SCOPE OF WORK

This Restricted Appraisal Report is intended to comply with the reporting requirements set forth under S.R. 2-2 (b) of the Uniform Standards of Professional Appraisal Practice. As such, it presents limited discussion of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. This Restricted Appraisal Report is only for use by the Client and the rationale for how the appraiser arrived at the opinions and conclusions set forth in the report may not be understood properly without additional information in the appraiser's work file. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's work file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated. The appraiser is not responsible for unauthorized use of this report. The report is intended for the sole use of the client noted on page one of the report and any other uses are expressly prohibited. In accordance with prior agreement between the client and the appraiser, this report is the result of a specific scope of work. The intended user of this report is warned that the reliability of the value conclusion provided may be impacted by the scope of work that has been determined to be appropriate for this assignment. The appraiser did not inspect the property identified on this report but did rely upon an Exterior Inspection of the subject property and the immediate neighborhood which was performed by a third party inspector. This AppraisalXTM report was completed from the appraiser's desk and photos of the comparable sales were taken from online sources and/or a property inspection report. The sales comparison approach was completed using information provided by a third party data provider that consists of a compilation of public records, MLS and other online real estate information which is deemed to be reliable and acceptable in the industry. The appraiser did not complete the cost approach or income approach. Although these approaches might be considered meaningful in appraising a property of this type, they were not necessary to develop credible assignment results for this assignment. Additional description of scope of work including extent to which the property is identified, the extent to which tangible property is inspected, the type and extent of data researched and the type and extent of analysis applied is found in the ASSIGNMENT CONDITIONS section of the report.

This Restricted Appraisal report is subject to the following DEFINITION OF MARKET VALUE (12 CFR Part 323): 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.

INTENDED USE OF THE REPORT

The intended use of the appraisal is to assist the client listed on page one of the AppraisalXTM report in collateral evaluation.

ASSIGNMENT CONDITIONS

• The real property interest being appraised is Fee Simple with no liens or encumbrances and good marketable title unless otherwise noted. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The property is identified by its address and county parcel number when available.
• The appraiser is not required to give testimony or appear in court because of this appraisal unless arrangements have been before completion of the report.
• An exterior inspection of the home was completed by a third party inspector and the inspection information was used as part of the research for this appraisal. Unless otherwise noted in this report, no interior inspection of this property has been performed. Since no interior inspection has been performed and the appraiser is relying on information from an exterior inspection performed by a third party, any conditions detrimental to the subject property not disclosed to the appraiser are not considered. Any conditions (such as needed repairs, excessive physical depreciation, presence of hazardous waste, toxic substances, etc.) made aware to the appraiser during the normal research involved in performing this desktop appraisal are contained herein. The physical characteristics used to develop this appraisal are based on any combination of data sources including but not limited to county assessment records; multiple listing service data, property owner supplied data, or other data services.
• Based on the information analyzed, the appraiser has no reason to believe that the highest and best use as improved of the subject property is anything other than its current.
• The Appraiser utilizes comparable and subject property data that is a compilation of property information which may come from a variety of sources generally regarded as reliable. These include but are not limited to multiple listing services, public records, property owners and appraiser files.
• The appraiser, in conjunction with the client, has determined that the use of this type of appraisal is appropriate for the intended use; that the output is credible for use in the assignment; and the program does not exclude relevant market measures or factual information necessary for credible assignment results.
• The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice.
• The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower or any assignees of the client or as required by law. Any legal distribution must include the complete appraisal with these assignment conditions.

APPRAISER'S CERTIFICATION: I certify that, to the best of my knowledge and belief:

• The statements of fact contained in this report are true and correct.
• The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions and conclusions.
• I have no present or prospective interest in the property that is the subject of the report, and no personal interest with respect to the parties involved.
• I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
• My engagement in this assignment was not contingent upon developing or reporting predetermined results.
• My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
• My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
• I have not made a personal inspection of the property that is the subject of this report.
• No one provided significant real property appraisal assistance to the person signing this report, unless otherwise noted and acknowledged within this report.
• Unless otherwise stated in the comment box below, I have performed no (or the specified) other services, as an appraiser or in any other capacity, regarding the property that is the subject of the work under review within the three-year period immediately preceding acceptance of this assignment.

EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS

If adverse conditions exist and they were not provided to the appraiser, the assignment results may be affected. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. The client understands the extraordinary assumptions necessary regarding the data collection process and accepts the risks associated with it.