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HomeMy WebLinkAboutBuy-Sell.pdf COUNTER OFFER _ RE LTORe 6vr 1411rr° 1 This counter offer pertains to a Buy/Sell Agreement(hereafter"Buy/Sell') dated September 20 2006 2 by and between MICHAEL D. WADLEY MARILYN S. COX (Seller)and 3 JAMES GOEHRUNG AND/OR ASSIGNS (Buyer) concerning the 4 property described as 5 6 7 8 All the terms and conditions of the "Buy/Sell' are hereby incorporated by reference except as modified by the 9 following terms and provisions: LINE 28 PURCHASE PRICE TO BE FOUR HUNDRED THIRTY THOUSAND 10 PRI 0 NEY 4 11 12 PRE-APPROPAL LETTER FOR FINANCING BY OCTOBER 9 2006. BUYER TO RELEASE ALL CONTINGENCIES 13 BY NOVEMBER 15 2006. EARNEST MONEY TO BECOME NON-REFUNDABLE ON NOVENIDER 15 2006. LINE 14 104 APPRAISAL: BUYER AND SELLER AGREE TO NEGOTIATE WHETHER APPRAISAL IS HIGHER OR LOWER 15 THAN PURCHASE PRICE OR TERMINATE BUY/SELL. LINE 126 INSPECTION CONTINGENCY CHECKED. LINE 16 150 OTHER CHECKED: BUYER TO PERFORM A PHASIC I ENVIRONMENTAL ASSESSMENT. LINE 152: DATE IS 17 OCTOBER 23 2006. LINE 161 DATE IS QCTOBZR 30 2006. PERSONAL PROPERTY TO CONVEY: 18 19 RANGE AND REFRIGERATOR IN APARTMENT. SELLER TO RENT BACK PROPERTY FROM THE CLOSING DATE 20 TO JANUARY 31, 2007 FOR $900.00 WHICH IS TO H,E PAID AT CLOSING, BUYER TO TAKE POSSESSION 21 OF THE PROPERTY ON JANUARY 31 2007 AT 6:00 P.M. 22 23 24 25❑The dates for performance contained in the"Buy/Sell'shall be extended the same number of days that have elapsed 26 between the 'Buy/Sell' and the date of final Acceptance of this Counter Offer except for the closing date which shall 27 remain as set forth in the"Buy/Sell; OR 28❑x All performance dates contained in the"Buy/Sell'shall remain the same, except as otherwise stated herein. 29 Acceptance of this counter offer may be made by providing a signed copy to the offering party or their 29 Broker/Salesperson prior to 10/04/2006 12:00 NOON (Date/Time). Offering party may withdraw this 30 counter offer any time prior to receiving written acceptance. If acceptance is not given to the offering party or their 31 Broker/Salesperson by expiration of the time for acceptance, this offer is then null and void. 32 The parties hereto, all agree that the transaction contemplated by this document may be conducted by electronic means 33 in accordance with the Montana Uniform Electronic Transaction Act. 34 35 Seller MICHA$L D. BRADLEY Date Buyer aAms aozmwm ADD/oR Asslaxs Date 36 37 38 39 Seller MXaLYN S. Cox Date Buyer Date NOTE: Unless otherwise expressly stated the term'Days"means calendar days and not business days.Business days are defined as all days as except Sundays and holidays.Any perfornance which Is required to be completed on a Saturday,Sunday or a holiday can be performed on the next business day OMONTANA ASSOCIATION OF REALTORSO, March 2006 CENTURY 21 Summit Rsshy 1941 Wert MAin Strwt Hommsn•MT 59718 Phone:(406)586-2111 150 fr. (406)586-8669 OOEHRUNG Kum Thomas Produced with ZlpFormw by RE FtxmsNet,LLC 18025 Fifteen Mlle Road,Clinton Township,Michigan 40036 www.zlpfy7(Ta1 com BISHOP APPRAISAL SERVICE(406)508.9995 UM] Summary Appraisal Report Complete Summary Uniform Residential Appralsal Report FBe#C610028 The pwpose of this surnnury alperal9al relport Is to proWe the lender dens with an accurate,and Rdequataly s2ported,opinion of the marled valna of the subject property. n2n Address 214 1,LOMMe City BmmonSte ES 4p Code 1 Borrower Jameg 0oahruriqof PUMIC Record Whael Q.Br [Mart x Cou Galimon LMOoporlpflon VV13'ojIot32 and all pilot 33 and 34 B Bozeman Assessor's Parcel# RGH1681 Talc Year 2005 R.E.Taxes$ 1,961.08 hborhood Name ozem South Ma Reference ar Census Tract Occu ant Owner Tenant F I Vacant 5 hit Asaeesmeria S rate PUD HOA No ear nor month Pro No Ms alsed Fee SI a Leasehold Doer deacrtbe AssiffTntWoo M Purchase Transaction R------Trarrsecibn Otter describe LodgSlIenit lilmes QoehruncVolunt AcIdress Is the subject r currently offered for sale or has It been offered for sale In the twelve months prior to the effective date of this appraisal? m Yea nNo Report data source a used offering rice s and date a, PropertyC #1 I 0 did 0 did not analyze the contract for sale for the subbct purchase transaction.Explaln the results of the anelyele of the contract for sale or why IN analysis was not p�qorrned. area appfVlval&phase 1 anytronmentgI lnppqcWn of buyers m8ponylblIfty. Contract Price$43.0,000 Date of Contract 014LOS le theprop"seler the owner of public record? Yes No Dsta Source e) w!Antv d la there arty financial assistance(ban chwVas,sale concessions,gift or downpayment assistance,etc.)to be paid by any parry on behalf of the borrower? Yea 2 No If Yes report the total dollar amount and describe the Items to be paid. n/01 Note:Rea and the reclel composition of the neighborhood w not appralssil factors, i ation Urhan Suburban Rural Pro Veliea kxxaaei Stable Oeckri PRICE AOE Oro 11rV1 7b% • Over 75% 25-75% tinder 25% Demo Shorts In Balance OverSu Ow 2-4 Ulnitwth Red Stable Slow Market Tirro Under 3 mtie 3 B mtina Ovw 8 mthe s low 0 Multi- % borfnod Boundaries Street to the h!ftga Ay2,to ths spot Ngrth 7th to Me a No High 125 Comrrwclal 15% railroad to the noo, 336 Prod. 50 Other 10% fthborhood Description This lea resIdentlal sa I ed on t north a of the It te led near rk. I a as to tho,c carder vie Main St.and Rguse Av Wet Conditions OwAxIft support for to abuue Conelusaons) Migriket pippeors to be Iperesialry at this a prlego home ores 1 wkh less than I pere Is at$330,000 With 51 doys on the market ancl e psrce t at 98,65%. Cg"ntluvi j1poncingI to ft arse ban terms at 15 to 30 years.Rates are low and very attractive. Somo FHA ano VA finamIng still occurs. mansions 8)(IN Ares 10 .Ft n ular View 8"rage V ClassificationB- ZOM Desert tion r Identie !mu t b I s and -3 BnCe to el t al Nancordorml Dlandhathered Use W Zori al describeand beat use of sub t as I cued or as r osed ne and a eftstions tha sent use? Yes No h No describe Publio Dther describe Public Ottw dacr6r OR-shim rovemsms- Publb Privets Water Street a Sanitary Sewerrear FEMA Special Hood Hazard Area Yes Z No FEMA Flood Zone X FEMA Ma # 300026QQ12C FEMA Map Date 7116 Are the utlBtles and off-she ITjn2MTb typical for the market area? Yea No ff No describe Are No adverse she conditions or external factors easements erncroechterds emvkonma,rtal conditions lend uses etc.)? Yes 2 No If Yes describe The reb as not Won na as to the reaVK of thqi phase 1 or h It he n completed. it roblempro fourgl,the apprtosprs reserves the right W itIter or amgrtd the report W refeld Untie Z one LLOna with Aocessoq Unit Concrete Slab R Crawl Space Foundatbo W Fbore #of stories 5 Fut Posement F1 Para I Basernont Exterior ffift Wells drywall/plasterlm- TVDe R Dot Alt 5-D OAnd Urit Basement Area llpr sq.tL Root Swfam asphattlayg. Trl sh Eidd Proposed D Under Comt Basement Flnleh %OvM d Downspouts; Bath Floor Dee n(Style) 1.5-stpry D Outside Entryft 0 Swv ik window T • . Ba1h Wekecot enclosure Year Bdlt Evidence of Infestation Storm Ses Iated I v None Efleclive Age s 20 Da rose summ rf Screens attached 'Driveway #of Care 1 oar Aft None Heap A B adlant Amenitea Woodstove s # Ddvewa surface aver Dr Stair stairs Ober Fuel s Fir laces # Far[ce Gare e #of Care Hoar Scuttle Coo Central Air C ndhionf k r P ch Carport #of Care Finished Heated WMdual Other Pod Other baloon Att. Del LlLa--in lances Lj Refd eratar Ra Oven M Dishwasher M DIArAiRml Microwave Washer Oder describe Finished area above grade eorains: 0 Rw m 3 Bedrooms 7 Bathe 1 Square Feet of Gross LM Area Above Grade Addlional feahnes(spodal anny eNldent Rams,etc.. minimal amount Describe the c22NM of ludneeded deterioroon,teno a The aporpoer Is Lmg a home lnspectQrand 16 tiig trained to re any dpLdLcts, hom ar w hod m9gy u d &Inca the lift 1and much P1 ft home§orkiinal, re2r delmqhod area a nt he hchen sink p1rid Is rw?j r ,onaldepo a de had d?MIN vnft for thle!Issignm r Inr in the pool roe had t @4 noted by ft r t the time of InspoctIm,the owner hod contmi of all the aj, m se Are two a slcal datldendes or adverse conditions that affect tte Ilvablifty,soundness or structural Integrity of the property? Yes 0 No N Yes describe Does the property oanerally conform to the WghbWxiod(functional Why,We,condlllon use coneftction etc.)? Yes M No If No describe Freddie Mac Faun 70 March 2005 Pape 1 of 8 Fannie Mae Form 1004 March 2005 Form 1004--'WInTOTAL'appralsai software by a is mode,Inc.—1-800-ALAWDE Complete Uniform Residential A ralsal Report FIN#C610029 Summary There are 7 co arable ro ertfee c offered for sale In the subject neighborhood ranging In price from$ 4po.om to 0 000 There are 2 comparable sates In the a ATURE S not hborho MR ranging In sale price from to$A45# COMPARABLE #2 OMPARBD #3 MP Address 214 E Lamme 222 S 7th Ave, 726 S 8th Ave. 1103 S Willson Ave. Bozema 59715 Bor&mmn MT 1 5 -Buernsn IVIT 59715 BvMmsn tuft 5 71 Proodatry toSubject lee Ile Ilse Sale Price43 b 400 000 0 D0D +.