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Home My WebLink About20192873.tiffAugust 6, 2019 Petitioner: CIMINO GINA L 2658 17TH AVE GREELEY, CO 80631-8105 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2019-2873 Appeal 2008224655 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 R3693986 Stipulated - Approved Stipulated Value $256,844 $237,000 A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30) days of the date the denial is mailed to you. You must select only one of the following three (3) options for appeal: 1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate court. All appeals to the Board of Assessment Appeals filed after August 10, 2019, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2019, in addition to any other requirements under law, any petitioner appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall provide to the County Board of Equalization or to the Board of County Commissioners of the County in the case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable: (A) Actual annual rental income for two full years including the base year for the relevant property tax year; (B) Tenant reimbursements for two full years including the base year for the relevant property tax year; (C) Itemized expenses for two full years including the base year for the relevant property tax year; and (D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject. property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for two full years including the base year for the relevant property tax year. (II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within ninety days after the appeal has been filed with the Board of Assessment Appeals. (b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's request, the following information: (A) All of the underlying data used by the county in calculating the value of the subject property that is being appealed, including the capitalization rate for such property; and (B) The names of any commercially available and copyrighted publications used in calculating the value of the subject property. (II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b) shall redact all confidential information contained therein. (c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move the Board of Assessment Appeals to compel 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 eLtO.IG'l. 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 R3693986 STIPULATION (As To Tax Year 2019 Actual Value) RE PETITION OF : NAME: ADDRESS: Gina Cimino 2658 17TH AVENUE GREELEY CO 80631-8105 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: GR H-2-10 L10BLK2 HILLSIDELT LN ADJ 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 $256,844 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 $237,000 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: REVIEW OF ADDITIONAL SALES. 7. Both parties agree that: 2The hearing scheduled before the Board of Equalization on 7/26/2019 at 8:30 be vacated. nA hearing has not yet been scheduled before the Board of Equalization. 1 0019- 8* -13 "SG (03 DATED this 22 day of JULY , 2019 c`oa lean, Cimino (l),» 22, 20191 Petitioner(s) or Agent or Attorney Address: 2658 17th avenue Greeley colorado 80631 Telephone: 4437504388 Docket Number R3693986 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 R3693986/Cimino Final Audit Report 2019-07-22 Created: 2019-07-22 By: Debra Jakino (djakino@co.weld.co.us) Status: Signed Transaction ID: CBJCHBCAABAArWSw7pCOh7UrHylbpJdNHl1cgNo3T-Ju "R3693986/Cimino" History `i Document created by Debra Jakino (djakino@co.weld.co.us) 2019-07-22 - 7:49:09 PM GMT- IP address: 204.133.39.9 LT. Document emailed to Debra Jakino (djakino@co.weld.co.us) for approval 2019-07-22 - 7:49:10 PM GMT 6", Document approved by Debra Jakino (djakino@co.weld.co.us) Approval Date: 2019-07-22 - 7:49:18 PM GMT - Time Source: server- IP address: 204.133.39.9 1-1 Document emailed to TESSA GASTON (tgaston@weldgov.com) for approval 2019-07-22 - 7:49:19 PM GMT t Email viewed by TESSA GASTON (tgaston@weldgov.com) 2019-07-22 - 7:52:44 PM GMT- IP address: 204.133.39.9 6o Document approved by TESSA GASTON (tgaston@weldgov.com) Approval Date: 2019-07-22 - 7:54:11 PM GMT - Time Source: server- IP address: 204.133.39.9 C* Document emailed to Brenda Dones (bdones@co.weld.co.us) for signature 2019-07-22 - 7:54:12 PM GMT ti Email viewed by Brenda Dones (bdones@co.weld.co.us) 2019-07-22 - 8:10:08 PM GMT- IP address: 204.133.39.9 Document e -signed by Brenda Dones (bdones@co.weld.co.us) Signature Date: 2019-07-22 - 8:10:43 PM GMT - Time Source: server- IP address: 204.133.39.9 Document emailed to Gina Lee Cimino (destinationlife2012@gmail.com) for signature 2019-07-22 - 8:10:44 PM GMT t Email viewed by Gina Lee Cimino (destinationlife2012@gmail.com) 2019-07-22 - 9:23:31 PM GMT- IP address: 97.118.102.156 Adobe Sign Document e -signed by Gina Lee Cimino (destinationlife2012@gmail.com) Signature Date: 2019-07-22 - 9:27:09 PM GMT - Time Source: server- IP address: 97.118.102.156 E Document emailed to Karin McDougal (weld-cboe@weldgov.com) for signature 2019-07-22 - 9:27:10 PM GMT t Email viewed by Karin McDougal (weld-cboe@weldgov.com) 2019-07-22 - 10:11:49 PM GMT- IP address: 204.133.39.9 do Document e -signed by Karin McDougal (weld-cboe@weldgov.com) Signature Date: 2019-07-22 - 10:23:23 PM GMT - Time Source: server- IP address: 204.133.39.9 O Signed document emailed to canaya@weldgov.com, Brenda Dones (bdones@co.weld.co.us), TESSA GASTON (tgaston@weldgov.com), Karin McDougal (weld-cboe@weldgov.com), and 2 more 2019-07-22 - 10:23:23 PM GMT wits Adobe Sign --card- Detverecl NOTICE OF DETERMINATION RECEIVED Brenda Dones Weld County Assessor 1400 N 17th Ave Greeley, CO 80631 JUL 1 5 2019 WELD COUNTY COMMISSIONERS Date of Notice: 6/25/2019 Telephone: (970) 400-3650 Fax: (970) 304-6433 Office Hours: 8:00AM — 5:00PM ACCOUNT NO, TAX YEAR TAX AREA LEGAL DESCRIPTION! PHYSICAL LOCATION R3693986 2019 0600 GR H-2-10 L10BLK2 HILLSIDELT LN ADJ 2658 17TH AVE GREELEY PROPERTY OWNER CIMINO GINA L 2658 17TH AVE GREELEY, CO 80631-8105 PROPERTY CLASSIFICATION ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW RESIDENTIAL 256,844 256,844 TOTAL 256,844 256,844 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: AL01 - Your property has been uniformly valued fob been denied due to comparison of other s► Colorado law. Your pr�oLest4f=vake has which sold during/the Jan 2017 to June 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 16. 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-DPT-AR PR 207-08/13 R3693986 2019-2873 A50103 APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 25th through August 5th at 1150 O Street. To appeal the Assessor's 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 O Street, P.O. Box 758 "GTe ey, 80631 Telephone: (970) 356-4000 ext, 4225 Online: www.co.weld.co.us/appsl/cboe/ 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 required to prove that you filed a timely appeal; therefore, we recommend that all correspondence be mailed with proof of mailing. You will 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, § 39-8-107(2), C.R.S. If 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 District Court 1313 Sherman Street, Room 315 Contact the District Court in the County Denver, CO 80203 where the property is located. See your (303) 866-5880 local telephone book for the address and www.dola.colorado.govlbaa telephone number. Binding Arbitration For a list of 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, § 39-1-120(3), C.R.S. 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 § 39-8-106(1.5), C.R.S.) $ ass-, OOO What is the basis for your estimate of value or your reason for requesting a review? (Please attach additional sheets as necessary and ' . • •rti g documentation, i.e., comparable sales, rent roll, original installed cost appraisal, etc.) 11 pals C o m PAQ.f 2 t tJ my Ass cS T 'l (JT sv 10 441 NFL. ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein a •n any a ac,gg-nts hereto are true and complete. ignatu Telephone Number Date b es -1i NArTI oKl U Fe Zo I Z ® 6 -MM L, CoM Email Address 'Attach letter of authorization signed by property owner. ≥o/' 15-DPT-AR PR 207-08/13 R3693986 Ci FhUNA Case Na. arabi"e Photo Page sJlrl.�S b eep f -1o°7 e `' co Borrower/Client Gina Cimino Property Address 2658 17th Ave County Weld City Lender Greeley Elevations Credit Union State CO Zip Code 80631 Comparable1 2612 21st Ave Prox. to Subject 0.33 miles W Sale Price 234,500 f 3/I �`} ! �' Gross Living Area 875 h_� Y Total Rooms 5 W 1 i E3 Q � � Veri Total Bedrooms 2 n A �. y i Tot Loc al Bathrooms User .��.., J,tiN+�i Site Q4 sf n Quality Q4 Y Age 56 p/�..A,i fli.D D t uhf" N` iTS =f Dry TfJPJ;:Itf:rctlpf Alme' v��T LP Comparable 2 �m 1,?i 1tilLmi ! 2629 22nd Ave I' `Q 1 Prox to Subject 0.48 miles W VjC 1 Sale Price 0 M Grao 1,131 iss Living Area 1,131 y (�7'� � /TatalRooms 6 rooms 3 p 1Prnt ',,ry 04, Total B01 Total edrrooms 1.0 Uf 0 Pat 0 b �y "" /1 Location N;Res; "' 7�� /s DO01 View N;Res; u Q,��{- Site 6600 sf 511/21(.4,-/ %off 0 P 0 • Quality Q4 Age 55 40 (It ©/v1 14�Q O j c,�n�Pe, �JNI&1.4.4 e)PiSe Malt Comparable 2122 27th St Prox. to Subject 0.41 miles W Sale Price 235,000 Living Area b Air, y 7- Gross 1,026 Total Rooms 6 �41 Total Bedrooms 3 -.5" Total Bathrooms 1.0 "�' `' s� Vie Location N;Res; 1 POOt View N;Res; Site 7680 sf / Quality Q4 t , V Age 55 , FHANA Case No. Comparable Photo Page Borrower/Client Gina Cimino Property Address 2658 17th Ave City Greeley County Weld State CO Zip Code 80631 Lender Elevations Credit Union 6 �110'1 Gross Living Area Total Rooms �� Total Bedrooms 400 Total Bathrooms Location View Site Quality Age Compara i 4 2612 15th Avenue Ct Noy. to Subject 0.20 mites HE Sales Price 240000 1 Gross Living Area 1026 Total Rooms 6 Total Bedrooms $ Total Bathrooms 1.0 �. a CAM, Location N;Res; ` �+ View N;Re , \ Site 77 sf \� o 0014_ 6K-it.) 58 � ��►Vr"' M CIO MQ�1 1 �,jW�oN �� PSW TV Daoa5 Vo0o1't '(7t/ -1\` O. vpa ° lcrro Comparable5 2527 21st Ave Ct Pron. to Subject Sales Price 0.40 miles NW 250000 1026 5 �! 2 3 2.0 N;Res; N;Res; 8360 sf t✓� .e2 c4L-. w blot Compara 2551 18th Ave Prox. to Subject Safes Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Site qua" Age 6 0.22 miles N 239900 1,306 e 2AS 6 3 5 1.0 a. 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Oosetl ii0o(t - P osr)- Nat* 00 -o (n Nom- si NlL Jtm-c-h.Ps O fl (s) i/F'to vJ Median Price $264,950 $250,000 $215,000 38 x 27 = 1026 12 x 12 = 144 27 x 38 = 1026 27 x 11.5 = 310.5 ADOM/ACDOM 28/28 29/29 38/40 Kitchen 13/13 36138 FHAVA -Case No. FHANA Case No. Austin & Austin Appraisal Service 1823 65th Ave, Suite 2 Greeley, CO 80634 Elevations Credit Union 2960 Diagonal Highway Boulder, CO 80301 Re: Property: 2658 17th Ave Greeley, CO 80631 Borrower. Gina Cimino File No.: 2658 17th Ave CAM PAD (0 Gamp'b IN ua)DeA FM V In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. The purpose of this appraisal is to estimate the market value of the property described in this appraisal report, as improved, in unencumbered fee simple title of ownership. This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The value conclusions reported are as of the effective date stated in the body of the report and contingent upon the certification and limiting conditions attached. It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additional service to you. Kenton A Sick CR01320540 Certified Residential Appr. FHANA Case No a Borrower/Client Gina Cimino File No. 2658 17th Ave Property Address 2658 17th Ave City Greeley County Weld State CO Zip Code 80631 Lender Elevations Credit Union TABLE OF CONTENTS Letter of Transmittal 1 Summary of Salient Features 2 USPAP Identification Addendum 3 URAR 4 URAR 5 Additional Comparables 4-6 6 URAR 7 URAR 8 URAR 9 URAR 10 General Text Addendum 11 Subject Photos 13 Photograph Addendum 14 Photograph Addendum 15 Photograph Addendum 16 Comparable Photos 1-3 17 Comparable Photos 4-6 18 Building Sketch (Page - 1) 19 Building Sketch (Page - 2) 20 Location Map 21 Location Map 22 Neighborhood Boundaries Map 23 Market Conditions Addendum to the Appraisal Report 24 Photograph Addendum 25 Photograph Addendum 26 CMA 27 UAD Definitions Addendum 28 License 31 E & 0 - Page 1 32 E&O-Page2 33 Form TOCP - "TOTAL" aooraisal software by a la mode. Inc. - 1-800-ALAMODE FHA/VA Case No. SUMMARY OF SALIENT FEATURES 0 c_., Subject Address 2658 17th Ave Legal Description Lot 10 Block 2 Hillside City Greeley County Weld State Co Zp Code 80631 Census Tract 0009.00 Map Reference 24540 co Sale Price S Date of Sale Borrower/Client Gina Cimino Lender Elevations Credit Union j. .c c- 0 0 r r. E l) Sae (Square Feet) 1,026 Price per Square Foot S Location N,Res; Age 58 Condition C4 Total Rooms 6 Bedrooms 3 Baths 1.0 us --c c_ G c Appraiser Kenton A Sick Date of Appraised Value 01/08/2018 Opinion of Value S 237,000 www.AustinAustinAppraisal.com Uniform Residential Appraisal Report FHANA case No. 907315 File # 2658 17th Ave The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address 2658 17th Ave City Greeley State CO Zip Code 80631 Borrower Gina Cimino Owner of Public Record Gina Cimino County Weld Legal Description Lot 10 Block 2 Hillside Assessor's Parcel # 096118425010 Tax Year 2016 R.E. Taxes $ 924 Neighborhood Name Hillside/Farrs MaMM p Reference 24540 Census Tract 0009.00 W Occupant Owner ❑ Tenant ❑ Vacant Special Assessments $ 0 ❑ PUD HOA $ 0 ❑ per year ■ per month Property Rights Appraised ® Fee Simple ❑ Leasehold ❑ Other (describe) v' Assignment Type ❑ Purchase Transaction X Refinance Transaction ❑ Other (describe) Lender/Client Elevations Credit Union Address 2960 Diagonal Highway, Boulder, CO 80301 Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? ❑ Yes BI No Report data sources) used, offering price(s), and date(s). MLS Tres I ❑ did ❑ did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. 1— U g Contract Price $ Date of Contract Is the property seller the owner of public record? ❑ Yes ❑ No Data Source(s) z Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? ❑ Yes ❑ No ° If Yes, report the total dollar amount and describe the items to be paid. Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics One -Unit Housing Trends One —Unit Housing Present Land Use % Location ❑ Urban ® Suburban ❑ Rural Properly Values X Increasing ■ Stable ❑ Declining PRICE AGE One -Unit 70 % o Built -Up ® Over 75% ❑ 25-75% ❑ Under 25% Demand/Supply X Shortage ❑ In Balance ❑ Over Supply $ (000) (yrs) 2-4 Unit % o Growth ❑ Rapid ® Stable ❑ Slow Marketing Time ® Under 3 mths ❑ 3-6 mths ❑ Over 6 mths 125 Low 35 Multi -Family 20 % § Neighborhood Boundaries Reservoir Road to the West and north, 24th Street to the north, Highway 34 400 High 80 Commercial 5 % °° By-pass to the south and 8th Avenue to the east. 175 Pred. 60 Other 5 % Neighborhood Description Farrs/Hillside/Brentwood is a subdivision developed during the 1950's and 1960's on Greeley's south side. It is made up CD D entirely of brick and frame ranch styled houses and has remained vibrant and popular throughout its history. Many houses are being remodeled z and upgraded. The subdivision's south end borders Highway 34 Bypass. Other land noted are the city parks. Market Conditions (including support for the above conclusions) Recent value trends support a strong market with high demand and limited inventory. Financing concessions prevalent. Greeley/MLSdata reflects as of 09/2017, 8.7% decrease to active listings, DOM-51/20.3% decrease, total year to date sale volume is down 7.3% and increased in median sale price for the Greeley/Evans market is up 18% for the same month in the prior year 8 9.8% for the year. This is for the broader Greeley/Evans Market. See MC for Nbr data. Dimensions 112x134x108x136 Area 14931 sf Shape Rectangular View N;Res; Specific Zoning Classification RL Zoning Description Residential Low Density Zoning Compliance ® Legal ❑ Legal Nonconforming (Grandfathered Use) ❑ No Zoning ❑ Illegal (describe) Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? ® Yes ❑ No If No, describe Other uses were considered, residential is Highest and Best. Can be rebuilt by residential. Utilities Public Other (describe) Public Other (describe) Off -site Improvements -Type Public Private F Electricity ® ❑ Xcel Water ® ❑ Greeley Street Asphalt ® ❑ it Gas ® ❑ Atoms Sanitary Sewer ® ❑ Greeley Alley None ❑ ❑ FEMA Special Flood Hazard Area ❑ Yes ® No FEMA Rood Zone x FEMA Map # 08123C1540E FEMA Map Date 01/20/2016 Are the utilities and off -site improvements typical for the market area? ® Yes ❑ No If No, describe Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? ❑ Yes X No If Yes, describe See attached addenda. General Description Foundation Exterior Description materials/condition Merits materials/condition: Units X One ❑ One with Accessory Unit ❑ Concrete Slab ❑ Crawl Space Foundation Walls Concrete/avg Floors Wd/Crpt/gd # of Stories 1 ® Full Basement ❑ Partial Basement Exterior Walls Brick/Siding/avg Walls Plaster/avg Type ® Det. ❑ Att. ❑ S-Det/End Unit Basement Area 1,026 sq.ft. Roof Surface Comp/gd Trim/Finish Wd/pntd/avg ® Existing ❑ Proposed ❑ Under Const. Basement Finish 80 %Jutters 8 Downspouts Metal/avg Bath Floor Vinyl/avq Design (Style) Ranch ❑ Outside Entry/Exit ❑ Sump Pump Window Type Vinyl/Avg l Bath Wainscot Tile/avg Year Built 1960 Evidence of ❑ Infestation Storm Sashansulated DP/avq Car Storage ❑ None Effective Age (Yrs) 20 ❑ Dampess ❑ Settlement `SGCegns Mesh/ d g Driveway # of Cars 1 Attic ❑ None Heating RI FWA f ❑ HWBB to Radiant Amenities Woodstove(s) # 0 Driveway Surface Concrete ❑ Drop Stair ❑ Stairs ❑ Other I Fuel Gas ❑ Fireplace(s) # 0 ® Fence Wood ® Garage # of Cars 1 ❑ Floor ® Scuttle Cooling ® Central Air Conditioning ® Patio/Deck Patio ❑ Porch None ❑ Carport # of Cars 0 ❑ Finished ❑ Heated ❑ Individual (x Other WHF ❑ Pool None ❑ Other None ® AtL ❑ Det. ❑ Built-in Appliances ® Refrigerator ® Range/Oven ® Dishwasher ® Disposal ❑ Microwave ❑ Washer/Dryer ❑ Other (describe) Finished area above grade contains: 6 Rooms 3 Bedrooms 1.0 Bath(s) 1,026 Square Feet of Gross Living Area Above Grade Q Additional features (special energy efficient items, etc.). See attached addenda. o_ - • Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). C4•No u • dates in the • rior 15 years, here are no apparent functional inadequacies. The construction quality is typical for the area. Based on maintenance, con • t • • companson to competing neighborhood i e estimate • e ec ye age is •e ow 1 e actual age. Utilities and Water were on and functional at time of inspection. Co detector is present. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? ❑ Yes ® No If Yes, describe Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? ® Yes ❑ No If No, descrte Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD - "TOTAL" appraisal software by a la mode. inc. - 1-800-ALAMODE Uniform Residential Appraisal Report I FHNVA Case No. I 907315 File # 2658 17th Ave Pc5 OD z z w 2 n O U z O a 0 a COST APPROACH TO VALUE (not required by Fannie Mae) Provide adequate information for the lender/client to replicate the below cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) The Land to improvement ration is typical for the area. Depreciation is based on the age and condition of th improvements and is calculated by the use of the age/life method. The cost approach estimates are supported by the Marshall & Swift cost Handbook, local cost indicators and contractors. The site value is estimated by the extraction method and additional support by any MLS sold or offering data. Not intended for insurance use. 3 ESTIMATED ❑ REPRODUCTION OR ® REPLACEMENT COST NEW OPINION OF SITE VALUE =$ 60,000 p Source of cost data Marshall & Swift DWELLING 1,026 Sq.Ft. @ $ 108.66 =$ 111,485 Quality rating from cost service Average Effective date of cost data 01/2018 Basement 1,026 Sq.Ft. @ $ 56.23 =$ 57,692 < Comments on Cost Approach (gross living area calculations, depreciation, etc.) Deck/Patio/Fixtures =$ 8,565 in Garage/Carport 311 Sq.Ft. @ $ 26.92 =$ 8,372 o Site Improvements include septic, and landscaping, Total Estimate of Cost -New =$ 186,114 Less Physical Functional External Depreciation 62,032 =5( 62,032) Depreciated Cost of Improvements =$ 124,082 "As -is" Value of Site Improvements =$ 40,000 Estimated Remaining Economic Life (HUD and VA only) 40 Years INDICATED VALUE BY COST APPROACH =$ 224,082 W INCOME APPROACH TO VALUE (not required by Fannie Mae) o Estimated Monthly Market Rent S X Gross Rent Multiplier = $ Indicated Value by Income Approach z Summary of Income Approach (including support for market rent and GRM) Highest and best use is as owner occupied PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in control of the Homeowners' Association (HOA)? ❑ Yes ❑ No Unit type(s) ❑ Detached ❑ Attached Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit. Legal Name of Project z Total number of phases Total number of units Total number of units sold o Total number of units rented Total number of units for sale Data source(s) 2 Was the project created by the conversion of existing building(s) into a PUD? E Yes E No If Yes, date of conversion. oDoes the project contain any multi -dwelling units? E Yes E No Data Source z Are the units, common elements, and recreation facilities complete? E Yes ❑ No If No, describe the status of completion. 0 J a Are the common elements leased to or by the Homeowners' Association? ❑ Yes ❑ No If Yes, describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1004 March 2005 Form 1004IJAD -'TOTAL° aonraisal software be a la made. ins. -1-800-ALAMODE H�4 N\ P p\ -4)0b (,6 J'Je/0 /1J Psi Ppr'1 SC�i FHAVA Case No Location Map Borrower/Client Gina Cimino Propey Address 2658 17th Ave City Greeley Lender Elevations Credit Union County Weld State COZip Code 80631 a la mode, Inc VJ Cermauiial �✓A COMPARABLE No. S 2577 71st Avenue Ct 0.40 miles NW COMPARARI E No. ? 