ADDENDUM
`
`305712
`
`File No.
`
`17100505
`
`DOCKET NO.
`
`Structured Asset Securities Corporation Mortgage
`Pass-through Certificates, Series 2004-21XS,
`U.S. Bank National Association, as Trustee, et al.
`VS.
`Jonathan Sirota and Elena Sirota, et al.
`
`: SUPERIOR COURT
`
`J.D. OF Stamford-Norwalk
`
`: AT Stamford-Norwalk
`October /% 2017
`
`OATH OF APPRAISER
`
`|, Jack M. Boyles, being duly sworn, depose and say:
`
`1.
`
`| am licensed and certified by the State of Connecticut as a real estate appraiser.
`
`2.
`
`| am familiar with real estate property values in the Town of Stamford.
`
`3. At the request of the Plaintiff, | performed an appraisal of the property located at 256 Haviland Road a/k/a 18 West
`Haviland Lane, Stamford, CT.
`
`4, My appraisal report, dated October 13, 2017, is attached hereto and made a part hereof.
`property therein described has a value, as follows:
`
`| am of the opinionthat the
`
`Value of Land:
`Value of Building:
`Total Value of Property:
`
`$300,000
`$480,000
`$780,000
`
`Effective as of: October 13, 2017
`
`5.
`
`| request a fee of $335 for the appraisal services rendered.
`
`January 31,2022
`
`ApichLEDhue.
`
`Address:
`
`RCR.0001283
`CADRE Group, LLC
`60 Katona Drive, Suite 27
`Fairfield, CT 06824
`
`Dated: October
`
`2017
`
`TH
`Subscribed and sworn to before methis ( is day of October, 2017.
`
`Notary Public
`My Commission Expires:
`
`Michael R. Massa
`Notary Public-Con necticut
`My Commission Expires
`
`

`

`CADRE GROUP, LLC
`COMPREHENSIVE ANALYSIS & DIRECTION/REAL ESTATE
`
`305712
`17100505
`
`File No.
`
`APPRAISAL OF
`
`SINGLE FAMILY RESIDENCE
`
`LOCATED AT:
`
`256 Haviland Road a/k/a 18 West Haviland Lane
`Stamford, CT 06903
`
`FOR:
`
`MCCALLA RAYMER LEIBERT PIERCE, LLC
`50 WESTON STREET
`HARTFORD, CT, 06120
`
`BORROWER:
`
`Sirota
`
`AS OF:
`
`October 13, 2017
`
`BY:
`
`Jack M. Boyles
`CORPORATE OFFICE 60 KATONA DRIVE SUITE 27 FAIRFIELD, CT 06824
`
`TELEPHONE (203) 368 - 2000 FACSIMILE (203) 368 - 2210
`
`

