table of contents - md appraisers · nicholas gioia 1123 state route 3 north #297, gambrills, md...

File No.Property AddressCity County State Zip Code

TABLE OF CONTENTS

R112414-03redactedREDACTEDAnnapolis Anne Arundel County MD 21401Nicholas Gioia

Invoice ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Letter of Transmittal ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................GP Restricted Use ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Additional Comparables 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Market Conditions Addendum to the Appraisal Report ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................GP Restricted Use Certifications Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................General Text Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Exterior Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Exterior Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Interior Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Interior Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Interior Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Interior Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Interior Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 1-3 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Building Sketch (Page - 1) ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Building Sketch (Page - 2) ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Plat Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Aerial Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Location Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................UAD Definitions Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Appraiser's E&O Insurance ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Appraiser's License ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1235679121314151617181920212223242526273031

Form TOCP — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Owner

Appraiser

R112414-03redactedREDACTEDAnnapolis Anne Arundel County MD 21401Nicholas Gioia

Invoice ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Letter of Transmittal ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................GP Restricted Use ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Additional Comparables 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Market Conditions Addendum to the Appraisal Report ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................GP Restricted Use Certifications Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................General Text Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Exterior Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Exterior Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Interior Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Interior Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Interior Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Interior Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Interior Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 1-3 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Building Sketch (Page - 1) ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Building Sketch (Page - 2) ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Plat Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Aerial Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Location Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................UAD Definitions Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Appraiser's E&O Insurance ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Appraiser's License ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1235679121314151617181920212223242526273031

Form TOCP — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Owner

Appraiser

File No.Property AddressCity County State Zip Code

TABLE OF CONTENTS

MD Appraisal LLC1123 State Route 3 North #297Gambrills, MD 21054443-765-5422

REDACTEDREDACTED

Re: Property: REDACTEDAnnapolis, MD 21401

Borrower: N/AFile No.: 02-C-14-185411

Opinion of Value: $ 450,000Effective Date: 11/25/2014

In accordance with your request, we have appraised the above referenced property. The report of that appraisal isattached.

The purpose of the appraisal is to develop an opinion of market value for the property described in this appraisal report,as improved, in unencumbered fee simple title of ownership.

This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood andcity, and an economic analysis of the market for properties such as the subject. The appraisal was developed and thereport was prepared in accordance with the Uniform Standards of Professional Appraisal Practice.

The opinion of value reported above is as of the stated effective date and is contingent upon the certification and limitingconditions attached.

It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additionalservice to you.

Sincerely,

Nicholas GioiaCertified Residential AppraiserLicense or Certification #: 30031565State: MD Expires: 02/08/[email protected]

MD Appraisal LLC1123 State Route 3 North #297Gambrills, MD 21054443-765-5422

REDACTEDREDACTED

Re: Property: REDACTEDAnnapolis, MD 21401

Borrower: N/AFile No.: 02-C-14-185411

Opinion of Value: $ 450,000Effective Date: 11/25/2014

In accordance with your request, we have appraised the above referenced property. The report of that appraisal isattached.

The purpose of the appraisal is to develop an opinion of market value for the property described in this appraisal report,as improved, in unencumbered fee simple title of ownership.

This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood andcity, and an economic analysis of the market for properties such as the subject. The appraisal was developed and thereport was prepared in accordance with the Uniform Standards of Professional Appraisal Practice.

The opinion of value reported above is as of the stated effective date and is contingent upon the certification and limitingconditions attached.

It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additionalservice to you.

Sincerely,

Nicholas GioiaCertified Residential AppraiserLicense or Certification #: 30031565State: MD Expires: 02/08/[email protected]

Page #2Main File No. 02-C-14-185411

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 HousingProperty Type: SFR 2-4 Family # of Units: Ownership Restriction: None PUD Condo CoopMarket Area Name: Map Reference: Census Tract: Flood Hazard

ASS

IGN

MEN

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 ProspectiveApproaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach Other:Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe)Intended Use:Under USPAP Standards Rule 2-2(c), this is a Restricted Use Appraisal Report, and is intended only for the sole use of the named client. There are no other intended users. Theclient must clearly understand that the appraiser's opinions and conclusions may not be understood properly without additional information in the appraiser's work file.Client: Address:Appraiser: Address:

SALE

S C

OM

PAR

ISO

N A

PPR

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

Proximity to SubjectSale 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 FinancingConcessionsDate of Sale/TimeRights AppraisedLocationSiteViewDesign (Style)Quality of ConstructionAgeConditionAbove Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsRoom CountGross Living Area sq.ft. sq.ft. sq.ft. sq.ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck

Net Adjustment (Total) + - + - + -$ $ $Adjusted Sale Priceof Comparables $ $ $Summary of Sales Comparison Approach

Copyright© 2010 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.5/2010

Sorgen LLCR112414-0302-C-14-185411RESIDENTIAL APPRAISAL SUMMARY REPORT

REDACTED Annapolis MD 21401Anne Arundel County redacted

02-746-128002002014 4,829 0 N/A

redacted1

Annapolis 12580 7027.02

The intended use is to evaluate the property that is the subject of this appraisal for matters of a legal nature, subject to the stated scope of work, purpose of the appraisal, reporting requirements of this form, and definition of market value.

REDACTED REDACTEDNicholas Gioia 1123 State Route 3 North #297, Gambrills, MD 21054

REDACTEDAnnapolis, MD 21401

~~

InspectionMLS/Pub Rec

~~~Fee SimpleN;Res;Wtr Comm8136 sfN;ResDT2;ColonialQ315C3

6 3 2.11,513

430sf400sfwo1rr0br1.0ba0oAverageFWA/CACDH Windows1ga1dw3Dk/1Pch/1ScrPch

Fireplace 1 Fireplace

1608 Cedar Park RdAnnapolis, MD 214011.69 miles SE

407,000235.53

MRIS#AA8297923;DOM 60MRIS/Tax Records

ArmLthConv;10000s06/14;c05/14Fee SimpleN;Res;Wtr Comm13350 sf 0N;ResDT2;ColonialQ352C3 +15,000

6 3 2.11,728 -3,450

800sf400sfin +1,0001rr0br0.0ba0o +2,000AverageFWA/CACDH Windows1dw +10,0001Pto/1ScrPch +3,000None +2,500

30,050

437,050

308 Riverview TrlAnnapolis, MD 214010.68 miles NE

461,000342.24


ArmLthFHA;13830s04/14;c02/14Fee SimpleN;Res;Wtr Comm9500 sf 0B;Res; Wtr View -23,050DT1;Rambler 0Q354C3

6 3 2.0 +1,5001,347 +1,980

1347sf0sfin +1,0000rr0br0.0ba0o +12,000AverageHtWtrBB/CAC 0DH Windows1ga1dw1Pto/1ScrPch +3,0001 Fireplace

-3,570

457,430

230 Severn DrAnnapolis, MD 214010.14 miles N

465,000295.05


ArmLthConv;0s01/14;c11/13Fee SimpleN;Res;Wtr Comm13360 sf 0B; Res; Wtr Front -46,500DT2;Split Level 0Q390C4 +25,000

6 3 2.0 +1,5001,576 0

730sf365sf0rr0br0.0ba2oAverageFWA/CACDH Windows1dw +10,0002Dk/1Pto/1EncPch +1,0001 Fireplace 0

-9,000

456,000 A thorough search in the subject's market area was performed to determine the most comparable

properties to the subject. The sales utilized are considered to be the most recent and pertinent sales in the subject neighborhood. Allcomparables are similar to the subject in terms of overall utility and market appeal. All adjustments were based on the contributory marketvalue of each relative to the subject. All comparables were equally considered in the final estimation of market value via the direct salescomparison approach.

Form GPRTD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Sorgen LLCR112414-0302-C-14-185411RESIDENTIAL APPRAISAL SUMMARY REPORT

REDACTED Annapolis MD 21401Anne Arundel County redacted

02-746-128002002014 4,829 0 N/A

redacted1

Annapolis 12580 7027.02

The intended use is to evaluate the property that is the subject of this appraisal for matters of a legal nature, subject to the stated scope of work, purpose of the appraisal, reporting requirements of this form, and definition of market value.

REDACTED REDACTEDNicholas Gioia 1123 State Route 3 North #297, Gambrills, MD 21054


~~



6 3 2.11,513



1608 Cedar Park RdAnnapolis, MD 214011.69 miles SE

407,000235.53


ArmLthConv;10000s06/14;c05/14Fee SimpleN;Res;Wtr Comm13350 sf 0N;ResDT2;ColonialQ352C3 +15,000

6 3 2.11,728 -3,450

800sf400sfin +1,0001rr0br0.0ba0o +2,000AverageFWA/CACDH Windows1dw +10,0001Pto/1ScrPch +3,000None +2,500

30,050

437,050

308 Riverview TrlAnnapolis, MD 214010.68 miles NE

461,000342.24


ArmLthFHA;13830s04/14;c02/14Fee SimpleN;Res;Wtr Comm9500 sf 0B;Res; Wtr View -23,050DT1;Rambler 0Q354C3

6 3 2.0 +1,5001,347 +1,980

1347sf0sfin +1,0000rr0br0.0ba0o +12,000AverageHtWtrBB/CAC 0DH Windows1ga1dw1Pto/1ScrPch +3,0001 Fireplace

-3,570

457,430

230 Severn DrAnnapolis, MD 214010.14 miles N

465,000295.05


ArmLthConv;0s01/14;c11/13Fee SimpleN;Res;Wtr Comm13360 sf 0B; Res; Wtr Front -46,500DT2;Split Level 0Q390C4 +25,000

6 3 2.0 +1,5001,576 0

730sf365sf0rr0br0.0ba2oAverageFWA/CACDH Windows1dw +10,0002Dk/1Pto/1EncPch +1,0001 Fireplace 0

-9,000

456,000 A thorough search in the subject's market area was performed to determine the most comparable

properties to the subject. The sales utilized are considered to be the most recent and pertinent sales in the subject neighborhood. Allcomparables are similar to the subject in terms of overall utility and market appeal. All adjustments were based on the contributory marketvalue of each relative to the subject. All comparables were equally considered in the final estimation of market value via the direct salescomparison approach.


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 HousingProperty Type: SFR 2-4 Family # of Units: Ownership Restriction: None PUD Condo CoopMarket Area Name: Map Reference: Census Tract: Flood Hazard

ASS

IGN

MEN

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 ProspectiveApproaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach Other:Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe)Intended Use:Under USPAP Standards Rule 2-2(c), this is a Restricted Use Appraisal Report, and is intended only for the sole use of the named client. There are no other intended users. Theclient must clearly understand that the appraiser's opinions and conclusions may not be understood properly without additional information in the appraiser's work file.Client: Address:Appraiser: Address:

SALE

S C

OM

PAR

ISO

N A

PPR

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CH

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






File No.:TR

AN

SFER

HIS

TOR

Y

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/TransferDate:Price:Source(s):

2nd Prior Subject Sale/TransferDate:Price:Source(s):

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

MA

RK

ET

Subject Market Area and Marketability:

SITE

Site Area: Site View: Topography: Drainage:Zoning Classification: Description:

Zoning Compliance: Legal Legal nonconforming (grandfathered) Illegal No zoningHighest & Best Use: Present use, or Other use (explain)Actual Use as of Effective Date: Use as appraised in this report:Opinion of Highest & Best Use:FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map DateSite Comments:

IMPR

OVE

MEN

TS

Improvements Comments:

REC

ON

CIL

IATI

ON

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

ATT

AC

HM

ENTS 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

TUR

ES

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 NoneDate 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 NoneDate of Inspection:


R112414-0302-C-14-185411RESIDENTIAL APPRAISAL SUMMARY REPORT

MLS/PUBLIC RECORDS

10/22/2008500,000County Records


There were no recorded transfers of thesubject within the previous 36 month period. There were no recorded transfers of the comparable salesutilized in this report over the previous 12 month period prior to the most recent sale.

Boundaries: The neighborhood boundaries are Beach Rd to the North, West St to the South, Severn Riverto the East and Generals Hys to the West.Neighborhood Description: The neighborhood is located in Annapolis township of Anne Arundel County, MD. The area is predominantlyresidential in character consisting of attached and detached homes. Commercial activity, protective services, public schools and transportationlines are nearby. The area has good market appeal and employment is stable.Market Conditions: Present market conditions are favorable to lower interest rates and the number of homes available. Seller concessions of2-4 points are typical. Foreclosures and distressed properties are available within the market.

8,136 sf N;Res Level Positive GradeR1 R1

11/25/2014 ResidentialThe highest and best us of the subject is to continue in its current form as a residential structure.

X 24003C0168E 10/16/2012The site consists of one deeded residential parcel in the Severn Grove community on 0.187 acres. The subject is not connected

to public water and sewer, but contains a well and septic system. Testing of these systems is beyond the scope of this appraisal. The subjectneighborhood contains a community recreation area, clubhouse, boat ramp and pier access.

C3;No updates in the prior 15 years;The subject features some minor differed maintenance and physical deteriorationdue to normal wear and tear. The dwelling has been adequately maintained and only requires minimal repairs. The roof, interior flooring/fixturesand main level heating system all show signs of deterioration. Physical depreciation reflects normal wear and tear. There were no measurablefunctional inadequacies associated with the subject property at the time of inspection.

450,000447,950

The sales comparison approach is given the most weight as it best reflects buyer and seller interactions within the market. Thecost approach serves at a "check" on the market. The income approach has not been utilized as it was not deemed necessary or applicable tothis assignment.

No warranty of theappraised property is given or implied. No liability is assumed for any component of the appraised property.

450,000 11/25/2014

30

Scope of Work Limiting Cond./Certifications Narrative Addendum Photograph Addenda Sketch AddendumMap Addenda Additional Sales Cost Addendum Flood Addendum Manuf. House AddendumHypothetical Conditions Extraordinary Assumptions Plat Map Topographic Map Market Conditions

REDACTED REDACTEDREDACTED REDACTED

Nicholas GioiaMD Appraisal LLC

443-765-5422 [email protected]

November 28, 201430031565 MD

Certified Residential Appraiser02/08/2018

11/25/2014


R112414-0302-C-14-185411RESIDENTIAL APPRAISAL SUMMARY REPORT

MLS/PUBLIC RECORDS



There were no recorded transfers of thesubject within the previous 36 month period. There were no recorded transfers of the comparable salesutilized in this report over the previous 12 month period prior to the most recent sale.

Boundaries: The neighborhood boundaries are Beach Rd to the North, West St to the South, Severn Riverto the East and Generals Hys to the West.Neighborhood Description: The neighborhood is located in Annapolis township of Anne Arundel County, MD. The area is predominantlyresidential in character consisting of attached and detached homes. Commercial activity, protective services, public schools and transportationlines are nearby. The area has good market appeal and employment is stable.Market Conditions: Present market conditions are favorable to lower interest rates and the number of homes available. Seller concessions of2-4 points are typical. Foreclosures and distressed properties are available within the market.

8,136 sf N;Res Level Positive GradeR1 R1

11/25/2014 ResidentialThe highest and best us of the subject is to continue in its current form as a residential structure.

X 24003C0168E 10/16/2012The site consists of one deeded residential parcel in the Severn Grove community on 0.187 acres. The subject is not connected

to public water and sewer, but contains a well and septic system. Testing of these systems is beyond the scope of this appraisal. The subjectneighborhood contains a community recreation area, clubhouse, boat ramp and pier access.

C3;No updates in the prior 15 years;The subject features some minor differed maintenance and physical deteriorationdue to normal wear and tear. The dwelling has been adequately maintained and only requires minimal repairs. The roof, interior flooring/fixturesand main level heating system all show signs of deterioration. Physical depreciation reflects normal wear and tear. There were no measurablefunctional inadequacies associated with the subject property at the time of inspection.

450,000447,950

The sales comparison approach is given the most weight as it best reflects buyer and seller interactions within the market. Thecost approach serves at a "check" on the market. The income approach has not been utilized as it was not deemed necessary or applicable tothis assignment.

No warranty of theappraised property is given or implied. No liability is assumed for any component of the appraised property.

450,000 11/25/2014

30

Scope of Work Limiting Cond./Certifications Narrative Addendum Photograph Addenda Sketch AddendumMap Addenda Additional Sales Cost Addendum Flood Addendum Manuf. House AddendumHypothetical Conditions Extraordinary Assumptions Plat Map Topographic Map Market Conditions




November 28, 201430031565 MD


11/25/2014


File No.:TR

AN

SFER

HIS

TOR

Y

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/TransferDate:Price:Source(s):

2nd Prior Subject Sale/TransferDate:Price:Source(s):

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

MA

RK

ET

Subject Market Area and Marketability:

SITE

Site Area: Site View: Topography: Drainage:Zoning Classification: Description:

Zoning Compliance: Legal Legal nonconforming (grandfathered) Illegal No zoningHighest & Best Use: Present use, or Other use (explain)Actual Use as of Effective Date: Use as appraised in this report:Opinion of Highest & Best Use:FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map DateSite Comments:

IMPR

OVE

MEN

TS

Improvements Comments:

REC

ON

CIL

IATI

ON

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

ATT

AC

HM

ENTS 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

TUR

ES


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 NoneDate of Inspection:


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 NoneDate of Inspection:



File No.:SA

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FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #Address





R112414-0302-C-14-185411ADDITIONAL COMPARABLE SALES


~~



6 3 2.11,513



204 Severn DrAnnapolis, MD 214010.05 miles NW

449,000344.06


ArmLthConv;13470s12/13;c10/13Fee SimpleN;Res;Wtr Comm16200 sf 0N;ResDT1;Raise Ranch 0Q339 0C3

5 2 1.0 +9,5001,305 +3,240

1305sf1000sfwo 01rr2br1.0ba0o -10,000AverageFWA/CACDH Windows1dw +10,0002Dk/1Pch/1CovPto +1,000None +2,500

16,240

465,240

137 Porter DrAnnapolis, MD 214011.70 miles SE

440,000296.50


Listing~c11/14Fee SimpleN;Res;Wtr Comm7200 sf 0N;ResDT2;Cape Cod 0Q361 0C3

6 3 2.0 +1,5001,484 0

840sf600sfwo 01rr0br1.0ba0oAverageHtPmp/CAC 0DH Windows1dw +10,0003Dk/1Pch/1ScrPch2 Fireplaces -1,500

10,000

450,000

1723 Chelmoreford TrlAnnapolis, MD 214010.30 miles N

414,000287.50


Listing~ActiveFee SimpleN;Res;Wtr Comm21536 sf 0B;Res; Wtr View -20,700DT2;Colonial 0Q345 0C3

6 3 1.1 +3,0001,440 0

0sf0sf +7,4500rr0br0.0ba0o +12,000AverageFWA/CACDH Windows1dw +10,0001Dk/1Pch/1ScrPch +2,0002 Fireplaces -1,500

12,250

426,250No list to sales price adjustment was made to Comparable 5 or 6 as these properties are accurately

listed as of the appraisals effective date and have been exposed to the market for less than 90 days. These listings have been included insupport of current market trends.

Form GPRTD.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

4 5 6

R112414-0302-C-14-185411ADDITIONAL COMPARABLE SALES


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6 3 2.11,513



204 Severn DrAnnapolis, MD 214010.05 miles NW

449,000344.06


ArmLthConv;13470s12/13;c10/13Fee SimpleN;Res;Wtr Comm16200 sf 0N;ResDT1;Raise Ranch 0Q339 0C3

5 2 1.0 +9,5001,305 +3,240

1305sf1000sfwo 01rr2br1.0ba0o -10,000AverageFWA/CACDH Windows1dw +10,0002Dk/1Pch/1CovPto +1,000None +2,500

16,240

465,240

137 Porter DrAnnapolis, MD 214011.70 miles SE

440,000296.50


Listing~c11/14Fee SimpleN;Res;Wtr Comm7200 sf 0N;ResDT2;Cape Cod 0Q361 0C3

6 3 2.0 +1,5001,484 0

840sf600sfwo 01rr0br1.0ba0oAverageHtPmp/CAC 0DH Windows1dw +10,0003Dk/1Pch/1ScrPch2 Fireplaces -1,500

10,000

450,000

1723 Chelmoreford TrlAnnapolis, MD 214010.30 miles N

414,000287.50


Listing~ActiveFee SimpleN;Res;Wtr Comm21536 sf 0B;Res; Wtr View -20,700DT2;Colonial 0Q345 0C3

6 3 1.1 +3,0001,440 0

0sf0sf +7,4500rr0br0.0ba0o +12,000AverageFWA/CACDH Windows1dw +10,0001Dk/1Pch/1ScrPch +2,0002 Fireplaces -1,500

12,250

426,250No list to sales price adjustment was made to Comparable 5 or 6 as these properties are accurately

listed as of the appraisals effective date and have been exposed to the market for less than 90 days. These listings have been included insupport of current market trends.

Form GPRTD.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

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FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #Address






File No.Market Conditions Addendum to the Appraisal ReportM

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The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subjectneighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009.Property Address City State ZIP CodeBorrowerInstructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regardinghousing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extentit is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide anexplanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the datain the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as anaverage. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of thesubject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend

Median Sale & List Price, DOM, Sale/List % Prior 7–12 Months Prior 4–6 Months Current – 3 Months

Total # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)Total # of Comparable Active ListingsMonths of Housing Supply (Total Listings/Ab.Rate)

Median Comparable Sale PriceMedian Comparable Sales Days on MarketMedian Comparable List PriceMedian Comparable Listings Days on MarketMedian Sale Price as % of List Price

Increasing Stable DecliningIncreasing Stable DecliningDeclining Stable IncreasingDeclining Stable Increasing

Overall TrendIncreasing Stable DecliningDeclining Stable IncreasingIncreasing Stable DecliningDeclining Stable IncreasingIncreasing Stable Declining

Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable IncreasingExplain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condofees, options, etc.).

Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties).

Cite data sources for above information.

Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such asan analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.

If the subject is a unit in a condominium or cooperative project , complete the following: Project Name:Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall TrendTotal # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)

Months of Unit Supply (Total Listings/Ab.Rate)Total # of Active Comparable Listings


Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales offoreclosed properties.

Summarize the above trends and address the impact on the subject unit and project.

SignatureAppraiser NameCompany NameCompany AddressState License/Certification # State

Email Address

SignatureSupervisory Appraiser NameCompany NameCompany AddressState License/Certification # State

Email Address

Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009

R112414-0302-C-14-185411

REDACTED Annapolis MD 21401N/A

40.67

23

$463,00091.5

$409,50040

99.57

3100

$410,0002000

98.11

0040

00

$447,00043.5

0

The MRIS MLS indicates there were 7 closed sales during the past 12 months and 3 of those sales contained sellerconcessions which is 43% of the total transactions in this market area. Prior Months 7-12: 4 Sales; 2 with concessions; 50% of sales for thisperiod. 4-6: 3 Sales; 1 with concessions; 33% of sales for this period. 0-3: 0 Sales; 0 with concessions; 0% of sales for this period. Theconcessions ranged between 10,000 and 13,830. The median concession amount is $13,470.

The data used in the grid above does not indicate there were any REO/Short sales or other distressed properties associated with the reportedtransactions. However, this is not a mandatory reporting field for agents and there may be some distressed sales that were not reported. It isbeyond the scope of this assignment to confirm each sale used in the Market Conditions Report.

The MRIS MLS was the data source used to complete the Market Conditions Addendum.

Effective Date: Wednesday, November 26, 2014

Over the past 12 months there has been a decrease in sales and an increase in the number of active listings which indicates an over supplywithin the subject market. There were 29 competitive listings on the market over the last year, 18 failed to sell and were withdrawn from themarket, 4 are listed as of the appraisals effective date and 7 sold. It should be noted that of the 18 listings that failed to sell they averaged a5% reduction in list price while on th market with above average exposure time. Based on the appraisers analysis, there was an adequatesupply of competing properties for sale over the last 12 months. These properties, however, failed to be consumed by the market due tosellers reluctance to bring pricing in-line with market demand. (See General Text Addendum for Additional 1004MC Comments)


30031565 [email protected]

Form 1004MC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

R112414-0302-C-14-185411

REDACTED Annapolis MD 21401N/A

40.67

23

$463,00091.5

$409,50040

99.57

3100

$410,0002000

98.11

0040

00

$447,00043.5

0

The MRIS MLS indicates there were 7 closed sales during the past 12 months and 3 of those sales contained sellerconcessions which is 43% of the total transactions in this market area. Prior Months 7-12: 4 Sales; 2 with concessions; 50% of sales for thisperiod. 4-6: 3 Sales; 1 with concessions; 33% of sales for this period. 0-3: 0 Sales; 0 with concessions; 0% of sales for this period. Theconcessions ranged between 10,000 and 13,830. The median concession amount is $13,470.

The data used in the grid above does not indicate there were any REO/Short sales or other distressed properties associated with the reportedtransactions. However, this is not a mandatory reporting field for agents and there may be some distressed sales that were not reported. It isbeyond the scope of this assignment to confirm each sale used in the Market Conditions Report.

The MRIS MLS was the data source used to complete the Market Conditions Addendum.

Effective Date: Wednesday, November 26, 2014

Over the past 12 months there has been a decrease in sales and an increase in the number of active listings which indicates an over supplywithin the subject market. There were 29 competitive listings on the market over the last year, 18 failed to sell and were withdrawn from themarket, 4 are listed as of the appraisals effective date and 7 sold. It should be noted that of the 18 listings that failed to sell they averaged a5% reduction in list price while on th market with above average exposure time. Based on the appraisers analysis, there was an adequatesupply of competing properties for sale over the last 12 months. These properties, however, failed to be consumed by the market due tosellers reluctance to bring pricing in-line with market demand. (See General Text Addendum for Additional 1004MC Comments)


30031565 [email protected]

Form 1004MC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

File No.Market Conditions Addendum to the Appraisal ReportM

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The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subjectneighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009.Property Address City State ZIP CodeBorrowerInstructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regardinghousing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extentit is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide anexplanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the datain the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as anaverage. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of thesubject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend

Median Sale & List Price, DOM, Sale/List % Prior 7–12 Months Prior 4–6 Months Current – 3 Months

Total # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)Total # of Comparable Active ListingsMonths of Housing Supply (Total Listings/Ab.Rate)

Median Comparable Sale PriceMedian Comparable Sales Days on MarketMedian Comparable List PriceMedian Comparable Listings Days on MarketMedian Sale Price as % of List Price


Overall TrendIncreasing Stable DecliningDeclining Stable IncreasingIncreasing Stable DecliningDeclining Stable IncreasingIncreasing Stable Declining

Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable IncreasingExplain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condofees, options, etc.).

Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties).

Cite data sources for above information.

Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such asan analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.

If the subject is a unit in a condominium or cooperative project , complete the following: Project Name:Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall TrendTotal # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)

Months of Unit Supply (Total Listings/Ab.Rate)Total # of Active Comparable Listings


Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales offoreclosed properties.

Summarize the above trends and address the impact on the subject unit and project.

SignatureAppraiser NameCompany NameCompany AddressState License/Certification # State

Email Address

SignatureSupervisory Appraiser NameCompany NameCompany AddressState License/Certification # State

Email Address

Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009


File No.:Property Address: City: State: Zip Code:Client: Address:Appraiser: Address:


R112414-0302-C-14-185411Assumptions, Limiting Conditions & Scope of Work

REDACTED Annapolis MD 21401REDACTED REDACTED

Nicholas Gioia 1123 State Route 3 North #297, Gambrills, MD 21054

STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS

— 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 appraiserassumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basisof it being under responsible ownership.— The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketchis included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unlessotherwise indicated, a Land Survey was not performed.— If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or otherdata sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because theappraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination.— The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specificarrangements to do so have been made beforehand.— If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and bestuse, and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunctionwith any other appraisal and are invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an insurancevalue, and should not be used as such.— The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, the presenceof hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during thenormal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of anyhidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardouswastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions andmakes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for anysuch conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because theappraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment ofthe property.— The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or sheconsiders to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such itemsthat were furnished by other parties.— The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional AppraisalPractice, and any applicable federal, state or local laws.— If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal reportand valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner.— An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from theclient does not become a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirementsapplicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of theassignment.— The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, throughadvertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database.— An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiserperforms a non-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presenceof such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factorsare encouraged to engage the appropriate type of expert to investigate.

The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credibleassignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of theappraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report bythe Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work,Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any HypotheticalConditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assumeno obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions.

Under USPAP Standards Rule 2-2(c), this is a Restricted Use Appraisal Report, and is intended only for the sole use of the named client. There areno other intended users. The client must clearly understand that the appraiser's opinions and conclusions may not be understood properlywithout additional information in the appraiser's work file.

In developing this appraisal, the appraiser has incorporated only the Sales Comparison Approach. The appraiser has excluded the Cost andIncome Approaches to Value, due to being inapplicable given the limited scope of the appraisal. The appraiser has determined that this appraisalprocess is not so limited that the results of the assignment are no longer credible, and the client agrees that the limited scope of analysis isappropriate given the intended use.

Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.):

This is a restricted use appraisal report.

Under current conditions, the reasonable exposure time for the subject property is approximately three to six months. This is based on the analysisof current market trends in the general market area and takes into account the size, condition, and price range of the subject property andsurrounding area. This estimate is based on the assumption that the list price would be at or near the appraised value. It also assumes aggressiveprofessional marketing by a reputable local real estate agent.

Form GPRTDAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

R112414-0302-C-14-185411Assumptions, Limiting Conditions & Scope of Work



STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS

— 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 appraiserassumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basisof it being under responsible ownership.— The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketchis included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unlessotherwise indicated, a Land Survey was not performed.— If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or otherdata sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because theappraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination.— The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specificarrangements to do so have been made beforehand.— If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and bestuse, and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunctionwith any other appraisal and are invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an insurancevalue, and should not be used as such.— The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, the presenceof hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during thenormal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of anyhidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardouswastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions andmakes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for anysuch conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because theappraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment ofthe property.— The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or sheconsiders to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such itemsthat were furnished by other parties.— The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional AppraisalPractice, and any applicable federal, state or local laws.— If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal reportand valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner.— An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from theclient does not become a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirementsapplicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of theassignment.— The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, throughadvertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database.— An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiserperforms a non-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presenceof such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factorsare encouraged to engage the appropriate type of expert to investigate.

The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credibleassignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of theappraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report bythe Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work,Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any HypotheticalConditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assumeno obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions.

Under USPAP Standards Rule 2-2(c), this is a Restricted Use Appraisal Report, and is intended only for the sole use of the named client. There areno other intended users. The client must clearly understand that the appraiser's opinions and conclusions may not be understood properlywithout additional information in the appraiser's work file.

