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Home My WebLink AboutaddendumSummary Appralsal Report kwestors &gorg d Stavice 40824 UNIFORM RESIDENTIAL APPRAISAL REPORT React 40024 Property Address 1575 NW 58 Street Clay Miami State Fi lb Car 33142 L. Deserlp* Lot 24 Blk 15 Orange Heights PB 14-62 Cooly Miami -Dade Assessor's Parcel No. 01.3114-035-2931 Tat Tee 2003 R.E. Tars S 2131.77 Sawtl Aaassara5 None Borrower City of MIamUModel City Trust Cures Omer Edo Gold Ocalowlk n Amer i:4 Tom El Vacant Prom* iWIs embed < Fee Simple 1 1 Leasehold Prolect Twos 1 i PUD 11 Condomkim (NUDNA air) NOA $ NIA /Mo. '' Nejggborhood or Prgje t Name Orange HAIhts Map Referees 53-41-14 Census Tract 19-030 Sale Price S N/A Dale of Sale N/A Oesabdae Nadi amours glean N/A Lender/(3ers City of MIamUModel City Trust Address 1575 NW 58 Terrace, Miami, Fl 33142 Appraise Terri* Peltier Address 4930 SW 92 Avenue, Miami, FI 33165 Location U Urban X Suburban Li Rural Built up 0 Over 75% MI 25-75% • Under 25% Growth rate • Rapid ® Stable ■ Slow Property rakes ►tea Increasing ❑ gable • Deng Den undlsupply ❑ Shortage 0 In balance [] Orer supply Marketing** IX Under 3 mos. n 3-6 mos. n Over 6 was. Prsdoaiurtttt 0CcuPagl .a Owner ❑ Tens pV11190079.01 sow ors) 20 Low 4 Preset lad roe% One (artily 65 Land awchamp ❑ Not Rely ❑ Likely C.4 Y recess To: Residentlai 2.4 fariy 10 117 84 Mullfancy 10 0 Vaunt (0-5%) n Wore 5%1 _ Commercial 10 80 66 Vacant 5 Note: Rau and the racial composition of the neighborhood are not appralsal Neighborhood boundwies and characteristics: The subject is located north of factors. the Alrport Expressway and west of 1-95. Typical SFR area with adequate support facilities. o Factors dui affect the marketability of the properties ii the neighborhood (proximity to employment i The subject site Is close to schools, shopping, employment and other and amenities, emplowners stability, appeal to market, qcj: positive public amenities. The general overall appeal "' economic base, property compatibility and employment stability are within accepted norms. No unfavorable factors affectinc r marketability were observed in the field inspection. • Market conditions ii the subject neighborhood dicluding supper for the above concbsions recited — such as data on competitive propedes fa sale ii the neighborhood, desaipdon of the prevalence Current housing demand and supply characteristics are at a state of to the trend of property values, denwedstrpply, and ma teigg tine of sales and Anaichig concessions, etc.): equilibrium. Property values have increased steadily witt marketing times within regional norms. Loan discounting. Interest buydowns and/or sales concessions are not typical In the subject marketplace. However, favorable financing to the comparables have been adjusted to reflect the current market Project Haawion for PUDs Of appicable) - - Is the developer/bolder it cued of the Home 2 Approrinate total nlmber of snits in the subject project Approximate 0wnees' Association (HOA)? U Yes U No total comber of ,nits for sale k die subject project Descrbe common dements and recreational (aches: Dimensions 50 X 106 Topography Level to grade Ste area 5,300 SqFt Come lei • Yes 0 No Size Typical for area Specific zoning dassfeation end description R-4 - Multifamily High Density Residential Shape Rectangular Zoning compliance 0 Legal III Legal nonconforming (Grandathered use) • Megal Highest & best use as knprard: rg Present use n Other use (expleki) • No zoning Drakage Appears adequate View Average IAirdes Pubic Other Electricity e 00-site Improvements Type Street Asphalt Pubic Private 0 • Landscaping Typical Driveway Surface Concrete Strip '' Gas NI CuNgemet Concrete 0 iN Apparent easements Typical Utility Water y Sidewalk Concrete X IN FEMA Special Flood Hazard Area III Yes ►�1 No FEMA Zone X Map Date 3/2/1994 Sankey sewer 0 Street lights Typical 0 • Stone sewer n Alley None observed n n FEMA Mao No. 12025C0180J Comments (append adverse easements, encroachments, special assessn ants, side areas. legal a legal nonconformng zoning use. etc.): See survey for any easements and/or encroachments. No adverse conditions were observed during field inspection of Subject site GENERAL DESCRIPTION No. of Units 1 EXTERIOR DESCRIPTION Foundation ReinlConc FOUNDATION Slab None BASEMENT Area Sq. Ft. None NSIAATION Root II No. of Stories 1 Exterior Vials Frame/Stucco Crawl Space Yes % Finished None Ceig NI Type (DeUAt.) Detached Roof Surface CompShngl Basement None Gering N/A Wats 11 