`

`Limited Appraisal Analysis - Summary Appraisal Report
`
`CADRE GROUP, LLC
`BORROWER/SUBJECT PROPERTY INFORMATION
`
`File No.
`
`17100505
`
`305712
`
`Borrower
`
`Sirota
`
`City
`
`Phone No. Res.
`
`256 Haviland Road a/k/a 18 West Haviland Lane
`Property Address
`Stamford
`N/A
`No. of Rooms
`
`Loan Amount Requested $
`
`N/A
`No. of Baths
`
`No. of Bedrooms
`
`County
`
`Fairfield
`N/A
`Family Room or Den
`
`Term
`
`Months
`
`Gross Living Area
`
`0203.00
`X
`
`SF
`
`Census Tract
`
`Check One:
`CT
`
`State
`
`PUD
`
`Zip Code
`
`Map Reference
`
`MSA/MD 14860
`
`2-4 Units
`
`Owner's Estimate of Value $
`
`Garage/Carport
`(Specify Type & Number)
`2 Car Garage
`
`Central Air
`
`X
`
`Yes
`
`No
`
`Condo
`06903
`N/A
`Porches, Patio or
`Pool (Specify)
`Porch,Patio
`
`Property Compatibility
`
`General Appearance of Properties
`
`Good
`
`Avg.
`
`Fair
`
`Poor
`
`9
`
`4
`
`3.10
`
`Yes
`
`No
`
`3,968
`
`Sq. Ft.
`
`FIELD REPORT
`
`Suburban
`
`25% to 75%
`
`Rural
`
`Under 25%
`
`Urban
`
`Over 75%
`
`XX
`
`NEIGHBORHOOD
`
`Location
`
`Built Up
`
`XXX
`
`Appeal
`
`0
`
`% Industrial
`
`0
`
`% Vacant
`
`5
`
`museum,parks, etc
`
`%
`
`Slow
`
`Declining
`
`X
`
`Oversupply
`
`Over 6 Months
`5
`
`% Commercial
`
`% Condo
`
`From
`
`Taking Place
`2
`
`% Vacant
`735,000
`
`Steady
`
`Stable
`
`In Balance
`
`4-6 Months
`
`% Apts.
`
`Likely
`
`Tenant
`
`0
`
`6
`
`Growth Rate
`
`X
`
`Fully Dev.
`
`Property Values
`
`Demand/Supply
`
`Marketing Time
`
`Present Land Use
`
`90
`
`% 1 Family
`
`Rapid
`
`Increasing
`
`Shortage
`
`Under 3 Months
`0
`
`% 2-4 Family
`
`X
`
`X
`0
`
`92
`1,850,000
`
`Not Likely
`
`Owner
`
`XX
`
`Change in Present Land Use
`
`Predominant Occupancy
`
`Single Family Price Range $
`
`Single Family Age
`
`390,000
`
`2
`
`Years To
`
`Years
`
`Predominant Age
`
`Yrs.
`
`To $
`240
`
`Predominant Value $
`49
`
`To
`Occupancy and vacancy ratios are from the ffiec
`website, a public access, census- based demographic
`profile updated 07/05/2017.
`
`Note: Freddie Mac does not consider race or the racial composition of the neighborhood to be reliable appraisal factors.
`The subject is located in the North Stamford section of
`Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise)
`Stamford in an area consisting primarily of residential properties. Convenient to major highways, public transit, employment centers, and
`municipal services. As of the 2010 census, the total population included a total of 122,643 residents. The 2017 estimated subject tract
`median family income is $189,541.
`SUBJECT PROPERTY
`1994
`1
`No. Stories
`Detached
`Type (detached, duplex, semi-det etc.)
`Colonial
`Design (rambler, split level, etc.)
`Brick Veneer
`sphalt Shingles
`Is the property located in a HUD-Identified Special Flood Hazard Area?
`No
`Yes
`None noted from the exterior.
`
`Approximate Year Built
`
`No. Units
`
`2
`
`XA
`
`Roof Material
`
`Exterior Walls Material
`
`Special Energy Efficient Items
`
`Good
`
`Avg.
`
`Fair
`
`Poor
`
`XXX
`
`PROPERTY RATING
`
`Condition of Exterior
`
`Compatibility to Neighborhood
`
`Appeal and Marketability
`
`The subject property is gated with a circular driveway, and appears to be in average
`Comments (favorable or unfavorable including any deferred maintenance)
`condition from the street. At the request of the client, no interior or on site inspection was conducted. Refer to extraordinary assumptions
`in the addendum.
`
`ITEM
`
`Address
`
`SUBJECT
`256 Haviland Road a
`Stamford
`
`Proximity to Subject
`
`Sales Price
`
`$
`
`N/A
`
`VALUE ADJUSTMENTS
`
`DESCRIPTION
`
`Date of Sale/Time
`
`Location
`
`Site/View
`
`Age
`
`Condition
`
`Above Grade
`
`N/A
`Average
`1.19 ac/resid,water
`23
`Average
`
`SALES COMPARISON ANALYSIS
`COMPARABLE NO.1
`COMPARABLE NO.2
`60 Heritage Lane
`80 Mohawk Trl
`Stamford
`Stamford
`0.43 miles NE
`1.17 miles NW
`DOM - 91
`DOM - 83
`
`$
`
`DESCRIPTION
`08/28/2017
`Average
`1.71ac/residential
`41
`Good
`
`Total
`9
`
`Bdrms.
`4
`
`795,000
`+ ( - ) $
`Adjustment
`
`-5,000
`
`-79,500
`
`$
`
`DESCRIPTION
`05/31/2017
`Average
`1.66ac/residential
`50
`Average
`
`Total
`9
`
`Bdrms.
`4
`
`707,500
`+ ( - ) $
`Adjustment
`
`-4,700
`
`COMPARABLE NO.3
`342 Rock Rimmon Rd
`Stamford
`0.66 miles NE
`DOM - 222
`
`$
`
`DESCRIPTION
`04/18/2017
`Average
`1.06ac/residential
`-2832
`Good
`
`Total
`9
`
`Bdrms.
`4
`
`825,000
`+ ( - ) $
`Adjustment
`
`8,300
`
`-82,500
`
`10,000
`49,000
`
`-10,000
`
`-10,000
`-6,000
`
`32,200
`19,300
`
`Central Air
`2 Car Garage
`Multiple
`No Pool
`2 Fpl/ Generator
`Design:Colonial
`Full Basement
`Unfinished
`X
`Gross:
`
`+
`
`$
`
`Central Air
`2 Car Garage
`Multiple
`No Pool
`2 Fireplaces
`Design:Colonial
`Full Basement
`711 sf finished
`X
`
`+
`
`Gross:
`
`$
`
`-16,000
`
`55,000
`109,700
`
`-3,000
`
`40,800
`47,400
`
`-
`-
`-
`18%
`21%
`25%
`-6%
`777,600
`16%
`817,200
`-2%
`775,700
`$
`Net:
`$
`Net:
`$
`Net:
`Land value is derived from comparable land sales (when available) and analysis of other similar comparable house sales
`General Comments
`from subjects and similar neighborhoods. Land value is estimated at $300,000. Land values that exceed 30% are common for the area
`and do not effect marketability.
`X
`
`Total
`9
`
`Bdrms.
`4
`
`Baths
`3.10
`3,968
`
`Sq. Ft.
`
`Baths
`2.10
`2,988
`
`Sq.Ft.
`
`Baths
`2.10
`2,660
`
`Sq.Ft.
`
`10,000
`65,400
`
`Baths
`3.10
`4,187
`
`Sq.Ft.
`
`-11,000
`
`Room Count
`
`Gross Living Area
`
`Heating/Cooling
`
`Garage/Carport
`
`Porches, Patio,
`
`Pools, etc.
`
`Special Energy
`
`Efficient Items
`
`Other (e.g. kitchen
`
`equip., remodeling)
`
`Net Adj. (total)
`Indicated Value
`
`of Subject
`
`Central Air
`2 Car Garage
`Multiple
`No Pool
`1 Fireplace
`Design:Colonial
`Full Basement
`2752 sf finished
`
`Central Air
`4 Car Garage
`Multiple
`Pool
`3 Fireplaces
`Design:Colonial
`Full Basement
`890 sf fin/1.0 bath
`X
`$
`
`+
`
`Gross:
`
`Property Rights Appraised:
`
`Fee Simple
`
`Leased Fee
`
`Leasehold
`
`Completed By
`
`Jack M. Boyles
`
`Signature
`
`Estimated Market Value $
`
`780,000
`October 13, 2017
`as of
`Certified Residential Appraiser
`
`Title
`
`Date
`
`10/16/2017
`
` Produced using ACI software, 800.234.8727 www.aciweb.com
`
`CADRE GROUP
`
`

`

`Limited Appraisal Analysis - Summary Appraisal Report
`
`305712
`
`ITEM
`
`Address
`
`SUBJECT
`256 Haviland Road a
`Stamford
`
`Proximity to Subject
`
`Sales Price
`
`$
`
`N/A
`
`$
`
`CADRE GROUP, LLC
`SALES COMPARISON ANALYSIS
`COMPARABLE NO.4
`COMPARABLE NO.5
`111 Chestnut Hill Ln
`Stamford
`0.49 miles SW
`DOM - 22
`
`File No.
`
`17100505
`
`COMPARABLE NO.6
`
`$
`
`$
`
`DESCRIPTION
`
`+ ( - ) $
`Adjustment
`
`DESCRIPTION
`
`+ ( - ) $
`Adjustment
`
`Total
`
`Bdrms.
`
`Baths
`
`Total
`
`Bdrms.
`
`Baths
`
`Sq.Ft.
`
`Sq.Ft.
`
`+
`
`-
`
`Gross:
`
`$
`
`$
`
`+
`
`-
`
`Gross:
`
`Net:
`
`$
`
`$
`
`799,000
`+ ( - ) $
`Adjustment
`-40,000
`
`0
`
`5,000
`21,500
`
`-3,000
`
`28,800
`12,300
`
`VALUE ADJUSTMENTS
`
`DESCRIPTION
`
`DESCRIPTION
`
`N/A
`Average
`1.19 ac/resid,water
`23
`Average
`
`Active
`Average
`1.07ac/resid,water
`50
`Average
`
`Total
`9
`
`Bdrms.
`4
`
`Baths
`3.10
`3,968
`
`Sq. Ft.
`
`Total
`9
`
`Bdrms.
`4
`
`Baths
`3.00
`3,538
`
`Sq.Ft.
`
`Central Air
`2 Car Garage
`Multiple
`No Pool
`1 Fireplace
`Design:Colonial
`Full Basement
`2752 sf finished
`
`Central Air
`2 Car Garage
`Multiple
`No Pool
`2 Fireplaces
`Design:Colonial
`Full Basement
`1061 sf fin/1.0 bath
`X
`$
`Gross:
`
`+
`
`-
`12%
`2%
`
`Date of Sale/Time
`
`Location
`
`Site/View
`
`Age
`
`Condition
`
`Above Grade
`
`Room Count
`
`Gross Living Area
`
`Heating/Cooling
`
`Garage/Carport
`
`Porches, Patio,
`
`Pools, etc.
`
`Special Energy
`
`Efficient Items
`
`Other (e.g. kitchen
`
`equip., remodeling)
`
`Net Adj. (total)
`Indicated Value
`
`of Subject
`
`Net:
`
`811,300
`Net:
`$
`ADDITIONAL COMMENTS
`
`The active listing is adjusted down 5%, reflecting the lack of buyer negotiation, which tends to lower the eventual sales price.
`
` Produced using ACI software, 800.234.8727 www.aciweb.com
`
`

`

`ADDENDUM
`
`305712
`
`File No. 17100505
`
`Clarification of intended use and intended user:
`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 foreclosure purposes, 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.
`
`Limiting conditions and extraordinary assumptions
`The appraiser has been requested to perform an appraisal based on an exterior only inspection and not disturb the
`occupants by entering the building. The physical characteristics used to develop this appraisal are based on observations
`from a public street on the effective date of the appraisal, the assessment records of the subject's municipality, and on
`multiple listing service (mls) information--if available and/or various other data sources available to the appraiser.This
`appraisal is therefore done under several extraordinary assumptions. An extraordinary assumption is defined in the uniform
`standards of professional appraisal practice (USPAP 2016/2017) As: "an assumption, directly related to a specific
`assignment, which if found to be false, could alter the appraiser's opinions or conclusions." in this appraisal an extraordinary
`assumption is made that the condition, style and appeal of the interior is similar to that of the exterior of the property that can
`be viewed from a public street. A second extraordinary assumption is that assessor's records, and mls information regarding
`the subject's interior condition, and exterior condition not visible from the street, is correct. A third extraordinary assumption
`is that the gross living areas, as reported in the municipal assessor's records is correct. If any of these extraordinary
`assumptions are false, then the appraiser's opinions, conclusions and estimate of value could be different than if a complete
`appraisal with scope of work that included an interior inspection of the property was performed.
`
`Compliance with federal regulations
` This appraisal report complies in every respect with the real estate appraisal regulations promulgated by the Office of the
`Comptroller of the Currency, 12 CFR, PT 34; and by the Federal Deposit Insurance Corporation, 12 CFR, PT 323, pursuant
`to Title XI of the Financial Institution's Reform, Recovery, and Enforcement Act of 1989. The appraisal assignment was not
`based on a request minimum valuation, a specific valuation, or the approval of a loan.
` * The purpose of this appraisal is to provide the market value of the subject property in connection with a foreclosure
`proceeding.
` * The scope of this appraisal is the analysis and determination of the value of the property in accordance with the methods
`shown on the report and reconciliation thereof, together with an inspection of the property and public records, comparable
`sales data, and other information shown on the appraisal report.
`
` *The subject property has not transferred in an arm's length transaction in the past 36 months.
`
`Appraisal development and reporting process
`This is a restricted appraisal report which is intended to comply with the reporting requirements set forth under Standards
`Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a restricted appraisal report. As such, it presents
`only summary discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the
`appraiser's opinion of value. Supporting documentation that is not provided with the report concerning the data, reasoning,
`and analysis is retained in the appraiser's file. The depth of the discussion contained in this report is specific to the needs of
`the client and for the intended use stated in the report. The appraiser is not responsible for unauthorized use of this report.
`
`Comment on signatures
`This appraisal report contains encoded, computer-generated signatures. This mode of signing electronic data interchange
`(edi) reports has been accepted by the appraisal standards board of the appraisal foundation and is recognized by the same
`as an "original signature".
`
`Comment on land values
`The subject's land value is over 30% of the subject's total value. This is typical in the areas of Fairfield county in the State of
`Connecticut due to the market appeal of the area and the lack of buildable vacant land. It is typical for the land values in
`Fairfield county to reach 50%, and in some areas even higher.
`
`Comment on site sizes
`Site sizes are adjusted at $25,000 per acre (rounded) where the difference is greater than 0.25 acres, to reflect market
`reaction to larger sites with more recreation area and privacy.
`
`Comment on view adjustments
`Sales #1, 2, and 3 are adjusted down 1% for non water views as the subject enjoys of a large pond across the street. Sale
`#4 requires no adjustment.
`
`Comment on condition
`Adjustments for condition are made at 10% for sales #1 and #3 to reflect superior condition when compared to the subject.
`Condition ratings are based on mls reports and visual inspection and consider the properties age, updating or lack thereof,
`and general appearance. Adjustments are made based on analysis of sales and paired sales within this report.
`
`Comment on photographs
`The digital photographs contained in this report are the original photographs taken at the time of inspection and subsequent
`comparable sales research/ These photographs have not been altered or enhanced in any reproduction manner.
`
`Comment on photographs
`Vision Appraisal or mls photographs are used when they provided a clearer picture of the subject and/ or comparable
`property than those taken from the street. Such are the cases for the subject property and Sales #1 and #3.
`
`Comment on gross living area
`Gross living area is adjusted at $50 per sq ft, where difference varies by over 100 sq ft, rounded to the nearest $100.
`Finished basement is adjusted at $20 per sq ft. Sales #1 and #2 have gla which are over 15% smaller than the subject. The
`best sales available are used.
`
`

`

`ADDENDUM
`
`305712
`
`File No. 17100505
`
`Comment on comparable closing date guideline
`Whenever possible, comparables which have closed within the last six months have been utilized except when comparables
`which have closed beyond the guidelines or are active/pending were deemed most indicative of the subject's market value.
`If at the appraiser's discretion, a more comparable property was available that sold over six months ago, then that sale may
`be utilized. All sales closed within the past six months.
`
`Comparables within one mile of the subject
`An attempt is made to utilize comparable sales within one mile of the subject property. Given the lack of truly comparable
`sales in closer proximity and unique nature of Fairfield county, there may arise an instance where the one mile rule is
`considered inapplicable for the use in this report. Sales #1, #3, and #4 are within a mile of the subject property. Sale #2 is
`greater than one mile from the subject property.
`
`Comment on personal property
`No contributory value was assigned to any items of personal property in this appraisal.
`
`Comment on line-item adjustments
`Individual line item adjustments reflect the market reaction to the presence or absence of those particular items. Where
`minor differences occur with no adjustment, there was no measurable market effect for those differences, either due to
`competing amenities or nominal impact on values. These areas are denoted with a "0".
`
`Comment on age adjustment
`For purposes of this report, age is considered redundant adjustment criteria by the appraiser. There is little relationship
`between age and value other than design, quality of construction, condition, and functional utility. In Fairfield County, it is not
`unusual to see homes over 200 years old that have received regular maintenance and periodic renovations and updating
`with the end result being that the home is comparable to homes only a few years old. Adjustments for design, quality of
`construction, and condition will be made in their designated cells in the grid.
`
`Comment on FEMA declared disasters
`The subject property does not appear to have been affected by Hurricane Sandy or by the blizzard of 02/08/2013. No
`damage was noted to the subject or the immediate neighborhood at the time of inspection. The subject's value and
`marketability has not been adversely impacted and all photos of the subject were taken post disaster.
`
`

`

`SUBJECT PROPERTY PHOTO ADDENDUM
`
`File No.
`
`305712
`17100505
`
`FRONT VIEW OF
`SUBJECT PROPERTY
`
`October 13, 2017
`Appraised Date:
`780,000
`Appraised Value: $
`
`REAR VIEW OF
`SUBJECT PROPERTY
`
`STREET SCENE
`
`

`

`COMPARABLE PROPERTY PHOTO ADDENDUM
`
`File No.
`
`305712
`17100505
`
`COMPARABLE SALE #1
`
`60 Heritage Lane
`Stamford
`Sale Date:
`08/28/2017
`Sale Price: $
`795,000
`
`COMPARABLE SALE #2
`
`80 Mohawk Trl
`Stamford
`Sale Date:
`05/31/2017
`Sale Price: $
`707,500
`
`COMPARABLE SALE #3
`
`342 Rock Rimmon Rd
`Stamford
`Sale Date:
`04/18/2017
`Sale Price: $
`825,000
`
`

`

`COMPARABLE PROPERTY PHOTO ADDENDUM
`
`File No.
`
`305712
`17100505
`
`COMPARABLE SALE #4
`
`111 Chestnut Hill Ln
`Stamford
`Sale Date:
`Active
`Sale Price: $
`799,000
`
`COMPARABLE SALE #5
`
`Sale Date:
`Sale Price: $
`
`COMPARABLE SALE #6
`
`Sale Date:
`Sale Price: $
`
`

`

`ADDITIONAL PHOTOS
`
`File No.
`
`305712
`17100505
`
`Subject Property - 256 Haviland Rd
`Vision Appraisal Photo
`
`Sale #1 - 60 Heritage Lane
`Smart MLS Photo
`
`Sale #3 - 342 Rock Rimmon Road
`Smart MLS Photo
`
`Produced using ACI software, 800.234.8727 www.aciweb.com
`
`PHT3 05212013
`
`

`

`LOCATION MAP
`
`File No.
`
`305712
`17100505
`
`TELEPHONE (203) 368 - 2000 FACSIMILE (203) 368 - 2210
`
`

`

`CADRE GROUP, LLC
`
`USPAP ADDENDUM
`
`305712
`17100505
`
`File No.
`
`Sirota
`Borrower:
`256 Haviland Road a/k/a 18 West Haviland Lane
`Property Address:
`Stamford
`Fairfield
`City:
`County:
`MCCALLA RAYMER LEIBERT PIERCE, LLC
`Lender:
`
`State:
`
`CT
`
`Zip Code:
`
`06903
`
`APPRAISAL AND REPORT IDENTIFICATION
`
`This report was prepared under the following USPAP reporting option:
`
`Appraisal Report
`
`A written report prepared under Standards Rule 2-2(a).
`
`X
`
`Restricted Appraisal Report
`
`A written report prepared under Standards Rule 2-2(b).
`
`This appraisal has been prepared solely for the intended use of the client. The appraiser is unaware of any other party who may use this
`appraisal.
`
`Reasonable Exposure Time
`My opinion of a reasonable exposure time for the subject property at the market value stated in this report is:
`
`91 to 172 days
`
`The estimated exposure time for the subject property, as stated above, is based upon available area market data, and appears to be
`adequately supported by the market data used in the completion of this appraisal report.
`
`Additional Certifications
`
`X
`
`I have performed NO services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year
`period immediately preceding acceptance of this assignment.
`
`I HAVE performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year
`period immediately preceding acceptance of this assignment. Those services are described in the comments below.
`
`Additional Comments
`
`The appraiser, at the client's request, did not gain access to the interior of the subject property. This appraisal is otherwise believed to be
`in compliance with all applicable uspap standards.
`
`APPRAISER:
`
`SUPERVISORY APPRAISER (only if required):
`
`Signature:
`Jack M. Boyles
`Name:
`10/16/2017
`Date Signed:
`RCR.0001283
`State Certification #:
`or State License #:
`or Other (describe):
`CT
`State:
`04/30/2018
`Expiration Date of Certification or License:
`October 13, 2017
`Effective Date of Appraisal:
`
`State #:
`
`Signature:
`Name:
`Date Signed:
`State Certification #:
`or State License #:
`State:
`Expiration Date of Certification or License:
`Supervisory Appraiser inspection of Subject Property:
`Did Not
`Exterior-only from street
`Interior and Exterior
`
`Produced using ACI software, 800.234.8727 www.aciweb.com
`
`USPAP_14 04272015
`
`

`

`Case No.
`
`305712
`
`CADRE GROUP, LLC
`
`File No.
`
`17100505
`
`PURPOSE AND USE OF LIMITED APPRAISAL
`T h e p u r p o s e o f t h i s l i m i t e d a p p r a i s a l i s t o e s t i m a t e m a r k e t v a l u e b y p e r f o r m i n g a n e v a l u a t i o n o f r e a l p r o p e r t y c o l l a t e r a l f o r u s e i n a
`p r o p o s e d u n d e r w r i t i n g . T h i s l i m i t e d a p p r a i s a l i s f o r t h e u s e o f t h e p a r t y t o w h o m i t i s a d d r e s s e d a n d a n y f u r t h e r u s e o r d i s s e m i n a ti o n
`w i t h o u t c o n s e n t o f t h e a p p r a i s e r a n d a d d r e s s e e i s p r o h i b i t e d .
`
`DEFINITION OF MARKET VALUE
`M a r k e t v a l u e , a s r e f e r e n c e d i n O C C R u l e 1 2 C F R 3 4 . 4 2 ( f ) :
`T h e m o s t p r o b a b l e p r i c e w h i c h a p r o p e r t y s h o u l d b r i n g i n a c o m p e t i t i v e a n d o p e n m a r k e t u n d e r a l l c o n d i t i o n s r e q u i s i t e t o a f a i r s a l e ,
`t h e b u y e r a n d s e l l e r , e a c h a c t i n g p r u d e n t l y , k n o w l e d g e a b l y a n d a s s u m i n g t h e p r i c e i s n o t a f f e c t e d b y u n d u e s t i m u l u s . I m p l i c i t i n t h i s
`d e f i n i t i o n i s t h e c o n s u m m a t i o n o f a s a l e a s o f a s p e c i f i e d d a t e a n d t h e p a s s i n g o f t i t l e f r o m s e l l e r t o b u y e r u n d e r c o n d i t i o n s w h e r e b y :
`( 1 ) b u y e r a n d s e l l e r a r e t y p i c a l l y m o t i v a t e d ; ( 2 ) b o t h p a r t i e s a r e w e l l i n f o r m e d o r w e l l a d v i s e d , a n d e a c h a c t i n g i n w h a t h e c o n s i d e r s
`h i s o w n b e s t i n t e r e s t ; ( 3 ) a r e a s o n a b l e t i m e i s a l l o w e d f o r e x p o s u r e i n t h e o p e n m a r k e t ; ( 4 ) p a y m e n t i s m a d e i n t e r m s o f c a s h i n U . S .
`d o l l a r s o r i n t e r m s o f f i n a n c i a l a r r a n g e m e n t s c o m p a r a b l e t h e r e t o ; a n d ( 5 ) t h e p r i c e r e p r e s e n t s t h e n o r m a l co n si d e r a ti o n fo r th e p r o p e r ty
`s o l d u n a f f e c t e d b y s p e c i a l o r c r e a t i v e f i n a n c i n g o r s a l e s c o n c e s s i o n s * g r a n t e d b y a n y o n e a s s o c i a t e d w i t h t h e s a l e . A d j u stm e n ts to th e
`c o m p a r a b l e s m u s t b e m a d e f o r s p e c i a l o r c r e a t i v e f i n a n c i n g o r s a l e s c o n c e s s i o n s . N o a d j u s t m e n t s a r e n e c e s s a r y f o r t h o s e c o s t s
`w h i c h a r e n o r m a l l y p a i d b y s e l l e r s a s a r e s u l t o f t r a d i t i o n o r l a w i n a m a r k e t a r e a ; t h e s e c o s t s a r e r e a d i l y i d e n t i f i a b l e s i n c e t h e
`s e l l e r p a y s t h e s e c o s t s i n v i r t u a l l y a l l s a l e s t r a n s a c t i o n s . S p e c i a l o r c r e a t i v e f i n a n c i n g a d j u s t m e n t s c a n b e m a d e t o t h e c o m p a r a b l e
`p r o p e r t y b y c o m p a r i s o n s t o f i n a n c i n g t e r m s o f f e r e d b y a t h i r d p a r t y i n s t i t u t i o n a l l e n d e r t h a t i s n o t a l r e a d y i n v o l v e d i n t h e p r o p e r t y o r
`t r a n s a c t i o n . A n y a d j u s t m e n t s h o u l d n o t b e c a l c u l a t e d o n a m e c h a n i c a l d o l l a r f o r d o l l a r c o s t o f t h e f i n a n c i n g o r c o n c e s s i o n b u t t h e
`d o l l a r a m o u n t o f a n y a d j u s t m e n t s h o u l d a p p r o x i m a t e t h e m a r k e t ' s r e a c t i o n t o t h e f i n a n c i n g o r c o n c e s s i o n s b a s e d o n t h e a p p r a i s e r ' s
`j u d g e m e n t.
`
`DESCRIPTION OF LIMITED VALUATION PROCESS
`I n p e r f o r m i n g t h i s p r e l i m i n a r y v a l u e a n a l ysi s, th e va l u a ti o n p r o ce ss co n si ste d o f: ( 1 ) R e vi e w i n g a sse ssm e n t/ p u b l i c r e co r d s a n d co m p a r a b l e
`d a t a b a s e l i s t i n g i n f o r m a t i o n f o r t h e s u b j e c t ; ( 2 ) C o n d u c t i n g a n i n s p e c t i o n f o r t h e su b j e ct a n d i ts e n vi r o n s; ( 3 ) A n a l yzi n g sa l e s o f r e g i o n a l
`r e s i d e n t i a l r e a l e s t a t e ; ( 4 ) a r r i v i n g a t a v a l u e c o n c l u s i o n ; ( 5 ) W r i t i n g t h i s r e p o r t .
`
`D e p a r t u r e s f r o m s p e c i f i c a p p r a i s a l g u i d e l i n e s i n c l u d e d : S R 1 - 3 b e c a u s e t h e a p p r a i s e r h a s p r e s u m e d , f o r t h e p u r p o s e o f t h e l i m i t e d
`a p p r a i s a l , t h a t t h e e x i s t i n g u s e o f t h e s u b j e c t p r o p e r t y i s t h e h i g h e s t a n d b e s t u s e ; S R 1 - 4 b e c a u s e o n l y a s a l e s c o m p a r i s o n a n a l y s i s
`o f v a l u e w a s e m p l o y e d i n t h i s l i m i t e d a p p r a i s a l s i n c e i t i s t h e p r i m a r y v a l u a t i o n m e t h o d f o r r e s i d e n t i a l d w e l l i n g s i m i l a r t o t h e s u b j e c t .
`A n y a d d i t i o n a l u s e s o f t h e d e p a r t u r e p r o v i s i o n a r e s p e c i f i c a l l y s t a t e d i n t h e a t t a c h e d a p p r a i s a l r e p o r t o r i t s ' a t t a c h m e n t s .
`
`SALES HISTORY
`According to the data utilized in preparing the report, the property
`
`has
`
`X
`
`has not transferred within the past 12 months.
`
`LEVEL OF RELIABILITY
`T h e u s e o f t h e d e p a r t u r e p r o v i s i o n t o a l l o w a l i m i t e d a p p r a i s a l w i t h a s i n g l e a p p r o a c h t o v a l u e r e d u c e s t h e l e v e l o f r e l i a b i l i t y o f t h i s
`r e p o r t.
`
`RECONCILIATION
`C o m p l e t e w e i g h t w a s g i v e n t o t h e S a l e s C o m p a r i s o n A p p r a o c h a s i t i s t h e a p p r a o ch u se d b y m o st b u ye r s w h e n p u r ch a si n g a si n g l e f a m i l y
`d w e l l i n g . T h e I n c o m e A p p r o a c h w a s n o t a p p l i c a b l e b e c a u s e o f t h e l a c k o f r e n t a l i n f o r m a t i o n a n d m e a n i n g fu l r e l e va n cy to th e va l u e o f a
`d w e l l i n g l o c a t e d i n t h i s p r i m a r i l y o w n e r o c c u p i e d n e i g h b o r h o o d . O n t h e o t h e r h a n d , t h e D e p a r t u r e P r o v i s i o n w a s u t i l i z e d t o e l i m i n a t e
`t h e C o s t A p p r o a c h b e c a u s e t h e a p p r a i s e r d e c i d e d t h i s o m i s s i o n i n t h i s l i m i t e d a p p r a i s a l a s s i g n m e n t w o u l d n o t c o n f u s e o r m i s l e a d t h e
`c l i e n t o r t h e i n t e n d e d u s e r s o f t h i s r e p o r t . T h e m a r k e t v a l u e i s e s t i m a t e d o n t h e F H L M C f o r m 7 0 4 o r si m i l a r fo r m a tta ch e d .
`
`ASSUMPTIONS AND LIMITING CONDITIONS
`* N o r e s p o n s i b i l i t y i s a s s u m e d f o r t h e l e g a l d e s c r i p t i o n o r f o r m a t t e r s i n c l u d i n g l e g a l o r t i t l e c o n s i d e r a t i o n s . T i t l e t o t h e p r o p e r t y i s
`a s s u m e d t o b e m a r k e t a b l e . T h e p r o p e r t y i s a p p r a i s e d f r e e a n d c l e a r o f a n y a n d a l l l i e n s o r e n cu m b r a n ce s, e xce p t a s n o te d i n th e r e p o r t.
`* I n f o r m a t i o n f u r n i s h e d b y o t h e r s d u r i n g t h e c o u r s e o f t h e r e s e a r c h a s b e e n v e r i f i e d t o th e e xte n t p o ssi b l e a n d i s b e l i e ve d to b e r e l i a b l e ,
`b u t n o w a r r a n t y i s g i v e n f o r i t s a c c u r a c y .
`* N o r e s p o n s i b i l i t y i s a s s u m e d f o r t h e e f f e c t o n v a l u e o f h i d d e n o r u n a p p a r e n t c o n d i t i o n s o f t h e s u b s o i l o r s t r u c t u r e s ; o r f o r a r r a n g i n g
`e n g i n e e r i n g s t u d i e s t o d i s c o v e r s u c h c o n d i t i o n s .
`* N o e v i d e n c e o f c o n t a m i n a t i o n o r h a z a r d o u s m a te r i a l s w a s o b se r ve d . H o w e ve r , th e a p p r a i se r i s n o t q u a l i fi e d to d e te ct p o te n ti a l h a za r d o u s
`w a s t e m a t e r i a l t h a t m a y h a v e a n e f f e c t o n t h e s u b j e c t p r o p e r t y . T h e c l i e n t m a y w i s h t o r e t a i n s u c h a n e xp e r t i f h e d e si r e s.
`* S k e t c h e s a n d o t h e r i l l u s t r a t i v e m a t e r i a l a r e i n c l u d e d o n l y t o a s s i s t t h e r e a d e r i n v i s u a l i z i n g th e r e a l e sta te a n d i ts e n vi r o n s, a r e b a se d
`o n d a t a d e v e l o p e d a n d s u p p l i e d b y o t h e r s , a n d a r e n o t m e a n t t o r e p r e s e n t a s u r v e y o r a s - b u i l t p l a n .
`* A n y d i s t r i b u t i o n o f t h e t o t a l v a l u a t i o n a m o n g t h e l a n d , i m p r o v e m e n t , a n d / o r o t h e r c o m p o n e n ts a p p l i e s o n l y u n d e r th e sta te d p r o g r a m o f
`u t i l i z a t i o n a n d m u s t n o t b e i n t e r p r e t e d o r u s e d a s i n d i v i d u a l v a l u e s f o r o t h e r p u r p o s e s .
`* T h e a p p r a i s e r i s n o t r e q u i r e d t o p r o v i d e c o n s u l t a t i o n , t e s t i m o n y , o r a t t e n d a n c e i n c o u r t b y r e a s o n o f t h i s a s s i g n m e n t , u n l e s s s u c h
`s e r v i c e s h a v e b e e n a r r a n g e d i n c o n t r a c t i n g t h e a s s i g n m e n t .
`* P o s s e s s i o n o f t h e r e p o r t o r a c o p y t h e r e o f d o e s n o t c a r r y w i t h i t t h e r i g h t o f p u b l i c a t i o n , a n d i t m a y n o t b e u s e d f o r a n y p u r p o s e b y
`a n y o n e o th e r th a n th e a d d r e sse e , w i th o u t th e w r i tte n co n se n t o f th e a u th o r a n d a d d r e sse e . E ve n w i th su ch p e r m i ssi o n , o u t- o f- co n te xt q u o ti n g
`f r o m a n d / o r p a r t i a l r e p r i n t i n g o f t h e r e p o r t i s p r o h i b i t e d . T h e r e p o r t i s a n i n t e g r a t e d e n t i t y a n d i s o n l y v a l i d i n i t s e n t i r e t y .
`* N e i t h e r a l l n o r p a r t o f t h e c o n t e n t s o f t h e r e p o r t s h a l l b e d i s s e m i n a t e d t o t h e p u b l i c r e l a t i o n s , n e w s , s a l e s , o r o th e r m e d i a w i th o u t th e
`p r i o r w r i t t e n c o n s e n t a n d a p p r o v a l o f th e a u th o r .
`
`LIMITED SCOPE APPRAISAL CERTIFICATION
`I c e r t i f y t o t h e b e s t o f m y k n o w l e d g e a n d b e l i e f t h a t : t h e s t a t e m e n t s o f f a c t c o n t a i n e d i n t h i s r e p o r t a r e t r u e a n d c o r r e c t ; t h e r e p o r te d
`a n a l y s e s , o p i n i o n s , a n d c o n c l u s i o n s a r e l i m i t e d o n l y b y t h e r e p o r t e d a s s u m p