REFERENCE TO: Internal OrderBATON ROUGE, MI 70808 (225) 284-3235 [email protected] 1212038 JANUARY 9, 2013...

INVOICEFROM:

Telephone Number: Fax Number:

TO:

Telephone Number: Fax Number:Alternate Number: E-Mail:

INVOICE NUMBER

DATE

REFERENCEInternal Order #:

Lender Case #:

Client File #:

Main File # on form:

Other File # on form:

Federal Tax ID:

Employer ID:

Lender: Client:Purchaser/Borrower:

Property Address:City:

County: State: Zip:Legal Description:

$

DESCRIPTION

FEES AMOUNT

SUBTOTAL

PAYMENTS AMOUNT

Check #: Date: Description:Check #: Date: Description:Check #: Date: Description:

SUBTOTAL

TOTAL DUE

Form NIV5 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEWideman Appraisal Service

JAMES J WIDEMANWIDEMAN APPRAISAL SERVICE, INC1002 E CENTER STREETITHACA, MI 48847

989-875-4544

PAUL BELL4949 TULANE DRBATON ROUGE, MI 70808

(225) [email protected]

1212038

JANUARY 9, 2013

1212038

1212038

84-1701432

MAP REFERENCE # 29061312

PAUL BELL PAUL BELLJANET BELL ESTATE659 W Harrison RdALMAGRATIOT MI 48801SEE ATTACHED

APPRAISAL FEE FOR LAND 400.00APPRAISAL FEE FOR HOME 200.00

600.00

600.00

989-875-4838

Form NIV5 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEWideman Appraisal Service

JAMES J WIDEMANWIDEMAN APPRAISAL SERVICE, INC1002 E CENTER STREETITHACA, MI 48847

989-875-4544

PAUL BELL4949 TULANE DRBATON ROUGE, MI 70808


1212038

JANUARY 9, 2013

1212038

1212038

84-1701432

MAP REFERENCE # 29061312

PAUL BELL PAUL BELLJANET BELL ESTATE659 W Harrison RdALMAGRATIOT MI 48801SEE ATTACHED

APPRAISAL FEE FOR LAND 400.00APPRAISAL FEE FOR HOME 200.00

600.00

600.00

989-875-4838

INVOICEFROM:

Telephone Number: Fax Number:

TO:

Telephone Number: Fax Number:Alternate Number: E-Mail:

INVOICE NUMBER

DATE

REFERENCEInternal Order #:

Lender Case #:

Client File #:

Main File # on form:

Other File # on form:

Federal Tax ID:

Employer ID:

Lender: Client:Purchaser/Borrower:

Property Address:City:

County: State: Zip:Legal Description:

$

DESCRIPTION

FEES AMOUNT

SUBTOTAL

PAYMENTS AMOUNT

Check #: Date: Description:Check #: Date: Description:Check #: Date: Description:

SUBTOTAL

TOTAL DUE

LOCATED AT

FOR

OPINION OF VALUE

AS OF

BY

APPRAISAL OF REAL PROPERTYJANET BELL ESTATE

659 W Harrison RdALMA, MI 48801SEE ATTACHED

PAUL BELL4949 TULANE DR

BATON ROUGE, MI 70808

507,000

12/09/2012

JAMES J. WIDEMANWIDEMAN APPRAISAL SERVICE

1002 E. CENTER STREETITHACA, MI 48847


Form GA1V — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

APPRAISAL OF REAL PROPERTYJANET BELL ESTATE

659 W Harrison RdALMA, MI 48801SEE ATTACHED

PAUL BELL4949 TULANE DR

BATON ROUGE, MI 70808

507,000

12/09/2012

JAMES J. WIDEMANWIDEMAN APPRAISAL SERVICE

1002 E. CENTER STREETITHACA, MI 48847


Form GA1V — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

LOCATED AT

FOR

OPINION OF VALUE

AS OF

BY

Page #1Main File No. 1212038

SUMMARY OF SALIENT FEATURES

SUBJ

ECT

INFO

RMAT

ION

Subject Address

Legal Description

City

County

State

Zip Code

Census Tract

Map Reference

SALE

S PR

ICE

Sale Price

Date of Sale

$

CLIE

NTDE

SCRI

PTIO

N OF

IMPR

OVEM

ENTS

Size (Square Feet)

Price per Square Foot

Location

Age

Condition

Total Rooms

Bedrooms

Baths

$

APPR

AISE

R Appraiser

Date of Appraised Value

VALU

E

Opinion of Value $

Form SSD2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

659 W Harrison Rd

SEE ATTACHED

ALMA

GRATIOT

MI

48801

0002.00

29061312

N/A

N/A

JANET BELL ESTATE

PAUL BELL

2,232

RURAL AVG

100+

AVERAGE

7

4

1

JAMES J. WIDEMAN

12/09/2012

507,000

Borrower/Client

Lender

Form SSD2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

659 W Harrison Rd

SEE ATTACHED

ALMA

GRATIOT

MI

48801

0002.00

29061312

N/A

N/A

JANET BELL ESTATE

PAUL BELL

2,232

RURAL AVG

100+

AVERAGE

7

4

1

JAMES J. WIDEMAN

12/09/2012

507,000

Borrower/Client

Lender

SUMMARY OF SALIENT FEATURES

SUBJ

ECT

INFO

RMAT

ION

Subject Address

Legal Description

City

County

State

Zip Code

Census Tract

Map Reference

SALE

S PR

ICE

Sale Price

Date of Sale

$

CLIE

NTDE

SCRI

PTIO

N OF

IMPR

OVEM

ENTS

Size (Square Feet)

Price per Square Foot

Location

Age

Condition

Total Rooms

Bedrooms

Baths

$

APPR

AISE

R Appraiser

Date of Appraised Value

VALU

E

Opinion of Value $


Property Description File No.UNIFORM RESIDENTIAL APPRAISAL REPORTSU

BJEC

T

Property AddressLegal DescriptionAssessor's Parcel No.BorrowerProperty rights appraisedNeighborhood or Project NameSale Price $Lender/ClientAppraiserLocationBuilt upGrowth rateProperty valuesDemand/supplyMarketing time

City State Zip CodeCounty

Tax Year R.E. Taxes $ Special Assessments $Current Owner Occupant: Owner Tenant Vacant

Fee Simple Leasehold Project Type PUD Condominium (HUD/VA only) HOA $ /Mo.Map Reference Census Tract

Date of Sale Description and $ amount of loan charges/concessions to be paid by sellerAddressAddress

NEIG

HBOR

HOOD

Predominantoccupancy

Single family housing Present land use % Land use change

Note: Race and the racial composition of the neighborhood are not appraisal factors.

Predominant

UrbanOver 75%RapidIncreasingShortageUnder 3 mos.

Suburban25-75%StableStableIn balance3-6 mos.

RuralUnder 25%SlowDecliningOver supplyOver 6 mos.

OwnerTenantVacant (0-5%)Vac.(over 5%)

PRICE AGE$(000) (yrs)

LowHigh

One family2-4 familyMulti-familyCommercial

Not likelyIn process

Likely

To:

Neighborhood boundaries and characteristics:

Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.):

Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time-- such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.):

PUD

Project Information for PUDs (If applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)? Yes NoApproximate total number of units in the subject project Approximate total number of units for sale in the subject projectDescribe common elements and recreational facilities:

SITE

DimensionsSite areaSpecific zoning classification and descriptionZoning complianceHighest & best use as improved:

Corner Lot Yes No

Legal Legal nonconforming (Grandfathered use) Illegal No zoningPresent use Other use (explain)

Utilities Off-site ImprovementsElectricityGasWaterSanitary sewerStorm sewer

Public Other Type Public PrivateStreetCurb/gutterSidewalkStreet lightsAlley

TopographySizeShapeDrainageViewLandscapingDriveway SurfaceApparent easementsFEMA Special Flood Hazard AreaFEMA ZoneFEMA Map No.

Map DateYes No

Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc.):

DESC

RIPT

ION

OF IM

PROV

EMEN

TS

GENERAL DESCRIPTION

No. of UnitsNo. of StoriesType (Det./Att.)Design (Style)Existing/ProposedAge (Yrs.)Effective Age (Yrs.)

