TABLE OF CONTENTS - 21online.com · TABLE OF CONTENTS Luis O. Valdivieso AR-6-08-029 ... Valdivieso...

File No.Property AddressCity County State Zip Code

TABLE OF CONTENTS

AR-6-08-029Luis O. Valdivieso14234 Iron Horse WayHelotes Bexar TX 78023-3958Moss Brook Mortgage

Invoice ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Cover Page ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Summary of Salient Features ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................URAR ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Additional Comparables 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Definitions ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................USPAP Identification ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Scope of the Appraisal ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Highest and Best Use Summary ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Environmental Addendum - Appraiser ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Appraised Property Floor Plan - Lower Level ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Appraised Property Floor Plan - First Floor ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Appraised Property Floor Plan - Second Floor ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 1-3 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Location Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Appraised Property Site Plan ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Site Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Flood Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Appraiser's Licensing & Certification ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

12341011121314151718192021222324252627

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

Borrower/Client

Lender


Invoice ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Cover Page ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Summary of Salient Features ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................URAR ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Additional Comparables 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Definitions ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................USPAP Identification ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Scope of the Appraisal ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Highest and Best Use Summary ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Environmental Addendum - Appraiser ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Appraised Property Floor Plan - Lower Level ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Appraised Property Floor Plan - First Floor ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Appraised Property Floor Plan - Second Floor ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 1-3 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Location Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Appraised Property Site Plan ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Site Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Flood Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Appraiser's Licensing & Certification ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

12341011121314151718192021222324252627

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

Borrower/Client

Lender


TABLE OF CONTENTS

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-ALAMODEAppraisalProse

Magdalena P. Dodds, CPA, PC

dba AppraisalProse

1402 W. Rhapsody, Suite 6

San Antonio, TX 78216

210-568-7577

Eric Cate

Moss Brook Mortgage

7719 Moss Brook Dr


2106958282

AR-6-08-029

September 11, 2006

AR-6-08-029

Valdivieso

AR-6-08-029

Valdivieso

Please make checks payable to Magdalena P. Dodds, CPA, PC

Moss Brook Mortgage Moss Brook MortgageLuis O. Valdivieso14234 Iron Horse WayHelotesBexar TX 78023-3958CB 4482B, Block 10, Lot 15, Iron Horse Canyon Unit Two

1004 Full/URAR 350.00

350.00

350.00

210-764-5852

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

Magdalena P. Dodds, CPA, PC

dba AppraisalProse

1402 W. Rhapsody, Suite 6


210-568-7577

Eric Cate

Moss Brook Mortgage

7719 Moss Brook Dr


2106958282

AR-6-08-029

September 11, 2006

AR-6-08-029

Valdivieso

AR-6-08-029

Valdivieso

Please make checks payable to Magdalena P. Dodds, CPA, PC

Moss Brook Mortgage Moss Brook MortgageLuis O. Valdivieso14234 Iron Horse WayHelotesBexar TX 78023-3958CB 4482B, Block 10, Lot 15, Iron Horse Canyon Unit Two

1004 Full/URAR 350.00

350.00

350.00

210-764-5852

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

Page #1File No. AR-6-08-029

LOCATED AT:

FOR:

AS OF:

BY:

Form GA3 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

14234 Iron Horse WayCB 4482B, Block 10, Lot 15, Iron Horse Canyon Unit Two

Helotes, TX 78023-3958

Moss Brook Mortgage7719 Moss Brook Dr


September 10, 2006

Ronald T. Dodds, JrAppraisalProse

142 W. Rhapsody, Suite 6San Antonio, Texas 78216

APPRAISAL OF REAL PROPERTY

Form GA3 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

14234 Iron Horse WayCB 4482B, Block 10, Lot 15, Iron Horse Canyon Unit Two

Helotes, TX 78023-3958

Moss Brook Mortgage7719 Moss Brook Dr


September 10, 2006


142 W. Rhapsody, Suite 6San Antonio, Texas 78216

APPRAISAL OF REAL PROPERTY

LOCATED AT:

FOR:

AS OF:

BY:


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

Final Estimate of Value $

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

14234 Iron Horse Way

CB 4482B, Block 10, Lot 15, Iron Horse Canyon Unit Two

Helotes

Bexar

TX

78023-3958

1821.04

512B7 Mapsco

Luis O. Valdivieso

Moss Brook Mortgage

4,512

Iron Horse Canyon

Proposed

Proposed

13

4

4.5

Ronald T. Dodds, Jr

September 10, 2006

725,000

Borrower/Client

Lender

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


CB 4482B, Block 10, Lot 15, Iron Horse Canyon Unit Two

Helotes

Bexar

TX

78023-3958

1821.04

512B7 Mapsco

Luis O. Valdivieso

Moss Brook Mortgage

4,512

Iron Horse Canyon

Proposed

Proposed

13

4

4.5

Ronald T. Dodds, Jr

September 10, 2006

725,000

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

Final Estimate of Value $


Uniform Residential Appraisal Report File #

SUB

JEC

TC

ON

TRA

CT

NEI

GH

BO

RH

OO

DSI

TEIM

PRO

VEM

ENTS

The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.Property Address City State Zip CodeBorrower Owner of Public Record CountyLegal DescriptionAssessor's Parcel # Tax Year R.E. Taxes $Neighborhood Name Map Reference Census TractOccupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per monthProperty Rights Appraised Fee Simple Leasehold Other (describe)Assignment Type Purchase Transaction Refinance Transaction Other (describe)Lender/Client AddressIs the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes NoReport data source(s) used, offering price(s), and date(s).

I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was notperformed.

Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes NoIf Yes, report the total dollar amount and describe the items to be paid.

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

Location Urban Suburban RuralBuilt-Up Over 75% 25-75% Under 25%Growth Rapid Stable Slow

One-Unit Housing TrendsProperty Values Increasing Stable DecliningDemand/Supply Shortage In Balance Over SupplyMarketing Time Under 3 mths 3-6 mths Over 6 mths

One-Unit HousingPRICE$ (000)

AGE(yrs)

LowHighPred.

Present Land Use %One-Unit %2-4 Unit %Multi-Family %Commercial %Other %

Neighborhood Boundaries

Neighborhood Description

Market Conditions (including support for the above conclusions)

Dimensions Area Shape ViewSpecific Zoning Classification Zoning DescriptionZoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe

Utilities Public Other (describe) Public Other (describe)ElectricityGas

WaterSanitary Sewer

Off-site Improvements - Type Public PrivateStreetAlley

FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map DateAre the utilities and off-site improvements typical for the market area? Yes No If No, describeAre there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe

General DescriptionUnits One One with Accessory Unit# of StoriesType Det. Att. S-Det./End Unit

Existing Proposed Under Const.Design (Style)Year BuiltEffective Age (Yrs)

FoundationConcrete Slab Crawl SpaceFull Basement Partial Basement

Basement Area sq.ft.Basement Finish %

Outside Entry/Exit Sump PumpEvidence of Infestation

Dampness Settlement

Exterior Description materials/conditionFoundation WallsExterior WallsRoof SurfaceGutters & DownspoutsWindow TypeStorm Sash/InsulatedScreens

Interior materials/conditionFloorsWallsTrim/FinishBath FloorBath Wainscot

Attic NoneDrop Stair StairsFloor ScuttleFinished Heated

Heating FWA HWBB RadiantOther Fuel

Cooling Central Air ConditioningIndividual Other

AmenitiesFireplace(s) #Patio/DeckPool

Woodstove(s) #FencePorchOther

Car Storage NoneDriveway # of Cars

Driveway SurfaceGarage # of CarsCarport # of CarsAtt. Det. Built-in

Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above GradeAdditional features (special energy efficient items, etc.).

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe

Page 1 of 6Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005

ValdiviesoAR-6-08-029

14234 Iron Horse Way Helotes TX 78023-3958Luis O. Valdivieso Mann Development Ltd Bexar

CB 4482B, Block 10, Lot 15, Iron Horse Canyon Unit Two04482-210-0150 2006 Estimated 14,000Estates at Iron Horse Canyon 512B7 Mapsco 1821.04

0.00

Moss Brook Mortgage 7719 Moss Brook Dr, San Antonio, TX 78255

San Antonio MLS

The contract was unavailable at the time of this appraisal.

MLS, public record

200874350

New31

90055The market area is bound by Iron Horse Canyon Park to the North and West, State

Highway 16 to the East, and FM 1560 to the South.The market area is found in the northwestern sector of San Antonio encompassing a built-up area most commonly known as the Iron

Horse Canyon area. This is a popular residential area that has maintained values and demand. The market area is served by the Northside Independent SchoolDistrict. Elementary, middle and high schools are within easy driving distances. All necessary shopping and services are nearby.

MLS statistics for the market area and nearby competing areas indicate the supply of housing availablefor sale is in balance with current demand. The mean sales price to listing price ratio over that period is 99.22%. Marketing times for reasonably priced propertiestypically range from 2-4 months. Most sales are financed with FHA insured or conventional mortgages.

Irregular: see Site Map 1.58 Acres Irregular: see Site Map Residential/ Avg.Residential Residential, Single Family

Private Septic SystemAsphaltNone

X 48029C0229F 1/4/2002

No adverse easement, encroachment or illegal use was noted at the time of inspection. Flood zone information was taken from published FEMA maps. If thelender/client has any concern, flood zone proximity must be verified by a licensed surveyor or engineer.

2.5

Contemporary2006Proposed

NoneNone

None observed

Concrete / proposedMasonry/ proposedComp. Shingle/ proposedNoneSingle Hung / proposedNoneHalf screen

Carpet, Tile,Wood/ prDrywall/ ProposedPainted Wood/ Prop.Ceramic/ ProposedCultured Marble/ Prop

Electric 1Cov'd Covered

4 carsConcrete

2 cars

13 4 4.5 4,512None noted.

The improvements are proposed. No functional or externalobsolescence was observed.

AppraisalProse

Form 1004 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


14234 Iron Horse Way Helotes TX 78023-3958Luis O. Valdivieso Mann Development Ltd Bexar

CB 4482B, Block 10, Lot 15, Iron Horse Canyon Unit Two04482-210-0150 2006 Estimated 14,000Estates at Iron Horse Canyon 512B7 Mapsco 1821.04

0.00

Moss Brook Mortgage 7719 Moss Brook Dr, San Antonio, TX 78255

San Antonio MLS

The contract was unavailable at the time of this appraisal.

MLS, public record

200874350

New31

90055The market area is bound by Iron Horse Canyon Park to the North and West, State

Highway 16 to the East, and FM 1560 to the South.The market area is found in the northwestern sector of San Antonio encompassing a built-up area most commonly known as the Iron

Horse Canyon area. This is a popular residential area that has maintained values and demand. The market area is served by the Northside Independent SchoolDistrict. Elementary, middle and high schools are within easy driving distances. All necessary shopping and services are nearby.

MLS statistics for the market area and nearby competing areas indicate the supply of housing availablefor sale is in balance with current demand. The mean sales price to listing price ratio over that period is 99.22%. Marketing times for reasonably priced propertiestypically range from 2-4 months. Most sales are financed with FHA insured or conventional mortgages.

Irregular: see Site Map 1.58 Acres Irregular: see Site Map Residential/ Avg.Residential Residential, Single Family

Private Septic SystemAsphaltNone

X 48029C0229F 1/4/2002

No adverse easement, encroachment or illegal use was noted at the time of inspection. Flood zone information was taken from published FEMA maps. If thelender/client has any concern, flood zone proximity must be verified by a licensed surveyor or engineer.