Design (Style) 1styAver Gutters & Dwnspts. Adeq.Ovhg Sump Punnp None Walls N/A Floor 11 Existing/Proposed Exist Window Type Awn/SHung Dampness No Floor N/A None NI Age (Yrs.) 52 Years Storni/Screens No/Yes Settlement NoneVsbl Outside Entry N/A Unknown CO w Effective A. (Yrs.) 25 Years Manufactured House No Infestation NoneVsbl ROOMS Foyer living Dining Kitchen Den Family Rm. Rec. Rm. Bedrooms # Baths Laundry Odner Area So. FL a Basement None Level 1 1 A 1 1 3 2 SittRm 1,348 o Level2 0 0 a Finished area above grade contains: 7 Rooms; 3 Bedroomm(s): 2 Bath(s) 1,348 Square Feet at Gross Living Area v", INTERIOR Materials/Condition c' Floors Tile/CarpNinyl HEATING Type R/C KITCHEN EQUIP. Refrigerator B; ATTIC None ❑ AMENITIES Freplace(s) # II CAR STORAGE: None U Wall Plaster Fuel Elect Range/Oven X Stair Patio Garage # of cars Trim/Finish Wood Condition Avg Disposal I Drop Stair 7 Deck ❑ AOadied Bath Floor Tile COOUNG Dishwasher L Scuttle X, Porch Li Detached Bath Wainscot Tile Central None Fan/Hood L Floor Fence BM-in Doan Hot -core Other Wall Unit Microwave Heated ] Pool ❑ Carport 1 Above conditions gd/avg Condition Avg Washer/Dryer r Finished n Driveway Additional features (special energy efficient items, etc.): Securi y bars, Smoke detectors, Circuit breakers and Covered entry. Condition of the improvements, depredation (physical, functional, and external), repairs needed. quality of construction, remodeing/additions, etc.: See attached Z addenda. m 0 0 U Adverse environmental conditions (such as. but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the sae, a in the immediate vicinity of the subject property.: No adverse environmental conditions were observed at the subject site or in the immediate vicinity of the subject property. Freddie Mac Foci 70 6/93 PAGE 1 OF 2 Form UA2 — 'TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE Fannie Mae Form 1004 6/93 D L/ o/ 3 T D UNIFORM RESIDENTIAL APPRAISAL REPOR 40624 Mello 40624 ESTIMATED ESTIMATED Dwelling SITE VALUE = $ 20.000 Calmed' en Cori Approach (such es. SCUP d coat estimate, die ttsirik ; ;- sows lost phaeton aid far 1M10. VA end FmHA, du silmisd retedreg economic Ns cite prapmn : Marshall & Swift Residential Coat REPRODUCTION COST-NEW-0F IMPROVEMENTS: 1,348 Sq. Ft. ®$ 80.00 - $ 107,840 Sq. Ft WS - Handbook was utilized to estimate reproduction costa CI oAdditional features - 1.000 the Improvements. Site value was derived through G Garage/Capon ' Total o Less Depreciation Depredmed •As-ke IDICAIEDVALUEBY 173 Sq. Ft. ®S 20.00 - 3.460 abstraction or when possible, utilization of mama sib ales Estimated Cost New - $ 112,300 comparable to the subject. Land to value ratio is typial for Physical Functional External 49,041 i I =s 49,041 the area & has no adverse affect on the subjects valise « marketability. Valued Improvements -s 63,259 Value of Sie kpravemenls =$ 3,500 COST APPROACH in} =s 86,800 ITEM I SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 01PARABLE NO. 3 1575 NW 58 Street Addrsss Miami, FI 915 NW 58 Street Miami, FT 828 NW 63 Street Miami, FI 1361 NW 69 Street Miami, Fl Proxi nits to Subject , . ' :' . 0.75 miles 0.85 miles 0.70 miles Saks Price S NIA 82 500 87 000 - Rice/Grosx Lung Area $ rt $ 64.30 it� �" . r $ 92.55 cb , $ 70,58 tl Data and er Yen8ication Source PubRcdlFares inspection Public RecordlFares/MLS Exterior Inspection Public RecordlFares/MLS Exterior Inspection Public Record/Fares/MLS Exterior Inspection VALUE ADJUSTMENTS OESCRPTKIN DESCRIPTION : +(-)$ Adjust. OESCRPTION : +(-)S Adjust. DESCRIPTION : +(-)$ AAaq. Sales Foaming None Known None Known Not Available None Known Convent. or Concessions _' Convent. Date of Sa0Fme 10/03 11/03 12/03 Location Avg. Street Avg. Street Avg. Street Avg. Street LessehoidlFee Snick Fee Simple Fee Simple Fee Simple Fee Simple Site 5.300 SciFt 6.890 SQFt : -1.000 5,850 Stet ; No Adj 5,400 SeFt : No Adj View Average Average Average Average Design and Appeal 1styAver 1styAver 1styAver 1styAver Quality ofCossucttan Avg/Frame Avg/Frame AvglFrame Avg/CBS ; -2,000 Age 52 Years 58 yrs ; No Adj 66 yrs ; 700 40 yrs : -600 Condition Average Average Good j -4,000 Good j -4,000 N a Above Grade Total Bdrms: Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Bads 2,500 0 Raam Cost 7 3 2 6 2 1 2,500 6 2 1 2,500 7 3 1 Gross Ltvig Area 1,348 Sp. Ft. 1,283 Se. FL 1,000 940 Sq. FL 6,500 1,346 Sq. Ft a o Basemete & Frisked Roans Below Grade Some Updating None Some Updating None Super Updating None -3,000 Super Updating None -3,000 4 Functional Ukitty Average Average Average Average E HeattiolCoohtg Wall Units Wall Units Wall Units Walt Units S Enemy Efficient Items Site Improve Similar Similar Similar Garage/Cayat 1-Carport AlumCovCP 1,000 1-Carport 1-Garage : -1 500 u, Porch, Palo, Deck, Freplace(s), etc. None None None None None None None None Fence. Pool, etc. None None None None Extras/UP( Typical Similar Superior : -2,000 Superior : -2,000 Net Adj. (tota0 -4- + • - 3,500 + - $ 700 + ► t - .