In developing this appraisal, the appraiser has incorporated only the Sales Comparison Approach. The appraiser has excluded the Cost andIncome Approaches to Value, due to being inapplicable given the limited scope of the appraisal. The appraiser has determined that this appraisalprocess is not so limited that the results of the assignment are no longer credible, and the client agrees that the limited scope of analysis isappropriate given the intended use.

Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.):

This is a restricted use appraisal report.

Under current conditions, the reasonable exposure time for the subject property is approximately three to six months. This is based on the analysisof current market trends in the general market area and takes into account the size, condition, and price range of the subject property andsurrounding area. This estimate is based on the assumption that the list price would be at or near the appraised value. It also assumes aggressiveprofessional marketing by a reputable local real estate agent.






SIG

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Supervisory orCo-Appraiser Name:Company:Phone: Fax:E-Mail:Date Report Signed:License or Certification #: State:Designation:Expiration Date of License or Certification:Inspection of Subject: Interior & Exterior Exterior Only NoneDate of Inspection:


R112414-0302-C-14-185411Certifications



APPRAISER'S CERTIFICATION

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

— The statements of fact contained in this report are true and correct.— The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only bythe reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.— I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the partiesinvolved.— Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject ofthis 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 to the parties involved with this assignment.— My engagement in this assignment was not contingent upon developing or reporting predetermined results.— My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or directionin 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 subsequentevent 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 ofProfessional Appraisal Practice that were in effect at the time this report was prepared.— I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion,sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the presentowners or occupants of the properties in the vicinity of the subject property.— 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.

Additional Certifications:

It is noted that I have personally completed all aspects of this valuation, including reconciling my opinion of value, free of influence from theclient, client's representatives, borrower or any other party to the transaction.

It is noted that I possess the required competency to accurately appraise residential real property in the subject's market. I am aware of, and haveaccess to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public landrecords and other such data sources for the area in which the subject property is located.

DEFINITION OF MARKET VALUE *:

Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisiteto a fair sale, the buyer and seller each acting prudently and 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 conditionswhereby:

1. Buyer and seller are typically motivated;2. Both parties are well informed or well advised and acting in what they consider their own best interests;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; and5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessionsgranted by anyone associated with the sale.

* This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial InstitutionsReform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System(FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS),and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS,FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994.




November 28, 201430031565 MD


11/25/2014


R112414-0302-C-14-185411Certifications



APPRAISER'S CERTIFICATION

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

— The statements of fact contained in this report are true and correct.— The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only bythe reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.— I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the partiesinvolved.— Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject ofthis 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 to the parties involved with this assignment.— My engagement in this assignment was not contingent upon developing or reporting predetermined results.— My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or directionin 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 subsequentevent 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 ofProfessional Appraisal Practice that were in effect at the time this report was prepared.— I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion,sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the presentowners or occupants of the properties in the vicinity of the subject property.— 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.

Additional Certifications:

It is noted that I have personally completed all aspects of this valuation, including reconciling my opinion of value, free of influence from theclient, client's representatives, borrower or any other party to the transaction.

It is noted that I possess the required competency to accurately appraise residential real property in the subject's market. I am aware of, and haveaccess to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public landrecords and other such data sources for the area in which the subject property is located.

DEFINITION OF MARKET VALUE *:

Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisiteto a fair sale, the buyer and seller each acting prudently and 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 conditionswhereby:

1. Buyer and seller are typically motivated;2. Both parties are well informed or well advised and acting in what they consider their own best interests;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; and5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessionsgranted by anyone associated with the sale.

* This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial InstitutionsReform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System(FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS),and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS,FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994.




November 28, 201430031565 MD


11/25/2014



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Appraiser Name:Company:Phone: Fax:E-Mail:Date Report Signed:License or Certification #: State:Designation:Expiration Date of License or Certification:Inspection of Subject: Interior & Exterior Exterior Only NoneDate of Inspection:


Supervisory orCo-Appraiser Name:Company:Phone: Fax:E-Mail:Date Report Signed:License or Certification #: State:Designation:Expiration Date of License or Certification:Inspection of Subject: Interior & Exterior Exterior Only NoneDate of Inspection:



Property AddressCity County State Zip Code

File No.Supplemental Addendum

Form TADD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

02-C-14-185411redactedREDACTEDAnnapolis Anne Arundel County MD 21401Nicholas Gioia

Owner

Appraiser


SALES COMPARISON COMMENTS:

A thorough search for active, pending and settled comparable sales was made in an attempt to find sales which "bracket" thesubject in price, size, lot size, age , condition and amenities. After consideration of locations, dates of sale and physicaldifferences, the comparable sales included are considered the best indicators of the subject's market value although they maynot "bracket" in all categories.

All comparable sales are settled to the best of the appraiser's knowledge. Verification is with the multiple list service, MRISReal Estate Sales Directory Realtors, buyers and sellers.

Although the comparable sales used are not of the same design as the subject, they are similar in utility and thereforecomparable. Where the market recognizes a difference in design, an adjustment has been made. This does not adverselyaffect the estimate of value.

Buyers looking for a home in the area are more concerned with the quality of the materials used as well as condition andconsider size a secondary factor. Gross living areas shown for the comparable sales are estimated base on the informationfrom the multiple list service, Realtors, buyers, sellers, inner office data bank, appraiser, actual measurements or city/county taxrecords. Although the square footage noted on the public record reports s is reviewed as a unit of comparison, littleconsideration is given to the figures as they are often found to be inaccurate, including areas not viewed as living area, ie.,enclosed porches, basements, etc. Slight variations in size will not have any affect on the estimate of value. The sizeadjustment is based on $30.00 per square foot. Square foot totals of less than 100 square feet are not recognized in thisparticular market, thus no adjustment is given for the first 100 square feet.

CONDITIONS OF APPRAISAL:

Taxes are taken from the city/county tax records; with new tax law changes, the public record does no indicate if this figure is forannual taxes or simi-annual taxes. It is assumed to be an annual tax amount for the purpose of this appraisal.

No warranty of the subject is given or implied. No liability is assumed for the structural or mechanical elements of the property.

Homes built prior to 1978 may have lead-base paint. The appraiser is not qualified to detect if the paint found in any givenhame is of the lead-based variety. It is, therefore, the lender's responsibility to retain an expert in this field if there are anyconcerns.The subject property is not connected to public water and or sewer, the appraiser assumes for the purposes of this report thatthe well and/or septic systems function adequately and meet all city/county standards. Actual testing of these systems goesbeyond the scope of this appraisal. Private well and septic systems are common for the area and have no adverse effect on thefuture marketability of the subject property.The appraiser is not a home or environmental inspector and is not qualified to determine the cause of any mold, the type ofmold or whether the mold might pose any risk to the property or it inhabitants. The appraiser provides an opinion of value. Theappraisal does not guarantee that the property is free of defect or environmental problems. The appraiser has performed aninspection of the visible and accessible areas only. Mold may be present in areas the appraiser cannot see. A professionalhome inspection or environmental inspection is recommended if any concerns exist.

The appraiser has performed a visual inspection of all interior and exterior elements associated with the subject. The interiorinspection is limited to visual elements readily available by normal means. The appraiser has not moved any furniture, rugs,pictures or other objects that are located within the subject at the time of inspection. Utilities have be checked for functionalityand not capacity. Interior foundation walls are visually inspected provided basements are not finished and foundation walls areaccessible by normal visual methods.

This appraisal is not a home inspection. The appraiser does not warranty any component of the subject based on the visualinspection performed. A licensed home inspector should be hired to confirm the capacity, longevity and continued functionalityof the systems of the subject.

It is noted that as part of the appraiser's market analysis, the appraiser has search for settled sales, under contract listings andactive listings. Whenever appropriate the appraiser uses under contract listings and active listing to show current market pricing(active listings) and market participants reaction to current market pricing (under contract listings). These listings are added tothe report to further support the appraiser value estimate.

FINANCIAL INSTITUTIONS REFORM, RECOVERY & ENFORCEMENT ACT SUPPLEMENT:

The appraiser certifies and agrees that this appraisal was prepared in accordance with the requirements of Title XI of theFinancial institutions, Reform, Recovery, and Enforcement Act (FIRREA) of 1989, as amended (12 U.S.C. 331 et seq.), and anyapplicable implementing regulations in effect at the time the appraiser signs the appraisal certification.

APPRAISER INDEPENDENCE STATEMENT:

No, employee, director, officer or agent of the lender, or any other third party acting as a joint venture partner, independentcontractor, appraisal management company, or partner on behalf of the lender has influenced or attempted to influence thedevelopment, reporting, result or review of this assignment through coercion, extortion, collusion, compensation, instruction,inducement, intimidation, bribery or in any other manner. I have not been contacted by anyone other than the intended user(lender/client as identified on the first page of the report), borrower, or designated contact to make an appointment to enter theproperty. I agree to immediately report any unauthorized contacts either personally by phone or electronically to the lender/client and state licensing board.

DIGITAL SIGNATURE:

This report may have been signed by digital scanned signature. The report cannot be changed without the permission of theappraiser.





Owner

Appraiser


PHOTOGRAPHIC CERTIFICATION:

The photographs used in this appraisal report are digital photos utilizing imaging technology. The appraiser personallyinspected and photographed the subject. Comparable photos may be a combination of either personally photographed photos,photos form the appraiser's data base, collected previously, and/or photographs provided by MRIS and directly downloaded intothe report. The photographs utilized in the appraisal are a true and correct representation of the subject property andcomparable. Although the photographs may have been enhanced during the finishing process, no alterations were make to theimages which would misrepresent the appearance of the subject or comparable. The appraiser has personally inspected thesubject, as well as the exterior or comparable sales.

1004MC CLARIFICATION STATEMENT:

The information provided in the attached 1004MC, Market Conditions Addendum. Is based on properties that are comparable tothe subject, however, this information is very limited and not sufficient to fully identify some, or all of the market trends observedin the neighborhood (market area).

Therefore, the neighborhood analysis trends are based on fee simple detached homes within a 1-2 mile radius of the subject.There is more information to draw conclusions from and it is based on the typical buyer wanting to live in this specific marketarea, which encompasses a variety of homes, commercial uses and similar influences, all of which play a part in understandingmarket trends.

Based on historical trends, the spring and summer months tend to generate the most activity, with the fall starting to show aslowdown. For this reason, it is important that more consideration is given to a full 12 month analysis, based on 6 monthcomparisons, rather than just the most current 3 months.

COMPARABLE SUMMARY AND ESTIMATED INDICATED VALUE:

Sale Price Grs Adj % Ind Value Weight Comp #1: 407,000 9.0786 437,050 17.0272 Comp #2: 461,000 9.2256 457,430 16.9791 Comp #3: 465,000 18.0645 456,000 14.0848 Comp #4: 449,000 8.0713 465,240 17.3571 Comp #5: 440,000 2.9545 450,000 19.0325 Comp #6: 414,000 13.6836 426,250 15.5193

ESTIMATED INDICATED VALUE OF THE SUBJECT: $448,860APPRAISERS INDICATED VALUE OF THE SUBJECT: $450,000

ADDITIONAL COMMENTS:

INTENDED USE/ USERS: The intended use is to evaluate the property that is the subject of this appraisal for matters of a legalnature, subject to the stated scope of work, purpose of the appraisal, reporting requirements of this form, and definition ofmarket value. The intended users are the client and/or their designated legal council. It is noted that this report is not preparedfor lending purposes.

SUBJECT LEGAL DESCRIPTION: Being known and designated as Lot Nos. 8, 9 and 10, Block 17 as shown on Plat entitled"Severn Grove", which Plat is recorded among the Land Records of Anne Arundel County in Plat Book 8, Folio 41, as Plat No.460 (formerly recorded in Plat Book FSR No. 3, Folio 52).

LOCATION/ BOUNDARY ADJUSTMENTS: The appraiser analyzed and compared sales from 2012-2014 to both the north andsouth of Rt 301/50 to determine if a positive or negative location adjustment was warranted. Based on this analysis, theappraiser concluded that the market does not recognize a measurable premium due to the established transportation linkagesrunning perpendicular to Rt 301/50 . Therefore no adjustment is warranted to Comparable 1 or 5.

PROXIMITY OF COMPARABLES: It is acknowledged that sales utilized in this report exceed this appraiser’s distance objectiveof one mile. A typical buyer will not limit their search to one mile or within a specific township offering similar services, amenitiesand schools. However, after carefully reviewing market activity and recognizing the absence of other comparable sales, thesales as presented are the best available and most accurately portray current market conditions. All comparables wereconsidered in the final reconciliation. Comparables 1 and 5 are noted as being greater than one mile away but less than 2miles from the subject, and beyond typical proximities. This is due to the limited market sales of similar style and amenity.

WATER VIEW / WATER FRONT ADJUSTMENTS: Based on the appraisers research from 2010-2014 water view propertiestypically command a 4-6% premium within water privileged communities in Annapolis and water front properties on rivers,creeks or secondary waterways with a mean water level of 6 feet or less typically command a 9-11% premium premium incompeting communities. Therefore, a conservative adjustment of 5% was made to properties which have water views and a10% adjustment was mad to waterfront properties.

SITE ADJUSTMENTS: Based on the appraisers market analysis, no lot size adjustment is warranted. The appraiser has madeevery effort to bracket the subjects lot size. Market participants will consider overages to be surplus land with limitedcontributory value.

DESIGN/ STYLE: Various housing styles were used in this analysis. Market participants will consider the area (water orientedcommunities with boat ramp access) before considering the style and design of a property. For this reason, no designadjustments were made since value is predicated on above grade square footage. It should be noted that Colonials are typicalin this market and this design/ style does not adversely effect the subjects marketability or appeal.





Owner

Appraiser


ADDITIONAL COMMENTS (CONTINUED):

AGE ADJUSTMENTS: Age adjustments are based on the market's perception of the effective age of a property, based on thedegree of maintenance and/or its actual age being considerably younger. No adjustments were given to comparablesdisplaying a similar effective age as the subject.

CONDITION ADJUSTMENTS: Comparable 1 was adjusted, based on paired data analysis, by $15,000 due to the propertieslack of recent the kitchen and bathrooms improvements. Comparable 4 was adjusted by $25,000 due to the properties lack ofrecent improvements to the kitchen, bathrooms and floor covering/fixtures and minor differed maintenance.

LINE ITEM ADJUSTMENTS: All line item adjustments are based on the features contributory market value via paired dataanalysis and/or extraction. Above grade bedrooms were adjusted by $5,000, Half baths were adjusted by $1,500 and full bathswere adjusted by $3,000. Below grade bedrooms were adjusted by $5,000. These below grade bedroom adjustments reflectproperties build on the side of a hills or steep inclines in grade. While technically below grade, they have the same appeal asabove grade bedrooms. Properties lacking a basement were adjusted by 15.00 per sqft., rec-rooms were adjusted by $10,000and below grade full baths were adjusted by $2,000. Basements lacking exterior access were adjusted by $1,000. Garageswere adjusted by $10,000 per bay. Due due the number of exterior porches, patios and decks located on the subject structure,these features suffer from diminished returns. As a result, comparables which contain in excess of one deck and patio wereadjusted by $1,000 per additional exterior feature. Properties which lacked a fireplace were adjusted by $2,500 and propertieswith 2 fireplaces were adjusted by $1,500 due to market reaction related to this features diminished returns.

• • __


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

Subject Exterior PhotosredactedREDACTEDAnnapolis Anne Arundel County MD 21401Nicholas Gioia

Front Rear

Side 1 Side 2

Street 1 Street 2

Owner

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Front Rear

Side 1 Side 2

Street 1 Street 2

Owner

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Screened Porch Main Level Deck - View 1

Main Level Deck - View 2 Covered Deck

Community Area 1 Community Area 2 (Dock/ Boat Ramp)

Owner

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Screened Porch Main Level Deck - View 1

Main Level Deck - View 2 Covered Deck

Community Area 1 Community Area 2 (Dock/ Boat Ramp)

Owner

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Interior PhotosredactedREDACTEDAnnapolis Anne Arundel County MD 21401Nicholas Gioia

Living Room Living/ Dining Areas

Dining Room Kitchen - View 1

Kitchen - View 2 0.5BA Main Level - View 1

Owner

Appraiser


Interior PhotosredactedREDACTEDAnnapolis Anne Arundel County MD 21401Nicholas Gioia

Living Room Living/ Dining Areas

Dining Room Kitchen - View 1

Kitchen - View 2 0.5BA Main Level - View 1

Owner

Appraiser





Subject Interior PhotosredactedREDACTEDAnnapolis Anne Arundel County MD 21401Nicholas Gioia

0.5BA Main Level - View 2 BR1

BA1 - View 1 BA1 - View 2

BR2 BR3

Owner

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0.5BA Main Level - View 2 BR1

BA1 - View 1 BA1 - View 2

BR2 BR3

Owner

Appraiser




Form PICSIX2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


BA 2 - View 1 BA 2 - View 2

Laundry - 2nd Level Rec Room

Full BA Below Grade - View 1 Full BA Below Grade - View 2

Owner

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BA 2 - View 1 BA 2 - View 2

Laundry - 2nd Level Rec Room

Full BA Below Grade - View 1 Full BA Below Grade - View 2

Owner

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1 Car Garage Electric Panel

HVAC 1 Dual Zone AC Compressors

Water Treatment/ Conditioning Water Heater

Owner

Appraiser



1 Car Garage Electric Panel

HVAC 1 Dual Zone AC Compressors

Water Treatment/ Conditioning Water Heater

Owner

Appraiser






Attic View 1/ HVAC 2 Attic View 2

Water Infiltration/ Mold GrowthBR2 Closet - View 1


Flashing Deterioration Roof Shingle DeteriorationNearing End of Economic Life

Owner

Appraiser



Attic View 1/ HVAC 2 Attic View 2



Flashing Deterioration Roof Shingle DeteriorationNearing End of Economic Life

Owner

Appraiser




Form PICPIX.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Comparable Photo PageredactedREDACTEDAnnapolis Anne Arundel County MD 21401Nicholas Gioia

Comparable1

Prox. to SubjectSales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

1608 Cedar Park Rd1.69 miles SE407,0001,728632.1N;Res;Wtr CommN;Res13350 sfQ352

Comparable 2


308 Riverview Trl0.68 miles NE461,0001,347632.0N;Res;Wtr CommB;Res; Wtr View9500 sfQ354

Comparable 3


230 Severn Dr0.14 miles N465,0001,576632.0N;Res;Wtr CommB; Res; Wtr Front13360 sfQ390

Owner

Appraiser



Comparable1


1608 Cedar Park Rd1.69 miles SE407,0001,728632.1N;Res;Wtr CommN;Res13350 sfQ352

Comparable 2


308 Riverview Trl0.68 miles NE461,0001,347632.0N;Res;Wtr CommB;Res; Wtr View9500 sfQ354

Comparable 3


230 Severn Dr0.14 miles N465,0001,576632.0N;Res;Wtr CommB; Res; Wtr Front13360 sfQ390

Owner

Appraiser






Comparable 4


204 Severn Dr0.05 miles NW449,0001,305521.0N;Res;Wtr CommN;Res16200 sfQ339

Comparable5


137 Porter Dr1.70 miles SE440,0001,484632.0N;Res;Wtr CommN;Res7200 sfQ361

Comparable 6


1723 Chelmoreford Trl0.30 miles N414,0001,440631.1N;Res;Wtr CommB;Res; Wtr View21536 sfQ345

Owner

Appraiser



Comparable 4


204 Severn Dr0.05 miles NW449,0001,305521.0N;Res;Wtr CommN;Res16200 sfQ339

Comparable5


137 Porter Dr1.70 miles SE440,0001,484632.0N;Res;Wtr CommN;Res7200 sfQ361

Comparable 6


1723 Chelmoreford Trl0.30 miles N414,0001,440631.1N;Res;Wtr CommB;Res; Wtr View21536 sfQ345

Owner

Appraiser



10'

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A


Form SKT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Building Sketch - Page 1redactedREDACTEDAnnapolis Anne Arundel County MD 21401Nicholas Gioia

Owner

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10'

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2'

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14'

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0.5B

A



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Plat Map

Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Plat Map

Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE



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

Subject MapredactedREDACTEDAnnapolis Anne Arundel County MD 21401Nicholas Gioia

Owner

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Subject MapredactedREDACTEDAnnapolis Anne Arundel County MD 21401Nicholas Gioia

Owner

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Aerial MapredactedREDACTEDAnnapolis Anne Arundel County MD 21401Nicholas Gioia

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Aerial MapredactedREDACTEDAnnapolis Anne Arundel County MD 21401Nicholas Gioia

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Location MapredactedREDACTEDAnnapolis Anne Arundel County MD 21401Nicholas Gioia

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Location MapredactedREDACTEDAnnapolis Anne Arundel County MD 21401Nicholas Gioia

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File No.

UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM(Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)

Condition Ratings and Definitions

C1

The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are newand the dwelling features no physical depreciation.

Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellingsprovided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have beenrehabilitated/remanufactured into like-new condition. Improvements that have not been previously occupied are not considered “new” if theyhave any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time withoutadequate maintenance or upkeep).

C2

The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building componentsare new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replacedwith components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated andare similar in condition to new construction.

Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physicaldepreciation, or an older property that has been recently completely renovated.

C3The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not everymajor building component, may be updated or recently rehabilitated. The structure has been well maintained.

Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and isbeing well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority ofshort-lived building components have been replaced but not to the level of a complete renovation.

C4The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has beenadequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major buildingcomponents have been adequately maintained and are functionally adequate.

Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived buildingcomponents have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however,they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property.

C5The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs,rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remainsuseable and functional as a residence.

Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which manyof its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional.

C6The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including manyor most major components.

Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a propertywith conditions severe enough to affect the safety, soundness, or structural integrity of the improvements.

Quality Ratings and Definitions

Q1

Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Suchresidences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanshipand exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-qualityexterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishesthroughout the dwelling are of exceptionally high quality.

Q2Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings inthis quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highlymodified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. Theworkmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.

UAD Version 9/2011 (Updated 4/2012)

R112414-0302-C-14-185411

Form UADDEFINE1 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

R112414-0302-C-14-185411


File No.


Condition Ratings and Definitions

C1

The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are newand the dwelling features no physical depreciation.

Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellingsprovided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have beenrehabilitated/remanufactured into like-new condition. Improvements that have not been previously occupied are not considered “new” if theyhave any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time withoutadequate maintenance or upkeep).

C2

The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building componentsare new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replacedwith components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated andare similar in condition to new construction.

Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physicaldepreciation, or an older property that has been recently completely renovated.

C3The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not everymajor building component, may be updated or recently rehabilitated. The structure has been well maintained.

Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and isbeing well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority ofshort-lived building components have been replaced but not to the level of a complete renovation.

C4The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has beenadequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major buildingcomponents have been adequately maintained and are functionally adequate.

Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived buildingcomponents have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however,they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property.

C5The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs,rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remainsuseable and functional as a residence.

Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which manyof its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional.

C6The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including manyor most major components.

Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a propertywith conditions severe enough to affect the safety, soundness, or structural integrity of the improvements.

Quality Ratings and Definitions

Q1

Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Suchresidences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanshipand exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-qualityexterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishesthroughout the dwelling are of exceptionally high quality.

Q2Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings inthis quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highlymodified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. Theworkmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.




Quality Ratings and Definitions (continued)

Q3

Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standardresidential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiorsthat are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have beenupgraded from “stock” standards.

Q4

Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plansare utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship,finish, and equipment are of stock or builder grade and may feature some upgrades.

Q5Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature aplain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentationand limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materialswith limited refinements and upgrades.

Q6Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellingsare often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built orexpanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanicalsystems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additionsto the original structure

Definitions of Not Updated, Updated, and Remodeled

Not UpdatedLittle or no updating or modernization. This description includes, but is not limited to, new homes.

Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no majorcomponents have been replaced or updated. Those over fifteen years of age are also considered not updated if theappliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintainedand fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration.

Updated

The area of the home has been modified to meet current market expectations. These modificationsare limited in terms of both scope and cost.

An updated area of the home should have an improved look and feel, or functional utility. Changes that constituteupdates include refurbishment and/or replacing components to meet existing market expectations. Updates do notinclude significant alterations to the existing structure.

RemodeledSignificant finish and/or structural changes have been made that increase utility and appeal throughcomplete replacement and/or expansion.

A remodeled area reflects fundamental changes that include multiple alterations. These alterations may includesome or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocationof plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of)square footage). This would include a complete gutting and rebuild.

Explanation of Bathroom Count

Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are notincluded in the bathroom count. The number of full and half baths is reported by separating the two values using aperiod, where the full bath count is represented to the left of the period and the half bath count is represented to theright of the period.

Example:3.2 indicates three full baths and two half baths.


Form UADDEFINE1 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEForm UADDEFINE1 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


Quality Ratings and Definitions (continued)

Q3

Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standardresidential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiorsthat are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have beenupgraded from “stock” standards.

Q4

Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plansare utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship,finish, and equipment are of stock or builder grade and may feature some upgrades.

Q5Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature aplain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentationand limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materialswith limited refinements and upgrades.

Q6Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellingsare often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built orexpanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanicalsystems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additionsto the original structure

Definitions of Not Updated, Updated, and Remodeled

Not UpdatedLittle or no updating or modernization. This description includes, but is not limited to, new homes.

Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no majorcomponents have been replaced or updated. Those over fifteen years of age are also considered not updated if theappliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintainedand fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration.

Updated

The area of the home has been modified to meet current market expectations. These modificationsare limited in terms of both scope and cost.

An updated area of the home should have an improved look and feel, or functional utility. Changes that constituteupdates include refurbishment and/or replacing components to meet existing market expectations. Updates do notinclude significant alterations to the existing structure.

RemodeledSignificant finish and/or structural changes have been made that increase utility and appeal throughcomplete replacement and/or expansion.

A remodeled area reflects fundamental changes that include multiple alterations. These alterations may includesome or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocationof plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of)square footage). This would include a complete gutting and rebuild.

Explanation of Bathroom Count

Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are notincluded in the bathroom count. The number of full and half baths is reported by separating the two values using aperiod, where the full bath count is represented to the left of the period and the half bath count is represented to theright of the period.

Example:3.2 indicates three full baths and two half baths.




Abbreviations Used in Data Standardization Text

Abbreviation Full Name Fields Where This Abbreviation May Appearac Acres Area, SiteAdjPrk Adjacent to Park LocationAdjPwr Adjacent to Power Lines LocationA Adverse Location & ViewArmLth Arms Length Sale Sale or Financing Concessionsba Bathroom(s) Basement & Finished Rooms Below Gradebr Bedroom Basement & Finished Rooms Below GradeB Beneficial Location & ViewCash Cash Sale or Financing ConcessionsCtySky City View Skyline View ViewCtyStr City Street View ViewComm Commercial Influence Locationc Contracted Date Date of Sale/TimeConv Conventional Sale or Financing ConcessionsCrtOrd Court Ordered Sale Sale or Financing ConcessionsDOM Days On Market Data Sourcese Expiration Date Date of Sale/TimeEstate Estate Sale Sale or Financing ConcessionsFHA Federal Housing Authority Sale or Financing ConcessionsGlfCse Golf Course LocationGlfvw Golf Course View ViewInd Industrial Location & Viewin Interior Only Stairs Basement & Finished Rooms Below GradeLndfl Landfill LocationLtdSght Limited Sight ViewListing Listing Sale or Financing ConcessionsMtn Mountain View ViewN Neutral Location & ViewNonArm Non-Arms Length Sale Sale or Financing ConcessionsBsyRd Busy Road Locationo Other Basement & Finished Rooms Below GradePrk Park View ViewPstrl Pastoral View ViewPwrLn Power Lines ViewPubTrn Public Transportation Locationrr Recreational (Rec) Room Basement & Finished Rooms Below GradeRelo Relocation Sale Sale or Financing ConcessionsREO REO Sale Sale or Financing ConcessionsRes Residential Location & ViewRH USDA - Rural Housing Sale or Financing Concessionss Settlement Date Date of Sale/TimeShort Short Sale Sale or Financing Concessionssf Square Feet Area, Site, Basementsqm Square Meters Area, SiteUnk Unknown Date of Sale/TimeVA Veterans Administration Sale or Financing Concessionsw Withdrawn Date Date of Sale/Timewo Walk Out Basement Basement & Finished Rooms Below Gradewu Walk Up Basement Basement & Finished Rooms Below GradeWtrFr Water Frontage LocationWtr Water View ViewWoods Woods View View

Other Appraiser-Defined Abbreviations

Abbreviation Full Name Fields Where This Abbreviation May Appear


GLA Gross Living Area Sales Comparison AnalysisLL Lower Level Photo Descriptions, CommentsLP List Price Subject Description, Prior Sales HistoryREL Remaining Economic Life Reconciliation, Cost Approach, CommentsSS Stainless Steel Improvements, Subject DescriptionComps Comparable Sale Comments, Sales Comparison AnalysisMPR FHA Minimum Property Requirements Comments, Property ConditionMPS FHA Minimum Property Standards Comments, Property ConditionTH Town House Comments, Sales Comparison AnalysisEOG End of Group Comments, Sales Comparison AnalysisSt Win/Door Storm Windows and Doors Comments, Sales Comparison Analysis


GLA Gross Living Area Sales Comparison AnalysisLL Lower Level Photo Descriptions, CommentsLP List Price Subject Description, Prior Sales HistoryREL Remaining Economic Life Reconciliation, Cost Approach, CommentsSS Stainless Steel Improvements, Subject DescriptionComps Comparable Sale Comments, Sales Comparison AnalysisMPR FHA Minimum Property Requirements Comments, Property ConditionMPS FHA Minimum Property Standards Comments, Property ConditionTH Town House Comments, Sales Comparison AnalysisEOG End of Group Comments, Sales Comparison AnalysisSt Win/Door Storm Windows and Doors Comments, Sales Comparison Analysis



Abbreviations Used in Data Standardization Text

Abbreviation Full Name Fields Where This Abbreviation May Appearac Acres Area, SiteAdjPrk Adjacent to Park LocationAdjPwr Adjacent to Power Lines LocationA Adverse Location & ViewArmLth Arms Length Sale Sale or Financing Concessionsba Bathroom(s) Basement & Finished Rooms Below Gradebr Bedroom Basement & Finished Rooms Below GradeB Beneficial Location & ViewCash Cash Sale or Financing ConcessionsCtySky City View Skyline View ViewCtyStr City Street View ViewComm Commercial Influence Locationc Contracted Date Date of Sale/TimeConv Conventional Sale or Financing ConcessionsCrtOrd Court Ordered Sale Sale or Financing ConcessionsDOM Days On Market Data Sourcese Expiration Date Date of Sale/TimeEstate Estate Sale Sale or Financing ConcessionsFHA Federal Housing Authority Sale or Financing ConcessionsGlfCse Golf Course LocationGlfvw Golf Course View ViewInd Industrial Location & Viewin Interior Only Stairs Basement & Finished Rooms Below GradeLndfl Landfill LocationLtdSght Limited Sight ViewListing Listing Sale or Financing ConcessionsMtn Mountain View ViewN Neutral Location & ViewNonArm Non-Arms Length Sale Sale or Financing ConcessionsBsyRd Busy Road Locationo Other Basement & Finished Rooms Below GradePrk Park View ViewPstrl Pastoral View ViewPwrLn Power Lines ViewPubTrn Public Transportation Locationrr Recreational (Rec) Room Basement & Finished Rooms Below GradeRelo Relocation Sale Sale or Financing ConcessionsREO REO Sale Sale or Financing ConcessionsRes Residential Location & ViewRH USDA - Rural Housing Sale or Financing Concessionss Settlement Date Date of Sale/TimeShort Short Sale Sale or Financing Concessionssf Square Feet Area, Site, Basementsqm Square Meters Area, SiteUnk Unknown Date of Sale/TimeVA Veterans Administration Sale or Financing Concessionsw Withdrawn Date Date of Sale/Timewo Walk Out Basement Basement & Finished Rooms Below Gradewu Walk Up Basement Basement & Finished Rooms Below GradeWtrFr Water Frontage LocationWtr Water View ViewWoods Woods View View

Other Appraiser-Defined Abbreviations

Abbreviation Full Name Fields Where This Abbreviation May Appear



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