EXTERIOR DESCRIPTION

FoundationExterior WallsRoof SurfaceGutters & Dwnspts.Window TypeStorm/ScreensManufactured House

FOUNDATION

SlabCrawl SpaceBasementSump PumpDampnessSettlementInfestation

BASEMENT

Area Sq. Ft.% FinishedCeilingWallsFloorOutside Entry

INSULATION

RoofCeilingWallsFloorNoneUnknown

ROOMS

BasementLevel 1Level 2

Finished area above grade contains: Rooms; Bedroom(s); Bath(s); Square Feet of Gross Living Area

Foyer Living Dining Kitchen Den Family Rm. Rec. Rm. Bedrooms # Baths Laundry Other Area Sq. Ft.

INTERIOR Materials/ConditionFloorsWallsTrim/FinishBath FloorBath WainscotDoors

HEATING

TypeFuelConditionCOOLING

CentralOtherCondition

KITCHEN EQUIP.

RefrigeratorRange/OvenDisposalDishwasherFan/HoodMicrowaveWasher/Dryer

ATTIC

NoneStairsDrop StairScuttleFloorHeatedFinished

AMENITIES

Fireplace(s) #PatioDeckPorchFencePool

CAR STORAGE:

NoneGarage

AttachedDetachedBuilt-In

CarportDriveway

# of cars

COM

MEN

TS

Additional features (special energy efficient items, etc.):

Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction, remodeling/additions, etc.:

Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in theimmediate vicinity of the subject property.:

Freddie Mac Form 70 6/93 Fannie Mae Form 1004 6/93PAGE 1 OF 2Form UA2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

1212038659 W Harrison Rd ALMA MI 48801SEE ATTACHED GRATIOT

29-01-013-004-00 2012 SEV=164,500 2012 2,239 0JANET BELL ESTATE BELL

0RURAL ALMA 29061312 0002.00

N/A N/A N/APAUL BELL 4949 TULANE DR, BATON ROUGE, MI 70808JAMES J. WIDEMAN 1002 E. CENTER STREET, ITHACA, MI 48847

25150+

75

5100+

75+

40

VACANT 60

RURAL ALMA AND ITHACA IN CENTRAL GRATIOT COUNTY

THE SUBJECT IS LOCATED IN CENTRAL GRATIOT COUNTY 2 MILES SOUTHEAST OF THE CITY OF ALMA. THE CITY OF ALMA HASMOST AMENITIES ALONG WITH SCHOOLS, SHOPPING AND GOOD EMPLOYMENT BASE. TYPICAL RURAL NEIGHBORHOOD WITHOPEN FIELDS AND MIXTURE OF HOME STYLES.

THE AREA HAS SEEN AN INCREASE IN LISTINGS IN THE LAST 18 MONTHS WITH VERY FEW SALES. THE MARKET HAS DECLINEDIN LAST 60 MONTHS, BUT IS STABLE IN RECENT 12 MONTHS. MARKETING TIMES RANGE FROM 60 TO 180+ DAYS WITHADEQUATE MORTGAGE RATES FROM 2.9% TO 7.5%.

300' X 435'130,500

AG

LP GASWELLSEPTICNONE

GRAVELNONENONENONENONE

GENTLY SLOPINGAVERAGE FOR AREARECTANGLEAPPEARS ADEQUATEOPEN FIELDSLAWN/TREESGRAVELNONE

X 10/18/201126057C0200C

THE SITE IS PARTOF AN 80 ACRE PARCEL WITH 3 ACRES BEING SPLIT FOR HOME. THE SITE HAS WELL AND SEPTIC ON SITE. GRAVEL DRIVEWAYTO HOME AND BUILDINGS.

12DET2 STORYEXISTING100+30

BLK/STONESLATESHINGLENONEDH-INSULATESCREENS

NO

NOBLOCKBLK/STONENOT OBSVNOT OBSVNOT OBSVNOT OBSV

796 SFUNFINISHJOISTSTONE/BLKCONCYES

STRGE 796 SF1 1 1 1 1 1,436

3 796

7 4 1 2,232

CRPT-WOOD/AVGPLASTER-AVGWOOD-AVGVINYL-AVGDRYWALL-AVGPANEL-AVG

F/ALP GASAVG

NONON/A

COV

BARNS 4FRONT COV PORCH. OLDER BARN AND SHED ON SITE WITH 1 GRAIN BIN AND GRAIN

HOPPER. THE BARNS ARE IN FAIR CONDITION WITH LITTLE VALUE.NO INTERIOR

INSPECTION WAS DONE, EXTERIOR ONLY. LOOKED THRU WINDOWS TO GET INFORMATION. EXTERIOR HAS OLDER SLATESIDING, WITH UPDATED WINDOWS AND ROOF. HOME APPEARS TO BE AVERAGE CONDITION WITH OLDER DECOR AND LITTLEINTERIOR UPDATING.

NO ANALYSIS WAS MADE FOR MOLD OR OTHER TOXIC SUBSTANCES IN OR OUT OF THEHOME.

Wideman Appraisal Service

Form UA2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

1212038659 W Harrison Rd ALMA MI 48801SEE ATTACHED GRATIOT

29-01-013-004-00 2012 SEV=164,500 2012 2,239 0JANET BELL ESTATE BELL

0RURAL ALMA 29061312 0002.00

N/A N/A N/APAUL BELL 4949 TULANE DR, BATON ROUGE, MI 70808JAMES J. WIDEMAN 1002 E. CENTER STREET, ITHACA, MI 48847

25150+

75

5100+

75+

40

VACANT 60

RURAL ALMA AND ITHACA IN CENTRAL GRATIOT COUNTY

THE SUBJECT IS LOCATED IN CENTRAL GRATIOT COUNTY 2 MILES SOUTHEAST OF THE CITY OF ALMA. THE CITY OF ALMA HASMOST AMENITIES ALONG WITH SCHOOLS, SHOPPING AND GOOD EMPLOYMENT BASE. TYPICAL RURAL NEIGHBORHOOD WITHOPEN FIELDS AND MIXTURE OF HOME STYLES.

THE AREA HAS SEEN AN INCREASE IN LISTINGS IN THE LAST 18 MONTHS WITH VERY FEW SALES. THE MARKET HAS DECLINEDIN LAST 60 MONTHS, BUT IS STABLE IN RECENT 12 MONTHS. MARKETING TIMES RANGE FROM 60 TO 180+ DAYS WITHADEQUATE MORTGAGE RATES FROM 2.9% TO 7.5%.

300' X 435'130,500

AG

LP GASWELLSEPTICNONE

GRAVELNONENONENONENONE

GENTLY SLOPINGAVERAGE FOR AREARECTANGLEAPPEARS ADEQUATEOPEN FIELDSLAWN/TREESGRAVELNONE

X 10/18/201126057C0200C

THE SITE IS PARTOF AN 80 ACRE PARCEL WITH 3 ACRES BEING SPLIT FOR HOME. THE SITE HAS WELL AND SEPTIC ON SITE. GRAVEL DRIVEWAYTO HOME AND BUILDINGS.

12DET2 STORYEXISTING100+30

BLK/STONESLATESHINGLENONEDH-INSULATESCREENS

NO

NOBLOCKBLK/STONENOT OBSVNOT OBSVNOT OBSVNOT OBSV

796 SFUNFINISHJOISTSTONE/BLKCONCYES

STRGE 796 SF1 1 1 1 1 1,436

3 796

7 4 1 2,232

CRPT-WOOD/AVGPLASTER-AVGWOOD-AVGVINYL-AVGDRYWALL-AVGPANEL-AVG

F/ALP GASAVG

NONON/A

COV

BARNS 4FRONT COV PORCH. OLDER BARN AND SHED ON SITE WITH 1 GRAIN BIN AND GRAIN

HOPPER. THE BARNS ARE IN FAIR CONDITION WITH LITTLE VALUE.NO INTERIOR

INSPECTION WAS DONE, EXTERIOR ONLY. LOOKED THRU WINDOWS TO GET INFORMATION. EXTERIOR HAS OLDER SLATESIDING, WITH UPDATED WINDOWS AND ROOF. HOME APPEARS TO BE AVERAGE CONDITION WITH OLDER DECOR AND LITTLEINTERIOR UPDATING.

NO ANALYSIS WAS MADE FOR MOLD OR OTHER TOXIC SUBSTANCES IN OR OUT OF THEHOME.


Property Description File No.UNIFORM RESIDENTIAL APPRAISAL REPORTSU

BJEC

T

Property AddressLegal DescriptionAssessor's Parcel No.BorrowerProperty rights appraisedNeighborhood or Project NameSale Price $Lender/ClientAppraiserLocationBuilt upGrowth rateProperty valuesDemand/supplyMarketing time

City State Zip CodeCounty

Tax Year R.E. Taxes $ Special Assessments $Current Owner Occupant: Owner Tenant Vacant

Fee Simple Leasehold Project Type PUD Condominium (HUD/VA only) HOA $ /Mo.Map Reference Census Tract

Date of Sale Description and $ amount of loan charges/concessions to be paid by sellerAddressAddress

NEIG

HBOR

HOOD

Predominantoccupancy

Single family housing Present land use % Land use change

Note: Race and the racial composition of the neighborhood are not appraisal factors.

Predominant

UrbanOver 75%RapidIncreasingShortageUnder 3 mos.

Suburban25-75%StableStableIn balance3-6 mos.

RuralUnder 25%SlowDecliningOver supplyOver 6 mos.

OwnerTenantVacant (0-5%)Vac.(over 5%)

PRICE AGE$(000) (yrs)

LowHigh

One family2-4 familyMulti-familyCommercial

Not likelyIn process

Likely

To:

Neighborhood boundaries and characteristics:

Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.):

Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time-- such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.):

PUD

Project Information for PUDs (If applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)? Yes NoApproximate total number of units in the subject project Approximate total number of units for sale in the subject projectDescribe common elements and recreational facilities:

SITE

DimensionsSite areaSpecific zoning classification and descriptionZoning complianceHighest & best use as improved:

Corner Lot Yes No

Legal Legal nonconforming (Grandfathered use) Illegal No zoningPresent use Other use (explain)

Utilities Off-site ImprovementsElectricityGasWaterSanitary sewerStorm sewer

Public Other Type Public PrivateStreetCurb/gutterSidewalkStreet lightsAlley

TopographySizeShapeDrainageViewLandscapingDriveway SurfaceApparent easementsFEMA Special Flood Hazard AreaFEMA ZoneFEMA Map No.

Map DateYes No

Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc.):

DESC

RIPT

ION

OF IM

PROV

EMEN

TS

GENERAL DESCRIPTION

No. of UnitsNo. of StoriesType (Det./Att.)Design (Style)Existing/ProposedAge (Yrs.)Effective Age (Yrs.)

EXTERIOR DESCRIPTION

FoundationExterior WallsRoof SurfaceGutters & Dwnspts.Window TypeStorm/ScreensManufactured House

FOUNDATION

SlabCrawl SpaceBasementSump PumpDampnessSettlementInfestation

BASEMENT

Area Sq. Ft.% FinishedCeilingWallsFloorOutside Entry

INSULATION

RoofCeilingWallsFloorNoneUnknown

ROOMS

BasementLevel 1Level 2

Finished area above grade contains: Rooms; Bedroom(s); Bath(s); Square Feet of Gross Living Area

Foyer Living Dining Kitchen Den Family Rm. Rec. Rm. Bedrooms # Baths Laundry Other Area Sq. Ft.

INTERIOR Materials/ConditionFloorsWallsTrim/FinishBath FloorBath WainscotDoors

HEATING

TypeFuelConditionCOOLING

CentralOtherCondition

KITCHEN EQUIP.

RefrigeratorRange/OvenDisposalDishwasherFan/HoodMicrowaveWasher/Dryer

ATTIC

NoneStairsDrop StairScuttleFloorHeatedFinished

AMENITIES

Fireplace(s) #PatioDeckPorchFencePool

CAR STORAGE:

NoneGarage

AttachedDetachedBuilt-In

CarportDriveway

# of cars

COM

MEN

TS

Additional features (special energy efficient items, etc.):

Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction, remodeling/additions, etc.:

Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in theimmediate vicinity of the subject property.:

Freddie Mac Form 70 6/93 Fannie Mae Form 1004 6/93PAGE 1 OF 2


Valuation Section File No.UNIFORM RESIDENTIAL APPRAISAL REPORTCO

ST A

PPRO

ACH

ESTIMATED SITE VALUEESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS:Dwelling

Garage/CarportTotal Estimated Cost NewLessDepreciationDepreciated Value of Improvements"As-is" Value of Site ImprovementsINDICATED VALUE BY COST APPROACH

Sq. Ft.Sq. Ft.

Sq. Ft.

@@

@

$$

$

Physical Functional External

=====

$

$

=

====

$

$$$$

Comments on Cost Approach (such as, source of cost estimate, site value,square foot calculation and for HUD, VA and FmHA, the estimated remainingeconomic life of the property):

SALE

S CO

MPA

RISO

N AN

ALYS

IS

/ / / /

ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3


DESCRIPTION DESCRIPTION +( )$ Adjust.– DESCRIPTION +( )$ Adjust.– DESCRIPTION +( )$ Adjust.–

Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths

Sq. Ft. Sq. Ft. Sq. Ft. Sq. Ft.

+ – + – + –

$$ $

$

$

$

$$

$

$

$$

$

$

$$$

AddressProximity to SubjectSales PricePrice/Gross Living AreaData and/orVerification SourceVALUE ADJUSTMENTS

Sales or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign and AppealQuality of ConstructionAgeConditionAbove GradeRoom CountGross Living AreaBasement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch, Patio, Deck,Fireplace(s), etc.Fence, Pool, etc.

Net Adj. (total)Adjusted Sales Priceof ComparableComments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc.):

Date, Price and DataSource, for prior saleswithin year of appraisalAnalysis of any current agreement of sale, option, or listing of subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal:

INDICATED VALUE BY SALES COMPARISON APPROACHINDICATED VALUE BY INCOME APPROACH (if Applicable) Estimated Market Rent /Mo. x Gross Rent Multiplier =

RECO

NCIL

IATI

ON

This appraisal is made "as is" subject to the repairs, alterations, inspections or conditions listed below subject to completion per plans & specifications.Conditions of Appraisal:

Final Reconciliation:

The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingentand limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/FNMA form 1004B (Revised ).

SignatureNameDate Report SignedState Certification # StateOr State License # State


Inspect PropertyDid Did Not

I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF(WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED):

Freddie Mac Form 70 6/93 Fannie Mae Form 1004 6-93PAGE 2 OF 2Form UA2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

2,232796

1212038

COST APPROACH NOT USED FORTHIS REPORT WITH SALES COMPARISON APPROACHBEING THE MOST RELIABLE. NO EXTERNAL ORFUNCTIONAL OBSOLESCENCE NOTED.SEE ATTACHED FOR LIVING AREA.