� S 0 000 Sale P tiros Llv.Area 2 s . a.R. fi e.ri.rtV, $ 165.66 e .ft. v a• + Data Sources LS#131 T37 MLS#12n67 ML 1 2473 Verification rce a ;r' +.', VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION + Ad I nanl DESCRIPTION +- Adfusbrant DESCRIPTION + Ad ustmstt Sales or Rnancing ;„ cash conv, conv Concessions no conc. Date of Sa g/ Location urb urban urban u ton Leas Simple fie fee§hDIST Site 102 6,125 +4 075 1 -3 800 7,500 + 700 view everaoe avQ!mq averpoo aver 92 Design S 1.5- t 1- 2- Quality of Construction ayR,woodlabiale ale av Actual Age 1889 18 Condition overanol. _ ra - Above Grader Tote N=.180Total ()drme. B Tebl III.I Beua Tote IN=I Bam Room Court 4 1 2 1 1 + 1.5 + 0 0 Gross LM Area 1,825 .it 1 12 a .ft. + 2,880 8 .ft. -28 7 2,475 B .ff. -18 250 Basement&Rrtshed collar 768 -3,840 1440 -7,200 1131 -5.655 Room Below Grade 1 -4 80 1 786 Fwhctlonal a Hastl 2N opne none gI none Enar Efflclert hems 1 I typig'a1 Garaga/Ca car a + 000 1 car florace 0 2 car 4 Porcwdoo 22h d Del As no +5 000 none + ppp +6,Q00 Net Ad erd(Total) + 13052 + + -13 ,419 Ad)wted Sale Price Net Ad). 3.3 % Net Adj. 7.8 % Net Adj. 3.3 % of Ca lee Oross Ad. 11.0 96 413,o53 Boss Ad %I 406,625 Gross Adj. 10.3 6 396,581 did oserch e 0 re hesuac ad re sle.I n My research did dItl not reveal for sales or tra Tens of the subject proptJfor the three years prior to the a date of this appraisal. Bata Sauce e MLS.pwner My ras arch did dM not reveal sales or an slars of the comparable sales for ft yeu pr1or to ate of sale of the comparable sale. Data Saorce a MLS Report the results of the research andanI of the odor 0ale or V f history of the aub and ce rable sales additional sal on e 3). ITEM SUBJECT COMPARABLE SALE#1 1 COMPARABLE SALE#2 COMPARABLE SALE#3 Date pt Prior Saky7ransfar fto PrIQr no Prior WLS getst 1 LS d ata post 12 m Price of Prior SaWTransfar s data Data Sourc s 38 Effective Date of Data Source(8) Ana sla of prior sale or transfer list of the ub ect Property yN,comparable s r r y reporting, SumrmrY ofBales Cornparlson NMW_8gWW almonta r th aOJustedot$l .athdMre2o. Qsra wore ad t 2000 I stall ddf r n . Lot size le adjusted at 1 per square fW dlff t Mr@ J@X t Imll n to 0 of r mlos of home n B-3 land m@rq found ancl sincethis Is 020 as reskiQlptlel and there e no salook4how that II Zon would rod her value rront residential Id r he hl b front RIgo,little uQdatkig m let none repently.The uppoll4or has determItned that Wrripprablas r'se Is'condWwwould prooluco the most CredIble Valum WIcated Value by Sales Comparison oath 405 Indicated Value by:Was Comparison Approach d 405,000 coat AMrooch If developed 8 378 Income Approich N dsvel $ The e omparigon e r be the best W19211OL&LI"gstsubjKt, The Incomeappnmch was t nt beteVqq_gf to pradQMlrmlteo r occupancy and the-lack of hgmo data for ect The OW Approach Is nQt left to be ralkable due Ip the r ion. This appraisal Is made 2"as Is", subject to completion per plane and specifications on the basis of a hypothetical condition that the Improvemame have been completed, 0 subject to the following repairs or alterations on the basis of a hypothetical condition that the repalre or alterations have been complated,or❑subject to the following required inspection based on the owaordlrzry assumption that the condition or deficleac y does not require alteration or repair. Baud on a complete visual Inorlon of the f rtedor and exterior arm a subject property,d reed wogs woHr stafemertt o assumptions and ImNing condtlons,and Opp [Iles ce flution,my(our)opinion of the market value,as defined,of the nWm roperty that Is the subject of this report is 405,000 as of 10/24/08 which a data of inspection and the ve dato of II nisei. Freddie Mac Form 70 March 2005 Page 2 of 6 Fannie Mae Form 1004 March 2005 Form 1004—'WInTOTAL'appraisal software by a la mode,Inc.—1-800-ALAMODE Complete Summary Uniform Residential Appraisal Report Fk#C810026 The Intended User qf this a2pralppl report Is the Lender n The IntsWed use Is to evaluate the pro orty that Is the avoiNt of the appr4lsol for a rt e trarlup(jon.subloct to the ptateOTscgpeof of the Popraleal.Tpoilng reguiremaritsrals I report form,Org definition Qfrnarkat y4lue, o addWnal Intended v§ers are Identified by the ppomlsjr. Provide adequate Mmmatlon for the louder clbnt to a the below cast f1pres and calculations. Su for the opWon of site value(sumM of comparable land sales or other methods for edMnD Otte value I ed e then rro salsa f knllar elz to In o nreee i an. aden rb tau to the for this I natnimon ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF ITE VALUE .................. + 17 Source of cost data Logal Bulkier ts/Marshall DWELLWO 1.825 SOIL 125.0 .. -S 22 1 Oualfty raling from cost service Etlecdve date of cost data C411or S.FL 0$ .. ........ - Commards on Cost NEE11 rose living area calculations dapnecidon,etc. I atu ilo area 15 L901 5uRdsEe he s Gera .Ft 0$ 45.QO............ - 52 2 vatLm*are qatimated using curr ales or olat Total Estimate of Cost-New - 305 gArrrent Improved Less iftsical Functional EX Depreel 1 - 101775 Depreciated Cost of I oNemarrta ....-- _..---- -S20324 'As-le"Value of she I overrwn ............ - Estknated Remaining Economic We UD and VA on 40 Years RUACATED VALUE BY WST APPROACH.............................................-11 3TB.6M E rtuted M rket ROM X Gross R Mlltl Indicated Vdue b Income roach Su!= of Income Approach(includingsu for market rend and ORM k tun de r tinier in control of the Ho Assocbtlon A? Yea No Unit Detac Attached Provide the following Infomnatlon for PUDe ONLY If the de under Is in control of the HOA and the su t ProperN ta an attached dwelling unit. Legal Name of Pro ct Total number of pham Total number of units Total number of unite sold Total nonter of units rented Total number of unite for sale Data source(s) Was the project created by the conversion of e>detln build s Into a PLI07 Yea Ne n Yes date at correrslen. Do%go o ct contain mule-dvreBn units? Yoe No D to Source Are the units common elements and recreation IACUID03 co Iste? n Yes U No I1 No describe the status of carnpldorL Are the common dements based to or the Homeowners'Assodallon7 7 Yea No P Yes describe the rental terms and options. Describe camrnon elernaRs and recreational facilities. Freddie Mac Form 70 March 2005 Page 3 of 6 Fannie Mae Farm 1004 March 2005 Form 1804—'WInTOTAL•appraisal software by a la mode,Inc.—1-8*ALAMODE Uniform Residentlal Appraisal Report Complete Summary Fk#C810028 This report form Is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; Including a unit In a planned unit development (PUD). This report form Is not designed to report an appraisal of a manufactured home or a unit In a condominium or cooperative project. This appraisal report Is subject to the following scope of work, Intended use, Intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the Intended use, Intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to Include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modiflcations or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material atteratlons to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal Is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual Inspection of the Interior and exterior areas of the subject property, (2) Inspect the neighborhood, (3) Inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions In this appraisal report. INTENDED USE: The Intended use of this appraisal report Is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The Intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price Is not affected by undue stimulus. Implicit In this definition Is the consummation of a sale as of a specified date and the passing of Utle from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well Informed or well advised, and each acting In what he or she considers his or her 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 of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions" granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creatve financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result 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 to the comparable property by comparisons to financing terms offered by a third party Institutional lender that is not already Involved In the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS. The appraiser's certification In this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to It, except for Information that he or she became aware of during the research Involved In performing this appraisal, The appraiser assumes that the title Is good and marketable and will not render any opinions about the UUe. 2. The appraiser has provided a sketch In this appraisal report to show the approximate dimensions of the Improvements. The sketch Is Included only to assist the reader In visualizing the property and understanding the appralser's determination of Its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted In this appraisal report whether any portion of the subject site Is located In an Identified Special Flood Hazard Area. Because the appraiser Is not a surveyor, he or she makes no guarantees, express or Implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property In question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted In this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the Inspection of the subject property or that he or she became aware of during the research Involved In performing the appraisal. Unless otherwise stated In this appraisal report, the appralser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or Implied. The appralser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser Is not an expert In the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal repot and valuation conclusion for an appraisal that la subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed In a professional manner Freddie Mac Form 70 March 2005 Page 4 of 0 Fannie Mae Form 1004 March 2005 Form 1004—IWInTOTAL'appraisal software by a Is mode,Inc.--1-900-ALAMODE Complete Uniform Residenlial Appraisal Report FhN C610029 Summery APPRAISER'S CERTIFICATION: The Appraiser cerfifles and agrees that: 1 I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated In this appraisal report. 2. 1 performed a complete visual Inspection of the Interior and exterior areas of the subject property. I reported the condition of the Improvements In factual, specific terms. I Identified and reported the physical deficiencies that could affect the livability, soundness, or structural Integrity of the property. 3. 1 performed this appraisal In accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were In place at the time this appraisal report was prepared. 4. 1 developed my opinion of the market value of the real property that Is the subject of this report based on the sales comparison a proach to value, I have adequate comparable market data to develop a reliable sales comparison approach for this apprZal assignment. I further certify that I considered the cost and Income approaches to value but did not develop them, unless otherwise Indicated in this report. 5. 1 researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property In the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise Indicated in this report. 6. 1 researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise Indicated In this report. 7. 1 selected and used comparable sales that are locationally,physically,and functionally the most similar to the subject property B. 1 have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been bunt or will be built on the land. 9. 1 have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. 1 verified,from a disinterested source,all Information In this report that was provided by parties who have a financial Interest In the sale or financing of the subject property. 11, 1 have knowledge and experience in appraising this type of property In this market area. 12. 1 am aware of, and have access to,the necessary and appropriate public and private data sources, such as multiple listing services,tax assessment records, public land records and other such data sources for the area In which the property Is located. 13. 1 obtained the Information, estimates, and opinions furnished by other parties and expressed In this appraisal report from reliable sources that I believe to be true and correct 14 1 have taken Into consideration the factors that have an Impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse Influences in the development of my opinion of market value. I have noted In this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the Inspection of the subject property or that I became aware of during the research Involved In performing this appraisal. I have considered these adverse conditions In my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property 15. 1 have not knowingly withheld any significant Information from this appraisal report and, to the best of my knowledge, all statements and Information In this appraisal report are true and correct 16. 1 stated In this appraisal report my awn personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. 1 have no present or prospective Interest In the property that Is the subject of this report, and I have no present or prospective personal Interest or bias with respect to the participants In the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value In this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties In the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction In value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. 1 personally prepared all conclusions and opinions about the real estate that were set forth In this appraisal report. 11 1 rolled an significant real property appraisal assistance from any Individual or Individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such Individual(s) and disclosed the specific tasks performed In this appraisal report. I certify that any Individual so named Is qualified to perform the tasks. I have not authorized anyone to make a change to any Item In this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for ft. 20, 1 Identified the lender/client In this appraisal report who Is the Individual, organization, or agent for the organization that ordered and will receive this appraisal report Freddie Mac Form 70 March 2005 Page 5 of 6 Fannie Mae Farm 1004 March 2005 Form 1004—INnTOTAL•aNmisal software by a le mode,Inc.—1-BOD•ALAMODE Com Uniform Residentlal Appraisal Report FiNN C610029 Summary 21. The lender/cllent may disclose or distribute this appraisal report to:the borrower; another lender at the request of the borrower; the mortgagee or Its successors and assigns; mortgage Insurers; QQovemment sponsored enterprises; other secondary market participants; data collection or reporting services; profasslonal appraisal organizations; any department, agency, or Instrumentality of the United States; and any state, the District of Columbia, or other judsdlctlons; without having to obtain the appraiser's or supervisory appraiser's (If applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (Including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. 1 am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower,the mortgagee or Its successors and assigns, mortgage Insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that Involves any one or more of these parties. 24, If this appraisal report was transmitted as an "electronic record" containing my"electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any Intentional or negligent misrepresentation(a) contained In this appraisal report may result In civil liability and/or criminal penalties including, but not limited to, fine or Imprisonment or both under the provisions of Title 18, United States Code, Section 1001, at seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certlnes and agrees that: 1. 1 directly supervised the appraiser for this appraisal assignment, have read the appraisal report,and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certmcation. 2. 1 accept full responsibility for the contents of this appraisal report Including, but not limited to,the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser Identified In this appraisal report Is either a sub-contractor or an employee of the supervisory appraiser(or the appraisal firm), is qualified to perform this appraisal, and Is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were In place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record"containing my"electronic signature,"as those terms are defined In applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as If a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER SUPERVISORY APPRAISER(ONLY IF REQUIRED) Signature _ _ Signature Name At4j . Name Company Name r M e Company Name Company Address =PrarldlryCompany Address Bozeman, 715 Telephone Number 400 see 896 ___ .,.,, _ Telephone Number Email Address Plphouppifa?earmAnk.net Email Address Date of Signature and Report D=ber al.2W6 Date of Signature Effective Date of Appraisal 10/24/00 State Certification# State Certification# MtflaoidtiAl or State License# or State License# State or Other(describe) State# Expiration Date of Certification or License State mt Expiration Date of Certification or License 0313112007 SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED ❑ Did not Inspect subject property 214 E Lemma ❑ Did Inspect exterior of subject property from street Bozeman 715 Data of Inspection APPRAISED VALUE OF SUBJECT PROPERTY$ 405.000 ❑ Did Inspect Interior and exterior of subject property LENDER/CLIENT Date of Inspection Name COMPARABLE SALES Company Name a aoehru cl Company Address ln99hrungQBoZQmpn,pet ❑ Did not Inspect exterior of comparable sales from street ❑ Did Inspect exterior of comparable sales from street Email Address Date of Inspection Freddle Mac Form 70 March 2005 Page B of 6 Fannie Mae Form 1004 March 2D05 Form 1 D04—'WInTOTAL•appraisal software by a la mode,Inc.—I4100•AL AWDE Supplemental Addendum FN NO.C610029 B CI1Wt Jam oehrun Prop&W Address 2 me city BQZQ C lira State Mt Zip Coda 59 Lender James oehrun client 0 2006 Bishop Appraisal Services All rights to this appraise]report are reserved by Bishop Appraisal Services. All drawings,written materials and opinions of value or any other material linked to this appraisal report written or described herein are the sole property of Bishop Appraisal Services and as such may not be altered,duplicated,used or disclosed to any other entity other then the client expressly noted on the front page without the written consent from Bishop Appraisal Services, Any attempt to do so Is a violation of the Federal Copyright laws and USPAP This Includes the borrower using the report for any other purpose than the purpose stated In the appraisal report within the addendum. The client may not distribute the appraisal report to any other parties for any other purpose. The opinion of value Is valid only In this specific circumstance and only for the Intended user who In this case Is the client stated on the appraisal, This Is a summary appraisal report which Is Intended to comply with the reporting requirements set In the Uniform Standards of Professional Appraisal Practice for the Summary Appraisal Report. As such,It presents only summery discussions of the data,reasoning,and analyses that were used In the appraisal process to develop the appralsers opinion of value. Supporting documentation that Is not provided with the report concerning the date,reasoning,and analyses is retained In the appra]ser'a file. The depth of the discussion contained In the 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. The Scope of this appraisal,the extent of the process of collecting,confirming and reporting date Is presented me a means to convey the techniques used In assembling data. A viewing of the subject property area,neighborhood,site;an analysis of the market environment;and analysis of the property using the appropriate,accepted valuatton techniques Including assemblage,verifloatlon,and analysis of all appropriate market data was completed resulting In a reconciliation of the property s value. The Sale Comparison approach was analyzed as was the Income and cost approaches. The results of these approache and their development Is summarized In the reconciliation section of the report, Sources used Include ores real estate market Information;office files; market participants-Lender,Brokers,Buyers,and Sellers;and the County/City records. The use of this report Is subject to the requirements of the Uniform Standards of Professional Appraisal Practice and FIRREA. In addition,I certify that to the beat of my knowledge and belief,the reported enalyels,opinions and conclusions were developed and this report Is prepared In conformity with those requirements and the Code of Professional Appraisal Practice, As of the date of this report,Micheal Q,Bishop has completed the required educational standards for the certified appraisal status with the state of Montana. It should also be noted that I have prepared numerous similar reports and feel quallfled and competent to complete this appraisal assignment. The purpose of this appraisal Is to estimate the fee simple market value of the subject property,assuming a reasonable exposure of time If the property were marketed, The effective date of this value estimate Is 10124/2006, The function of the appraisal Is to serve as a guide for a client In a real estate transaction. The nature of the Intended users needs In this Instance would be to aid In their personal financial decision making and for no other use without the written consent of the appraiser. No personal property has been Included In the appraised value estimate unless specifically Indicated In the appraisal and adjusted for on the grid. I have no present or prospective Interest In the property that Is the subject of this report,and no personal Interest with respect to the parties Involved. I have no bias with respect to the property that Is subject of this report or to the parties Involved with this assignment. My engagement In this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment Is not contingent upon the development or reporting of a predetermined value or directlon In value that favors the cause of the client,the amount of the value opinion,the attainment of a stipulated result,or the occurenoe of a subsequent event directly related to the Intended use of this appraisal. There Is a chance In any residential property that there may be environmental hazards Including lead point,radon,asbestos or mold. There also may be other unknown environmental Issues. The real estate appraiser Is not trained to detect or assesa any potential physical or financial costs or cures caused by these factors. The homeowner or potential homeowner has the responsibility to hire an expert who Is able to Identify these factors and note any needed changes or repairs, It Is suggested that a quallfled,certified Home Inspector be hired to help In Identifying any potential environmental factors associated with the Interior,exterior or ground of the subject of this appraisal report. The appraiser Is also not qualified to determine the cause of any such environmental factors,or the threat they may pose to the residence Itself or to the Inhabitants whether they are owners,renters,family members or others who have stayed In the house, The appraiser has been hired to provide an'opinion of value'and Is not hired as a home or environmental Inspector. The appraisal does not guarantee that the property Is free of defects or environmental problems. The appraiser performs an Inspection of vlslbls or accessible areas only The crawlepace and stdo are not routinely viewed by the appraiser but should be part of a comprehensive Home Inspection. Mold,lead paint,radon or asbestos may be present In areas the appraiser can or cannot see, The appraiser Is not responsible for detection or identification of these probeme. This Is the reponsibllity of the home Inspector. The appraiser Is liable only for the fee received for the scope of the work accepted from the client. This does not Include an environmental assessment of the home. This is an opinion of value based on the appraiser's knowledge of the area and the current market. It Is conceivable that them are other appraisers who would present a differing opinion based on their knowledge,however,the appraiser has made every effort to be fair In reporting data and In reviewing any date provided to arrive at the current opinion attached to this report, Therefore,there Is no legal liability assumed by the appraiser due to any differences the Client/Lender may find from other appraisers or market participants. There Is also no legal liability assumed by the appraiser for any potential hazardous environmental factors such as but not limited to lead paint,radon,abestos or mold. Should these factors be found In any property which has an opinion of value provided by this oRloe,the appraiser has the right to reassess the opinion once correct date Is provided and reviewed by the appraiser. Form TAOD—"WInTOTW appraisal software by a to mode,Inc.—14H)O-ALAMODE Subject Photo Paue Borrow lent JamQqehrung Property Address 214 E Lammo C ozeman CGallatin State Mt O Code 59716 Leadv J Goehru G t Subject Front I' 214 E Lamme Sales Price 430,DOO Gross LMng Area 1,825 r4 Total Rooma 6 Total Bedrooms 3 Total Batirooma 2 Location urban View avenge site 10,200 Quality avg.woodlaba Age 1889 Subject Rear Subject Form PICPO(,SR—"WInTOTAL'appraisal software by a la mode,Irrc,—1-800-ALAMODE Building Sketch BMCwff/CW James Goe FroPorN Address 214 F L.em Lay 6Qz ma CGaHafln AWA ZI Cade 59715 Lender James Ooe n lent 2116' a.aa• 27.V Kkahan Dining Den R*kwrn B6dr" 330 S1.EN 31J7 BOM 31,0' � Ftoarn Bidrnnm 4.(y 27.8' 49.s 1� lely No flrdsh 16.0' Wimal Mish 12E.0 i ! 12.(r f !.. ...... . ._. .....M ........... .... ' cf¢��LatOt�,rv� Al'21.Ex5.0- 107.E A2:27.5 x 1E.E- 7W.0 M A3.0.5 x 1247- 4.3 A4:24.9 x 2.7- W.e AO:2q.E'k a1.9.t 960.7 u 9soond F bw 8�,7 Towlwnp Anw 1694.E Ae AS:40.4 xW0- 13E3.2 IN- 1I p 'Pow Oeesae Ar.� 13C3.� Farm SKT.BldSkl—'WInTOTAL-epprelsal software by s Is mode,Inc.—1-MALAMODE Comparable Photo Page Bo rowan Cli James(399hrynn PNQOV Address 214 Lomme city B z ma CountyGalls Mt 59715 Lender Ilsnt Comparable 1 222 S 7th Ave. �f Prox to Subject 0.68 moss SW gale Pdce 400,0D0 Gross LMng Area 1,128 Total Rooms 4 Total Bedrooms 2 Total Bathrooms 1 Location urban view average Site 6,125 Dually avg.wood/abs Age 1920 ' . Comparable 2 y Prox Fo Subject 0.86 mibe SW Sale Rice 440,000 Grose LMnp Ares 2,880 Total Rooms 8 Total Bedrooms 5 Total Bathrooms 1.5 Location urban view average Sob 14,ODO Quality avg,wood/abs Ape 1930 Comparable S " 1103 S Willson Ave, b Prox to Subject 0.96 miles SW Ij Sale Pdce 410,000 Gross Living Area 2.475 Total Rooms 7 Total Bedrooms 4 Total8atU=M 3 Location urban view average Soto 7,5DO Quality avg.wood/brk Ape 1952 Form PICPIX.CR—IMnTOTAL'appraisal software by a la mode,Inc.—1-800-ALAWDE Plat Map rr m Propedy Address 214 F L mm• city 5 ma Cou Gallatl StMe Mt 4p Code Lender J:mes Ooehrun chant d � 1 Form MAPPLAT 'WInTOTAL"appmIsal software by 4 Is made,Inc.—1-BOO-ALAMODE