$ 10,600 Adjusted Sales Pricey of Comparable • ` $ 86,000 ' . ` $ 87,700 .. $ 84,400 Comments on Sales Comparison (arriuding the subject property's conpatbity to the neighborhood, etc.): See Attached Addendum. All comps are affected by the same market factors as the subject. Equal emphasis has been placed on all comps. These were the best mos• recent sales available in the subjects market area. •Extras/Upgrades not accounted for in other grid areas; (e.g. Wet Bar, Alarm). ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Date, Price and Data Source, for prior sales within year of appraisal See Addendum No prior sale within one year PubRcd/Fares 08/03-07/03 61500/0 PubRcdiFares No prior sale within one year PubRcd(Fares Analysis of any anent ageemere of sale, option, or fisting of subject property and analysis of any prior sales of subject and comparables within one year of the date of appraised No prior sale, option or listing of the subject property within 3 years and of the comparables within 1 year of the date of this appraisal except those noted above. INDICATED VALUE BY SALES COWARISON APPROACH $ 86,000 INDICATED VALUE BY INCOME APPROACH, Amicable) Estimated Market Rent $ N/A /Mo. x Gross Rent Wittier N/A = $ This appraisal 's made X -as is Li subject to the repairs, alterations, inspections or conditions fisted below Li subject to completion per plans 6 specdtcdias. commons of Appraisal Only real property was appraised. Assumes no hidden defects. Mechanical and structural systems not tested Assumes conformity to South Fla. Building Codes. Final Reconcilation: The Sales Comparison Analysis Approach is given the most weight as this most accurately reflects buyer behavior The Cost Approach closely supports this value. Insufficient rental data for Income Approach use a 2 a o w The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, coreinge t and inning conditions, and market value definition that are stated in the attached Freddie Mac Form 4391FNMA form 1004E (Revised 06193 ). I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF April 19, 2004 (WHIC E D • ECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ 86,000 APPRAISER: St :.: _ _ ' eaI Estate Appraiser SUPERVISORY SF (0 Y IF EQUIRED): St.Cert.Res.REA RD156 •nature �. Signature 1,j Did Z Did Not _1_�-ro_ Name Terris Peltier `�w�! Name R ert Blecha, MBA, ASA Inspect Property Date Report Signed April 19, 2004 Date Report Signed April 19, 2004 State Cerdfcatian # RI1618 State FI State Certification # RO156 State FI Or State License # State Or State License # State Freddie Mac Fonn 70 6193 PAGE 2 OF 2 Form UA2 - -TOTAL for Windows' appraisal software by a la mode, inc. - 1-800-ALAMODE Fannie Mae Form 1004 6-93 Supplemental Addendum Fie No. 40624 Bonowa/Gpu City of MlamilModal City Trust Nowt, mores 1575 NW 58 Strwt ow Miami County Miami -Dads Stale Fl tg Code 33142 Lenox The land to value ratio Is typical within the subjects market area. This has no adverse affect on the subjects value or marketability. Even though the subject's market value varies slightly from the predominant value of the subject's market area, the subject Is not considered an over or under Improvement The subjects value Is within the high and low ranges of the area, which has no adverse affect on the subject's value and/or marketability. The comparables chosen were the most recent similar sales currently available within the subjects market area. Ail comparables would appeal to the same market segment as the subject. No other sales were located that would provide a more reliable value conclusion than the ones utilized In the report. If necessary, price stability within the subject's market area allows utilization of sales exceeding six months as reliable value Indicators. The comparables chosen represent the best sales currently available for accurate value derivation. Those sales (If any) that have sold less than 6 months ago and were not utilized In this report, do not provide the overall comparability to the subject that the sales chosen do. FHA and VA financing