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CADRE GROUP, LLC
COMPREHENSIVE ANALYSIS & DIRECTION/REAL ESTATE
313282
File No. 17103002
APPRAISAL OF
SINGLE FAMILY RESIDENCE
LOCATED AT:
71 Roosevelt Avenue
Stratford, CT
06615
FOR:
MCCALLA RAYMER LEIBERT PIERCE, LLC
50 WESTON STREET
HARTFORD, CT 06120
BORROWER:
Moorer
AS OF:
November 4, 2017
BY:
Nancy M. Bevacqua
CORPORATE OFFICE 60 KATONA DRIVE SUITE 27 FAIRFIELD, CT 06824
TELEPHONE (203) 368 - 2000FACSIMILE (203) 368 - 2210
Limited Appraisal Analysis - Summary Appraisal Report
313282 CADRE GROUP, LLC File No.17103002
BORROWER/SUBJECT PROPERTY INFORMATION
Moorer
Borrower 0803.00
Census Tract MSA 14860
Map Reference
71 Roosevelt Avenue
Property Address X SF
Check One: PUD Condo 2-4 Units
City Stratford Fairfield
County CT
State 06615
Zip Code
Phone No. Res. N/A Loan Amount Requested $ N/A
Term N/A Months N/A
Owner's Estimate of Value $
No. of Rooms No. of BedroomsNo. of Baths
Family Room or Den
Gross Living Area
Garage/Carport
Porches, Patio or
Central Air
(Specify Type & Number)
Pool (Specify)
6 3 1.00 X
Yes No 1,044 Driveway
Sq. Ft. Patio YesX No
FIELD REPORT
NEIGHBORHOOD
Location Urban X Suburban Rural Good Avg.FairPoor
Built Up X Over 75% 25% to 75% Under 25% Property Compatibility X
Growth Rate
Fully Dev. Rapid X Steady Slow X
General Appearance of Properties
Property Values Increasing X Stable Declining Appeal X
Demand/Supply Shortage X In Balance Oversupply
Marketing Time X Under 3 Months 4-6 Months Over 6 Months
67
Present Land Use 5
% 1 Family% 2-4 Family
% Apts. 5% Condo 8 10
% Commercial 5
% Industrial
% Vacant %
X
Change in Present Land Use
Not Likely Likely Taking Place
From To
X
Predominant Occupancy Owner Tenant % Vacant Occupancy and vacancy ratios are from the FFIEC
49,000 To $
Single Family Price Range $ 343,000 Predominant Value $174,000 website, a public access, census-based demographic
1 Years To
Single Family Age 187 Years
Predominant Age 75 Yrs. profile updated 2016.
Note: Freddie Mac does not consider race or the racial composition of the neighborhood to be reliable appraisal factors.
The subject is located in the South End neighborhood of
Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise)
Stratford with good access to Interstate 95, shopping, employment centers and all necessary amenities.
SUBJECT PROPERTY
1956 No. Units 1
Approximate Year Built No. Stories 1.25 PROPERTY RATING Good Avg. Fair Poor
Detached
Type (detached, duplex, semi-det etc.) Condition of Exterior X
Cape
Design (rambler, split level, etc.) Compatibility to Neighborhood X
Exterior Walls Material Vinyl Siding
Roof Material Asphalt Shingle Appeal and Marketability X
No X
Is the property located in a HUD-Identified Special Flood Hazard Area?
Yes
None noted, exterior drive by appraisal only.
Special Energy Efficient Items
Property was a drive by exterior inspection, the interior was not inspected, at the time of
Comments (favorable or unfavorable including any deferred maintenance)
the inspection there were no external inadequacies observed. The subject is located in an AE Flood Zone, FEMA Map #09001C0442G
dated 7/8/2013.
SALES COMPARISON ANALYSIS
ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
Address
71 Roosevelt Ave 125 Garibaldi Avenue 41 Anderson Avenue 292 Roosevelt Avenue
Stratford Stratford Stratford Stratford
Proximity to Subject 0.16 miles SE 0.25 miles NE 0.26 miles SE
$
Sales Price $ 145,000 $ 133,030 $ 170,000
+(-)$ +(-)$ +(-)$
VALUE ADJUSTMENTS
DESCRIPTION DESCRIPTION Adjustment DESCRIPTION Adjustment DESCRIPTION Adjustment
Date of Sale/Time 10/13/2017 05/26/2017 10/02/2017
Location Average Average Average Average
Site/View .12 Acres .12 Acres .12 Acres .09 Acres
Age 61 45 97 58
Condition Average Average Average Above Average -17,000
Above GradeTotal Bdrms.Baths Total Bdrms.Baths Total Bdrms.
Baths 8,000 Total Bdrms.Baths
Room Count 6 3 1.00 6 3 1.50 -3,000 4 2 1.00 -5,000 6 3 1.00
Gross Living Area 1,044 Sq. Ft. 1,104 Sq.Ft. 0 829 Sq.Ft. 4,300 1,044 Sq.Ft. 0
FWA No CAC
Heating/Cooling FWA CAC -4,000FWA No CAC HWBB No CAC
Driveway
Garage/Carport Driveway Driveway 1 Car Garage -5,000
Patio
Porches, Patio, Deck -1,000None noted 0 Deck -1,000
Pools, etc.
None noted
Special Energy None noted None noted None noted
Efficient Items
Full Unfin Bsmt
Other (e.g. kitchen PF Fin Bsmt -5,000Full Unfin Bsmt Full PF Basement -5,000
equip., remodeling)
Net Adj. (total) + X - $ 13,000 X + - $ 7,300 + X - $ 28,000
Indicated Value
Gross: 9% Gross: 13% Gross: 16%
of Subject
Net: -9% $ 132,000Net: 5% $ 140,330 Net: -16% $ 142,000
GLA was adjusted at $20 per square foot when differences of over 100 square feet exist then rounded to the nearest $100.
General Comments
The land value is estimated at $49,000
X
Property Rights Appraised:
Fee Simple Leased Fee Leasehold
Estimated Market Value $ 140,000 as of November 4, 2017
Nancy M. Bevacqua
Completed By Title Appraiser
Signature 11/08/2017
Date
Produced using ACI software, 800.234.8727 www.aciweb.com
CADRE GROUP
Limited Appraisal Analysis - Summary Appraisal Report
313282 CADRE GROUP, LLC File No.17103002
SALES COMPARISON ANALYSIS
ITEM SUBJECT COMPARABLE NO.4 COMPARABLE NO.5 COMPARABLE NO.6
Address
71 Roosevelt Ave 210 McKinley Avenue
Stratford Stratford
Proximity to Subject 0.15 miles SE
$
Sales Price $ 144,900 $ $
+(-)$ +(-)$ +(-)$
VALUE ADJUSTMENTS
DESCRIPTION DESCRIPTION Adjustment DESCRIPTION Adjustment DESCRIPTION Adjustment
Date of Sale/Time Active DOM 45 -4,300
Location Average Average
Site/View .12 Acres .12 Acres
Age 61 58
Condition Average Average
Above GradeTotal Bdrms.Baths Total Bdrms.Baths Total Bdrms.
