Melba Coreachea Añonuevo

APPRAISAL OF REAL PROPERTY LOCATED AT 88 Suffolk Ave Staten Island, NY 10314 SECTION: 402 BLOCK: 808 LOT:71 FOR 1000 TECHNOLOGY DR O'FALLON, MO 63368 OPINION OF VALUE 530,000 AS OF 06/14/2017 BY BROOKLYN, NY 11219 Form GA1V - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Appraisal Services- Exterior-Only Inspection Residential Appraisal Report File # 137814 SUBJECT The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address 88 Suffolk Ave City Staten Island State NY Zip Code 10314 Borrower Owner of Public Record County RICHMOND Legal Description SECTION: 402 BLOCK: 808 LOT:71 Assessor's Parcel # 808-71 Tax Year 2016 R.E. Taxes $ 4,487 Neighborhood Name MANOR HEIGHTS Map Reference SEE MAP Census Tract 0187.02 Occupant Owner Tenant Vacant Special Assessments $ 0 PUD HOA $ 0 per year per month Property Rights Appraised Fee Simple Leasehold Other (describe) Assignment Type Purchase Transaction Refinance Transaction Other (describe) EQUITY Lender/Client Address Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No Report data source(s) used, offering price(s), and date(s). AS PER SIBOR MLS, NO RECENT PUBLIC LISTING FOUND ON SUBJECT. CONTRACT I did performed. did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s) Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? If Yes, report the total dollar amount and describe the items to be paid. IMPROVEMENTS SITE NEIGHBORHOOD Note: Race and the racial composition of the neighborhood are not appraisal factors. One-Unit Housing Trends Neighborhood Characteristics Location Urban Built-Up Over 75% Growth Rapid Neighborhood Boundaries Suburban 25-75% Stable Rural Under 25% Slow Property Values Demand/Supply Marketing Time Increasing Shortage Under 3 mths Stable In Balance 3-6 mths Yes One-Unit Housing Declining Over Supply Over 6 mths PRICE $ (000) AGE (yrs) No Present Land Use % 40 % 40 % 10 % 10 % One-Unit 2-4 Unit Multi-Family Commercial Other 150 Low 1 VICTORY BLVD TO THE NORTH, MANOR RD TO THE EAST, BRIELLE AVE 900 High 110 TO THE SOUTH WILLOWBROOK RD. TO THE WEST. 530 Pred. 50 Neighborhood Description THE SUBJECT IS LOCATED IN A RESIDENTIAL AREA SURROUNDED BY VARIOUS STYLE AND AGED SINGLE FAMILY HOMES. ALL SUPPORT FACILITIES, SCHOOLS AND SHOPPING AREAS APPEAR ADEQUATE AND WITHIN REASONABLE DRIVING DISTANCES. Market Conditions (including support for the above conclusions) DEMAND & SUPPLY FOR RESIDENTIAL PROPERTY IS CURRENTLY IN AVERAGE SUPPLY AND VALUES ARE STABLE WITHIN THE MARKET AREA. REASONABLY LISTED PROPERTIES GENERALLY SELL BETWEEN 3 TO 6 MONTHS. PROPERTY VALUES HAVE BEEN STABILIZING WITHIN THE PAST SIX MONTHS. Dimensions 22' X 96' Area 3740 sf Shape IRREGULAR View N;Res; Specific Zoning Classification R3-1 Zoning Description LOW DENSITY RESIDENTIAL Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe) Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe % Off-site Improvements - Type Public Private Utilities Public Other (describe) Public Other (describe) Street ASPHALT Water Electricity Alley NONE Gas Sanitary Sewer FEMA Special Flood Hazard Area Yes No FEMA Flood Zone X FEMA Map #-F FEMA Map Date 05/09/2007 Are the utilities and off-site improvements typical for the market area? Yes No If No, describe Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe APPARENT ADVERSE EASEMENT, ENCROACHMENTS, OR OTHER SUCH FACTORS WERE OBSERVED BY OR DISCLOSED TO THE APPRAISER. CURRENT USE APPEARS TO BE LEGAL AND CONFORMING. ENVIRONMENTAL CONDITIONS: AS OF THE DAY OF THE INSPECTION NONE NOTED. Source(s) Used for Physical Characteristics of Property Appraisal Files MLS Assessment and Tax Records Prior Inspection Property Owner Other (describe) BASED ON SIMILAR HOUSES Data Source for Gross Living Area GEODATA PLUS General Description General Description Heating/Cooling Amenities Car Storage Units One One with Accessory Unit Concrete Slab Crawl Space FWA HWBB Fireplace(s) # None 0 # of Stories Full Basement Finished Radiant Woodstove(s) # 0 Driveway # of Cars 2 1 Type Det. Att. S-Det./End Unit Partial Basement Finished Other Patio/Deck PATIO Driveway Surface CONCRETE Existing Proposed Under Const. Exterior Walls Fuel Porch NONE Garage # of Cars BRCK/VNL/STCO/AVG GAS 0 Design (Style) Roof Surface Central Air Conditioning Pool NONE Carport # of Cars COLONIAL ASPHALT/AVG 0 Year Built Gutters & Downspouts ALUM / AVG Individual Fence NONE Attached Detached 1996 Effective Age (Yrs) 15 Window Type Other Other NONE Built-in DH/ AVG NONE Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe) Finished area above grade contains: 6 Rooms 3 Bedrooms 2.1 Bath(s) 1,400 Square Feet of Gross Living Area Above Grade Additional features (special energy efficient items, etc.) NONE OBSERVED Describe the condition of the property and data source(s) (including apparent needed repairs, deterioration, renovations, remodeling, etc.). C4;SUBJECT APPEARS TO BE IN GOOD/AVERAGE CONDITION AND WELL MAINTAINED. CONDITION OF THE SUBJECT IS CONSISTENT WITH COMPETING PROPERTIES IN THE SUBJECT NEIGHBORHOOD. Are there any apparent physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? If Yes, describe. Yes No ADVERSE CONDITIONS WERE NOTED. THE APPRAISER IS NOT FULLY QUALIFIED TO RENDER A DECISION ON THE SUBJECTS STRUCTURAL INTEGRITY. Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Freddie Mac Form 2055 March 2005 UAD Version 9/2011 Yes Page 1 of 6 Form 2055UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE No If No, describe. Fannie Mae Form 2055 March 2005 Exterior-Only Inspection Residential Appraisal Report - File # 137814 SALES COMPARISON APPROACH There are There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 585,000 to $ 599,000 . 4 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 524,000 to $ 599,900 . 36 FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 88 Suffolk Ave 132 Suffolk Ave 481 Gower St 235 Fanning St Staten Island, NY 10314 Staten Island, NY 10314 Staten Island, NY 10314 Staten Island, NY 10314 Proximity to Subject 0.07 miles S 0.36 miles SE 0.33 miles NE Sale Price $ $ $ $ 524,000 545,000 599,900 Sale Price/Gross Liv. Area $ sq.ft. $ $ $ 374.29 sq.ft. 363.33 sq.ft. 449.03 sq.ft. Data Source(s) SIBORMLS#-;DOM 100 SIBORMLS#-;DOM 213 SIBORMLS#-;DOM 110 Verification Source(s) ACRIS/PARCEL# 807-24 ACRIS/PARCEL# 800-47 ACRIS/PARCEL# 752-501 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sales or Financing ArmLth ArmLth ArmLth Concessions Conv;0 Conv;0 Conv;0 Date of Sale/Time s08/16;c05/16 s12/16;c08/16 s12/16;c10/16 Location N;Res; N;Res; N;Res; N;Res; Leasehold/Fee Simple FEE SIMPLE FEE SIMPLE FEE SIMPLE FEE SIMPLE Site 3740 sf 2838 sf +4,- sf +6,- sf -9,125 View N;Res; N;Res; N;Res; N;Res; Design (Style) SD2;COLONIAL SD2;COLONIAL SD2;COLONIAL DT2;RANCH -5,000 Quality of Construction Q4 Q4 Q4 Q4 Actual Age- +5,000 Condition C4 C4 C4 C4 Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count- -2,- +2,500 Gross Living Area 1,400 sq.ft. 1,400 sq.ft. 1,500 sq.ft. -3,000 1,336 sq.ft. 0 Basement & Finished 700sf700sfwu 700sf700sfwu 750sf750sfwu 0 800sf800sfwu 0 Rooms Below Grade 1rr0br1.0ba1o 1rr0br1.0ba1o 1rr0br1.0ba1o 1rr0br0.0ba1o +5,000 Functional Utility 3 BEDROOMS 3 BEDROOMS 3 BEDROOMS 3 BEDROOMS Heating/Cooling ADEQUATE ADEQUATE ADEQUATE ADEQUATE Energy Efficient Items NONE NONE NONE NONE Garage/Carport 1dw 1dw 1dw 1dw Porch/Patio/Deck PATIO PATIO PATIO PATIO Net Adjustment (Total) + - $ + - $ 2,010 Adjusted Sale Price Net Adj. % Net Adj. 0.4 0.6 % of Comparables Gross Adj. 1.3 % $ 526,010 Gross Adj. 1.7 % $ I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain + Net Adj. 548,200 Gross Adj. 3,200 - $ % 0.3 4.4 % $ -1,625 598,275 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) GEODATA PLUS / NYC.GOV ACRIS My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data Source(s) GEODATA PLUS / NYC.GOV ACRIS Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) GEODATA PLUS GEODATA PLUS GEODATA PLUS GEODATA PLUS Effective Date of Data Source(s) 06/14/2017 06/14/2017 06/14/2017 06/14/2017 Analysis of prior sale or transfer history of the subject property and comparable sales AS PER PUBLIC RECORDS: NO OTHER SALES HISTORY WERE FOUND ON SUBJECT WITHIN THE PAST THREE YEARS AND NO OTHER SALES WITHIN THE PAST YEAR FOR THE COMPARABLE SALES. Summary of Sales Comparison Approach SEE ATTACHED ADDENDA. RECONCILIATION Indicated Value by Sales Comparison Approach $ 530,000 Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $ 530,000 530,000 FULL CONSIDERATION AND EMPHASIS WAS GIVEN TO THE SALES COMPARISON APPROACH TO VALUE. THE COST APPROACH IS SUPPORTIVE OF THE SALES COMPARISON APPROACH. THE INCOME APPROACH IS NOT APPLICABLE IN THIS PRIMARILY OWNER OCCUPIED AREA. This appraisal is made "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: SEE ATTACHED ADDENDUM Based on a visual inspection of the exterior areas of the subject property from at least the street, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $ , as of , which is the date of inspection and the effective date of this appraisal. 