are not considered adverse within the subject's market area. Conventional financing Is also available. The comparables (if any with FHANA financing) have been adjusted when necessary to reflect terms generally available within the subjects market. This has no adverse affect on the subject's value and/or marketability. If one or more comparables utilized are over 1 mile from the subject property, they are within an area of similar geographic and demographic characteristics. This area would appeal to the same market segment as the subject property. Utilization of these sales has no adverse affect on the reliability of the subject's estimated value. No sales closer and more comparable were currently located. If one or more comparables utilized has an overall gross, net or line Item adjustment that exceeds typical secondary market guidelines, It was necessary and unavoidable to accurately estimate the subject's market value. The reliability of the value conclusion Is not adversely affected. Adjustment within the market grid reflect typical market behavior. No other sales with more overall similarity and less percentage adjustments were currently available. This necessitated the utilization of the sales chosen. If the subject property Is on a well and/or septic tank, this Is typical for the area and no adverse conditions or marketability problems are anticipated. The appraiser saw no visible problems with the system during the field Inspection and makes no claims on its operational effectiveness. The seller may contribute to a portion of the purchaser's closing costs or convey a relatively small amount of personalty to the buyer. This is not uncommon within the subjects market area. When the overall contribution is within regional norms, no adverse affect on the subject's market value Is anticipated. Any adjustments to the comparables for seller contributions approximate the markets reaction to the concession and not a dollar for dollar cost. The overall conveyance was of minimal value. • URAR: Condition of Improvements No functional or external inadequacies observed during fleld inspection of the property. The subject has physical obsolescence due to not having a kitchen sink with cabinets and bathroom sink. There Is also a water stain on the living room wall/ceiling and master bedroom wall below the window. A portion of the stucco on the east side of the house is pertruding out. Also a termite inspection is recommended. This has been take Into consideration in the subjects overall condition. The subjects windows, master bathroom tile, sink, toilet and tub and second bathroom floor tile and wall tile have been updated. PRIOR SALES: The subject was purchased in April 2002 for $22,500, October 2002 for $49,000, November 2002 for $57,000 and in February 2003 for $93,000. The subject has a cancelled listing on October 25, 2003 for $100,000. Form TAD° — 'TOTAL for Widows' appraisal software by a la mode, inc. — 1-800-ALAMODE Building Sketch (Page - 1) Baroosallo City of MIrn4Modol Cpy That Pr i.IyMios 1575 NW 58 Stared Cl7 Miami Lando Coot MlaamMDado S- Fl Po Cods 33142 17.0' 22.5' 1 Car Carport Master Den Bath Master Bedroom Kitchen Bedroom Dining Area Bath Living Room Bedroom Sitting Room 10.2' 4.1' Cov Ent 6.9' 59.9' Comments: AREA CALCULATIONS SUMMARY Code Descrlptlon Sits Net Totals GLA1 First Floor 1347.75 GAR 1 Car Carport 173.40 OTR Covered Ratty 28.29 TOTAL LIVABLE (rounded) 1347.75 173.40 28.29 1348 LIVING AREA BREAKDOWN Breakdown Subtotals First Floor 22.5 z 59.9 1 Calculation Total (rounded) 1347.75 1348 Form SKT.BIdSkl — 'TOTAL for Wrdows' appraisal software by a la mode, inc. — 1-800-ALMAAOOE Location Map BartowerK7ent City of MIamWModsl City Trust Poverty Address 1575 NW 58 8tra t al Miami Larder Cool Miami -Dads 2b Code 33142 Form MAP.LOC —'TOTAL for Windows' appraisal software by a la mode, inc. — 1.800•ALAMODE borrower/Ctera City of Miami/Modal City Trust Nutt, Address 1575 NW 58 Street Cite Miami Caunlr Miami -Dade 5111e FI it Code 33142 Lender . Subject Front 1575 NW 58 Street Subject Rear Subject Street Farm PICPIX.TR — 'TOTAL for Windows' appraisal software by a la mode, inc. — 1-800-ALAMODE Comparable Photo Page Borrower/Clem City of MiamilModel City Trust Promos Address 1575 NW 58 Street City Miami cam Miami -Dade SUM Fl Wade 33142 Lender Comparable 1 915 NW 38 Street Comparable 2 828 NW 63 Street Comparable 3 1361 NW 69 Street Form PICPIX.BR — 'TOTAL for Windows' appraisal software by a la mode, inc. — 1-800-ALAMODE Se Drilil, Pi