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<br />APPRAISER'S CERTIFICATION: 11\. ~,&"rtille"rn1 agr'" \hat
<br />
<br />1. I have researched the subject market area and have selected a minimum m three recent sales of properties most similar and proximate to the subject property
<br />1m cooskitmkm m Ihe salt'!. clmIpallsoo analysIs iorn1 t\a~e made a OO\laI adiJstmtllt vmell ap\)ropr\ate tu reflect \lie mal\;tt (eac~on \0 1l1ooe Items ol s\gl\~k:&\t
<br />variation. K a slgnHlcant Rem In a comparable property Is superior ro, or mora favorable than, the subject property, I have made a negative adjusbnentto reduce
<br />the adjusted sales price of !he comparable and, If a slgnlflcanlltem In a comparable property Is Inferior la, 0( less favorable than full sublect ~rl')'J I ffiwa ma'<le
<br />a poslllve adJustment to Increase the adjusted sales pnC8 Qlthecomparable. .
<br />
<br />2. I have taken Into conslderatlon the factors that have an Impact on value In my development of the estimate 01 market value In the appraisal report. I have not
<br />knOWingly withheld any significant informaflon from the apprafsal report and I believe, to the best of my ,,"owl edge, fuat all statements and Information In the
<br />appraisal reportaf8 true and correct.
<br />
<br />3. I stated In \hlJ ap~ralsa! replJrt only my own ~ersonal, unbIased, and professional analysts, o~lnlons\ and conclusions, whlch are subiect OOly to the contlngent
<br />and Iimlllng conditions speclned In this lorm.
<br />
<br />4, I have no present OI prospectlve Interest In the properlY that Is the subject to1hJsreport,andlhavenopresent,orprospectlvepersonallnterestorblaswith
<br />respect to the particlpaots In the transaction. I did not base, either partially or completely, my analysis and/or the estimate 01 market v~lue In the appraisal report
<br />on !he race, cob:, re\\g\tm, sex, nandlCap, \am\~a\ s\trus, Ol" naml migln oj e'fl'n81 \he prospecYlve owners or occupants at Ille subject prope{ty or of the present
<br />owners or occupants of the properties In the vicinity of the subject property.
<br />
<br />5, I have no present or contemplaled future Interest In the subject property, and neither my current or future employment nor my compensatloo for performing thIs
<br />appraisal Is contingent on Iheappralsed valus at the property.
<br />
<br />6. \ was not lequlrtll \0 leport a p1edetermlned value or dlrection 1n value that lavors the cause of thlt client or any related party, the amount of the value esflmate,
<br />the attainment of a speciflc f'IlSU~, or the occurrence of a subsequent event In order to receive my compensation and/or employment for performing the appraisal. I
<br />did not base the appraisal report on a requested minImum valuation, a specifiC valuation, or the need to approvlt a specific mortgage loan.
<br />
<br />7. I performed this appraIsal In conformily with the Unnorm S1andards of Pro/esslonal Appraisal Practice that were adopted and promulgated by the Appraisal
<br />Standards Board of The Appraisal Foundation and that were In place as of the effective date olfu(s apptalsal, >fflth fue exceplllm 01 fuedepartllfepTlJ'/\s\Oll 01 those
<br />Standards, which does not apply. I acknowledge that an estimate of a reaslJnable time for exposure In the open marKet Is a condition In the definition of market valult
<br />and the estimate I developed Is consistent wiIh the marketing time noted In the neIghborhood section of this report, unless I have otherwIse staled in the
<br />reconclnallonsectlon.
<br />
<br />8. 1 have personally Inspected the Inlerlor and exterior areas of the subject property and the exterior of all properties listed as comparables In the appraisal report
<br />I further certify that I have noted any apparant Of mown advmll contl\tkms in Ihl! sublec\ ~emems, on the subject site, or on any slle wIthIn the bnmedlate
<br />vicinity of the SUbject property 01 which I am aware and have made adlustments for these adverse cOflditlons In my analysIs of the property value to the extent that
<br />I had market evIdence 10 supplJrt them. J have also commented Ilbolllthe effect of the advllfSe conditions on the marketabl1ity of the subject property.
<br />
<br />9. I personally prepared all conclusions and opinions aI>Out the real estate that were set forth In the appraisal report. n ) relied on slgnnlcant professional
<br />assistance trom any Individual or Individuals In the perfOnflance of the appraisal Of the preparation of the appraiSal report, I have named such Indlvldual(s) and
<br />d~cln$f!d. 1M $.~\\\c \a$.~ 'iJtrt~~ IYj futm \'i\ \hil Tew\'lC\\\a'ilm !.R'Wn dI tl\$. appraisal repurt. I tei\Uy \hat aTIj \ndl'1ldua\ so named Is q'ilal\11td \0 penonn
<br />the tasks. I have not authorized anyone to make a change to any lIem In thlt report; therefore, n an unauthorized change Is made to the appraisal report, I will taklt
<br />no responslbllftyfor II.
<br />
<br />SUPERVISORY A.PPRAISER"S CERTIFICATION: tf a supexvlsory appraiser slg[led the appraIsal r",pan, he or SM c~rtIlies ami agrees thilt:
<br />I directly supervise the appraiser whlJ prltpared the appraisal report, have revlewoo the appraisal report, agree with the statements and conclusions of the appraIser,
<br />agree to bit bound by the appraiser's certlfications numbered 4 through 7 above, and am taking full responsibility far full appraisal arid the awralsal report.
<br />
<br />ADDRESS OF PROPERTY APPRAISED: 35997 HIGHWAY (I, HILLROSE, CO 80733
<br />
<br />
<br />SUPERVISORY APPRAISER (only If required):
<br />
<br />S\!}n21\Ule:
<br />Name: RO ER . PENNINGl"ON
<br />Dale Signed: AUGUST 2, 2003
<br />Stale Certjflcation #: CR40012945
<br />or State License #: CERTIFIED RESIDENTIAL APPRAISER
<br />State: CO
<br />ExpIration Dale o! Certifjcation or Ucense: 12/31/04
<br />
<br />Signature:
<br />Name:
<br />Date SIgned;
<br />StateCel1iflcation#:
<br />or State Ucense #:
<br />Slate:
<br />Expfralion Date of Certlflcafion or License:
<br />
<br />o Did 0 Did Not Inspect Property
<br />
<br />Freddie Mac Form4396-93
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<br />Page2at2
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<br />FanmeMaeFonn1004B6-93
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<br />Form ACR - "TOTAL for Windows" appraisal soflware by a 121 mode, Inc. - 1.800-ALAMOOE
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