City Windsor County Weld State CO Zip Code 80550 Lender N/A a la mode, inn. If r;rtr t'1 rtls G d f!e' r•cI'`iTi rciou r eal Coned �r 2 N Birc.ri ` Road 52 ANT icar P r - F i std Ave r rttMIICl Aye- - COMPARABLE No. 3 245 Plum Ct Windsiar, CO 80550. 093 smiles. W •t .Ash S b Main St County Road 60 WeStvocimi Dr stveniIkaod Cr UI w 0 1 3 .ids yip 44, l� Pray. COMPARABLE No. 1 622 Cedar a Windsor, CO 80550 0.16 m I f es NW rj Way t 2 Lear 7 kch Sl 8itci* 5 diet 3. .r. r ay U B.1 ECr 207 Birch St Windsor, CO 80550 COU.nLy maid .0 e ccrtiin Dr dt Wiry or LS, y St ll Main St Ccitinty Rottoti 6F3 :2s7County Ro4ei Maori St Main 5 onwoOce va.A` U Wairiut St. gay St A raisr.al elm # --aril Dr POW C r 1.1 rrssir 8 st. X PP SW ' A -F qq�� ei1T� Si 'L- L er rr4 Lp Y��LLm' I. abler Or K. atIstMdativ C]4r r � attra_t.4 d 1? county, Ro.ad 66 1{iJ se TIN 1 Malta +'rS a,' ,} 'rn S 1 �r\c Lit ; Chin •iz 0 o n aid .tio - .sitraan p S. 1 _ f c� S agit ChirrrrtEt. Palk' C l l Eit et ot ese Go cle Cr ;41 Cfr rei 0 Rochestet Dr 7 Ctiuyr t1 tX00 vd s les) ga, Form MAP,LCC - "TOTAL" appraisal software by a la mode, lnc. -0-ALAMODE $snot# ADBCI F69 Main File Mo, 0001028 Flood Map Page #13of17 Borrower/Client N/A Property Address 207 Birch St City Windsor County Weld State CO Zip Code 80550 Lender N/A repare . or: or ern InterFlood ,,,„ -`n nra•_ o ' ppraisa s., nc F.- • I 79742408 207 Birch St Windsor, CO80550 n Is L , r J - - Pitak91L1?ttH •r =wa % • 2LII t Lake, +'' tom,} s`11 SUBJECT 2.07 BIrch St Windsor, CO $05.50 �ti4lC'l'� Dtr. W i ri` d s: a r L a k e • p —r fit 24,". a' s aM IP y MAP DATA FEWIA.Sciecial Fin FiiijEki Area No Map Number: 81-23.1 E Zone: Map -Date.: January 20, 2015 FtP-$. 08123 MAP LEGEND Atier.35 munda ed by 500-pedr oodinq Areas inundated by. 1 Capp ear tocdin oincirti+ Haulm kr"xgrAl P ro Elected Arens Flyway Subject AtTfra ,0417 Form MAP.FLOOD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMO DE Serial# ADDC1F69 Aerial View Main File No. 4441028 Page #14ef17 A MyPlarrs (cj Print Subject 207 Birch St 'Ac -rd I Initrri Stgtt ,I) 'Weld Cr. • 'Ain4cnr Form SCNLGL - "TOTAL" appraisal software by a la mode, Inc.-1-&JO-ALA(OOE frist, Serial# ADBCI F69 Main File Mo. 0001028 Plat Map Page 15 of 17 Nifo s �-s CQW014 ADO II LA Recreation :hwAr 1:t1;it .N I- IV-LPIII.1 #d_ress: 2[:( UlhICI I ti Parcel Ci: 09.7' 3363007 t\c cc:orc p*openTi p-ofi o un:di:tio-: Win ZIP Code:8OES° ;ri icLi in- I anw I ARP 'VFW?' Artn- ri 2_ni' i. CEP lira Business Mail,. Ga -2 Au. 12 'Oii-Is:rvon- g d.-cffl t 5 Wall r S or4 :c Th vri de Win:so - WSe7ter xnvie= rwn nit Windsnr L1ectn, Service. Y=e1 Pda:_ral 3as Serui_e. > el C-ergy Su I: so. Ski' :t Ws.il RE-/. El rne'itarj 3a -o0 (s):.Gra-&dew E ern:In r ldtle3ch 41.Ve.ndavrSCho.I 1 ,Z=^n•d t_reovivtf min.I T ea 17! a1 F3 RCH ST 41, r t 111.6 a 17.5 a 1 U a a. S S I a N vi gin t- u� z Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE II) gay Serial# ADBC1 F69 Main File No. 0001028 Page# 16af17 STATE OF COLORADO Department of Regulatory Agencies Division of Real Estate Ac five Cen. Rediidential Appraiser 100031197 Mother RON!4-D JOSEPH HARD Wwedsw. CO 90528 Jan 1 2014 .ssJe Date 44.4, StAbef Program rnInIstritir PRINTED Ots SEGUE PAPER Dec 31 2016 Serial# ADBC1 F69 Cnrrn CrA IrTrer III nnnrninni nnf+trrnrn In, n In rvinAn inn onn Al Aurinc Tin File No.. 0001028 I Page # 17 of 17 E n SureDocs This appraisal report has been electronically signed using Suredocs by a la mode. It is a wet ink signature on paper, with a number of clear advantages. First, SureDocs helps thing of the past. By using advanced third party identity verification from Equifax, you signing this report is really who they say they are. Plus, you can verify that the salient been altered in any way. as valid and legally enforceable as to make identity theft and fraud a can be assured that the appraiser data points of the report have not To verify the integrity of this document, visit www.Suredocs.com/Validate. Enter the Serial Number and Signer Name for this document that are listed below. Suredocs will generate a report showing the signatures were applied, and the salient data in Su redocs to the document you have in The report below Is an example profile of the appraiser(s) who signed the report, the date and time the from the report at the time of signing. Comparing the report information hand will quickly reveal if any tampering has taken place. what you would see when verified by SureDocs. Salient Data: Date of Sale: Borrower: Lender: N/A Size (Sq,Ft): 1,713.82 Pte Per Square Foot Location: Residential Age: 47 Signer 1: N/A N/A Ron Harding 5480 Gulfstar Court, Windsor, CO 80528 Signature: Serial #: ADBC 1 F09 Date Signed: 02/23/2016 Condition: Total Rooms: Bedrooms: B ats : 2.0 Average 5 2 Appraiser: Ron Harding Effective Date of Value ('as of'): 11/05/2015 Final Opinion of Value: 310,000 Signer 2: Signature: Serial #: Date Signed: Form SDVERIFY - "TOTAL" appraisal software by a la mode; inc. - 1-800-ALAMODE leS) gay Serial# ADBC1 F69 Hello