PROJ00105

• Contract/PO #: C150147
• Contractor Name: Quint, Victor and Margie
• Contract Type: Loan
• Water District: 0
• County: Morgan
• Bill Number: MC4
• Loan Projects - Doc Type: Contract Documents

DEFINITION OF MARKET VALUE: The most probable prtcll ~ntcn a SltOllert'j sOOu\d brlllg In a c~e and open mar'Ke\ under aU cOIllIl\lons
rllQulsRe to a falr sale, the bUyer and seller, each acting prudently, knowledgeably and assuming the price Is not affected by undue stimulus. ImpUcn In this
definition Is the consummation of a sale as of a specified date and thll passing of title from seller to buyer under conditions whereby: (1) buyer and sillier are
typicallY motivated; (2) both parties are well Informed or well advised, and each acting In what he considers his own best Interest, (3) a reasonable time Is allowed
for exposure In the open market; (4) payment Is made In terms of cash In U.S. dollars or In terms 01 financial arrangements comparable thereto; aIld (5) the price
represents the normal conslderatlonforthe prop&rty sold unaffected by special orcrealNe financlllg or sates eoncesslons* granted by allYOOeassoo\?it&l'H1th
the sale.

* Adjustments to the comparables must be made for special or creallve financing or sales concessions. No adjustments are necessary
for those costs which are normally paid by sellers as a resun 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 10 the
compalilble property by comparisons to financing terms offered by a third party Institutional lender that Is not already Involved In the
property or transaction. Any adlustment should not ba calculated on a mecha.nlcal doUar far dollar cast of the Illlancing or CllrIcesslan
but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the
appralser'sJudgemenl.

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STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION

CONTINGENT AND LIMITING CONDITIONS: The appraiser's certlflcation that appears In the appraisal raport Is subject to the following
clJooitions:

1. Theappralsarwlll not be responsIble for matlers of a legal nalurethataflectettherthe property beIng appraised or the tltIe to n. Theappralserassumesthat
thetiUs Is good and marketable and, therefora, will not render any opinIons about the title. The property Is appraised 011 the basis of It being under responsible
ownership.

2. The appraiser has provided a sketch In tha appraisai report to show approximate dimensions of the improvements and the sketch Is Included only to assist
the reader of the report In vlsualfzlng the property and understanding the appra Ise~s delermlnation of its slze.

3. The appraiser has examined the ava!lable flood maps that are provfded by the Federal Emergency Management Agency (or other data sources) and has noted
III tha aIllHalsa! f~ wt\etMI' tha 'i>oojel:\ Sll.6 \3 located In an toentllled Special Flood Hazard Area. Because the appraiser Is not a surveyor, he or she makes
no guarantees, express or Implied, regardIng this determlnatlon, .

4. The appraiser will not give testimony or appear in court because he or she mada an appraisal of tM property In question, unless specific arrangements to do
sohavebeenmadabe1oreJ1and.

5. The appraiser has estimated the value of the land In the cost approach at Its highest and best use and lI1e Improvements at their contrlbtJtory value. These
separate valuations of the lafld and Improvements must not be used In conjuncUOil with any other appraIsal and are Invalid n they are so used.

6. The appraiser has noted In the appraisal report any advme. condltkms (such as, needed repairs, deprtcla1lon, the pr8S8flCIl of hazardous wasles, toxic
substances, etc.) observed during the Inspectioo of the subject property or that he or she became aware of during the nonnaJ research Involved In performing
theappralsaL Unless otherwlse stated In the appraisal report, the appralsllfhas noknowJedge of any h Iddenorunapparenl condltloflS of the property or
adverse environmental CO/1dltions Oncluding the presence of hazardous wastes, toxic substances, etc.) that would make the property more or lass valuable, and
has assumed that there are no such condlti(JflS and makes no guarantees or warrantles, express or Impned, regarding the cond!tlon of the property. The
8llpralser will not be cesponslble f(l( any sucn oondll!ons that 00 exist OI"....LO[J~ {II" 'Kling th~I ml~I bll rQ1\lliOO ro ~:.sooler N~.Uhet-$ttt;b
C \ st Because the appraiser Is nol an expert In the field 01 environmental hazards, the appraIsal report must not be cOllsldered as an
envlronmenlalassessmentoftheproperty.

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7. The appraiser obtained the Information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers tll be
reliable and believes them to be true and correct. The appraiser does not assume responslbllity 101" the accuracy 0( $lIch ltllms \hat wllfe lumlsilell 'cry other
parties.

S. 1IIll 'ilp}ll"alsel will oot dlsc\o'i>e \he com~ nf \I1e appraIsal report except as provided 101" In the \lnnorm Standards 01 Pro1esslonal 1\ppralsal Practice.

9. The a.ppralser has based his or her appraIsal report and valuatlon conclusion for an appraisal that Is subject to satisfactory clJmpletion, repairs, or
alterations on the assumption thai completion of the improvements will ba periormed lr1 a workmanlike manni'lL

10. The appraiser roost provide his or her prior written consent before the lender/client specWled In the appraisal report can distribute the appraisal report
(Including conclusions about the property value, the appralse~s identity and professional designations, and reftlfel\Ces to any plmessml appTalsal
organizations or the firm with which the appraiser Is associated) to anyone other than the borrower; the mortgagaa or Its successors and assigns; the mortgage
lnsm8f, consultants; profasslOllal appraIsal organl2allons; any slate 0( lederally approved flnanciallnstillrtlon; or any department, agency, or Instrumentality
of the UnKed Slales or any state or the District of ColumbIa; except that the lender/client may distribute the prOjlerty description section of the report only 10 data
collection or reporting servlce(s) without having to obtain the appraiser's prior written consent. Tha appralsar's written consent and approval must also
be obtained belore the appraisal can be conveyed by anyone to the public through advertisIng, pUblic relations, news, sales, or other media.

FrOOdie Mac form 439 6-93

Page 1 012

FannJeMae Form 10048 S-Y3

U.S. AppralsaJServices of Colorado [phone]
Form ACR - "TOTAL for Windows" appraisal software by a la mode, Inc. -1.800-ALAMODE