659 W Harrison RdALMA

N/A

EXTERIOR

RURAL AVGFEE SIMPLE3 ACRESOPEN FIELDS2 STORYAVERAGE100+AVERAGE

7 4 12,232

796 SFUNFINISHAVERAGEAVG FA-NOACSTANDARDOLD BARNCOV PORCH

LG SHEDDRIVEWAY GRAVEL

NO PRIOR 36 MO SALE

COUNTY RECORDS

4183 N Jerome RdAlma, MI 488011.51 miles W

51,10027.01

CMAR MLS 86728;DOM 71MLS - REALTOR

CASHNONE05/16/2012RURAL AVGFEE SIMPLE4.5 ACRES -3,000OPEN FIELDS2 STY AVGAVERAGE90+ YEARSINFERIOR +8,000

8 4 2 -1,5001,892 +3,400

850sf0sfinUNFINISHAVERAGEAVG FA-NOACSTANDARDOLD BARNCOV PORCHNONELG SHEDGRAVEL

6,900Net 13.5 %

Gross 31.1 % 58,000

NO SALE LAST 12 MONTHS

CMAR MLS RECORDS

5691 N Winans RdAlma, MI 488014.64 miles NW

80,10041.29


CASHNONE11/02/2012RURAL AVGFEE SIMPLE1.12 AC +3,760OPEN FIELDS2 STY AVGAVERAGE80+ YEARSSUPERIOR -12,000

7 4 2 -1,5001,940 +2,920

656sf0sfinUNFINISHAVERAGEGOOD FA-NOA -1,000STANDARD2.5 CAR DET -3,500COV PORCHNONENONE +1,000GRAVEL

-10,320Net 12.9 %

Gross 32.1 % 69,780


CMAR MLS RECORDS

10338 Dean RdSaint Louis, MI 488807.73 miles NE

53,00030.99


CASHNONE04/26/2012RURAL AVGFEE SIMPLE1.8 AC +2,400OPEN FIELDS2 STY AVGQ480+ YEARSAVERAGE

8 5 2 -1,5001,710 +5,220

384sf0sfinUNFINISHAVERAGEAVG FA-NOACSTANDARDOLD BARNPORCHESNONENONE +1,000GRAVEL

7,120Net 13.4 %

Gross 19.1 % 60,120


CMAR MLS RECORDS

THE AREA HAS VERY FEW SALES OF SIMILAROLDER 2 STORY HOMES IN THE LAST 12 MONTHS. THE SALES FOUND ARE SIMILAR IN RURAL SETTING AND OVERALL AGE. THEADJUSTMENTS WERE BASED ON LAND, CONDITION AND OVERALL SIZE ALONG WITH AMENITIES. SALE #1 IS INFERIOR INOVERALL CONDITION AND SALE #2 IS SUPERIOR TO THE SUBJECT. SALE #3 APPEARS TO BE IN THE MOST SIMILAR CONDITIONON BOTH INTERIOR AND EXTERIOR. SALE #1 AND 2 HAVE OLDER BARN AND SHED WITH SALE #2 HAVING A NEWER 2+ CARGARAGE. THE BEST OPINION FOR THE HOME AND 3 ACRES IS AT THE MIDRANGE AT $63,000.

THE SUBJECT IS NOT LISTED AND HAS NOT SOLD IN PRIOR 36 MONTHS. THE COMPARABLES HAVE NOT SOLD IN PRIOR 12MONTHS TO CLOSE DATE.

63,000

THE REPORT IS MADE FOR PAUL BELL FOR MARKET VALUE PURPOSES FOR JANET BELL ESTATESETTLEMENT. THE REPORT IS MADE IN AS IS CONDITION WITH NO WARRANTY OF CONDITION OF THE HOME OR BUILDINGS.

BASED ON THE MARKET APPROACH, THE BEST OPINION FOR THE SUBJECT "AS IS" IS $63,000 WITH COSTAPPROACH AND INCOME APPROACH NOT USED FOR THIS REPORT. NO PERSONAL PROPERTY INCLUDED.

6/9312/09/2012

507,000

JAMES J. WIDEMANJanuary 15, 2013

1201002668 MI

Form UA2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

2,232796

1212038

COST APPROACH NOT USED FORTHIS REPORT WITH SALES COMPARISON APPROACHBEING THE MOST RELIABLE. NO EXTERNAL ORFUNCTIONAL OBSOLESCENCE NOTED.SEE ATTACHED FOR LIVING AREA.

659 W Harrison RdALMA

N/A

EXTERIOR

RURAL AVGFEE SIMPLE3 ACRESOPEN FIELDS2 STORYAVERAGE100+AVERAGE

7 4 12,232

796 SFUNFINISHAVERAGEAVG FA-NOACSTANDARDOLD BARNCOV PORCH

LG SHEDDRIVEWAY GRAVEL

NO PRIOR 36 MO SALE

COUNTY RECORDS

4183 N Jerome RdAlma, MI 488011.51 miles W

51,10027.01


CASHNONE05/16/2012RURAL AVGFEE SIMPLE4.5 ACRES -3,000OPEN FIELDS2 STY AVGAVERAGE90+ YEARSINFERIOR +8,000

8 4 2 -1,5001,892 +3,400

850sf0sfinUNFINISHAVERAGEAVG FA-NOACSTANDARDOLD BARNCOV PORCHNONELG SHEDGRAVEL

6,900Net 13.5 %

Gross 31.1 % 58,000


CMAR MLS RECORDS

5691 N Winans RdAlma, MI 488014.64 miles NW

80,10041.29


CASHNONE11/02/2012RURAL AVGFEE SIMPLE1.12 AC +3,760OPEN FIELDS2 STY AVGAVERAGE80+ YEARSSUPERIOR -12,000

7 4 2 -1,5001,940 +2,920

656sf0sfinUNFINISHAVERAGEGOOD FA-NOA -1,000STANDARD2.5 CAR DET -3,500COV PORCHNONENONE +1,000GRAVEL

-10,320Net 12.9 %

Gross 32.1 % 69,780


CMAR MLS RECORDS

10338 Dean RdSaint Louis, MI 488807.73 miles NE

53,00030.99


CASHNONE04/26/2012RURAL AVGFEE SIMPLE1.8 AC +2,400OPEN FIELDS2 STY AVGQ480+ YEARSAVERAGE

8 5 2 -1,5001,710 +5,220

384sf0sfinUNFINISHAVERAGEAVG FA-NOACSTANDARDOLD BARNPORCHESNONENONE +1,000GRAVEL

7,120Net 13.4 %

Gross 19.1 % 60,120


CMAR MLS RECORDS

THE AREA HAS VERY FEW SALES OF SIMILAROLDER 2 STORY HOMES IN THE LAST 12 MONTHS. THE SALES FOUND ARE SIMILAR IN RURAL SETTING AND OVERALL AGE. THEADJUSTMENTS WERE BASED ON LAND, CONDITION AND OVERALL SIZE ALONG WITH AMENITIES. SALE #1 IS INFERIOR INOVERALL CONDITION AND SALE #2 IS SUPERIOR TO THE SUBJECT. SALE #3 APPEARS TO BE IN THE MOST SIMILAR CONDITIONON BOTH INTERIOR AND EXTERIOR. SALE #1 AND 2 HAVE OLDER BARN AND SHED WITH SALE #2 HAVING A NEWER 2+ CARGARAGE. THE BEST OPINION FOR THE HOME AND 3 ACRES IS AT THE MIDRANGE AT $63,000.

THE SUBJECT IS NOT LISTED AND HAS NOT SOLD IN PRIOR 36 MONTHS. THE COMPARABLES HAVE NOT SOLD IN PRIOR 12MONTHS TO CLOSE DATE.

63,000

THE REPORT IS MADE FOR PAUL BELL FOR MARKET VALUE PURPOSES FOR JANET BELL ESTATESETTLEMENT. THE REPORT IS MADE IN AS IS CONDITION WITH NO WARRANTY OF CONDITION OF THE HOME OR BUILDINGS.

BASED ON THE MARKET APPROACH, THE BEST OPINION FOR THE SUBJECT "AS IS" IS $63,000 WITH COSTAPPROACH AND INCOME APPROACH NOT USED FOR THIS REPORT. NO PERSONAL PROPERTY INCLUDED.

6/9312/09/2012

507,000


1201002668 MI

Valuation Section File No.UNIFORM RESIDENTIAL APPRAISAL REPORTCO

ST A

PPRO

ACH

ESTIMATED SITE VALUEESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS:Dwelling

Garage/CarportTotal Estimated Cost NewLessDepreciationDepreciated Value of Improvements"As-is" Value of Site ImprovementsINDICATED VALUE BY COST APPROACH

Sq. Ft.Sq. Ft.

Sq. Ft.

