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Home My WebLink About20152558.tiff 1861, CLERK TO THE BOARD PHONE (970) 336-7215, EXT 4226 FAX (970) 352-0242 WEBSITE: www.co.weld.co.us 1150 O STREET °COUNTY .) P.O. BOX 758 GREELEY CO 80632 September 2, 2015 MEDHURST MELVYN EDWARD REV FAM TRST 348 N SHORE CIR WINDSOR, CO 80550-2614 RE: THE BOARD OF EQUALIZATION 2015, WELD COUNTY COLORADO APPROVAL O L OF STIPULATION BETWEEN PETITIONER AND ASSESSOR ACCOUNT NO.: R1094696 Dear Petitioner: On July 30, 2015, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. Section 39-8-101 et seq., considered your request to approve and adopt a valuation of your property arrived at by a Stipulation between you and the Weld County Assessor, for the year 2015. The Board of Equalization found that the evidence presented at the hearing supported the stipulated value placed upon the above-described property as set forth below. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated by law. ACTUAL VALUE AS STIPULATED VALUE DETERMINED BY ASSESSOR APPROVED BY BOARD $650,328.00 $575,000.00 The above 'Stipulated Value' is the value which will be used in the calculation of your property taxes for 2015. This value is not appealable. If you have questions concerning the above information, please call me at (970) 336-7215, Ext. 4226. Very truly yours, Esther E. Gesick, Clerk to the Board Weld County Board of County Commissioners Cc: Christopher Woodruff, Weld County Assessor 2015-2558 AS0091 . Jul 24 15 10:13a M.E.&C.E. Medhurst (970)674-8961 p.2 COUNTY BOARD OF EQUALIZATION WELD COUNTY Single County Schedule Number RI094696 STIPULATION (As To Tax Yeax_2015_Actual Value) RE PETITION OF : NAME: MELVYN EDWARD MEDHURST REV FAM TRST/CHAROLOTTE MEDHURST REV FAM TRST ADDRESS: 348 N SHORE CIR WINDSOR, CO 80550 Petitioner(s)and the Weld County Assessor hereby enter into this Stipulation regarding the tax year 2015 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: LOT 25 NORTH SHORES AT WINDSOR 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 2015: Total $650,328.00 4. After further review and negotiation, Petitioner(s)and Weld County Assessor agree to the following tax year 2015 actual value for the subject property: Total $575,000.00 5. The valuation,as established above,shall be binding only with respect to tax year 2015. 6. Brief narrative as to why the reduction was made: Reduced due to review of sales comparisons 7. Both parties agree that: ®The hearing scheduled before the Board of Equalization on July 30th at 11:20-11:30 be vacated. R1094696 1 2015-2558 /IS ODq1 Jul 24 15 10:14a M.E.&C.E. Medhurst (970)674-8961 p.3 D TED this 24th day July,2015. eaoner(s or Age or torne (Assistant) County Attorney for Respondent,Weld County Board of Commissioners 3 5410.41,)emoij dre 'Ad1150 inss Street ,' P.O. Box 758 Greeley, CO 80632 � Telephone:c O 1%)( Telephone:(970) 336-7235 60 County Assfsar Address: 1400 N,17th Avenue Greeley, CO 80631 Telephone: (970) 353-3845 ext. 3697 Docket Number 2008210210 Stip-1,Frm R1094696 2 FAX TRANSMISSiON COVER LETTER TO: WELD COUNTY ASSESSOR'S OFFICE ATTN: RYAN MILLER FAX NUMBER: (970) 304-6433 FROM: MELVYN MEDHURST FAX NUMBER: (970) 674-8961 DATE: 7-24-20154 REGARDING: TAX STIPULATION FORM TOTAL NUMBER OF PAGES INCLUDING THIS COVER: 3 PHONE # FOR FOLLOW-UP: (970) 674-8961 COMMENTS: L'd L969-iL9(0L6) 'ao .R.W Bum 9L tzinr CLERK TO THE BOARD 1861/ PHONE (970) 336-7215, EXT 4226 FAX (970) 352-0242 tf,>_\‘.v vrn=cen WEBSITE: www.co.weld.co.us 1150 O STREET P.O. BOX 758 GREELEY CO 80632 LINTY July 22, 2015 MEDHURST MELVYN EDWARD REV FAM TRST 348 N SHORE CIR WINDSOR, CO 805502614 Account No.: R1094696 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 30, 2015, at or about the hour of 11:20 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 a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2015, and mailed to you on or before August 12, 2015. Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request directly to the Assessor's Office by fax (970) 304-6433, or if you have questions, call (970) 353-3845. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. AS0091 MEDHURST MELVYN EDWARD REV FAM TRST - R1094696 Page 2 Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION dedttik) ack); Esther E. Gesick Clerk to the Board Weld County Board of County Commissioners cc: Christopher Woodruff, Assessor AS0091 NOTICE OF DETERMINATION RECEIVED Christopher M. Woodruff JUL 1 4 2015 Date of Notice: 6/30/2015 Weld County Assessor Telephone: (970) 353-3845 1400 N 17th Ave WELD COUNTY Fax: (970) 304-6433 Greeley, CO 80631 COMMISSIONERS Office Hours: 8:00AM —5:00PM ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/PHYSICAL LOCATION R1094696 2015 0437 WIN NSW-25 L25 NORTH SHORES AT WINDSOR W MEDHURST MELVYN EDWARD REV FAM TRST 348 N SHORES CIR 348 N SHORE CIR WINDSOR,CO 000000000 o WINDSOR,CO 80550-2614 cc a. O cc a ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW RESIDENTIAL 650,328 650,328 TOTAL $650,328 $650,328 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: AL0 1 - Your property has been uniformly valued following Colorado law. Your protest of value has been denied due to comparison of other similar properties which sold during the 2013/2014 time period. If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S. The deadline for filing real property appeals is July 15. The Assessor establishes property values. The local taxing authorities (county, school district, city, fire protection, and other special districts) set mill levies. The mill levy requested by each taxing authority is based on a projected budget and the property tax revenue required to adequately fund the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall. If you are concerned about mill levies, we recommend that you attend these budget hearings. Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities. Please refer to the reverse side of this notice for additional information. Agent (If Applicable): EL.* C -1I i 6000-0147 f}SOO9/ APPEAL:PROCEDURES County Board of Equalization Hearings will be held from July 29 through August 5 at 1150 O Street. To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown below, and mail or deliver a copy of both sides of this form to: Weld County Board of Equalization 1150 O Street, P.O. Box 758 Greeley, CO 80631 Telephone: (970) 356-4000 ext, 4225 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.aov/baa 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. I PETITION TO COUNTY BOARD OF EQUALIZATION What is your estimate of the property's value as of June 30, 2014? (Your opinion of value in terms of a specifi rdollar a ount is required for real property pursuant to § 39-8-106(1.5), C.R.S.) $ What is the basis for your estimate of value or your reason for requesting a review? (Please attach additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original ins� l�Pm para_b le sa�etcf�s �,p pratScd CO Cce.al�ot) Of W W1\ "y �9 I‘,S± I ATTESTATION I, the and rsigned owner or age 1 of the property identified above, affirm that the statements contained herein and on attach nts hereto e tru and complete. 7o-674-Fly( V7 / I3/02015 Signature Telephone Number Date @ yahr)o, earn Email Address ' Attach letter of authorization signed by property owner. 