530,000 06/14/2017 Freddie Mac Form 2055 March 2005 UAD Version 9/2011 Page 2 of 6 Form 2055UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Fannie Mae Form 2055 March 2005 Exterior-Only Inspection Residential Appraisal Report FEATURE SUBJECT SALE HISTORY SALES COMPARISON APPROACH Address COMPARABLE SALE # 4 322 Kingsley Ave Staten Island, NY- miles N $ 589,000 sq.ft. $ 403.98 sq.ft. 88 Suffolk Ave Staten Island, NY 10314 Proximity to Subject Sale Price $ Sale Price/Gross Liv. Area $ Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION Sales or Financing Concessions Date of Sale/Time Location N;Res; Leasehold/Fee Simple FEE SIMPLE Site 3740 sf View N;Res; Design (Style) SD2;COLONIAL Quality of Construction Q4 Actual Age 21 Condition C4 Above Grade Total Bdrms. Baths Room Count 6 3 2.1 Gross Living Area 1,400 sq.ft. Basement & Finished 700sf700sfwu Rooms Below Grade 1rr0br1.0ba1o Functional Utility 3 BEDROOMS Heating/Cooling ADEQUATE Energy Efficient Items NONE Garage/Carport 1dw Porch/Patio/Deck PATIO COMPARABLE SALE # 5 522 Gansevoort Blvd Staten Island, NY- miles SE $ 599,000 $ $ 489.38 sq.ft. SIBORMLS#-;DOM 77 SIBORMLS#- ;DOM 26 ACRIS/PARCEL# 358-9 ACRIS/PARCEL# 1597-8 DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Listing Listing Active N;Res; FEE SIMPLE 2343 sf N;Res; SD2;COLONIAL Q4 17 C4 Total Bdrms. Baths 6 3 1.1 1,458 sq.ft. 729sf729sfwu 1rr0br1.0ba1o 3 BEDROOMS ADEQUATE NONE 1dw PATIO - File # 137814 COMPARABLE SALE # 6 -29,450 Active N;Res; FEE SIMPLE +6,- sf N;Res; DT1.5;RANCH Q4 0 62 C4 DESCRIPTION +(-) $ Adjustment -29,950 -2,100 -5,000 +10,000 Total Bdrms. Baths +5,-,224 sq.ft. 0 816sf0sfwu $ sq.ft. Total Bdrms. Baths +7,500 +5,300 +5,000 +5,000 sq.ft. 3 BEDROOMS ADEQUATE NONE 1dw PATIO Net Adjustment (Total) + - $ + - $ + - $ -17,465 -4,250 Adjusted Sale Price Net Adj. % Net Adj. % Net Adj. % 3.0 0.7 of Comparables Gross Adj. % $ 7.0 % $ 571,535 Gross Adj. 11.7 % $ 594,750 Gross Adj. Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) GEODATA PLUS GEODATA PLUS GEODATA PLUS Effective Date of Data Source(s) 06/14/2017 06/14/2017 06/14/2017 Analysis of prior sale or transfer history of the subject property and comparable sales SEE ATTACHED ADDENDA. ANALYSIS / COMMENTS Analysis/Comments Freddie Mac Form 2055 March 2005 UAD Version 9/2011 Form 2055UAD.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Fannie Mae Form 2055 March 2005 Exterior-Only Inspection Residential Appraisal Report - File # 137814 ADDITIONAL COMMENTS NO EMPLOYEE, DIRECTOR, OFFICER, OR AGENT OF THE LENDER, OR ANY OTHER THIRD PARTY ACTING AS JOINT VENTURE PARTNER, INDEPENDENT CONTRACTOR, APPRAISAL MANAGEMENT COMPANY, OR PARTNER ON BEHALF OF THE LENDER HAS INFLUENCED OR ATTEMPTED TO INFLUENCE THE DEVELOPMENT, 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 SERVICE LINK THE INTENDED USER (LENDER/CLIENT AS IDENTIFIED ON THE FIRST PAGE OF THE REPORT), BORROWER, OR DESIGNATED CONTACT TO MAKE AN APPOINTMENT TO ENTER THE PROPERTY. I AGREE TO IMMEDIATELY REPORT ANY UNAUTHORIZED CONTACTS EITHER PERSONALLY, BY PHONE, OR ELECTRONICALLY TO SERVICE LINK. COST APPROACH TO VALUE (not required by Fannie Mae) Provide adequate information for the lender/client to replicate the below cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) INCOME COST APPROACH THE OPINION OF THE SITE VALUE WAS ESTIMATED BY USING THE EXTRACTION METHOD SINCE THERE WEREN'T SUFFICIENT LAND SALES IN THE SUBJECT AREA. ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW Source of cost data MARSHALL AND SWIFT AND LOCAL CONTRACTORS Quality rating from cost service REL. Effective date of cost data 06/2017 Comments on Cost Approach (gross living area calculations, depreciation, etc.) OPINION OF SITE VALUE DWELLING BASEMENT 1,400 Sq.Ft. @ $ 700 Sq.Ft. @ $ - =$ =$ =$ =$ =$ =$ 321,250 210,000 35,000 Garage/Carport Sq.Ft. @ $ PHYSICAL DEPRECIATION IS BASED ON THE AGE/LIFE METHOD. Total Estimate of Cost-New COST FACTORS DEVELOPED FROM THE MARSHALL AND SWIFT 245,000 Less Physical Functional External COST MANUAL WITH REFERENCE MADE TO AREA BUILDERS. Depreciation =$( LAND VALUE OFTEN EXCEEDS 30% OF TOTAL VALUE AND IS 61,250 61,250) Depreciated Cost of Improvements =$ COMMON TO THE AREA. SEE SKETCH FOR DIMENSIONS. 183,750 "As-is" Value of Site Improvements =$ NO ONE INCLUDING THE INTENDED USER OR 3RD PARTY MAY 25,000 RELY ON THESE FIGURES FOR INSURANCE PURPOSES. =$ Estimated Remaining Economic Life (HUD and VA only) 45 Years INDICATED VALUE BY COST APPROACH 530,000 INCOME APPROACH TO VALUE (not required by Fannie Mae) Estimated Monthly Market Rent $ X Gross Rent Multiplier =$ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) THE DIRECT SALES COMPARISON APPROACH IS CONSIDERED TO THE BEST INDICATOR OF PRESENT MARKET VALUE. THE INCOME APPROACH WAS NOT CONSIDERED DUE TO THE LACK OF INCOME PRODUCING PROPERTIES IN THE AREA. PUD INFORMATION PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Unit type(s) Detached Attached Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit. Legal Name of Project Total number of phases Total number of units Total number of units sold Total number of units rented Total number of units for sale Data source(s) Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion Does the project contain any multi-dwelling units? Yes No Data Source(s) Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion. Are the common elements leased to or by the Homeowners' Association? Yes No If Yes, describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Form 2055 March 2005 UAD Version 9/2011 Page 3 of 6 Form 2055UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Fannie Mae Form 2055 March 2005 Exterior-Only Inspection Residential Appraisal Report - File # 137814 This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a visual inspection of the exterior areas of the subject property from at least the street, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. The appraiser must be able to obtain adequate information about the physical characteristics (including, but not limited to, condition, room count, gross living area, etc.) of the subject property from the exterior-only inspection and reliable public and/or private sources to perform this appraisal. The appraiser should use the same type of data sources that he or she uses for comparable sales such as, but not limited to, multiple listing services, tax and assessment records, prior inspections, appraisal files, information provided by the property owner, etc. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 3. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 4. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 5. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac Form 2055 March 2005 UAD Version 9/2011 Page 4 of 6 Form 2055UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Fannie Mae Form 2055 March 2005 Exterior-Only Inspection Residential Appraisal Report APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees - File # 137814 that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a visual inspection of the exterior areas of the subject property from at least the street. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. Freddie Mac Form 2055 March 2005 UAD Version 9/2011 Page 5 of 6 Form 2055UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Fannie Mae Form 2055 March 2005 Exterior-Only Inspection Residential Appraisal Report - File # 137814 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" defined in applicable federal and/or state laws (excluding audio and appraisal report containing a copy or representation of my signature, valid as if a paper version of this appraisal report were delivered APPRAISER containing my "electronic signature," as those terms are video recordings), or a facsimile transmission of this the appraisal report shall be as effective, enforceable and containing my original hand written signature. SUPERVISORY APPRAISER (ONLY IF REQUIRED) JACOB KLEIN Signature Name Company Name Company Address Signature Name Company Name Company Address Telephone Number Email Address Date of Signature and Report 06/16/2017 Effective Date of Appraisal 06/14/2017 State Certification # or State License # or Other (describe) State # State Expiration Date of Certification or License Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License ADDRESS OF PROPERTY APPRAISED 88 Suffolk Ave Staten Island, NY 10314 APPRAISED VALUE OF SUBJECT PROPERTY $ SUBJECT PROPERTY Did not inspect exterior of subject property Did inspect exterior of subject property from street Date of Inspection 530,000 COMPARABLE SALES LENDER/CLIENT Name CITIBANK / CBNA Company Name Company Address Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street Date of Inspection Email Address Freddie Mac Form 2055 March 2005 UAD Version 9/2011 Page 6 of 6 Form 2055UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Fannie Mae Form 2055 March 2005 MARKET RESEARCH & ANALYSIS Market Conditions Addendum to the Appraisal Report - File No. 137814 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 subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009. Property Address City Staten Island State NY ZIP Code- Suffolk Ave Borrower Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing 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 extent it 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 an explanation. 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 data in 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 an average. 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 the subject 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 Total # of Comparable Sales (Settled) Increasing Stable Declining 22 9 5 Increasing Stable Declining Absorption Rate (Total Sales/Months- Declining Stable Increasing Total # of Comparable Active Listings N/A N/A 4 Declining Stable Increasing Months of Housing Supply (Total Listings/Ab.Rate) N/A N/A 2.4 Median Sale & List Price, DOM, Sale/List % Overall Trend Prior 7–12 Months Prior 4–6 Months Current – 3 Months Increasing Stable Declining Median Comparable Sale Price $552,000 $545,000 $560,000 Declining Stable Increasing Median Comparable Sales Days on Market 140+/140+/140+/Increasing Stable Declining Median Comparable List Price N/A N/A $590,000 Declining Stable Increasing Median Comparable Listings Days on Market N/A N/A 50+/Increasing Stable Declining Median Sale Price as % of List Price- Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable Increasing Explain 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, condo fees, options, etc.). PROPERLY MARKETED HOMES TYPICALLY SELL WITHIN 3 TO 6 MONTHS. THERE APPEARS TO BE ADEQUATE FINANCING IN THE SUBJECT AREA AT COMPETITIVE RATES AND TERMS. 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). REO/FORECLOSURE OR OTHER DISTRESSED SALE ACTIVITY DOES NOT APPEAR TO BE A DETRIMENT TO THE POTENTIAL SALE OF A PROPERTY AT THIS TIME. THE MAIN DETERMINANT IN THE TIMELY SALE OF PROPERTIES IN THIS MARKET IS THE OVERALL CONDITION AND APPEAL OF THE HOME. ALL SALES UTILIZED WITHIN THIS REPORT ARE COMPARABLE TO OUR SUBJECT. NO REO OR FORECLOSURE SALES WERE USED IN OUR REPORT. Cite data sources for above information. GEODATA PLUS 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 as an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. APPRAISER CONDO/CO-OP PROJECTS PUBLIC RECORDS SHOWS A STABLE MARKET IN VALUES OVER PAST 12 MONTHS. 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 Trend Total # of Comparable Sales (Settled) Increasing Stable Absorption Rate (Total Sales/Months) Increasing Stable Total # of Active Comparable Listings Declining Stable Months of Unit Supply (Total Listings/Ab.Rate) Declining Stable 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 of foreclosed properties. Declining Declining Increasing Increasing Summarize the above trends and address the impact on the subject unit and project. Signature Appraiser Name Company Name Company Address State License/Certification # Signature Supervisory Appraiser Name Company Name Company Address State License/Certification # State Email Address Freddie Mac Form 71 March 2009 State Email Address Page 1 of 1 Fannie Mae Form 1004MC March 2009 Form 1004MC2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Supplemental Addendum File No. 137814 Borrower Property Address City Lender/Client 88 Suffolk Ave Staten Island CITIBANK / CBNA County RICHMOND State NY Zip Code 10314 APPRAISER NOTES; APPRAISER DID NOT INSPECT THE INTERIOR OF THE PROPERTY FOR THIS IS A DRIVE-BY APPRAISAL, THEREFORE, APPRAISER HAD NO WAY TO DETERMINE THE CONDITION OF THE PROPERTY. AN INTERIOR APPRAISAL IS STRONGLY RECOMMENDED AND IF DETERMINED PROPERTY IS IN LESS THAN AVERAGE CONDITION, APPRAISER RESERVES THE RIGHT TO ALTER APPRAISAL AND THE SELECTION OF COMPS. PRIOR SERVICES: * I HAVE PERFORMED NO SERVICES, AS AN APPRAISER OR IN ANY OTHER CAPACITY, REGARDING THE PROPERTY THAT IS THE SUBJECT OF THIS REPORT WITHIN THE THREE-YEAR PERIOD IMMEDIATELY PRECEDING ACCEPTANCE OF THIS ASSIGNMENT. APPRAISER HAS INSPECTED ALL COMPARABLE SALES VIA DRIVEBY INSPECTIONS. HOWEVER, APPRAISER WAS COMPELLED TO UTILIZE FILED PHOTOS FOR SOME COMPARABLE SALES DUE TO AN OBSTRUCTION PRESENT AT THE TIME OF INSPECTION. SUBJECT PROPERTY IS BUILT IN THE YEAR 1996 AND IS ADEQUATELY MAINTAINED. THEREFORE, EFFECTIVE AGE OF SUBJECT PROPERTY IS 15 YEARS. PER APPRAISERS EXTERIOR/INTERIOR INSPECTION DONE ON THE SUBJECT AND SURROUNDING NEIGHBORHOOD, I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE, THE INSPECTION REVEALED NO INDICATIONS OF MODERATE TO SIGNIFICANT PHYSICAL DAMAGE TO THE PROPERTY OR NEIGHBORHOOD, AND NO NEEDED REPAIRS TO THE SITE OR IMPROVEMENTS DUE TO HURRICANE SANDY ON OCTOBER 29TH, 2012. PROPERTY IS FREE FROM DAMAGE AND THE DISASTER HAD NO EFFECT ON VALUE OR MARKETABILITY. PRIOR INFORMATION IN MC ADDENDUM FOR "TOTAL # OF COMPARABLE ACTIVE LISTINGS", "MONTHS OF HOUSING SUPPLY", "MEDIAN COMPARABLE LIST PRICE", AND MEDIAN COMPARABLE LISTINGS DAYS ON MARKET", IS NOT AVAILABLE TO APPRAISER THROUGH ANY PUBLIC SOURCE. THEREFORE, WAS LEFT BLANK. APPRAISER NOTES: APPRAISER HAS NOT COMPLETED ANY WORK IN THE PRIOR 36 MONTHS FOR SUBJECT PROPERTY. EXPOSURE TIME - A REASONABLE EXPOSURE TIME FOR THE SUBJECT PROPERTY AT THE OPINION OF VALUE INDICATED IS ESTIMATED TO BE 3-6 MONTHS AND WAS DERIVED WITH SIMILAR COMPARABLE SALES IN THE AREA. "MY COMPARABLE SEARCH AND RESULTS" APPRAISER HAS SEARCHED THE AREA FOR COMPARABLES SALES. THE SEARCH WAS CONDUCTED FOR COMPARABLE SALES CLOSED WITHIN ONE YEAR OF THE EFFECTIVE DATE OF THE APPRAISAL REPORT. SUBJECT PROPERTY IS A SINGLE FAMILY DWELLING AND CONSISTS OF A TOTAL OF 6 ROOMS AND 2.1 BATHROOMS , 1,400 SQ.FT. GLA, THE RANGE FOR SIMILAR SINGLE FAMILY SALES IN THE AREA IS $524,000 $599,900 DEPENDING ON OVERALL CONDITION AND SIZE OF THE UNIT. APPRAISER HAS SEARCHED COMPARABLES WHICH ARE SIMILAR TO THE SUBJECT IN TERMS OF DESIGN AND GLA. ADVERSE SITE CONDITIONS THERE ARE NO ADVERSE SITE CONDITIONS KNOWN TO OR NOTED BY THE APPRAISER. HOWEVER, THE APPRAISER IS NOT QUALIFIED TO DETECT SUCH SUBSTANCES OR PROBLEMS. THE EXISTENCE OF ANY POTENTIAL HAZARDOUS MATERIAL MAY HAVE AN EFFECT ON THE VALUE OF THE PROPERTY. COMMENTS ON SALES COMPARISON THE COMPARABLE SALES UTILIZED PROVIDE A GOOD INDICATION OF THE SUBJECT'S CURRENT MARKET VALUE. PURSUANT TO FANNIE MAE RECOMMENDED GUIDELINES, ALL OF THE COMPARABLE SALES ARE LOCATED WITHIN ONE MILE OF THE SUBJECT, AND CLOSED WITHIN ONE YEAR OF THE INSPECTION DATE. ADJUSTMENTS HAVE BEEN MADE WHERE APPROPRIATE AND CONFORM WITH FANNIE MAE GUIDELINES OF NO MORE THAN 10%, 15% AND 25% FOR LINE, NET AND GROSS ADJUSTMENTS, RESPECTIVELY. MARKET VALUE FOR THE SUBJECT IS SUPPORTED BOTH BEFORE AND AFTER ADJUSTMENTS. DUE TO THE LACK OF MORE SIMILAR SALES IN THE AREA, APPRAISER WAS COMPELLED TO UTILIZE COMPARABLE SALE NO.4 WHICH IS LOCATED OVER A MILE RADUIS OF THE SUBJECT. HOWEVER, THE AREA SHARES SIMILAR MARKETABILITY AS SUBJECT PROPERTY AND APPEALS TO THE SAME MARKET. DUE TO LACK OF SALES IN THE AREA WHICH ARE SIMILAR TO THE SUBJECT IN TERMS OF BEING A SEMI ATTACHED DWELLING, APPRAISER HAS UTILIZED COMPARABLES #3 AND 5 WHICH ARE DETACHED DWELLINGS AND WERE ADJUSTED ACCORDINGLY. IN APPRAISER'S OPINION, THE UTILIZED SALES AS ADJUSTED, PROVIDE GOOD INDICATION OF SUBJECTS CURRENT MARKET VALUE. DUE TO THE LACK OF SALES IN THE AREA, APPRAISER WAS COMPELLED TO EXCEED THE 6 MONTHS GUIDELINE FOR COMPARABLE SALE NO. 1, 2 AND 3. DUE TO LACK OF SIMILAR SALES IN THE AREA, APPRAISER COULD NOT MEET CLIENTS GUIDELINE OF 2 COMPARABLES WITHIN THE PAST 90 DAYS. IN APPRAISER'S OPINION, THE ABOVE COMPARABLE ARE A GOOD INDICATION OF SUBJECT'S CURRENT MARKET VALUE. A $5,000 ADJUSTMENT HAS BEEN APPLIED TO COMPARABLE SALES WHICH ARE SEMI-ATTACHED AND DIFFER FROM SUBJECTS DETACHED DWELLING. Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Supplemental Addendum File No. 137814 Borrower Property Address City Lender/Client 88 Suffolk Ave Staten Island CITIBANK / CBNA County RICHMOND State NY Zip Code 10314 A $5,000 ADJUSTMENT HAS BEEN APPLIED TO COMPARABLE SALES WHICH HAS UNFINISHED BASEMENT AND DIFFER FROM SUBJECTS FINISHED BASEMENT. A $5/SF LOT SIZE ADJUSTMENT WAS APPLIED TO COMPARABLES TO REFLECT THESE DIFFERENCES BETWEEN COMPARABLE SALES AND THE SUBJECT. A $2,500/HALF BATH, A $5,000/FULL BATH ADJUSTMENTS HAS BEEN APPLIED TO COMPARABLE SALE TO REFLECT THE DIFFERENCE, ADJUSTMENTS ARE SUPPORTED BY THE PAIRED SALES ANALYSIS. A $10,000 AGE ADJUSTMENT HAS BEEN APPLIED TO COMPARABLE SALES WHICH DIFFER FROM SUBJECTS AGE WITH MORE THAN 30 YEARS. NO AGE ADJUSTMENTS WERE DEEMED NECESSARY FOR ALL COMPARABLE SALES ARE WITHIN 25 YEARS OF SUBJECTS AGE AND THEREFORE IS CONSIDERED SIMILAR IN THE MARKET. GROSS BUILDING AREA THE SUBJECT PROPERTY BENEFITS FROM 1,400 SQUARE FEET OF GROSS LIVING AREA (GLA). $30/PER SQ.FT WAS ADJUSTED FOR GROSS LIVING AREA WHICH IS SUPPORTED BY THE PAIRED SALES ANALYSIS. NO GLA ADJUSTMENTS WERE DEEMED NECESSARY FOR COMPARABLE SALES WHICH ARE ALL WITHIN 100 SQ.FT. OF SUBJECT’S GLA AND IS THEREFORE CONSIDERED SIMILAR. MOST WEIGHT WAS APPLIED TO COMPARABLE SALE NO. 1 AND 2 WHICH ARE THE LEAST GROSS ADJUSTED AND MOST RECENT SALE. COMMENTS AND CONDITIONS OF APPRAISAL THE INTENDED USER OF THIS APPRAISAL REPORT IS THE LENDER/CLIENT. THE INTENDED USE IS TO EVALUATE THE PROPERTY THAT IS THE SUBJECT OF THIS APPRAISAL FOR A MORTGAGE FINANCE TRANSACTION, SUBJECT TO THE STATED SCOPE OF WORK, PURPOSE OF THE APPRAISAL, REPORTING REQUIREMENTS OF THIS APPRAISAL REPORT FORM, AND DEFINITION OF MARKET VALUE. NO ADDITIONAL INTENDED USERS ARE IDENTIFIED BY THE APPRAISER. Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Subject Photos Borrower Property Address City Lender/Client 88 Suffolk Ave Staten Island CITIBANK / CBNA County RICHMOND State NY Zip Code 10314 Subject Front 88 Suffolk Ave Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 1,- N;Res; N;Res; 3740 sf Q4 21 Address Verification Subject Street Form PIC3x5.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Subject Photo Page Borrower Property Address City Lender/Client 88 Suffolk Ave Staten Island CITIBANK / CBNA County RICHMOND State NY Zip Code 10314 Subject Street Subject Side Subject Side Form PIC3X5.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photos 1-3 Borrower Property Address City Lender/Client 88 Suffolk Ave Staten Island CITIBANK / CBNA County RICHMOND State NY Zip Code 10314 Comparable 1 132 Suffolk Ave Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 0.07 miles S 524,000 1,- N;Res; N;Res; 2838 sf Q4 21 Comparable 2 481 Gower St Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 0.36 miles SE 545,000 1,- N;Res; N;Res; 2500 sf Q4 12 Comparable 3 235 Fanning St Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Form PIC3x5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 0.33 miles NE 599,900 1,- N;Res; N;Res; 5565 sf Q4 52 Comparable Photos 4-6 Borrower Property Address City Lender/Client 88 Suffolk Ave Staten Island CITIBANK / CBNA County RICHMOND State NY Zip Code 10314 Comparable 4 322 Kingsley Ave Prox. to Subject 1.26 miles N Sales Price 589,000 Gross Living Area 1,458 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 1.1 Location N;Res; View N;Res; Site 2343 sf Quality Q4 Age 17 Comparable 5 522 Gansevoort Blvd Prox. to Subject 0.36 miles SE Sales Price 599,000 Gross Living Area 1,224 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 1.0 Location N;Res; View N;Res; Site 4160 sf Quality Q4 Age 62 Form PIC3x5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Location Map Borrower Property Address City Lender/Client 88 Suffolk Ave Staten Island CITIBANK / CBNA County RICHMOND State NY Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Zip Code 10314 Aerial Map Borrower Property Address City Lender/Client 88 Suffolk Ave Staten Island CITIBANK / CBNA County RICHMOND State NY Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Zip Code 10314 Plat Map Borrower Property Address City Lender/Client 88 Suffolk Ave Staten Island CITIBANK / CBNA County RICHMOND State NY Form MAP.PLAT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Zip Code 10314 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 very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling features no physical depreciation.* *Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Recently constructed improvements that have not been previously occupied are not considered “new” if they have any significant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep). C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction. C3 The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well maintained. C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate. C5 The 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 remains useable and functional as a residence. C6 The 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 many or most major components. 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. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality. Q2 Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality. Q3 Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from “stock” standards. Q4 Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are 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. UAD Version 9/2011 Form UADDEFINE - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Quality Ratings and Definitions (continued) Q5 Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades. Q6 Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions to the original structure Definitions of Not Updated, Updated, and Remodeled Not Updated Little 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 major components have been replaced or updated. Those over fifteen years of age are also considered not updated if the appliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintained and 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 modifications are 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 constitute updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not include significant alterations to the existing structure. Remodeled Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion. A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation of 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 not included in the bathroom count. The number of full and half baths is reported by separating the two values using a period, where the full bath count is represented to the left of the period and the half bath count is represented to the right of the period. Example: 3.2 indicates three full baths and two half baths. UAD Version 9/2011 Form UADDEFINE - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Abbreviations Used in Data Standardization Text Abbreviation ac AdjPrk AdjPwr A ArmLth ba br B Cash CtySky CtyStr Comm c Conv CrtOrd DOM e Estate FHA GlfCse Glfvw Ind in Lndfl LtdSght Listing Mtn N NonArm BsyRd o Prk Pstrl PwrLn PubTrn rr Relo REO Res RH s Short sf sqm Unk VA w wo wu WtrFr Wtr Woods Full Name Fields Where This Abbreviation May Appear Acres Adjacent to Park Adjacent to Power Lines Adverse Arms Length Sale Bathroom(s) Bedroom Beneficial Cash City View Skyline View City Street View Commercial Influence Contracted Date Conventional Court Ordered Sale Days On Market Expiration Date Estate Sale Federal Housing Authority Golf Course Golf Course View Industrial Interior Only Stairs Landfill Limited Sight Listing Mountain View Neutral Non-Arms Length Sale Busy Road Other Park View Pastoral View Power Lines Public Transportation Recreational (Rec) Room Relocation Sale REO Sale Residential USDA - Rural Housing Settlement Date Short Sale Square Feet Square Meters Unknown Veterans Administration Withdrawn Date Walk Out Basement Walk Up Basement Water Frontage Water View Woods View Area, Site Location Location Location & View Sale or Financing Concessions Basement & Finished Rooms Below Grade Basement & Finished Rooms Below Grade Location & View Sale or Financing Concessions View View Location Date of Sale/Time Sale or Financing Concessions Sale or Financing Concessions Data Sources Date of Sale/Time Sale or Financing Concessions Sale or Financing Concessions Location View Location & View Basement & Finished Rooms Below Grade Location View Sale or Financing Concessions View Location & View Sale or Financing Concessions Location Basement & Finished Rooms Below Grade View View View Location Basement & Finished Rooms Below Grade Sale or Financing Concessions Sale or Financing Concessions Location & View Sale or Financing Concessions Date of Sale/Time Sale or Financing Concessions Area, Site, Basement Area, Site Date of Sale/Time Sale or Financing Concessions Date of Sale/Time Basement & Finished Rooms Below Grade Basement & Finished Rooms Below Grade Location View View Other Appraiser-Defined Abbreviations Abbreviation Full Name Fields Where This Abbreviation May Appear UAD Version 9/2011 Form UADDEFINE - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No. 137814 Borrower Property Address City Lender/Client 88 Suffolk Ave Staten Island CITIBANK / CBNA County RICHMOND State NY Zip Code 10314 APPRAISAL AND REPORT IDENTIFICATION This Report is one of the following types: Appraisal Report (A written report prepared under Standards Rule 2-2(a) , pursuant to the Scope of Work, as disclosed elsewhere in this report.) Restricted Appraisal Report (A written report prepared under Standards Rule 2-2(b) , pursuant to the Scope of Work, as disclosed elsewhere in this report, restricted to the stated intended use by the specified client or intended user.) Comments on Standards Rule 2-3 I certify that, to the best of my knowledge and belief: - The statements of fact contained in this report are true and correct. - The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. - I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). Reasonable Exposure Time (USPAP defines Exposure Time as the estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.) My Opinion of Reasonable Exposure Time for the subject property at the market value stated in this report is: 3-6 MONTHS Comments on Appraisal and Report Identification Note any USPAP-related issues requiring disclosure and any state mandated requirements: APPRAISER: SUPERVISORY or CO-APPRAISER (if applicable): Signature: Name: Signature: Name: State Certification #: or State License #: State: Expiration Date of Certification or License: Date of Signature and Report: 06/16/2017 Effective Date of Appraisal: 06/14/2017 Inspection of Subject: None Interior and Exterior Date of Inspection (if applicable): 06/14/2017 State Certification #: or State License #: State: Expiration Date of Certification or License: Date of Signature: Exterior-Only Inspection of Subject: None Date of Inspection (if applicable): Form ID14E - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Interior and Exterior Exterior-Only