@@

@

$$

$

Physical Functional External

=====

$

$

=

====

$

$$$$

Comments on Cost Approach (such as, source of cost estimate, site value,square foot calculation and for HUD, VA and FmHA, the estimated remainingeconomic life of the property):

SALE

S CO

MPA

RISO

N AN

ALYS

IS

/ / / /



DESCRIPTION DESCRIPTION +( )$ Adjust.– DESCRIPTION +( )$ Adjust.– DESCRIPTION +( )$ Adjust.–

Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths

Sq. Ft. Sq. Ft. Sq. Ft. Sq. Ft.

+ – + – + –

$$ $

$

$

$

$$

$

$

$$

$

$

$$$

AddressProximity to SubjectSales PricePrice/Gross Living AreaData and/orVerification SourceVALUE ADJUSTMENTS

Sales or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign and AppealQuality of ConstructionAgeConditionAbove GradeRoom CountGross Living AreaBasement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch, Patio, Deck,Fireplace(s), etc.Fence, Pool, etc.

Net Adj. (total)Adjusted Sales Priceof ComparableComments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc.):

Date, Price and DataSource, for prior saleswithin year of appraisalAnalysis of any current agreement of sale, option, or listing of subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal:

INDICATED VALUE BY SALES COMPARISON APPROACHINDICATED VALUE BY INCOME APPROACH (if Applicable) Estimated Market Rent /Mo. x Gross Rent Multiplier =

RECO

NCIL

IATI

ON

This appraisal is made "as is" subject to the repairs, alterations, inspections or conditions listed below subject to completion per plans & specifications.Conditions of Appraisal:

Final Reconciliation:

The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingentand limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/FNMA form 1004B (Revised ).



Inspect PropertyDid Did Not

I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF(WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED):

Freddie Mac Form 70 6/93 Fannie Mae Form 1004 6-93PAGE 2 OF 2


File No.

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

1212038


Sales used for the report are from the Gratiot County area with 6 sales found over the last 15 months. The sales are brokendown to equivalent acres based on soil types and productivity ratings for each sold parcel.

DATE SALE PRODUCTIVITY EQUIVALENT PRICE PERLOCATION SOLD PRICE ACRES X RATING = ACRES EQUIVAL ACRE

Arcada Twp sec 26/35 12/19/2012 $1,400,000 309 x 94% = 290.93 $4,812

North Star Twp sec 18 09/14/2012 $592,800 114 x 85% = 96.65 $6,133

North Star Twp sec 13 01/02/2013 $683,000** 140 x 88% = 123.54 $5,529

Emerson Twp sec 26 07/13/2012 $225,000* 39 x 85% = 33.15 $6,787

Emerson Twp sec 3 03/07/2012 $630,000 108 x 88% = 95.04 $6,629

Newark Twp sec 24 12/20/2011 $1,215,000 236.4 x 93% = 219.85 $5,526

TOTALS $4,745,800 946.4 859.16 $5,524

The equivalent per acre value for soil that is 100% productive is $5,524 based on the sales over the past 15 months.

* property sold for $250,000 with $25,000 in building value(estimated).

** property sold for $748,550 with $65,550 in building value and building lot value(appraised).

File No.


1212038


SALES COMPARISON APPROACH

PARCEL #1 ARCADA TOWNSHIP SECTION 12

The subject parcel is 37 acres with a mixture of soils types with good access on west side with Jerome Road on the west.The tillable is 36 acres with 1 acre for road.

The soil type is a mixture of 6 soils that are listed below along with the amount of acreage for each soil type.

The parcel has public road access to the fields on the west side. The drainage appears to be adequate with natural drainagealong with some random field tile. The average productivity of the soils for this parcel is rated by the U.S. Department ofAgriculture through the Gratiot County Soil Conservation Service Soil Survey issued in April 1979. The soil maps are in theworking file of the report.

The value of the tillable soils is based on the attached sales of similar farm land rated on the productivity basis to arrive at100% productive soil. The value of the tillable land is based on the 6 sales of vacant land at $5,524/equivalent acre which is100% productive soil over the past 15 months with the most recent sale in 2013.

SOIL TYPE PARCEL #1

Ph - Parkhill Loam = 5.6 acres x 100% = 5.6 eq acres x $5,524 = $30,934CaA - Capac Loam = 6.4 acres x 93% = 5.95 eq acres x $5,524 = $32,868Ita - Ithaca loam = 8 acres x 91% = 7.28 eq acres x $5,524 = $40,215Mea - Metamora-Capac Loam = 8 acres x 88% = 7.04 eq acres x $5,524 = $38,889MaB- Marlette sandy loam = 2.8 acres x 78% = 2.18 eq acres x $5,524 = $12,064MtB - Metea loamy sand = 5.2 acres x 59% = 3.07 eq acres x $5,524 = $16,948Road = 1 acres x x 0 = $ 0

TOTAL PARCEL #1 37 ACRES = $171,918

Total land value = $171,918 Road right of ways = 0 TOTAL 37 ACRES = $171,918

Market Value by Sales Comparison rounded $172,000

It should be noted that the highest and best use of this 37 acres is to remain as an agricultural farm.

File No.


1212038


SALES COMPARISON APPROACH

PARCEL #2 ARCADA TOWNSHIP SECTION 13

The subject parcel is 80 acres with a mixture of soils types with good access on north side with Harrison Road on the north.The site has 3 acres with a building site that is valued on attached urar form. the remaining acreage is split into two halfs withwest 37 acres and the east 40 acres. The parcels are listed as 1 parcel, but will be split for purposes of valuing in this report.

The soil type is a mixture of 4 soils that are listed below along with the amount of acreage for each soil type.

The parcel has public road access to the fields on the west side. The drainage appears to be adequate with natural drainagealong with some random field tile. The average productivity of the soils for this parcel is rated by the U.S. Department ofAgriculture through the Gratiot County Soil Conservation Service Soil Survey issued in April 1979. The soil maps are in theworking file of the report.

The value of the tillable soils is based on the attached sales of similar farm land rated on the productivity basis to arrive at100% productive soil. The value of the tillable land is based on the 6 sales of vacant land at $5,524/equivalent acre which is100% productive soil over the past 15 months with the most recent sale in 2013.

SOIL TYPE PARCEL 37 ACRES

CaA - Capac Loam = 3.6 acres x 93% = 3.35 eq acres x $5,524 = $18,494RdA - Riverdale Loamy sand = 7.6 acres x 57% = 4.33 eq acres x $5,524 = $23,930MaB- Marlette sandy loam = 3.6 acres x 78% = 2.81 eq acres x $5,524 = $15,511Cr - Corunna sandy loam = 2.1 acres x 97% = 2.04 eq acres x $5,524 = $11,252Woods/brush/pond = 19.3 acres x flat value $2,500 = $48,250Road = .8 acres x x 0 = $ 0

TOTAL 37 ACRES $117,437

SOIL TYPE PARCEL 40 ACRES

CaA - Capac Loam = 7 acres x 93% = 6.51 eq acres x $5,524 = $35,961Mea - Metamora-Capac Loam = 3.9 acres x 88% = 3.43 eq acres x $5,524 = $18,958Cr - Corunna sandy loam = 10.5 acres x 97% = 10.19 eq acres x $5,524 = $56,262Woods/brush/pond = 17.6 acres x flat value $2,500 = $44,000Road = 1 acres x x 0 = $ 0

TOTAL 40 ACRES $155,181

TOTAL PARCEL #2 77 ACRES = $272,618

Total land value = $272,618 Road right of ways = 0 TOTAL 77 ACRES = $272,618

Market Value by Sales Comparison rounded $272,600

It should be noted that the highest and best use of this 77 acres is to remain as an agricultural farm.

File No.


1212038


SOIL LEGEND

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

SOIL LEGEND



Property AddressCity County State Zip Code

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

Subject PhotosJANET BELL ESTATE659 W Harrison RdALMA GRATIOT MI 48801PAUL BELL

Subject Front

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

659 W Harrison RdN/A2,232741RURAL AVGOPEN FIELDS3 ACRESAVERAGE100+

Subject Rear

Subject Street

Borrower/Client

Lender

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

Subject PhotosJANET BELL ESTATE659 W Harrison RdALMA GRATIOT MI 48801PAUL BELL

Subject Front



Subject Rear

Subject Street

Borrower/Client

Lender




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

Subject Interior Photo PageJANET BELL ESTATE659 W Harrison RdALMA GRATIOT MI 48801PAUL BELL

SUBJECT FRONT



Subject Rear

Subject Shed 54X24

Borrower/Client

Lender

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

Subject Interior Photo PageJANET BELL ESTATE659 W Harrison RdALMA GRATIOT MI 48801PAUL BELL

SUBJECT FRONT



Subject Rear

Subject Shed 54X24

Borrower/Client

Lender




Form PICSIX2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Photograph AddendumJANET BELL ESTATE659 W Harrison RdALMA GRATIOT MI 48801PAUL BELL

Subject Grain Bin Subject Barn

Subject NE Corner Looking SW Sec 13 Subject NW Corner Looking SE Sec 13

Subject SW Corner Looking East Sec 12 Subject NW Corner Looking SE Sec 12

Borrower/Client

Lender

Form PICSIX2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Photograph AddendumJANET BELL ESTATE659 W Harrison RdALMA GRATIOT MI 48801PAUL BELL

Subject Grain Bin Subject Barn

Subject NE Corner Looking SW Sec 13 Subject NW Corner Looking SE Sec 13

Subject SW Corner Looking East Sec 12 Subject NW Corner Looking SE Sec 12

Borrower/Client

Lender




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

Comparable Photo PageJANET BELL ESTATE659 W Harrison RdALMA GRATIOT MI 48801PAUL BELL

Comparable 1

Prox. to SubjectSales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

4183 N Jerome Rd1.51 miles W51,1001,892842RURAL AVGOPEN FIELDS4.5 ACRESAVERAGE90+ YEARS

Comparable 2


5691 N Winans Rd4.64 miles NW80,1001,940742RURAL AVGOPEN FIELDS1.12 ACAVERAGE80+ YEARS

Comparable 3


10338 Dean Rd7.73 miles NE53,0001,710852RURAL AVGOPEN FIELDS1.8 ACQ480+ YEARS

Borrower/Client

Lender

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

Comparable Photo PageJANET BELL ESTATE659 W Harrison RdALMA GRATIOT MI 48801PAUL BELL

Comparable 1


4183 N Jerome Rd1.51 miles W51,1001,892842RURAL AVGOPEN FIELDS4.5 ACRESAVERAGE90+ YEARS

Comparable 2


5691 N Winans Rd4.64 miles NW80,1001,940742RURAL AVGOPEN FIELDS1.12 ACAVERAGE80+ YEARS

Comparable 3


10338 Dean Rd7.73 miles NE53,0001,710852RURAL AVGOPEN FIELDS1.8 ACQ480+ YEARS

Borrower/Client

Lender



51'

25'

26'

19'

7'

26'

6'

6'


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

Building SketchJANET BELL ESTATE659 W Harrison RdALMA GRATIOT MI 48801PAUL BELL

Borrower/Client

Lender

51'

25'

26'

19'

7'

26'

6'

6'

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

Building SketchJANET BELL ESTATE659 W Harrison RdALMA GRATIOT MI 48801PAUL BELL

Borrower/Client

Lender




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

Location MapJANET BELL ESTATE659 W Harrison RdALMA GRATIOT MI 48801PAUL BELL

Borrower/Client

Lender


Location MapJANET BELL ESTATE659 W Harrison RdALMA GRATIOT MI 48801PAUL BELL

Borrower/Client

Lender



ARCADA TOWNSHIP PLAT MAP


ARCADA TOWNSHIP PLAT MAP





Aerial Map - 80 ACRE PARCEL SECTION 13JANET BELL ESTATE659 W Harrison RdALMA GRATIOT MI 48801PAUL BELL

Borrower/Client

Lender



Borrower/Client

Lender






Borrower/Client

Lender



Borrower/Client

Lender



MULTI-PURPOSE SUPPLEMENTAL ADDENDUMFOR FEDERALLY RELATED TRANSACTIONS


This Multi-Purpose Supplemental Addendum for Federally Related Transactions was designed to provide the appraiser with a convenient way to comply with the currentappraisal standards and requirements of the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of Currency (OCC), The Office of ThriftSupervision (OTS), the Resolution Trust Corporation (RTC), and the Federal Reserve.

This Multi-Purpose Supplemental Addendum is for use with any appraisal. Only thosestatements which have been checked by the appraiser apply to the property being appraised.

PURPOSE & FUNCTION OF APPRAISAL

The purpose of the appraisal is to estimate the market value of the subject property as defined herein. The function of the appraisal is to assist the above-namedLender in evaluating the subject property for lending purposes. This is a federally related transaction.

EXTENT OF APPRAISAL PROCESS

The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the subject property andneighborhood, and selection of comparable sales within the subject market area. The original source of the comparables is shown in the Data Source sectionof the market grid along with the source of confirmation, if available. The original source is presented first. The sources and data are considered reliable.

When conflicting information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included in the report norused as a basis for the value conclusion.

The Reproduction Cost is based onsupplemented by the appraiser's knowledge of the local market.

Physical depreciation is based on the estimated effective age of the subject property. Functional and/or external depreciation, if present, is specifically

addressed in the appraisal report or other addenda. In estimating the site value, the appraiser has relied on personal knowledge of the local market. Thisknowledge is based on prior and/or current analysis of site sales and/or abstraction of site values from sales of improved properties.

The subject property is located in an area of primarily owner-occupied single family residences and the Income Approach is not considered to be meaningful.

For this reason, the Income Approach was not used.

The Estimated Market Rent and Gross Rent Multiplier utilized in the Income Approach are based on the appraiser's knowledge of the subject market area.

The rental knowledge is based on prior and/or current rental rate surveys of residential properties. The Gross Rent Multiplier is based on prior and/or currentanalysis of prices and market rates for residential properties.

For income producing properties, actual rents, vacancies and expenses have been reported and analyzed. They have been used to project future rents,

vacancies and expenses.

SUBJECT PROPERTY OFFERING INFORMATION

According to the subject property:has not been offered for sale in the past: 30 days 1 year 3 years.

is currently offered for sale for $ .was offered for sale within the past: 30 days 1 year 3 years for $ .

Offering information was considered in the final reconciliation of value.Offering information was not considered in the final reconciliation of value.

Offering information was not available. The reasons for unavailability and the steps taken by the appraiser are explained later in this addendum.

SALES HISTORY OF SUBJECT PROPERTY

According to the subject property:

Has not transferred in the past twelve months.Has transferred in the past twelve months.

in the past thirty-six months.in the past thirty-six months.

in the past 5 years.in the past 5 years.

All prior sales which have occurred in the past are listed below and reconciled to the appraised value, either in the body of the report or in the addenda.Date Sales Price Document # Seller Buyer

FEMA FLOOD HAZARD DATA

Subject property is not located in a FEMA Special Flood Hazard Area.

Subject property is located in a FEMA Special Flood Hazard Area.

The community does not participate in the National Flood Insurance Program.The community does participate in the National Flood Insurance Program.It is covered by a regular program.

It is covered by an emergency program.

Zone FEMA Map/Panel # Map Date Name of Community

Page 1 of 2

Form MPA3 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


JANET BELL ESTATE659 W Harrison RdALMA GRATIOT MI 48801PAUL BELL

COST APPROACH NOT USED FOR THIS REPORT.

MLS/OWNER

COUNTY RECORDS/MLS

X 26057C0200C 10/18/2011 ARCADA TOWNSHIP

Borrower/Client

Lender



JANET BELL ESTATE659 W Harrison RdALMA GRATIOT MI 48801PAUL BELL

COST APPROACH NOT USED FOR THIS REPORT.

MLS/OWNER

COUNTY RECORDS/MLS

X 26057C0200C 10/18/2011 ARCADA TOWNSHIP

Borrower/Client

Lender

MULTI-PURPOSE SUPPLEMENTAL ADDENDUMFOR FEDERALLY RELATED TRANSACTIONS


This Multi-Purpose Supplemental Addendum for Federally Related Transactions was designed to provide the appraiser with a convenient way to comply with the currentappraisal standards and requirements of the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of Currency (OCC), The Office of ThriftSupervision (OTS), the Resolution Trust Corporation (RTC), and the Federal Reserve.

This Multi-Purpose Supplemental Addendum is for use with any appraisal. Only thosestatements which have been checked by the appraiser apply to the property being appraised.

PURPOSE & FUNCTION OF APPRAISAL

The purpose of the appraisal is to estimate the market value of the subject property as defined herein. The function of the appraisal is to assist the above-namedLender in evaluating the subject property for lending purposes. This is a federally related transaction.

EXTENT OF APPRAISAL PROCESS

The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the subject property andneighborhood, and selection of comparable sales within the subject market area. The original source of the comparables is shown in the Data Source sectionof the market grid along with the source of confirmation, if available. The original source is presented first. The sources and data are considered reliable.

When conflicting information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included in the report norused as a basis for the value conclusion.

The Reproduction Cost is based onsupplemented by the appraiser's knowledge of the local market.

Physical depreciation is based on the estimated effective age of the subject property. Functional and/or external depreciation, if present, is specifically

addressed in the appraisal report or other addenda. In estimating the site value, the appraiser has relied on personal knowledge of the local market. Thisknowledge is based on prior and/or current analysis of site sales and/or abstraction of site values from sales of improved properties.

The subject property is located in an area of primarily owner-occupied single family residences and the Income Approach is not considered to be meaningful.

For this reason, the Income Approach was not used.

The Estimated Market Rent and Gross Rent Multiplier utilized in the Income Approach are based on the appraiser's knowledge of the subject market area.

The rental knowledge is based on prior and/or current rental rate surveys of residential properties. The Gross Rent Multiplier is based on prior and/or currentanalysis of prices and market rates for residential properties.

For income producing properties, actual rents, vacancies and expenses have been reported and analyzed. They have been used to project future rents,

vacancies and expenses.

SUBJECT PROPERTY OFFERING INFORMATION

According to the subject property:has not been offered for sale in the past: 30 days 1 year 3 years.

is currently offered for sale for $ .was offered for sale within the past: 30 days 1 year 3 years for $ .

Offering information was considered in the final reconciliation of value.Offering information was not considered in the final reconciliation of value.

Offering information was not available. The reasons for unavailability and the steps taken by the appraiser are explained later in this addendum.

SALES HISTORY OF SUBJECT PROPERTY

According to the subject property:

Has not transferred in the past twelve months.Has transferred in the past twelve months.

in the past thirty-six months.in the past thirty-six months.

in the past 5 years.in the past 5 years.

All prior sales which have occurred in the past are listed below and reconciled to the appraised value, either in the body of the report or in the addenda.Date Sales Price Document # Seller Buyer

FEMA FLOOD HAZARD DATA

Subject property is not located in a FEMA Special Flood Hazard Area.

Subject property is located in a FEMA Special Flood Hazard Area.

The community does not participate in the National Flood Insurance Program.The community does participate in the National Flood Insurance Program.It is covered by a regular program.

It is covered by an emergency program.

Zone FEMA Map/Panel # Map Date Name of Community

Page 1 of 2


CURRENT SALES CONTRACT

The subject property is currently not under contract.The contract and/or escrow instructions were not available for review. The unavailability of the contract is explained later in the addenda section.

The contract and/or escrow instructions were reviewed. The following summarizes the contract:

The contract indicated that personal property was not included in the sale.The contract indicated that personal property was included. It consisted of

Estimated contributory value is $ .Personal property was not included in the final value estimate.Personal property was included in the final value estimate.The contract indicated no financing concessions or other incentives.The contract indicated the following concessions or incentives:

.If concessions or incentives exist, the comparables were checked for similar concessions and appropriate adjustments were made, if applicable, sothat the final value conclusion is in compliance with the Market Value defined herein.

Contract Date Amendment Date Contract Price Seller

MARKET OVERVIEW Include an explanation of current market conditions and trends.

months is considered a reasonable marketing period for the subject property based on.

ADDITIONAL CERTIFICATION

The Appraiser certifies and agrees that:

(1) The analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of ProfessionalAppraisal Practice ("USPAP"), except that the Departure Provision of the USPAP does not apply.

(2) Their compensation is not contingent upon the reporting of predetermined value or direction in value that favors the cause of the client, the amountof the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event.

(3) This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan.

ADDITIONAL (ENVIRONMENTAL) LIMITING CONDITIONS

The value estimated is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimentalenvironmental conditions unless otherwise stated in this report. The appraiser is not an expert in the identification of hazardous substances or detrimentalenvironmental conditions. The appraiser's routine inspection of and inquiries about the subject property did not develop any information that indicatedany apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively unless otherwise statedin this report. It is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence ofhazardous substances or detrimental environmental conditions on or around the property that would negatively affect its value.

ADDITIONAL COMMENTS

APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION

Appraiser's Signature Effective Date Date PreparedAppraiser's Name (print) Phone #State License Certification # Tax ID #

CO-SIGNING APPRAISER'S CERTIFICATION

The co-signing appraiser has personally inspected the subject property, both inside and out, and has made an exterior inspection of all comparable saleslisted in the report. The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser acceptsresponsibility for the contents of the report including the value conclusions and the limiting conditions, and confirms that the certifications applyfully to the co-signing appraiser.The co-signing appraiser has not personally inspected the interior of the subject property and:has not inspected the exterior of the subject property and all comparable sales listed in the report.has inspected the exterior of the subject property and all comparable sales listed in the report.The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepts responsibility for the

contents of the report, including the value conclusions and the limiting conditions, and confirms that the certifications apply fully to the co-signingappraiser with the exception of the certification regarding physical inspections. The above describes the level of inspection performed by theco-signing appraiser.The co-signing appraiser's level of inspection, involvement in the appraisal process and certification are covered elsewhere in the addenda sectionof this appraisal.

CO-SIGNING APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION

Co-SigningAppraiser's Signature Effective Date Date PreparedCo-Signing Appraiser's Name (print) Phone #State License Certification # Tax ID #

Page 2 of 2


1-6 BASED ON AUCTION ADVERTISING AND1 DAY BID PROCESS.

IN MICHIGAN, APPRAISERS ARE REQUIRED TO BE LICENSED/CERTIFIED AND ARE REGULATED BY THE MICHIGANDEPARTMENT OF LICENSING AND REGULATORY AFFAIRS, P.O. BOX 30018, LANSING, MI 48909. I AM CURRENTLY LICENSEDAS A STATE LICENSED REAL ESTATE APPRAISER.

12/09/2012 January 15, 2013JAMES J. WIDEMAN (989) 875-4544

MI 1201002668 84-1701432


1-6 BASED ON AUCTION ADVERTISING AND1 DAY BID PROCESS.

IN MICHIGAN, APPRAISERS ARE REQUIRED TO BE LICENSED/CERTIFIED AND ARE REGULATED BY THE MICHIGANDEPARTMENT OF LICENSING AND REGULATORY AFFAIRS, P.O. BOX 30018, LANSING, MI 48909. I AM CURRENTLY LICENSEDAS A STATE LICENSED REAL ESTATE APPRAISER.

12/09/2012 January 15, 2013JAMES J. WIDEMAN (989) 875-4544

MI 1201002668 84-1701432

CURRENT SALES CONTRACT

The subject property is currently not under contract.The contract and/or escrow instructions were not available for review. The unavailability of the contract is explained later in the addenda section.

The contract and/or escrow instructions were reviewed. The following summarizes the contract:

The contract indicated that personal property was not included in the sale.The contract indicated that personal property was included. It consisted of

Estimated contributory value is $ .Personal property was not included in the final value estimate.Personal property was included in the final value estimate.The contract indicated no financing concessions or other incentives.The contract indicated the following concessions or incentives:

.If concessions or incentives exist, the comparables were checked for similar concessions and appropriate adjustments were made, if applicable, sothat the final value conclusion is in compliance with the Market Value defined herein.

Contract Date Amendment Date Contract Price Seller

MARKET OVERVIEW Include an explanation of current market conditions and trends.

months is considered a reasonable marketing period for the subject property based on.

ADDITIONAL CERTIFICATION

The Appraiser certifies and agrees that:

(1) The analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of ProfessionalAppraisal Practice ("USPAP"), except that the Departure Provision of the USPAP does not apply.

(2) Their compensation is not contingent upon the reporting of predetermined value or direction in value that favors the cause of the client, the amountof the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event.

(3) This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan.

ADDITIONAL (ENVIRONMENTAL) LIMITING CONDITIONS

The value estimated is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimentalenvironmental conditions unless otherwise stated in this report. The appraiser is not an expert in the identification of hazardous substances or detrimentalenvironmental conditions. The appraiser's routine inspection of and inquiries about the subject property did not develop any information that indicatedany apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively unless otherwise statedin this report. It is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence ofhazardous substances or detrimental environmental conditions on or around the property that would negatively affect its value.

ADDITIONAL COMMENTS

APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION

Appraiser's Signature Effective Date Date PreparedAppraiser's Name (print) Phone #State License Certification # Tax ID #

CO-SIGNING APPRAISER'S CERTIFICATION

The co-signing appraiser has personally inspected the subject property, both inside and out, and has made an exterior inspection of all comparable saleslisted in the report. The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser acceptsresponsibility for the contents of the report including the value conclusions and the limiting conditions, and confirms that the certifications applyfully to the co-signing appraiser.The co-signing appraiser has not personally inspected the interior of the subject property and:has not inspected the exterior of the subject property and all comparable sales listed in the report.has inspected the exterior of the subject property and all comparable sales listed in the report.The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepts responsibility for the

contents of the report, including the value conclusions and the limiting conditions, and confirms that the certifications apply fully to the co-signingappraiser with the exception of the certification regarding physical inspections. The above describes the level of inspection performed by theco-signing appraiser.The co-signing appraiser's level of inspection, involvement in the appraisal process and certification are covered elsewhere in the addenda sectionof this appraisal.

CO-SIGNING APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION

Co-SigningAppraiser's Signature Effective Date Date PreparedCo-Signing Appraiser's Name (print) Phone #State License Certification # Tax ID #

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Freddie Mac Form 439 6-93 Fannie Mae Form 1004B 6-93Page 1 of 2

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open marketunder all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is notaffected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title fromseller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised,and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4)payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price representsthe normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyoneassociated with the sale.

*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs arereadily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financingadjustments can be made to the comparable property by comparisons to financing terms offered by a third partyinstitutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on amechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximatethe market's reaction to the financing or concessions based on the appraiser's judgement.

STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION

CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to thefollowing conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. Theappraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property isappraised on the basis of it being under responsible ownership.

2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch isincluded only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size.

3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or otherdata 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 or she makes no guarantees, express or implied, regarding this determination.

4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unlessspecific arrangements to do so have been made beforehand.

5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at theircontributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisaland are invalid if they are so used.

6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence ofhazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware ofduring the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has noknowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence ofhazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no suchconditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not beresponsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether suchconditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not beconsidered as an environmental assessment of the property.

7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he orshe considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy ofsuch items that were furnished by other parties.

8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of ProfessionalAppraisal Practice.

9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactorycompletion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner.

10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distributethe appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, andreferences to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than theborrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; anystate or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or theDistrict of Columbia; except that the lender/client may distribute the property description section of the report only to data collection orreporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval mustalso be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, orother media.

Form ACR_DEFD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEWideman Appraisal Service

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open marketunder all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is notaffected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title fromseller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised,and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4)payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price representsthe normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyoneassociated with the sale.

*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs arereadily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financingadjustments can be made to the comparable property by comparisons to financing terms offered by a third partyinstitutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on amechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximatethe market's reaction to the financing or concessions based on the appraiser's judgement.

STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION

CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to thefollowing conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. Theappraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property isappraised on the basis of it being under responsible ownership.

2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch isincluded only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size.

3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or otherdata 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 or she makes no guarantees, express or implied, regarding this determination.

4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unlessspecific arrangements to do so have been made beforehand.

5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at theircontributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisaland are invalid if they are so used.

6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence ofhazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware ofduring the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has noknowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence ofhazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no suchconditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not beresponsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether suchconditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not beconsidered as an environmental assessment of the property.

7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he orshe considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy ofsuch items that were furnished by other parties.

8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of ProfessionalAppraisal Practice.

9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactorycompletion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner.

10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distributethe appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, andreferences to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than theborrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; anystate or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or theDistrict of Columbia; except that the lender/client may distribute the property description section of the report only to data collection orreporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval mustalso be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, orother media.

Form ACR_DEFD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEWideman Appraisal Service



ADDRESS OF PROPERTY APPRAISED:

APPRAISER: SUPERVISORY APPRAISER (only if required):

Signature: Signature:Name: Name:Date Signed: Date Signed:State Certification #: State Certification #:or State License #: or State License #:State: State:Expiration Date of Certification or License: Expiration Date of Certification or License:

Did Did Not Inspect Property


APPRAISER'S CERTIFICATION: The appraiser certifies and agrees that:

1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar andproximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment whenappropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superiorto, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of thecomparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made apositive adjustment to increase the adjusted sales price of the comparable.

2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in theappraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of myknowledge, that all statements and information in the appraisal report are true and correct.

3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which aresubject only to the contingent and limiting conditions specified in this form.

4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospectivepersonal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysisand/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin ofeither the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinityof the subject property.

5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor mycompensation for performing this appraisal is contingent on the appraised value of the property.

6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, theamount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive mycompensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, aspecific valuation, or the need to approve a specific mortgage loan.

7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of thisappraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of areasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed isconsistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliationsection.

8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed ascomparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subjectimprovements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and havemade adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to supportthem. I have also commented about the effect of the adverse conditions on the marketability of the subject property.

9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied onsignificant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of theappraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of thisappraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a changeto any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it.

SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies andagrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with thestatements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and amtaking full responsibility for the appraisal and the appraisal report.

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

659 W Harrison Rd, ALMA, MI 48801


1201002668MI

07/31/2014

APPRAISER'S CERTIFICATION: The appraiser certifies and agrees that:

1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar andproximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment whenappropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superiorto, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of thecomparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made apositive adjustment to increase the adjusted sales price of the comparable.

2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in theappraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of myknowledge, that all statements and information in the appraisal report are true and correct.

3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which aresubject only to the contingent and limiting conditions specified in this form.

4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospectivepersonal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysisand/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin ofeither the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinityof the subject property.

5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor mycompensation for performing this appraisal is contingent on the appraised value of the property.

6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, theamount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive mycompensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, aspecific valuation, or the need to approve a specific mortgage loan.

7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of thisappraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of areasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed isconsistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliationsection.

8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed ascomparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subjectimprovements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and havemade adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to supportthem. I have also commented about the effect of the adverse conditions on the marketability of the subject property.

9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied onsignificant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of theappraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of thisappraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a changeto any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it.

SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies andagrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with thestatements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and amtaking full responsibility for the appraisal and the appraisal report.

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

659 W Harrison Rd, ALMA, MI 48801


1201002668MI

07/31/2014

ADDRESS OF PROPERTY APPRAISED:

APPRAISER: SUPERVISORY APPRAISER (only if required):

Signature: Signature:Name: Name:Date Signed: Date Signed:State Certification #: State Certification #:or State License #: or State License #:State: State:Expiration Date of Certification or License: Expiration Date of Certification or License:

Did Did Not Inspect Property



REFERENCE TO: Internal OrderBATON ROUGE, MI 70808 (225) 284-3235 [email protected] 1212038 JANUARY 9, 2013...

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Transcript of REFERENCE TO: Internal OrderBATON ROUGE, MI 70808 (225) 284-3235 [email protected] 1212038 JANUARY 9, 2013...