15-DPT-AR PR 207-08/13 R1094696 8429558 Weld County Board of Equalization 1150 O Street, P.O. Box 16 Greeley, CO 80631 June 13, 2015 RE: 2015 Real Property Protest For Account R1094696, WIN NSW-25 NORTH SHORES AT WINDSOR, Property Owner: MEDHURST MELVYN/CHARLOTTE REV FAM TRUST To Weld County Board of Equalization: We are protesting the current valuation on the above property for the following reasons: • Tri-County Appraisals on 5/22/2013 appraised the home for $520,000 when we refinanced the home. (See attached appraisal) • An appraiser for Weld County Assessor did a walkthrough of property on July, 2013 and the property value was adjusted downward to $537,900 based on relevant information obtained from the on-site visit. (See attached sheet#1) • Weld County Assessor's value of the property as of June 30, 2014 is $650,328 which is an increase of$112,428 to $130,328 in about a year from the above appraisals during the appropriate time frame without any improvements being made to the property. • The property is not a 4-bedroom as listed on the Weld County Assessor's website. It has only 2 bedrooms above grade and one in the basement. About 1100 square feet listed as finished in basement is a space that has no windows, no ventilation (AC only above grade) with a single door into it, and it houses a garden-sized model train layout. Appraiser said this could not be counted as finished living area because of these factors. • Our property is listed as the 3rd highest value in our subdivision. Yet it lacks many of the features of other homes in the area such as more bedrooms above grade, bathrooms, extra buildings and garages, extensive landscaping features like fire pits, pergolas, swimming pool, golf course, or lake and mountain views. Our home with its view of CR 72 and plain landscaping does not have the market value of several of our neighbors. The homes in here with one exception sell in the $400,000 to $550,000 range. • There should be some correlation between what a professional appraisal says the property is worth for financing and what the county assessor states it is worth for tax purposes. Currently it seems our property for financing or selling doesn't measure up to the high value that the assessor set for taxes. We appreciate your consideration in this matter and await your decision. Sincerely, Melvyn edhurst Charlotte Medhurst Paae#1 File No.1305161 Tri-County Appraisals P.O. Box 264,Windsor, CO 80550 APPRAISAL OF A Single Family Residence LOCATED AT: 348 N Shore Cir Windsor,CO 80550 FOR: Home Finance of America 521 Plymouth Road,Suite 112, Plymouth Meeting,PA 19462 BORROWER: Charlotte/Melvyn Medhurst AS OF: 05/22/2013 Form DCVR—"WinTOTAL"appraisal software by a la mode,inc—1.800-ALAMODE Page#2 Tri-County Appraisals P.O.Box 264 Windsor,CO 80550 May 24,2013 Home Finance of America 521 Plymouth Road Plymouth Meeting,PA 19462 Re: Property: 348 N Shore Cir Windsor,CO 80550 Borrower: Charlotte/Melvyn Medhurst File No.: 1305161 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. Sincerely, r,. Kenneth P.Lavertu,SRA Appraiser Page#3 SUMMARY OF SALIENT FEATURES Subject Address 348 N Shore Cir Legal Description Lot 25,North Shores at Windsor City Windsor County Weld z State CO Zip Code 80550 Census Tract 0022.03 Map Reference 10/23 Sale Price $ J Date of Sale c0 z Borrower/Client Charlotte/Melvyn Medhurst Lender Home Finance of America Size(Square Feet) 3,015 Price per Square Foot $ Location N;Res; Age 10 Condition C3 I- Total Rooms 7 Bedrooms 2 Baths 3.0 Appraiser Kenneth P.Lavertu,SRA Date of Appraised Value 05/22/2013 Final Estimate of Value $ 520,000 Form SSD—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Tri-County Appraisals(970)613-0551 Page#4 Uniform Residential Appraisal Report File#1305161 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 348 N Shore Cir City Windsor State CO Zip Code 80550 Borrower Charlotte/Melvyn Medhurst Owner of Public Record Charlotte/Melvyn Medhurst County Weld Legal Description Lot 25,North Shores at Windsor Assessor's Parcel# 080709001025/R1094696 Tax Year 2012 R.E.Taxes$ 4,192 Neighborhood Name North Shores at Windsor Map Reference 10/23 Census Tract 0022.03 Occupant ®Owner ❑Tenant ❑Vacant Special Assessments$ 0 ®PUD HOA$600 lZ per year ❑per month Property Rights Appraised Z Fee Simple ❑Leasehold ❑Other(describe) Assignment Type ❑Purchase Transaction ®Refinance Transaction ❑Other(describe) Lender/Client Home Finance of America Address 521 Plymouth Road,Suite 112,Plymouth Meeting,PA 19462 Is the subject property currently offered for sale or has it been offered for sale M the twelve months prior to the effective date of this appraisal? ❑Yes ®No Report data source(s)used,offering price(s),and date(s). MLS I ❑did ❑did not analyze the contract for sale for the subject purchase transaction.Explain the results of the analysis of the contract for sale or why the analysis was not performed. I- Contract Price$ Date of Contract Is the property seller the owner of public record? ❑Yes H No Data Source(s) Is there any financial assistance(loan charges,sale concessions,gift or downpayment assistance,etc.)to be paid by any party on behalf of the borrower? ❑Yes ❑No cv 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 Property Values ❑Increasing ®Stable ❑Declining PRICE AGE One-Unit 70% Built-Up ❑Over 75% ❑25-75% ❑Under 25% Demand/Supply H Shortage Z In Balance ❑Over Supply $(000) (yrs) 2-4 Unit 0% Growth ❑Rapid Z Stable ❑Slow Marketing Time ❑Under 3 mths Z 3-6 mths H Over 6 mths 362 Low 1 Multi-Family 0% =Neighborhood Boundaries CR 78 to the north;CR 70 to the south;CR 19 to the east;and RT 257 to the 675 High 30 Commercial 0% west. 485 Pred. 15 Other 30% Neighborhood Description The subject neighborhood is located in north Windsor with all commercial and supporting services in proximity. Access to the neighborhood is good provided by RT 257. There are no adverse factors which affect the neighborhood in general or the subject property in particular. In conclusion,the neighborhood is desirable due to its accessible location within the community.Other land use is vacant. Market Conditions(including support for the above conclusions) The local Multiple Listing Service showed the following statistics for the subject area as of the date of this appraisal: average marketing time-92 days;average sale price-$485,000. The typical means of financing is conventional. _Mortgage rates continue to fluctuate between 4.0 and 5.0 percent. Dimensions 226'x 457'x 226'x 456'approx. Area 2.5 ac Shape Rectangular View N;Res; Specific Zoning Classification El Zoning Description Low Density Estate 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 Utilities Public Other(describe) Public Other(describe) Off-site Improvements-Type Public Private Electricity ® ❑ Water ❑ Street Paved Gas X ❑ Sanitary Sewer ❑ ®Septic Alley None ❑ ❑ FEMA Special Flood Hazard Area ❑Yes ❑No FEMA Flood Zone C FEMA Map# 0802660465D FEMA Map Date 09/22/1999 Are the utilities and off-site improvements typical for the market area? X Yes ❑No If No,describe Are there any adverse site conditions or external factors(easements,encroachments,environmental conditions,land uses,etc.)? ❑Yes Z No If Yes,describe Septic systems typical for area.No impact on marketability noted.Based on my limited inspection of the septic there were not obvious signs of failure. No access to public sewer. General Description Foundation :Exterior Description materials/condition Interior materials/condition Units►A One❑One with Accessory Unit ❑Concrete Slab ❑Crawl Space Foundation Walls Concrete/Gd Floors Hdwd/Tile/Gd #of Stories 1 H Full Basement ❑Partial Basement Exterior Walls Brick/Gd Walls Dn/wall/Gd Type®Det.