2629 22nd Ave 0.48 miles W COMPARABLE No. 3 2122 27th St 041 miles W 132S'i CoMQAtubt.) COMPARABLE No. 6 2551 18th Ave 0.22 miles NW COMPARABLE No. 1 2612 21st Ave 0.33 miles W COMPARABLE No. 4 2612 15th Avenue Ct 0,20 miles NE SUBJECT 2658 I1th Ave BYP 1305 ;?et COMP btieS d5fip NP(1--Ai&�L y1 FHAVA Case No Uniform Residential Appraisal Report 907315 File # 2658 17th Ave There are 3 comparable properties currently offered for sale in the subject neighborhood ranging in price from S 249 900 to S 275,000 There are 79 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from S 155,500 to $ 385.000 FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 2658 17th Ave 2612 21st Ave 2629 22nd Ave 2122 27th St Greeley, CO 80631 Greeley, CO 80631 Greeley, CO 80631 Greeley,CO 80631 Proximity to Subject F 10.33 miles W 0.48 miles W .0.41 miles W Sale Price :S S 234,5001 240,000! iS 235,000 Sale Liv. Area S sq.ft. 268.00 sq.ft. Data Source(s) RES#836907•DOM 12 RES#835057 DOM 4 RES#833109 D_ (� OM 7 _- -._ Verification Source(s) !Weld Assr/Files SP/LP=100% • eld Assr/Files SP/LP=102% Weld Assr/Files SP/LP=100% VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) S Adjustment I DESCRIPTION : +1) S Adjustment DESCRIPTION +O S Adjustment Sales or Financing I IArmLth-ArmLth ArmLth Concessions I ! Conv;0 FHA'5000 -5 000VA.° Date of Sale.!Time I 's12/17:c11/17 .s11/17;c10/17 I s10/17.c09/17 +2,820 _ Location N'Res• N;Res; N.Res; N;Res� Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple • Site I 14931 sf _10309sf ! 06600sf+5,000:7680sf +4,000 View N;Res: N Res1 N;Res, N• :Res; Design (Style) :DT1;Ranch DT1;Ranch DT1;Ranch .DT1•Ranch Oua44ty of Construction Q4 • Q4 - Q4 Q4 Actual Age 58 56 0 55 0'.55 0 Condition ' C4 C4 ' C4 C4 Above Grade Total Bdrms. Baths Total .BdrrnsH Baths Total Bdrms.a Baths Total 8drms. Baths Room Count 6 3 • 1.0 5 2 1.0 0 6 3 ; 1.01 --- 6 3 1.0 , Gross Living Area 1,026 sq.ft., 875 sq.ft. +10,600 1,131 sq.ft. -7,400' 1.026 s .ft.' Basement & Finished 1026sf821sfin • 875sf825sfin 0 880sf715sfin 0 1026sf974sfin 0 Rooms Below Grade i 1 rr2br1.0baOo 1 rr1 brl .ObaOo I 0 2rr1 brl .0ba0o +21100,1 rr2br1.0ba0o -3,100 Functional Utility Average Average • Average Average c=i HeatinpCooling , FA/AU/VHF FA/AC - +1,000 FA/AC +1,003 FAJAC/WHF • Energy Efficient Items None None None None Garage/Carport , lgaldw 2gd2dw-7,500:1galdw '.lgaldw a Porch/Patio/Deck Patio ' Patio Patio I Patio • Amenities None FP - -2.000 None None — Landscaping Average Average Average Average — Adjustment (Total) L I A 2 100' + l... _..._ --_ AdjustedSaleNet Ad' + 0.9 %' SR S -4,300 $ + S 3,720 I i. Net Adj. 1.8 % !Net Adj. 1.6 % of Comparables GrossAdj. j.subl9.0 % S 236 600. Gross Adj. 8.5 %; $ 235,700- Gross Adj. 4.2 %, S 238,720 of I X did di property and comparable sales. If not, explain d not research the sale or transfer history My research X did ___ did not reveal any prior sales or transfers of the subgt property for the three years prior to the effective date of this appraisal. Data Source(s)MLS/Weld Coup Ass Public Records My research _ _ did X did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data Source y) MLSfWetd County Ass Public Record Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior Sale,Transfer 12/12/2016 10/17/2014 12/10/2015 08/19/1997 Price of Prior Sale/Transfer $217.000 • $137,500 $171,750 $87,000 Data Source(s) ,,Weld Co Assr Public Record CoreLogLc/CoRecds CoreLogic/Co Recds CoreLo ic/Co Recds - -_ Effective Date of Data Sourcef l '01/08/2018 01/09/2018 01/09/2018 01/09/2018 Analysis of prior sale or transfer history of the subject property and comparable sales All prior transfers are listed above. The subject's prior sale was a market transaction. Summary of Safes Comparison Approach See attached addenda. _ Indicated Value by Sales Comparison Approach $ 237,000 Indicated Value by: Sales Comparison Approach S 237,000 Cost Approach (if developed) S 224,082 Income Approach (if developed) $ The sales comparison approach is considered to most resemble a typical buyer's thinking and is therefore given is the basis of the market value. The cost approach is included but no weght isgiivvven.Income approach is NOT included as this is a owner occupied neighborhood. See addenda for detailed reconciliation. _ This appraisal is made I$ 'as is", E subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed. ', subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or 7, subject to the require i rasp xtraordinary assumption that the condition ordeficiencLdoes not require alteration or repair: Based on a complete visual inspection of the lnt= •r and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) . .inion of the market value, as defined, of the real property that is the subject of this report is S 237,000 , as of 01/08/2018 , which is the date of inspection and the effective date of this appraisal. m p, bLeS US1 APP(AiS&L - FHAVACase No, rm Residential Appraisal Report 907315 File'# 2658 17th Ave FEATURE SUBJECT COMPARABLE SALE #4 COMPARABLE SALE #5 COMPARABLE SALE #6 Address 2658 17th Ave 2612 15th Avenue Ct 2527 21st Avenue Ct 2551 18th Ave Greeley, CO 80631 Greeley, CO 80631 Greeley, CO 80631 Greeley, CO 80631 Proxima to Subject a 0.20 miles NE 0.40 miles NW 0.22 miles NW Sale Price S S 240,000 IS 250 000' i S 239,900 Sale PriceiGross Liv. Area S sq.ft. S 233.92 sq.ft. S 243.66 sq.ft. I IS 183.69 sq -ft., Data Source(s) IRES#830372;DOM 38 IRES#837983_DOM4 IRES#838758;DOM 2 Verification Source(s) Weld Assr/Files SP/LP=100% Weld Assr/Files SP/LP=100% Weld Assr/Files SP/LP 100% I VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +1-) S Adjustment DESCRIPTION +(-) S Adjustment 7 DESCRIPTION +(-) S Adjustment Sales or Financing I ArmLth Listing ArmLth Concessions I Conv,O ,_,_ Date of Sale,Tme . s09/17:c08/17 +3,600 c12117 c01118 Location N;Re-s; N:Res: NRes: N._Res; = Leasehold'FeeSimple Fee Simple Fee Simple Fee Simple Fee Simple +4,000 8360 sf +4,00014104 sf 0 Site I 14931 sf 7744 sf a New N,Res N Res,_ N:Res: N;Res• — ------ -- _--- _ Z DesignjStyle) DTtRanch DT1Ranch , DT1,Ranch DT1;Ranch y Quality of Construction Q4 Q4 Q4 ; Q4 Ce Actual a . _ 58 C3 - --10 000 C3 -10,000�� a .C4 Conditinre O Above Grade Total Bdrms. Baths Total Bdrms Baths', Total Bdnns.1 Baths 1 Total Bdrms. Baths co Room Count 6 3 ! 1.0_ 6 3 1.0 5 2j 2.0 8,000 6 j 3 1 0 •_— __. _._ a Gross LivinjArea 1 026sq.ft. 1.026 sq.ft.' 1_026 sot. t 1.306 sq ft. _19,600. N Basement & Finished 1026sf821 sfin 1026sf750sfin 0 1026sf900sfin 0 1026sf608sfin 0 Rooms Below Grade ',1rr2brl.ObaOo 2rrlbr1.0ba0o +1,4001rribri.0baOo-1600'1rr2brl.Oba0o+4,300 er Functional Utility 'Average Average _ Average I Average vera - I +1,000 +1.000 Heating/Cooling FA/ACA/VHF FA/ACFA/AC +1,000 Energy Efficient hems None None None ! I None Garage/Carport 1 lgaldw lgatdw_ ' 1ga1dw— g aldw PorchPatio//Deck Patio Patio Porch/Patio OI Patio Amenities None None None None Landscaping Average Average Good _ 0 Average I X_ - $ 14,600_ X 5 14 300 Net Adjustment Ad ustment Total L+ $ 0 ) _ _+ _- ---- Net Adj. 0.0 % Net Adj. 5.8 % 1, Net Ad .+ 6.0% j j Adjusted Sale Pnce Adj. %', S Gross Adj. 9.8 � ! $ 235 400. of Comparables , Gross ) 8.3 240,000 IGross Adl. 10.4 % S 225,600 and p analysis pr storof the sut y yect pso�esty c ocnoabte sates (report additional r sates ore page 3). Report the results Di the research and of the or sale os trans er r COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE #6 ITEM SUBJECT '� Date of Prior Sate,Transfer 12/12/2016 05/17/2013 04/29/2013 ' 11/19/2014 Pnce of Prior Sale/Transfer $217,000 $1.51,505 $154 499_._ $169,900 ,., _ p Data Sourcejs) _.__ Weld Co Assr Public Record CoreLogic/Co Recds , CoreLogic/Co Recds - CoreLogic/CoRecds—__—____ v, Effective Date of Data Source(s) 01/08/2018 01/09/2018 01/09/2018 01/09/2018 w Analysis of prior sale or transfer history of the subject property and comparable safes J N Analysis/Comments u, r- - w w O N 6 >- ..., Freddie Mac Form 70 March 2005 UAD Version 9/2011 Fannie Mae Form 1004 March 2005 USPAP ADDENDUM FHANA Case No. 907315 File No. 2658 17th Ave Borrower Gina Cimino Property Address 2658 17th Ave City Greeley County Weld State CO Zip Code 80631 Lender Elevations Credit Union This report was prepared under the following USPAP reporting option: k,', Appraisal Report This report was prepared in accordance with USPAP Standards Rule 2-2(a). ■ Restricted Appraisal Report This report was prepared in accordance with USPAP Standards Rule 2-2(b). Reasonable Exposure Time My opinion of a reasonable exposure time for the subject property at the market value stated in this report is: 0-3 months as supported by the data utilized in the comparable search and the MC addendum. Additional Certifications I certify that, to the best of my knowledge and belief: e I have NOT performed services, as an appraiser or In any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. II I HAVE performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Those services are described in the comments 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 are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - Unless otherwise indicated, I have made a personal Inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). Additional Comments As you have requested, I have preformed a complete interior and exterior inspection the subject property. The scope of this appraisal is to provide a Summary report for the use of the client. The intended use of this report is for Elevations Credit Union for lending purposes. This report was performed under USPAP guidelines. **DIGITAL SIGNATURES: The signature affixed to this report and certification were applied by the original appraiser and represent his acknowledgement of the facts, opinions and conclusions found in the report. The appraiser applied his signature electronically using a password encrypted method. Hence this signature has more safeguards and carry the same validity as the individual's hand applied signature. APPRAISER: i SUPERVISORY APPRAISER: (only if required) Signature: Signature: Name: Kenton A Sick Name: Date Signed: 01/09/2018 Date Signed: State Certification #: CR1320540 State Certification #: or State License #: or State License #: State: CO State: Expiration Date of Certification or License: 12/31/2018 Expiration Date of Certification or License: Effective Date of Appraisal: 01/08/2018 Supervisory Appraiser Inspection of Subject Property: • Did Not ■ Exterior -only from Street • Interior and Exterior Form In14AP - "TIITAI " annraical gnftware by a la mnrla inn-1-Rnm-A1 AAArnF FHANA Case No. 907315 Market Conditions Addendum to the Appraisal Report File No. 920675381157th Ave Pic The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009. Property Address 2658 17th Ave City Greeley State CO ZIP Code 80631 Borrower Gina Cimino Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the data in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc. Inventory Analysis Prior 7-12 Months Prior 4-6 Months Current — 3 Months Overai Trend Total # of Comparable Sales (Settled) 35 24 20 ❑ Increasing 7.4 Stable Li Declining Absorption Rate (Total Sales/Months) 5.83 8 6.67 ❑ Increasing ® Stable ❑ Declining Total # of Comparable Active Listings 8 10 3 X Declining ■ Stable • Increasing Months of Housing Supply (Total Listings/Ab.Rate) 1.37 1.25 0.45 X Declining ❑ Stable ❑ Increasing Median Sale & List Price, DOM, Sale/Ust % Prior 7-12 Months Prior 4-6 Months Current —3 Months Overall Trend Median Comparable Sale Price $210,000 $215,000 $232,250 X Increasing ❑ Stable ❑ Declining Median Comparable Sales Days on Market 41 36.5 40 ❑ Declining ® Stable ❑ Increasing 71 Median Comparable List Price $220,000 $212,500 $264,950 X Increasing ■ Stable ❑ Declining > Comparable Listings Days on Market 28 22 42 ■ Declining r...4Median � Stable ❑ Increasing at i Median Sale Price as % of List Price 101.6 100.02 99.43 ❑ Increasing ® Stable ❑ Declining Seller -(developer, builder, etc.)paid financial assistance prevalent? ® Yes ❑ No ❑ Declining ® Stable ❑ Increasing i cc Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns. closing costs, condo fees, options, etc.). The IRES MLS indicates there were 79 closed sales during the past 12 months and 28 of those sales contained seller m concessions which is 35% of the total transactions in this market area. Prior Months 7-12: 35 Sales; 14 with concessions; 40% of sales for this period. 4-6: 24 Sales; 7 with concessions; 29% of sales for this period. 0-3: 20 Sales; 7 with concessions; 35% of sales for this period. w The concessions ranged between $400 and $6,000. The median concession amount is $2,488. sAre foreclosure sales (REO sales) a factor in the market? ❑ Yes ® No If yes, explain (including the trends in istings and sales of foreclosed properties). The data used in the grid above does not indicate there were any REO/Short sales or other distressed properties associated with the reported transactions. However, this is not a mandatory reporting field for agents and there may be some distressed sales that were not reported. It is beyond the scope of this assignment to confirm each sale used in the Market Conditions Report. Cite data sources for above information. The IRES MLS was the data source used to complete the Market Conditions Addendum. Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. Effective Date: Tuesday, January 09, 2018 Market trend continue to support the strong market with increasing values. Data is for all ranch styled homes. Attached is the MCA data and graphs reflecting increasing values, a .3%/month market condition adjustment is applied to contract dates in excess of 90 days. N the subject is a unit In a condominium or cooperative project , complete the following: Project Name: Subject Project Data Prior 7-12 Months Prior 4-6 Months Current — 3 Months Overall Trend Total # of Comparable Sales (Settled) H Increasing ❑ Stable H Declining Absorption Rate (Total Sales/Months) ❑ Increasing ■ Stable ❑ Declining Total # of Active Comparable Listings ❑ Declining ■ Stable ❑ Increasing Months of Unit Supply (Total Listings/Ab.Rate) El Declining ❑ Stable ❑ Increasing in lc -3 Are foreclosure sales (REO sales) a factor in the project? E Yes H No If yes, indicate the number of REO listings and explain the trends foreclosed properties. in listings and sales of w O O U- a a 0 0 0 a O Summarize the above trends and address the impact on the subject unit and project. Signature ' Signature cc Appraiser Name Kenton A Sick Supervisory Appraiser Name N Company Name Austin & Austin Appraisal Services Company Name It Company Address 1823 65th Avenue, Suite #2, Greeley, CO 80634 Company Address o. State License/Certification # CR1320540 State CO State License/Certification # State Email Address kent@austin-austin.com Email Address Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009 Form 1004MC2 -"TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Supplemental Addendum File No. 2658 17th Ave FHANA Case No. PO I Borrower/Client Gina Cimino Property Address 2658 17th Ave City Greeley County Weld State CO by Code 80631 Lender Elevations Credit Union Scope of Work Summary CLIENT: Elevations Credit Union SUBJECT PROPERTY: 2658 17th Ave Greeley, CO, 80631 SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report from, including the following definition of market value. statement of assumptions and limiting conditions and certifications. The appraiser must at a minimum: 1. perform a complete visual inspection of the interior and exterior areas of the subject property, 2. inspect the neighborhood, 3. inspect each of the comparable sales from at least the street, 4. research, verify, and analyze data from reliable public and/or private sources, and 5. report his analysis, opinions, and conclusions in this appraisal report. INTENDED USERS: The Intended Use of this appraisal report is Elevations Creidt Union. No additional Intended Users are identified by the appraiser. INTENDED USE: The Intended Use of this report is to assist in establishing an opinion of market value of the subject property, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report from, and Definition of Market Value. This report is not intended for any other use. The appraiser is not responsible for unauthorized use of this ort. DEFINITION OF MARKET VALUE: "The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus." INTEREST VALUED: The interest appraised is a Fee Simple Estate. DISCLOSURE OF ANY PRIOR SERVICES: In accordance with 2018-2019 USPAP. I have performed services as an appraiser regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. EFFECTIVE DATE: I have made a visual interior and exterior inspection of the property, taken photos, and measured all improvements on 01/08/2018 which is the effective date of this report. RESEARCH/VERIFICATION: Extensive research has been conducted so that a complete report of all pertinent information can be presented. Market research includes the local MLS, (Iresis & Metro -List) and Public Records. Verification of the comparable sales were through MLS, Country Records, Internal Files, and involved Realtors. County Records were reviewed for the ownership of the subject property. Regional and neighborhood analysis and trends were also researched. Dodd -Frank Compliance No employee, director, offer or agent of the lender, or any other third party acting as a joint venture partner, independent contractor, appraisal management company, or partner on behalf of the lender 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. Declaration: The appraiser provides an opinion of value, which is based on visual observation of the subject property. The appraiser is not a licensed home inspector, engineer, plumber, electrician, general contractor, test or environmental inspector. Obvious defects found on the subject property are noted in the appraisal, but the appraiser is unable to observe areas hidden by finished walls, personal items or immovable objects. The appraiser is not qualified in law, title research, surveys, hazard material determination, flood zone analysis, engineering, electrical systems, heating systems, plumbing systems, structural engineering or other matters of a legal or structural nature. It is recommended that the client and or potential buyer practice due diligence in obtaining a professional opinion to the adequacy of the mechanical and/or structural or other unseen factors which may affect the subject property, if there is a concern. FIBBER Certification Statement: The appraiser certifies and agrees that this appraisal report was prepared in accordance with the requirements of Title XI of the Financial Institutions, Reform, Recovery, and Enforcement Act (FIRREA) of 1989, as amended (12 U.S.C. 3331 et seq.), and any applicable implementing regulations in effect at the time the appraiser signs the appraisal certification. Fee Disclosure Appraisal fee paid by Elevations Credit Union to Austin & Austin Appraisal Services is $650. Form TAD° - `TOTAL" appraisal software by a la mode. Inc. - 1-800-ALAMODE File No. 2658 17th Ave FHANA Case No. Pi lc c Supplemental Addendum Borrower/Client Gina Cimino Property Address 2658 17th Ave City Greeley County Weld State CO hp Code 80631 Lender Elevations Credit Union SUBJECT PROPERTY DESCRIPTION AND SALE ANALYSIS Site No survey was provided to the appraiser; inspection of the site provided all information regarding easements and possible encroachments, but cannot be relied upon. The subject is located on 11th Ave in the popular area of Farr/Hillside subdivision on interior site that includes fenced backyard, and open patio. The subject has one of the largest sites with in the project due to the vacanting of a large power line easement about 15 years prior. The subject is located with in a RL zoning allowing two unrelated parties to occupy. Features The Subject is a ranch -style home in average overall condition and described as follows: open backyard patio; attached single car gars eiror with ha w condition; kitchen with maple cabinets, fomrica coutners and ful ances; basement is finished with two additions rooms, e ront bedroom small, family room, bathroom, laundry area and storage room; HVAC system with central air conditioning and whole house fan. Sales Comparison Comments Gross Living Area is adjusted at $70/sq ft with finished basement area at $20/sq ft. Basement finish adjustments are based on the amount of adjustment not the room count, the amount of finish may allow for various room sizes which may be more or less desirable. The amount of basement finish is adjusted in the Room Below Grade line item and the adjustment for the size of the basement-walkout-daylite amenities on the Basement & Finished line item. Comparables are all located within the same neighborhood with only minor adjustments. Comparables 1 and pending sale comparable 6 have similar sized parcel size is due to the abandoning of the powerline bracketing the subject's site size. Comparable is a significantly smaller home in very similar overall condition but benefiting from a detached two car garage. Comparables 3 and 4 very similar in overall condition with similar basement finishes. Comparable 2 appears to be the same model as the subject. Comparable 4 appears to be the same model as the subject but is been updated and very well -maintained over the years including enclosed patio, and a very nicely manicured and landscaped site. Comparables 5 and 6 are two active listings within the immediate area with pending sales contracts providing information to the most current market data. Reconciliation Subject is placed in favor of comparable 2 which has low levels of gross and net adjustments and is deemed the most similar to a finished basement. Based on the opinion of market value, the appraiser's opinion a reasonable marketing time is 1 to 3 months is supported by all comparables utilized within the report. Taston Sick provided professional assistance in the inspection and data gathering. Form TADD -'TOTAL' appraisal software by a la mode, Inc. - 1-800-ALAM0DE FHANA Case No. Building Sketch (Page - 1) Pi V'. Borrower/Client Gina Cimino Property Address 2658 17th Ave City Greeley County Weld State CO bp Code 80631 Lender Elevations Credit Union 11.5' w O U' to paypene ae , 1 r N 1-1 12' O pen Patio [144 Sq ft] Kitchen 7 38' Dining Bath Bedroom Living Bedroom Bedroom 11.5' TOTAL Sketch by a la mode, Inc. r?P‘ Laundry 38' 38' Bath Storage Bedroom Bedroom 38' First Floor [ 1026 Sq ft] Basement [ 1026 Sq ft] N Form SKT.BLDSKI - `T0TAL' aooraisal software by a la mode. inc. - 1-800-ALAM0DE FHANA Case No. 1004MC Graph Addendum 2 Borrower/Client Gina Cimino Property Address 2658 17th Ave City Greeley County Weld State CO Zip Code 80631 Lender Elevations Credit Union Avg. Sale and List Price Per Sq. Foot Sale Price Per Sq. Foot Scatter Graph DI Lzrtmgs Lstmg_ Trend 149- 141 - 133 _ 125 - 117- 109 t r. J 260 220 180 140 100 60 =f'tz = • Sae, Trend • • r • • 4 • • • • • s a • w • • , • i • • : • rr • S • •e• • • • • • S. • • + • Date ranoes from 01/0°/2017 b D11051141 Sale and List Price Per Sq. Foot Sale Price Per Sq. Foot Scatter Graph Comments: Comments: Comments: Comments: Form PICFOUR - "TOTAL" annraisal software by a la mode. inc_ - 1-800-ALAMODE FHANA Case No. E&0 - Page 2 A 1 5 KENTON SICK 1823 65TH AVENUE #2 GREELEY. CO 80634 CNA INCREASE) UNITS OF LIABILITY ENDORSEMENT $500,000 PER CLAIM / $1,000, 000 AGGREGATE ALL CLAIMS Its understood and agreed that the following amendment is made to the pd. g+ Declarations page only as respects the Appraiser named bebw and only as respects a Claim fast made against such Appraiser and reported to the Company in writing after the effective date of this Endorsement and before the expiration date of the Individual Policy Paned ITEM 3. LIMITS OF UABUTY of the Declarat ro ns is deeted in its a nt rety and replaced by the blowing ITEM 3. UM1 TS OF UABILITY (a) 5500,000 per Appraiser per Claim (b) $1.000,000 Aggregate per Appraiser This Endorsement does not apply to any Claim made prior to the effective date of the Endorsement or after the exprabon of the Individual Policy Period Nothing hereon shall serve to ncrease any Submits of Liability shown on the Declarations page or any amounts provided under the Section of the poicy entitled SUPPLEMENTARY PAYMENTS If, pnor to the effective date d this endorsement, any Insured had a reasonable basks to bekeve that a aaim may anse then tins endorsement shall not apply to such Claim or Related Claim SCHEDULE, KENTON SICK Al other terms and conditions of the Policy remain unchanged This endorsement, Mich forms a part cf and is for attachment to the Policy issued by the designated Insurers, takes effect on the effective date of sad Polity at the hair stated on sad Pokcy, unless another effective date 6 shown tebw, and expires concurrently with sad Policy CNA76784CO (10-13) Page 1 Insured Name KENTON SICK CNA All Rights Reserved. Policy No: 18 AP 0005C0 - Effective Date. 1/1/2018 to 1/1/2019 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE FHNWA Case No E&O - Pagel pct 3 CERTIFICATE OF REAL ESTATE APPRAISER ERRORS AND OMISSIONS INSURANCE Insurance Company: Continental Castialty Company, a CNA insurance company (Continental) Producer' Ricelnsurance Services Company, LLC (RISC) ~4211 Norboume Boulevard, Louisville, Kentucky 402074048 Phone (800) 637-7319 Fax (502) 897-7,174 Malting address KENTON,SICK 1823 65Th AVENUE#2 GREELEY, CO 80634 THIS CERTIFICATE OF INSURANCE IS ISSUED ASA MATTER OF. INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER OTHER THAN THOSE SET FORTH IN THE POLICY AND ANY ENDORSEMENTS ISSUED TO THE LICENSEE THIS, CERTIFICATE DOES NOT AMEND,EXTEND,OR ALTER THE COVERAGE AFFORDEDDBY THE INSURANCE POLICY REFERENCED HEREIN This is to certify that the following Appraiser is insured,_es below, through the group errors end omissions'insurence policy issued to the Colorado Department of Regulatory Agencies Division of Real Estate Insured Appraiser KENTON SICK Appraiser License Number / Certification Number CR1320540 (if applicable) Policy_Number 18 AP 00056.0- /00692674 IndMdual Polity Paled; 01/0l/2018 lo 01/0112019 • /hilts of Lfabiity' $100.000 per claim / 'S 300.000 aggregate" Deductibles Damage Deductible ' ,$�QQ Claim Expense Deductible" $Q This policy Is a ctalms4madeand-reported policy., It only applies to Claims that are made and reported dunng the'Individual Policy Penod or any applicable Extended Reporting Period To protect the Insured's interest and preserve any available coverage, It Is essential to report claims,timely in accordance with the Policy provisions You may obtain -a copy of the group policy online at: www nsceo corn You may -else -obtain copies of the group policy and any optional endorsements purchased by calling (800),637-7319, ext 1 , Authorized Representative Date Generated 12/28/2017 • If ids, policy Is cancelled prior to the expiration date indicated, notice will be delivered in accordance with polity provisions •'limits of liability may have been reduced by payments on claims Date of Enmilment. 11/141201712 0000 am Form SCNLGL - 'TOTAL° aooraisal software by a la mode. Inc - 1-800-ALAMODE FFIANA Case No. License Ken1nn A Sidi tan 6611 Annus 02 Gr..+.r, co 80634 • Director Marcia Wa State of Colorado Department of Regulatory Agencies Division of Real Estate � oard of Real Estate Appraisers Ne Kenton A Sick Cad RoslOsnttal AppraZ r\\1/2.:\a's License W: CR.001320540 Status: Active Expires: 12/31/2018 For the most up to date information regarding this credential, visit http://dora.colorado.gov/dre Form SCNLGL - "TOTAL" aooraisal software by a la mode_ inc_ - 1-800-ALAMODE FHA/VA Case No. 907315 File No. 2658 17th Ave UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field -Specific Standardization Requirements) Condition Ratings and Definitions C1 The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are new and the dwelling features no physical depreciation. Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been rehabilitated/remanufactured into like -new condition. Improvements that have not been previously occupied are not considered "new" if they have any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep). C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or 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 new construction. Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical depreciation, or an older property that has been recently completely renovated. C3 The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well maintained. Note: The improvement is in its first -cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of a complete renovation. C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate. Note: The estimated effective age may be close to or equal to its actual age. it reflects a property in which some of the short-lived building components have been replaced, and some short-lived building components are at or near the end of their physical life 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 deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the 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 property in which many of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional. C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components. Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect the safety, soundness, or structural Integrity of the Improvements. Quality Ratings and Definitions Q1 Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high -quality exterior refinements and ornamentation, and exceptionally high -quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality. Q2 Dwellings with this quality rating are often custom designed for construction on an individual property owner's site. However, dwellings in this quality grade are also found in high -quality tract developments featuring residence constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high -quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality. UAD Version 9/2011 (Updated 1/2014) Form UADDEFINEI A - "TOTAL" appraisal software by a la mode, Inc. -1-800-ALAM0DE FHANA Case No. UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field -Specific Standardization Requirements) Quality Ratings and Definitions (continued) Q3 Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above -standard residential tract developments or on an individual property owner's site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from "stock" standards. Q4 Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades. Q5 Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades. Q6 Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are 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 non -conforming additions to the original structure Definitions of Not Updated, Updated, and Remodeled Not Updated Little or no updating or modernization. This description includes, but is not limited to, new homes. Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced or updated. Those over fifteen years of age are also considered not updated if the appliances, fixtures, and finishes are predominantly dated. An area that is 'Not Updated' may still be well maintained and fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration. Updated The area of the home has been modified to meet current market expectations. These modifications are limited in terms of both scope and cost An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not include significant alterations to the existing structure. Remodeled Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion. A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of) square footage). This would include a complete gutting and rebuild. Explanation of Bathroom Count Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not included in the bathroom count. The number of full and half baths is reported by separating the two values using a period, where the full bath count is represented to the left of the period and the half bath count is represented to the right of the period. Example: 3.2 indicates three full baths and two half baths. UAD Version 9/2011 (Updated 1/2014) Farm I IAMFFINFI A-'OTAI " annraical cMturara by a la made inn - t-Rnn-AI AMnnF Uniform Residential Appraisal Report FHANA Case No. 907315 File # 2658 17th Ave This report form is designed to report an appraisal of a one -unit property or a one -unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. - INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily Identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the Inspection of the subject property or that he or she became aware of during the research Involved in performing the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 4 of 6 Fannie Mae Form 1004 March 2005 Farm 1004UA0 -'TOTAL' appraisal software by a la mode, inc. • 1-800-ALAM0DE Uniform Residential Appraisal Report FHANA Case No. 907315 File# 2658 17th Ave APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. if I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 5 of 6 Fenn 1004UAD -'TOTAL' appraisal software by a la mode, inc. • 1-800ALAM0DE Fannie Mae Form 1004 March 2005 Uniform Residential Appraisal Report FHAVA Case No. 907315 File # 2658 17th Ave 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub -contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER Signature Name Kenton A Sick Company Name Austin & Austin Appraisal Services Company Address 1823 65th Avenue, Suite #2 Greeley, CO 80634 Telephone Number (970) 353-0790 Email Address kent(aaustin-austin.com Date of Signature and Report 01/09/2018 Effective Date of Appraisal 01/08/2018 State Certification # CR1320540 or State License # or Other (describe) State CO Expiration Date of Certification or License 12/31/2018 State # ADDRESS OF PROPERTY APPRAISED 2658 17th Ave Greeley, CO 80631 APPRAISED VALUE OF SUBJECT PROPERTY $ 237,000 LENDER/CLIENT Name No AMC Company Name Elevations Credit Union Company Address 2960 Diagonal Highway, Boulder, CO 80301 Email Address SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY ❑ Did not inspect subject property ❑ Did inspect exterior of subject property from street Date of Inspection ❑ Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES ❑ Did not inspect exterior of comparable sales from street ❑ Did inspect exterior of comparable sales from street Date of Inspection Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 6 of 6 Form 1004UAD - "TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Fannie Mae Form 1004 March 2005 July 22, 2019 Petitioner: CIMINO GINA L 2658 17TH AVE GREELEY, CO 80631-8105 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2019-2873, AS0103 Appeal 2008224655 Hearing 7126/2019 8:30 AM Account(s) Appealed: R3693986 Dear Petitioner(s): The Weld County Board ofEqualization has setadate ofJuly 26, 2019, atorabout the hour of8:30 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have aright toattend this hearing and present evidence insupport ofyour petition. The Weld County Assessor orhis designee will be present. The Board will make itsdecision onthe basis of the record made atthe aforementioned hearing, as well as your petition, so itwould be inyour interest tohave arepresentative present. Ifyou plan tobe represented byanagent oranattorney atyour hearing, prior tothe hearing you shall provide, inwriting tothe Clerk tothe Board's Office, an authorization forthe agent orattorney torepresent you.Ifyou donotchoose toattend this hearing, adecision will still bemade bythe Board bythe close ofbusiness onAugust 5,2019, and mailed to you within five (5) business days. Because ofthe volume ofcases before the Board ofEqualization, most cases shall belimited to10 minutes. Also due tovolume, cases cannot be rescheduled Itisimperative that you provide evidence tosupport your position. This may include evidence that similar homes inyour area are valued less than yours oryou are being assessed onimprovements you donothave.Please note The fact that your valuation has increased cannot be your sole basis ofappeaL Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. Ifyou wish todiscuss your value with the Assessor's Office, please call them at(970) 400-3650. If you wish toobtain thedata supporting theAssessor's valuation ofyour property, please submit a written request tcassessor@weldgov.com. Upon receipt oVourwritten request, theAssessor will notify you ofthe estimated cost ofproviding such information. Payment must bemade prior tothe Assessor providing such information, aWhich timetheAssessor willmake thedataavailable within three (3) working days, subject to any confidentiality requirements. Please advise me ifyou decide not to keep your appointment as scheduled. Ifyou need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Danes, Assessor Hello