Preview
DBD-CV23-6045939-S
File No.24031101
APPRAISAL REPORT
OF THE REAL PROPERTY LOCATED AT
20 RAYMOND PLACE UNIT# 1-1A
DANBURY, CT 06810
for
Atty. J. Timothy Deakin
57 North St, Suite 308
Danbury, CT 06810
as of
04/03/2024
by
NEIL ENHOFFER
3255 Fairfield Avenue
Bridgeport, CT 06605
Bowley Moore Appraisal Centre, Inc.
Bowley Moore Appraisal Centre, Inc.
3255 Fairfield Avenue
Bridgeport, CT 06605
203-576-1115
April 3, 2024
Atty. J. Timothy Deakin
57 North St, Suite 308
Danbury, CT 06810
Property - 20 RAYMOND PLACE UNIT# 1-1A
DANBURY, CT 06810
Borrower - COMMITTEE
File No. - 24031101
Case No. - DBD-CV23-6045939-S
Dear :
In accordance with your request, I have prepared an appraisal of the real property located at 20 RAYMOND PLACE UNIT# 1-1A,
DANBURY, CT.
The purpose of the appraisal is to provide an opinion of the market value of the property described in the body of this report.
Enclosed, please find the report which describes certain data gathered during our investigation of the property. The methods of approach and
reasoning in the valuation of the various physical and economic factors of the subject property are contained in this report.
An inspection of the property and a study of pertinent factors, including valuation trends and an analysis of neighborhood data, led the
appraiser to the conclusion that the market value, as of 04/03/2024 is :
$217,000
The opinion of value expressed in this report is contingent upon the Limiting Conditions attached to this report.
It has been a pleasure to assist you. If I may be of further service to you in the future, please let me know.
Respectfully submitted,
Bowley Moore Appraisal Centre, Inc.
NEIL ENHOFFER
CT Certification #RCR.0001145
DBD-CV23-6045939-S
Appraisal Report File No. 24031101
The purpose of this summary appraisal report is to provide the client with an accurate, and adequately supported, opinion of the market value of the subject property.
Property Address 20 RAYMOND PLACE UNIT# 1-1A City DANBURY State CT Zip Code 06810
S Legal Description PER TOWN RECORDS County FAIRFIELD
U Assessor's Parcel No. H13334-1 Tax Year 2024 R.E. Taxes $ 3,137 Special Assessments $ N/A
B
Client Atty. J. Timothy Deakin Current Owner PATRICIA L. PERKINS Occupant X Owner Tenant Vacant
J
E Neighborhood or Project Name CHATFIELD Project Type PUD X Condominium HOA$ 250 /Mo.
C Sales Price $ N/A Date of Sale N/A Description / $ amount of loan charges/concessions to be paid by seller N/A
T Property rights appraised X Fee Simple Leasehold Map Reference NECTA-71950 Census Tract 2107.00
Intended User COMMITTEE Intended Use FORECLOSURE
N Note: Race and the racial composition of the neighborhood are not appraisal factors.
E
I Location Urban X Suburban Rural Property Values Increasing X Stable Declining Single family housing Condominium housing
G PRICE AGE PRICE AGE
H Built up X Over 75% 25-75% Under 25% Demand/supply Shortage X In balance Over supply $(000) (yrs) $(000) (if applic.) (yrs)
B
O Growth rate Rapid X Stable Slow Marketing time X Under 3 mos. 3-6 mos. Over 6 mos. N/A Low N/A 120 Low NEW
R
H Neighborhood boundaries EAST PEMBROKE ROAD TO THE NORTH, FEDERAL ROAD TO THE EAST, WEST STREET N/A High N/A 735 High 64
O Predominant Predominant
O TO THE SOUTH AND FAIRMOUNT DRIVE TO THE WEST.
D 275 40
N/A N/A
Dimensions PER TOWN RECORDS Site area TYPICAL Shape IRREGULAR
Specific zoning classification and description ZONE R3 RESIDENTIAL CONDOMINIUM PERMITTED
S Zoning compliance X Legal Legal nonconforming (Grandfathered use) Illegal, attach description No zoning
I Highest and best use of subject property as improved (or as proposed per plans and specifications): X Present use Other use, attach description.
T Utilities Public Other Public Other Off-site improvements Type Public Private
E
Electricity X Water X Street ASPHALT X
Gas NONE Sanitary sewer X Alley NONE
Are there any apparent adverse site conditions (easements, encroachments, special assessments, slide areas, etc.)? Yes X No If Yes, attach description.
I Source(s) used for physical characteristics of property: Interior and exterior inspection X Exterior inspection from street Previous appraisal files
M
P X MLS X Assessment and tax records Prior inspection Property owner Other (Describe):
R No. of Stories Type (Det./Att.) Exterior Walls Roof Surface Manufactured Housing Yes X No
1 DETACH WOOD ASPHALT
O
V Does the property generally conform to the neighborhood in terms of style, condition, and construction materials? X Yes No If No, attach description.
E
Are there any apparent physical deficiencies or conditions that would affect the soundness or structural integrity of the improvements or the livability of the property?