❑Att. ❑S-Det./End Unit Basement Area 3,015 sq.ft.Roof Surface Comp.Shingle/Gd Trim/Finish Wood/Gd Existing❑Proposed ❑Under Const.Basement Finish 95 % Gutters&Downspouts Alum/Gd Bath Floor Tile/Gd Design(Style) Contemp. ❑Outside Entry/Exit ❑Sump Pump Window Type DblfrmWdFrm/Gd Bath Wainscot Tile/Gd Year Built 2003 Evidence of ■Infestation Storm Sash/Insulated Yes/Yes Car Store ■None Effective Are rs 5 ■Dampness _ Settlement Screens Yes/Gd ®Drivewa #of Cars 4 Attic None Heatini FWA HWBB f Radiant Amenities ■Woodstove s # 0 Drivewa Surface Concrete ■Drop Stair ■Stairs ■Other Fuel Gas ■Fireplace s # 2 ❑Fence None ®Garage #of Cars 3 ❑Floor Xi Scuttle Cooling X Central Air Conditioning ®Patio/Deck Patio X Porch Balcony ❑Carport #of Cars 0 ry■Finished 11 Heated ■Individual ■Other ❑Pool None ■Other None H Att. ■Det. ❑Buitt-in Appliances H Refrigerator H Range/Oven H Dishwasher H Disposal Z Microwave H Washer/Dryer ❑Other(describe) Finished area above grade contains: 7 Rooms 2 Bedrooms 3.0 Bath(s) 3,015 Square Feet of Gross Living Area Above Grade Additional features(special energy efficient items,etc.). Thermopane windows;fireplace in family room;basement finished with family room,game room, craft room,one-bedroom and bath. Describe the condition of the property(including needed repairs,deterioration,renovations,remodeling,etc.). C3;No updates in the prior 15 years;The subject property is in good condition with no major repairs needed. Based on the subject's condition the effective age has been estimated to be approximately 5 years. Physical depreciation by the Economic Age/Life Method. No functional or external obsolescence noted. 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.)? H Yes ❑No If No,describe Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Page#5 Uniform Residential Appraisal Report File# 1305161 There are 3 comparable properties currently offered for sale in the subject neighborhood ranging in price from$ 419,900 to$ 798,000 • There are 4 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from$ 362,000 to$ 465,000 . FEATURE I SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3 Address 348 N Shore Cir 37144 Soaring Eagle Cir 37034 Soaring Eagle Cir 1014 Montana Ct Windsor,CO 80550 Severance,CO 80550 Severance,CO 80550 Windsor,CO 80550 Proximity to Subject 1.73 miles N 2.35 miles N 0.44 miles SW Sale Price $ $ 509,000 $ 555,000 $ 465,000 Sale Price/Gross Liv.Area $ sq.ft.$ 203.52 sq.ft. $ 183.65 sq.ft. $ 205.48 sq.ft. Data Source(s) IRES MLS#702313;DOM 43 IRES MLS#686241;DOM 239 IRES MLS#680612;DOM 76 Verification Source(s) r Broker/MLS Broker/MLS Broker/MLS VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment Sales or Financing ArmLth ArmLth ArmLth Concessions Conv;0 Conv;0 Cash;0 Date of Sale/Time s04/13;c03/13 s05/13;c04/13 507/12;c06/12 Location N;Res; N;Res; N;Res; N;Res; Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Site 2.5 ac 2.56 ac 0 1.65 ac +10,000 1.9 ac +5,000 View N;Res; N;Res; N;Res; N;Res; Design(Style) Contemp. Contemp. Contemp. Contemp. Qualify of Construction Q3 Q3 Q3 Q3 Actual Age 10 10 7 0 5 0 Condition C3 C3 C3 C3 Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count 7 2 3.0 7 4 2.1 -9,000 8 4 3.1 -12,000 6 3 2.1 +1,000 Gross Living Area 3,015 sq.ft. 2,501 sq.ft. +15,400 3,022 sq.ft. 0 2,263 sq.ft. +22,600 Basement&Finished 3015sf2864sfwo 1663sf1247sfwo +5,400 1412sf1270sfin +6,400 2263sf0sfin +3,000 Rooms Below Grade 1rr1br1.0ba2o 1rr1br1.0ba2o 1rr1br1.0ba0o +5,000 +20,000 =Functional Utility Average Average Average Average Heating/Cooling Gas FN NC Gas EN NC Gas FN NC Gas FN NC ceEnergy Efficient hems Average Average Average Average Garage/Carport 3 Att Garage 3 Att Garage 3 Att Garage 3 Att Garage 2 Porch/Patio/Deck Patio,Balcony Porch,Deck 0 Porch,Patio 0 Porch,Patio 0 y Fireplace Fireplace Fireplace Fireplace Fireplace ;Y a a oNet Adjustment(Total) ®+ ❑ - $ 11,800 ® + ❑- $ 9,400 ® + ❑ - $ 51,600 w Adjusted Sale Price Net Adj. 2.3 % Net Adj. 1.7 % Net Adj. 11.1 % IL of Comparables Gross Adj. 5.9 %$ 520,800 Gross Adj. 6.0 % $ 564,400 Gross Adj. 11.1 % $ 516,600 a,I ®did ❑did not research the sale or transfer history of the subject property and comparable sales.If not,explain My research ❑did ®did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s) MLS/County Records My research l did ®did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data Source(s) MLS/County Records Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales(report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) MLS/County Records MLS/County Records MLS/County Records MLS/County Records Effective Date of Data Source(s) 05/24/2013 05/24/2013 05/24/2013 05/24/2013 Analysis of prior sale or transfer history of the subject property and comparable sales None Summary of Sales Comparison Approach See attached addenda. _Indicated Value by Sales Comparison Approach$ 520,000 Indicated Value by:Sales Comparison Approach$ 520,000 Cost Approach(if developed)$ 572,055 Income Approach(if developed)$ See Attached Addendum 2 0 a This appraisal is made®"as is", ❑ subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been i completed, ❑subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed,or❑subject to the 0 following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: W re Based on a complete visual inspection of the interior and exterior areas of the subject property,defined scope of work,statement of assumptions and limiting conditions,and appraiser's certification,my(our)opinion of the market value,as defined,of the real property that is the subject of this report is $ 520,000 ,as of 05/22/2013 ,which is the date of inspection and the effective date of this appraisal. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Paae#6 Uniform Residential Appraisal Report File#1305161 See Attached Addendum V) I- z w E 0 U -J O O F O O 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 site value was derived from comparable sales which indicated a value of$100,000. 'ESTIMATED [I REPRODUCTION OR ®REPLACEMENT COST NEW OPINION OF SITE VALUE =$ 100,000 Source of cost data M&S Res Estimator 7 DWELLING 3,015 Sq.Ft.@$ 103.66 =$ 312,535 a Quality rating from cost service Average Effective date of cost data 03/2013 3,015 Sq.Ft.@$ 45.07 =$ 135,886 a Comments on Cost Approach(gross living area calculations,depreciation,etc.) Patio,Balcony =$ 16,070 v, See attached addendum. Garage/Carport 1,170 Sq.Ft.