CONTINGENT AND LIMITING CONDITIONS

1. SCOPE OF THE APPRAISAL: The scope of this analysis consists of identifying the characteristics of the Subject property that are relevant to the purpose and intended use of the analysis. This may be accomplished by reviewing public record data, other data sources that become available, and/or Multiple Listing Service (MLS) data, and as needed, homeowner interview, prior appraisal or documentation from a disinterested source which is considered reliable from the signatory Appraiser's perspective. Unless otherwise noted in the appraisal, no interior or exterior inspection of the Subject or Comparable properties has been made.
   
   In developing this analysis, the signatory Appraiser(s) have incorporated a modified Sales Comparison and/or Statistical Valuation approach. The signatory Appraiser(s) have determined that this process is not so limited that the results of the assignemnt are no longer credible, and the Lender/Client identified herein agrees that the limited service is appropriate given the Intended Use. The data sources for the comparable sales may include public record services, MLS and/or other data sources that become available. The confirmation of comparable sale data, i.e. closed sale documentation and property characteristics, is via MLS and/or public record sources. The signatory Appraiser(s) have not viewed the Sales in the field. The data is collected, verified and analyzed, in accordance with the Scope of Work identified and the Intended Use of the analysis. A Complete ''full FNMA'' appraisal would have included inspections (interior and exterior) of the Subject and exterior inspection of the comparable sales and consideration of other approaches (Cost and Income) and would have employed any of the appropriate and/or applicable methods.
   
   In the absence of an inspection, the signatory Appraiser(s), with mutual agreement from Lender/Client identified herein, have made some basic assumptions, including, but not limited to:
   • The Subject property is assumed to be in Average Overall Condition and generally conforms to the neighborhood in terms of style, condition and construction materials.
   • There are no adverse environmental conditions (hazardous wastes, toxic substances, etc.) present in the Improvements, on the Site, or in the immediate vicinity of the Subject property.
   • There are no significant discrepancies between the public record information or other data sources and existing Improvement and/or Site.

   Reconciliation: The ratio of assessment to property value is a statistical relationship based on mass property evaluation required by government statute for the purpose of taxation.

   NOTICE: The Collateral Value may be more or less than the Market Value of the property. A Complete ''full FNMA'' appraisal report performed under the specific guidelines of USPAP may provide a more accurate estimate of Market Value.

2. RESTRICTED USE APPRAISAL REPORT: The Restricted Use Appraisal Report option limits the use of this report exclusively to the Lender/Client identified herein, their subsidiaries and/or legal assigns (no other use intended or implied). The signatory Appraiser(s) opinions and conclusions set forth in the report cannot be understood properly without additional information retained in the signatory Appraiser(s) Work File.
3. PURPOSE OF THE ANALYSIS: The purpose of this analysis is to develop an opinion of Collateral Value, without benefit of an interior or exterior inspection of the subject property, or any of the comparables; however, based only upon a modified sales comparison and/or statistical valuation approach for use in a loan transaction exclusively with the Lender/Client identified herein, their subsidiaries and/or legal assigns. No other use intended or implied.
4. Possession of this report, or a copy thereof, does not carry with it the right of publication.
5. HIGHEST AND BEST USE: The Highest and Best Use of the subject property is assumed to be its present use.
6. ZONING: The Subject property is assumed to be legal and in compliance with current zoning.
7. The signatory Appraiser(s) will not be responsible for matters of a legal nature that affect the Subject property.
8. The signatory Appraiser(s) assume the Title is good and marketable and, therefore, will not render any opinions about this Title. The Subject property is appraised on the basis of it being under responsible ownership.
9. The signatory Appraiser(s) will not give testimony or appear in court because they performed this analysis unless specific arrangements to do so have been made beforehand.
10. Except as noted herein, the signatory Appraiser(s) have not made an interior or exterior inspection of the Subject or Comparable properties. The signatory Appraiser(s) assume that there are no adverse conditions associated with the improvements or the Subject Site. Unless otherwise stated in the report, the signatory Appraiser(s) have no knowledge of any hidden or apparent conditions of the Subject property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) present in the Subject Improvements, on the Subject Site or in the immediate vicinity that would make the property more or less valuable, and assume that there are no such conditions. The signatory Appraiser(s) do not make any guarantees or warranties, expressed or implied, regarding the Condition of the Subject property. The signatory Appraiser(s) assume that the Subject Improvements are in Average Condition. The signatory Appraiser(s) 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 signatory Appraiser(s) are not experts in the field of environmental hazards, the analysis may not be considered an environmental assessment of the Subject property.
11. The signatory Appraiser(s) obtained the information, estimates, and opinions that were expressed in the analysis from sources that they consider reliable and believes them to be true and correct. The signatory Appraiser(s) do not assume responsibility for the accuracy of such items that were furnished by other parties.
12. The process of collecting, and reporting data in the course of completing this analysis included; searching various data sources covering the subject market area and comparable data and/or Homeowner interview, reviewing the collected data to determine if it was adequate to support a credible opinion of Collateral Value, analyzing the collected data to form an opinion of Collateral value, selecting at least three (3) comparable sales to represent the data considered and the opinion of Collateral Value expressed in this analysis, and retaining evidence of the entire process in the signatory Appraiser(s) Work File.
13. The opinion of Estimated Collateral Value expressed in this analysis is based on a modified Sales Comparison and/or Statistical Analysis Approach. No other valuation approach was developed. The signatory Appraiser(s) are responsible to maintain the ''WorkFile'' for this analysis and will make a certified copy of that file available to Lender/Client identified herein, at a location determined by the herein identified Lender/Client.
14. The signatory Appraiser(s) will not disclose the content of this analysis except as provided in the USPAP and/or state/federal regulations.
15. The signatory Appraiser(s) of this analysis are competent to undertake this assignment, based on knowledge, experience, various sales and property data sources associated with the geographic marketplace without any specific or special disclosure or steps.

APPRAISER'S CERTIFICATION:

The signatory Appraiser(s) certify that, to the best of their knowledge and belief:

1. The statements of fact contained in this report are true and correct.
2. The reported analysis, opinions and conclusions are limited only to the reported assumptions and limiting conditions, and are my/our personal, impartial, and unbiased professional analysis, opinions, and conclusions.
3. I/we have no (or the specified) present or prospective interest in the property that is the subject of this report, and no (or the specified) personal interest with respect to the parties involved.
4. I/we have no bias with respect to the property that is the subject of this report or to the parties involved in this assignment.
5. My/our engagement in this assignment was not contingent upon developing or reporting predetermined results.
6. My/our 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, that attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this analysis.
7. I/We have not (unless specifically noted) made a personal inspection, interior or exterior, of the Subject property, and/or any of the Comparable properties.
8. I/we have taken into consideration the factors that have an impact on value in the development of the estimate of Collateral Value in the report. I/we have not knowingly withheld any significant information from the report. I/we believe to the best of my/our knowledge, that all statements and information in the report are true and correct.
9. No one (unless specifically noted) provided significant professional assistance to person(s) signing this report.
10. My/our analyses, opinions and conclusions are considered to be developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP).