located at for opinion of value as of bywood panel/avg wood/avg n/a n/a wood/avg overall:...

APPRAISAL OF REAL PROPERTY

Tr. 69, ASLS 71-19 - Trapper Lake

Willow, AK 99676

Tr. 69, ASLS 71-19. Trapper Lake, AK

BERUS

2408 Loussac Dr.

Anchorage, AK 99517

155,000

05/21/2018

Clint H. A. Lentfer, MBA

Alaska Appraisal & Consulting Group, LLC

203 W. 15th Ave. #206

Anch., AK 99501

(907) 677-7701

[email protected]

http://www.akacg.com

Form GA1V_LT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

LOCATED AT

FOR

OPINION OF VALUE

AS OF

BY

Alaska Appraisal & Consulting Group (907) 677-1133

RESIDENTIAL APPRAISAL REPORTTr. 69, ASLS 71-19 - Trapper Lake Willow AK 99676

Mat-Su Borough Tr. 69, ASLS 71-19. Trapper Lake, AK

50091

2017 293 0 BERUS

BERUS

Remote Cabin None

Trapper Lake CA05 0001.02

Intended use of the appraisal is for estate valuation / real estate asset valuation only. No other intended uses or users are

identified. Inspection date - May 21, 2018

Rudolph Berus and assigns

BERUS 2408 Loussac Dr., Anchorage, AK 99517

Clint H. A. Lentfer, MBA 203 W. 15th Ave. #206, Anch., AK 99501

30

300

100

5

60

30

15

Vacant 85

Interest rates are at low levels,

increasing activity in all sectors of the real estate markets - including remote properties. Discounts, buydowns and concessions are not

typical in this remote recreational cabin market. Market Values in the Petersville / Willow / Talkeetna / Northern Mat-Su region area have

been relatively stable for many years with little appreciation over the past 5 years. Marketing times are typically 6+ months for remote

properties. If reasonably priced and properly marketed, recreational cabins have been selling within 6-8 months. Larger tracts of vacant

land often exceed 6 months. The subject is accessed seasonably with snowmnachine / aircraft or trails, considered a remote Alaskan

lakefront location. Specific location is on Trapper Lake about near Amber Lake, a popular lake in the Petersville area, approximately 15

miles north of Willow and 55 miles north of Anchorage. The area is popular for seasonal activities, including snowmobilers in the winter

months and float plane access primarily in the summer months - with good recreational opportunities.

Irregular / Rectangular - See Plat Map 4.01 Acres

No Zoning None

Remote, recreational cabin

Remote, recreational cabin Remote, recreational cabin

Remote, Recreational Cabin - subject site is 4.01 acres, a typical size lot for the area allowing for adequate spacing between cabins. The

majority of the site appears to be heavily treed and useable, with cleared areas around the cabins with most development along the lakefront area, similar to the majority of lots in the

area, with approximately 425'+ Trapper Lake Frontage

10KW diesel Gen.

propane - typical

well - typical

outhouse - typical

none

None - Trapper Lakefront

none

none

none

none

Generally level-Trapper Lake

4.01 acres / typical

rectangular / irregular

assumed adequate

Avg+ Trapper Lake - South

425'+ Trapper Lake Frontage

No Map No Map No Map

No road access - Trapper Lake Frontage, with seasonally accessible access to the area to many recreational cabins in the

area via aircraft & snowmachines and unimproved trails. Primary seasonal access is via snowmachines and ski and float equipped aircraft

into Trapper Lake. Subject site appears to be a typical size and utility lot for the area, with heavily treed areas surrounding the subject,

affording good views of Trapper Lake to the south. Avg+ location in south facing cove-good north wind protection-favorable attribute.

1

1.5 sty cabin

1.5 sty Cabin

1992/77

30

c/c pad & wd piling

T1-11/fair-paint

metal / avg

none

wood/avg

screens

none

none

none

none

none

wood+elec.bb

wood

NONE

vinyl+cpt/avg

wood panel/avg

wood/avg

N/A

N/A

wood/avg

Overall: Average/needs paint

none

large front deck

Dock along lake

wood stv.