@$ 24.48 4 28,642 U Total Estimate of Cost-New 4 493,133 Less Physical Functional External Depreciation 41,078 =$( 41,078) Depreciated Cost of Improvements =$ 452,055 "As-is"Value of Site Improvements =$ 20,000 Estimated Remaining Economic Life(HUD and VA only) 55 Years INDICATED VALUE BY COST APPROACH =S 572,055 uj INCOME APPROACH TO VALUE(not required by Fannie Mae) o Estimated Monthly Market Rent$ X Gross Rent Multiplier =$ Indicated Value by Income Approach Z Summary of Income Approach(including support for market rent and GRM) PROJECT INFORMATION FOR PUDs(if applicable) Is the developer/builder in control of the Homeowners'Association(HOA)? ❑Yes Z No Unit type(s) Z 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 o Total number of phases Total number of units Total number of units sold a Total number of units rented Total number of units for sale Data source(s) s Was the project created by the conversion of existing building(s)into a PUD? ❑Yes ❑No If Yes,date of conversion. o Does the project contain any multi-dwelling units? ❑Yes ❑No Data Source u. ?Are the units,common elements,and recreation facilities complete? ❑Yes ❑No If No,describe the status of completion. Are the common elements leased to or by the Homeowners'Association? n 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 1004UAO—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Page#7 Uniform Residential Appraisal Report File#1305161 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 Form 1004UAD—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Page#8 Uniform Residential Appraisal Report File#1305161 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 Fannie Mae Form 1004 March 2005 Form 1004UAD—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Pass#9 Uniform Residential Appraisal Report File#1305161 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment,have read the appraisal report,and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to,the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER SUPERVISORY APPRAISER(ONLY IF REQUIRED) Signature is / j Signature Name Kenneth P.Lavertu,sRA Name Company Name Tri-County Appraisals Company Name Company Address P.O.Box 264 Company Address Windsor,CO 80550 Telephone Number 970-613-0551 Telephone Number Email Address tricountyappraisal anearthlink.net Email Address Date of Signature and Report 05/29/2013 Date of Signature Effective Date of Appraisal 05/22/2013 State Certification# State Certification# CR40004811 or State License# or State License# State or Other(describe) State# Expiration Date of Certification or License State CO Expiration Date of Certification or License 12/31/2014 SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED ❑ Did not inspect subject property 348 N Shore Cir ❑ Did inspect exterior of subject property from street Windsor,CO 80550 Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY$ 520,000 ❑ Did inspect interior and exterior of subject property LENDER/CLIENT Date of Inspection Name AMSA COMPARABLE SALES Company Name Home Finance of America Company Address 521 Plymouth Road,Suite 112,Plymouth ❑ Did not inspect exterior of comparable sales from street Meeting,PA 19462 ❑ Did inspect exterior of comparable sales from street Email Address Date of Inspection Freddie Mac Form 7O March 2OO5 UAD Version 9/2O11 Page 6 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE i Page#10 Uniform Residential A praisal Report File#1305161 FEATURE I SUBJECT COMPARABLE SALE#4 COMPARABLE SALE#5 COMPARABLE SALE#6 Address 348 N Shore Cir 436 Ventana Way 352 N Shore Cir Windsor,CO 80550 Windsor,CO 80550 I Windsor,CO 80550 Proximity to Subject 0.59 miles S 10.09 miles E Sale Price $ $ 499,500) $ 499,900 $ Sale Price/Gross Liv.Area $ sq.ft.$ 145.67 sq.tt. $ 193.38 sq.ft. $ sq.ft Data Source(s) IRES MLS#707341;DOM 12 IRES MLS#704110;DOM 44 Verification Source(s) Broker/MLS Broker/MLS VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment Sales or Financing Listing Listing Concessions Date of Sale/Time Active Active x Location N;Res; N;Res; N;Res; a Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple ce Site 2.5 ac 1.92 ac +5,000 2.5 ac a View N;Res; N;Res; N;Res; z Design(Style) Contemp. Contemp. Contemp. N Duality of Construction Q3 Q3 I Q3 a Actual Age 10 12 0 16 +8,000 s Condition C3 C3 C3 8 Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths co w Room Count 7 2 3.0 9 4 2.1 -9,000 8 4 2.1 -9,000 a Gross Living Area 3,015 sq.ft. 3,429 sq.ft. -12,400 2,585 sq.ft. +12,900 sq.ft. 0 Basement&Finished 30155f28645fwo 1734sf867sfin +5,100 1844sf 1383sfwo +4,700 Rooms Below Grade 1rr1br1.0ba2o 1rr1br1.0ba0o +5,000r1rr1br1.0ba10 +5,000 Functional Utility Average Average Average Heating/Cooling Gas FA/A/C Gas FA/A/C Gas FA/A/C Energy Efficient hems Average Average Average Garage/Carport 3 Att Garage 3 Att Garage 3 Att Garage Porch/Patio/Deck Patio,Balcony Patio,Deck 0 Patio,Deck 0 Fireplace Fireplace None +3,000 Fireplace Net Adjustment(Total) ❑ + Z - $ -3,300 ® + u - S 21,600 7 + ❑ - $ Adjusted Sale Price Net Adj. 0.7% Net Adj. 4.3% Net Adj. % _of Comparables Gross Adj. 7.9%$ 496,200 Gross Adj. 7.9% $ 521,500 Gross Adj. % $ 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#4 COMPARABLE SALE#5 COMPARABLE SALE#6 Date of Prior Sale/Transfer y Price of Prior Sale/Transfer RData Source(s) MLS/County Records MLS/County Records MLS/County Records U3 Effective Date of Data Source(s) 05/24/2013 05/24/2013 05/24/2013 wAnalysis of prior sale or transfer history of the subject property and comparable sales J Q co Analysis/Comments N I- 2 w 0 0 U V co Y J 2 z Freddie Mac Form 70 March 2005 UAD Version 9/2011 Fannie Mae Form 1004 March 2005 Form 1004UAD.(AC)—"WinTOTAL"appraisal software by a la mode,inc.—1.800-ALAMODE Page#11 Supplemental Addendum File No.1305161 Borrower/Client Charlotte/Melvyn Medhurst Property Address 348 N Shore Cir City Windsor County Weld State CO Zip Code 80550 Lender Home Finance of America •URAR:Sales Comparison Comments Three comparable sales were selected for analysis with the subject property. These are the most recent sales that are considered to best represent the subject. All three sales were given consideration in the final value estimation. Additionally,all three sold under terms and conditions that are typical in the marketplace. MARKET CONDITIONS: There was a lack of data to support any adjustment for market conditions over the time period shown by the comparable sales,therefore no adjustments were warranted. AGE/CONDITION: The age and condition of the comparables are being considered together. This adjustment takes into consideration all forms of physical deterioration and is based upon an exterior inspection,agent's description,and the appraiser's judgement. BATHROOM ADJUSTMENT: Bath adjustments were based on$1,000 per fixture. GROSS LIVING AREA ADJUSTMENT: Adjustments for differences in gross living area were calculated at$30.00 per square foot. BASEMENT ADJUSTMENT: Adjustments for basement reflect the varying sizes and finish as well as the differing appeals between standard basement depths,garden levels,and walk-out basements due to their increased natural lighting. Basement area is adjusted at$4.00 per square foot. MISCELLANEOUS ADJUSTMENTS: Adjustments for various physical characteristics are based on typical market reaction and/or appraiser judgment and do no necessarily reflect costs. RECONCILIATION OF THE SALES COMPARISON APPROACH: All three sales adjusted well and are considered good competing properties. Therefore,based on the above analysis and giving roughly equal weight to each sale,an indicated value of$520,000 is concluded for this approach. •URAR:Final Reconciliation All three approaches to value were considered in the valuation of the subject property. The Income Approach was considered but not applied as the subject is not considered as an investment property. Additionally,this approach does not reflect typical market behavior. Both the Cost and Sales Comparison Approach were utilized in the valuation of the subject. The Cost Approach has been considered but weighed less as it does not typify market behavior.The Sales Comparison Approach is considered the most meaningful indicator of market value for single family properties,best reflects typical market behavior,and is given primary consideration in the valuation of the subject property. As of the date of this appraisal,Kenneth P.Lavertu,has completed the continuing education requirements of the State of Colorado. ASSIGNMENT DESCRIPTION Do not separate from the rest of the report! Any segregation of this multi-page report may jeopardize the user. Introduction 1. The intended user of this appraisal report is the lender/client. The intended use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser. 2. Primary Appraiser Generated Information(PAGI)is the information which the appraiser provides to the intended user that the user will isolate and consider. The appraiser has diagnosed the intended user's problem and will discuss the scope of work for the following PAGI later in this document: Main Value Opinion. 