i Borrseter City of MIamUModsl City Trust Properly Address 1573 NW 58 Street Dv Miami Cour& Miami -Dade Stele Fl 2b Cade 33142 Lender/Cleat The purpose of the appraisal Is to estimate market value of the fee simple Interest in the property. as defined In the attsclwpd FNMA form 1004B. as of the date set forth In the reconciliation section of the report Sailte In the preparation of this appraisal. the appraiser has made a physical Inspection of the subleet site and improvements Include % measuring the Improvements and taking_photog_raphs to adequately characterise btopropeAy appraised The subisct nN9hbodgoc was Inspected to assist in the determination of the neighborhood characteristics. The information was analysed In order to doctmtent the various environmental. social. governmental, and economic factors that influence value. Data regarding the sales of residenfla land and improved properties were collected and verified by public records. The valuation of the property included the Cost Approach Income Approach. and Market Approach. The three approaches were then reconciled Into a final estimate of value. If any of the three approaches were omitted, an explanation can be found in the reconciliation section. Intended Use /Intended User • ... r Y .. „ °, r ..''tea r; This report, Including conclusions about the property value, Is intended for the sole use of the client Any further distribution of this report Is unintended and the appraiser assumes no oblUgation, liability or accountability to any party other than the client History of Property`s' Current lstig Womtadon See Appraisal. Prior sale: See Appraisal Exposure Time /Marketing Tkne See Appraisal. Personal (non-reaky) Transfers See Appraisal. Additional Comments This report has been electronically prepared in compliance with the USPAP SMT - 8 guidelines which included a digital signature anc adequate security measures (password protected) in place to protect the integrity of the data produced by the appraiser Certification Supplement 1. This appraisal assigner* was not based on a requested minimum valuation, a specific valuation, err an approval or a loan. 2. My congensation is not ctmtirgent upon ate reporting or a predetermined value or direction in value that rams the cause of the client, the amount of the value estimate, the aftairment of a stipulated result or the occurrence of a subsequent event. Ns /71714,47 Appraiser(s): Terrie Peltier Supervisory Apprai (s): Robert Blecha, MBA, ASA Effective date / Report date: April 19, 2004 Effective date / Report date: April 19, 2004 Form FUA — 'TOTAL for Windows' appraisal software by a la mode, inc. — 1•800-ALAMODE DEFINITION OF MARKET VALUE: The most probable pia siIdh a property should bring In a canpeIMe and open matt malt d (atlas requisite to a fat sale. the buyer rid :tier, cads say gnadei y. b'o-Aedgeab y rid asstsriq the plat is net glcted by endue :banes. 41d n cis delbidon Is the consummation of a sale as of a spelled dale and the passing of We from sder le buyer order ccnAlns rheraby: (1) bale tad ale we typical; iodated; (2) both pasties re wd blamed or wd advised, and each acing In what he considers his or be lamest (3) a rasaabt leas le dead for esposwe In the open market (4) minus Is nude In tens of cash In US. dales or In term of Mandl arageerts comparable the ad (5) the plat represents the normal consideration fa the propety sold wllected by special or aatee 8na d g or sales car:essias' grand by wryer associated aih the sal. • A4 stmets to the romprables newt be mode for spell or aasve ioarig or sales accessions. No adjusrrmts as necessary for those costs ankh are ramrdy paid by sellers as a result of Nadia or be In a market area lose costs are realty y Idaiile since to :der pays these cogs le Mundy d sale transactions. Special or aaWe iondmg adjuara is am la made a the comparable property by comparisons to lanky terns offered by a third party nseitlad lender tat Is rot wetly solved n !e popery a Irasacdah. Any adjusrnad :hood not be akolated al a mechrial doge fa dole cost of the Mandmg a caroesabn but the dollar mown of wry a$atnsi should approximate the meters reaction to the financing or (=cessions based m the —5— STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraise's cerl8licadon that appears in the appraisal report is subject b the folkway cooddors: 1. The appraiser will not be resp(sble for mamas of a legal nature that affect either the property beig appraised or the We to le The appraiser assures tct the We