Property Valuations Report

PROPERTY VALUATIONS REPORT

Report Identification

Report ID:    Effective Date:    Inspection Date:

Parties and Contacts

Property Identification

Parcel / APN:    Zoning:    Legal Reference:

Property Characteristics

Lot Size:    Bedrooms:    Bathrooms:    Condition:

Intended Use, Scope and Approaches

Intended Use:

Scope of Work:

Sales Comparison Approach    Income Capitalization Approach    Cost Approach

Sales Comparison Analysis — Comparable Sales

Provide up to three comparable sales used to derive the market value. Adjustments shown are summary-level; full adjustment detail maintained in file.

Income / Capitalization Analysis (If Applicable)

Applied Capitalization Rate:    Income Approach Indicated Value:

Cost Approach (If Applicable)

Cost Approach Indicated Value:

Reconciliation and Final Opinion

The appraiser reconciles the indicators of value and based on the preceding analyses concludes the market value of the subject property, as of the Effective Date, under prevailing market conditions.

Assumptions, Limiting Conditions and Certifications

Certification: The undersigned certifies to the best of their knowledge that the analyses, opinions and conclusions were developed and reported in conformity with accepted appraisal practice and that no undisclosed interest or bias exists that would affect the conclusions. The appraiser has no present or prospective interest in the property and has performed no services, other than those disclosed, that would create a conflict of interest unless otherwise noted in this report.

Disclosures and Material Facts

Indicate the presence or absence of the following conditions to the extent known to the appraiser. If "Yes," provide explanation in the adjacent explanation field.

Lead-based paint: Yes    No

Flood zone or special flood hazard area: Yes    No

Known environmental hazards (asbestos, contamination): Yes    No

Prior structural damage or remediation: Yes    No

Known easements, encroachments or liens: Yes    No

Fees, Reliance and Liability

Fee Charged:    Fee Received:

Reliance: This report is prepared for the client named above for the stated intended use. The appraiser's liability for reliance by third parties is limited to written agreements disclosed herein or otherwise arranged in writing.

Governing Law and Entire Agreement

This Valuations Report and any disputes arising out of or related to it shall be governed by the laws of the jurisdiction in which the property is located. This document constitutes the entire agreement between the parties with respect to the services described and supersedes any prior or contemporaneous communications, whether oral or written, concerning the subject matter herein.

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