3. No personal property,trade fixtures, or intangible items that are not real property are included in the opinion of value. 4. My original signature has been copied to this report electronically. This report was delivered to the client by Email. While there is no way to prevent unethical or criminal tampering,this signature is password protected. If you are an intended user,as described in this report, and have concerns about its authenticity you may send the report to me for verification. 5. Privacy statement: In compliance with the Gram-Leach-Bliley Act, the appraiser will not provide any nonpublic personal information to any person or entity where that information will be used for solicitation purposes. This information may be shared among parties to process and service the consumer's transaction. Scope of Work 6. The subject property was identified to the appraiser by the client providing the property address and the current owner's name. A tax card and plat were pulled for that address via a third party provider. The property boundaries were pointed out to the appraiser by one of Form TADD—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Paae#12 Supplemental Addendum File No 1305161 Borrower/Client Charlotte/Melvyn Medhurst Property Address 348 N Shore Cir City Windsor County Weld State CO Zip Code 80550 Lender Home Finance of America the following (current owner, purchaser, or sales agent). 7. The following approaches to value have been considered in the scope of work decision for the main"Value Opinion": 8. The Cost Approach was performed. 9. The Direct Comparison Approach was performed. 10. The Income Approach was not performed. The Income Approach is not applicable, because the subject property would not typically be purchased as a rental investment. Most similar properties in the area are owner occupied. 11. Additional information concerning the scope of work is conveyed throughout the report. Extent of Research of the Subject Property 12. The Census Tract information for the subject property was obtained from a third party provider based on the property address via my appraisal software. The flood zone information for the subject property was obtained from a third party provider based on the property address via my appraisal software. The subject property's County Tax Assessor's information,via a third party source,was researched for past sales and physical characteristic information. The subject property's zoning was obtained from a zoning map and the accompanying zoning descriptions. This information was provided by the zoning authority. 13. The subject property data that was obtained from second-hand sources was validated by the appraiser personally accessing the subject property. In addition the owner was interviewed concerning past sales, utilities, and physical property characteristics. 14. I, Kenneth P Lavertu,did personally make a visual inventory of the subject property while walking over the land,through the interior, and around the exterior of the subject property. I am familiar with the subject neighborhood and the market area. I have worked in and around this area for a number of years. I did drive through parts of this neighborhood in conjunction with this assignment. 15. The subject property was measured in an attempt to assist the appraiser in developing an opinion concerning the specific Primary Appraiser Generated Information listed above. Unless estimating the square footage was listed as a PAGI, the appraiser has only attempted to measure the property within an accuracy necessary to assist in the analysis of various market data. The user is advised not to rely on the size estimates used in these analysis for any reason. 16. The appraiser has not performed a"Home Inspection"which is a process utilized to rate the appropriateness and usability of the various components of the structure. This process involves inspecting and testing. Should you have concerns about these issues please seek a qualified professional to investigate these issues for you. The information obtained from a home inspection may affect the value of the subject property, so the appraisal should be made after the home inspection rather than visa versa. 17. Neither police records nor past issues of newspapers have been researched concerning the subject property's past use for anything that might effect the safety or health of present and future occupants. This includes but is not limited to the by-products of methamphetamine production, infectious disease, or environmental hazards. 18. If available in the normal course of business the appraiser has evaluated any previous sales within the past 3 years prior to the effective date of the appraisal,and current contract, listing, or option of the subject property for its applicability in forming an opinion of current market value and/or marketability. Hypothetical Conditions/Extraordinary Assumptions 19. There are no hypothetical conditions utilized in the forming the opinions and conclusions of the primary appraiser generated information. 20. There are no extraordinary assumptions utilized in the forming the opinions and conclusions of the primary appraiser generated information. Extent of the Analysis&Associated Research 21. The following analysis and associated research have been performed in conjunction with the main opinion of value: 22. The cost approach was performed by adding the cost new of the improvements less accrued depreciation to the site value. The opinion of the cost new of improvements was formed either by referencing a nationally recognized cost manual,the appraiser's first hand knowledge of the market,or a combination of both. The opinion of the site value was formed by a comparison of the subject to other similar properties that have a marketing Form TADD—"WinT0TAL"appraisal software by a la mode,Inc.—1-800-ALAMODE Pare#13 Supplemental Addendum File No.1305161 Borrower/Client Charlotte/Melvyn Medhurst Properly Address 348 N Shore Cir City Windsor County Weld State CO Zip Code 80550 Lender Home Finance of America history. 23. A recognized cost manual was used to obtain the cost rate per unit. This manual did adjust this estimate based on location by region, and by a time factor. 24. The age life method was used to estimate the physical depreciation. In this method the effective age of the improvements is divided by the anticipated total life of the property to derive an estimate of the percentage that the improvements have physically deteriorated. 