Is good and marketable and, therefore, wit not render wry opiions about the till. The properly is appraised on the basis of t being vale resp(sile ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch Is untied only to assist the reader of the report it visuafxkrg the puopery and understanding the appraiser's determination of is sae. 3. The appraiser has exani ed the avaiabie food maps that are provided by the Federal Emergency Management Agency (a other data sources) and has noted in the appraisal report whether the subject site is located 'n an ideated' Special Food Hazard Area. Because the Walser is not a surveyor, he or she makes no guarantee., egress a inpked, regarding this detamiralon. 4. The appraiser wit not give testimony a appear in cast because he a she made an appraisal of the property in question. unless specific arrangements to do so have been made beforehand. 5. The appraise has esdrnated to value of to land 'n the cost approach at its highest and best use and the improvements at their contributory waive. These separate valuations of the land and inproveneris roust not be used 'n conjunction with any other appraisal and we iwaid '1 they are so used. 6. The appraise has noted in the appraisal report any adverse conditions (such as, needed repairs. depreciation, the presence of hazardaa wastes, toxic substances, etc.) observed dung the nspecdon of the subject property or that he or she became aware of during the nand reserdh invoked in performing the appraisal. Unless otherwise stated in the appraisal repot the appraiser has no knowledge of any hidden or urappare t carbons of the property or adverse enviromhernul conditions (inducing the presence of hazardous wastes, toxic substances, etc.) that would mate the property more a less valuable, and has assumed that there are no such conditions and makes no guarantees a warranties, express a irpied, regarding the condition o1 the property. The appraiser via not be responsible la any suds candoions that do exist a la any engineering a testing that aright be requred to discover whether such conditions exist Because the appraise is not an expert in the field of env'vonnenul hazards, the appraisal report must no be considered as an environmental assessment of the property. 7. The appraiser obtained the idomrtion, estimates. and opinions that were expressed in to appraisal repot from sources that he a she (asides to be relable and beieves them to be true and correct. The appraiser does not assume resp(sivity for the accuracy of such items that were finished by other parses. 8. The appraise wit not disclose the contents of the appraisal repot except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion. repairs, er alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conckusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations a the firm with which the appraiser is associated) to anyone other than the borrower the mortgagee or is successors and assigns; the mortgage insurer, consWarts; prcessional appraisal organizations; any state or federally approved financial institution; er any department, agency, Or insaunentafiy of the United States a any sale a the District of Columbia; except that the lender/client may distribute to property description section of the report only to data collection a reporting service(s) without having to obtain the appraiser's prior written consent The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, pubic relations, news. sales, a other meth. Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Farm 10048 6-93 Investors Appraisal Service Form ACR — 'TOTAL for Windows' appraisal software by a la mode. inc. — 1.800-ALAMODE APPRAISER'S CERTIFICATION: The Appals, maps medicates that 1. I hive researched the abject market war and have selected a niil un of throe recent sales of prgieles most Alibi end preemie te she subject property lor consideration n h sales conparbat meals and have made a dole adjustment when appropriate to relict the motet remake to those kerns of siallaut varlaon. 1 a sipikare ken In a temperable property Is make te, or more favorabb Ian, the subject property, I have aside a riegdrs element o redoes h aimed sake aloe of the comparable and, 1 a *Mart ken In a comparable pmapety Is Wader b, or ass Iaronele eve the abject propety, I bow aside a posits adjustment to Increase the adjusted sales Fla of the tameable. 