Baths Total Bdrms.Baths
Room Count 6 3 1.00 5 3 1.00
Gross Living Area 1,044 Sq. Ft. 1,046 Sq.Ft. 0 Sq.Ft. Sq.Ft.
FWA No CAC
Heating/Cooling HWBB No CAC
Driveway
Garage/Carport Driveway
Patio
Porches, Patio, None noted 0
Pools, etc.
None noted
Special Energy None noted
Efficient Items
Full Unfin Bsmt
Other (e.g. kitchen Full Unfin Bsmt
equip., remodeling)
Net Adj. (total) + X - $ 4,300 + - $ + - $
Indicated Value
Gross: 3% Gross: Gross:
of Subject
Net: -3% $ 140,600 Net: $ Net: $
ADDITIONAL COMMENTS
Comparable #4 is an active listing used to demonstrate current activity inside the subjects market area.The listing is adjusted down
3%,
reflecting the lack of buyer negotiation, which tends to lower the eventual sales price.
Produced using ACI software, 800.234.8727 www.aciweb.com
313282
ADDENDUM 17103002
File No.
Compliance with federal regulations
This appraisal report complies in every respect with the real estate appraisal regulations promulgated by the Office of the
Comptroller of the Currency, 12 CFR, PT 34; and by the Federal Deposit Insurance Corporation, 12 CFR, PT 323, pursuant
to Title XI of the Financial Institution's Reform, Recovery, and Enforcement Act of 1989. The appraisal assignment was not
based on a request minimum valuation, a specific valuation, or the approval of a loan.
* The purpose of this appraisal is to provide the market value of the subject property in connection with a foreclosure
proceeding.
* The scope of this appraisal is the analysis and determination of the value of the property in accordance with the methods
shown on the report and reconciliation thereof, together with an inspection of the property and public records, comparable
sales data, and other information shown on the appraisal report.
*The subject property has not transferred in an arm's length transaction in the past 36 months.
The appraiser has performed no other services, as an appraiser or in any other capacity, regarding the property that is the
subject of this report within the three-year period immediately preceding acceptance of this assignment.
Limiting conditions and extraordinary assumptions
the appraiser has been requested to perform an appraisal based on an exterior only inspection and not disturb the
occupants by entering the building. The physical characteristics used to develop this appraisal are based on observations
from a public street on the effective date of the appraisal, the assessment records of the subject's municipality, and on
multiple listing service (mls) information--if available and/or various other data sources available to the appraiser.This
appraisal is therefore done under several extraordinary assumptions. An extraordinary assumption is defined in the uniform
standards of professional appraisal practice (USPAP 2015/2016) As: "an assumption, directly related to a specific
assignment, which if found to be false, could alter the appraiser's opinions or conclusions." in this appraisal an extraordinary
assumption is made that the condition, style and appeal of the interior is similar to that of the exterior of the property that can
be viewed from a public street. A second extraordinary assumption is that assessor's records, and mls information regarding
the subject's interior condition, and exterior condition not visible from the street, is correct. A third extraordinary assumption
is that the gross living areas, as reported in the municipal assessor's records is correct. If any of these extraordinary
assumptions are false, then the appraiser's opinions, conclusions and estimate of value could be different than if a complete
appraisal with scope of work that included an interior inspection of the property was performed.
Comment on exposure time
The appraiser has determined that the property would need to be exposed to the market for 30 - 120 days to sell at the value
estimate as of the effective date of the appraisal.
Comment on personal property
No contributory value was assigned to any items of personal property in this appraisal.
Comment on photographs
The digital photographs contained in this report are the original photographs taken at the time of inspection and subsequent
comparable sales research/ These photographs have not been altered or enhanced in any reproduction manner.
Comparables within one mile of the subject
An attempt is made to utilize comparable sales within one mile of the subject property. Given the lack of truly comparable
sales in closer proximity and unique nature of Fairfield county, there may arise an instance where the one mile rule is
considered inapplicable for the use in this report. All sales used are within a mile of the subject property.
Comment on Flood Zone
The subject is located in an AE Flood Zone, FEMA Map #09001C0442G dated 7/8/2013. All comparable sales are also
located in the same flood zone.
Comment on comparable closing date guideline
Whenever possible, comparables which have closed within the last six months have been utilized except when comparables
which have closed beyond the guidelines or are active/pending were deemed most indicative of the subject's market value.
If at the appraiser's discretion, a more comparable property was available that sold over six months ago, then that sale may
be utilized. All comparable sales have closed within the last six months.
Comment on signatures
this appraisal report contains encoded, computer-generated signatures. This mode of signing electronic data interchange
(edi) reports has been accepted by the appraisal standards board of the appraisal foundation and is recognized by the same
as an "original signature".
Comment on line-item adjustments
Individual line item adjustments reflect the market reaction to the presence or absence of those particular items. Where
minor differences occur with no adjustment, there was no measurable market effect for those differences, either due to
competing amenities or nominal impact on values. These areas are denoted with a "0".
Comment on condition
Adjustments for condition were made at 10% to reflect superior or inferior condition when compared to the subject. Condition
ratings are based on mls reports and visual inspection and consider the properties age, updating or lack thereof, and
general appearance. Adjustments are made based on analysis of sales and paired sales within this report.
Comment on GLA
GLA was adjusted at $20 per square foot when differences of over 100 square feet exist then rounded to the nearest $100.
Comment on Land Value
Research of land sales in the area indicated a land value of $49,000 based on the following sale: 96 Anderson Street, .12
Acres, SP :$49,000.
313282
ADDENDUM 17103002
File No.
The subject's land value is over 30% of the subject's total value. This is typical in the areas of Fairfield county in the State of
Connecticut due to the market appeal of the area and the lack of buildable vacant land. It is typical for the land values in
Fairfield county to reach 50%, and in some areas even higher.
Comment on adjustments
Due to the necessary adjustments for condition and amenities sale #3 slightly exceeds the 15% net adjustment guideline. All
other adjustments made to the comparable sales fall within FNMA guidelines.
SUBJECT PROPERTY PHOTO ADDENDUM
313282
File No. 17103002
FRONT VIEW OF
SUBJECT PROPERTY
Appraised Date: November 4, 2017
Appraised Value: $ 140,000
REAR VIEW OF
SUBJECT PROPERTY
STREET SCENE
COMPARABLE PROPERTY PHOTO ADDENDUM
313282
File No. 17103002
COMPARABLE SALE #1
125 Garibaldi Avenue
Stratford
Sale Date: 10/13/2017
Sale Price: $ 145,000
COMPARABLE SALE #2
41 Anderson Avenue
Stratford
Sale Date: 05/26/2017
Sale Price: $ 133,030
COMPARABLE SALE #3
292 Roosevelt Avenue
Stratford
Sale Date: 10/02/2017
Sale Price: $ 170,000
COMPARABLE PROPERTY PHOTO ADDENDUM
313282
File No. 17103002
COMPARABLE SALE #4
210 McKinley Avenue
Stratford
Sale Date: Active DOM 45
Sale Price: $ 144,900
COMPARABLE SALE #5
Sale Date:
Sale Price: $
COMPARABLE SALE #6
Sale Date:
Sale Price: $
LOCATION MAP
313282
File No. 17103002
TELEPHONE (203) 368 - 2000FACSIMILE (203) 368 - 2210
CADRE GROUP, LLC
313282
File No. 17103002
USPAP ADDENDUM
Borrower: Moorer
Property Address: 71 Roosevelt Avenue
City: Stratford County: Fairfield State: CT Zip Code: 06615
Lender:MCCALLA RAYMER LEIBERT PIERCE, LLC
APPRAISAL AND REPORT IDENTIFICATION
This report was prepared under the following USPAP reporting option:
Appraisal Report A written report prepared under Standards Rule 2-2(a).
X A written report prepared under Standards Rule 2-2(b).
Restricted Appraisal Report
Reasonable Exposure Time
My opinion of a reasonable exposure time for the subject property at the market value stated in this report is: 30 - 120 days
Additional Certifications
X I have performed NO services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year
period immediately preceding acceptance of this assignment.
I HAVE performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year
period immediately preceding acceptance of this assignment. Those services are described in the comments below.
Additional Comments
APPRAISER: SUPERVISORY APPRAISER (only if required):
Signature: Signature:
Name: Nancy M. Bevacqua Name: Michael R. Massa
Date Signed: 11/08/2017 Date Signed: 11/08/2017
State Certification #: State Certification #: RCR.0000332
or State License #: RSP.0001918 or State License #:
or Other (describe): State #: CT
State:
CT
State: 04/30/2018
Expiration Date of Certification or License:
04/30/2018
Expiration Date of Certification or License: Supervisory Appraiser inspection of Subject Property:
Effective Date of Appraisal: November 4, 2017 X Did Not Exterior-only from street
Interior and Exterior
Produced using ACI software, 800.234.8727 www.aciweb.com USPAP_14 04272015
313282
Case No. CADRE GROUP, LLC 17103002
File No.
PURPOSE AND USE OF LIMITED APPRAISAL
T h e p u r p o s e o f th i s l i m i te d a p praisal is to estimate market value by performing an evaluation of real property collateral for use in a
proposed underwriting.
T h i s l i m i t e d a p p r a i s a l i s f o r t h e u s e o f t h e p a r t y t o w h o m i t i s a d d r e s s e d a n d a n y f u r t h e r u s e o r d i s s e m in a tio n
wi th o u t co n se n t o f th e a p p r a i se r and addressee is prohibited.
DEFINITION OF MARKET VALUE
Market value, as referenced in OCC Rule 12 CFR 34.42(f):
T h e m o s t p r o b able price which a property should bring in a competitive and open market under all conditions requisite to a fair sale,
th e b u y er and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.
Implicit in this
d e finition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
( 1 ) b u y e r a n d s e ller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers
h i s o w n 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.
d o l l a r s o r i n t e r m s o f f i n a n c i a l a r r a n g e m e n t s c o m p a r a b l e t h e r e t o ; a n d ( 5 ) t h e p r i c e r e p r e s e n t s t h e n o r ma l co n sid e r a tio n fo r th e p r o p e r ty
sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
A d ju stme n ts to th e
c o m p a r a b l e s m u s t b e m a d e fo r s p e c i a l o r c r e a ti v e fi n a n c i n g o r s a l e s c o n c e s s i o n s . N o adjustments are necessary for those costs
w h i c h a r e n o r m a l l y p a i d b y s e l l e r s a s a r e s u l t o f tr a d i ti o n o r l a w i n a m a r k e t a r e a ; th e s e c o s ts a r e readily identifiable since the
s e l l e r p a y s th e s e c o s ts i n virtually all sales transactions.
Special or creative financing adjustments can be made to the comparable
p r o p e r ty b y c o mparisons to financing terms offered by a third party institutional lender that is not already involved in the property or
tr a n s a c ti o n . A n y a d j u s tm e n t s h o u l d n o t b e c a l c u l a te d o n a m e c hanical dollar for dollar cost of the financing or concession but the
d o l l a r a m o u n t o f a n y a d j u s tm e n t s hould approximate the market's reaction to the financing or concessions based on the appraiser's
j u d g e m e n t.
DESCRIPTION OF LIMITED VALUATION PROCESS
I n p e r f o r m i n g t h i s p r e l i m i n a r y v a l u e a n a lysis, th e va lu a tio n p r o ce ss co n siste d o f:
( 1 ) Re vie win g a sse ssme n t/p u b lic r e co r d s a n d co mp a r a b le
d a t a b a s e l i s t i n g i n f o r m a t i o n f o r t h e s u b j e c t ; ( 2 ) C o n d u c t i n g a n i n s p e c t i o n f o r t h e su b je ct a n d its e n vir o n s; ( 3 ) A n a lyzin g sa le s o f r e g io n a l
r e s i d e n ti a l r e a l e s ta te ; ( 4 ) a r r i v i n g a t a v a l u e c o n c l u s i o n ; (5) Writing this report.
D e p a r tu r e s fr o m s p e c i fi c a p p r a i s a l g u i d e lines included: SR 1-3 because the appraiser has presumed, for the purpose of the limited
a p p r a i s al, that the existing use of the subject property is the highest and best use; SR 1-4 because only a sales comparison analysis
o f value was employed in this limited appraisal since it is the primary valuation method for residential dwelling similar to the subject.
A n y a d d i ti o n a l u s e s o f th e d e p a r tu r e p r o v i s i o n a r e s p e c i fi c a l l y s ta te d in the attached appraisal report or its' attachments.
SALES HISTORY
hasX has not transferred within the past 12 months.
According to the data utilized in preparing the report, the property
LEVEL OF RELIABILITY
T h e u s e o f th e d e p a r tu r e provision to allow a limited appraisal with a single approach to value reduces the level of reliability of this
r e p o r t.
RECONCILIATION
C o m p l e t e w e i g h t w a s g i v e n t o t h e S a l e s C o m p a r i s o n A p p r a o c h a s i t i s t h e a p p r a o ch u se d b y mo st b u ye r s wh e n p u r ch a sin g a sin g le fa mily
dwelling.
T h e I n c o m e A p p r o a c h w a s n o t a p p l i c a b l e b e c a u s e o f t h e l a c k o f r e n t a l i n f o r m a t i o n a n d m e a n in g fu l r e le va n cy to th e va lu e o f a
dwelling located in this primarily owner occupied neighborhood.
On the other hand, the Departure Provision was utilized to eliminate
the Cost Approach because the appraiser decided this omission in this limited appraisal assignment would not confuse or mislead the
client or the intended users of this report.
T h e m a r k e t v a l u e i s e s t i m a t e d o n t h e F H L M C f o r m 7 0 4 o r simila r fo r m a tta ch e d .
ASSUMPTIONS AND LIMITING CONDITIONS
* N o r e s p o n s i b i l i ty i s a s s u med for the legal description or for matters including legal or title considerations.
Title to the property is
assumed to be marketable.
T h e p r o p e r t y i s a p p r a i s e d f r e e a n d c l e a r o f a n y a n d a ll lie n s o r e n cu mb r a n ce s, e xce p t a s n o te d in th e r e p o r t.
* I n f o r m a t i o n f u r n i s h e d b y o t h e r s d u r i n g t h e c o u r s e o f t h e r e s e a r c h a s b e e n v e r i f i e d t o th e e xte n t p o ssib le a n d is b e lie ve d to b e r e lia b le ,
b u t n o w a rranty is given for its accuracy.
* No responsibility is assumed for the effe ct on value of hidden or unapparent conditions of the subsoil or structures; or for arranging
e n g i n e e r i n g studies to discover such conditions.
* N o e v i d e n c e o f c o n t a m i n a t i o n o r h a z a r d o u s ma te r ia ls wa s o b se r ve d .
Ho we ve r , th e a p p r a ise r is n o t q u a lifie d to d e te ct p o te n tia l h a za r d o u s
waste material that may have an effect on the subject property.
T h e c l i e n t m a y w i s h t o r e t a i n s u c h a n e xp e r t if h e d e sir e s.
* S k e t c h e s a n d o t h e r i l l u s t r a t i v e m a t e r i a l a r e i n c l u d e d o n l y t o a s s i s t t h e r e a d e r i n v i s u a l i z i n g th e r e a l e sta te a n d its e n vir o n s, a r e b a se d
o n d a ta d e v e l o p e d a n d s u p p l i e d b y o th e r s , and are not meant to represent a survey or as-built plan.
* A n y d i s t r i b u t i o n o f t h e t o t a l v a l u a t i o n a m o n g t h e l a n d , i m p r o v e m e n t , a n d / o r o t h e r c o m p o n e n ts a p p lie s o n ly u n d e r th e sta te d p r o g r a m o f
u ti l i z a ti o n a n d m u s t n o t b e i n te r preted or used as individual values for other purposes.
* T h e a p p r a i s e r i s n o t r e q u i r e d to provide consultation, testimony, or attendance in court by reason of this assignment, unless such
services have been arranged in contracting the assignment.
* P o s s e s s i o n o f the report or a copy thereof does not carry with it the right of publication, and it may not be used for any purpose by
a n y o n e o th e r th a n th e a d d r e sse e , with o u t th e wr itte n co n se n t o f th e a u th o r a n d a d d r e sse e .
E ve n with su ch p e r missio n , o u t- o f- co n te xt q u o tin g
fr o m a n d /o r p a r ti a l r e p r i n ting of the report is prohibited.
The report is an integrated entity and is only valid in its entirety.
* N e i t h e r a l l n o r p a r t o f t h e c o n t e n t s o f t h e r e p o r t s h a l l b e d i s s e m i n a t e d t o t h e p u b l i c r e l a t i o n s , n e w s , s a l e s , o r o th e r me d ia with o u t th e
p r i o r w r i t t e n c o n s e n t a n d a p p r o v a l o f th e a u th o r .
LIMITED SCOPE APPRAISAL CERTIFICATION
I certify to the best of my knowledge and belief that:
t h e s t a t e m e n t s o f f a c t c o n t a i n e d i n t h i s r e p o r t a r e t r u e a n d c o r r e c t ; t h e r e p o r te d
a n a l y s e s , o p i n i o n s , a n d c o n c l u s i o n s a r e l i m i t e d o n l y b y t h e r e p o r t e d a s s u m p t i o n s a n d l i m i t e d co n d itio n s a n d a r e my p e r so n a l, u n b ia se d ,
p r o f e s s i o n a l a n a l y s e s , o p i n i o n s a n d c o n c l u s i o n s ; I h a v e n o p r e se n t o r p r o sp e ctive in te r e st in th e r e a l e sta te a n d h a ve n o p e r so n a l in te r e st
o r bias with respect to the parties involved; my compensation is not contingent upon the reporting of a predetermined value estimate,
t h e a t t a i n m e n t o f t h e s t i p u l a t e d r e s u l t , o r t h e o c c u r r e n c e o f a s u b s e q u e n t e v e n t ; t h e a n a l y s e s , o p i n i o n a n d co n clu sio n s we r e d e ve lo p e d
a n d th e r e p o r t p r epared in conformance with and subject to the requirements of the Uniform Standards of the Professional Appraisal
P r a c t i c e o f t h e A p p r a i s a l F o u n d a t i o n ; t h e a p p r a i s a l a s s i g n m e n t w a s n o t b a s e d u p o n a r e q u e ste d min imu m va lu a tio n , a sp e cific va lu a tio n ,
or the approval of a loan; I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal
report.
If I relied on significant professional assistance from any individual(s) in the performance of the appraisal or the preparation
o f t h e a p p r a i s a l r e p o r t , I h a v e n a m e d s u c h i n d i v i u a l ( s ) a n d d i s c l o s e d t h e s p e c ific ta sks p e r fo r me d b y e a ch in th e r e co n cilia tio n se ctio n o f
this appraisal report.
I certify that any individual so named is qualified to perform the tasks.
I have not authorized anyone to make a
c h a n g e t o a n y i t e m i n t h e r e p o r t ; t h e r e f o r e , i f a n u n a u t h o r i z e d c h a n g e i s m a d e t o t h e a p p r a i s a l r e p o r t , I w i l l n o t t a k e t h e r e sp o n sib ility
for it.
SUPERVISORY APPRAISER'S CERTIFICATION
If a s u p e r v i s o r y a p p r a i s e r s i g n e d th e a p p r aisal report, He or she certifies and agrees that:
I directly supervised the appraiser who
p r e p a r e d t h e a p p r a i s a l r e p o r t , h a v e r e v i e w e d t h e a p p r a i s a l r e p o r t , a g r e e w i t h t h e s t a t e m e n t s a n d co n clu sio n s o f th e a p p r a ise r , a g r e e to
b e b o u n d b y t h e a p p r a i s e r ' s c e r t i f i c a t i o n s a b o v e , a n d a m t a k i n g f u l l r e s p o n s i b i l i t y f o r t h e a p p r a i s a l a n d t h e a p p r a i s a l r e p o r t.
PROPERTY: 71 Roosevelt Avenue, Stratford, CT 06615
APPRAISER: SUPE
Preview
CADRE GROUP, LLC COMPREHENSIVE ANALYSIS & DIRECTION/REAL ESTATE 313282 File No. 17103002 APPRAISAL OF SINGLE FAMILY RESIDENCE LOCATED AT: 71 Roosevelt Avenue Stratford, CT 06615 FOR: MCCALLA RAYMER LEIBERT PIERCE, LLC 50 WESTON STREET HARTFORD, CT 06120 BORROWER: Moorer AS OF: November 4, 2017 BY: Nancy M. Bevacqua CORPORATE OFFICE 60 KATONA DRIVE SUITE 27 FAIRFIELD, CT 06824 TELEPHONE (203) 368 - 2000FACSIMILE (203) 368 - 2210 Limited Appraisal Analysis - Summary Appraisal Report 313282 CADRE GROUP, LLC File No.17103002 BORROWER/SUBJECT PROPERTY INFORMATION Moorer Borrower 0803.00 Census Tract MSA 14860 Map Reference 71 Roosevelt Avenue Property Address X SF Check One: PUD Condo 2-4 Units City Stratford Fairfield County CT State 06615 Zip Code Phone No. Res. N/A Loan Amount Requested $ N/A Term N/A Months N/A Owner's Estimate of Value $ No. of Rooms No. of BedroomsNo. of Baths Family Room or Den Gross Living Area Garage/Carport Porches, Patio or Central Air (Specify Type & Number) Pool (Specify) 6 3 1.00 X Yes No 1,044 Driveway Sq. Ft. Patio YesX No FIELD REPORT NEIGHBORHOOD Location Urban X Suburban Rural Good Avg.FairPoor Built Up X Over 75% 25% to 75% Under 25% Property Compatibility X Growth Rate Fully Dev. Rapid X Steady Slow X General Appearance of Properties Property Values Increasing X Stable Declining Appeal X Demand/Supply Shortage X In Balance Oversupply Marketing Time X Under 3 Months 4-6 Months Over 6 Months 67 Present Land Use 5 % 1 Family% 2-4 Family % Apts. 5% Condo 8 10 % Commercial 5 % Industrial % Vacant % X Change in Present Land Use Not Likely Likely Taking Place From To X Predominant Occupancy Owner Tenant % Vacant Occupancy and vacancy ratios are from the FFIEC 49,000 To $ Single Family Price Range $ 343,000 Predominant Value $174,000 website, a public access, census-based demographic 1 Years To Single Family Age 187 Years Predominant Age 75 Yrs. profile updated 2016. Note: Freddie Mac does not consider race or the racial composition of the neighborhood to be reliable appraisal factors. The subject is located in the South End neighborhood of Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise) Stratford with good access to Interstate 95, shopping, employment centers and all necessary amenities. SUBJECT PROPERTY 1956 No. Units 1 Approximate Year Built No. Stories 1.25 PROPERTY RATING Good Avg. Fair Poor Detached Type (detached, duplex, semi-det etc.) Condition of Exterior X Cape Design (rambler, split level, etc.) Compatibility to Neighborhood X Exterior Walls Material Vinyl Siding Roof Material Asphalt Shingle Appeal and Marketability X No X Is the property located in a HUD-Identified Special Flood Hazard Area? Yes None noted, exterior drive by appraisal only. Special Energy Efficient Items Property was a drive by exterior inspection, the interior was not inspected, at the time of Comments (favorable or unfavorable including any deferred maintenance) the inspection there were no external inadequacies observed. The subject is located in an AE Flood Zone, FEMA Map #09001C0442G dated 7/8/2013. SALES COMPARISON ANALYSIS ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Address 71 Roosevelt Ave 125 Garibaldi Avenue 41 Anderson Avenue 292 Roosevelt Avenue Stratford Stratford Stratford Stratford Proximity to Subject 0.16 miles SE 0.25 miles NE 0.26 miles SE $ Sales Price $ 145,000 $ 133,030 $ 170,000 +(-)$ +(-)$ +(-)$ VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION Adjustment DESCRIPTION Adjustment DESCRIPTION Adjustment Date of Sale/Time 10/13/2017 05/26/2017 10/02/2017 Location Average Average Average Average Site/View .12 Acres .12 Acres .12 Acres .09 Acres Age 61 45 97 58 Condition Average Average Average Above Average -17,000 Above GradeTotal Bdrms.Baths Total Bdrms.Baths Total Bdrms. Baths 8,000 Total Bdrms.Baths Room Count 6 3 1.00 6 3 1.50 -3,000 4 2 1.00 -5,000 6 3 1.00 Gross Living Area 1,044 Sq. Ft. 1,104 Sq.Ft. 0 829 Sq.Ft. 4,300 1,044 Sq.Ft. 0 FWA No CAC Heating/Cooling FWA CAC -4,000FWA No CAC HWBB No CAC Driveway Garage/Carport Driveway Driveway 1 Car Garage -5,000 Patio Porches, Patio, Deck -1,000None noted 0 Deck -1,000 Pools, etc. None noted Special Energy None noted None noted None noted Efficient Items Full Unfin Bsmt Other (e.g. kitchen PF Fin Bsmt -5,000Full Unfin Bsmt Full PF Basement -5,000 equip., remodeling) Net Adj. (total) + X - $ 13,000 X + - $ 7,300 + X - $ 28,000 Indicated Value Gross: 9% Gross: 13% Gross: 16% of Subject Net: -9% $ 132,000Net: 5% $ 140,330 Net: -16% $ 142,000 GLA was adjusted at $20 per square foot when differences of over 100 square feet exist then rounded to the nearest $100. General Comments The land value is estimated at $49,000 X Property Rights Appraised: Fee Simple Leased Fee Leasehold Estimated Market Value $ 140,000 as of November 4, 2017 Nancy M. Bevacqua Completed By Title Appraiser Signature 11/08/2017 Date Produced using ACI software, 800.234.8727 www.aciweb.com CADRE GROUP Limited Appraisal Analysis - Summary Appraisal Report 313282 CADRE GROUP, LLC File No.17103002 SALES COMPARISON ANALYSIS ITEM SUBJECT COMPARABLE NO.4 COMPARABLE NO.5 COMPARABLE NO.6 Address 71 Roosevelt Ave 210 McKinley Avenue Stratford Stratford Proximity to Subject 0.15 miles SE $ Sales Price $ 144,900 $ $ +(-)$ +(-)$ +(-)$ VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION Adjustment DESCRIPTION Adjustment DESCRIPTION Adjustment Date of Sale/Time Active DOM 45 -4,300 Location Average Average Site/View .12 Acres .12 Acres Age 61 58 Condition Average Average Above GradeTotal Bdrms.Baths Total Bdrms.Baths Total Bdrms. Baths Total Bdrms.Baths Room Count 6 3 1.00 5 3 1.00 Gross Living Area 1,044 Sq. Ft. 1,046 Sq.Ft. 0 Sq.Ft. Sq.Ft. FWA No CAC Heating/Cooling HWBB No CAC Driveway Garage/Carport Driveway Patio Porches, Patio, None noted 0 Pools, etc. None noted Special Energy None noted Efficient Items Full Unfin Bsmt Other (e.g. kitchen Full Unfin Bsmt equip., remodeling) Net Adj. (total) + X - $ 4,300 + - $ + - $ Indicated Value Gross: 3% Gross: Gross: of Subject Net: -3% $ 140,600 Net: $ Net: $ ADDITIONAL COMMENTS Comparable #4 is an active listing used to demonstrate current activity inside the subjects market area.The listing is adjusted down 3%, reflecting the lack of buyer negotiation, which tends to lower the eventual sales price. Produced using ACI software, 800.234.8727 www.aciweb.com 313282 ADDENDUM 17103002 File No. Compliance with federal regulations This appraisal report complies in every respect with the real estate appraisal regulations promulgated by the Office of the Comptroller of the Currency, 12 CFR, PT 34; and by the Federal Deposit Insurance Corporation, 12 CFR, PT 323, pursuant to Title XI of the Financial Institution's Reform, Recovery, and Enforcement Act of 1989. The appraisal assignment was not based on a request minimum valuation, a specific valuation, or the approval of a loan. * The purpose of this appraisal is to provide the market value of the subject property in connection with a foreclosure proceeding. * The scope of this appraisal is the analysis and determination of the value of the property in accordance with the methods shown on the report and reconciliation thereof, together with an inspection of the property and public records, comparable sales data, and other information shown on the appraisal report. *The subject property has not transferred in an arm's length transaction in the past 36 months. The appraiser has performed no other services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Limiting conditions and extraordinary assumptions the appraiser has been requested to perform an appraisal based on an exterior only inspection and not disturb the occupants by entering the building. The physical characteristics used to develop this appraisal are based on observations from a public street on the effective date of the appraisal, the assessment records of the subject's municipality, and on multiple listing service (mls) information--if available and/or various other data sources available to the appraiser.This appraisal is therefore done under several extraordinary assumptions. An extraordinary assumption is defined in the uniform standards of professional appraisal practice (USPAP 2015/2016) As: "an assumption, directly related to a specific assignment, which if found to be false, could alter the appraiser's opinions or conclusions." in this appraisal an extraordinary assumption is made that the condition, style and appeal of the interior is similar to that of the exterior of the property that can be viewed from a public street. A second extraordinary assumption is that assessor's records, and mls information regarding the subject's interior condition, and exterior condition not visible from the street, is correct. A third extraordinary assumption is that the gross living areas, as reported in the municipal assessor's records is correct. If any of these extraordinary assumptions are false, then the appraiser's opinions, conclusions and estimate of value could be different than if a complete appraisal with scope of work that included an interior inspection of the property was performed. Comment on exposure time The appraiser has determined that the property would need to be exposed to the market for 30 - 120 days to sell at the value estimate as of the effective date of the appraisal. Comment on personal property No contributory value was assigned to any items of personal property in this appraisal. Comment on photographs The digital photographs contained in this report are the original photographs taken at the time of inspection and subsequent comparable sales research/ These photographs have not been altered or enhanced in any reproduction manner. Comparables within one mile of the subject An attempt is made to utilize comparable sales within one mile of the subject property. Given the lack of truly comparable sales in closer proximity and unique nature of Fairfield county, there may arise an instance where the one mile rule is considered inapplicable for the use in this report. All sales used are within a mile of the subject property. Comment on Flood Zone The subject is located in an AE Flood Zone, FEMA Map #09001C0442G dated 7/8/2013. All comparable sales are also located in the same flood zone. Comment on comparable closing date guideline Whenever possible, comparables which have closed within the last six months have been utilized except when comparables which have closed beyond the guidelines or are active/pending were deemed most indicative of the subject's market value. If at the appraiser's discretion, a more comparable property was available that sold over six months ago, then that sale may be utilized. All comparable sales have closed within the last six months. Comment on signatures this appraisal report contains encoded, computer-generated signatures. This mode of signing electronic data interchange (edi) reports has been accepted by the appraisal standards board of the appraisal foundation and is recognized by the same as an "original signature". Comment on line-item adjustments Individual line item adjustments reflect the market reaction to the presence or absence of those particular items. Where minor differences occur with no adjustment, there was no measurable market effect for those differences, either due to competing amenities or nominal impact on values. These areas are denoted with a "0". Comment on condition Adjustments for condition were made at 10% to reflect superior or inferior condition when compared to the subject. Condition ratings are based on mls reports and visual inspection and consider the properties age, updating or lack thereof, and general appearance. Adjustments are made based on analysis of sales and paired sales within this report. Comment on GLA GLA was adjusted at $20 per square foot when differences of over 100 square feet exist then rounded to the nearest $100. Comment on Land Value Research of land sales in the area indicated a land value of $49,000 based on the following sale: 96 Anderson Street, .12 Acres, SP :$49,000. 