25. The Direct Sales Comparison was performed by an analysis in which the subject is compared to similar properties that have a recent marketing history. 26. An opinion of the value was formed by the Direct Comparison Approach. A qualitative analysis considering at least the size of the improvements, land size, date of sale and location were considered. 27. The comparable properties were obtained from the local MLS and/or Tax office. The tax data was supplied by a third party provider. The physical property characteristics, sales price,and date were not verified by any other source. However,the second hand data records were analyzed for errors and inconsistencies. The records with errors and discrepancies were not used. Records that showed a large discrepancy from the other data was not used. Additional Information 28. The opinion of reasonable exposure time for the subject property is from 3-6 Months. 29. The use of the subject property at the effective date of this appraisal was as a single-family dwelling. Additional Appraiser's Certification I CERTIFY THAT TO THE BEST OF MY KNOWLEDGE AND BELIEF THAT: 30. I, Kenneth P Lavertu,did personally make a visual inventory of the subject property while walking over the land,through the interior,and around the exterior of the subject property. I am familiar with the subject neighborhood and the market area. I have worked in and around this area for a number of years. I did drive through parts of this neighborhood in conjunction with this assignment. 31. I/we have no current or prospective interest in the subject property or parties involved. 32. I/we have not performed any services regarding the subject property within the three year period immediately preceding acceptance of the assignment, as an appraiser or in any other capacity. 33. No one provided significant real property appraisal assistance to the person(s)signing this certification. 34. No fees were paid or received in the procurement of this assignment. 35. The reported analyses, opinions,and conclusions were developed, and this report has been prepared , in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute,which include the Uniform Standards of Professional Appraisal Practice. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. As of the date of this report, I Kenneth P Lavertu, have completed the continuing education program of the Appraisal Institute. Kenneth P Lavertu, SRA(CO CR40004811,exp.12/31/14) The date of this report is 5/24/2013. Form TADD—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Page#14 Building Sketch Borrower/Client Charlotte/Melvyn Medhurst Property Address 348 N Shore Cir City Windsor County Weld State CO Zip Code 80550 Lender Home Finance of America 32' V_ 27' Patio/Balcony [416Sgft] 02 a, 12' Bath 32' Bedroom Family 22' ^ Kitchen First Floor o [3015 Sq ftJ Bath Bath 3' 5' Dining Bedroom Living Study 3 Car Attached [1170 Sq ft] 10' 24' N 24' TOTAL Sketch by a la mode,'M. Area Calculations Summary Living Area First Floor 3015 Sq ft Total Living Area(Rounded): 3015 Sq ft Non-living Area•... Patio/Balcony 416 Sq ft 3 Car Attached 1170 Sq ft Form SKT.BIdSkl—"WinTOTAL"appraisal software by a la mode,inc.—1.800-ALAMODE Page#15 Market Conditions Addendum to the Appraisal Report File No. 1305161 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 348 N Shore Cir City Windsor State CO ZIP Code 80550 Borrower Charlotte/Melvyn Medhurst 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 Overall Trend Total#of Comparable Sales(Settled) 4 0 0 Cl Increasing X Stable ❑Declining Absorption Rate(Total Sales/Months) 0.67 0 0 ❑Increasing ®Stable ❑Declining Total#of Comparable Active Listings 1 0 3 ❑Declining IN Stable ❑'Increasing Months of Housing Supply(Total Listings/Ab.Rate) 1.5 0 0 ri Declining Stable fl Increasing` Median Sale&List Price,DOM,Sale/List°k Prior 7-12 Months Prior 4-6 Months Current—3 Months Overall Trend Median Comparable Sale Price 422,450 0 0 ❑Increasing Z Stable ❑Declining Median Comparable Sales Days on Market 57.5 0 0 ❑Declining ®Stable ❑Increasing Median Comparable List Price 475,000 0 489,900 ❑Increasing LEI Stable ❑Declining Median Comparable Listings Days on Market N/A N/A N/A U Declining E Stable ❑Increasing z Median Sale Price as%of List Price 96.99 0 0 ❑Increasing ®Stable ❑Declining Seller-(developer,builder,etc.)paid financial assistance prevalent? ®Yes ❑No ❑Declining ®Stable ❑Increasing 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.). These conclusions are also based on my surveying of parties to the transaction for sales concessions when I perform appraisals in this market. w r w Are foreclosure sales REO sales a factor in the market? ®Yes ❑No If yes,explain including the trends in listings and sales of foreclosed properties. There have been a few bank foreclosures offered for sale in this market,however,they are insignificant and have not negatively effected the market prices. Cite data sources for above information. The data used in this analysis was obtained primarily from IRES.This is the primary MLS for several area Counties.I have worked in this area and sub-market off and on for 16 years.I did personally drive through the neighborhood making note of properties,listed for sale and bank foreclosures. 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. The subject's sub-market has been analyzed by trending indicators over the past eight(3 month)periods. A median DOM cannot be calculated for active listings within a date range. If 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) ❑Increasing E Stable ❑Declining Absorption Rate(Total Sales/Months) Li Increasing ❑Stable ❑Declining Total#of Active Comparable Listings ❑Declining ❑Stable ❑Increasing Months of Unit Supply(Total Listings/Ab.Rate) ❑Declining ❑Stable ❑Increasing Are foreclosure sales(REO sales)a factor in the project? ❑Yes ❑No If yes,indicate the number of REO listings and explain the trends in listings and sales of ~foreclosed properties. U Summarize the above trends and address the impact on the subject unit and project. Signature - 44 Signature Appraiser Name Kenneth P.Lavertu,SRA Supervisory Appraiser Name Company Name Tri-County Appraisals Company Name Company Address P.O.Box 264,Windsor,CO 80550 Company Address State License/Certification# CR40004811 State CO State License/Certification# State Email Address tricountyappraisal@earthlink.net Email Address Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009 Form 1004MC2—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Page#16 Subject Photo Page Borrower/Client Charlotte/Melvyn Medhurst Property Address 348 N Shore Cir City Windsor County Weld State CO Zip Code 80550 Lender Home Finance of America Subject Front 348 N Shore Cir Sales Price Gross Living Area 3,015 " C Total Rooms 7 Total Bedrooms 2 a.. 4 : To; 00m5al Bathr 3.0 Loation N;Res; 3 w N;Res; Site 2.5 ac Quality Q3 Age 10 Subject Rear q }?p I F E-c , Subject Street '.. ..'.,,,‘;:,4'k y„�,,. e�w ^' �o • ?, qe YFUv6 a X V�,,, \,y:" r .� air sr ' .� T m., x Y a yN3 ^aQ,'er'. `tx k .'.: µ.nn-...s. • Form PICPIX.SR—"WinT0TAL"appraisal software by a la mode,inc.