8'x 16' sauna

16' x 20' shop

10'x8' Gen. shed

floating dock Cov. Stg.

4 3 0 1,264

Subject consists of a Main Cabin, Sauna, Shop, Generator Shed and outhouse. Typical layout for a remote / recreational property. Subject is dated and needs

exterior paint, otherwise appears sound. Living area is main cabin only - other buildings are support structures - not included in living area.

Cabin is older - overall quality considered average, however has a functional

layout being fully wired for electric with auto start for 10KW generator in building - also having elec. heat, on-site well(assumed to be operable) having a kitchen area, living / dining area

with large wood stove, two separate bedrooms, loft areas, second level bedroom, covered entry areas opening to a large deck overlooking Trapper Lake and access to a sauna, with

dock areas. Shop provides dry storage, has power & lights, generator shed houses an automatic start 10KW yanmar diesel generator. Located on a 4 acre site with 425' Trapper Lake

Frontage in a small protected back with good southern exposure - favorable location. Cabin is in need of some exterior maintenance (paint), however foundations and overall

infrastructure appear sound. Mix of construction dates, kitchen portion of main cabin-1977, rear portion-1992, sauna-1983, gen shed-1999, tool shed-2001.

Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

File No.:

SU

BJE

CT

Property Address: City: State: Zip Code:

County: Legal Description:

Assessor's Parcel #:

Tax Year: R.E. Taxes: $ Special Assessments: $ Borrower (if applicable):

Current Owner of Record: Occupant: Owner Tenant Vacant Manufactured Housing

Project Type: PUD Condominium Cooperative Other (describe) HOA: $ per year per month

Market Area Name: Map Reference: Census Tract:

AS

SIG

NM

EN

T

The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe)

This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective Prospective

Approaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach (See Reconciliation Comments and Scope of Work)

Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe)

Intended Use:

Intended User(s) (by name or type):

Client: Address:

Appraiser: Address:

MA

RK

ET

AR

EA

DE

SC

RIP

TIO

N

Location: Urban Suburban Rural

Built up: Over 75% 25-75% Under 25%

Growth rate: Rapid Stable Slow

Property values: Increasing Stable Declining

Demand/supply: Shortage In Balance Over Supply

Marketing time: Under 3 Mos. 3-6 Mos. Over 6 Mos.

PredominantOccupancy

Owner

Tenant

Vacant (0-5%)

Vacant (>5%)

One-Unit HousingPRICE$(000)

Low

High

Pred

AGE(yrs)

Present Land UseOne-Unit %

2-4 Unit %

Multi-Unit %

Comm'l %

%

Change in Land UseNot Likely

Likely * In Process *

* To:

Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends):

SIT

E D

ES

CR

IPT

ION

Dimensions: Site Area:

Zoning Classification: Description:

Zoning Compliance: Legal Legal nonconforming (grandfathered) Illegal No zoning

Are CC&Rs applicable? Yes No Unknown Have the documents been reviewed? Yes No Ground Rent (if applicable) $ /

Highest & Best Use as improved: Present use, or Other use (explain)

Actual Use as of Effective Date: Use as appraised in this report:

Summary of Highest & Best Use:

Utilities Public Other Provider/Description Off-site Improvements Type Public Private

Electricity

Gas

Water

Sanitary Sewer

Storm Sewer

Street

Curb/Gutter

Sidewalk

Street Lights

Alley

Topography

Size

Shape

Drainage

View

Other site elements: Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe)

FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date

Site Comments:

DE

SC

RIP

TIO

N O

F T

HE

IM

PR

OV

EM

EN

TS

General Description

# of Units Acc.Unit# of Stories

Type Det. Att.

Design (Style)

Existing Proposed Und.Cons.

Actual Age (Yrs.)

Effective Age (Yrs.)

Exterior Description

Foundation

Exterior Walls

Roof Surface

Gutters & Dwnspts.