313282 ADDENDUM 17103002 File No. The subject's land value is over 30% of the subject's total value. This is typical in the areas of Fairfield county in the State of Connecticut due to the market appeal of the area and the lack of buildable vacant land. It is typical for the land values in Fairfield county to reach 50%, and in some areas even higher. Comment on adjustments Due to the necessary adjustments for condition and amenities sale #3 slightly exceeds the 15% net adjustment guideline. All other adjustments made to the comparable sales fall within FNMA guidelines. SUBJECT PROPERTY PHOTO ADDENDUM 313282 File No. 17103002 FRONT VIEW OF SUBJECT PROPERTY Appraised Date: November 4, 2017 Appraised Value: $ 140,000 REAR VIEW OF SUBJECT PROPERTY STREET SCENE COMPARABLE PROPERTY PHOTO ADDENDUM 313282 File No. 17103002 COMPARABLE SALE #1 125 Garibaldi Avenue Stratford Sale Date: 10/13/2017 Sale Price: $ 145,000 COMPARABLE SALE #2 41 Anderson Avenue Stratford Sale Date: 05/26/2017 Sale Price: $ 133,030 COMPARABLE SALE #3 292 Roosevelt Avenue Stratford Sale Date: 10/02/2017 Sale Price: $ 170,000 COMPARABLE PROPERTY PHOTO ADDENDUM 313282 File No. 17103002 COMPARABLE SALE #4 210 McKinley Avenue Stratford Sale Date: Active DOM 45 Sale Price: $ 144,900 COMPARABLE SALE #5 Sale Date: Sale Price: $ COMPARABLE SALE #6 Sale Date: Sale Price: $ LOCATION MAP 313282 File No. 17103002 TELEPHONE (203) 368 - 2000FACSIMILE (203) 368 - 2210 CADRE GROUP, LLC 313282 File No. 17103002 USPAP ADDENDUM Borrower: Moorer Property Address: 71 Roosevelt Avenue City: Stratford County: Fairfield State: CT Zip Code: 06615 Lender:MCCALLA RAYMER LEIBERT PIERCE, LLC APPRAISAL AND REPORT IDENTIFICATION This report was prepared under the following USPAP reporting option: Appraisal Report A written report prepared under Standards Rule 2-2(a). X A written report prepared under Standards Rule 2-2(b). Restricted Appraisal Report Reasonable Exposure Time My opinion of a reasonable exposure time for the subject property at the market value stated in this report is: 30 - 120 days Additional Certifications X I have performed NO services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. I HAVE performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Those services are described in the comments below. Additional Comments APPRAISER: SUPERVISORY APPRAISER (only if required): Signature: Signature: Name: Nancy M. Bevacqua Name: Michael R. Massa Date Signed: 11/08/2017 Date Signed: 11/08/2017 State Certification #: State Certification #: RCR.0000332 or State License #: RSP.0001918 or State License #: or Other (describe): State #: CT State: CT State: 04/30/2018 Expiration Date of Certification or License: 04/30/2018 Expiration Date of Certification or License: Supervisory Appraiser inspection of Subject Property: Effective Date of Appraisal: November 4, 2017 X Did Not Exterior-only from street Interior and Exterior Produced using ACI software, 800.234.8727 www.aciweb.com USPAP_14 04272015 313282 Case No. CADRE GROUP, LLC 17103002 File No. PURPOSE AND USE OF LIMITED APPRAISAL T h e p u r p o s e o f th i s l i m i te d a p praisal is to estimate market value by performing an evaluation of real property collateral for use in a proposed underwriting. T h i s l i m i t e d a p p r a i s a l i s f o r t h e u s e o f t h e p a r t y t o w h o m i t i s a d d r e s s e d a n d a n y f u r t h e r u s e o r d i s s e m in a tio n wi th o u t co n se n t o f th e a p p r a i se r and addressee is prohibited. DEFINITION OF MARKET VALUE Market value, as referenced in OCC Rule 12 CFR 34.42(f): T h e m o s t p r o b able price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, th e b u y er and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this d e finition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: ( 1 ) b u y e r a n d s e ller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers h i s o w n 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. d o l l a r s o r i n t e r m s o f f i n a n c i a l a r r a n g e m e n t s c o m p a r a b l e t h e r e t o ; a n d ( 5 ) t h e p r i c e r e p r e s e n t s t h e n o r ma l co n sid e r a tio n fo r th e p r o p e r ty sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. A d ju stme n ts to th e c o m p a r a b l e s m u s t b e m a d e fo r s p e c i a l o r c r e a ti v e fi n a n c i n g o r s a l e s c o n c e s s i o n s . N o adjustments are necessary for those costs w h i c h a r e n o r m a l l y p a i d b y s e l l e r s a s a r e s u l t o f tr a d i ti o n o r l a w i n a m a r k e t a r e a ; th e s e c o s ts a r e readily identifiable since the s e l l e r p a y s th e s e c o s ts i n virtually all sales transactions. Special or creative financing adjustments can be made to the comparable p r o p e r ty b y c o mparisons to financing terms offered by a third party institutional lender that is not already involved in the property or tr a n s a c ti o n . A n y a d j u s tm e n t s h o u l d n o t b e c a l c u l a te d o n a m e c hanical dollar for dollar cost of the financing or concession but the d o l l a r a m o u n t o f a n y a d j u s tm e n t s hould approximate the market's reaction to the financing or concessions based on the appraiser's j u d g e m e n t. DESCRIPTION OF LIMITED VALUATION PROCESS I n p e r f o r m i n g t h i s p r e l i m i n a r y v a l u e a n a lysis, th e va lu a tio n p r o ce ss co n siste d o f: ( 1 ) Re vie win g a sse ssme n t/p u b lic r e co r d s a n d co mp a r a b le d a t a b a s e l i s t i n g i n f o r m a t i o n f o r t h e s u b j e c t ; ( 2 ) C o n d u c t i n g a n i n s p e c t i o n f o r t h e su b je ct a n d its e n vir o n s; ( 3 ) A n a lyzin g sa le s o f r e g io n a l r e s i d e n ti a l r e a l e s ta te ; ( 4 ) a r r i v i n g a t a v a l u e c o n c l u s i o n ; (5) Writing this report. D e p a r tu r e s fr o m s p e c i fi c a p p r a i s a l g u i d e lines included: SR 1-3 because the appraiser has presumed, for the purpose of the limited a p p r a i s al, that the existing use of the subject property is the highest and best use; SR 1-4 because only a sales comparison analysis o f value was employed in this limited appraisal since it is the primary valuation method for residential dwelling similar to the subject. A n y a d d i ti o n a l u s e s o f th e d e p a r tu r e p r o v i s i o n a r e s p e c i fi c a l l y s ta te d in the attached appraisal report or its' attachments. SALES HISTORY hasX has not transferred within the past 12 months. According to the data utilized in preparing the report, the property LEVEL OF RELIABILITY T h e u s e o f th e d e p a r tu r e provision to allow a limited appraisal with a single approach to value reduces the level of reliability of this r e p o r t. RECONCILIATION C o m p l e t e w e i g h t w a s g i v e n t o t h e S a l e s C o m p a r i s o n A p p r a o c h a s i t i s t h e a p p r a o ch u se d b y mo st b u ye r s wh e n p u r ch a sin g a sin g le fa mily dwelling. T h e I n c o m e A p p r o a c h w a s n o t a p p l i c a b l e b e c a u s e o f t h e l a c k o f r e n t a l i n f o r m a t i o n a n d m e a n in g fu l r e le va n cy to th e va lu e o f a dwelling located in this primarily owner occupied neighborhood. On the other hand, the Departure Provision was utilized to eliminate the Cost Approach because the appraiser decided this omission in this limited appraisal assignment would not confuse or mislead the client or the intended users of this report. T h e m a r k e t v a l u e i s e s t i m a t e d o n t h e F H L M C f o r m 7 0 4 o r simila r fo r m a tta ch e d . ASSUMPTIONS AND LIMITING CONDITIONS * N o r e s p o n s i b i l i ty i s a s s u med for the legal description or for matters including legal or title considerations. Title to the property is assumed to be marketable. T h e p r o p e r t y i s a p p r a i s e d f r e e a n d c l e a r o f a n y a n d a ll lie n s o r e n cu mb r a n ce s, e xce p t a s n o te d in th e r e p o r t. * I n f o r m a t i o n f u r n i s h e d b y o t h e r s d u r i n g t h e c o u r s e o f t h e r e s e a r c h a s b e e n v e r i f i e d t o th e e xte n t p o ssib le a n d is b e lie ve d to b e r e lia b le , b u t n o w a rranty is given for its accuracy. * No responsibility is assumed for the effe ct on value of hidden or unapparent conditions of the subsoil or structures; or for arranging e n g i n e e r i n g studies to discover such conditions. * N o e v i d e n c e o f c o n t a m i n a t i o n o r h a z a r d o u s ma te r ia ls wa s o b se r ve d . Ho we ve r , th e a p p r a ise r is n o t q u a lifie d to d e te ct p o te n tia l h a za r d o u s waste material that may have an effect on the subject property. T h e c l i e n t m a y w i s h t o r e t a i n s u c h a n e xp e r t if h e d e sir e s. * S k e t c h e s a n d o t h e r i l l u s t r a t i v e m a t e r i a l a r e i n c l u d e d o n l y t o a s s i s t t h e r e a d e r i n v i s u a l i z i n g th e r e a l e sta te a n d its e n vir o n s, a r e b a se d o n d a ta d e v e l o p e d a n d s u p p l i e d b y o th e r s , and are not meant to represent a survey or as-built plan. * A n y d i s t r i b u t i o n o f t h e t o t a l v a l u a t i o n a m o n g t h e l a n d , i m p r o v e m e n t , a n d / o r o t h e r c o m p o n e n ts a p p lie s o n ly u n d e r th e sta te d p r o g r a m o f u ti l i z a ti o n a n d m u s t n o t b e i n te r preted or used as individual values for other purposes. * T h e a p p r a i s e r i s n o t r e q u i r e d to provide consultation, testimony, or attendance in court by reason of this assignment, unless such services have been arranged in contracting the assignment. * P o s s e s s i o n o f the report or a copy thereof does not carry with it the right of publication, and it may not be used for any purpose by a n y o n e o th e r th a n th e a d d r e sse e , with o u t th e wr itte n co n se n t o f th e a u th o r a n d a d d r e sse e . E ve n with su ch p e r missio n , o u t- o f- co n te xt q u o tin g fr o m a n d /o r p a r ti a l r e p r i n ting of the report is prohibited. The report is an integrated entity and is only valid in its entirety. * N e i t h e r a l l n o r p a r t o f t h e c o n t e n t s o f t h e r e p o r t s h a l l b e d i s s e m i n a t e d t o t h e p u b l i c r e l a t i o n s , n e w s , s a l e s , o r o th e r me d ia with o u t th e p r i o r w r i t t e n c o n s e n t a n d a p p r o v a l o f th e a u th o r . LIMITED SCOPE APPRAISAL CERTIFICATION I certify to the best of my knowledge and belief that: t h e s t a t e m e n t s o f f a c t c o n t a i n e d i n t h i s r e p o r t a r e t r u e a n d c o r r e c t ; t h e r e p o r te d a n a l y s e s , o p i n i o n s , a n d c o n c l u s i o n s a r e l i m i t e d o n l y b y t h e r e p o r t e d a s s u m p t i o n s a n d l i m i t e d co n d itio n s a n d a r e my p e r so n a l, u n b ia se d , p r o f e s s i o n a l a n a l y s e s , o p i n i o n s a n d c o n c l u s i o n s ; I h a v e n o p r e se n t o r p r o sp e ctive in te r e st in th e r e a l e sta te a n d h a ve n o p e r so n a l in te r e st o r bias with respect to the parties involved; my compensation is not contingent upon the reporting of a predetermined value estimate, t h e a t t a i n m e n t o f t h e s t i p u l a t e d r e s u l t , o r t h e o c c u r r e n c e o f a s u b s e q u e n t e v e n t ; t h e a n a l y s e s , o p i n i o n a n d co n clu sio n s we r e d e ve lo p e d a n d th e r e p o r t p r epared in conformance with and subject to the requirements of the Uniform Standards of the Professional Appraisal P r a c t i c e o f t h e A p p r a i s a l F o u n d a t i o n ; t h e a p p r a i s a l a s s i g n m e n t w a s n o t b a s e d u p o n a r e q u e ste d min imu m va lu a tio n , a sp e cific va lu a tio n , or the approval of a loan; I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional assistance from any individual(s) in the performance of the appraisal or the preparation o f t h e a p p r a i s a l r e p o r t , I h a v e n a m e d s u c h i n d i v i u a l ( s ) a n d d i s c l o s e d t h e s p e c ific ta sks p e r fo r me d b y e a ch in th e r e co n cilia tio n se ctio n o f this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a c h a n g e t o a n y i t e m i n t h e r e p o r t ; t h e r e f o r e , i f a n u n a u t h o r i z e d c h a n g e i s m a d e t o t h e a p p r a i s a l r e p o r t , I w i l l n o t t a k e t h e r e sp o n sib ility for it. SUPERVISORY APPRAISER'S CERTIFICATION If a s u p e r v i s o r y a p p r a i s e r s i g n e d th e a p p r aisal report, He or she certifies and agrees that: I directly supervised the appraiser who p r e p a r e d t h e a p p r a i s a l r e p o r t , h a v e r e v i e w e d t h e a p p r a i s a l r e p o r t , a g r e e w i t h t h e s t a t e m e n t s a n d co n clu sio n s o f th e a p p r a ise r , a g r e e to b e b o u n d b y t h e a p p r a i s e r ' s c e r t i f i c a t i o n s a b o v e , a n d a m t a k i n g f u l l r e s p o n s i b i l i t y f o r t h e a p p r a i s a l a n d t h e a p p r a i s a l r e p o r t. PROPERTY: 71 Roosevelt Avenue, Stratford, CT 06615 APPRAISER: SUPE