—1-800-ALAM0DE Page#17 Subject Photo Page Medhurst City PropertyBorrower/Client Address 348 NI ShoreCharlotte/Melvyn Cir Windsor County Weld State CO Zip Code 80550 Lender Home Finance of America Subject Front 348 N Shore Cir �� Sales Price Gross Living Area 3,015 Total Rooms 7 Total d 2 Total BB s 2N3.;0 t Location N;Res; View N;Res; Site 2.5 ac * Quality Q3 Age 10 „ Subject Rear 1 €k1lrl icwe �e ,,., ti P1Pais yt; .t" s a X ' . „ ;'. subject Street '2. a 4 � •;wy ^' r • • J\ ,. s>r � c 1 r4 sl:kit $ ky h I Form PICPIX.SR—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE 1 P.ge#18 Interior Photos Borrower/Client Charlotte/Melvyn Medhurst Property Address 348 Nl Shore Cir City Windsor County Weld State CO Zip Code 80550 Lender Home Finance of America g , j: . r Fwr«.r y Fay�r w Kitchen Family Rm A 4 T� 9 d _• t "i 4. . :. * ' Dining Rm Living Rm t e x* r. $It‘sit • .. ,raffia „ �'�M w , Study Bath Farm PICINT6—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Page#19 Interior Photos Medhurst PropertyBorrower/Client Address 348 N ShoreCharlotte/Melvyn Cir City Windsor County Weld State CO Zip Code 80550 Home Finance of America Lender 9 a �''' a+ 4 ,. ^' ii," ym g. Bedroom Bath p al : ''''' ' , 9' Y .f.oi Bedroom Bath '.• : ff-11;i' . . „ ,--. : , ,,,, , , , f lit. y Family Rm Bath Form PICINT6—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Paae#20 t InteriorCounty Photos Borrower/client Charlotte/Melvyn Medhurst Property Address 348 N Shore Cir City Windsor Weld State CO Zip Code 80550 Lender Home Finance of America • w M ,' • F Game Rm Craft Rm II ., �"�ry H A q0. ° _ Bedroom Form PICINT6—"WinT0TAL"appraisal software by a la mode,inc.—1-800-ALAM0DE Page#21 Comparable Photo Page Borrower/Client Charlotte/Melvyn Medhurst Property Address 348 N Shore Cir City Windsor County Weld State CO Zip Code 80550 Lender Home Finance of America Comparable 1 37144 Soaring Eagle Cir Pros.to Subject 1.73 miles N Sale Price 509,000 Gross Living Area 2,501 Total Rooms 7 Total Bedrooms 4 Total Bathrooms 2.1 Location N;Res; �, View N;Res; r • ii.. 'r;i„ Site 2.56 Sc �..q.,, _-=ter Quality• Q3 Age 10 Comparable 2 °tfut 37034 Soaring Eagle Cir �i Prox.to Subject 2.35 miles N Sale P ce 555,000 Gross Living Area 3,022 Total Rooms 8 Total Bedrooms 4 Total Bathrooms 3.1 Location N;Res; View N;Res; 1 • Site 1.65 ac Quality 03 Age 7 Comparable 3 1014 Montana Ct Prox.to Subject 0.44 miles SW Sale Price 465,000 " a�$ a Gross Living Area 2,263 wr ` ey m Total Rooms 6 ft T + Total Bedrooms 3 �q , 1 y _ Total Bathrooms 2.1 Location N;Res; View N;Res; a'rry3 ,:II e� e��.@;o `� Site 1.9 ac 11.1 tilt Quality 03 Age 5 .z"* ' `'-° ,• 'C � rt Via.. Form PICPIX.CR—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Page#22 Comparable Photo Page Borrower/Client Charlotte/Melvyn Medhurst Property Address 348 N Shore Cir City Windsor County Weld State CO Zip Code 80550 Lender Home Finance of America `T a Comparable 4 ^ ° t p 436 Ventana Way +k: y ' a vS r�e j�"`��%° Prox.to Subject 0.59 miles S Sales Price 499,500 x - Gross Living Area 3,429 A a Total Rooms 9 �' ° Total Bedrooms 4 Total Bathrooms 2.1 Location N;Res; View N;Res; Site 1.92 ac 1414411 j?4 Quality Q3 Age 12 r; � aav Comparable 5 352 N Shore Cir k Ts Prox.to Subject 0.09 miles E ass 2 Sales Price 0 Gross Living Area 2,585585 Total Rooms 8 Total Bedrooms 4 Total Bathrooms 2.1• e Location N;Res; View N;Res; , Site 2.5 ac r " .aa" Quality Q3 Age 16 Comparable 6 Prox.to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Form PICPIX.CR—"WinTOTAL"appraisal software by a la mode,inc.—1.800-ALAMODE Paae#23 Location Map • Borrower/Client Charlotte/Melvyn Medhurst Property Address 348 N Shore Cir City Windsor County Weld State CO Zip Code 80550 Lender Home Finance of America a la mode, me , 3 a .v iC 257 Comparable#2 I 37034 Soaring Eagle Cir 2.35 miles N 'a ..._,_.�,, ._...._._._. ` K Comparable#1 „att. w •,:.,� 37144 Soaring Eagle Cir 1.73 miles N fu�:yRsrxi 7C 9oad.30E 74 - ,to fty Road p?nacf IA eject 348 North Shore Circle , 2Sf; Comparable#5 352 N Shore Circle Kerns 0.09 miles E Comparable#3 1014 Montana Ct 0.44 miles SW • Comparable#4 430 Ventana Way 0.59 miles S 392 68 68 392 Mail i SC 58 392'. 257 5._;, - 19 i nules tine Form MAP.LOC—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Paae#24 Plat Property Map C o 226' Murring F`yr Co'Jrty Road 12 Coolly Rc JSb' QSi' —601 y N Oi d75F10re5 Ci-cle a z 226' es Circle Narthshs4as v,•... y, -lDc� a e_a:_,s :71o<.t. " 8fi. 1 .,�_=-r-.a..,.'S z:-5?lo+_h Property Detail Form SCNLGL—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Page#25 • File No. 1305161 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 very recently constructed and have not previously been occupied.The entire structure and all components are new and the dwelling features no physical depreciation.* *Note:Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100%new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition.Recently constructed improvements that have not been previously occupied are not considered"new"if they have any significant physical depreciation(i.e.,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 either are almost new or have been recently completely renovated and are similar in condition to new construction. 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. 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. 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. 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. Quality Ratings and Definitions 01 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. 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. UAD Version 9/2011 Form UADDEFINE—"WinT0TAL"appraisal software by a la mode,inc.—1-800-ALAM0DE Pace#26 UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source:Fannie Mae UAD Appendix D:UAD Field-Specific Standardization Requirements) Quality Ratings and Definitions(continued) 05 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 Nat 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 Form UADDEFINE—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Paae#27 UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source:Fannie Mae UAD Appendix D:UAD Field-Specific Standardization Requirements) Abbreviations Used in Data Standardization Text Abbreviation Full Name Fields Where This Abbreviation May Appear ac Acres Area,Site AdjPrk Adjacent to Park Location AdjPwr Adjacent to Power Lines Location A Adverse Location&View ArmLth Arms Length Sale Sale or Financing Concessions ba Bathroom(s) Basement&Finished Rooms Below Grade br Bedroom Basement&Finished Rooms Below Grade B Beneficial Location&View Cash Cash Sale or Financing Concessions CtySky City View Skyline View View CtyStr City Street View View Comm Commercial Influence Location c Contracted Date Date of Sale/Time Cony Conventional Sale or Financing Concessions CrtOrd Court Ordered Sale Sale or Financing Concessions DOM Days On Market Data Sources e Expiration Date Date of Sale/Time Estate Estate Sale Sale or Financing Concessions FHA Federal Housing Authority Sale or Financing Concessions GlfCse Golf Course Location Glfvw Golf Course View View Ind Industrial Location&View in Interior Only Stairs Basement&Finished Rooms Below Grade Lndfl Landfill Location LtdSght Limited Sight View Listing Listing Sale or Financing Concessions Mtn Mountain View View N Neutral Location&View NonArm Non-Arms Length Sale Sale or Financing Concessions BsyRd Busy Road Location o Other Basement&Finished Rooms Below Grade Prk Park View View Pstrl Pastoral View View PwrLn Power Lines View PubTrn Public Transportation Location rr Recreational(Rec)Room Basement&Finished Rooms Below Grade Relo Relocation Sale Sale or Financing Concessions REO REO Sale Sale or Financing Concessions Res Residential Location&View RH USDA-Rural Housing Sale or Financing Concessions s Settlement Date Date of Sale/Time Short Short Sale Sale or Financing Concessions sf Square Feet Area,Site,Basement sqm Square Meters Area,Site Unk Unknown Date of Sale/Time VA Veterans Administration Sale or Financing Concessions w Withdrawn Date Date of Sale/Time wo Walk Out Basement Basement&Finished Rooms Below Grade wu Walk Up Basement Basement&Finished Rooms Below Grade WtrFr Water Frontage Location Wtr Water View View Woods Woods View View Other Appraiser-Defined Abbreviations Abbreviation Full Name Fields Where This Abbreviation May Ammar UAD Version 9/2011 Form UADDEFINE—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Page#28 License STATE OF COLORADO Department of Regulatory Agencies Division of Real Estate Active TED ON SECURE PAPER Cart Residential Appraiser 40004811 Jan 1 2012 0 Dec 31 2014 Number j Is Date Expires KENNETH P LAVERTU WINDSOR,CO 80550 � v Program Administrator Licensee Signature Form SCNLGL—"WinTOTAL"appraisal software by a la mode,inc.—1.800-ALAMODE Page#29 E&O Rice Insurance Services Company,LLC CERTIFICATE OF COVERAGE REAL ESTATE LICENSEES ERRORS&OMISSIONS INSURANCE KENNETH LAVERTU P.O.BOX 264 WINDSOR, CO 80550 I hereby certify that the Named Licensee listed below is insured as follows: Insured:KENNETH LAVERTU License#:ER40007454 Policy Number: 13 EO 0010CO Individual Policy Period: 01/01/2013 TO 01/01/2014 Policy Limits: $100,000 PER CLAIM/$300,000 ANNUAL AGGREGATE Deductible: Damages: $1,000 EACH CLAIM Claims Expenses: $0 EACH CLAIM Insurance Company: Continental Casualty Company The policy referenced above is a CLAIMS MADE AND REPORTED POLICY. A Claim must be reported in writing to the Company as soon as possible after the Claim is first made but in no event more than ninety(90)days after the insured became aware of such Claim. The Claim must be made and reported during the policy period or during an Extended Reporting Period in order to qualify for coverage. A Claim is written demand for money or services received by the insured or service of lawsuit or institution of arbitration or mediation proceedings against the Insured,seeking Damages and alleging a negligent act,error or omission in the performance of Professional Services. It is essential,to protect the Insured's interests and to assure that coverage conditions are not violated,that Claims be properly reported. Immediate action is required by the real estate licensee and/or broker. To report a Claim,visit our website www.risceo.com or call our Claims Examiner at our administrative office at(800) 837-7319 for a Notice of Claim form. Complete and submit the Notice of Claim form and other pertinent documents to the Company. This certificate of insurance does not affirmatively or negatively amend,extend,or alter the coverage afforded by the insurance policy.All terms,conditions,deductibles and exclusions are addressed in the policy. t Authorized Representative: p`✓9 ENDORSEMENTS:Appraisri Enrloraement,Higher Limits$880,000 per claim/$1,000,000 aggregate Date: 11/05/2012 08.34:42 AM Agency: Rice Insurance Services Company,LLC Adceette 4.211 Nortiourne Wye,Louisville KY 40201 Phone. (800)637-7319 or(502)897-1876 Fax: (502)897.7174 Rica Insurance Servers Company,LL Certificate of Coverage,Page 1 of 4 Form SCNLGL—"WinTOTAL"appraisal software by a la mode,inc.—1.800-ALAMODE Arm at 4cn1T NOTICE OF DETERMINATION Christopher M. Woodruff Date of Notice: 6/27/2013 Weld County Assessor Telephone: (970) 353-3845 1400 N 17th Ave Fax: (970) 304-6433 Greeley, CO 80631 Office Hours: 8:00 AM - 5:00 PM ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/PHYSICAL LOCATION R1094696 2013 0437 WIN NSW-25 L25 NORTH SHORES AT WINDSOR w MEDHURST MELVYN EDWARD REV FAM TRST 348 N SHORES CIR WINDSOR,CO 80550 re W a O cc a ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW RESIDENTIAL 595,815 537,900 TOTAL $595,815 $537,900 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: AL02- The actual valuation of your property has been adjusted based on new information. This may be information you have supplied, corrections of characteristics or additional sales which we have uncovered during the appeals process. If you disagree with the Assessor's decis ion,gde I on, you have the right to appeal to the County Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S. The deadline for filing real property appeals is July 15. The Assessor establishes property values. The local taxing authorities (county, school district, city, fire protection, and other special districts) set mill levies. The mill levy requested by each taxing authority is based on a projected budget and the property tax revenue required to adequately fund the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall. If you are concerned about mill levies, we recommend that you attend these budget hearings. Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities. Please refer to the reverse side of this notice for additional information. 15-DPT-AR PR 207-08/13 R1094696 16313 ,9 Ti�lt?Hmc-it T 2_ Account Number I I i Parcel Number O804'096aW� � Owner Name �l� a FI�V` I I 'I�Y1e huc�t y�� Rev � G� Y'I.g Phone Number 6170-1074-ggiji e-mail 1,5001 REAL PROPERTY QUESTIONNAIRE Attach additional documents as necessary. �liiFAC4SII*P A I This approach to value uses comparable sales from the appropriate time period to determine the actual value of your property. The following items, if known, will help you estimate the market value of your property. If available,attach a copy of any appraisal or written estimate of value. Have similar properties in your immediate neighborhood sold within the 18-month data gathering period? DATE OLD PROPERTY ADDRESS SELLING PRIC a8 t 35 No 5 U ct"'1e� s f t 3a8 tJOrth n,gat, xi- I• 35040 rm cner6 y 5/aa/ x3 t3QQ t 1 -5 ©c Based on se sales and un�r • ces between sold properties and your property, state the value of your property. $ 5 I t -COST APPROAEl k't slFor`Ns dential Properties Only) This approach to value uses replacement construction costs from the appropriate time period to determine the value of your property. The following items, if known, will help you estimate the replacement cost of your property ORIGINAL YEAR BUILT BUILDER CONSTRUCTION COST List all changes made to your property prior to January 1 of the current year, i.e., remodeling of storefront expansion of storage area;addition to parking,service or manufacturing area. DATE DESCRIPTION OF CHANGE COST Is your structure in typical condition for its age? If not,why? Based on the replacement cost of construction and of any changes, including depredation,state the total value of your property. $ ICE APP OApCH },.'. r This approach to value converts economic net income from the appropriate time period into present worth. if the property was rented or leased, attach operating statements showing rental and expense amounts for this proPerty- Indicate square foot rental rate for all tenants. (Attach rent and lease schedule) If known,list rents of comparable properties. If available,attach operating statements showing rental and expense amounts for comparable properties. If an appraisal using the income approach was conducted,please attach. , s lNAI M .0F,V UE. Fa State your final estimate of the property's value. $.�-J 11 act_) 15-AR-DPT ARL VOL 2 1-84 Rev 10-09 Hello