GENERAL56257

• Permit No: C1980007
• IBM Index Class Name: General Documents
• Doc Date: 9/18/1995
• Doc Name: APPRAISAL OF REAL PROPERTY
• Permit Index Doc Type: PUBLIC CORRESPONDENCE
• Media Type: D
• Archive: No

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DEFINITION OF MARKET VALUE: The rttost Dmbabb prke whkh a property should bring In a cdmpetltlre and open markt under atl conditions
roqublb b a lair sob, me buym and seAer, each actlnp pmdenBy, browbdpeaby and assuming me pdce b not aUected by undue stimulus. Impgcll In mis
deflnttlon is me consummatlon al a sob as of a sDeclAed dab and me passing of tltle Iram seAer b buyer under conditlons whereby: (1) buyer and seAer are
ryplcaAy motlrabd; (2) tom parties me weA Irdormed or weA advised, and each acting b what he cornhlns his own best Inbrest (3) a reasonabb tlme t albwed
tar exposure In me open market (4) payment b made In bans of cash In U.S. doAars or In bans of Ilnanclal arrangements camparabb mereb; and (5) me pdce
represent the normal conslderatlon Idr Bro property sold unaUecbd try apeclal or crcatlve financing or sales concessions' granted by arryone assoclaD'a wlm
Bro nab.
•Ad)ustrnenb b the companbbs must be made for special or creatlre Ananclnp or sales concessions. No ad)usDnent are necessary
for those cosh which era nonnaM Dab by seAen as a resuA of badPoon or law In a market area; these cosh are readly IdentlOabb
slrroe Ne selbr pays mesa cosh In vlrtlraAy aA sobs trartactions. Special or creative Anancing adjustrnent can be made b Ne '
campanbb proDery by comparisons b Anaricinp bnns offered by a Nlyd parry InsAWDanal bnder that Is not already Involved In the
property or transaetlon. Arty ad)ustrnent should not be cabutbd on a mechanical tloAar for doAar cost of the Ananclnp or concession
but Ne doAar amount of arty ad)ustment should approxlmab the markeFS reactlon b Ne Ananclnp or concessions based on me tty
appralsefa ludgemmd. l
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The apPnber'a catlncatldn that appears In Ne appralsal report b suhlect b ma ldtlowlnq
candltlorro: ~~
1. The aDDrabm wIA not be responsibb for maters of a legal naNn Brat afhct eltlror me propery being appraised or Na Btle b IL The appraiser assumes mat
the tltle b good and marketabb and, thereldre, wIA trot rendm arty oplydorts about fie AAe. The property t apprabed on the beat of It belrp undm responslhb
owrtershlp.
2. The appnlser has prorMed a sketch In me appralsal report b show approximab tllmenslons of me Improvement and me sketh Is Incbded ony b assist
the readm of Na report In rbuatlzlnq Bb property and undersbndlnq the appnber's debnnlnatlon of It size.
3. Ths aDDmta has eramlrrod tlm arallahb flood maps Nal are prevbed by tlra Federal Emergency Management Agency (or other data sources) and has nebd
In me eppratal report whemm Bro eub)ect sit b beabd In en IdentlAed Spacial Flood Hazard Area. Because the appraiser Is not a surveyor, he or she makes
nd quaranDxs, express or Imptlr;d, repardlnq mis debrminatlon.
4. The appntm wIA not pNe bstlmony or appear In court because he m she made an eppratal of Ne property fn question, unbss speclAc anatpement b do
so have been made belorshand.
5. TM appnlser has estlmabd the raNe of me tnd In the cost approach at m highest and bell use ono me Improvement at Nelr conbibulory raNe. These
aeparab rabatlons of me land and Imprrnement must not be used fn contunctldn wlm any other appraisal and are Invalid it Ney are so used.
6. The aDpraber has noted In me appralsal report any adverse conditlons (such as, needed repairs, depreciason, the presence of hazardous wades, toxic
substarrees, eb.) observed during me Inspection of Ne subtect propery or that he or she became aware of during me normal research ImoNed In performing
ma appralsal. Unless omerwlsa shbd In the appralsal report the appraiser has no knowbdpe al arty hidden or unapparenl conditlons of Ne property dr
adverse.emironmen6l condltldns (Incbdinq me presence of hazardous wastes, bxk subsbnces, tile.) mat wdukl make the property mare ar bss valuabb, and
Aas assumed Brat mars an no such conditlons and makes rro quaranbea or wanantles, express dr Implied, regarding the conditlon of Ne property. The
appnba wIA not be rasponslbb for ary ouch condltldns That do exist ar for arty englneeUnp or bstlng Ihal might be required b discover whether such
cdndlAarrs extt Because Bre appnlser b not an expert In me Aetl of emlronmentl hazards, tlw appralsal report must not be consWered as an
emironmen6l assessmem o1 me property.
7. The appraber obtained the Inlormatlon, estlmabs, and opinions Ihat were expressed In ma appraisal report from sources that he or she considers b be
roAabb and behaves them b be true and coned The apprafsm doe not assume responsiblAty for me accuracy of such ibms Nat were lumished by ogler
partles.
B. The appntm wltl trot dtcbse Ne conbnt of me appralsal report except as provided for In Ne Uniform Standards a1 Prolesalonal Appraisal Practlce.
D. The appralsm bas basal his dr ha appralsal report and rabatlon concbsbn for an appralsal Nat Is sub)eet b sadslacbry completion, repairs, ~ or
attentions on Bte assumptlan Itul compbtbn al tlw Improrartbnt w1A be pertombd In a waddrtanAke manner.
10. The appntm must provide hts or trot prbr wdtbn consent Delon tlro bndmlctlent speclAed In me appraisal report can disDibub me appralsal report
Qncbdtnp eoncbslons about me property raNe, me apprabm's klently and prolessbnal deslpnations, and references to arty prolesslonal appralsal
organlzatldm er Bro firm wlm whkh me apprabm b assoclabd) b anyone otltm Nan the bonvxa, Ne mortgagee m It successors and assigns; me mortgage
Insurer, consulhnt; prolesslonal appralsal orpanlEatlorrs; arty slat or IederaAy approved Anancial InsAWAOn: or arty deparbnenL agency, or InsWmentiry
of Bro Unibd Stales ar arty slat or me Obtrkt of CoNmhla; ercept mat me kndmhlknl may disbibub me property descdptlon sectlon of me report ony b dot
cotlxtlon or reporting senke(s) wimout hrrfnp b obhln Bro appnters prbr wrAbn consent The appraiser's wdibn consent and apDroral must dbo
be obtained before me aDDralsal can De conveyed by arryorro b tlro gable mrough adrertlslnp, public rslatlons, news, cabs, dr oBNr Oledla.
Freddie Mac Fonn 439 693 Papa 1 0l 2 Fannie Mae Form 10040 693
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