2. nave titan too consider/the the factors the have an krgact on rake In my development of the admen of motet value n the appraisal MICR HMI Hat trostydy withheld any sigrilicant kranradan mom the appraisal report and I beleve, to the best of my knon edge, the al steemeks and Homage n h appraisal report are true and correct 3. I stated In the appraisal report only my thew personal, unbiased. and proleesskrW asilysis, opinions. and conclusions. whkh are subject only to the camiflenr and Honig conitiore specified In this tomm. 4. I have no preset or prospective hunt n h property that Is the abject b vets report, and I have no preset or prospective personal keeest or bias with respect to the participants In the transaction. I cid not base, ether peaty or completely, my analysis and/or the estn,se of mare value In the appraisal ream on the race, color, relgonn, sax, hrdkap, ladle state. or national origin of either the prospect re lames or =pants of the subject property or of the preset owns or occupants is of the precedes In the aicknky of the subject property. S. I have no preset or contemplated future kVrest In the subject property, and nine my current or here employment nor my ampensadon for attorney tds appraisal is contingent on the appraised value of the property. 6. I was not retired to report a predetermined value or direction n value that favors h cause of the oleo or cry related party, h armed of h value esthete. the eeainnema of a specific result, or the mamma of a subsequent event In order to receive my compensation and/or employment for partoming the appraisal. I did not base the appraisal report on a requested minimum venation, a specific vakradon. or the need to approve a specie mortgage ban 7. I pedo a nod this appraisal in tor/amity with the IAdfam Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foutdalion and that were in place as of the effective date of the appraisal, with the exception of the departure provision of those Standards, wtidh does not appy. I acknowledge that an estimate of a reasonable tine for ergoswe in the open market is a condlim In the deraiion of market value and the estimate I developed Is consistent with the marketing tine noted in the neighborhood section of this report rdess 1 have otherwise staled In the neon ciadon section. 8. I have persaaly inspected the interior and exterior areas of the vented properly and the exterior dal praperdes fisted as comparables in the appraisal report 1 father certify that I have noted arty apparent or known adverse wrdibns In the subject improvements, on the setject see, or on arty site whin the imeciaae vicinity of the subject property of vdich I eon aware and have made adjustments for these adverse conitions in my analysis of the property vane to the edam that I had market evidence to smart than I have also commented abet the effect of the adverse conctlorns on the marketability of the subject property. 9. I personaly prepared al conclusions and opinions about the real estate that wee set forth in the appraisal report 1 I need on significant professional assistance from any ncivi&al or individuals in the performance of the appraisal or the preparation of the appraise report, I have nand such ndnid al(s) and disclosed the specific asks perfumed by them in the reconciaeion section of dos appraisal report. I certfy that cry idnidual so named Is Qnaffied to perform the tasks. I have not authorized arryone o- make a flange to any kern in the report therefore, 1 an unauthorized change is made to the appraisal report, I al take no responskeity for it. SUPERVISORY APPRAISER'S CERTIFICATION: 11 a supervisory appraiser signed the appraisal report, he or she certifies and apes that I dimly supervise the appraiser who prepared the appraisal report have reviewed the appraisal report agree with the statements and conclusions of the appraise. agree to be band by the appraiser's certifications numbered 4 through 7 above, and am taking ful responsibility for the appraisal and the appraisal report ADDRESS OF PROPERTY APPRAISED: 1575 NW 58 Street, Miami, FI 33142 APPRAISER:.r., SUPERVISORY APPRAISER (only if required): Signature: Name: Terris Peltier Signature: Name: Roboirt Blecha, MBA ASA Date Signed: April 19, 2004 Die Signed: April 19, 2004 State Certification #: RI1618 Sate Certification #: RD156 or State License #: or State License #: State: FI Sate: FI Expiation Date of Certification or License: 11/30/2004 Expiation Date o1 Certification or License: 11/30/2004 ❑ Did 'Z Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Farm 1004E 6-93 Form ACR — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE