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Home My WebLink About20193110.tiffAugust 6, 2019 Petitioner: HASELHORST WESLEY A 25 RAYMOND AVE JOHNSTOWN, CO 80534-9088 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldqov.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 2019-3110 Appeal 2008224908 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 R4534486 Stipulated - Approved Stipulated Value $323,608 $293,000 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)(1) 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 disclosure 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 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 R4534486 STIPULATION (As To Tax Year 2019 Actual Value) RE PETITION OF : NAME: ADDRESS: Wesley Haselhorst 25 Raymond Ave. Johnstown, CO 80534 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: JOH 21572 L23-24 BLK3 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 $323,608 4. After further review and negotiation, Petitioner (s) and Weld County Assessor agree to the following tax year 2019 actual value for the subject property: Total $293,000 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: Grid supports lower value using comps in recent bank appraisal. 7. Both parties agree that: IThe hearing scheduled before the Board of Equalization on 07/30/2019 at 1:30 be vacated. RA hearing has not yet been scheduled before the Board of Equalization. 1 o ict 3 ( AS0iOS DATED this 23 day of July , 2019 , Wtley Haselhorst (Jul 23, 2019) Petitioner(s) or Agent or Attorney Address: 25 S Raymond Ave Johnstown Telephone: 30 39163447 Docket Number R4534486 Stip-1.Frm (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 County Assessor Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 400-3650 2 R4534486/Haselhorst Final Audit Report 2019-07-24 Created: 2019-07-23 By: Courtney Maya (canaya@co.weld.co.us) Status: Signed Transaction ID: CBJCHBCAABAAIjrz21gio_HmYwPJ5o84EUCm36TUWNXD "R4534486/Haselhorst" History n Document created by Courtney Anaya (canaya@co.weld.co.us) 2019-07-23 - 3:52:19 PM GMT- IP address: 204.133.39.9 E2 Document emailed to Courtney Anaya (canaya@co.weld.co.us) for approval 2019-07-23 - 3:52:21 PM GMT dQ Document approved by Courtney Anaya (canaya@co.weld.co.us) Approval Date: 2019-07-23 - 3:52:32 PM GMT - Time Source: server- IP address: 204.133.39.9 '+ Document emailed to Colleen Kentfield (ckentfield@weldgov.com) for approval 2019-07-23 - 3:52:33 PM GMT t Email viewed by Colleen Kentfield (ckentfield@weldgov.com) 2019-07-23 - 4:16:10 PM GMT- IP address: 204.133.39.9 d© Document approved by Colleen Kentfield (ckentfield@weldgov.com) Approval Date: 2019-07-23 - 4:18:34 PM GMT - Time Source: server- IP address: 204.133.39.9 E2 Document emailed to Brenda Dones (bdones@co.weld.co.us) for signature 2019-07-23 - 4:18:36 PM GMT t Email viewed by Brenda Dones (bdones@co.weld.co.us) 2019-07-23 - 6:15:54 PM GMT- IP address: 204.133.39.9 d© Document e -signed by Brenda Dones (bdones@co.weld.co.us) Signature Date: 2019-07-23 - 6:16:29 PM GMT - Time Source: server- IP address: 204.133.39.9 El. Document emailed to Wesley Haselhorst (whaselhorst@gmail.com) for signature 2019-07-23 - 6:16:31 PM GMT .5 Email viewed by Wesley Haselhorst (whaselhorst@gmail.com) 2019-07-23 - 6:27:11 PM GMT- IP address: 66.102.7.37 Adobe Sign de Document e -signed by Wesley Haselhorst (whaselhorst@gmail.com) Signature Date: 2019-07-23 - 6:29:58 PM GMT - Time Source: server- IP address: 174.209.18.8 E?, Document emailed to Karin McDougal (weld-cboe@weldgov.com) for signature 2019-07-23 - 6:29:59 PM GMT t Email viewed by Karin McDougal (weld-cboe@weldgov.com) 2019-07-23 - 10:09:15 PM GMT- IP address: 204.133.39.9 de Document e -signed by Karin McDougal (weld-cboe@weldgov.com) Signature Date: 2019-07-24 - 12:37:32 PM GMT - Time Source: server- IP address: 204.133.39.9 Signed document emailed to Karin McDougal (weld-cboe@weldgov.com), Colleen Kentfield (ckentfield@weldgov.com), canaya@weldgov.com, Courtney Anaya (canaya@co.weld.co.us), and 2 more 2019-07-24 - 12:37:32 PM GMT Adobe Sign NOTICE OF DETERMINATION STAlE OF COLORADO k ,U OF ASSES I �EHT APPEALS Brenda Dones Weld County Assessor 1400 N 17"' Ave Greeley, CO 80631 2019JUL15 P11 1:33 Date of Notice: 612512019 Telephone: (970) 400-36 50 Fax: (970) 304-6433 Office Hours: 8:00AM — 5:00PM LEGAL DESCRIPTION! PHYSICAL LOCATION ACCOUNT N TAX YEAR TAX AREA R4534486 2019 0557 JOH 21572 123-24 BLK3 25 S RAYMOND AVE JOHNSTOWN HASELHORST WESLEY A RTY OWN 25 JOHNSTOWN, RAYMOND AVE Co 80534-9088 PROPERTY CLASSIFICATION ASSESSOR'S VALUATION 1 ACTUAL VALUE REVIEW PRIOR TO ACTUAL VALUE REVIEW AFTER RESIDENTIAL 3234608 323,608 TOTAL 323,608 323,808 The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest The Assessor's determination of value after review is based on the following: ALOI - Your property has been uniformly valued following Colorado law. Your protest of value has been denied due to comparison of other similar properties which sold during the Jan 2017 to June 2018 time period_ 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. The deadline for filing real property appeals is July 15. The Assessor establishes property values. The local taxing authorities (county, school district, city, fire protection, and other special districts) set mill levies. The mill levy requested by each taxing authority is based on a projected budget and the property tax revenue required to adequately fund the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall. If you are concerned about mill levies, we recommend that you attend these budget hearings. Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities. Please refer to the reverse side of this notice for additional information. Agent (If Applicable): 15 -OPT -AR PR 207-08/13 R4534486 APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 25th through August 5th at 1150 0 Street To appea the Assessors decision, complete the Petition to the County Board of Equalization shown below, and mail, file online, or deliver a copy of both sides of this form to: Weld County Board of Equalization 1150 0 Street, P.O. Box 758 Greeleyt CO 80631 Telephone: (970) 356-4000 ext, 4225 Online: www.co.weldco.usiappslicboel To preserve your appeal rights, your Petition to the County Board of Equalization must be postmarked or delivered on or before July 15 for real property after such date, your right to appeal is lost. You may be require tntri5rove that you filed a timely appeal; therefore, we recommend that all correspondence be mailed with proof of mailing. You wilt be notified of the date and time scheduled for your hearing. The County Board of Equalization must mail a written decision to you within five business days following the date of the decision. The County Board of Equalization must conclude hearings and render decisions by August 5, § 39-5-107(2),C.R.S. you do not receive a decision from the County Board of Equalization and you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by September 10, § 39-2-125(1)(e),C.R.S. If you are dissatisfied with the County Board of Equalization 's decision and you wish to continue your appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of the following: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, CO 80203 (303) 866-5880 www.d ola.colorado.uovaa Bind In Arbitration For a list o arbitrators, contact the County Commissioners at the address listed for the County Board of Equalization. If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed on the next business day, § 394420(3), '. •- s. District Court Contact the District Court in the County where the property is located. See your local telephone book for the address and telephone number. PETITION TO COUNTY BOARD OF EQUALIZATION What is your estimate of the property's value as of ,June 30, 2018? (Your opinion of value in terms of a specific dollar amount is required for real property pursuant to 39-4="106(1.5), CRS.) . ) s. .22J 000. What is the basis for your estimate of value or your reason for requesting a review? (Please attach additional sheets as necessary and any supporting documentation, Le., comparable sales, rent roll, original installed cost, appraisal,, etc.) digtedfth riccifreci r4'Ce own ri 20 /9 ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein an any attachments hereto are true and complete. Si = nature 3o3.9/t. 3yq9- Telephone Number oimsamoilsr (O 6 MAIL eciat-"k Email Address Attach letter of authorization signed by property owner. 15 -OPT -AR PR 207=08/13 R4534486 From: To: Subject: Date: Attachments: Wesley Haselhorst CTB-County Board of Equalization Fwd: Notice of Determination Monday, July 15, 2019 2:51:51 PM Haselhorst NOD.pdf Caution: This email originated from outside of Weld County Government. Do not click links or open attachments unless you recognize the sender and know the content is safe. Forwarded message From: BAA, DOLA <dola baa(/ktate .co.0 s> Date: Mon, Jul 15, 2019, 2:23 PM Subject: Notice of Determination To: <whaselhorst(ci gmail.com> Good afternoon, Attached in this email please see your Notice of Determination(NOD) from the Weld County Assessor. To appeal the Assessor's decision you must mail your appeal to the Weld County Board of Equalization(CBOE). The Weld CBOE office is located at: Weld County Board of Equalization 1150OStreet, POBox758 Greely, CO 80631 Please confirm receipt of this email. Kind regards, Board of Assessment Appeals O (303) 864-7710 I 1313 Sherman Street, Room 315, Denver, CO 80203 BAA@state. co. us I www. col orado. goy/ dal a/ baa Under the Colorado Open Records Act (CORA), all messages sent by or to me on this state-owned e-mail account may be subject to public disclosure. 3123984 STATE Or Ca rm it U O ED OF ASbE S SHEUT APPEALS CHASEfl JPMorga.n Chase Bank NA Mail Code AZ1e2555 1820 East Sky Harbor Circle a Phoenix, AZ 850344850 53 2019 JUL 15 PM j:33 PATRICIA HOQUE ARTUNDUAGA A 25 RAYMOND AVE JOHNSTOWN N TOWN O 80534 3123984238246804132019356 CHASE Here is a copy of the appraisal report on your property This appraisal report was prepared in connection with your home loan application to Chase. It contains important information about your property that will be considered in making a final decision on your home loan application and is subject to review and approval by hase. You may receive additional copies of this appraisal with amendments or copies of additional appraisals on this property. Chase is committed to maintaining appraiser independence and preventing attempts to influence appraisers in the preparation of appraisal reports. IF YOU BELIEVE THAT ANY PERSON HAS ATTEMPTED TO INFLUENCE THE APPRAISER IN THE PREPARATION OF THE APPRAISAL OF YOUR PROPERTY, PLEASE CONTACT CHASE MORTGAGE SUPPORT BY CALLING 1 -855 -X42 -734G Option "0" Repository Serial #.: 3123984238246804132019356 Certificate Date: April 13, 2019 Certificate of Compliance Subject Property: 25 Raymond Ave, Johnstown, Co 80534 Appraisal Order Late: April 3, 2019 Payment Date: The independent third party appraisal management company '("AMC") providing the above referenced appraisal report ("Report") to the intended user/client ("Client") certifies that the Report was completed in compliance with all applicable appraisal independence requirements as defined by the Dodd -Frank Wall Street Reform and Consumer Protection Act, Fannie Mae, Freddie Mac and the Federal Housing Administration, in strict adherence to its non - influence policy and process: • The Client named on the appraisal report submitted the appraisal order to the AMC through its proprietary, secured transaction management platform (website or direct integration), or through an approved and compliant 3rd party integration. • Appraiser selection was performed at the sole discretion, of the AMC by utilizing a selection methodology designed, maintained, and supervised by licensed real estate appraisers and is based on the criteria of proximity to the subject property, availability, and historical quality and performance metrics. For all transactions: The AMC appraisal procurement process maintains a double-blind environment whereby the Client's loan production staff is unaware of the appraiser's identity until the time of final appraisal report delivery. Likewise, the appraiser is provided with only the Client's company name and address (for inclusion in the appraisal report) and is never provided with the identity or contact information of the loan officer, loan processor or any other loan production personnel. The terms and conditions of the engagement contract between the AMC and the appraiser prohibit the appraiser from inappropriate communication with the Client, or attempting to obtain value/loan information from the borrower/property owner. • No estimate regarding the subject property's value, proposed loan amount, or proposed loan -to -value ratio, was provided or communicated by the AMC to the appraiser [For purchase transactions, the purchase agreement was provided to the appraiser as required by USPAP Standards Rule 1-5(a)]. • The AMC maintains an appraiser independence hotline for reporting of any influence or impropriety at 1 (800)778-4915. • After undergoing our Quality Control review process using our proprietary pre -underwriting software, the report appears to be in compliance with USPAP, within the ability of the pre -underwriting process to identify such issues, The Quality Control review process is not a USPAP Standard 3 review and, therefore, does not require the reporting requirements of Standard 4. FRAUD/TAMPERING PREVENTION: A certified copy of the original appraisal report provided by the appraiser is available to all author.zed successors and/or assignees of the original Client. Contact the AMC. to access this information.. Quality Assurance Division 866.794.6371 • www.xomesa,utions.com CERTIFICATE AUTHENTICITY: The authenticity of this certificate can be verified by visiting https://xomesolutions.com/valuations/valuewvault and utilizing the repository serial number at the top of this document, crr-i8XVat a"al�a,;aiidLU �ti#Jpild1Shc *NW n5VRJ1M QVtl RXI Rx Uniform Residential Appraisal Report 1366824900 Rita 190409M1 The pupasse d ens swam apprarsal rant is to provide its knieri ienl le en soz ra(et. S a icanlee y tarppoile i. oprlon 0 Vie mild value d the subjel propety PmPalY Ades 25 Raymond Ave '• Johnstown ties CO I` 80534 Bann See Text Addendum Owner at Port Rad See Text Addendum CwItY Weld 1191 'd°'n JOH 21572_L23-24 BLK3 Aessbrs Pace( a 105905424004 -_ in writ 20.18 RE Taxes S 1095 . a _ neptrbataood dame Johnstown Town Rona 24540 Try 0021 02 -Owns - - 8 pun �' owrn [I Tsaan [ \int Special Ates S 0 I HOA S0 par year Ica north . S P X Fee Ole a Leasetaid ■ r( ) A Type O Purchase Transaction Refinance infliction • Cite lticoardee) ImiriCila JPMoruan Chase frac 270 Park Avenue NewYork10017 _ IS tee stied property c carer* altered Mar Se or tats t been detect for sate a the twi'e =es price -lobs 0103tre done et it mate I Yes K Ne tllepart "sea torrne(sa Iaac# akrq wag , grad dxe(s - Per IF 5ML.S, there are no known lis#ings. of thes tls t r p pric r, 12 months. ,.tn-the I a de MI rid riot Inane the coaled tar sale brine si bled purchase rareprdiorr Elwin the restlss a t the in$tOs odfhe cooed ax sal a *Myths ergl'ysts walsnct pertained Conrad Price $ halt of Carl b the proodly saw the rend of pubic record? 'I • ;`— lie DASorret(C. _ Is there arty Umiak assi�moe •loon char, sale aax sirs, ipti or d 3wnpivnent assistarx t s ho be paid by any on beha n of the borrows? Li Li tlh o M Yes, report the total daiWr snarl and describe the rhos in be paid. Note: Rue and tie reed canpoeiden of the neighbcrtaood are notepa dsel teot'ort, Nee ghb0'rttood therichwitties One -Unit NursTrends Or1t4Ud3Harting Pints Land use% PiliCE ASE Oatelknel 6e0 Y• Location ikban Stabil fl Rural Property Val = In re aseci St's IIIDffihq Fitt t5lrer 759er U ' U lhder 25 —Qettnera 'Supply - — Swine -- LJ ba .a OM e Supply S Oits1 .4 un 2it 10 %e t.oty 0 r, t-I`er,(ry 5 Growth • Rape( : i stage S Slow Martmttrap The D c knds 3 r Ltuto II 3-G nt • OvOtt1 ti Otths EP treivrtaorttialdhintaiies The s es cl area is bordered•tw county Road 50 to the north, S Parish Ave to 525 ErsIP 114 commerr t 10 2 the east,_Count ,Road 46 to_the south, and County, Road 15.to the west.- --. - -_---.• _.... 342 Rid- 23 '1trar 15 % Nac t echood Description See Text Addendum.ca -- --- -- ----.... - Maks Oxidises 0rickeliq;maort tor the above co ndusi as) Conventional and government insured mortgages are locally available. Typical Buller concessions range from - points. Current market trend for the are reflects a stable market (see Text Addendumm, Nam 50' x 140' x 50' x 140' iv" 7000 sf - Rectangular 'w'`'In I Lf ees Cgrnm Spark Zoning Clissibtif CD Central Business (See Text Addendum) bring Oxnplisra IX Lena .— i sgal tlonadounirq rrznftann4 Ike) 171 teD Mar _ L Iii (describe) b ttlenktied onto( best Una RAW propwry as improved (ores proposed per plans lid spectators) the present useYes _ _ 1 No II No. deserts ' Miles Public Other (dtsalb.) Phte'tia: titter (de mibt) Dtf-null hoprovuotrais -Tpt Pliable PrM'il S wanti Wier I Saar ,+oaf Li _____ __.. 4? , fralty Gravel i F�San/sin _ _ JIMAl. Spacial now Nand Area 1 Yes No FEW Flood Zone 7 fattAPAW # 08069C 1410F FEIttA Mt late 12/19/2006 kilts duns and oil -pie hoer era loin( tor its nauke areal >rtilYriis L lio no. desator kitten any Slate sit ors or sternal than (easenurise iraaaciansto, s vfl rnnred =Mont at wet (WI Unit) lives cheat* No•apparent enci achrnents_or adverse easements, noted al the time of the inspection. Please reference and Improvement Location Certificate, (ILC), for the subject's site area._The site appearss to be typical in size and terrain for the area . The she dimensions above are provided by _ Realist and are considered an estimate. not an absolute {Ilene( Desulplm Foundation EsleatorDetacsipilon materiel/ t<ondW w Interior midtaneedaebltondittcrt tkitJLA !_!_ti One wttt Accessory Let tbrxsete Sti ❑ and Shoe Forstdatiin Walls Concrete/Good Fkt a Corm-Cpr-VM/Goad # et ma% 1 a_ _ --- Ai Basement CI Parboil flisaamert Exterior Yids Frame/Good vim Drywall/Good Type Del. O All El S-DetjEnd DM i EC; mere A --- ----- -1 +088 tepee. Reo1Sirtace CorrxpShingl Good brash Wood/Good EieItrq - j Presiosed ¢ Leda ._-- Eisner' Finish 0 % tenders b{>uwrrsp'oUt M&al/Good Banta VinylWGood tin {SIM _ _ Ranch. --_I0 - -- Oteskle Wm!' D Stan Pump WicdOW Type Sliders/Good eaftrwanscer Ttlee-Fibrgls/Good Year Bud 2017 Evidence el ID irtastation Storrs Saastt+irtsutated Rom Car ROW Cj rime - . - .. - (Wive Age ern) 1 I iDvtaprt = O Sditernst Screen Mesh/Good DX Driveway ale of Cars 2 Attb k terse ateaaraQ RN t IU Rd Ascetic jJ Wooddove(s) 0 0 Driveway &state Concrete _ _ _ - I onea'p' Stag I Lett_' Ftiri Natural Gas 0 Pr 'i p 0 0 Few We( -Wire "can cae 2 _ Elam _ scattl — - ... - _ fi i Air Cortdetb ing ..... Pam Deck Concrete Q "Can 0 j Filched El Has 0 incivialtfil 1 E oft�l Ps None ■ otter None M Alt. Del. Ill &ttI-in ti AptEaianoaes X Retrgager X Rw cialOvir M ashen X Disposal X Microwave I I Fasher/Urye Daher (describe) b Wittedarea tweet prude urinals: 5 Rooms 2 Beckon 2.0 Baths) 1.088 & tare Fed of Dross Um) Ans AbeveGrsde ES Adittartai*duet (spend stagy Slider' lets, et.). ceding fans/ recessed lighting/ garagedoor cc opener/ window and wall covering/ custom interior a _.. - - - paint/ stainless steel appliances/ custom tile back splash txecribethe - -- can t on ofthe wordy ' rctl,ciire2needed ads, ddertoruirxt, tent rib tra, torooddins sc.y. C2;No updates in the - - - -- --- - prior 15 yeaars:T ie subject prope ty pis` in condition with no physical, functional or external inadequacies noted at the time of the inspection. All utilities were on and appear c to be '� RVrking prgperly al the time of the inspection. working . .__ .__.— _ Milan arty *sled Oats ant aclttrs't ordinals tat autoroute unto satin eat, air send-irlicray or the property? Ill 'yea X him r Yes. describe - - - No physical deficiencies or adverse conditions noted at the time of the inspection . The mechanical, al, electrical and structural systems. assumed adequate and functional: Although ..imp_ the subject is located near railroad tracks no affect on marketability was found. - -- Does the propbrty gene* =leant the raiipbatmixi (Drtlionap Ott style, caducei. tum c ontaucrton, dt)? Yes Cl No d ho. deers tae The subject property is a ranch style residence which is in good condition and construction with a functional floor plan (see attached sketch , The sub eel conforms to the nee! - — - - -- htx�etrhlaabd aaettr! suntraunealtn � residences. Freckiia Mac Fawn 70 Much 2005 LAD Version 9/2011 Pepe 1of6 CANN% 1t"1t'til IA r1 'l'flt*I M nnarn.r,t raiturhrn thewin ;net 1 can Al AUfnc Fannie Mee Form 1004 March2005 la Uniform Residential Appraisal Report Res 1304824900 1909M1 There are 2 comparable mystics berry and tot sale h its SW rollarsod rank in prat tan $ 385.000 to $ 375.000 Therese 6 comparable wins in the sugeci new *din du past Mere molars argr g In sale pas tan $ 314.900 1. $ 360 040 F€ATURE j SUBJECT ARA&E SALE d i C0MPWBLE SALE * 2 COMPARABLE SALE 0 3 _ --- Ati n" 25 Raymond Ave 452 Grange Ln 474 Castle Pines Ave 115 N Denver Ave Johnstown.,, Johnstown, CO60534Johnstt1Ywt ;`ri CO80534 , Johnstown, CO 80534 Primp.Io Suiect O$2 mites SW 0.47 miles S 0 11 miles NW Sale Prime $ _ e S 3.149001 - - 30400_ , $ 255 x900 Sale Pris Lin Arm $ t�.7, 'I$ 242.04 IC It i 243.24 s 1. ; 1.$ 250,74 sift I Data (s) ,� JrREsMLs#842338100rv176 4F ES KiLSe#$4 53iDOM 79 �' IRES MLS 51891 POM Verikatlon :) iReahistllresi. ealtoniAs .asacr Sorry _ 'I ealisilbres ealtot# sossor , Pro.Comp/Real`Istilre &As r VALUE AQ lSTt(t1TS _- DE T108 0 a ! 4+) $ m nt DESi;RPTION 1 +0,$Ai* Mbme�l _ QESCW1U1 +#• $ strrdnt ' Sake or Finnic ArmLlh Armta:th A Lth Concessions- - __' __ �US�CA;O .�._._ _ - HA;0 _ ,4 - : 1ei18 Convi0 188 18 - - i07/18yn /t8 ; Location N Res,•Comm atN Res- QI l •�i'es- O N-.Res- O Lmsdrddfere Skis, . Fee Simple ,_fee Sirt'rple= !-, --ee Simple - ,Fee Simple 7000-sf _ 110207=.st._- _ O 6 d - I 006375 sf - w f�t,F e►S,'Dtil'ar,rn 11I,Rf#S, `,._ jR .. , O.ttResg 0 1 Disci ("Mkt) Di t_iiRan_ch Dit1Ranctt ;,�)T1 ;Ranch _ .DT1 :Ranch tally l Censtrturiai 03 j Q3 _ - 03 .03 acsrnt Apb �2 - : 4 O 1 0 68 _ +25„500, t.',athdttidri — .. -tie �_ 1%14 f Cl _ -1_„000.: . _ -_ '1' Q above Game TcuI Bites Sala :lad Barns SI , Toni SS i ..3i000,1 led ` &tint I Bra o NAM ccvrs 5 2 2.0 5 2 j_2.0 - - 6 __ 3 2,' ,, 0A 4 . - 2 I 1 .9 „ +zpoo Gross Ltv>na area 1088 141___ .30 i t4A. =12„780 _ 1 WI -235520i 1 17 � 0 • Itserr its & Finished 1088s10sfin 12510510sfin =2+0201480s#Osfin -3,920 325 sfin +7630 Na cos Be1owr Glib a FrJnaimti May Functional i Functional _ Functional I Functional GFNAD ,GFNAQ _ GFNAD 1GFNNane a 'r'2, Enerr Elhdent items ' Efficient N Efficient- Efficient ! Efficient 29d 2dW 20a2dw ga2dw . 01 t cp10w m POO Pat ; Rc lch/D F'or!t�hlPatio _ 0 PoFthIPaItlra� 0 Porch/Patin, 0 r 11klraldes Similar .Supetior - -15x'45 Superior r •11& Similar _ ar - - _s • .. y.i Piet Arttclrhst (Total) I. + 1$ -27,39 i_ . J + NI • .1 ,440 X + i 1 - $ 50,1,80' A4n1ed Sale Price rr fiat X11 8.7 % Nat Ad) % lid aii 19 4 0 C.r ; - ; Gross i' 107 ' i 28 !_. :'�r° s A4 185 % '$ 293.Sfzatl►� ct= Act, 19 7 % $ 3054180 i- pgdil I_. did nil meantime vale ortnarnsiar homy it the suied lxapaltyr and comparable sr ft not eaten Each of the sales is considered to be a marked transaction_. All c mparablesam considered to be current and typical-for the marketplace , Financing on each comparable is considered to be typkical far the current market : resesal ad 1-- i cid niA reveal sty r aria s m ol1 stigma amity is is three y area ro me+online cease at MIS I OalaSource(s) tics t LS/RealistlAssossoes.Offir e _ — _ a►anon Ill research D. dd did not final any pier sites a Irarattes of the commas sales in Are ye la the date at ;Dais atilt anal*sale O as sate(s) — Ives MLS/RealistlAssessors Office __ - Rgxut the resttits at the research and analysis at the prior salvor Mkt Wary al the stbilect poperty and cabpam ble salons (mad s&ldiiom)prier saw on page 3). M3A smut- C cotwmaE SALE a 1 COMPARABLE �•L 02 t liillil A E #3 Cale o1 F'rtor Soh iiatitt 05/25/2017 Puce of ks Sals'tt tsler a 80 . 0 . Data Sourest') - DOC #4306713 ,PoreLmipiRealist, NCore'L ,ic/Realist Core!-,agiciRealist roost.st.Dale al DOSorrct(s) — 9 04/08/20ig 04/0812019 r 04/08/2019 104/08/2019 m pritx sits ortri lflr lisicsy tit*sutiect properly sad taripiatki Wes - Per.public records the Subject transferred on 05125/2017 for $280,000 I artanty Deed #4308713) : It also transferred on! 08/29/2016 for $55,000 or n y Deed ! Doc #4233648). The increase in value from the previous sale is attributed to the increase in demand and the in supply, - 452 Grange In has no known 12-month prior transfer history_ 474 Castle Pines Ave has no known 12-month prior transfer.t opy.. 122 E South 1st St has no known 12-month prior transfer history. 115 N Denver Ave has no known 12-month prior transfer histo , - Stmmary cilia &ma son Apmeac#r See Text Addendum _ _ _ AMC License # ►MC,2000D0208 Fee paid to the appraiser. $495 - _ i meted vabs by SilasCoffprison Approach $ 2.93„000, ' Indicated Vault by Sties Comparison Approach I Cost-Amorf deve� ped)$ -- - - inCc e�roech(If developed)23, OQ0 285, 82 The Sales Comparison Approach is the most reliable approach to. value. .The Cost Approach is developed and appears to be supportive of the _____ _ ' T final opinion of value, The Income Approach was not developed due , lack of credible rental data and would not be considers reliable. This {'. report is subject to all attached Limiting Conditions/Restrictions. IC appraisal broads : 'as ls°, i -I hilted to completion per plans and speaitahoas on the basis izr A hypethatcal can ban that to Imp oaerrld es have Nett 1 Campl trrt abirn to Its flowing repairs a tabors on the basis d a hypodrdiS motion 1hzt The t as ear Aram Mn been compiled. eel tabled le the -_1.1 blowing required- nspecban bred to the mdraordmary sssavation Mat tar conddion a delidency does not Pure tertiori a is Based on a complete visual Inspection ci the Interior end ester* wens ci the subject properly., dtbned mope d +nark, statement d essumpdws .i Ihnillin conditions, mid apprises certification.. my four} opinion of the market value,. as defined, el the red property tat is the subject of tits report is $ 293,000 1 s of 04/0812019 ., which is the date of btpeeton as the effect* dm of this r>ppr:deai —, _ _ Fran Mac From 70 March 2005 UAD Version 9/2011 Pam 2 od G Fannie Mac Form 1004 &larch2005 rnrm tau, tin "T '1TA1 ° "nnrie2I tiVitnittil eta 1 s} rnrdia inn . 1 . Mill dterdir Uniform Residential Appraisal Report 1 a 49oa 190409M1 USPAP 3 Year Disclosure: - - - l have perfomn�ed np other sesvkes, as an appraiser or in any other capacity, regarding the property. that is the subject of work under review within the three-year period immediately preceding acceptance of this assignment. Note: The current Fannie forms do not inducer this on the certification !pale. - - Exposure Time: Estimated length of time that the ro interest being as raised would have been offered on the market dor to the h thelical consumrzsation of a sale_at market value.on the effective date of.the appraisal. A reasonable estimate of ex sure time for a ro of similar value and with similar features to the,subt would be in the range of 30 to 79_days. Few Disclosure: Per the State of Colorado, "As of Ju 1 2013 the Colorado L islature amended its Appraisal Management Company Laws, per House Bill 12°1110,_originatly enacted in June 2012, requiring appraisers/reviewers to disclose as a dollar amount the fee id for an a praisal to the ---- gtppraiser/reviewer ty an AMC'. The fee paid lo the appraiser for this assignment is $495. FlRREA Certification Statement; � The appraiser l and Enforcement i .and agrees that this appraisal was prepared in accordance with the requirement of Title Xi of the Financial Institutions, r Reform,t�t Recovery. t ACT f FZRREA) of 1989, as amended 12 U.S.C. 3331 el se . and an a licable im lementin r ulations in erred at the time the appraiser signs the appraisal certification. E General USPAP: 1 2018-2019 USPAP has been adhered to in this raisal Re rt. The term Summary Appraisal.Report found on the fornt.used ir# this d assails-men, is equal in its communication of the minimum summarized content of this written re rt in this form. As with all forms and in this assignment, the eppra r has supptementedthe form with narrative comments to ensure compliance with the current USPAP and applicable regulations. _ Per the client request, the appraiser adhered to stale licensing requirements, as ii relates to this specific requirements COST APPROACH TOVAUi!OO roping by revile Ifni Provide etinerle Mimic*torttre ierrdatiist to (Se the bdcw east Wes and Stations Support for the opinion of sale vibe (sunray of a rnpflIe laid sales or meals far oslanintel ale yam} The allocation method was utilized in arriving at the opin k n of.cite value. Based on allocation, the o • radon of site value is $62,000. ESTIMATED I 18'ROOl1CTION OR Feumnier cosT Plant i ON OF SR VALUE _ _ 62 000 Sani of as Marshall and Swift's/Local Builders DAIWA 1 088 say. $ 100.67 - - - - - 4 109 529 it &Sty rainy irons cost swim Av , -Gd Effective Ste of COSI do Current Basement 1 088 Snit OS 27',90 _ .. _ - - _ 4 30 355 Comets ai gist *roach Papas tam area eakdosions, ctemstiatico.. eat) Additional Features 35 000 8 No evidence of functional or external obsolescence was observed. e 528 32.01 _ _ _ 16 901 De ' reciation method is based on effective a ± e divided b total Uzi enrage aI cost-fierrr = . ass 191 785 economic life and is estimated at 1/60 or 1 .71% As the effective a r e of a Len RYAS Dint • ro • : increases the relabil' of the Cost A I I roach ma decrease Oepretiolon 3 2O3 4,4 3 203} due to sub* : lire degsedation estimates. The Cost A . ' roach is not or resoled Coss at kextriesere _ _ _ _ _ _ - _ : . . . 188 562 r • aired • Fannie/Freddie:. This re • • r1 is nol intended for an s : Of -AS-a' ' *sal sushi wovermans `4 15 000 insurance valuation service as that would be misleading FeteRasa; Ercanortttc the elle r ni VA oily) 59 Won iotGx VALUE airy rya - - - - - - at 265 582 INCOME APPROACH TO VALUE post molted by Fannie Jibe) Este erd Mat* Markel kel Rent S X Grow But Hungrier - S I tend value by Income Appraich Summary al tritons*roads r p support for market rat anti PROJECTUIFORMA N FOR PVD%Q1ap*** Is the tteveltoetittilds in control of true Hartle wires'Ass ion tFIDA}? U 'des LNG US } LijOelachixt Maths Pm*,rite tolowirtq irtlormstion far Pies MY M tlu defebVerlbuileer is in cannot of hie HOA smarm SD property is in arladred &aro rrtt Legal Memo et Proieta US wake of phases Tot amber ei Las Total rumble of units saki c� Tatars rut of ants rested Tent number of Ns toe UM Gala scarce(s) - waits weed created bar the corridor of easily brlkInd{s} into t Fes? Ye al No It Yes, date of ran sour. Doc the Fuld Main Ur/mutt-dwelirq turkte? Yeti tea Go Scutt kettle Ins. common elsrtertts, cid recreation bathes ccespise7 A I Yens LNG Na If Flo., *scam the watt of conieko. - An the common deltas ieesedte or by the tiorrreeim a'Umiak & - ! Yes Lies II Yes. Scribe the tertta terms timid apficra. _ Oessorlbe COMM de Sots srrtirars tiorlel to aloes. noddle Mac Form 70 IMat rch 2005 IMO Version 9/2011 Page 3 of 6 Fannie Mae Form 1004 March 2005 13 824900 • Uniform Residential Appraisal Report RI , 190409CM Ns report dorm is designed to report an appraisal of a one-unit property or a one-unit property witft an accessory unit; Including a unit in a planned St development (PUD), This report form is not designed to report an appraisal of a manufactured home Of a relit in a condominium or cooperative project, Ns appraisal report is subject to Os following scope of work, intended use, Intended user, definition of market value, statement of assumptions and limiting conditions, and certifications Modifications, additions, or deletions to the intended use, Intended user, definition of market value, cc assumptions and limiflng conditions are not permitted. ma appraiser may expand the scope o1 Iran to include any additional research or analysis necessary based on the complexity €rf this appraisal assignment Modifications or tdaletlans to the certifications am also not permitted. However additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraisers continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK The scope d work 4or this appraisal Is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following defin tlon of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum (1) perform a complete visual inspection o1 the interior and exterior areas d the subject property, (2) inspect the neighborhood, RI inspect each of the comparable sass from of least the street, (4) research, verify, and analyze gate from reliable pubic and/or private sources, and (5) report his a her analysis, opolons„ and cons uskrns in this appraisal report. INTENDED USE The intended use of this appraisal report Is for the lenderlclient to evaluate the property that is the subject of this appraisal for a mortgage finance transaction INTENDED USER . The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE . The most probable price which a property strowd bring in a competitive and open market under all coed titans requisi a to a lair sale, the buyer and seller, each acting prudently knowledgeably and assuming the price is not affected by undue stimu°us tmp.icit in this definition is the consummation: e1 a sale as d a specified date and the passing ol lode from seller to boor under conditions whereby. (1) buyer and setter are typically motivated, (2} both parties are well informed iar w$A adwsed, and each aging in what he or site considers his or her own best interest; {a1 a reasonable lime is allowed for exposure in the open market, (4) payment is made in turns of cash In U. S. defilers or in terms of financial arrangements comparable thereto and (5) the price represents they 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 a creative financing or sales concessions. No adjustments are necessary for those costs which am normally paid by sellers as a result of tradition or law in a market area; these costs are readily identiriable since the Star pays these costs in virtua,ty all sales transactions Special or creative financing adjustments can be made to the comparable wopertyr 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 mechanica: dollar for dollar cost of the financing or concession but Ito dollar amount of any adjustment should aPeroarlmats the market's reaction to the financing or concessions based on the appra sirs judgment STATEMENT OF ASSUMPTIONS ANO LIMITING CONDITIONS The appraisers certification in this report is subject to the following assumptions and knifing conditions' 1 The appraiser writ not be responsible for matters el a legal nature that affect either the property being appraised or the title to it, except tor intonation that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title s good and marketable and will not gender arty opinions about the title 2 The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements The sketch is included only to assist the reader in visualizing the property and understand.ng the app'etiser's determination of its size. ; 't The appraiser has ennuned the mutable flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Spocia�i Flood Hazard Area. Because the appraiser is not a surveyor, ha or she makes rtra guarantees. express implied regardnxt this determination . 4 The appraiser wd not give testimony or appear in court because he or si a made an appraisal of the property in question unless specific arrangements to do so have been made beforehand, or as otherwse required by law, 5 The appraiser has noted In this appraisal report any adverse conditions (such as needed repairs, deterioration the presence of hazardous wastes, toxic substances etc ) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing the appraisal Unless otherwise stated In tits appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions ol the pmparty (such as but not limited to, needed repairs, deterioration, the presence of hazardous wastes teSC substances, adverse environmental conditions, etc ) that would make the property less valuable and has assumed that there are no such conditions and makes no guarantees or warranties express or implied The appraiser wit' riot to responsible for any such conditions that do exist or for any engineering or testing that might be requited to discover whether such conditions exist. Because the appraiser is not an expert In the field of environmental hazards, this appraisal report must not be conskiered as an environmental assessment of the property 6 The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion_ repairs, or alterations on the assumption that the completion repairs or alterations of the subject property will be performed in a professional manner i Freddie Mac Form Try March 2005 UAD Version 912011 Pow: 4 of 6 Fannie Mao Form '004 March 25C5 rnrni IMM$bn - "TnTQ ° *nnri+cl! a Memo z M3 m+rvlo km _ 1 Prit hi bunny Uniform Residential Appraisal Report 1366824900 RISE 190409M1 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that 1. I have. at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report 2 I performed a complete visual Inspection of the interior and exterior areas of the subject property I reported the condition of the imptovements in factual, specific terms. I identified and reported the physical deficiencies that could affect the iivabLity, soundness, or structural integrity of the property a I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adapted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based� po on the sales comparison approach to value. I have adequate compatatala market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them. unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any currant agreement for sale for the subject property: any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a maim= of three years prior to the effective date of this appraisal, unless otherwise Indicated In this report. 6 I researched, verified, analyzed, and reported on the friar sales of the comparable sales for a minimum of one year prior to the dater of sale of the comparable sale, unless otherwise indicated in this report 7 I selected and used cornparabie sales that ate locationatly, physically, and functionally the most similar to the subject property B. I have not used comparable sales that ware the result of combin.ng a land sale with the contract purchase price of a home that has been built or witl be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to lie differences between the subject property and the comparable sales. 10, I verified, from a disinterested source, all Information in this report that was provided by parties who have a financial interest In the sale or financing ot the subject property. 11 . I have knowledge and experience In appraising the type of property in this market area. 12. I am aware of, and have access 'to, the necessary and appropriate public and private data sources. such as multiple listing services, tax assessment records, public tend records and other such data sources for the area in which the property is located 13. I obta ned the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken !nto consideration the factors (tat have an impact on value with respect to the subject neghborhood sub ct property, and the proximity of the subject property to adverse influences in the development of my opinion et market value. I have noted in this appraisal report any adverse conditions (such as but not limited to, needed repairs deterioration the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) absented during the Inspection of the subject property or that I became aware of during the research involved In performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property 15. 1 have not knowingly withheld any significant information from this appraisal report and, to the best of my knowddge. al statements and `nformation in this appraise report are true and correct 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptkcns and limiting conditions in this appraisal repot, 17. I have m present or prospective Interest in the property that is the subject of this report, and I have no presort or prospective personal Interest or bias with respect to the participants in the transaction I did not bass, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion sex age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties In the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise _ that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as apptova. of a pending mortgage loan application). personally prepared all conclusions and opinions about the real estate that were set forth in this appraisa report- If I retied on significant real property appraisal assistance from any individual or individuals in the performance of tit appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed In this appraisal report. I cattily that any individual so named is qualified to perform the tasks I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal Is unauthorized and I wi take no rasponsibi'tty for It 20. I identified the lender/client in this appraisal report who Is the; individual, organization. or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Foim 70 Mar:4201X VersIon 9/2011 Page 5 nr E Fannie Mae Form '004 March 2005 Cats 4ff A '*An art *$ N . to L • a ' a naaa • ' a • •A. a..+. 1224900 ` • Uniform Residential Appraisal Report Rh 0_ 19040%11 21 . The lendbr client may disckse or distribute this appraisal~ report to the borrower; another lender at the request of the • borrower, the mortgagee or its successors and assigns; mortgage Insurers, government sponsored enterprises: tatter secondary market participants; data collection or reporting services. professk nad appraisal organizations any department, agency, or Instrumentality of the United Staffs, and any state, the District Dal Columbia_ or other Jurisdictions, without having to obtain the appraisers or supervisory appraisers (if applicable), consent. Such consent must be obtained before this appraisal rapport may be disclosed or distributed to any other party (icrc rrd ng, but not limited to, the public through advertising, public relations, news, sales, or other Randle). 22. I art aware that any disclosure or distribution of this appraisal report by me or tim lender/client may be subject b certain laws and regulations. Fr Cher, I am also subject Iti the provisions of the Liifarm Standards ol Professional Appraisal Practice that pertain to thsclosuce or distribution by me. 23 The borrower, another tender al the request at the borrower, its mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more ol these parties 24. It this appraisal report was transmitted as an "electronic recant containing my "electronic signature " as those terms are defined in applicable federal and/or state .aws (excluding at m* n video recordings) , or a facsimile transrnlssion of this appraisal report containing a copy or representation of my signature, the appraisal report shah be as effective. enforceabki and valid as II a paper version of this appraisal report were delivered containing my original had written signature. 25: Any intentional or negligent misrepresentation(s) contained in this appraisal, report may result in civil liability and/or criminal penalties including, but not limited to., line of varisorment or batty under the provisions of Pile 18, Unite States Code. Section 1001 et seq., or smiler state laws SUPERVISORY APPRAISER'S CERTIFICATION The SLporvisoryr Appraiser certifies and agrees that. 1 I exactly supervised the appraiser tor this appraise." assignment four read the appraisal mpht and agree with the app: era analysis opinions statements, conclusions, and the appraiser's certification 2.. Ii accept flit responsibility for the contents of this appra. sat report Including, but rat limited to. the appraiser's analysis, opinions statements, conclusions, and the appraisers cellificatb 3. The appraiser Identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm) is quailed to perform this appraisal and is acceptable to perform this appraisal under the applicable state law 4 This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were In place at the time this appraisal report was prepared 5 If this appraisal report was transmitted as an "electrorit record' zonning my *electronic signature,' as those terms am defined in applicable %demi and/or state laws (etc lud.ng audio and video recordings) or a facsimile transmission of this appraisal report containing a copy or representation of my signature. the appraisal report shalt be as effective enforceable and valid as if a paper version ol this appraisal report were delivered containing my original hand written signature , APPRAISER Robert J. Milo Jr.,, Certified Res' entiat Appraiser SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature - -- Signature flame Robed J Stilo r., died Residential Appraiser Name Company Name Accurate Appraisal: and Review Services Inc_ Company. Name Company Address PO ilex 1867 , Company Address J Loveland. 0 80539-18 67 ,,.: , Telephone Number 970 619-8958 Telephone Number 'y Email Address rstitoffdpbroadband.nel Email Address Date of Signature and Report 04/10/2019 - Date of Signature .3 Effective Date of Appraisal State Certification # State Certification # __•,.�.. sail. CR4003 � Cyr State L�.gC@r1s8i # =tea _ y,l •. ,, ;.-.79 ..a ., or State License # Stale `- or Other (describe) State # Expiration Date ofCertification or License Stale CO , Expiration Date of Certification or License 12/31020 _ _ SUBJECT PROPERTY ADDRESS OF PI3OP'ERTY APPRAISED Oki net .crspgact subject property 28 mond Ave - �] Did mspeg t exterior of subject property from street .v-. — Date of Inspection Johnstown • CO 80834 Did inspect interior and exterior of subject property APPRAISED 11ALJE OF SUBJECT PROPERTY S 3 : °, . w•- _ = Date o Inspection LENDER/CLIENT Name Xorne 1lal afvio Services LLC _ _- , — COMPARABLE SALES Company Name Jf 1o: : ito Chas - — -. -.— Company Address 270 Park AvenueA New York IL NY 10017 _ O Did not inspect exterior of comparable sales from street • Did Inspect exterior of comparable_ sales from street _ Email Address Date of nspoction, _ _ Freddie Mac Fortmr 70 March 2005 (MD Version 9/2011 Pape 6 of 6 Fannie Marx Form 1904 March 2005 Ceara 1 MAIM II Intl, ' 'nnriical cnftwrrs hu 3 !3 mrwlr! bus . 1 , Wail l awn; D Uniform Residential raisal Repo ct � ' RR� RS # 190409M1 FEA TIPE I COlvIPARAGLE SALE r 4 0 COMPARABLE # 4 ?" . ; -SALE * 6 liitess 25 Raymond Ave ' 12.E E South 1st St Johnstown, CO 80534 Johnsiostyps CO 80534 _L FS baileyle Stow 0,19 MHOS E _I Safe Prim S S a 210 ,000, = is S S Prk:a$russ LittAt* '$ 207.72 _- iREIMtSS10DQM61 __ VkticarQrt S�ourca{:} . ReaIlstilres/Reat#or/As�se er _ vittUE ADJ.Stt s lE� DELI �0 y S Ad ant _ DESCRIPTION +0.0 $ Ad trns1 0ES ION +0-0 $ aelusetwat �* Sales Q ArmLih - - - - --- -- Conv'Q r s Gme at Se�irne - _ _ . _ s1* 18;c018 trawl N;Res',,t~iom nt A'ResiasyRd i _*_42 00 � Lensati 'Fee SOO ,.Fee Sim Fee Simple .711 Sip II illirwJN;Res;Comm SEER iB�yd r _a „ ° } ,DT1;Ranch DTI ;Ranch I - R amleyi tConsin rt �+C, 3 • 5 And Am i - _ _ dart a � `Ce3 +2 ,1 C}0 d - - _ _ Owe Grade Teal I Be= I Bi,'"�s k tail M ars ids _8,010 _oaf 6d�n�s. gars Taal Urns . Bane , Room Cora 5 _- _ 2 2.0 6 . 3_ _ to +24000 n _ _. Gross UAW Area - = ut ' 011 salt. sill. 0 seil r r Bier & Finished 1088sfOs1in 128s10s in +9„600, — Roans E#daw Braids itsidlavlthey jFunctional 'Functional Ti - PFAtA CPA/None `2,500._ - - Blew E ast En „Efficient Efficient _ _ _ _,. esgacaat a2ad2d r . 1 Od1 dw _ +8,0o0' •' Portfolio.* tPorch/Deck Porch/Patio 0� li ES I Sirniiar Similar _ r s -- 11I a,� y(, -- - rte. __ .-� L -s : rS _ 81 .2 il lij T �_i — $ I j + ,�i - �... A led �Saie Price I :Nei A4. r % 110 A P1� ,� - - - +7� . a I el C rr:¢rable nos Ark. 41 .5 % r$ 291 ,2 Btu + Gross Aiy. Reponl the raadls di the resee r and uityr�s of the cox sale currants Nstory el tie sr propegy se report ,mil p i an p 3), ; ITEM - - _SST COMPARABLE SALE # 4 -. COMMIS Vi.f 0 5 comma— LE $ALE a 6 Cede rat Prix S►aWTrietsite 05/2512017 _° Pits of Prier S4etTratfl - MO 000 - N Date Scowls) _ _ :_. = Doc #4'. 713 ;CoreLog ogle/Realist EIS*, at Data sue=s _t14#1 018 [04/08/2019 i I i„, Areksis at prior sale ar haslet listayr ot IN subject property and onnparatis tales Analysts/Conmerit - 01,7 Lt, :� 9 - - - - _ as r- A ,r Frew Mac Form 70 March 2005 VAp Version 9.a'&1 I Fannie Mee Form 1004 March 2005 Can," infiniA % Art ntriT.A4 • ......:-.... ...b....... L. - 4 • 'ip RLYl7 I i p.,Irif6r a Supplemental Addendum hl 904O9M1 8orrowet see Text Addendum the 25 Rand Ave � - Johnstown Weld sinCo Ai_Ott 80534 Leerier/Client JPhAorgan Chase Borrower: Choque Artunduaga, Patricia G & Haselhorst. Wesley Owner of_esiblic Record: Haselhorst, Wesley & Artunduage, Patricia (3 Choque Undersupply; There appears to be a high demand for houses in the subject's market area, so the demand for houses exceeds the supptyr. This appears to have a more positive effect on property values, but does limit the actual true comparable listings, This could be a result of 1 . New construction - We are seeing new construction picking up again at all price points, which is certainly a positive. But with fewer builders, and more conservative approaches after getting burned, builders are not keeping up with the demand that is present. This is leaving buyers searching for resales. 2. Foreclosures - Foreclosures are a trend that is affecting supply of inventory . Banks are slower at foreclosing, in some cases taking over 3 years through the process, in some cases. the buyers aren't even interested in these properties, and the investors are picking up these properties and flipping them at a pmfit,Foreclosute properties, once viewed as a deal perhaps 25% to 40% under market vatues, are now being sold al only a 7% discount according to RealtyTimes,com .3 , investors - Investors have entered the market at greater levels, some to purchase properties to rent, others to rehab and flip them. Wth the high inventory, investors were able to seek out the best deals, now there are fewer homes available for them. Experts expect this trend to continue, however, there is a limited supply of homes available in this market with the Form 1004MC showing there is barely a 4 month supply of homes in the subjects market area. While things look good for sellers, this is the tightest inventory in recent history. The fact that sellers are asking higher prices along with buyers willing to pay full price and sometimes more (due to muhtple offers and limited choices) make appraised values sometimes lower than the contract price . Afthough the market is considered stable, inventory is low and the demand will continue to inflate values. With this in mind, the appraiser utilized bracketing to complete the appraisal, The Dictionary of Real Estate Appraisal, Fourth Edition, Appraisal Institute defines bracketing as "a process in which the appraiser determines a probable range of values for a property by applying qualitative techniques of comparative analysis to a group of comparable sales , The army of comparable sales may be divided into two groups - those superior to the subjeci and those inferior to the subject. The adjusted sales prices reflected by these two groups limit the probable range of value for the subject and identify a bracket in which the final value opinion will fail? Low supply appears to be a major factor in the subject`s market . Due to this them atelimited listing or pending comparables available and coupled with low interest rates, is creating multiple bid situations and extremely low days on market (DOM) Demand does not appear to be significantly higher than it has been, but due to the shortage this is limited data for a statistically reliable determination of increasing prices or increasing market : i �made a study marketing of the lime of one-unit housescomparable tothe subject Mn this market, and the results of this study showed that the avenge marketing time of houses listed within 10% of their ultimate sell price was 72 days. Market .Conditions: A market analysis of the subject's area indicated that the subject is located in a stable market. Per FNMA letter 909 "The appraiser's analysis of a property muss take into consideration all factors that have an effect on value, recognizing that a well-informed or well-advised purchaser will pay no more for a property than the price he or she would pay for a similar properly of equal desirability end utility if purchased without undue delay. To accomplish this, the appraiser must analyze the closed or settled sales, the contract sales, and the offerings or listing of properties in order to identify any significant differences (or elements of comparison) that could affect his or her opinion et value for the subject property , This is particularly important in declining mwkets because the competing listings and contract sales probably reflect the upper-end of value for the subject property as of the effective date of the appraisal . This analysis will result in more accurate reporting on market conditions, including trends that indicate sale prices for contract sales and asking prices for recent offerings or listings have declined," Zoning; The subject properly is zoned CB,, Central Business. Residential use is permitted as a conditional use in this district . This is typical for the subject's area and does not appear to have an adverse impact on the marketability of the subject . No income producing activity was noted at the time of the Inspection. Comparable 4 is located in the same zoning as the subject , Predominant=Vaa Value: The predominant value listed on page 1 of the appraisal appraisal is a statistical median value only, based an a competitive market analysis and statistics taken from lies (Mufti listing service) for the subject's area. The final opinion of value is below this statistical median value: This does not mean the subject is an under improvement for the area, it means the subject is one of many other properties in its market area whose value is not exactly what the most commonly occurring price in the area is, as is the case with the comparables. Factors�wr tlectinaa Marketability/Neighborhood 1 s+criptitrn: Lot description and boundaries are reported per available data sources. Verification is recorr>rmortded through an Improvement Location Certificate. (ILC), prepared by a qualified engineering representative. The Johnstown. Town Subdivision is located in the central portion of the town of Johnstovvri. The area consists mainly of single family detached residences on typical sites, 2-4 unit residences, mufti-family residences, vacant land (other), and some commercial property as well, The vacant land (other land use) in the area functions primarily as open space and for agricultural purposes. This is typical for the area and has no adverse impact on the marketability of the subject. The commercial property is in the form of dining establishments, small retail shops and professional offices. The commercial property is located on the perimeter of the subject neighborhood and is considered complimentary in nature, having no adverse impact on the marketability of the subject. Schools and shopping services are are available within . Schools and shopping services are available within 1 mile.. Access is typical for the area. Highest and Best Use: The highest and best use for the subject as improved was determined to be pits current use as a single family residence . This use is legally permissible, it is physically possible: there are no topological or engineering considerations evident which would prevent this use. It pis financially feasible; local financing for such improvements is readily available at prevailing rates. And it is maximally productive, in that it returns maximum benefit to the owner and to the community . Form TACO - 'TOTAL` apprmsa software by a to mode, inc. - 18 D•PLAM0IN Supplemental Addendum Fa' 190409M1 Borrower See Text Addendum Aavm25 R __d Ave__ = afar Johnstown 04,44 Weld _ slat CO gyp'coo' 80534 Lender/Client JPMM10 an Chase Comments on Suta +e+ct The subject is a ranch single family residence with a frame exterior finish, a composition shingle roof and a full basement foundation, The site size is approximately +1- 7000 sf (per the assessor's office) and appears adequately drained. The subject's exterior improvements include a covered concrete porch, composite deck, wood fence, and 2 car detached garage. Comments on Sales Comparison: AU comparables presented in the report are considered are considered to be similar to the subject in style, utility, location, and marketability. Comparables 1-4 exceed the recommended six month time frame from the dale of sale, but are within the FNMA guideline of one year. Comparable 2 exceeds the recommended square footage guideline. Comparable 4 is adjusted 2O% of its sales price for its location along a busy toad. This adjustment is per a paired sales analysis between l res MLS #851084 and lies MLS #851891 , Comparable 4 has a similar commercial location and view as the subject. No adjustment is warranted to the comparables presented for differing site area. The typical purchaser would not recognize any contributory value in the differences in site area unless they are 1/2 the size or double the size of the subject, View adjustments are subjective therefore no adjustment is made, furthermore, there is insufficient market data in this neighborhood to quantify, through paired sales analysis, any impact of this factor and the conservative approach would be to not adjust for this item if proper technique cannot determine an amount. Comparables 3 and 4 are adjusted 10% of their sales price for normal depreciation. This adjustment is based on actual age. Comparables 1 , 3, and 4 are adjusts for their C3 condition at 1% of their sales price. This adjustment is per conversations with the fisting office as well as MLS comments and photographs. Comparable 2 is adjusted for uts Cl condition at 5% of it's sales price. This adjustment is per conversations with the listing office as well as MIS comments and photographs. Comparables 2 and 4 are adjusted $3,000 per bedroom for differences in bedroom utility, Comparables 3 and 4 are adjusted $2,000 per full bathroom for differences in bathroom utility. Per Henry S Harrison, MN, SPRA, RM, ASA, IFAS, CSA, DREI "Multiple Regression Analysis of house sales done by computer has shown repeatedly that the SINGLE MOST IMPORTANT variable affecting the value of a residence is its size*, so that is why the adjustment is necessary. This adjustment were a percentage of the average dotter price per square foot of gross living area. including land as a baseline of adjustment. For this specific property 25% of the average of the sales price ratios listing in the adjustment grid was used (25% was utilized due to the principle of substitution). To make is simple to understand, the price per square foot for the sold comparables in this report was 242.04, 243.24, 250.74, and 207.72 respectively, These were added together making a total of 943.74 then divided by 4 (which is how you would obtain the 'average' price per square foot). This number was 235.94 which was then multiplied by 25% or .25 to come up with the price per square footage adjustment (235.94 x .25 = 58,98, which was rounded to $60 per square loot). The subject and comparables include below rode square footage which per Fannie Mae guidelines are to be considered separately from above-grade square footage. The unfinishedlfinished portions of below grade area are typically (not in all cases) of lesser quality than the above-grade area, therefore the appraiser assigned a lesser contributory value to this area . Adjustments am made at $10/square foot for below grade area. Comparables 3 and 4 are adjusted $2,500 for the market's preference in central air conditioning ssystemss. Comparable 4 is adjusted $5,000 per garage bay for differences in garage utility. Comparables 1 and 2 are adjusted 5% of their sales price for their superior upgrades including granite countertops. This adjustment is per a paired sales analysis coupled with conversations with area selling agents regarding market reaction to upgraded properties. The subject appears io have good marketability within a lime frame of 1-3 months under current market conditions. Personal properly is not included with the rights of the real property appraised. Due to location adjustments, comparable 4 has a single line item adjustments that exceed the desired amount. Comparables 2, 3, and 4 have net adjustment percentages that exceed the desired amount. Comparable 4 has a gross adjustment percentage that exceeds the desired amount, There are currently no appraisal guidelines for adjustment percentages. Contributory value of any site improvement is determined by the Market - not cost, An improvement may return greater than, equal to, less than, or no contributory value depending on confirmable, current market data- When selecting cotnparables we use the bracketing method. This method is defined as, "a process in which an appraiser delft:mines es a probable range of values for a property by applying qualitative techniques of comparative analysis to a group of comparable sales. The army of comparable sales may be divided into two groups - those superior to the subject and those inferior to the subject. The adjusted sales prices reflected by these two groups limit the probable range of value for the subject and identify a bracket in which the final opinion will fall". Most adjustments are made via a paired sales analysis when possible. Not all adjustments can be directly extracted or supported by the available market data with a high degree of accuracy. Some adjustments have an element of subjectivity and professional judgment, which the appraiser has applied and explained the rationale (if applicable) based on prior observations of the market reactions of typicat#know$edgeable buyers and sellers in the subject's marketplace. This method is acceptable and a well-accepted practice within the appraisal industry. Per the UAD definition, *If a feature or aspect of the subject property differs from a feature or aspect of a comparable property and the appraiser determines that no adjustment is warranted, the appraiser must enter a zero (0) in the adjustment line. The zero (0) will indicate to the reader/user of the report that the appraiserconsidered the difference and determined that no adjustment should be made? If an adjustment was not made for differences in items or if an adjustment differs from "maser comments or "peer" adjustments, it is due to insufficient market data to determine through a paired sales analysis any impact of this factor, Therefore the conservative approach is to not adjust for this item if proper technique can not determine an amount. Form MOD - 'TOTS ' appraisal software by a la mule, Inc - 1 -800-ALAMODE Supplemental Addendum 19040gpm Borrower See Text Addendum - 1'"4:61Y Adira 25 Raymond Ave - . Dit Johnstown ''tiiv Weld stxe CO zorail 80534 Lender/Client Stglonlan Chase - MOO PhotoorEph/Intended Use:The digital photographs and signatures included in this report have not been altered .. The Intended User of this appraisal report is .IPMorgan Chase and Fannie Mae or Freddie Mac for financial lending purposes.. In the event that this appraisal is used by any other secondary lenders that the loan is transferred or sold to„ this appraisal may not adhere to their specific guidelines. The appraiser is not responsible to have met any lender guidelines other than those disclosed prior to completion of the appraisal. Appraisers ate not required to adhere to specific assignment conditions, terms, or requirements that were not disclosed at the time of engagement by the named client or clients agent.. This appraisal report is intended for the use of the client and other identified intended user(s) listed and once completed can not be reassigned or readdressed to another party. It cannot be changed by the appraiser for another lender or use. "Transferring" by one lender to another lender does not also transfer the contractual relationship between the appraiser and the original client of the appraiser. No other additional Intended Users are identified by the appraiser, including the borrower arnd{or homeowner and no other intent of use for this appraisal is to be inferred. An aerial photograph of the subject was included in this report. The appraiser accepts absolutely no responsibility for the accuracy of this photograph or for the time period in which it was taken, as he could not physically take the photograph himself. The photograph was provided by the appraisers software provider and the year taken could range from 2009 to 2014, but is to no way considered current, The client should consult aerial photographs from Google maps or Bing maps (if they have a licensed version) for differences in viewable photograph , Comments on the Form 100414C In tilts Report: As required as of 04/01/2009 the Form 10O4MC is Included in this report, This form can present some problems even when it is correctly completed , There are areas that may be reflected in the form as showing increasing or decreasing that may not be reflective of the actual market trend. As the market area boundaries are defined uniquely by each appraiser, these areas may reflect only a small portion of the subject market area or furthermore expanded information may include information that is not reflective of the subject market. A downward trend does not always mean there is a declining market. This may be due to later sales being smaller or older than the sales that occurred earlier.. The ideal method of value trending over a time period is via a paired sales analysis where the only difference between two properties being time.. Although this form is a valuable tool for identifying general trends within a market area, the conclusion delerrrcined by the individual boxes does not necessarily reflect Ihe market condition for the area with complete accuracy The appraiser has anatyzed the raw data contained within this report to determine if the market is actually increasing, declining or stable and has reported in the report the conclusions of that analysis. The subject's neighborhood is considered stable (see Market Conditions, Undersupptyr above), Comparables 3 and 4 are not included in Form 1004 MC nor at the top of page 2 as they wore built before 2000. Additionally comparable 4 is located outside of the subject's neighborhood boundaries as defined on page 1 _ Comparables 3 and 4 are included in the report to bracket the subject's GLA► and CB zoning/ Commercial location! view (comparable 4).. inspection: The appraiser is net a home inspector and this appraisal report is not a home Inspection, the appraiser only performed a visual observation of accessible areas and the appraisal report cannot be relied upon to disc:ose conditions a nd,ror defects in the property . Carbon Monoxide Detectors: The Colorado Board of Real Estate Appraisers issued the following on November 29, 2012,, "The Colorado Board of Real Estate Appraisers (the 'Board") has recently become aware of some circumstances in which real property appraisers `appraisers") have been requested to follow-up on issues identified by engineers, home or building inspectors during the course of an inspection . In many instances, the appraiser was asked or required to ascertain the efficacy of repairs made to a properly that is the subject of a purchase transaction Additionally , the Board is aware that appraisers have been asked to inspect the subject properties to determine whether carbon monoxide alarms have been installed on the property, and if the installation complies with 38-45402, 103 or 104, C R t5 Colorado law, specifically 12-61-702 (5)(a) C .R ,S , , defines a "real estate appraiiser"" or .appraiser" as any person, who, for a fee or a salary, provides an estimate of the nature, quality , value of an interest in, or aspect of, identified real estate and Includes value and who estimates value and who possesses the necessary qualifications, ability, experience to execute and direct the appraisal of real property . Additionally, the Competency Rule of the Uniform Standards of Professional Appraisal Practice ("USPAP") requires that an appraiser determine, prior to accepting the assignment, whether he or she can perform the assignment competently . An appraiser must evaluate whether he or she can property identify the problem to be addressed; whether he or she has the knowledge and experience necessary to complete the assignment competently, and recognize and comply with all applicable laws and regulations. Unless an appraiser has the experience and knowledge necessary to assess the condition of a property , ascertain compliance with building codes, and/or evaluate the quality of the workmanship, it is not within the normal scope of work of an appraiser to perform an inspection of tangible property and tangible property components in the manner comparable to an engineer, home or building inspector, Engineers, home or building inspectors generally seek to identify defects during the course of their inspection . Appraisers complete an inspection of a property to gather information about the property's characteristics in relation to value , The degree of inspection is typically limited to those characteristics obvious to the plain eye, and not requiring special equipment or testingTM. Disclaimer: This appraisal is based on the data available and instructions made at the time the assignment is completed. Amendrnentslmodifications to this appraisal based on new information or instructions made available alter the appraisal was completed will be made as a new assignment and is subject to additional fees based upon time and expenses. Any actual math or calculation error will be corrected at our expense , We are not responsible for changes in the name of the dent or borrower, repairs, re inspection, nor wilt we revisit a property for additional pictures, etc, unless we tailed to comply with the original request from the client. Requests for additional comparables from underwriters are subject to an additional fee. The research performed for this file was deep and wide covering adjacent neighborhoods/communities (use what fits), and is further filtered by the appraisers well schooled knowledge of the area which utilizes data from only those areas within each deemed to be viewed on a par with the subject's location and marketability_ Unfortunately, at this time there were no more recent sales beater suited to establishing the subject's market value than the ones presented in the appraisal, Furthermore, adding comparables to a report that require excessive g rosslnet adjustments due to large variances in size, site, age and designtaappeaticondiion (use what's appropriate) would not produce a credible result and only further distorts the process for which ii was hired. Farm TAM • `'TOTAL" appraisal software by a la mode, Inc. - 1 -803-Al.AM0DE Supplemental Addendum raotra 190409M1 Borrower See Text AddendumPlWatY_Adelvis 25 Ra'irri°itrricl Ave • Eti - -- ,Johnstown can Weld stop CO Zcot 80534 I • - - , Lerrder/t maid JPI to rgan Chase - Physical measurements are by nature an approximation . This is particularly due to interfering shrubbery, non-square walls, exterior conditions and second stories that do not follow the main floor outline, etc. The measurements provided herein are for comparative and descriptive purposes only and although physically measured by the appraiser are not intended as verification of exact sizes. On April 19th, 2018 the appraiser's server was damaged and no prior appraisal reports were available. Although consistent reporting is always the main focus of comp►arables, the appraiser has no database to check for the previous uses. The prior ratings of the comparables could change over time and without knowing which comparables were previously utilized in every report, the appraiser attempted to accuralety describe each property and remain consistent. The appraiser reserves the right to dispute any changes in rating and/or accuracy if presented and axnrect any errors noted Scope of Work: Upon receiving this assignment, t identified the real property being appraised and collected propertyespecific data available through public records, various data services and/or MIS database when available. J then completed and interior and exterior inspection of the subject property, noting the condition, quality, utility, amenities and architectural style. Zoning data was obtained from public records, office files, and/or city-lcounty planning offices . The collected data was then used 10 develop a profile of the subject to perform a search of the market for the most similar closed comparable sales, pendings and active listings. The sales were confirmed and venfied from public records, various data services and MIS , and when necessary with an agent or the owner. The sales data was then analyzed and a value conclusion derived . This report was then completed, signed and released to the client . This report is intended to satisfy the requirements of USPAP . Reconsideration of Value: The requirements am very specific that a reconsideration of value can be requested to review appropriate comparable sales or to reconsider the analysis and conclusions of this appraisal based on information that was not presented on the appraisal report, but was available to the appraiser in the normal course of business as of the effective dale of this report. The appraiser is more than willing to review any possible comparable sates which the appraiser did not cite in the appraisal report (again that were available via the normal course of business as of the effective date), provided by the client as well as they are within the appraisers search filters. Any pressure to use or review inappropriate sales that arechosen simply for their sale price and are not found to be comparable sales could possibly be considered a violation of Appraiser Independence protected in the Dodd-Prank Act . This violation would be by "unlawfully influencing an appraiser and encouraging a targeted value", This violation will be immediately reported to the Consumer Financial Protection Bureau , the ASC, all applicable State and Federal authorities and any related Government Sponsored Enterprises, which consider it an unacceptable practice to select inappropriate comparable sales- The value estimate may be changed (in either direction) if the change is clearly warranted and fully supported by the market or valid information which would be considered adequate and reasonable by professional appraisal standards. pervices frochided in the Current Asslgnme=erttial Additional Fee's atter Report Submission: The fee for this order contemplates only the enclosed report and client requirements in the initial appraisal request. Any subsequent consultation and/or revisions, not slated in the original order, are not included in that fee. Any additional information, sales, consultations regarding this Appraisal and Report will be billed based on scope of work, which shall be determined by the appraiser of this report. Requests for additional information, including but not limited to additional comparables, the Cost or Income Approaches to value when not applicable, reliable or necessary to form a credible opinion of value e1c., or when not included in the Clients original assignment order, may result in additional fees commensurate with the amount of additional work required to satisfy the request for additional data. The services provided in the agreed upon engagement letter for the agreed upon fee do not include any pre`underwriling analysis, CU underwriting analysis requests or ancillary services which identifies variances or requires explanations not included in the original agreed upon assignment. Collateral Underwriting: "CU is intended to supplement - not substitute for a lenders' appraisal review processes. Human due diligence is still necessary to determine appropriated course of action with your appraisal. Lenders and AMC's may use the CU results to inform conversations with their appraisers but should not make demands or provide instruction to the appraiser based solely on this automated feedback". If the lender's staff (underwriter) or AMC opts to bypass Fannie Mae's publicly published guidelines of routing automated feedback to the appropriate qualified staff appraiser or a qualified review appraiser for triage before passing them along to the appraiser, additional fees will be charged prior to completion (commensurate with the amount of additional work required to satisfy the request for additional data). Collateral Underwriter also stales, "CU license terms prohibit using it In a manner that interferes with the independent judgment of an appraiser. Fannie Mae expects the lender to use human due diligence in combination with the CU feedback, and will actively follow up with lenders who are reported to be asking appraisers to change their reports based on CU feedback without any further due diligence", CU process is a lenders tool and has some troubling aspects from an appraisers view (1FfevIA's secrecy of the market data until after report submission (non-disclosure), 24he attempt to turn an appraisal into a scientifically and mathematically supported value (based sometimes on questionable properties that a geographically competent appraiser might consider inappropriate or even appropriate) and the insertion of the "user" in the appraisal process to possibly manipulate the report (possibly) removing the mandated appraiser independence by the Dodd-Frank law). Per FNMA, "The CU risk score, risk flags, and messages do not affect the UCDP submission status. Messages are warnings that are intended to alert users of potential issues and DO NOT NEED to be 'cleared*: Comparable Selection: Every effort was made to use/reflect comparable sales as close in proximity to the subject as possible and comparables that would necessitate minimal adjustments. Search for comparables were selected by an initial broad search of all sales within the past 12 months, within the subject's neighborhood, including properties with large variances from the subject, then systematically narrowed to the most similar, most recent and closest in proximity to the subject with similar neighborhood surroundings. All comparables are similar as possible in design, appeal, quality of construction, overall condition, effective age, and site value, and if not, were adjusted accordingly for inferiority and superiority. This appraiser gathers comparable property condition(s) from the exterior inspection from the street, along with interior MIS photos, and attempts to contact the buyer/seller agents for further and more complete descriptions and data verification, including contract information and buyer/seller motivation in order to most accurately determine the effect on value. All comparables are located in the same or nearby competitive neighborhoods, and again, within as close proximity to the subject as possible. This appraiser reviewed all comparable sales in the market area over the past 12 months and deemed the comparables provided to be the best available, regardless of date of sale. Dale of sale adjustments were made if/When necessary to compensate for current market conditions . The comparables used are the most recent, which still produced as low gross adjustment percentage as possible , Every effort was made to "bracket" the sale's/listings in order to express both slightly inferior and slightly superior comparable properties, Form TARO - ¶)TAL" appraisal soltware by a la mode, Inc. - 1•fOOsALAMODE S Supplemental Addendum 'era 190409101 Borrower See Text Addercftror - Pacencuta 25 Raymond Ave e= Johnstown co,cgr Weld - stth CO ZPCG% 80534 Lender/Client JPMorgan Chase - All sales were considered, The comparable sales used in the report were the best available sales and proved reliable indicators of value.. The use of additional comparables would necessitate even larger adjustments, or greater distance than the current comparables, which is considered by this appraiser to be unnecessary as as ii. would have NO impact on the final value estimate, but may lead to a misleading report. Four sales ware selected to lend additional support to this analysis, All adjustments were extracted from the subject's market, Any variance that shows a zero (0) adjustment means that the variance was considered but found not to have significant contributable value in the market place. Search Criteria: Search criteria included properties that sold within 1 year, are located within the neighborhood. were within 600.1500 GLA range, were built between alter 2000, were ranch style homes. Comp eihting: Comparables were selected for : Comparable 1 for its site size larger,, style, age older. bedroom and bathroom utility, GLA larger, and unfinished basement. Comparable 2 for its style, age newer, bathroom utility and unfinished basement . Comparable 3 for its site size smaller, style, bedroom utility, and no adjust GLA . Comparable 4 for its location in the subject's zoning, site size smalller, style, and no adjust GLA,. Reconciliation: The income approach was not necessary and has not been developed. The cost approach was not developed as the appraiser does not consider the cost approach lo be a meaningful methodology in a residential market value assignment, furthermore due to the age, as well as a lack of truly similar land sales is not considered a reliable market value indication. The sales comparison produced an adjusted range of indicators from a low of about $287,504 to a high of about $305,180. The final opinion of value of $293,000 is bracketed by both adjusted and unadjusted indications and is considered a credible result. The values indicated by the comparable sales displayed were reconciled into a single value which is not rnerety a mechanical process, but instead incorporates all the judgment and consideration given during the adjustment phase of the appraisal. Comparable 2 was given the most weight by the appi wiser based on its sale date . Additionally the adjustments to comparable 2 resulted in i1 being the median adjusted price on page 2 therefore not being aggressive nor conservative. Comparable 3 supports the appraaiser's opinion of value and has a no .ad just GLA but was given less weight due to its age. Comparable 2 was weighted next based on its age and bedroom and bathroom utility but was given less weight due to its older sale date. Comparable 4 was given the least weight by the appraiser due to its oldest age, location outside of the subject's neighborhood boundaries as identified on page 1 (included to bracket subject's zoning and commercial location/view) Cl,ient_Saific Guidelines.-. The client provided a 27 page list of 'minimum requirements" that the appraiser "r gust" follow The appraiser made all attempts to adhere to the clients request, but as this is a complex assignment and the clients guidelines were not property specific (they attempted Ia encompass every type of report and circumstance in one engagement letter), not all of them apply Any client requirements not met were attempted by the appraiser, but in order not to mislead and produce a credible report, they could not have been provided. The comparables selected and used are locationally , physically and functionally the most similar to the subject property which is required by USPAP as welt as Fannie Mae and the clients guidelines do not dictate the selection of comparables. Range of Actual Sale Price Exceeds 15%: Although the unadjusted sales price range of the comparable sales is greater thwii the recommended 15% of the unadjusted sales price of the lowest comparable sale. a thorough search for comparable sales were made in an attempt to find ones with are within 15% of their unadjusted sales price. After considering locations, dates of sale, physical differences and special conditions, in the appraiser's judgment, the sales selected are better indicators of the value of the subject property than those which fit in the unadjusted 15% sales price range , he cost approach developed for this property is within 10% of the appraiser's opinion if value; therefore the cost approach is considered to support the opinion of value. A *man-made barrier" (Highway 60) separates the subject from comparables 1 and 2. No affect en marketability or value vras found for properties located inside the subject's neighborhood but located north/south of highway 60. Appraiser _Independence: --- No employee, director, officer, or agent of the Seller, oar any other third party acting as joint venture partner?, independent contractor, appraisal company. appraisal management anaagement commpany,. or partner on behalf of the Seller has influenced or attempted to influence the development, reporting , result, or review of this assignment through coercion, extortion, collusion, compensation, instruction * inducement„ intimidation, bribery or in any other manner, General Comments: Kevin fMcMiltan, Licensed Appraiser (AL ,2000111324) assisted i,n the preparation of this report.. Added 041101209: Per the client's automated review system the following information has been added to the report: CC)MP(s)2- Please provide commentary for the indicated comparable(s) to verify that the property has not been previously occupied and has no si vnificant physical depreciation due to the extended vacancy Although comparable 2 has an actual age of 1 it is considered new construction as it has not been previously occupied and has no signs of physical depreciation due to vacancy. Please revise the 'Effective Dale of this Appraiser to match the date the Subject property was actually inspected. The effective date was updated to the date the property was actually inspected (04/08/2019) as the wrong dale was inadvertently entered , form TAfO . 'T0TAL° appraisei sire by a tai rrode, lot - 1 . GALAMOK - Building Sketch fortower see Text Addendum Address 25 Raymond Ave a 'N Johns$own Weld etlle Co 11, cadd 80534 Lender/Client ` Whionian Chase I 10' ,,...........,I I C_ . mposite Deck in ,i 1D. [ 119 Sq ft] 3.'` i i0 recoil I U'' Basement ;4:1' r 13.5' i 32' 32' [1088 Sq ft) linaKitchen rflos wit Bath o I rr a iT is o Bedroom m n Din it�c di Utility ap In Room444" W I e�ct� Bath ' Living Ftoorn Bedroom • First Floor _ 32' 193D t„ 32 (1.038 Sq ft) `` - N 13' 22' re . .4, 2 Car Detached el N [528 Sq ft) Ls' ' -= .. 22' TOTAL Stab Simla mode, t Ana Cslaxlationa St ri nary Living fru Calculation Naafis - first Boor 1068 Sq ft 32. x34 s 1088 Total thing Area (Rounded): 108'8 Sq ft NansilvingAtio 2 Car Detached 52.8 Sq ft 22 x 24 xs 528 Perth 1105 Sq ft 7x6.5 = 45.5 13x5 a 65 Canposite Deck 119 Sq li 14.5x10 ` 105 8.5x4 = 14 Basement 1088 Sq ii 34 x 32 = 1088 Dm," err pi f1CV1 NTflT *I ° MalaMolaniglit 4044Cosinge in4 ... t.. .-.. .1 . r a Ann, d. I tr•Rn.v r Sub'act Photo Page Romani See Text Addendum - ___ Appetit Admits 25 Raymond Ave _ -._ _ _ CRY_ Johnstown - CouitY Weld us CO ry Code 80534 = lender/Clientt JPAllo , an Chase . Subject Front ' • 25 Rayrond Ave Sales Prize it 1'�' 4. II • . .b i • tr.^. i e� Q'�,r v ~ - ' • - r } �y, ' N. .l v ' . eir 1 r�VV i, Nis WI 6 L Tot. Rooms 5 ,:4y :.Wi t' ti• �•ar .•' r. • 11 a¢'•a It r 1.6 - - - .. " � c'sa . 4- v� .. •r •� c ill' •t �I Tot Bestirs. It a IL 1, a j' Tot Bathos 2D ., •..% _ •-1a .+ • a .B Location • 7m �. •7w747: '*+ st '� i N;Re's;Comm inb t site 00 sf -1: -velliiiiiiillaillir NI :�,u r -.-------4 ---• Qual C 3 ACieI t• 23i " 11— I I is F t e I � . rear 1 - k Imo`• • ` nr I , Id .11 •'Iii, - a , is rgi gl * '�,"�` 1..magma es „ im y e r4.4s. 7 'r r -1“--%. r' - _ __ r-s - •a i -a �. > f �f r fir• =; _ rI �: ' - ..t. •l •' 72•' C` .rte ' dLk 'n' 4 •r'.., l,� • .�y�,•?'.- _ n 1 ' ' . 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I i 4...712444,11, _ ,• fn i r ••', , tied-Far.�'t`• .ntJ srf ., 'rl . 1 .. _.t. • - y ' .`.. _I ' r. --yl -'_y, . . - II a. s..� k-q,. 1 •�e1 elf• r. _•-•i _ a' _;•t_ tb- .._' f..,. . . •••;%.1.',ra t t v. .i i_..?k 7 '.t r Oa it - - �' s "+i_ �: tAtiA Dr ANT CD - 'TfTAI e• linnreS S eMitakigra hu 2 h mnr*a m r• 1 ,,Q(14_AI AUUfllr - Interior Photos • Borrower See tex$ Addendum l'itymyilvioutss 25 Rend Ave Johnstown cculY Weld _ ice CO 4 ' _ 80534 Lender them JP1Mornan Chase _ • . . a 0 a.� ': II. Wes. '- y s. '�.l y— , us—m-�.. 7 hr L .f —4-4---7.-S- —ZIP 1 �L �i�f yJs.d _ ‘1111181 li. sr T :a' 301 arm - fG 1 Y_, tll. ' _ _" 1, - G , , �,. / •_ _ J 11 _ _ " "S yi 'IS F e -. 441; $4 alletagalli }. je_ _ op asp Living Room Dining Room is 7 Ill 4 1 it Ili lri i • A F�II , j .4 itIT ►` - i. , 1,4 ,.. _ __ 41 i' li II t. i '� N _;1i'y. k L-jikilitir ° M . 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Y i 4 _ ..mss r i44 t I _--� r I i . -- 1 ..s -a 1 a.. ,tee r' 1ri t wig%,,,,, _ .r^ - pen' �Y i - t .u.. yam, . .Y t. ys4rtja _ 1/4 Additional Street View Side View ree \..11 T1 P le ,4 '.I . _. i ., .4 rie , i ,. k , . 4c I 1 Ilk 444 >: ` -. - r i I allit 1_mall ' • r e . est iipit lill ; r"iir I Iii A i i kit ' I •• Additional Side View Smoke Detector i 1111• 1 - 4 aI w - I r� � T 4 I L I r .,,;; 4 Carbon Monoxide Detector Electric Utility ruse.. ell"'sr rel aT°^.Fd -I L. I ° • . Photograph Addendum _ Borrower _ See Text Addendum -- = a _ - Riapert►yes 25 Raymond Ave Ott Johnstown n colnY Weld StyeCO zip Code9:634 . LIendofiCltent JPMor ian Chase W "-s ip N ,4- - ICI ' •C -.: ' • _ _ i.- -r.e;��i i 6 F -. . 3 --Nu_ litss— — Water Utility Address Verification ; �-"" "'rsr. _an lir kita ,i. 4 Ver.;* ' .-1 rill ill 74- , r�; Itadw.anova• weg 1:11:11' I I LL4. i ,s�'r 0 jli 4 1. 0 ir% `r�,' r ,.., ... , ... , . - . -, ,c-,I.,,,, I. . , .4 it ii, i Ill! 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'- a It 46{, 1411b4 til° Ia_ _ —,*; Detached Garage Interior Alley View cnnt D1 1Y9 _ "TfTai - 1 nnrsic3i onkuf,rA hu 7 M mart int% . 1 .PM M Aunnr Photograph Addendum Borrower See Text Addendum N IPropsityAddess 25 Ra' nond Aire I ail Johnstown CuM Weld wile CO 3p coda 10534 .;Lencler:Elient . . . JPMetjpn Chase 4,—Till": " 1.:4%. i .1" b., . 1„,1/2. ••• 4:• 01.1ty 4t....t 7. 'FIC "Ii :',1, i , S r :1:14 , . . 'L .a �,..i. Wq t _-- —.' J y • '7 4 . „a a y ti �, LI• .� 1 r e,r C'a , tA:rella i . _ r, t _ tin —z' iii-ett z tYk ',� � irr sue d ...a,_—: _ — _I a• . iii. -�L* r 1 i—• is • r ill_ k 4j , - . , . = • • lift' ' 4 .isi- .-11lirsii..... .''— Alley View Fnrm PJC IT2 - "T IT4I ° annraica cnftwarp hnr n la mark intro - I -RAAJ4l dLtN1F Comparable Photo Page a Borrower See Text Addendum Hyp oly Mem 25 Raymond Ave — Ohr Johnstown Corn Weld sus CO 33p Call 80534 1 Lender/Client JPl +lorgan Chase _ 452 Grange In Proximity 0.32 miles SW Sale Price 314,900 GLA 1 .301 Total Rooms 5 Total Bedrms 2 Tote Bathrms 2 0 {_ ti �, LoeatioaI; s; x tiit: Vim N;Ros; fit- i • • �'►� : - p �+P- - , � r k''�- 4 Site 10201 sr -:_ .J . _. _ p ' �'$.rte. -r._ _ --- } /, • - • .. u ^• t�ita:nity O3 I Al APB 4 ,., _ • i.,, r_41 i miw. -1 ?IllIal Ilr+ _ «J'!_ �� .QL*� '1 J_ _ ".. i "n•71r1� ,cam " , - fee— -c -, '�. - qr{y ," 4.r• , war +� • - ' i..6, .° r _ig F° • Jr- - k• ^ , - - - ComparahIe 2 474 Castle Pines Ave Proximity 0,47 cnd1es s ID L f 4 , Sale Pr ,000 te. afti 1 ,480 tr r total Rooms 6 total Retails 3 f� f _ � total Balhrms 2,0 Location N;Res, - _ _ z . S�. 'dew l�l; es; 'a f-= ,a - X00 st � , Site Quality�I —r ^ • '. , • i •I ySL-+; -0. •f�' r.., 'ten e.'�}fi, • s- c : • .. . 7..at a- : • ' 1�S ^F _ - • AA - - I J ! ' • • 4 fill tad. .It J . wired %.,. 4 p .. ,f Iv 4 ,• ;� r P \; ♦r .# `tilt ' ; 4., i ., r 115 N Denver Ave 4 _C~y'a,21 2 .a a !Pkr: ..,19‘1/41. ', ,ate-ter. '.,+��i� �' ��]�",� 1 Proxar illy 0 21 mil NW re I its till f Sale Price 255,000 94411Via . , a iv It tefil;g4k.,.. r c lb 4 siki f 11 a v�� RR rJ{f''�f� }{� 'it- iiit - 4 } s ! � ,p ,• f. N a - Total Sedans err + ,r, t.. .LE • ' - . +` • J@ ! . •.:r • et X11. • V .^..'0 i. + r i " r • .r a Fes, ' Total Bath= -' +• R f7� # i r ,� f . } � 3 # I �' ' thcifn N;Res; �+ l ,- :' dt, A i Mew N;Res; 1N r. - _ '' • _ fir•.= t�, l iI I_1 1t•. * ..al Me 6375 sf AICIO 68 u r ° f:1 r_ r+, " -�.. = +n - • • Crinn DIP.Alit it "TATal # ' natlatill enftrirMta hu l 6 nitwits it . I .ann_a I atannr Comparable Photo Page Borrower See Text Addendum ProQety Maass 25 Raymond Aveart - Johnstown cwitY _ Mid ale CO zm Coot 805,34 1 Lender/Client JPMorgan Chase - — • hi.7 • . YiF ` ' `a�J_ ,� 'f --3y'F �.ti�° ald ' 1.6 ;„ i. 1. 1 sJ, .m ` ''4 .. i�,� �. It `r.F• ,� Compara bl e4 si dais-t, Iii lain • ,,.- lit • • 41' # 122 E South 1st Si . ,• + .•' �T•sf' : ` , • • a • •15 a + ry ..rte • 3 •� L � Ira,", ��- . 1 .rte. - r. . . - • . ' ' 'y� iisr el zet fP•ltirowxitmity /0� •19 miles�ile�s E ale ro 10 0 ! 1 r y 1 ■1 ,.P M .- J i . n y .<`A.� 6 'f • $• •u" - r 1 1 T 1 "41 �+,�'` ` . - - • _ , . , , 1. . .' Tote. R3t1S �t ;xi. .I 1 1 ^4 i a li i'l • t Total Bertrrs 3 afell: , �, :- #� -. ' :v. -tb �t Total Balhrrns 1 , 2 100.11" • ik is View NPesilsyRd , — it It 6750 sf Li I tire i s: ; , f• rIs ualttyr O3 + _ y _ - m • • — ___wrginnirtne— ComparableS Proxirnity Sale Pric GLA Total Rooms Total Radials Total Ballwin Location View Site Quality Acle Comparable. proximity Sale Price GLA Total Rooms Total Bedrres Total Bathos Location View slte Quality Acr Tr... ran tW girl sorro l a • I A, I • r�.� - . - . r-„r Location Map Borrower See lerxi Addendum — - RopeyAddles) 25 Raymond Ave _ - - . _=I : johnslown eadY Weld ssa CO Dp Code X34 Ilander/Chent JPMo!an Chase _ - - ."/F T l a Pam _ el Inc: Et� t ,` $ ,e a. a ti II Q0y Et it w {T I ,- w di n. Z f4 4fr �1 `~ 3 s 4 r; ?to 44 z 117 hi 6111 St ** r4 frithcl '` Catity +4Cisd to tf2 Iiimalt Laid AI .� 4e f i'' wis it -tV ti MLitt It COMPARABLE No. 3 li e N flits Si z 115 N Denver Ave . c rN 3413 fi • i 0.21 miles NW a. Daly # N1i: E4 - N Twit St tli SUBJECT lcs N �itk arc ,u rflCr�itar:xt 4 t K 3,4 Jr 1 ay o�1d Ave r o i`p S 1%L Ill W or:" In �'3i, Ii p w7 ( W South ht St u. 4.$41(14T1 fit ' f 5eltxth tit St Ccilk � 5.; nUrc5,, _n.c' i!:,:3f., it iz t -- 4:2 sa COMPARABLE No. itt 414 ~" ' , , • _ `` ra► 1,2 E South l st '.S , "... at *say 'it Di tb k miring I n 'rot illy, 11.1 le a' real., F1:flirt L9 Nip tp Park Ora Ind M r .41 1 COMPARABLE No. 1 , ;{ si i 451 Grange L.n ceetb 'i _ it 3; .ts tXt olt4 ib ttit K. 0,5 miles SW s._a,.. . .: COMPARABLE NQ, 2 474 Castle Pines Ave 0 ,47 riles 5 ,d Fit 5 w.. Ce+at:y Rot 46 entsrity lecutt a -r TKa 9„,j Owe thal,i1, i. 1000 ity i<ewm b Broth el20:D ;-€R . t _:ti R*.croset Can Iris tntrA Ta . mar. J's. 1.1 Crum WA D I rip MIT '' snnnriicll rnftur9iro fw % In m+xlo irnr+ 1 . Ann-Al 6W\fC ' Location Map Sarver See Text Addendum FyupetyParis _25 Raymond Ave _ ' Johnstown - 'field 94e CO Zip Ca* X34 Lender/Client JPMo g an Chase fs� mode, inc. _ " - - ,� F ■lir AM =. • - ` r tI 'ants ,I♦r'•� - —_— __ _ - ii , .I • ..Ir - ;� _•y,_ .� S I� y. : .- M -cis. T . _ I r y - ,t' 'at T En''' r ,r ! / , r,'f' . 7 i _ J - e • , a ,„ ri.?l :L1 �, -i , ' ° ' • • '� - gma t ITS ti,.._ .. ,,,,, I. i 'e. XI Aiss -Il is , .��. _ ,�• '�4 • � '=T ._. •1 ael�••. . _+ - r .,, --- - ' e >E 's, - . . ' ±� • - 9tr• .. F �, -tir.. I�w1•`�x ��+� _ _ •g. iii tr P . a .S �kJ�,p► . yll. -.1 r nzi .— •I elr rySi•_ -0il•'.,e1 r._ _. lit -• __. . -ilk - -� " `T w ..`.�m.•tdl }e..i - :170;f—re ` ! a ayf�7....• _:, fUtStiri, ei.;•A:J._ . i i__ , . . • ob A 4,itit;11/4 '. .' ' IV\ ' ... i. -_s' I . lit I i lb —.r. ,,,,i ‘ 4", a - It • !j f errs ",4,,, ipp,AL v ' 14 1.... it_ , "it? . „Er._ , 61 : . b . . ..,•;•.d . tic __. i ..4' ! •I - 'rte`"1111H 4 6_ I it A 4 , t A I -. I roi - i a' , r S to _Y•'yr � .!+ ,. r: ,j' r d• l :• -Wa. y "tom. i 1 ., _ 1 ' • 6$•_• � - -- — - 6 1 .+ _ - • 4re.ytIt jr•,•`t•'t^ d- . n'. �I .Y• • IHin . -t'- 611P-- - y 11� `3 .tea I ! it , •, •C J • I p } da.1 r n . ? . 0 si • r ; r _1,1.t ill t ) M* , IIII ill .441.. .. 6.: s i is •-. "ow - 1 , ,lif • . sr , ^AI yy �l ' �- '4 " ire �' s P . - .'A, `_s� _ :• 1,•rte a,� * ,N T w r'� .t �/ Raymond Ave �`e P� J .. _ _off. • d u ri pp it __::47!;ii:joirl . VW a lii SA 2 • n • .. _. ,.' c' ea,Y ,,- .t .'I •-q.,+ cs I.r .: �r u46 y n ..ate-_ ? '� ' lil _ ".� f s-.. ss-tdi�i1 -,�•. e I e l >: '^t ��7II . . I �j• dr,��° - �s.a�tSe!�Tifit$Cr' r r ' k 1 yr.t. �+-41/ ;It', ' ...dile . on . i 1fri 1 * •5.., ' r. 1 _ ,y 'F I. -• ! ' A I• a. q1. ti gir 4' °ia� .1. A' •S'... iv.- ' ° Ie �. i ; h •1 0 411111 A. .1 ,^ i. .•,, R fit' ir.-. a � .1 f�. • ►- 1 afiernt Y ...,* rT• '4'' L r, alf� —mss :�r� t i l}fa'� yq, r ', , )� .r•S. iw' I.1 i,Ilic „..0,-- i * ir, -4- - t , - - ,., i „: (Ii� At I t. : r :14.- t t. RP. '� �• •-a e. as �1/4l .1% .x._ . 4Ii.. 4", 41417-,44,14111 •• — "Alit , . S 1L tF ,�x' 1 a t. . pp _ I i4ergi . . ,_ .. to - . ... ' 4i• *O. IIII%F , _.t. -,,-. r" • b 41 , -_ 43 I � ,r ! _ 4° .may i t i :: . or ;PailairlilliSIL• ' jLL IF �-� rN- . 1 llit , 3 ' ` 1EI 4 . ti n y. e I sTii._ . . �Y' r Uhl- f ill IIP- L _ _It' . sisif 1.„ • Ilik Ai,• p -IWO i • . 0 .. J tai d II lit rrA 0 ' 4 IIP a"Illlip . 'I. at • . „.. _ . . i , calk 7 y •_. isi ij , I • 1 • .� .' r.• , I I ,mil SL ~ ii T _ . libi i•-illr- u �• 1 1 , 4 rI , . II C.- 4, . II C �' '� • i T..- r __ . . , , 1 e, p., 6s. bli t- It :• I -t tgram Il•� y, T- el- aelfiJ ill. irk • !tr -.••JI_ ! 7 •lliet�j- j 3 a-- -;:•4 Lr is .w'4:�rr ,sly .` �1 �_ ,' .-. ,� li - i ••ita;iiv d •r —Y AMR. ii rr,.kl„Prrde � _, FOrm MAP I or. - "TtlTAI " annmi ai cnftwarn by 2 h mho int, . Iafttl0'.AI AMnnr USPAP ADDENDUM �, - lie 190409101 Booms $ee Text Addendum PrciPslY Addron :25 Raymond Ave Johnstown Caws WeldSlate co lipeick 80534 tsar JPMorgan Chase This report was prepared under the follow ig USPAP reporting option NI Appraisal Report Thin report was propound in accordance with USPAP Standards Rule 2-2(a) Restricted Appraiser Report This report was prepared in accordance with USPAP S1amitirds Rule 2.20) Reasonable Exposure Time i y opinion al a reasonable exposure One to the subject property at the market value stated in Misreport is. Estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. A reasonable estimate of exposure time for a properly of similar value and with similar features to the submit would be in the range of 30 to 79 days. 1111 Additional Certifications i!catty mat,to lie best at my knowledge and belief. t thaws NOT performed services. as an appraiser or in any ether capacity. regarding ihe property that to the subci oT this Mort within the hre9-yo r period Irnenedaately preceding acceptance S ibis assignment- I HAVE perhxtised services..as art appraiser or in another capacity, regarding the property tat lathe subject oI this report within the three-year period immediately ptecedrt% acceptance of this assiigrtmmt. ►'hose services are demised in the currents below. - The statements of fact contained in this report are true and correct. - The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and me my amongst, impartial, and unbiased professional analyses, opinions, and conclusiarzs. ▪ Urdess otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no pe'sonai interest with respect to the parties involved - It have no bias with respect to the property that is the subject of this report or the parties involved with this assignment - My engagement in this assignment was. not contingent upon developing or reporting predetermined rub • My compensatcn for completing this ass",mend Es riot contingent upon the deve opment or reporting of a predetermined value or direction in value that favors the caress et the client the amount o1 tie value opinion, the attainment of a stipubted result, or the occurrence of a subsequent event directly related to the intended use of this appraise'. - My analyses, omens, arxt conclusions were developed, and this raepor1 has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the tune this report was prepared - Unless otherwise indicat&, I have made a personal inspection of the property that is the subject of this repot, - Unless otherwise indicated, no one provided significant teal property appraisal assistance to the person(s) signing this ceuttlicatlon id there are exceptions, the nan'e of each sxhvadual providing significant real property appraisal assistance is stated elsewhere in It report). Additional Comments 2018-2019 USPAP has been adhered to in this Appraisal Report. The term Summary Appraisal Report found on the form used in this assignment is equal in its communication of the minimum summarized content of this written report in this form_ As with all forms, and in this assignment, the appraiser has supplemented the form with narrative comments to ensure compliance with the current USPAP and applicable regulations. • APPRAISER: SUPERVISORY APPRAISER: Only it rerpIred) /Mileve.” a ide= 'Unit Robert J Silo, •, Cert lied Residential Appraiser Num. - DateSigcreei: 04/10/2019 Dale Sigma 9asea esta caner JrCR40030207 slate cetircalion ----- ------ rx Stator UMW dot SUN License '. 9a CO _ Sate: Ezprmron nee el Cati anon a Llama: 12/31/2020 Expiration one el 0saka:in or time: Eneelnr,nate oaf Appraisal. 04/08/2019 Sipenistry Ogres&Inspect= of Sibied Property Did M Eerier kw Sheet El he* wd blew tarn in K 4AD .. IT ifil nnnr'iosi en1tiarsrn hir s 12 truuin m r . i . Qfln.LI issinnc 1366824900 Hie talc. 19O409M 1 UNIFORM APPRAISAL DATA ET (UAD) DEFINITIONS ADDENDUM (Source Fannie Mae UAD Appendix 0 UAOO Field-Specific Standardization Requirements) Condition Ratings and Definitions Cl The imp:aaverments have been recently constructed and have not been previously occupied. The entire structure and all components ars new end the dwelling textures no physical depreciation. Note: Newly constructed improvements that Winne tricycle(' or previously used materials andi'orcomponents can be considered new dwellings provided that the dwelling is placed on a 100 percent new foundation arxi the recycled inaterfab and the recycled components have been tehablitated/remanufacturod into like-new condition. mprovements that have not been prevsaustya' occupied am nd1 considered "new' it they have any significant physical deprecation (that is, newly constructed dwve liras that have been vacant for an extended period of time without adequate maintenance or upkeep), 02 The impmvements feature no deferred maintenance, little or no physical depreciation. and require no repairs. Virtually all building components are newer have been recently repaired, relinisherl, or rehabilitated. All outdated components and finishes have been updated saner replaced with components that meet current standards. Dwellings In this category are either almost new or have been recently completely renovated and are similar In condition to ncwconstructian. Net The Improvements rtprescnt a felativety new property that Is well maintained with no defected maintenance and fib or no physical depreciation. or an older property that has been recently completely renovated C3 The improvements am well maintained and feature limited physicaldepreciation due to normal west and tear Some components. but not every major building component may be updated or recently rehabilitated The structure has been well maintained. Nato The Improvement is in Its first-cycb of rtplacing slwort-(Wed building caormpoc ents (appliances, lbw coverings, HVAC etc.) and is being well maintained. Its astirrmtad effective age is less than Its acwac+age It also may enact a property in which the majority of shirt-lived building components have been replaced but not to the level at acomplete ren0vatbn. 04 The impnwernents feature some minor deterred maintenance and physical deterioration due to normal wear and tear The dvveaing has been adequately maintained anti requires only minimal repairs to building components/mechanical systems and cosmetic rcpam All major building comp(r em3 have been adequately maintained end arelurictioraliy adequate. Note The estimated effective age may be close to or equal b Its Kasai ago it reflects a property in which some of the short-tired building components have been replaced, and some short rained building components am at or near the end of their physical fete expectancy; however, they still function adequately Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property( C5 The improvements feature obvious deterred maintenance and are rn need of some significant repairs Some builefirrg components need repairs rehabilitation. or updating. The functional utility and overall livability is somewhat diminished due to candid n. but tit dwelling remains useable and functional as a residence Note Some significant repairs are- needed to the improvements due to the lack of adequate maintenance It reflects a properly in which many of its short-lived building components are at the ender or have exceeded their physical lfa expectancy but remain functional. C6 The Improvements have sutrstenilal damage orr deferred maintenance with deficiencies or defects that am severe enough to affect the safety. soundness, or structural integnty of the Improvements. The Improvements am in need of substantial repairs and rehabilitation. Including tarry or most major components Note: Substantial repairs are needed to the Improvements due to the lack of adequate rnaiatenance or property ttarnage. tt reflects a property with conditions severe enough to affect the safety soundness, or structural irrtegrtyof the improvements Quality Ratings and Definitions 01 Dwellings With this quality rating are usualty unique structures that are Individually designee by arnarchitect for a specified user Such residences typically are constructed from detailed architectural plans and specifications and -feaature anexceptlor arity high level et weep manshp and exceptionally high-grade materials throughout the interior and exterior of the structunt. The design features exceptionally hlgb-quality exteriortetinements and ornamernatbn. and exceptionally Sgh-quality Interior refinements The workmanship, materials and finishes throughout the adwcltirq are of exxceptionaity high quality. 02 Dwellings with Mb quality mating are often custom designed for construction on an individual property owner's site. However. dwellings in this quality modern am also found in high-quality tract developments featuring residence constructed free individual plans or(min highly moditled or upgraded plans. The design features detailed, high duality exterior ornamentation. high-quality krterier refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality DAD Version 0,201 t r:Upda ed 1(2014) Form I JArlArFINFI A - I11TAS s anmaiivd cnftwararn by a to ny o rota - 1 Anal aUffr UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source Fannie Mae IMO Appendix D: h AD Fiat ispccdIc Standardization Requirements) t Ity Ratings a ndS Definitions (continued) 4 03 Dwellings with this quality rating am residences of higher auality built from individual or readily avadabkx designer plans in above-standard mskicntial tract developments or on an Individual property owners slit. The design includes significant cxtertoromartrcrntalkm and !Merlon that am well finished. The workmanship exceeds ac.cectabka standards and many materials and finishes throughout the dwelling have boon upgraded from "stock- standards . O4 Dwellings with this quality rattrg meet or r ce:dthe requirements el applicable building codes. Standard or modified Mandan' butting plans are utilized and the design includes adequate 1cnc3tration and some exterior ornamentation and iatteriorreiinernents Materials. workmanship: finish, and equipment are of stock or builder grade and may feature some upgrades O5 Dwellings with this quality rating restate economy of construction and basic functionality as main considerations Such }triclinia feature a plain design using readily available or bast floor plans featuring minimal fenestration and bast finishes with minimal exterior ornamentation and limited interior detal These dwellings meet minimum building codes and am constructed with incxpenslvt. stock materials wah limited refinements and upgrades O6 Dwellings with this ossify rating are of basic quality and fewer cost some may not be suitabki for year-round occupancy Stich dwellings am enters built with simple plans orwsthout plans often utilizing tho lowest quality building materials. Such Mailings are tttcn built or expanded by trcnsL who am professionally unskilled or possess only minimal construction skills. Electrical. plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or rrontcordorminp additions to ttxr oaeigine structure Dollredonsof hot Updated Updated. and Remort Not Updated Little or no updating or modernization This description Includes, but is not timttcd to, new homes Res+dcnlrai properties of fifteen years of age oa less often reflect an original condition with no updating, it no major components have been rcptaccd or updated. Those over Mean years of age am also considered not updated if Me o tanccs lixturci. and finishes are predominantly dated An area that is Not Updated may still be well maintained and rutty functional and this rating does not necessanty imply' deterred mairr :iance 11! pttystaVTuncponal dciedorat#on Updated The area of tho home has been modified to meet current market expectations These modifications am limited a toxins of both scope an cost. An updated area rut the home should have an improved look and Icel. or functional utility Changes that constitute updates imitate refurbishment snot rcplacin3 components to meet cxrsiig' 'market expectations. Updates do not include significant alteration to the existing structure Remodeled Significant finish an0/or structural changes have been made that increase utility and appeal through templet , replacement and/or expansion. A remodeled area reflects fundamental charges that Include multiple alterations. These alterations may tncludc some or all of the following replacement of a major component fcabaret(s), bathtub, or bathroom lite) relocation of plumbing!gas fixtures/appliances, significant structural alterations (relocating walls, andior the addition of) swam footage) This would include a complete gutting and rebthed Explanation of Bathroom Count Three-quarter bowls are counted as attin bath in all cases. Quarter baths (baths that feature only a toilet) am not Included in the bathroom count The number of full and hall baths Is reported by separating the two values us4g a period. where thet full bath count is represented to the left a1 the period and the hall bath count is represented to the right of the period. Example: 3 2 indicates three lull baths and two haft baths UAD Version 9/20 1 (Updated 1/2014) tasrm i 1&11nccituCt r . qtrs. nnnse*sl cnituara hu i h mevin inn . i Amid dl &Uf tlr UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Sounce: Fannie Mae IUA0 Appendix D' UAD field-Specific Standardization Requirements) Abbreviations Used In Data Standardization Text ' IlioAbbreviation Full Name em This Abbreviation a pAr a._A , AdYersta Location & View �� ac res Ac Area. Site - , AdiPrk Adjacent to Park Location AdjPwr Ad acenl to Power Lines Location ArmLth Arms Length Saks Sato or Financing Concessions AT Attached Structure Design (Style) B Beneficial . Location & View ba Bathroom(s) Basement & Finished Rooms Bebw Owe br Bedroom Basement & Finished Rooms Below Grade BsyRri Busy Road I Location c Contracted Date Date of Sale/Time - Cash Cash Sala or Financing Concessions Comm Commercial Influence Location Cony Conventional Sale or Financing Concessions cp. Carport Gartat/Carport CrtOft Court Ordered Sala Sale or Financing Concessions elYSkY City View Skyline View View CttStr City Street View View cv Covered • Garage/Carport DOS Days On Market Data Sources -� DT Detached Structure Design (Style) - dw Driveway Garage/Carport e Expiration Date Date al Sale/Time Estate Estate Sale Salo or Financing Concessions FHA Federal Housing Authority Sale or 'inanci q oncC essbrrs 4 Garage Garage/Carport —� ga Anse-Ned Garage \ Garage�mar Qbl Built-in Garage Garage/Carport ad Detached Garage Garage/Carport CSC se Golf Course Location Gttvw Goa Course View View DR Garden Design (Stykt) HR High Rise Design (Style) in anterior Only Stairs Basement & finished Rooms Below Grade Ind Industrial Location & View Listing Listing Sale or Firs iar,� rg Concessions Ln etil Landfill Location LtdSgrn Limited Sight View MR Mkt rise Design (Style) Mtn Mountain View View N Neutral Location & View NonArm Non-Arms Length Sale Sake or Financing Concessions o Other Basement & Finished Roams Bcbw Grade C _Omer Design MVO op Open GaramtCarport Pik Park View View PsW Pastoral View View v PwrLn r Lineal Vieww PubTm Public Transportation Location , lido Relocation Salo Sala or financing Concessions RECD REO Sale Sale or Financing Concessions Res Residential Location & View RH USDA- Rural Housing Sale or Financing Concessions it Recreational (Rix) Room Basement & Finished Roams Below Grade RT Row or Townhouse Design (Style) s Settlement Date Dais of Sale/Time SD Semdetachod Structure Design (Style) • Short Short Sale Sala or Financing Concessions sf Square Feet Arct Site, Basement slim Square lifters Area. Site r — link Unknown Date of SaleiTime VA Veterans Administration Sake or Financing Concessions w Withdrawn Date —� Date of salejllme wo Walk Out Basemen Basement & finished Rooms Below Grade Woods Woods View View wit Water View view —~ _ Waft Water Frontage Location wu Walk Up Basement Basement & Finished Rooms Below Grade ams UAD Version 9/2011 (Updated 1/2014) Fenn I IAl`II IFflNFt A - 'TflTM J annraieat eaftunns Put v h ninths in it WA A 1 Mantle 900 Market Conditions Addendum to theAppraisal Report 1 4 Mt No- 190409M 1 pass_at rhea addindse is io pru*ie are ienkocaled with t dear and anotrate SI of V*road US: and maws alstalat It the sob} - rteighte dssai Thin is a tatpted *Stalin' foray appraisal mons win at etlacl s dale oa a alder Aid 1 2009 - Pitney AM= 25 Raymond Ave Johnsioywn _ shame CO SIP'S $0534 Bonn See Text Addendum - hartrualats: This appraiss nest use Ile elortution muited cote Iona as the basis for Mind titiclostals. SKI mist rsodde sea b n se corathons. min tuning*ads Ind dad maid men ats rationed in S P it se on of the eppnisai rixal bm The anise negl Wl h ad tow ItiorrttalSiI s the'Waft a is addable end relish sod nog provide srugysis as Skated Not It toy rewired dada Is trnraiabls a is anodes tasatiatatt the arppSs& r pflride an explaitekanit is rtcocrtbed tut tat si darts sources di be stle to provide dim for Its shaded urns below: 191s rt 1s aSable. tweet the wzbw meal Include de data in tha duty*. N dela sans piarrhleale wine `tumzim es en average mead alto medan, et Maser shotid rcatlhe avallible iighre and 'ditty a es art nargeSales aid kings must be properties irrs1 corrals with tt n*t$ed proety, detdotred by appiOrc Itte stern that would be used rty a iuspecsWe buyer ettr e , sullied away.The ionise tonal etplakt any sane tea It the datt such as seminal marl ere_ new tartar iatx *Some to yArtslysts — Paco 7-12 Maths Prior 44 Motto ' I and - 3 Months Ora -' to ' Tolai rot d Conpardttr - 6 I _- I _ ksc -Ceti: also tr. mom AtzsaptlaKr Rate 1 1 .00 Q_0Cl _ 0.00 _ i Increett _ --- - - Tetal 0 of Computhre Acgre Wings a 2_ ,_: - - 1 psrclNtitp E` ; Stith in�ateattq Maths rail Housing Std Mad List _ 'J Rat h Irr rrallilat tom" -fir Months Pnot d-#r Matto Curnenf≤ - 3 Mtttt#hs OAS Trent Midst Countable Saito_Ptlae Medal $34�i $�Q N/A - - - - -- NIA i� :irtcx�tq - a► ' sra� - _� �°r�r'4 �Caable Sale on Mined f N/A - 1 N/A I i g I X_ ski° I a I 'maim a maim 1 toprabie list_i Ii' f�A► _ N/A $370 c kx 74 Sits- _ _ I - _, Median Casparable Lisp pails en Maid I NIA N/A 54 _ 1 pain; _ i , Inc essinp II 4 ' __a - t ' tMhddiat Sete Pace a 41 ttst ily'a4NIA i Inatrastct¢ Stable u fi S F imxezirg sdar•r�r Wilda tta. financial_an#startce rxe+�alert�' : I , - -s . Explain in odd the soar concasrons bends la the past 12 maths (t idler_ocartna� iareased 110n13' io bra. Ittcx'earshtg mot lxry�townh, dr"oasis. =de Nu lees apridxe° d$ ' An aria . sSis was performed on 6 competing sales over tai _ ,_st 12 months, For those sale; a total of 16.7% were repotted to have seller concessions. ThissanaSsis shows a change of ±566% jpsr month . i t z Are io ctonge takes {RED iris) a tea in iris mad? 'en X Pe) tl yes. main °rrdth inn Ile trends h lamas and sales gat lcso krsel iaropeliesi An analysis was performed on 6 compe1inn sales overthe past 12 months, For those sales, a Iola! of 0 0% were reported $o be REO. , ' Ctte data south for ire utiatttatlatr. Information reported in the 'RES system :usln i an effective date 9104/ 019) was utilized io_arrive 114 ' the results noted an this addendum._ ll percent charge results noted in these comments are based on simple ricvession. Shroma a the_toe_kilurtnahon a support Its you coneltrions atlas Fiefttelica moon al S epOr'sal Mort_tang ti you mai arty SAWS ertni en suds as an arrat sh of pending urea inter mired and *Mawr~ tangs. ID loanable yaw coniusions, provide bah at KIS Ind supporl tar your ccncietes An ana sis was perforated on 6 competing sales.over the past 12 months. The sales within this group had a median sale price of $346,500, Based on all sales in this sattrte group, there is_a 4 0 month wimpy. This analysis shows a change* -1 -11,.75 r month. These sales had a median DOM of 72. This analysis shows a change of -2.7% per month. i a th!subject is a iN ill_I tadantktihrth o coopsnatm mita remolds I tr ttliorsio NIA Project_Mont NIA Sited Ned Dia Pita_7-f2 iwadhs For 44 Maths Dna - 3 gains Ousel Trend aa>t it err Comparable_S N/A I N/A_ N/A sircearag i : Stele i w . tre'dra"Q Absorption Rita (Total Salefliafl) N/A NIA - - - - -- N/A I _ � rrtcxtrastrtp i ; stye - - is oheclatenrt -- Tad, of kale Canna a l qs F ;rA N/A t+af, I .__ Dacdirtittg Stsbie Li: butt; c - NA -- - Matte_ett�r Odd Lisltttdlt�rRas) N/A i NfA t I -` . a irtctittal Ate innet1one_sakes Wen_a ?actor is the propel _ Yes I 1 Ito Ire. indicate Ina maw e6+"REO kgings sal Oar Its trends_in Swigs std sale al Maned awake N/A► i-_ — V tif _y r7 tom'' F Ise 41.1 .P•° •,; -i 'r "-' Sous to Ms tower trends and atfdr O the imps l on the sable* tial_sod propol NIA 1 . .rs SWIM - --l 1 I u� arilatrhri Maser tin Rote* .J Stir °. Jr.,-Certified Residential Ap raises o® — � ISupervisary Await* commensals Accurate Appraisal and Review Service, Inc. __ �._.. jeaTPXTY, n"-:;I ,rhress PO Box 1867,_ Loveland® CO 80539-1867 I Company Adiirass 1".. St MI Lka MartelacaUon a CR40030207 Stale OO Sloe t.icatscaradttl also 0 WI Mien tstilo@ipbroadband .nret Emit Adorns !Reath Mac F aril 71 "MOM real �. jt cA 1 ,anent Mae arm li , . ir Oral 29.CS Germ 1(1t ill) . 'Ira Al ° 'anrnk' i taltunnra Inn 1 I, mar&a inr t .um As d tinny License - Page 1 Robert J. Stilo Jr. Candidate for Designation P.O Box 1867 Loveland, CO 80539 (970) 6194958 f rstllo@lpbroadband.net SUMMARY OF QUAUFtCATIONS Full understanding of the accurate process of valuating single family residences, 24 family income properties and unit apartment/condominiums as well as rural properties (including FHA, 203K and USDA appraisals). This includes conventional , FHA, VA, USDA, REO properties, property inspection, drive by appraisals, manufactured homes and relocation (ERC) appraisals, Extensive knowledge and experience in review work (field reviews and desk reviews) as well as retrospective appraisal and retrospective review work. Extensive experience with complex properties. Extensive knowledge and adherence to FNMA (Federal National Mortgage Association) and Lk PAP (Uniform Standards and Professional Appraisal Practice) guidelines. Experienced in completed Insurance Cost Approach/replacement cost appraisals. Extensive knowledge and experience in inspections, including home inspection, new construction inspection, insurance inspections, disaster inspection, field inspections, repair inspections and occupancy inspection. Expert witness experienced and qualified in Larimer County. EMPLOYMENT HISTORY January 2005 - Present Accurate Appraisal and Review Services, Inc. Chief Appraiser, Senior Review Appraiser Responsible for report preparation, research, data evaluation and analysis of single family residences, 2-4 family residences, income properties, vacant land and unit apartmentfcondominiums. All duties associated with owning and operating a business. September 2001 - January 2005 Rocky Mountain Appraisal Service Staff Appraiser September 2001 -- January 2005 Eventus Inspections Inspecting and reporting new construction draws UCENSING State of Colorado, Department of Regulatory Agencies Certified Residential Appraiser, CR40030207 State of Texas, Adjuster All Lines Insurance Adjuster, #1553698 US Department of HUD FHA Approved, MP4403 Erwin WA {II ATITAI ` anntaivaI snftwara her a la mnrIn inr 1 -NI A APAODF License , Page 2 fr Candidate for Designation, SRA Appraisal Institute Certified Mortgage Field Service Inspector REFERENCES Jason Robinson - Keller Williams Realty Licensed Real Estate Broker/Licensed Appraiser (970) 310-3247 Brian Michel - Grease Monkey International Regional Manager (970) 222-6247 Bruce Kelly ; 17th Tee Realty Certified Residential Appraiser (970) 2904,5656 EDUCATION December 2018 Appraisal Institute Real Estate Finance, Statistics and Valuation Modeling October 2018 — Mortgage Field Services Certified Mortgage Reid Service Inspector September 2018 — USPAP Update, McKissock 7 hour standard and ethics update July 2018 — Appraisal institute Business Practices and Ethics 2018 Mardi 2018 — McKissock FHA Handbook 40001 November 2016 — McKissock The New FHA Handbook 4000. 1 November 2016 — USPAP Update, McKissock 7 hour standard and ethics update November 2016 Mclissock A Review of Disciplinary Cases Nov►e • air 2016 — McKissock Supporting your Adjustments: Methods for Residential Appraisers March 2015e Kaplan University Appraiser's Trainee and Supervising Appraiser Course December 2014 — USPAP Update, McKissock 7 hour standard and ethics update December 2013 — Appraisal Universi ► Site Analysis and Valuation November 2013 — Appraisal University Appraising Historic Properties November 2013 -- Appraisal University Practical Application of the Cost Approach November 2013 as Appraisal University Practices and Pitfalls for the Residential Appraiser January 2013 - Relocation Appraisal Training Program, Worldwide ERC Relocation appraisals, October 2012 - USPAP Update, Mckissock 7 hour standards and ethics update August 2012 - FHA Appraisal , FHA Director, Processing and Underwriting Division -Denver, CO FHA appraising and changes rnrnt criui rir . 'T nnr a trait Fw a 6 ninths in" 1 Nat AUAiht License - Page August 2011 a Denver Board of Realtors Understanding the Uniform Appraisal Dataset December 2010- Mckissock Green Building for Appraisers December 2010 , Van Education Center Uniform Residential Appraisal Report (URAR) Residential Environmental Hazards Screening Yield Capitalization (Discounting) November 2010 a McKissock Advanced Residential Applications and Case Studies October 2010 - USPAP update, Van Education Center 7 hour standard and ethics update February 2010 - e2 slue Mainstreet Residential High Value Cost Approach/Replacement Cost Appraisals February 2010 - Reproduction Cost Appraising, Cornerstone Appraisal. Appraising Properties via the Reproduction Cost Only. October 2006 a Texas All Lines Adjuster License, All Lines Training and Licensing Certified to work residential, commercial, automobile, farm and ranch inland, marine, ocean and worker's compensation claims October 2003 a Practical Adjusting, All Lines Training and Licensing With policy applications and estimates with basic construction knowledge October 200E - Xactimate 25 training, All Lines Training and Licensing Fundamentals of Xactimate program November 2007 USPAP update, Van Education Center 7 hour standards and ethics update August 2005 - MLS Orientation, Metrolist Inc. , Denver, CO Multi-List Service Rules and Regulations Orientation August 2005 ar Legal Issues Affecting the Real Estate Professional , Metrolist Inc. Fair Housing/Antitrust/Discrimination/Americans with Disabilities Act October 2004 a Standards and Ethics, American Real Estate College 16 hours standards and ethics update October 2004 - Certified Residential Appraiser, American Real Estate College 30 hours reporting, reviewing and analyzing complex properties January 2003 - Nova for Appraisers, Denver, CO 7 hours computer assisted reporting June 2002 - NCRE 204 - Basic Appraisal Application, University of Colorado 32 hours of appraisal principles and applications May 2002 - NCRE 202 a Standards and Ethics, University of Colorado 16 hours standards and ethics May 2002 - WORE 200 Registered Appraiser, University of Colorado 48 hours appraisal fundamentals February 1000 - AIMS Community College, General Education May 1987 - Thompson Valley High School BOARD /VOLUNTEER WORK Colorado Department of Regulatory Agencies (DORA) Board of Real Estate Appraisers Supervision Task Force October 2013e December 2013 Loveland Rage - Girls Fastpitch Softball Head Coach 2000- 2013 USSSA Pride a Girls Fastpitch Softball Head Coach 2013- January 2016 Rum SCW GI `TTITAI ' annraital snliwam liv a h ran& inr - 1 -,AI1tl.AI AMnf F License - Pane 4 Power Alley Baseball Boys Youth Baseball Head Coach 2018-present Loveland Parks and Recreation Department Board of Directors January 1994 a January 1995 EDUCATING/TEACHING Guest Speaker Guest speaker and questions and answer session, Keller Williams, Loveland CO May 2008 Instructor and Guest Speaker — Appraiser's Guide on How to V alue a Home Fort Collins Board of Realtors October 2013 Speaker- 2016 RMHA Annual Conference and Seminar Rocky Mountain Home Association, Black Hawk, CO August 2016 Speaker/Instructor- MRS Annual Conference and Seminar Appraisals and the Form 1004, Phoenix, AZ January 2017 Panel Member Stump the Appraiser O&A Universal Lending/Remax, Fort Collins,, CO August 2017 Rernax Longmont September 2017 Instructor/Speakera MRS Annual Conference and Seminar UAD and the New Appraisal , Los Angeles, CA January 2018 Instructor/Speaker-Realtors and the Appraisal Process America's Mortgage/ elistate Crossroads Realty July 2018 4 Irma,.. ersin _ inns ° innrsik&' ankurara hi. h mark iu % 1 PIVI.dl mina 9 License - Page 5 I ACOR Di CERTIFICATE OF LIABILITY INSURANCE 1 DAM ilksorrowr 11,12120i a THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S)I AUTHORIZED 1 REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: It the certMicate holder is an ADDITIONAL INSURE64 the pcl ln} must have ADDITIONAL INSURED provisions or be endorsed. II1 SUBR.OGAT1ON IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate doss not confer rights to the certificate holder in kW of such endorsement(s). mourn; - Gratf. R rt JDI SWo Jr CRES Insurance Services, LLC "IS" . 970-3T7-3215 r' " PO Box 29502#69121 its, rsdi ipbcoadband.net . Las Vegas, NV 891284502 PM APFORDIFICI ova' NAM* CA Ins tic OD 85894 USURER A HDI Global Insurance Company 41343 N$Ut , s+ai t IS . _ Robert Joseph to Jr SSCRtEM C : St PO Box 1667 INSURER a Fort Collins, CO 80525 edsuats e: , . . COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: THIS IS 10 CERTIFY -NAT 1HE POLICIES OF INSURANCE USTED BELOW HAVE BEEN ISSUED TO THE INSURED tUbED ABOVE FOR THE POLICY PERIOD INDICATED NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT 10 WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBIECT TO ALL THE TERMS, EXCLUSIONS AC CONDR1ONS OF SUCH POLICIES- LIMIT'S SHOWN MAY HAVE BEEN REDUCED BY PAio CLAIMS. iin TYPEOF*SJRANCE ""J tS.}i0Atlll UCY 1p1tt R largo LIMITS CONSEICIALcygnet wary' i EACH OCCURRENCE CL.ASASMAt>e El OCCUR t PNEWIt5t 3lI'atot nir t' $ DIED EXP(Any one �. . . # ... PERSONALS A V INJURY S GEHL AGGREGATE LIMITAPPLES PEK NE GERAL AIC#I:1iEt' +t'!'f t PouCY I I JET LOC hl DUCT' ectsop PAGO OtlhEM: S AUTO LfI rr , . rep:E�t$tNI' iG tlM�lT = ANT AUTO njvFtr(P s ) $ OWNED tSCJHEliiA _ ...._... ......__...... ........_.. _ .. AT X A>IO$ • Nt tt;IRY(Per atad S AUfTOS ONLY AUTOS ONLY PROPERTY DAMAGE 1 $ USRIeli4A 1.1A2 i OCCUR EACH occuRRace I EXCESS L&A$ • , cuksR omAoe AGGREGATE S OED1 . . 1 FErkW $...._._.......................... _........ _ .. YTS COM ISA?10N i •PER �it��TIM• my EIM't,a''�t#'MUM Y I N , . - l +�tt't....... ... . .... . ..•AMPROPRIETOFtPARTNER,EXEMTWE N NIA E LEACH ACCIDENT ......... - - •s•-•----- •--•---.._...--•- •--...---•- inwrodatary ill MI „eJ.-t c_Fes.DAFIta!' $__ ''-err .9PE RATIONS Ws. . E - - .... ..... ---. . EL Gr,3EAM -POLICY MIIUT S A Claims Made Errors and NOI.1� 1 -00 11+12-29�! 11442•20110 Per 1t## 9 Omissions Coverage Aggregate: $1,000,000 Professional Lilltbility . .._... ... . ... . . .... .., 000 _ Retention: $1, OnCRIPTOM Di Opt*ATxlNS I=ATOMS F G 101 ,Acialon l R amo SettmArit,wwy 1a and M mots*pia Is aqoUtdi Appraisal of 14 until residential properties Safeguard Properties Management,, LLC and their clients and additional insureds under this policy CERTIFICATE HOLDER CANCELLATION - - Safeguard Properties Management, LLC• -- - ---- SHOULD ANY OF THE ABOVE DESCRIBED P L CIES BE CANCELLED BEFORE f Safeguard Circle THE EXPIRATION DATE THEREOF, NOTICE WILL. BE DELIVERED IN Valley View, Ohio 44125 ACCORDANCE VE M' THE POLICY PROVISIONS. ! AITIMORREDREPRESENTATIVE 019B8-2015 ACORD CORPORATION. Al rights reserved. ACORD 2542016103) The AGGRO name and logo are tegist*md marks of ACORD Fnrm +SCN1 ft - 'T ITAl ` annrakai *tam Iw a Jai mnrM imp - 1 . 'it1-AI AMfitiF License - Page 6 e Rani .1 , Siti3 State of Cotorado 41/4DO RA Pt eas tatter Department of Regulatory Agencies Lawci�,�. .� Division of Rea k Estate IL if Board of Real Estate Appraisers amen Joao sew%lilt 44 VA aka& Carta% 3r. License #: CR40030207 i d .�c . cc- ForDirect: It rcia Waters Ees: 12.'31 ;2020 the most up to date infoi tation ryarding this aerientiai,, orsrt i tip,: - I.rir • cd; ia ocposvide Cnrm left lI 111 _ ?rail( ' innrninl cMtunra 1w h mn & �nr+ tint fit luring DATE (MMIDDNYYY) AE3RD® CERTIFICATEOFLIABILITYINSURANCE 1ath2/2018 10 This CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER, THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the pciicy(ies) must have ADDITIONAL INSURED provisions or be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PRODUCER M jkCT Robert Joseph Stile, Jr _ CRES Insurance Services, LLC PHONE 910-3 A 774215 FAX r-MATPO Box 29502 #69121 ADDRESS: rstxileg— ilo I bdb roaand,net A�DR 4 Las Vegast NV 80126-0802 INSURER(S) AFFORDING COVERAGE NAIC so CA Ins Lic 0D85894 _ INSURER A : HD I Global Insurance Company 41343 ' INSURED i INSURER B : JrJo seph Robed Stilo i INSURER C PO Box 1867 INSURER D Fort Collins, CO 80525 INSURER E - INSURER F ; COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW NAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED, NOTVVITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS , INSR 1 ADDL-SUS POLICY EFT ' POLICY EAP LTR - TYPE OF INSURANCE _ IRSD WVO POLICY NUMBER (MMIDDIYYYY) (MMIDD/YYYY) LIMITS COMMERCIAL GENERAL LIABILITY : EACH OCCURRENCE _ $ r=. DAMAGE TO RENTED CLAIMS-MADE 7 OCCUR - I PREMISES (Ea occurrence) $ / • -- MED EXP (Any one person} S PERSONAL & ADV INJURY $ GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $ POLICY FM 1 LOC PRODUCTS _ COMP%oF Aoo $ i OTHER: S AUTOMOBILE LIABILITY COMBINED SIN LE UM1 . $ , (Ea accden .. _. ANY AUTO BODILY INJURY (Per person) : $ OWNED SCHEDULED BODILY INJURY (Per accident) ! $ a. AUTOS ONLY AUTOS HIRED NON•OWNED PROPERTY DAMAGE ; $ ;_ _ AUTOS ONLY , AUTOS ONLY , (Per accident) . _---___ . $ UMBRELLA LIAR OCCUR EACH OCCURRENCE $•ris EXCESS LIAR CLAIM-MADE AGGREGATE $ _.. o RETENTIONS I $ - � , PER OTH- � WORKERS COMPENSATION 'AND EMPLOYERS' LIABILITY YIN - -- STATUTE ER EANYP'ROPRIETOR/PARINEE EXECUTIVE NIA E.L. EACH ACCIDENT $ _ . . .. -,---- __ ;OFFICERAIEMBER EXCLUDED? (Mandatory in NH) E.L. DISEASE - EA EMPLOYEE $ If yes, describe under . . -- -�-�- — - --- -- ------� DRIPTION OF OPERATIONS below E.L. DISEASE - POLICY LIMIT $ A : Claims Made Errors and y HGI-1023081 -00 11 -12-2018,1142-2019 Per Occurrence: $1 ,000„000 Omissions Coverage Aggregate: $1 ,O0Ot000 Professional Liability Retention : $1 ,000 DESCRIPTION OF OPERATIONS 1 LOCATIONS / VEHICLES (ACORD lot Acid l Tana, Remarks Schedule, may be attached If more space Is rsquinad) Appraisal of 1 -4 until residential properties Safeguard Properties Management, LLC and their clients are additional insureds under this policy I --- - ------- CERTI CATE HOLDER _ CANCELLATION Safeguard Properties Management, LLC 7887 Safeguard Circle SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN Valley View, Ohio 44125 ACCORDANCE WITH THE POLICY PROVISIONS. I Pd r AUTHORIZED REPRESENTATIVE taisaatair I 01988-2015 ACORD CORPORATION. All rights reserved. ACORD 25 (2016/03) The ACORD name and logo are registered marks of ACORD Fliatett Joseph SLio it State of Colorado a O RA Pta Bat 1667 Department of Regulatory Agencies � �, . s3 Di sion of Real Estate CO .7-sicr Board of Real Estate Appraisers Robert Joseph Salo it. C*4-317License #: 40(} 207 ' '' ` etitAktairit+) Certified i Status: Active Director: Marcia Waters Expires: 12/3112020 le ICI 1011 FP if= le 0 1111 For the most up to date information regarding this credential , visit http: / /dorm cotorado .gov/ dire X , IIt c lfw! P Y . - 0 as IL 0 to 9W 9 CV taw° En a alLs I * lir winta.10 4111,09+t p c) an Immiminnoi 65 alf . i op t 11.I ili ', c I ak Ln _slip on . ____ m -Nrib • I is. t , ass_ I , _as , i ta _ii izi . .. i'Uic)1.• sca n' it Q esi ikesk ' O t4j 1.A , ri saSIM a ; c IM149.1 11.1.1 SSISM itt % se in IP 0 4 In p .s.„„ho en tiiik liv illi 0 4F- ,419111 Jyyi f CL f_, .�.,— WI "Woe Ca ftftft., iii, :i. adrike il.a ,gm. ..rte ti en ammos, Ca 4) 1842 A ... 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