table of contents - md appraisers · nicholas gioia md appraisal llc 443-765-5422 410-298-7065...

File No.Property AddressCity County State Zip Code

TABLE OF CONTENTS

000000W83329REDACTEDREDACTEDGaithersburg Montgomery MD 20878REDACTED

Real Property Appraisal Report ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................UAD Definitions Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Appraiser Certifications Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Supplemental Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 1-3 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Location Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Aerial Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Plat Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Unit Plat ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Building Sketch ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Estate Record ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Personal Property Inventory (Schedule C) ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Resume ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Appraiser's License ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Invoice ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

13689101112131415161718192021222324

Form TOCP — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Owner

Client


Real Property Appraisal Report ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................UAD Definitions Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Appraiser Certifications Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Supplemental Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 1-3 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Location Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Aerial Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Plat Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Unit Plat ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Building Sketch ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Estate Record ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Personal Property Inventory (Schedule C) ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Resume ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Appraiser's License ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Invoice ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

13689101112131415161718192021222324

Form TOCP — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Owner

Client

File No.Property AddressCity County State Zip Code

TABLE OF CONTENTS

File No.:SU

BJE

CT

Property Address: City: State: Zip Code:County: Legal Description:

Assessor's Parcel #:Tax Year: R.E. Taxes: $ Special Assessments: $ Borrower (if applicable):Current Owner of Record: Occupant: Owner Tenant Vacant Manufactured HousingProperty Type: SFR 2-4 Family # of Units: Ownership Restriction: None PUD Condo CoopMarket Area Name: Map Reference: Census Tract: Flood Hazard

ASS

IGN

MEN

T

The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe)This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective ProspectiveApproaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach Other:Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe)Intended Use:Under USPAP Standards Rule 2-2(c), this is a Restricted Use Appraisal Report, and is intended only for the sole use of the named client. There are no other intended users. Theclient must clearly understand that the appraiser's opinions and conclusions may not be understood properly without additional information in the appraiser's work file.Client: Address:Appraiser: Address:

SALE

S C

OM

PAR

ISO

N A

PPR

OA

CH

FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3Address

Proximity to SubjectSale Price $ $ $ $Sale Price/GLA $ /sq.ft. $ /sq.ft. $ /sq.ft. $ /sq.ft.Data Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.

Sales or FinancingConcessionsDate of Sale/TimeRights AppraisedLocationSiteViewDesign (Style)Quality of ConstructionAgeConditionAbove Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsRoom CountGross Living Area sq.ft. sq.ft. sq.ft. sq.ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck

Net Adjustment (Total) + - + - + -$ $ $Adjusted Sale Priceof Comparables $ $ $Summary of Sales Comparison Approach

Copyright© 2010 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.5/2010

Sorgen LLCGenovese032215000000W83329Real Property Appraisal Report

REDACTED Gaithersburg MD 20878Montgomery REDACTED

REDACTED2014 2,279 499 N/A

REDACTEDGarden 1-4 Levels 1

Lakeland Ridge Codm 43524 7008.29

This appraisal is intended to estimate the fair market value of the subject, as of March 22nd, 2015

REDACTED REDACTEDNicholas Gioia 1123 State Route 3 North #297, Gambrills, MD 21054

REDACTEDGaithersburg, MD 20878

~~

InspectionMLS/Pub Rec

~~~Fee SimpleN;Res;1488 sfN;Res;DT1;Garden StyleQ414C3

6 2 2.01,448

0sf

AverageFWA/CACDH Repl WinNoneNone

Fireplace(s) 1 FireplaceRecent Updates NoneCondo/ HOA Fees $410Storage Unit Yes

201 High Gables Dr Apt 305Gaithersburg, MD 208780.09 miles S

325,000223.37

MRIS#MC8422603;DOM 98MRIS/Public Records

ArmLthFHA;6000s12/14;c11/14Fee SimpleN;Res;1455 sf 0N;Res;DT1;Garden StyleQ414C3

6 2 2.01,455 0

0sf

AverageFWA/CACDH WindowsNoneNone1 FireplaceNone$410Yes

325,000


324,000223.91


ArmLthConv;500s10/14;c09/14Fee SimpleN;Res;1447 sf 0N;Res;DT1;Garden StyleQ414C3

6 2 2.01,447 0

0sf


324,000

300 High Gables Dr Apt 303Gaithersburg, MD 208780.03 miles W

324,900225.47


ArmLthConv;0s08/14;c07/14Fee SimpleN;Res;1441 sf 0N;Res;DT1;Garden StyleQ413 0C3

6 2 2.01,441 0

0sf


324,900A comprehensive search within the subject's market area was performed to determine the most comparable

properties to the subject. All comparables are similar to the subject in terms of overall utility and market appeal.

The sales utilized are considered to be the best indicators of the subject's market value, although they may not "bracket" the subjects in all categories.

Adjustments are based on the contributory market value of each relative to the subject using paired and grouped data analysis. If there is no market evidence insupport of an adjustment for an element/ unit of comparison, or they are considered to be of equal value and appeal, than no adjustment has been applied.

Gross living adjustments are market derived at $55 per sq.ft. Size differences of less than 100 sq.ft. are not recognized in the market or in value.

Over the past 12 months the market has remained stable; therefore a market condition adjustment is not warranted.

Under current conditions, the reasonable exposure time for the subject property is approximately 3 to 6 months. This is based on the analysis of current markettrends in the general market area and takes into account the size, condition, and price range of the subject property and surrounding area. This estimate is basedon the assumption that the list price would be at or near the appraised value. It also assumes aggressive professional marketing by a reputable local real estateagent.

Form GPRTD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Sorgen LLCGenovese032215000000W83329Real Property Appraisal Report

REDACTED Gaithersburg MD 20878Montgomery REDACTED

REDACTED2014 2,279 499 N/A

REDACTEDGarden 1-4 Levels 1

Lakeland Ridge Codm 43524 7008.29

This appraisal is intended to estimate the fair market value of the subject, as of March 22nd, 2015

REDACTED REDACTEDNicholas Gioia 1123 State Route 3 North #297, Gambrills, MD 21054

REDACTEDGaithersburg, MD 20878

~~

InspectionMLS/Pub Rec

~~~Fee SimpleN;Res;1488 sfN;Res;DT1;Garden StyleQ414C3

6 2 2.01,448

0sf

AverageFWA/CACDH Repl WinNoneNone

Fireplace(s) 1 FireplaceRecent Updates NoneCondo/ HOA Fees $410Storage Unit Yes


325,000223.37


ArmLthFHA;6000s12/14;c11/14Fee SimpleN;Res;1455 sf 0N;Res;DT1;Garden StyleQ414C3

6 2 2.01,455 0

0sf


325,000


324,000223.91


ArmLthConv;500s10/14;c09/14Fee SimpleN;Res;1447 sf 0N;Res;DT1;Garden StyleQ414C3

6 2 2.01,447 0

0sf


324,000

300 High Gables Dr Apt 303Gaithersburg, MD 208780.03 miles W

324,900225.47


ArmLthConv;0s08/14;c07/14Fee SimpleN;Res;1441 sf 0N;Res;DT1;Garden StyleQ413 0C3

6 2 2.01,441 0

0sf


324,900A comprehensive search within the subject's market area was performed to determine the most comparable

properties to the subject. All comparables are similar to the subject in terms of overall utility and market appeal.

The sales utilized are considered to be the best indicators of the subject's market value, although they may not "bracket" the subjects in all categories.

Adjustments are based on the contributory market value of each relative to the subject using paired and grouped data analysis. If there is no market evidence insupport of an adjustment for an element/ unit of comparison, or they are considered to be of equal value and appeal, than no adjustment has been applied.

Gross living adjustments are market derived at $55 per sq.ft. Size differences of less than 100 sq.ft. are not recognized in the market or in value.

Over the past 12 months the market has remained stable; therefore a market condition adjustment is not warranted.

Under current conditions, the reasonable exposure time for the subject property is approximately 3 to 6 months. This is based on the analysis of current markettrends in the general market area and takes into account the size, condition, and price range of the subject property and surrounding area. This estimate is basedon the assumption that the list price would be at or near the appraised value. It also assumes aggressive professional marketing by a reputable local real estateagent.


File No.:SU

BJE

CT

Property Address: City: State: Zip Code:County: Legal Description:

Assessor's Parcel #:Tax Year: R.E. Taxes: $ Special Assessments: $ Borrower (if applicable):Current Owner of Record: Occupant: Owner Tenant Vacant Manufactured HousingProperty Type: SFR 2-4 Family # of Units: Ownership Restriction: None PUD Condo CoopMarket Area Name: Map Reference: Census Tract: Flood Hazard

ASS

IGN

MEN

T

The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe)This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective ProspectiveApproaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach Other:Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe)Intended Use:Under USPAP Standards Rule 2-2(c), this is a Restricted Use Appraisal Report, and is intended only for the sole use of the named client. There are no other intended users. Theclient must clearly understand that the appraiser's opinions and conclusions may not be understood properly without additional information in the appraiser's work file.Client: Address:Appraiser: Address:

SALE

S C

OM

PAR

ISO

N A

PPR

OA

CH

FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3Address

Proximity to SubjectSale Price $ $ $ $Sale Price/GLA $ /sq.ft. $ /sq.ft. $ /sq.ft. $ /sq.ft.Data Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.

Sales or FinancingConcessionsDate of Sale/TimeRights AppraisedLocationSiteViewDesign (Style)Quality of ConstructionAgeConditionAbove Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsRoom CountGross Living Area sq.ft. sq.ft. sq.ft. sq.ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck

Net Adjustment (Total) + - + - + -$ $ $Adjusted Sale Priceof Comparables $ $ $Summary of Sales Comparison Approach


Page #1Main File No. 000000W83329

File No.:TR

AN

SFER

HIS

TOR

Y

My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.Data Source(s):

1st Prior Subject Sale/TransferDate:Price:Source(s):

2nd Prior Subject Sale/TransferDate:Price:Source(s):

Analysis of sale/transfer history and/or any current agreement of sale/listing:

MA

RK

ET

Subject Market Area and Marketability:

SITE

Site Area: Site View: Topography: Drainage:Zoning Classification: Description:

Zoning Compliance: Legal Legal nonconforming (grandfathered) Illegal No zoningHighest & Best Use: Present use, or Other use (explain)Actual Use as of Effective Date: Use as appraised in this report:Opinion of Highest & Best Use:FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map DateSite Comments:

IMPR

OVE

MEN

TS

Improvements Comments:

REC

ON

CIL

IATI

ON

Indicated Value by: Sales Comparison Approach $Indicated Value by: Cost Approach (if developed) $ Indicated Value by: Income Approach (if developed) $Final Reconciliation

This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have beencompleted, subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, subject tothe following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair:

This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions,and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subjectof this report is: $ , as of: , which is the effective date of this appraisal.If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.

ATT

AC

HM

ENTS A true and complete copy of this report contains pages, including exhibits which are considered an integral part of the report. This appraisal report may not be

properly understood without reference to the information contained in the complete report.Attached Exhibits:

SIG

NA

TUR

ES

Client Contact: Client Name:E-Mail: Address:APPRAISER

Appraiser Name:Company:Phone: Fax:E-Mail:Date of Report (Signature):License or Certification #: State:Designation:Expiration Date of License or Certification:Inspection of Subject: Interior & Exterior Exterior Only NoneDate of Inspection:

SUPERVISORY APPRAISER (if required)or CO-APPRAISER (if applicable)

Supervisory orCo-Appraiser Name:Company:Phone: Fax:E-Mail:Date of Report (Signature):License or Certification #: State:Designation:Expiration Date of License or Certification:Inspection of Subject: Interior & Exterior Exterior Only NoneDate of Inspection:


Genovese032215000000W83329Real Property Appraisal Report

MRIS / Full Tax Record / Maryland Department of Assessment and Taxation

11/25/2003$275,000MLS/Public Records


There were no recorded transfers of thesubject within the previous 36 month period. There were no recorded transfers of the comparable sales utilized in thisreport over the previous 12 month period prior to the most recent sale.

Boundaries: The neighborhood boundaries are South Dr to the North, Darnestown Rd to the South, I-270 to the East andOrchard Dr to the West.Neighborhood Description: The neighborhood is located in Montgomery County, MD. The area is predominantly residential in character consisting of attachedand detached homes. Commercial activity, protective services, public schools and transportation lines are nearby. The area has good market appeal andemployment is stable.Market Conditions: Present market conditions are favorable to lower interest rates and the number of homes available. Seller concessions of 2-4 points aretypical. Foreclosures and distressed properties are available within the market.

1,488 sf N;Res; Level Positive GradeMixed Use Residential Residential

03/22/2015 ResidentialThe highest and best us of the subject is to continue in its current form as a residential structure.

X 24031C0326D 09/29/2006The site consists of one deeded residential condominium unit in the Lakeland Ridge community in addition to one separately

deeded storage unit. The subject is connected to public water and sewer.

C3; No updates in the prior 15 years; The subject is in average condition with no items of physical deterioration observed at the timeof the inspection that would adversely affect market value. Physical depreciation reflects normal wear and tear. There were no measurable functionalinadequacies associated with the subject property.

324,0000 0

The sales comparison approach is given the most weight as it best reflects buyer and seller interactions within the market. The cost andincome approach have not been developed as they were not deemed necessary or applicable to this assignment.

Equal weight has been given to all sales in the final estimation of market value via the direct sales comparison approach.

No warranty of theappraised property is given or implied. No liability is assumed for any component of the appraised property.

324,000 03/22/2015

24

Scope of Work Limiting Cond./Certifications Narrative Addendum Photograph Addenda Sketch AddendumMap Addenda Additional Sales Cost Addendum Flood Addendum Manuf. House AddendumHypothetical Conditions Extraordinary Assumptions Plat Map Personal Property Inventory Market Conditions

301-996-2797 [email protected] REDACTED

Nicholas GioiaMD Appraisal LLC

443-765-5422 [email protected]

April 21, 201530031565 MD

Certified Residential Appraiser02/08/2018

03/22/2015


Genovese032215000000W83329Real Property Appraisal Report

MRIS / Full Tax Record / Maryland Department of Assessment and Taxation



There were no recorded transfers of thesubject within the previous 36 month period. There were no recorded transfers of the comparable sales utilized in thisreport over the previous 12 month period prior to the most recent sale.

Boundaries: The neighborhood boundaries are South Dr to the North, Darnestown Rd to the South, I-270 to the East andOrchard Dr to the West.Neighborhood Description: The neighborhood is located in Montgomery County, MD. The area is predominantly residential in character consisting of attachedand detached homes. Commercial activity, protective services, public schools and transportation lines are nearby. The area has good market appeal andemployment is stable.Market Conditions: Present market conditions are favorable to lower interest rates and the number of homes available. Seller concessions of 2-4 points aretypical. Foreclosures and distressed properties are available within the market.

1,488 sf N;Res; Level Positive GradeMixed Use Residential Residential

03/22/2015 ResidentialThe highest and best us of the subject is to continue in its current form as a residential structure.

X 24031C0326D 09/29/2006The site consists of one deeded residential condominium unit in the Lakeland Ridge community in addition to one separately

deeded storage unit. The subject is connected to public water and sewer.

C3; No updates in the prior 15 years; The subject is in average condition with no items of physical deterioration observed at the timeof the inspection that would adversely affect market value. Physical depreciation reflects normal wear and tear. There were no measurable functionalinadequacies associated with the subject property.

324,0000 0

The sales comparison approach is given the most weight as it best reflects buyer and seller interactions within the market. The cost andincome approach have not been developed as they were not deemed necessary or applicable to this assignment.

Equal weight has been given to all sales in the final estimation of market value via the direct sales comparison approach.

No warranty of theappraised property is given or implied. No liability is assumed for any component of the appraised property.

324,000 03/22/2015

24

Scope of Work Limiting Cond./Certifications Narrative Addendum Photograph Addenda Sketch AddendumMap Addenda Additional Sales Cost Addendum Flood Addendum Manuf. House AddendumHypothetical Conditions Extraordinary Assumptions Plat Map Personal Property Inventory Market Conditions

301-996-2797 [email protected] REDACTED



April 21, 201530031565 MD


03/22/2015


File No.:TR

AN

SFER

HIS

TOR

Y

My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.Data Source(s):

1st Prior Subject Sale/TransferDate:Price:Source(s):

2nd Prior Subject Sale/TransferDate:Price:Source(s):

Analysis of sale/transfer history and/or any current agreement of sale/listing:

MA

RK

ET

Subject Market Area and Marketability:

SITE

Site Area: Site View: Topography: Drainage:Zoning Classification: Description:

Zoning Compliance: Legal Legal nonconforming (grandfathered) Illegal No zoningHighest & Best Use: Present use, or Other use (explain)Actual Use as of Effective Date: Use as appraised in this report:Opinion of Highest & Best Use:FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map DateSite Comments:

IMPR

OVE

MEN

TS

Improvements Comments:

REC

ON

CIL

IATI

ON

Indicated Value by: Sales Comparison Approach $Indicated Value by: Cost Approach (if developed) $ Indicated Value by: Income Approach (if developed) $Final Reconciliation

This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have beencompleted, subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, subject tothe following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair:

This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions,and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subjectof this report is: $ , as of: , which is the effective date of this appraisal.If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.

ATT

AC

HM

ENTS A true and complete copy of this report contains pages, including exhibits which are considered an integral part of the report. This appraisal report may not be

properly understood without reference to the information contained in the complete report.Attached Exhibits:

SIG

NA

TUR

ES


Appraiser Name:Company:Phone: Fax:E-Mail:Date of Report (Signature):License or Certification #: State:Designation:Expiration Date of License or Certification:Inspection of Subject: Interior & Exterior Exterior Only NoneDate of Inspection:


Supervisory orCo-Appraiser Name:Company:Phone: Fax:E-Mail:Date of Report (Signature):License or Certification #: State:Designation:Expiration Date of License or Certification:Inspection of Subject: Interior & Exterior Exterior Only NoneDate of Inspection:



File No.

UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM(Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)

Condition Ratings and Definitions

C1

The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are newand the dwelling features no physical depreciation.

Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellingsprovided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have beenrehabilitated/remanufactured into like-new condition. Improvements that have not been previously occupied are not considered “new” if theyhave any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time withoutadequate maintenance or upkeep).

C2

The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building componentsare new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replacedwith components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated andare similar in condition to new construction.

Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physicaldepreciation, or an older property that has been recently completely renovated.

C3The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not everymajor building component, may be updated or recently rehabilitated. The structure has been well maintained.

Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and isbeing well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority ofshort-lived building components have been replaced but not to the level of a complete renovation.

C4The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has beenadequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major buildingcomponents have been adequately maintained and are functionally adequate.

Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived buildingcomponents have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however,they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property.

C5The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs,rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remainsuseable and functional as a residence.

Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which manyof its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional.

C6The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including manyor most major components.

Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a propertywith conditions severe enough to affect the safety, soundness, or structural integrity of the improvements.

Quality Ratings and Definitions

Q1

Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Suchresidences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanshipand exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-qualityexterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishesthroughout the dwelling are of exceptionally high quality.

Q2Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings inthis quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highlymodified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. Theworkmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.

UAD Version 9/2011 (Updated 1/2014)

Genovese032215000000W83329

Form UADDEFINE1A — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Genovese032215000000W83329

Form UADDEFINE1A — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

File No.


Condition Ratings and Definitions

C1

The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are newand the dwelling features no physical depreciation.

Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellingsprovided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have beenrehabilitated/remanufactured into like-new condition. Improvements that have not been previously occupied are not considered “new” if theyhave any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time withoutadequate maintenance or upkeep).

C2

The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building componentsare new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replacedwith components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated andare similar in condition to new construction.

Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physicaldepreciation, or an older property that has been recently completely renovated.

C3The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not everymajor building component, may be updated or recently rehabilitated. The structure has been well maintained.

Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and isbeing well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority ofshort-lived building components have been replaced but not to the level of a complete renovation.

C4The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has beenadequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major buildingcomponents have been adequately maintained and are functionally adequate.

Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived buildingcomponents have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however,they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property.

C5The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs,rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remainsuseable and functional as a residence.

Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which manyof its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional.

C6The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including manyor most major components.

Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a propertywith conditions severe enough to affect the safety, soundness, or structural integrity of the improvements.

Quality Ratings and Definitions

Q1

Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Suchresidences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanshipand exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-qualityexterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishesthroughout the dwelling are of exceptionally high quality.

Q2Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings inthis quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highlymodified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. Theworkmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.




Quality Ratings and Definitions (continued)

Q3Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standardresidential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiorsthat are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have beenupgraded from “stock” standards.

Q4Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plansare utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship,finish, and equipment are of stock or builder grade and may feature some upgrades.

Q5Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature aplain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentationand limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materialswith limited refinements and upgrades.

Q6Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellingsare often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built orexpanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanicalsystems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additionsto the original structure

Definitions of Not Updated, Updated, and Remodeled

Not Updated

Little or no updating or modernization. This description includes, but is not limited to, new homes.Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no majorcomponents have been replaced or updated. Those over fifteen years of age are also considered not updated if theappliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintainedand fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration.

UpdatedThe area of the home has been modified to meet current market expectations. These modificationsare limited in terms of both scope and cost.

An updated area of the home should have an improved look and feel, or functional utility. Changes that constituteupdates include refurbishment and/or replacing components to meet existing market expectations. Updates do notinclude significant alterations to the existing structure.

RemodeledSignificant finish and/or structural changes have been made that increase utility and appeal throughcomplete replacement and/or expansion.A remodeled area reflects fundamental changes that include multiple alterations. These alterations may includesome or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocationof plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of)square footage). This would include a complete gutting and rebuild.

Explanation of Bathroom Count

Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are notincluded in the bathroom count. The number of full and half baths is reported by separating the two values using aperiod, where the full bath count is represented to the left of the period and the half bath count is represented to theright of the period.

Example:3.2 indicates three full baths and two half baths.


Form UADDEFINE1A — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEForm UADDEFINE1A — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


Quality Ratings and Definitions (continued)

Q3Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standardresidential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiorsthat are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have beenupgraded from “stock” standards.

Q4Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plansare utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship,finish, and equipment are of stock or builder grade and may feature some upgrades.

Q5Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature aplain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentationand limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materialswith limited refinements and upgrades.

Q6Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellingsare often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built orexpanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanicalsystems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additionsto the original structure

Definitions of Not Updated, Updated, and Remodeled

Not Updated

Little or no updating or modernization. This description includes, but is not limited to, new homes.Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no majorcomponents have been replaced or updated. Those over fifteen years of age are also considered not updated if theappliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintainedand fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration.

UpdatedThe area of the home has been modified to meet current market expectations. These modificationsare limited in terms of both scope and cost.

An updated area of the home should have an improved look and feel, or functional utility. Changes that constituteupdates include refurbishment and/or replacing components to meet existing market expectations. Updates do notinclude significant alterations to the existing structure.

RemodeledSignificant finish and/or structural changes have been made that increase utility and appeal throughcomplete replacement and/or expansion.A remodeled area reflects fundamental changes that include multiple alterations. These alterations may includesome or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocationof plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of)square footage). This would include a complete gutting and rebuild.

Explanation of Bathroom Count

Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are notincluded in the bathroom count. The number of full and half baths is reported by separating the two values using aperiod, where the full bath count is represented to the left of the period and the half bath count is represented to theright of the period.

Example:3.2 indicates three full baths and two half baths.




Abbreviations Used in Data Standardization Text

Abbreviation Full Name Fields Where This Abbreviation May AppearA Adverse Location & Viewac Acres Area, SiteAdjPrk Adjacent to Park LocationAdjPwr Adjacent to Power Lines LocationArmLth Arms Length Sale Sale or Financing ConcessionsAT Attached Structure Design (Style)B Beneficial Location & Viewba Bathroom(s) Basement & Finished Rooms Below Gradebr Bedroom Basement & Finished Rooms Below GradeBsyRd Busy Road Locationc Contracted Date Date of Sale/TimeCash Cash Sale or Financing ConcessionsComm Commercial Influence LocationConv Conventional Sale or Financing Concessionscp Carport Garage/CarportCrtOrd Court Ordered Sale Sale or Financing ConcessionsCtySky City View Skyline View ViewCtyStr City Street View Viewcv Covered Garage/CarportDOM Days On Market Data SourcesDT Detached Structure Design (Style)dw Driveway Garage/Carporte Expiration Date Date of Sale/TimeEstate Estate Sale Sale or Financing ConcessionsFHA Federal Housing Authority Sale or Financing Concessionsg Garage Garage/Carportga Attached Garage Garage/Carportgbi Built-in Garage Garage/Carportgd Detached Garage Garage/CarportGlfCse Golf Course LocationGlfvw Golf Course View ViewGR Garden Design (Style)HR High Rise Design (Style)in Interior Only Stairs Basement & Finished Rooms Below GradeInd Industrial Location & ViewListing Listing Sale or Financing ConcessionsLndfl Landfill LocationLtdSght Limited Sight ViewMR Mid-rise Design (Style)Mtn Mountain View ViewN Neutral Location & ViewNonArm Non-Arms Length Sale Sale or Financing Concessionso Other Basement & Finished Rooms Below GradeO Other Design (Style)op Open Garage/CarportPrk Park View ViewPstrl Pastoral View ViewPwrLn Power Lines ViewPubTrn Public Transportation LocationRelo Relocation Sale Sale or Financing ConcessionsREO REO Sale Sale or Financing ConcessionsRes Residential Location & ViewRH USDA - Rural Housing Sale or Financing Concessionsrr Recreational (Rec) Room Basement & Finished Rooms Below GradeRT Row or Townhouse Design (Style)s Settlement Date Date of Sale/TimeSD Semi-detached Structure Design (Style)Short Short Sale Sale or Financing Concessionssf Square Feet Area, Site, Basementsqm Square Meters Area, SiteUnk Unknown Date of Sale/TimeVA Veterans Administration Sale or Financing Concessionsw Withdrawn Date Date of Sale/Timewo Walk Out Basement Basement & Finished Rooms Below GradeWoods Woods View ViewWtr Water View ViewWtrFr Water Frontage Locationwu Walk Up Basement Basement & Finished Rooms Below Grade


Form UADDEFINE1A — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEForm UADDEFINE1A — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


Abbreviations Used in Data Standardization Text

Abbreviation Full Name Fields Where This Abbreviation May AppearA Adverse Location & Viewac Acres Area, SiteAdjPrk Adjacent to Park LocationAdjPwr Adjacent to Power Lines LocationArmLth Arms Length Sale Sale or Financing ConcessionsAT Attached Structure Design (Style)B Beneficial Location & Viewba Bathroom(s) Basement & Finished Rooms Below Gradebr Bedroom Basement & Finished Rooms Below GradeBsyRd Busy Road Locationc Contracted Date Date of Sale/TimeCash Cash Sale or Financing ConcessionsComm Commercial Influence LocationConv Conventional Sale or Financing Concessionscp Carport Garage/CarportCrtOrd Court Ordered Sale Sale or Financing ConcessionsCtySky City View Skyline View ViewCtyStr City Street View Viewcv Covered Garage/CarportDOM Days On Market Data SourcesDT Detached Structure Design (Style)dw Driveway Garage/Carporte Expiration Date Date of Sale/TimeEstate Estate Sale Sale or Financing ConcessionsFHA Federal Housing Authority Sale or Financing Concessionsg Garage Garage/Carportga Attached Garage Garage/Carportgbi Built-in Garage Garage/Carportgd Detached Garage Garage/CarportGlfCse Golf Course LocationGlfvw Golf Course View ViewGR Garden Design (Style)HR High Rise Design (Style)in Interior Only Stairs Basement & Finished Rooms Below GradeInd Industrial Location & ViewListing Listing Sale or Financing ConcessionsLndfl Landfill LocationLtdSght Limited Sight ViewMR Mid-rise Design (Style)Mtn Mountain View ViewN Neutral Location & ViewNonArm Non-Arms Length Sale Sale or Financing Concessionso Other Basement & Finished Rooms Below GradeO Other Design (Style)op Open Garage/CarportPrk Park View ViewPstrl Pastoral View ViewPwrLn Power Lines ViewPubTrn Public Transportation LocationRelo Relocation Sale Sale or Financing ConcessionsREO REO Sale Sale or Financing ConcessionsRes Residential Location & ViewRH USDA - Rural Housing Sale or Financing Concessionsrr Recreational (Rec) Room Basement & Finished Rooms Below GradeRT Row or Townhouse Design (Style)s Settlement Date Date of Sale/TimeSD Semi-detached Structure Design (Style)Short Short Sale Sale or Financing Concessionssf Square Feet Area, Site, Basementsqm Square Meters Area, SiteUnk Unknown Date of Sale/TimeVA Veterans Administration Sale or Financing Concessionsw Withdrawn Date Date of Sale/Timewo Walk Out Basement Basement & Finished Rooms Below GradeWoods Woods View ViewWtr Water View ViewWtrFr Water Frontage Locationwu Walk Up Basement Basement & Finished Rooms Below Grade



File No.:Property Address: City: State: Zip Code:Client: Address:Appraiser: Address:


Genovese032215000000W83329Appraiser Certifications Addendum

REDACTED Gaithersburg MD 20878REDACTED REDACTED

Nicholas Gioia 1123 State Route 3 North #297, Gambrills, MD 21054

STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS:

— The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes thatthe title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsibleownership.— The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketch is included onlyto assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Surveywas not performed.— If so indicated, 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 the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he orshe makes no guarantees, express or implied, regarding this determination.— 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 doso have been made beforehand.— If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and theimprovements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal andare invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such.— The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, the presence of hazardouswastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved inperforming the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property,or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property moreor less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of theproperty. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whethersuch conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as anenvironmental assessment of the property.— The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or sheconsiders to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such itemsthat were furnished by other parties.— The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and anyapplicable federal, state or local laws.— If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal reportand valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner.— An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does notbecome a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser'sclient do not become intended users of this report unless specifically identified by the client at the time of the assignment.— The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising,public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database.— An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs anon-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions ordefects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage theappropriate type of expert to investigate.

The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results,given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon thisreport, regardless of how acquired, by any party or for any use, other than those specified in this report bythe Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, theDate of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and/or ExtraordinaryAssumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and willnot be responsible for any unauthorized use of this report or its conclusions.

Under USPAP Standards Rule 2-2(c), this is a Restricted Use Appraisal Report, and is intended only for the sole use of the named client. There are no otherintended users. The client must clearly understand that the appraiser's opinions and conclusions may not be understood properly without additional information inthe appraiser's work file.

In developing this appraisal, the appraiser has incorporated only the Sales Comparison Approach. The appraiser has excluded the Cost and Income Approachesto Value, due to being inapplicable given the limited scope of the appraisal. The appraiser has determined that this appraisal process is not so limited that theresults of the assignment are no longer credible, and the client agrees that the limited scope of analysis is appropriate given the intended use.

ADDITIONAL COMMENTS (SCOPE OF WORK, EXTRAORDINARY ASSUMPTIONS, HYPOTHETICAL CONDITIONS, ETC.):

This is a restricted use appraisal report which has not been developed for lending purposes. The client noted in the report is the only intended user. No additionalIntended Users are identified by the appraiser. The intended use is to evaluate the property that is the subject of this appraisal for estate valuation purposes,subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this form, and Definition of Market Value.

Form GPRTDAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Genovese032215000000W83329Appraiser Certifications Addendum



STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS:

— The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes thatthe title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsibleownership.— The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketch is included onlyto assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Surveywas not performed.— If so indicated, 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 the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he orshe makes no guarantees, express or implied, regarding this determination.— 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 doso have been made beforehand.— If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and theimprovements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal andare invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such.— The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, the presence of hazardouswastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved inperforming the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property,or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property moreor less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of theproperty. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whethersuch conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as anenvironmental assessment of the property.— The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or sheconsiders to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such itemsthat were furnished by other parties.— The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and anyapplicable federal, state or local laws.— If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal reportand valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner.— An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does notbecome a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser'sclient do not become intended users of this report unless specifically identified by the client at the time of the assignment.— The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising,public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database.— An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs anon-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions ordefects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage theappropriate type of expert to investigate.

The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results,given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon thisreport, regardless of how acquired, by any party or for any use, other than those specified in this report bythe Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, theDate of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and/or ExtraordinaryAssumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and willnot be responsible for any unauthorized use of this report or its conclusions.

Under USPAP Standards Rule 2-2(c), this is a Restricted Use Appraisal Report, and is intended only for the sole use of the named client. There are no otherintended users. The client must clearly understand that the appraiser's opinions and conclusions may not be understood properly without additional information inthe appraiser's work file.

In developing this appraisal, the appraiser has incorporated only the Sales Comparison Approach. The appraiser has excluded the Cost and Income Approachesto Value, due to being inapplicable given the limited scope of the appraisal. The appraiser has determined that this appraisal process is not so limited that theresults of the assignment are no longer credible, and the client agrees that the limited scope of analysis is appropriate given the intended use.

ADDITIONAL COMMENTS (SCOPE OF WORK, EXTRAORDINARY ASSUMPTIONS, HYPOTHETICAL CONDITIONS, ETC.):

This is a restricted use appraisal report which has not been developed for lending purposes. The client noted in the report is the only intended user. No additionalIntended Users are identified by the appraiser. The intended use is to evaluate the property that is the subject of this appraisal for estate valuation purposes,subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this form, and Definition of Market Value.






SIG

NA

TUR

ES


Appraiser Name:Company:Phone: Fax:E-Mail:Date Report Signed:License or Certification #: State:Designation:Expiration Date of License or Certification:Inspection of Subject: Interior & Exterior Exterior Only NoneDate of Inspection:


Supervisory orCo-Appraiser Name:Company:Phone: Fax:E-Mail:Date Report Signed:License or Certification #: State:Designation:Expiration Date of License or Certification:Inspection of Subject: Interior & Exterior Exterior Only NoneDate of Inspection:


Genovese032215000000W83329APPPRAISER'S CERTIFICATIONS



APPRAISER'S CERTIFICATION:

I certify that, to the best of my knowledge and belief:

— The statements of fact contained in this report are true and correct.— The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only bythe reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, andconclusions.— 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 partiesinvolved.— Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subjectof this report within the three-year period immediately preceding acceptance of this assignment.— I have no bias with respect to the property that is the 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 directionin value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of asubsequent event directly related to the intended use of this appraisal.— My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards ofProfessional Appraisal Practice that were in effect at the time this report was prepared.— I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion, sex,handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners oroccupants of the properties in the vicinity of the subject property.— Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report.— Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification.

ADDITIONAL CERTIFICATIONS:

It is noted that I have no current or prospective interest in the subject property or parties involved; I have not performed any real estate services on the subjectwithin the prior three years as an appraiser or in any other capacity.

It is noted that I have personally completed all aspects of this valuation, including reconciling my opinion of value, free of influence from the client, client'srepresentatives, borrower or any other party to the transaction.

It is noted that I possess the required competency to accurately appraise residential real property in the subject's market. I am aware of, and have access to, thenecessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such datasources for the area in which the subject property is located.

DEFINITION OF MARKET VALUE *:

Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisiteto a fair sale, the buyer and seller each acting prudently and 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 title from seller to buyer under conditionswhereby:

1. Buyer and seller are typically motivated;2. Both parties are well informed or well advised and acting in what they consider their own best interests;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; and5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessionsgranted by anyone associated with the sale.

* This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial InstitutionsReform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System(FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS),and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS,FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994.

REDACTED REDACTEDREDACTED REDACTED



April 21, 201530031565 MD


03/22/2015


Genovese032215000000W83329APPPRAISER'S CERTIFICATIONS



APPRAISER'S CERTIFICATION:

I certify that, to the best of my knowledge and belief:

— The statements of fact contained in this report are true and correct.— The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only bythe reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, andconclusions.— 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 partiesinvolved.— Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subjectof this report within the three-year period immediately preceding acceptance of this assignment.— I have no bias with respect to the property that is the 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 directionin value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of asubsequent event directly related to the intended use of this appraisal.— My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards ofProfessional Appraisal Practice that were in effect at the time this report was prepared.— I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion, sex,handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners oroccupants of the properties in the vicinity of the subject property.— Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report.— Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification.

ADDITIONAL CERTIFICATIONS:

It is noted that I have no current or prospective interest in the subject property or parties involved; I have not performed any real estate services on the subjectwithin the prior three years as an appraiser or in any other capacity.

It is noted that I have personally completed all aspects of this valuation, including reconciling my opinion of value, free of influence from the client, client'srepresentatives, borrower or any other party to the transaction.

It is noted that I possess the required competency to accurately appraise residential real property in the subject's market. I am aware of, and have access to, thenecessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such datasources for the area in which the subject property is located.

DEFINITION OF MARKET VALUE *:

Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisiteto a fair sale, the buyer and seller each acting prudently and 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 title from seller to buyer under conditionswhereby:

1. Buyer and seller are typically motivated;2. Both parties are well informed or well advised and acting in what they consider their own best interests;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; and5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessionsgranted by anyone associated with the sale.

* This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial InstitutionsReform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System(FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS),and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS,FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994.

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April 21, 201530031565 MD


03/22/2015



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Appraiser Name:Company:Phone: Fax:E-Mail:Date Report Signed:License or Certification #: State:Designation:Expiration Date of License or Certification:Inspection of Subject: Interior & Exterior Exterior Only NoneDate of Inspection:


Supervisory orCo-Appraiser Name:Company:Phone: Fax:E-Mail:Date Report Signed:License or Certification #: State:Designation:Expiration Date of License or Certification:Inspection of Subject: Interior & Exterior Exterior Only NoneDate of Inspection:



Property AddressCity County State Zip Code

File No.Supplemental Addendum

Form TADD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


Owner

Client


CONDITIONS OF APPRAISAL:

Taxes are taken from the city/county tax records; with new tax law changes, the public record does not indicate if this figure isfor annual taxes or simi-annual taxes. It is assumed to be an annual tax amount for the purpose of this appraisal.

No warranty of the subject is given or implied. No liability is assumed for the structural or mechanical elements of the property.Homes built prior to 1978 may have lead-based paint. The appraiser is not qualified to detect if the paint found in any givenhome is of the lead-based variety. It is, therefore, the lender's responsibility to retain an expert in this field if there are anyconcerns.

The appraiser is not a home or environmental inspector and is not qualified to determine the cause of any mold, the type ofmold or whether the mold might pose any risk to the property or it inhabitants. The appraiser provides an opinion of value. Theappraisal does not guarantee that the property is free of defect or environmental problems. The appraiser has performed aninspection of the visible and accessible areas only. Mold may be present in areas the appraiser cannot see. A professionalhome inspection or environmental inspection is recommended if any concerns exist.

The appraiser has performed a visual inspection of all interior and exterior elements associated with the subject. The interiorinspection is limited to visual elements readily available by normal means. The appraiser has not moved any furniture, rugs,pictures or other objects that are located within the subject at the time of inspection. Utilities have be checked for functionalityand not capacity. Interior foundation walls are visually inspected provided basements are not finished and foundation walls areaccessible by normal visual methods.

This appraisal is not a home inspection. The appraiser does not warranty any component of the subject based on the visualinspection performed. A licensed home inspector should be hired to confirm the capacity, longevity and continued functionalityof the systems of the subject.

It is noted that as part of the appraiser's market analysis, the appraiser has search for settled sales, under contract listings andactive listings. Whenever appropriate the appraiser uses under contract listings and active listing to show current market pricing(active listings) and market participants reaction to current market pricing (under contract listings). These listings are added tothe report to further support the appraiser value estimate.

DIGITAL SIGNATURE:

This report may have been signed by digital scanned signature. The report cannot be changed without the permission of theappraiser.

FINANCIAL INSTITUTIONS REFORM, RECOVERY & ENFORCEMENT ACT SUPPLEMENT:

The appraiser certifies and agrees that this appraisal was prepared in accordance with the requirements of Title XI of theFinancial institutions, Reform, Recovery, and Enforcement Act (FIRREA) of 1989, as amended (12 U.S.C. 331 et seq.), and anyapplicable implementing regulations in effect at the time the appraiser signs the appraisal certification.

PHOTOGRAPHIC CERTIFICATION:

The photographs used in this appraisal report are digital photos utilizing imaging technology. The appraiser personallyinspected and photographed the subject. Comparable photos may be a combination of either personally photographed photos,photos form the appraiser's data base, collected previously, and/or photographs provided by MRIS and directly downloaded intothe report. The photographs utilized in the appraisal are a true and correct representation of the subject property andcomparable. Although the photographs may have been enhanced during the finishing process, no alterations were made to theimages which would misrepresent the appearance of the subject or comparable. The appraiser has personally inspected thesubject, as well as the exterior or comparable sales.


Form PIC3x5.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Subject PhotosREDACTEDREDACTEDGaithersburg Montgomery MD 20878REDACTED

Subject Front

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

REDACTED~1,448622.0N;Res;N;Res;1488 sfQ414

Subject Rear

Subject Street

Owner

Client

Form PIC3x5.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


Subject Front

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

REDACTED~1,448622.0N;Res;N;Res;1488 sfQ414

Subject Rear

Subject Street

Owner

Client




Form PICINT6 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


Side 1 Side 2

Main Lobby Subject Foyer

Dining Kitchen

Owner

Client



Side 1 Side 2

Main Lobby Subject Foyer

Dining Kitchen

Owner

Client






Living - View 1 Living - View 2

Sun Room BR1

BA1 - View 1 BA1 - View 2

Owner

Client



Living - View 1 Living - View 2

Sun Room BR1

BA1 - View 1 BA1 - View 2

Owner

Client






BR2 - View 1 BR2 - View 2

BA2 Laundry Room

Utility Area - Water Heater Utility Area - HVAC

Owner

Client



BR2 - View 1 BR2 - View 2

BA2 Laundry Room

Utility Area - Water Heater Utility Area - HVAC

Owner

Client






Storage Unit Identification Contents of Storage Unit

Laptop Dell Inspiron HP Photosmart 5510

Community Pool

Owner

Client



Storage Unit Identification Contents of Storage Unit

Laptop Dell Inspiron HP Photosmart 5510

Community Pool

Owner

Client




Form PIC3x5.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Comparable Photo PageREDACTEDREDACTEDGaithersburg Montgomery MD 20878REDACTED

Comparable1

Prox. to SubjectSales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

201 High Gables Dr Apt 3050.09 miles S325,0001,455622.0N;Res;N;Res;1455 sfQ414

Comparable 2



Comparable 3


300 High Gables Dr Apt 3030.03 miles W324,9001,441622.0N;Res;N;Res;1441 sfQ413

Owner

Client

Form PIC3x5.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Comparable Photo PageREDACTEDREDACTEDGaithersburg Montgomery MD 20878REDACTED

Comparable1



Comparable 2



Comparable 3


300 High Gables Dr Apt 3030.03 miles W324,9001,441622.0N;Res;N;Res;1441 sfQ413

Owner

Client




Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Location MapREDACTEDREDACTEDGaithersburg Montgomery MD 20878REDACTED

Owner

Client


Location MapREDACTEDREDACTEDGaithersburg Montgomery MD 20878REDACTED

Owner

Client





Aerial MapREDACTEDREDACTEDGaithersburg Montgomery MD 20878REDACTED

Owner

Client


Aerial MapREDACTEDREDACTEDGaithersburg Montgomery MD 20878REDACTED

Owner

Client



Plat Map

Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Plat Map



Unit Plat


Unit Plat



Building Sketch


Building Sketch



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