Window Type

Storm/Screens

Foundation

Slab

Crawl Space

Basement

Sump Pump

Dampness

Settlement

Infestation

Basement None

Area Sq. Ft.

% Finished

Ceiling

Walls

Floor

Outside Entry

Heating

Type

Fuel

Cooling

Central

Other

Interior Description

Floors

Walls

Trim/Finish

Bath Floor

Bath Wainscot

Doors

Appliances

Refrigerator

Range/Oven

Disposal

Dishwasher

Fan/Hood

Microwave

Washer/Dryer

Attic None

Stairs

Drop Stair

Scuttle

Doorway

Floor

Heated

Finished

Amenities

Fireplace(s) #

Patio

Deck

Porch

Fence

Pool

Woodstove(s) #

Car Storage None

Garage # of cars ( Tot.)

Attach.

Detach.

Blt.-In

Carport

Driveway

Surface

Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade

Additional features:

Describe the condition of the property (including physical, functional and external obsolescence):

Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

3/2007

RESIDENTIAL APPRAISAL REPORT

MSB, Owner

None

0

Mat. Su. Borough Rec.

No 36 month prior sale for subject. No 12 month prior sales for

the comparables. Due to the remote location of the subject property, some photos were taken from MLS or file photos. Larger gross & net adjustments are typical

of this type of remote / rural property. Site and location adjustments were made based upon estimates of the underlying land values. Due to the stable nature of

the subject's market, some sales are slightly older and were chosen as they are very similar properties in close proximity to the subject, providing good value

indicators - best available comparables for analysis. According to the owner, the subject was listed numerous times - initially offered at $199,000, then reduced to

$150,000 - craigslist - (not properly marketed) - no reported offers.


Mat-Su Remote, Willow, AK

On-site inspection

MSB/Owner

N/A

N/A

Fee Simple

Avg+/Trapper Lake

4.01 Acres


1.5 sty Cabin

Avg

1992/77

Average

4 3 0

1,264

None

Average

wood stove+ELEC

Typical/Remote

Shop-320SF+cov stg

large deck areas

Dock along lake Generator+elec.

Access: plane, snowmach.

trail access

Lot 10, West Butterfly Lake


27.38 miles S

130,000

154.76

MLS, MSB, Realtor

MSB / Rec Office

Cash

None

10/2017

Fee Simple

Avg+/W. Buttrfly Lk

3.25 Ac

Average+/Similar

Log Cabin

Average/Sim

48 +5,000

Average

6 2 0

840 +16,960

None

Average

Propane+wood/sim

Typical/Remote

Large Shed/Sim

Similar

Inferior +5,000

Similar

26,960

156,960



27.72 miles S

65,000

46.70

MLS, MSB, Realtor

MSB / Rec Office

Owner Fin.

None

09/2016

Fee Simple

Avg+/W. Buttrfly Lk

1.02 Ac +15,000

Average+/Similar

1.5 Sty Cabin

Average

34

Average

6 2 0

1,392 -5,120

None

Average

Propane+wood/sim

Typical/Remote

small shed/Inf. +6,000

Similar

Inferior +5,000

Similar

20,880

85,880

Tr. A-D Fish Lakes


24.24 miles W

100,000

195.31

MLS, MSB, Realtor

MSB / Rec Office

Cash

None

07/2017

Fee Simple

Avg/Fish Lakes +10,000

19.73 -15,000

Average+/Similar

1.5 Sty Cabin

Average/Fair +10,000

19

Average

4 1 0

512 +30,080

None

Inferior amenities +10,000

Propane+wood/sim

Typical/Remote


Similar

Inferior +5,000

Similar

56,080

156,080

The comparables analyzed are the most appropriate sales of similar sized remote lakefront properties

in the Mat-Su Valley with similar overall attributes (remote properties with no road access - float/ski plane, snowmachine / trail access only)

in the western Mat-Su area, with non-traditional (no road access) to the subject that were available in the subject's Mat-Su area, access via

plane, boat, four-wheeler, snowmachine). Above grade living adjusted at $40/SF, a location adjustment to S-3 to reflect its inferior location

on fish lakes, large site size adjustments to reflect overall underlying land values, and a $10,000 quality of construction adjustment

necessary to S-3. S-2 is a low indicator and not given as much weight as the other comparables - smaller lot and inferior overall. Site size

& location adjustments necessary to reflect underlying land value & access differences. Current listings also overall very supportive - See

comparables S-4, S-5 & S-6, current listings & pending sale, and analyzed on a following page. Age adjustment to S-1 to reflect older

construction date. $5,000 adjustment made to all comparables to reflect the subjects superior Yanmar diesel 10KW autostart generator -

superior feature in the market. Numerous adjustments to S-3 to reflect overall inferior location, quality, amenities, with a downward

adjustment to reflect its larger / superior size site. Garage / Carport / Storage shed adjustments were made to comps to reflect inferior

attributes, with a large adjustment made to S-3 to reflect overall inferior attributes. Additional older sales & listings of similar cabins in the

area, and neighboring remote lakes / subdivisions providing additional good support of the subject and providing similar indicators to the

sales used in this analysis.

The comparables used in the analysis are all similar type / remote properties that have similar layouts and contain the basic essentials for a

remote cabin. They are heated either by oil, wood or propane, with similar functional utility, and all have outhouse, generator / solar /

battery, with all having storage sheds & dock areas. Comparables used were best available sales & after all adjustments, with the

concluded value for the subject falling near the mid-range due to the subjects overall characteristics, with offsetting factors of the favorable

location, offset by the deferred maintenance (needs paint). Overall adjusted range is about $146,000 to $159,000 (excluding S-2), with an

overall average of about $155,000. Generally equal weight has been given to all comparables and those in closer proximity to the subject -

least weight to S-2, with comps chosen reflecting the market for similar remote, recreational access parcels, with a relatively tight range.

We have selected a value near the mid-range, considered most appropriate due to all conditions. See additional comparables on additional

comparables page.

155,000


File No.:

TR

AN

SF

ER

HIS

TO

RY

My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.

Data Source(s):

1st Prior Subject Sale/Transfer

Date:

Price:

Source(s):

2nd Prior Subject Sale/Transfer

Date:

Price:

Source(s):

Analysis of sale/transfer history and/or any current agreement of sale/listing:

SA

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PA

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ON

AP

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SALES COMPARISON APPROACH TO VALUE (if developed) The Sales Comparison Approach was not developed for this appraisal.

FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address

Proximity to Subject

Sale Price $ $ $ $

Sale Price/GLA $ /sq.ft. $ /sq.ft. $ /sq.ft. $ /sq.ft.

Data Source(s)

Verification Source(s)

VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.

Sales or Financing

Concessions

Date of Sale/Time

Rights Appraised

Location

Site

View

Design (Style)

Quality of Construction

Age

Condition

Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths

Room Count

Gross Living Area sq.ft. sq.ft. sq.ft. sq.ft.

Basement & Finished

Rooms Below Grade

Functional Utility

Heating/Cooling

Energy Efficient Items

Garage/Carport

Porch/Patio/Deck

Net Adjustment (Total) + - + - + -$ $ $

Adjusted Sale Price

of Comparables $ $ $

Summary of Sales Comparison Approach

Indicated Value by Sales Comparison Approach $Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

3/2007

RESIDENTIAL APPRAISAL REPORT

Cost approach NOT developed due to age

of subject and difficulty in measuring deferred maintenance - not applicable. Its completion may provide misleading data.

Not applicable to remote, recreational properties.

155,000

Subject appraised "As-Is". Cost & income approaches are not typically considered in remote valuations. Sales comparison

approach provides best support for the final value conclusion.

None, "As - Is". Client

is the only intended user of the report, no other user may rely on the findings or conclusions in the appraisal report.

155,000 05/21/2018

22

Scope of Work Limiting Cond./Certifications Narrative Addendum Photograph Addenda Sketch Addendum

Map Addenda Additional Sales Cost Addendum Flood Addendum Manuf. House Addendum

Hypothetical Conditions Extraordinary Assumptions

Rudy Berus BERUS

[email protected] 2408 Loussac Dr., Anchorage, AK 99517


Alaska Appraisal & Consulting Group, LLC

(907) 677-7701 (907) 677-1133

[email protected]

06/05/2018

506 AK

06/30/2019

05/21/2018


File No.:

CO

ST

AP

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CH

COST APPROACH TO VALUE (if developed) The Cost Approach was not developed for this appraisal.

Provide adequate information for replication of the following cost figures and calculations.

Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value):

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW

Source of cost data:

Quality rating from cost service: Effective date of cost data:

OPINION OF SITE VALUE =$

DWELLING Sq.Ft. @ $ =$

Sq.Ft. @ $ =$

Sq.Ft. @ $ =$

Sq.Ft. @ $ =$

Sq.Ft. @ $ =$

=$

Garage/Carport Sq.Ft. @ $ =$

Total Estimate of Cost-New =$

Less Physical Functional External

Depreciation =$( )

Depreciated Cost of Improvements =$

''As-is'' Value of Site Improvements =$

=$

=$

INDICATED VALUE BY COST APPROACH =$

Comments on Cost Approach (gross living area calculations, depreciation, etc.):

Estimated Remaining Economic Life (if required): Years

INC

OM

E A

PP

RO

AC

H INCOME APPROACH TO VALUE (if developed) The Income Approach was not developed for this appraisal.

Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach

Summary of Income Approach (including support for market rent and GRM):

PU

D

PROJECT INFORMATION FOR PUDs (if applicable) The Subject is part of a Planned Unit Development.

Legal Name of Project:

Describe common elements and recreational facilities:

RE

CO

NC

ILIA

TIO

N

Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $

Final Reconciliation

This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have beencompleted, subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, subject tothe following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair:

This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.

Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions,and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subjectof this report is: $ , as of: , which is the effective date of this appraisal.If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.

AT

TA

CH

ME

NT

S A true and complete copy of this report contains pages, including exhibits which are considered an integral part of the report. This appraisal report may not be

properly understood without reference to the information contained in the complete report.

Attached Exhibits:

SIG

NA

TU

RE

S

Client Contact: Client Name:

E-Mail: Address:

APPRAISER

Appraiser Name:

Company:

Phone: Fax:

E-Mail:

Date of Report (Signature):

License or Certification #: State:

Designation:

Expiration Date of License or Certification:

Inspection of Subject: Interior & Exterior Exterior Only None

Date of Inspection:

SUPERVISORY APPRAISER (if required)or CO-APPRAISER (if applicable)

Supervisory orCo-Appraiser Name:

Company:

Phone: Fax:

E-Mail:

Date of Report (Signature):

License or Certification #: State:

Designation:

Expiration Date of License or Certification:

Inspection of Subject: Interior & Exterior Exterior Only None

Date of Inspection:Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

3/2007

ADDITIONAL COMPARABLE SALES



On-site inspection

MSB/Owner

N/A

N/A

Fee Simple

Avg+/Trapper Lake

4.01 Acres


1.5 sty Cabin

Avg

1992/77

Average

4 3 0

1,264

None

Average

wood stove+ELEC

Typical/Remote

Shop-320SF+cov stg

large deck areas

Dock along lake Generator+elec.

Access: plane, snowmach.