M
E Yes X No If Yes, attach description.
N
T Are there any apparent adverse environmental conditions (hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the immediate
S vicinity of the subject property? Yes X No If Yes, attach description.
If the subject property was listed for sale in the past year give the following information: List Price 230,000 Date Listed03/23/2023 Days on Market 86
The analysis of the comparable sales below reflects market reaction to significant variations between the sales and the subject property.
FEATURE SUBJECT SALE 1 SALE 2 SALE 3
20 RAYMOND PLACE UNIT# 1-1A 45 ROWAN STREET UNIT# C 7 PADANARAM ROAD UNIT# F140 7 EDEN DRIVE UNIT# 10
Address DANBURY, CT 06810 DANBURY, CT 06811 DANBURY, CT 06811 DANBURY, CT 06810
Proximity to Subject 0.93 MILES 1.08 MILES 2.19 MILES
Sales Price $ N/A $ 205,000 $ 208,000 $ 230,000
Price/Gross Liv. Area $ $ 230.60 $ 244.42 $ 199.65
Q Data & Verification Sources TOWN HALL/MLS TOWN HALL/MLS TOWN HALL/MLS
U
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION + (-) $ Adjustment DESCRIPTION + (-) $ Adjustment DESCRIPTION + (-) $ Adjustment
A
N Sales or Financing NONE NONE NONE
T Concessions NOTED NOTED NOTED
I Date of Sale/Time 03/14/2024 03/05/2024 08/01/2023
T
Location AVERAGE AVERAGE AVERAGE AVERAGE
A
T Site TYPICAL TYPICAL TYPICAL TYPICAL
I View AVERAGE AVERAGE AVERAGE AVERAGE
V Design (Style) RANCH TOWNHOUSE RANCH TOWNHOUSE
E
Actual Age (Yrs.) 41 YEARS 22 YEARS 48 YEARS 39 YEARS
S Condition AVERAGE AVERAGE AVERAGE AVERAGE
A Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths
L Room Count 5 2 1.5 4 2 1 +2,500 4 2 1 +2,500 4 2 2 -2,500
E
Gross Living Area 1,130 Sq. Ft. 889 Sq. Ft. +6,000 851 Sq. Ft. +7,000 1,152 Sq. Ft. -600
S
Basement & Finished NONE NONE NONE FULL BASEMENT -5,000
C Rooms Below Grade N/A N/A N/A PART FINISHED -3,000
O Garage/Carport NONE NONE NONE NONE
M
P
A
R Net Adj. (total) X + - $ 8,500 X + - $ 9,500 + X - $ -11,100
I Adjusted Sales Price Gross 4.1% Gross 4.6% Gross 4.8%
S
of Comparables Net 4.1% $ 213,500 Net 4.6% $ 217,500 Net -4.8% $ 218,900
O
N Report the results of the research and analysis of the prior sale or transfer history of the subject property (past three years) and comparable sales (past one year)
FEATURE SUBJECT SALE 1 SALE 2 SALE 3
A Date of Prior Sale
NO SALES NO OTHER SALES NO OTHER SALES NO OTHER SALES
N
A Price of Prior Sale IN THE LAST 3 YRS IN THE LAST YEAR IN THE LAST YEAR IN THE LAST YEAR
L Data Source(s) PER TOWN HALL PER TOWN HALL PER TOWN HALL PER TOWN HALL
Y Effective Date of Data 04/03/2024 04/03/2024 04/03/2024 04/03/2024
S Analysis of any current agreement of sale, option, or listing of the subject property and analysis of the prior sales of subject and comparables:
T H E S UB J E C T H A S N O T
I
S B E E N S O L D , I N T H E L A ST 3 Y E AR S . T H E S UB J E C T H A S N O T B E E N L I S T E D , W I T H I N T H E L A ST Y E AR . SEE COMMENTS
Summary of sales comparison and value conclusion: FROM AN EXTERIOR INSPECTION AND FROM REVIEWING THE SUBJECT'S RECENT MLS LISTING,
THE SUBJECT WAS FOUND TO BE IN AVERAGE CONDITION, AT THE TIME OF THE INSPECTION. PER THE MLS, THERE WERE NO SALES, INSIDE THE
SUBJECT COMPLEX, WITHIN THE LAST YEAR. ALL COMPS ARE ADJUSTED FOR THEIR DIFFERENCE IN BATHROOM COUNT. THE GLA IS ADJUSTED
AT $25 PER SQ FT. COMP 3 IS ADJUSTED FOR ITS BASEMENT AMENITIES. EQUAL WEIGHT IS BEING GIVEN TO ALL COMPS.
This appraisal is made X "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, or
subject to the following repairs, alterations or conditions: SEE COMMENTS
BASED ON AN X EXTERIOR INSPECTION FROM THE STREET OR AN INTERIOR AND EXTERIOR INSPECTION, NO PHYSICAL INSPECTION, I ESTIMATE THE
MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT TO BE $ 217,000 , AS OF 04/03/2024 .
1-Page 2055 Page 1 of 1
Bowley Moore Appraisal Centre, Inc.
DBD-CV23-6045939-S
File No.24031101
ADDITIONAL COMMENTS
Intended User COMMITTEE
Property Address 20 RAYMOND PLACE UNIT# 1-1A
City DANBURY County FAIRFIELD State CT Zip Code 06810
Client Atty. J. Timothy Deakin
ANALYSIS OF CURRENT AGREEMENT
THE SUBJECT PROPERTY WAS LISTED FOR SALE ON 03/23/2023, FOR THE PRICE OF $242,000. THE LISTING WAS ON AND OFF THE
MARKET, SEVERAL TIMES. THE LISTING EXPIRED 02/07/2024. THE LIST PRICE, AT THE TIME OF THE EXPIRATION, WAS $230,000.
CONDITIONS OF THE APPRAISAL
AS REQUESTED BY THE CLIENT NO INTERIOR INSPECTION WAS MADE OF THE SUBJECT PROPERTY. THE ITEMS IN THIS
APPRAISAL REPORT MARKED AS UNKNOWN REFLECT THE LIMITED INSPECTION OF THE SUBJECT PROPERTY. THE PROPERTY
WAS VIEWED ONLY FROM THE EXTERIOR. THE VALUE ESTIMATED IN THIS APPRAISAL ASSUMES THAT THE SUBJECT IS IN
MARKETABLE CONDITION. IF AN INTERIOR INSPECTION REVEALED THAT THE SUBJECT WAS IN BELOW AVERAGE OR NOT IN
MARKETABLE CONDITION IT WOULD BE NECESSARY TO DISCOUNT THE ESTIMATE OF VALUE TO COMPENSATE FOR REPAIRS OR
COMPLETIONS REQUIRED TO BRING THE SUBJECT PROPERTY UP TO A MARKETABLE CONDITION. THE APPRAISER RESERVES THE
RIGHT TO CONSIDER ANY ADDITIONAL INFORMATION THAT MAY SUBSEQUENTLY BECOME AVAILABLE TO THE APPRAISER AND
TO REVISE THE OPINIONS AND CONCLUSIONS IF THE NEW INFORMATION WARRANTS SUCH CHANGE.
. I HAVE NOT PERFORMED SERVICES, AS AN APPRAISER, REGARDING THE PROPERTY THAT IS THE SUBJECT OF THIS REPORT,
WITHIN THE THREE-YEAR PERIOD IMMEDIATELY PRECEDING ACCEPTANCE OF THIS ASSIGNMENT.
· PLEASE BE ADVISED THAT THE ESTIMATED EXPOSURE TIME FOR THE SUBJECT IS FROM THREE TO SIX MONTHS. THE
EXPOSURE TIME IS THE ESTIMATED LENGTH OF TIME THAT THE PROPERTY INTEREST BEING APPRAISED WOULD HAVE BEEN
OFFERED ON THE MARKET, PRIOR TO THE HYPOTHETICAL CONSUMMATION OF A SALE, AT MARKET VALUE, ON THE EFFECTIVE
DATE OF THE APPRAISAL.
Bowley Moore Appraisal Centre, Inc.
DBD-CV23-6045939-S
USPAP Compliance Addendum File No.
24031101
Borrower/Client COMMITTEE
Property Address 20 RAYMOND PLACE UNIT# 1-1A
City DANBURY County FAIRFIELD State CT Zip Code 06810
Lender/Client Atty. J. Timothy Deakin
APPRAISAL AND REPORT IDENTIFICATION
This Appraisal Report is one of the following types:
X Appraisal Report This report was prepared in accordance with the requirements of the Appraisal Report option of USPAP Standards Rule 2-2(a).
Restricted Appraisal Report This report was prepared in accordance with the requirements of the Restricted Appraisal Report option of USPAP Standards Rule 2-2(b). The
intended user of this report is limited to the identified client. This is a Restricted Appraisal Report and the rationale for how the appraiser arrived
at the opinions and conclusions set forth in the report may not be understood properly without the additional information in the appraiser's workfile.
ADDITIONAL CERTIFICATIONS
I certify that, to the best of my knowledge and belief:
· The statements of fact contained in this report are true and correct.
· The report analyses, opinions, and conclusions are limited only by the reported assumptions and are my personal, impartial, and unbiased professional analyses,
opinions, and conclusions.
·I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or specified) 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 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.
· This appraisal report was prepared in accordance with the requirements of Title XI of FIRREA and any implementing regulations.
PRIOR SERVICES
X I have NOT performed services, as an appraiser or in any other capacity, regarding the property that is the subject of the 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.
PROPERTY INSPECTION
I have NOT made a personal inspection of the property that is the subject of this report.
X I HAVE made a personal inspection of the property that is the subject of this report.
APPRAISAL ASSISTANCE
Unless otherwise noted, no one provided significant real property appraisal assistance to the person signing this certification. If anyone did provide significant assistance, they
are hereby identified along with a summary of the extent of the assistance provided in the report.
NO ONE PROVIDED SIGNIFICANT REAL PROPERTY APPRAISAL ASSISTANCE, TO THE PERSON SIGNING THIS CERTIFICATION.
ADDITIONAL COMMENTS
Additional USPAP related issues requiring disclosure and/or any state mandated requirements: NO ADDITIONAL USPAP RELATED ISSUES REQUIRE DISCLOSURE.
MARKETING TIME AND EXPOSURE TIME FOR THE SUBJECT PROPERTY
X A reasonable marketing time for the subject property is 90-180 day(s) utilizing market conditions pertinent to the appraisal assignment.
X A reasonable exposure time for the subject property is 30-90 day(s).
APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature Signature
Name NEIL ENHOFFER Name
Date of Signature April 3, 2024 Date of Signature
State Certification # RCR.0001145 State Certification #
or State License # RCR. 1145 or State License #
State CT State
Expiration Date of Certification or License 4/30/2024 Expiration Date of Certification or License
Supervisory Appraiser Inspection of Subject Property:
Effective Date of Appraisal 04/03/2024 Did Not Exterior-only from Street Interior and Exterior
USPAP Compliance Addendum 2014 Page 1 of 1
Bowley Moore Appraisal Centre, Inc.
Adjustments Addendum DBD-CV23-6045939-S
Desktop Underwriter Quantitative Analysis Appraisal Report File No. 24031101
S Intended User COMMITTEE
U Property Address 20 RAYMOND PLACE UNIT# 1-1A
B City DANBURY County FAIRFIELD State CT Zip Code 06810
J
Client Atty. J. Timothy Deakin
E
C
T
I SUBJECT PROPERTY INFORMATION:
N
Quality of Construction
F
O Good Average Fair Poor
R
M
A
T
I
O
N
COMPARABLE PROPERTY INFORMATION:
Adjustment Factors
ADJUSTMENT UNIT RATING AUTOMATIC ADJUST? GOOD AVERAGE FAIR POOR
Time Annual % Rate %
Bedrooms $ Per Bedroom %
Full Baths $ 5,000 Per Bath X %
Partial Baths $ 2,500 Per Bath X %
Gross Living Area $ 25 Per Square Foot X %
Basement Area $ Per Square Foot %
Finished Rooms Below Grade $ Per Unit or Sq. Ft. %
Car Storage $ Per Unit %
Other 1 $ Per Unit %
Other 2 $ Per Unit %
C
O
M
P
A
R
A
B
L
E
A
D
J
U
S
T
M
E
N
T
F
A
C
T
O
R
S
Bowley Moore Appraisal Centre, Inc.
DBD-CV23-6045939-S
File No.24031101
Location Map
Intended User COMMITTEE
Property Address 20 RAYMOND PLACE UNIT# 1-1A
City DANBURY County FAIRFIELD State CT Zip Code 06810
Client Atty. J. Timothy Deakin
Bowley Moore Appraisal Centre, Inc.
DBD-CV23-6045939-S
File No.24031101
PHOTOGRAPH ADDENDUM
Intended User COMMITTEE
Property Address 20 RAYMOND PLACE UNIT# 1-1A
City DANBURY County FAIRFIELD State CT Zip Code 06810
Client Atty. J. Timothy Deakin
FRONT VIEW OF
SUBJECT PROPERTY
REAR VIEW OF
SUBJECT PROPERTY
STREET SCENE OF
SUBJECT PROPERTY
Bowley Moore Appraisal Centre, Inc.
DBD-CV23-6045939-S
File No.24031101
PHOTOGRAPH ADDENDUM
Intended User COMMITTEE
Property Address 20 RAYMOND PLACE UNIT# 1-1A
City DANBURY County FAIRFIELD State CT Zip Code 06810
Client Atty. J. Timothy Deakin
COMPARABLE #1
45 ROWAN STREET UNIT# C
DANBURY, CT 06811
Price $205,000
Price/SF 230.60
Date 03/14/2024
Age 22 YEARS
Room Count 4-2-1
Living Area 889
Value Indication $213,500
COMPARABLE #2
7 PADANARAM ROAD UNIT# F140
DANBURY, CT 06811
Price $208,000
Price/SF 244.42
Date 03/05/2024
Age 48 YEARS
Room Count 4-2-1
Living Area 851
Value Indication $217,500
COMPARABLE #3
7 EDEN DRIVE UNIT# 10
DANBURY, CT 06810
Price $230,000
Price/SF 199.65
Date 08/01/2023
Age 39 YEARS
Room Count 4-2-2
Living Area 1,152
Value Indication $218,900
Bowley Moore Appraisal Centre, Inc.
DBD-CV23-6045939-S
File No. 24031101
This appraisal report is subject to the scope of work, intended use, intended user, definition of market value, statement of
assumptions and limiting conditions, and certifications. The appraiser may expand the scope of work to include any additional
research or analysis necessary based on the complexity of this appraisal assignment.
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 visual
inspection 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.
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 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.
3. 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.
4. The appraiser has noted in this appraisal report any adverse conditions (such as 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 this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden
or unapparent deficiencies or adverse conditions of the property (such as, but not limited to, 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.
Page 1 of 3
Bowley Moore Appraisal Centre, Inc.
DBD-CV23-6045939-S
File No. 24031101
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 visual inspection of the subject 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 reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
property and the comparable sales.
9. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
the sale of the subject property.
10. I have knowledge and experience in appraising this type of property in this market area.
11. 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.
12. 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.
13. 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, 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.
14. 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.
15. 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.
16. 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.
17. 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.
18. 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.
19. I identified the client in this appraisal report who is the individual, organization, or agent for the organization that
ordered and will receive this appraisal report.
20. I am aware that any disclosure or distribution of this appraisal report by me or the 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.
21. 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.
Page 2 of 3
Bowley Moore Appraisal Centre, Inc.
DBD-CV23-6045939-S
File No. 24031101
SUPERVISORY APPRAISER’S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
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DBD-CV23-6045939-S File No.24031101 APPRAISAL REPORT OF THE REAL PROPERTY LOCATED AT 20 RAYMOND PLACE UNIT# 1-1A DANBURY, CT 06810 for Atty. J. Timothy Deakin 57 North St, Suite 308 Danbury, CT 06810 as of 04/03/2024 by NEIL ENHOFFER 3255 Fairfield Avenue Bridgeport, CT 06605 Bowley Moore Appraisal Centre, Inc. Bowley Moore Appraisal Centre, Inc. 3255 Fairfield Avenue Bridgeport, CT 06605 203-576-1115 April 3, 2024 Atty. J. Timothy Deakin 57 North St, Suite 308 Danbury, CT 06810 Property - 20 RAYMOND PLACE UNIT# 1-1A DANBURY, CT 06810 Borrower - COMMITTEE File No. - 24031101 Case No. - DBD-CV23-6045939-S Dear : In accordance with your request, I have prepared an appraisal of the real property located at 20 RAYMOND PLACE UNIT# 1-1A, DANBURY, CT. The purpose of the appraisal is to provide an opinion of the market value of the property described in the body of this report. Enclosed, please find the report which describes certain data gathered during our investigation of the property. The methods of approach and reasoning in the valuation of the various physical and economic factors of the subject property are contained in this report. An inspection of the property and a study of pertinent factors, including valuation trends and an analysis of neighborhood data, led the appraiser to the conclusion that the market value, as of 04/03/2024 is : $217,000 The opinion of value expressed in this report is contingent upon the Limiting Conditions attached to this report. It has been a pleasure to assist you. If I may be of further service to you in the future, please let me know. Respectfully submitted, Bowley Moore Appraisal Centre, Inc. NEIL ENHOFFER CT Certification #RCR.0001145 DBD-CV23-6045939-S Appraisal Report File No. 24031101 The purpose of this summary appraisal report is to provide the client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address 20 RAYMOND PLACE UNIT# 1-1A City DANBURY State CT Zip Code 06810 S Legal Description PER TOWN RECORDS County FAIRFIELD U Assessor's Parcel No. H13334-1 Tax Year 2024 R.E. Taxes $ 3,137 Special Assessments $ N/A B Client Atty. J. Timothy Deakin Current Owner PATRICIA L. PERKINS Occupant X Owner Tenant Vacant J E Neighborhood or Project Name CHATFIELD Project Type PUD X Condominium HOA$ 250 /Mo. C Sales Price $ N/A Date of Sale N/A Description / $ amount of loan charges/concessions to be paid by seller N/A T Property rights appraised X Fee Simple Leasehold Map Reference NECTA-71950 Census Tract 2107.00 Intended User COMMITTEE Intended Use FORECLOSURE N Note: Race and the racial composition of the neighborhood are not appraisal factors. E I Location Urban X Suburban Rural Property Values Increasing X Stable Declining Single family housing Condominium housing G PRICE AGE PRICE AGE H Built up X Over 75% 25-75% Under 25% Demand/supply Shortage X In balance Over supply $(000) (yrs) $(000) (if applic.) (yrs) B O Growth rate Rapid X Stable Slow Marketing time X Under 3 mos. 3-6 mos. Over 6 mos. N/A Low N/A 120 Low NEW R H Neighborhood boundaries EAST PEMBROKE ROAD TO THE NORTH, FEDERAL ROAD TO THE EAST, WEST STREET N/A High N/A 735 High 64 O Predominant Predominant O TO THE SOUTH AND FAIRMOUNT DRIVE TO THE WEST. D 275 40 N/A N/A Dimensions PER TOWN RECORDS Site area TYPICAL Shape IRREGULAR Specific zoning classification and description ZONE R3 RESIDENTIAL CONDOMINIUM PERMITTED S Zoning compliance X Legal Legal nonconforming (Grandfathered use) Illegal, attach description No zoning I Highest and best use of subject property as improved (or as proposed per plans and specifications): X Present use Other use, attach description. T Utilities Public Other Public Other Off-site improvements Type Public Private E Electricity X Water X Street ASPHALT X Gas NONE Sanitary sewer X Alley NONE Are there any apparent adverse site conditions (easements, encroachments, special assessments, slide areas, etc.)? Yes X No If Yes, attach description. I Source(s) used for physical characteristics of property: Interior and exterior inspection X Exterior inspection from street Previous appraisal files M P X MLS X Assessment and tax records Prior inspection Property owner Other (Describe): R No. of Stories Type (Det./Att.) Exterior Walls Roof Surface Manufactured Housing Yes X No 1 DETACH WOOD ASPHALT O V Does the property generally conform to the neighborhood in terms of style, condition, and construction materials? X Yes No If No, attach description. E Are there any apparent physical deficiencies or conditions that would affect the soundness or structural integrity of the improvements or the livability of the property? M E Yes X No If Yes, attach description. N T Are there any apparent adverse environmental conditions (hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the immediate S vicinity of the subject property? Yes X No If Yes, attach description. If the subject property was listed for sale in the past year give the following information: List Price 230,000 Date Listed03/23/2023 Days on Market 86 The analysis of the comparable sales below reflects market reaction to significant variations between the sales and the subject property. FEATURE SUBJECT SALE 1 SALE 2 SALE 3 20 RAYMOND PLACE UNIT# 1-1A 45 ROWAN STREET UNIT# C 7 PADANARAM ROAD UNIT# F140 7 EDEN DRIVE UNIT# 10 Address DANBURY, CT 06810 DANBURY, CT 06811 DANBURY, CT 06811 DANBURY, CT 06810 Proximity to Subject 0.93 MILES 1.08 MILES 2.19 MILES Sales Price $ N/A $ 205,000 $ 208,000 $ 230,000 Price/Gross Liv. Area $ $ 230.60 $ 244.42 $ 199.65 Q Data & Verification Sources TOWN HALL/MLS TOWN HALL/MLS TOWN HALL/MLS U VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION + (-) $ Adjustment DESCRIPTION + (-) $ Adjustment DESCRIPTION + (-) $ Adjustment A N Sales or Financing NONE NONE NONE T Concessions NOTED NOTED NOTED I Date of Sale/Time 03/14/2024 03/05/2024 08/01/2023 T Location AVERAGE AVERAGE AVERAGE AVERAGE A T Site TYPICAL TYPICAL TYPICAL TYPICAL I View AVERAGE AVERAGE AVERAGE AVERAGE V Design (Style) RANCH TOWNHOUSE RANCH TOWNHOUSE E Actual Age (Yrs.) 41 YEARS 22 YEARS 48 YEARS 39 YEARS S Condition AVERAGE AVERAGE AVERAGE AVERAGE A Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths L Room Count 5 2 1.5 4 2 1 +2,500 4 2 1 +2,500 4 2 2 -2,500 E Gross Living Area 1,130 Sq. Ft. 889 Sq. Ft. +6,000 851 Sq. Ft. +7,000 1,152 Sq. Ft. -600 S Basement & Finished NONE NONE NONE FULL BASEMENT -5,000 C Rooms Below Grade N/A N/A N/A PART FINISHED -3,000 O Garage/Carport NONE NONE NONE NONE M P A R Net Adj. (total) X + - $ 8,500 X + - $ 9,500 + X - $ -11,100 I Adjusted Sales Price Gross 4.1% Gross 4.6% Gross 4.8% S of Comparables Net 4.1% $ 213,500 Net 4.6% $ 217,500 Net -4.8% $ 218,900 O N Report the results of the research and analysis of the prior sale or transfer history of the subject property (past three years) and comparable sales (past one year) FEATURE SUBJECT SALE 1 SALE 2 SALE 3 A Date of Prior Sale NO SALES NO OTHER SALES NO OTHER SALES NO OTHER SALES N A Price of Prior Sale IN THE LAST 3 YRS IN THE LAST YEAR IN THE LAST YEAR IN THE LAST YEAR L Data Source(s) PER TOWN HALL PER TOWN HALL PER TOWN HALL PER TOWN HALL Y Effective Date of Data 04/03/2024 04/03/2024 04/03/2024 04/03/2024 S Analysis of any current agreement of sale, option, or listing of the subject property and analysis of the prior sales of subject and comparables: T H E S UB J E C T H A S N O T I S B E E N S O L D , I N T H E L A ST 3 Y E AR S . T H E S UB J E C T H A S N O T B E E N L I S T E D , W I T H I N T H E L A ST Y E AR . SEE COMMENTS Summary of sales comparison and value conclusion: FROM AN EXTERIOR INSPECTION AND FROM REVIEWING THE SUBJECT'S RECENT MLS LISTING, THE SUBJECT WAS FOUND TO BE IN AVERAGE CONDITION, AT THE TIME OF THE INSPECTION. PER THE MLS, THERE WERE NO SALES, INSIDE THE SUBJECT COMPLEX, WITHIN THE LAST YEAR. ALL COMPS ARE ADJUSTED FOR THEIR DIFFERENCE IN BATHROOM COUNT. THE GLA IS ADJUSTED AT $25 PER SQ FT. COMP 3 IS ADJUSTED FOR ITS BASEMENT AMENITIES. EQUAL WEIGHT IS BEING GIVEN TO ALL COMPS. This appraisal is made X "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, or subject to the following repairs, alterations or conditions: SEE COMMENTS BASED ON AN X EXTERIOR INSPECTION FROM THE STREET OR AN INTERIOR AND EXTERIOR INSPECTION, NO PHYSICAL INSPECTION, I ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT TO BE $ 217,000 , AS OF 04/03/2024 . 1-Page 2055 Page 1 of 1 Bowley Moore Appraisal Centre, Inc. DBD-CV23-6045939-S File No.24031101 ADDITIONAL COMMENTS Intended User COMMITTEE Property Address 20 RAYMOND PLACE UNIT# 1-1A City DANBURY County FAIRFIELD State CT Zip Code 06810 Client Atty. J. Timothy Deakin ANALYSIS OF CURRENT AGREEMENT THE SUBJECT PROPERTY WAS LISTED FOR SALE ON 03/23/2023, FOR THE PRICE OF $242,000. THE LISTING WAS ON AND OFF THE MARKET, SEVERAL TIMES. THE LISTING EXPIRED 02/07/2024. THE LIST PRICE, AT THE TIME OF THE EXPIRATION, WAS $230,000. CONDITIONS OF THE APPRAISAL AS REQUESTED BY THE CLIENT NO INTERIOR INSPECTION WAS MADE OF THE SUBJECT PROPERTY. THE ITEMS IN THIS APPRAISAL REPORT MARKED AS UNKNOWN REFLECT THE LIMITED INSPECTION OF THE SUBJECT PROPERTY. THE PROPERTY WAS VIEWED ONLY FROM THE EXTERIOR. THE VALUE ESTIMATED IN THIS APPRAISAL ASSUMES THAT THE SUBJECT IS IN MARKETABLE CONDITION. IF AN INTERIOR INSPECTION REVEALED THAT THE SUBJECT WAS IN BELOW AVERAGE OR NOT IN MARKETABLE CONDITION IT WOULD BE NECESSARY TO DISCOUNT THE ESTIMATE OF VALUE TO COMPENSATE FOR REPAIRS OR COMPLETIONS REQUIRED TO BRING THE SUBJECT PROPERTY UP TO A MARKETABLE CONDITION. THE APPRAISER RESERVES THE RIGHT TO CONSIDER ANY ADDITIONAL INFORMATION THAT MAY SUBSEQUENTLY BECOME AVAILABLE TO THE APPRAISER AND TO REVISE THE OPINIONS AND CONCLUSIONS IF THE NEW INFORMATION WARRANTS SUCH CHANGE. . I HAVE NOT PERFORMED SERVICES, AS AN APPRAISER, REGARDING THE PROPERTY THAT IS THE SUBJECT OF THIS REPORT, WITHIN THE THREE-YEAR PERIOD IMMEDIATELY PRECEDING ACCEPTANCE OF THIS ASSIGNMENT. · PLEASE BE ADVISED THAT THE ESTIMATED EXPOSURE TIME FOR THE SUBJECT IS FROM THREE TO SIX MONTHS. THE EXPOSURE TIME IS THE ESTIMATED LENGTH OF TIME THAT THE PROPERTY INTEREST BEING APPRAISED WOULD HAVE BEEN OFFERED ON THE MARKET, PRIOR TO THE HYPOTHETICAL CONSUMMATION OF A SALE, AT MARKET VALUE, ON THE EFFECTIVE DATE OF THE APPRAISAL. Bowley Moore Appraisal Centre, Inc. DBD-CV23-6045939-S USPAP Compliance Addendum File No. 24031101 Borrower/Client COMMITTEE Property Address 20 RAYMOND PLACE UNIT# 1-1A City DANBURY County FAIRFIELD State CT Zip Code 06810 Lender/Client Atty. J. Timothy Deakin APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report is one of the following types: X Appraisal Report This report was prepared in accordance with the requirements of the Appraisal Report option of USPAP Standards Rule 2-2(a). Restricted Appraisal Report This report was prepared in accordance with the requirements of the Restricted Appraisal Report option of USPAP Standards Rule 2-2(b). The intended user of this report is limited to the identified client. This is a Restricted Appraisal Report and the rationale for how the appraiser arrived at the opinions and conclusions set forth in the report may not be understood properly without the additional information in the appraiser's workfile. ADDITIONAL CERTIFICATIONS I certify that, to the best of my knowledge and belief: · The statements of fact contained in this report are true and correct. · The report analyses, opinions, and conclusions are limited only by the reported assumptions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. ·I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or specified) 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 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. · This appraisal report was prepared in accordance with the requirements of Title XI of FIRREA and any implementing regulations. PRIOR SERVICES X I have NOT performed services, as an appraiser or in any other capacity, regarding the property that is the subject of the 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. PROPERTY INSPECTION I have NOT made a personal inspection of the property that is the subject of this report. X I HAVE made a personal inspection of the property that is the subject of this report. APPRAISAL ASSISTANCE Unless otherwise noted, no one provided significant real property appraisal assistance to the person signing this certification. If anyone did provide significant assistance, they are hereby identified along with a summary of the extent of the assistance provided in the report. NO ONE PROVIDED SIGNIFICANT REAL PROPERTY APPRAISAL ASSISTANCE, TO THE PERSON SIGNING THIS CERTIFICATION. ADDITIONAL COMMENTS Additional USPAP related issues requiring disclosure and/or any state mandated requirements: NO ADDITIONAL USPAP RELATED ISSUES REQUIRE DISCLOSURE. MARKETING TIME AND EXPOSURE TIME FOR THE SUBJECT PROPERTY X A reasonable marketing time for the subject property is 90-180 day(s) utilizing market conditions pertinent to the appraisal assignment. X A reasonable exposure time for the subject property is 30-90 day(s). APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Signature Name NEIL ENHOFFER Name Date of Signature April 3, 2024 Date of Signature State Certification # RCR.0001145 State Certification # or State License # RCR. 1145 or State License # State CT State Expiration Date of Certification or License 4/30/2024 Expiration Date of Certification or License Supervisory Appraiser Inspection of Subject Property: Effective Date of Appraisal 04/03/2024 Did Not Exterior-only from Street Interior and Exterior USPAP Compliance Addendum 2014 Page 1 of 1 Bowley Moore Appraisal Centre, Inc. Adjustments Addendum DBD-CV23-6045939-S Desktop Underwriter Quantitative Analysis Appraisal Report File No. 24031101 S Intended User COMMITTEE U Property Address 20 RAYMOND PLACE UNIT# 1-1A B City DANBURY County FAIRFIELD State CT Zip Code 06810 J Client Atty. J. Timothy Deakin E C T I SUBJECT PROPERTY INFORMATION: N Quality of Construction F O Good Average Fair Poor R M A T I O N COMPARABLE PROPERTY INFORMATION: Adjustment Factors ADJUSTMENT UNIT RATING AUTOMATIC ADJUST? GOOD AVERAGE FAIR POOR Time Annual % Rate % Bedrooms $ Per Bedroom % Full Baths $ 5,000 Per Bath X % Partial Baths $ 2,500 Per Bath X % Gross Living Area $ 25 Per Square Foot X % Basement Area $ Per Square Foot % Finished Rooms Below Grade $ Per Unit or Sq. Ft. % Car Storage $ Per Unit % Other 1 $ Per Unit % Other 2 $ Per Unit % C O M P A R A B L E A D J U S T M E N T F A C T O R S Bowley Moore Appraisal Centre, Inc. DBD-CV23-6045939-S File No.24031101 Location Map Intended User COMMITTEE Property Address 20 RAYMOND PLACE UNIT# 1-1A City DANBURY County FAIRFIELD State CT Zip Code 06810 Client Atty. J. Timothy Deakin Bowley Moore Appraisal Centre, Inc. DBD-CV23-6045939-S File No.24031101 PHOTOGRAPH ADDENDUM Intended User COMMITTEE Property Address 20 RAYMOND PLACE UNIT# 1-1A City DANBURY County FAIRFIELD State CT Zip Code 06810 Client Atty. J. Timothy Deakin FRONT VIEW OF SUBJECT PROPERTY REAR VIEW OF SUBJECT PROPERTY STREET SCENE OF SUBJECT PROPERTY Bowley Moore Appraisal Centre, Inc. DBD-CV23-6045939-S File No.24031101 PHOTOGRAPH ADDENDUM Intended User COMMITTEE Property Address 20 RAYMOND PLACE UNIT# 1-1A City DANBURY County FAIRFIELD State CT Zip Code 06810 Client Atty. J. Timothy Deakin COMPARABLE #1 45 ROWAN STREET UNIT# C DANBURY, CT 06811 Price $205,000 Price/SF 230.60 Date 03/14/2024 Age 22 YEARS Room Count 4-2-1 Living Area 889 Value Indication $213,500 COMPARABLE #2 7 PADANARAM ROAD UNIT# F140 DANBURY, CT 06811 Price $208,000 Price/SF 244.42 Date 03/05/2024 Age 48 YEARS Room Count 4-2-1 Living Area 851 Value Indication $217,500 COMPARABLE #3 7 EDEN DRIVE UNIT# 10 DANBURY, CT 06810 Price $230,000 Price/SF 199.65 Date 08/01/2023 Age 39 YEARS Room Count 4-2-2 Living Area 1,152 Value Indication $218,900 Bowley Moore Appraisal Centre, Inc. DBD-CV23-6045939-S File No. 24031101 This appraisal report is subject to the scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. 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 visual inspection 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. 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 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. 3. 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. 4. The appraiser has noted in this appraisal report any adverse conditions (such as 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 this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent deficiencies or adverse conditions of the property (such as, but not limited to, 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. Page 1 of 3 Bowley Moore Appraisal Centre, Inc. DBD-CV23-6045939-S File No. 24031101 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 visual inspection of the subject 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 reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 9. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale of the subject property. 10. I have knowledge and experience in appraising this type of property in this market area. 11. 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. 12. 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. 13. 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, 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. 14. 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. 15. 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. 16. 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. 17. 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. 18. 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. 19. I identified the client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. 20. I am aware that any disclosure or distribution of this appraisal report by me or the 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. 21. 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. Page 2 of 3 Bowley Moore Appraisal Centre, Inc. DBD-CV23-6045939-S File No. 24031101 SUPERVISORY APPRAISER’S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1.