trail access

Tr. 98 Trapper Lake


1.04 miles NW

179,000

162.73

MLS, MSB, Realtor

MSB / Rec Office

ACTIVE LISTING

LISTING - (-15%) -26,850

Active-3+yrs DOM

Fee Simple

Avg+/Trapper Lake

1.85 Ac / Island +10,000

Average+/Similar

Log Cabin-Sup -7,000

Average+ -7,000

27

Average+ -7,000

6 2 0

1,100 +6,560

None

Average

Oil/propne+wd/sim

Typical/Remote


Similar

Inferior +5,000

Similar

-20,290

158,710

Tr. G1 Red Shirt Lake


24.94 miles S

175,000

208.33

MLS, MSB, Realtor

MSB / Rec Office

ACTIVE LISTING

LISTING - (-15%) -26,250

Active- 75 DOM

Fee Simple

Avg+/Red Shirt Lk

4.51 Ac

Average+/Similar

1.5 Sty Cabin

Average+ -7,000

34

Average+ -7,000

6 2 0

840 +16,960

None

Average

Oil/propne+wd/sim

Typical/Remote

Large Shed/Sim

Similar

Inferior +5,000

Similar

-18,290

156,710

ASLS 75091 Otter Lake


23.59 miles W

150,000

120.00

MLS, MSB, Realtor

MSB / Rec Office

PENDING

PENDING 6/4/18

Active-1.5yrs DOM

Fee Simple

Avg/Otter Lake +10,000

7.64 Ac

Average+/Similar

1.5 Sty Cabin

Average+ -7,000

20

Average+ -7,000

6 2 1 -6,000

1,250 +560

None

Average

Oil/propne+wd/sim

Typical/Remote

Large Shed/Sim

Similar

Inferior +5,000

Similar

-4,440

145,560

Sales 4 & 5 are current listings having similar lakefront locations in remote areas of the Mat-Su

Borough, providing additional support, with S-4 being located on an island on Trapper Lake, smaller / inferior lot - adjustment necessary.

S-6 is a recently pending sale - SP adjusted downward to reflect estimated pending sale price. A large 15% list price to sale price

adjustment has been made to all active listings to reflect the average list price to sale price ratio of these remote cabin sales, ranging from

10% to 25%, average of 15%. Additional design / style, quality and condition adjustments were necessary to reflect the superior attributes.

S-6 has a bathroom, adjustment necessary. Large design / style, quality and condition adjustment were made to S-4, S-5 & S-6 to reflect

superior attributes, with other additional comments discussed on previous page. Tight range and overall good support from S-4, S-5 & S-6.

Form GPRES2.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

4 5 6

File No.:

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FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #

Address

Proximity to Subject

Sale Price $ $ $ $

Sale Price/GLA $ /sq.ft. $ /sq.ft. $ /sq.ft. $ /sq.ft.

Data Source(s)

Verification Source(s)

VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.

Sales or Financing

Concessions

Date of Sale/Time

Rights Appraised

Location

Site

View

Design (Style)

Quality of Construction

Age

Condition

Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths

Room Count

Gross Living Area sq.ft. sq.ft. sq.ft. sq.ft.

Basement & Finished

Rooms Below Grade

Functional Utility

Heating/Cooling

Energy Efficient Items

Garage/Carport

Porch/Patio/Deck

Net Adjustment (Total) + - + - + -$ $ $

Adjusted Sale Price

of Comparables $ $ $

Summary of Sales Comparison Approach

Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

3/2007

Form PIC4X6.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Photo Page

BERUS


Willow Mat-Su Borough AK 99676

BERUS

Aerial

Sales Price

G.L.A.

Tot. Rooms

Tot. Bedrms.

Tot. Bathrms.

Location

View

Site

Quality

Age


1,264

4

3

0

Avg+/Trapper Lake


4.01 Acres

Avg

1992/77

Main Cabin

needs paint

otherwise in sound

condition

Main Cabin

Borrower

Lender/Client

Property Address

City County State Zip Code

Form PIC4X6.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Photo Page

BERUS



BERUS

16' x 20' Shop

Sales Price

G.L.A.

Tot. Rooms

Tot. Bedrms.

Tot. Bathrms.

Location

View

Site

Quality

Age


1,264

4

3

0

Avg+/Trapper Lake


4.01 Acres

Avg

1992/77

16' x 20' Shop

8' x 16' Sauna

Borrower

Lender/Client

Property Address


Cabin Viewed from Trapper Lake Main Cabin - Side / Large Deck

Sauna Main Cabin - Living / Dining

Main Cabin - Dining / Living Main Cabin - Kitchen

Main Cabin - Bedroom Main Cabin - Rear

Main Cabin - Bedroom Outhouse

Generator Shed - Well Insulated Interior of Generator Shed - 10KW Yanmar Diesel Auto-Start

Generator - w/ Solar and Battery Backup

Form PICINT6 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Interior Photos

BERUS



BERUS

Shop Building - Rear + Covered Storage Shop Building - Interior

Yard area Yard Area

Main Cabin - Living & Loft areas Main Cabin - Large Deck

Borrower

Lender/Client

Property Address


Form PICINT6 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Interior Photos

BERUS



BERUS

Main Cabin Main Cabin - Automatic Generator Switch

Loft Bedroom View from sunroom - main cabin

Trapper Lake Waterfrontage Covered Storage on Shop Building

Borrower

Lender/Client

Property Address


Form PIC3x5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Comparable Photo Page

BERUS



BERUS

Comparable 1

Prox. to Subject

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age


27.38 miles S

130,000

840

6

2

0

Avg+/W. Buttrfly Lk

Average+/Similar

3.25 Ac

Average/Sim

48

MLS

file photo

Comparable 2

Prox. to Subject

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age


27.72 miles S

65,000

1,392

6

2

0

Avg+/W. Buttrfly Lk

Average+/Similar

1.02 Ac

Average

34

MLS photo

file photo

Comparable 3

Prox. to Subject

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

Tr. A-D Fish Lakes

24.24 miles W

100,000

512

4

1

0

Avg/Fish Lakes

Average+/Similar

19.73

Average/Fair

19

MLS

file photo

Borrower

Lender/Client

Property Address


Form PIC3x5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Comparable Photo Page

BERUS



BERUS

Comparable 4

Prox. to Subject

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

Tr. 98 Trapper Lake

1.04 miles NW

179,000

1,100

6

2

0

Avg+/Trapper Lake

Average+/Similar

1.85 Ac / Island

Average+

27

MLS

file photo

Comparable 5

Prox. to Subject

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

Tr. G1 Red Shirt Lake

24.94 miles S

175,000

840

6

2

0

Avg+/Red Shirt Lk

Average+/Similar

4.51 Ac

Average+

34

MLS

File Photo

Comparable 6

Prox. to Subject

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

ASLS 75091 Otter Lake

23.59 miles W

150,000

1,250

6

2

1

Avg/Otter Lake

Average+/Similar

7.64 Ac

Average+

20

MLS Photo

file photo

Borrower

Lender/Client

Property Address


Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Location Map

BERUS



BERUS

Borrower

Lender/Client

Property Address


Plat Map

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Property Description - From Owner


Aerial Photograph - From Owner


Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Building Sketch

BERUS



BERUS

Borrower

Lender/Client

Cov.

Stg

.

Cov. Stg.

First Floor[1044 Sq ft]

14'

12'

14'

18'

8'

6'

12'

10'

14'

6'26'

18'

10'

Entr

y

Shop[320 Sq ft]1

6'

20'

16'

20'

Cov.

Ent.

Cov.

Ent.

BedroomBedroom

Large Deck Area

Gen. Shed[80 Sq ft]

8'

10'

8'

10'

Kitchen

Living

Dining

Wd Stv.

Sauna[128 Sq ft]8

'

16'

8'

16'

Second Floor[140 Sq ft]

10'

14'

10'

14'Bedroom

TOTAL Sketch by a la mode, inc. Area Calculations Summary

Living Area Calculation DetailsFirst Floor 1044 Sq ft 12 × 14 = 168

6 × 12 = 72 18 × 26 = 468

14 × 24 = 336

Second Floor 140 Sq ft 14 × 10 = 140

Gen. Shed 80 Sq ft 10 × 8 = 80

Total Living Area (Rounded): 1264 Sq ft

Non-living AreaShop 320 Sq ft 16 × 20 = 320

Sauna 128 Sq ft 16 × 8 = 128

Property Address


BERUS



BERUS

APPRAISAL AND REPORT IDENTIFICATION

2-2(a)

2-2(b)

Comments on Standards Rule 2-3

I certify that, to the best of my knowledge and belief:

- The statements of fact contained in this report are true and correct.

- The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.

- Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.

- Unless otherwise indicated, 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 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 that were in effect at the time this report was prepared.

- Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report.

- Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated

elsewhere in this report).

6-12 months

Comments on Appraisal and Report IdentificationNote any USPAP related issues requiring disclosure and any State mandated requirements:

None.


506

AK 06/30/2019

06/05/2018

05/21/2018

05/21/2018

Form ID14E_LT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Borrower

Lender/Client

File No.

Property Address


This Report is one of the following types:

Appraisal Report (A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report.)

RestrictedAppraisal Report

(A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report,restricted to the stated intended use by the specified client or intended user.)

Reasonable Exposure Time (USPAP defines Exposure Time as 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.)

My Opinion of Reasonable Exposure Time for the subject property at the market value stated in this report is:

APPRAISER:

Signature:

Name:

State Certification #:

or State License #:

State: Expiration Date of Certification or License:

Date of Signature and Report:

Effective Date of Appraisal:

Inspection of Subject: None Interior and Exterior Exterior-Only

Date of Inspection (if applicable):

SUPERVISORY or CO-APPRAISER (if applicable):

Signature:

Name:


or State License #:


Date of Signature:

Inspection of Subject: None Interior and Exterior Exterior-Only

Date of Inspection (if applicable):

Form ACR2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

File No.

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 considers his 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. (Source: FDIC Interagency Appraisal and Evaluation Guidelines, October 27, 1994.)

* 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 judgement.

STATEMENT OF LIMITING CONDITIONS AND CERTIFICATION

CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following 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. The appraiser assumes that

the title is good and marketable and, therefore, will not render any opinions about the title. The property is valued on the basis of it being under responsible

ownership.

2. Any sketch provided in the appraisal report may show approximate dimensions of the improvements and is included only to assist the reader of the report in visualizing

the property. The appraiser has made no survey of the property.

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. Any distribution of valuation between land and improvements in the report applies only under the existing program of utilization. These separate valuations of the

land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used.

5. The appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous waste,

toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties,

express or implied, regarding the condition of the property. 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. This appraisal report must not be considered an environmental assessment of the subject property.

6. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be

reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other

parties.

7. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice,

and any applicable federal, state or local laws.

8. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or

alterations on the assumption that completion of the improvements will be performed in a workmanlike manner.

9. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report

(including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal

organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage

insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality

of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data

collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also

be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.

10. The appraiser is not an employee of the company or individual(s) ordering this report and compensation is not contingent upon the reporting of a predetermined

value or direction of value or upon an action or event resulting from the analysis, opinions, conclusions, or the use of this report. This assignment is not

based on a required minimum, specific valuation, or the approval of a loan.

Page 1 of 2

Tr. 69, ASLS 71-19 - Trapper Lake, Willow, AK 99676


Title:

506

AK 06/30/2019

06/05/2018

Form ACR2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

File No.

CERTIFICATION: The appraiser certifies and agrees that:

1. The statements of fact contained in this report are true and correct.

2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial

and unbiased professional analyses, opinions, and conclusions.

3. Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest

with respect to the parties involved.

4. Unless otherwise indicated, 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.

5. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment.

6. My engagement in this assignment was not contingent upon developing or reporting predetermined results.

7. 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.

8. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional

Appraisal Practice that were in effect at the time this report was prepared.

9. Unless otherwise indicated, I have made a personal inspection of the interior and exterior areas of the property that is the subject of this report,

and the exteriors of all properties listed as comparables.

10. Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are

exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report).

ADDRESS OF PROPERTY ANALYZED:

APPRAISER:

Signature:

Name:


or State License #:


Date Signed:

SUPERVISORY or CO-APPRAISER (if applicable):

Signature:

Name:


or State License #:


Date Signed:

Did Did Not Inspect Property

Page 2 of 2

located at for opinion of value as of bywood panel/avg wood/avg n/a n/a wood/avg overall:...

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