2.5

Contemporary2006Proposed

NoneNone

None observed

Concrete / proposedMasonry/ proposedComp. Shingle/ proposedNoneSingle Hung / proposedNoneHalf screen

Carpet, Tile,Wood/ prDrywall/ ProposedPainted Wood/ Prop.Ceramic/ ProposedCultured Marble/ Prop

Electric 1Cov'd Covered

4 carsConcrete

2 cars

13 4 4.5 4,512None noted.

The improvements are proposed. No functional or externalobsolescence was observed.

AppraisalProse



SUB

JEC

TC

ON

TRA

CT

NEI

GH

BO

RH

OO

DSI

TEIM

PRO

VEM

ENTS

The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.Property Address City State Zip CodeBorrower Owner of Public Record CountyLegal DescriptionAssessor's Parcel # Tax Year R.E. Taxes $Neighborhood Name Map Reference Census TractOccupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per monthProperty Rights Appraised Fee Simple Leasehold Other (describe)Assignment Type Purchase Transaction Refinance Transaction Other (describe)Lender/Client AddressIs the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes NoReport data source(s) used, offering price(s), and date(s).

I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was notperformed.

Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes NoIf Yes, report the total dollar amount and describe the items to be paid.

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

Location Urban Suburban RuralBuilt-Up Over 75% 25-75% Under 25%Growth Rapid Stable Slow

One-Unit Housing TrendsProperty Values Increasing Stable DecliningDemand/Supply Shortage In Balance Over SupplyMarketing Time Under 3 mths 3-6 mths Over 6 mths

One-Unit HousingPRICE$ (000)

AGE(yrs)

LowHighPred.

Present Land Use %One-Unit %2-4 Unit %Multi-Family %Commercial %Other %

Neighborhood Boundaries

Neighborhood Description

Market Conditions (including support for the above conclusions)

Dimensions Area Shape ViewSpecific Zoning Classification Zoning DescriptionZoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe

Utilities Public Other (describe) Public Other (describe)ElectricityGas

WaterSanitary Sewer

Off-site Improvements - Type Public PrivateStreetAlley

FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map DateAre the utilities and off-site improvements typical for the market area? Yes No If No, describeAre there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe

General DescriptionUnits One One with Accessory Unit# of StoriesType Det. Att. S-Det./End Unit

Existing Proposed Under Const.Design (Style)Year BuiltEffective Age (Yrs)

FoundationConcrete Slab Crawl SpaceFull Basement Partial Basement

Basement Area sq.ft.Basement Finish %

Outside Entry/Exit Sump PumpEvidence of Infestation

Dampness Settlement

Exterior Description materials/conditionFoundation WallsExterior WallsRoof SurfaceGutters & DownspoutsWindow TypeStorm Sash/InsulatedScreens

Interior materials/conditionFloorsWallsTrim/FinishBath FloorBath Wainscot

Attic NoneDrop Stair StairsFloor ScuttleFinished Heated

Heating FWA HWBB RadiantOther Fuel

Cooling Central Air ConditioningIndividual Other

AmenitiesFireplace(s) #Patio/DeckPool

Woodstove(s) #FencePorchOther

Car Storage NoneDriveway # of Cars

Driveway SurfaceGarage # of CarsCarport # of CarsAtt. Det. Built-in

Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above GradeAdditional features (special energy efficient items, etc.).

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe



Summary Appraisal Report


SALE

S C

OM

PAR

ISO

N A

PPR

OA

CH

REC

ON

CIL

IATI

ON

There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .

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

Proximity to SubjectSale Price $ $ $ $Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.Data Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ AdjustmentSales or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionAbove 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 $ $ $

Net Adj. %Gross Adj. %



I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain

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)My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.Data Source(s)Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).

ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales

Summary of Sales Comparison Approach

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

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, or subject to thefollowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limitingconditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is$ , as of , which is the date of inspection and the effective date of this appraisal.



6 650,000 800,0004 640,000 776,000

14234 Iron Horse WayHelotes, TX 78023-3958

Iron Horse CanyonFee Simple1.58 AcresResidential/ Avg.ContemporaryMasonry/ AverageProposedProposed

13 4 4.54,512

NoneNoneAverageFWA / CACAverageTwo Car GarageCovered Porch

Patio Covered PatioFireplace One FireplaceAdditional Features None

No prior sales noted in previous 36 months.

San Antonio MLS.September 1, 2006

13855 Iron Horse WayHelotes, TX 78023-39620.11 miles NW

771,500175.54

MLS: 586213 DOM: 57Broker / Public Record

ConventionalNone06/06 - 07/06Iron Horse CanyonFee Simple1.48 Acres 0Residential / AverageContemporaryMasonry/ Average2 yearsGood

13 4 4.54,395 +5,900

NoneNoneAverageFWA / CACAverageTwo Car GarageCovered PorchCovered PatioTwo Fireplaces -2,000None

3,9000.51.0 775,400



14614 Iron Horse WayHelotes, TX 780230.06 miles E

640,000157.60


ConventionalNone07/06 - 08/06Iron Horse CanyonFee Simple1.08 Acres 0Residential / AverageContemporaryMasonry/ AverageNewNew

12 5 4.54,061 +22,600

NoneNoneAverageFWA / CACAverageThree Car Garage -3,000Covered PorchCovered PatioOne FireplaceNone

19,6003.14.0 659,600



14693 Iron Horse WayHelotes, TX 780230.12 miles S

776,532152.35



13 5 4.55,097 -29,300


-32,3004.24.2 744,232



San Antonio MLS.

San Antonio MLS.

No other sales of the appraised property were noted in the thirty-six months priorto the effective date of this appraisal. No prior sales of the comparable sales were noted in the twelve months prior to the closing date noted for each sale.

All four comparable sales are located in the defined market area. The figures noted under 'Date of Sale/ Time' reflect thecontract date to the left, followed by the closing date to the right. In the final analysis, comparable sale one was given the most consideration and comparable salefour the least.

725,000725,000 727,171

The Sales Comparison Approach is considered the most reliable since it is understood by market participants and this approach relied on verifiable recent sales ofsimilar dwellings. The Income Approach could not be developed because of a dearth of sales of rented dwellings from which to extract a gross rent multiplier. TheCost Approach lends strong secondary support.

725,000 September 10, 2006



6 650,000 800,0004 640,000 776,000



13 4 4.54,512





13855 Iron Horse WayHelotes, TX 78023-39620.11 miles NW

771,500175.54


ConventionalNone06/06 - 07/06Iron Horse CanyonFee Simple1.48 Acres 0Residential / AverageContemporaryMasonry/ Average2 yearsGood

13 4 4.54,395 +5,900

NoneNoneAverageFWA / CACAverageTwo Car GarageCovered PorchCovered PatioTwo Fireplaces -2,000None

3,9000.51.0 775,400



14614 Iron Horse WayHelotes, TX 780230.06 miles E

640,000157.60



12 5 4.54,061 +22,600


19,6003.14.0 659,600



14693 Iron Horse WayHelotes, TX 780230.12 miles S

776,532152.35



13 5 4.55,097 -29,300


-32,3004.24.2 744,232



San Antonio MLS.

San Antonio MLS.

No other sales of the appraised property were noted in the thirty-six months priorto the effective date of this appraisal. No prior sales of the comparable sales were noted in the twelve months prior to the closing date noted for each sale.

All four comparable sales are located in the defined market area. The figures noted under 'Date of Sale/ Time' reflect thecontract date to the left, followed by the closing date to the right. In the final analysis, comparable sale one was given the most consideration and comparable salefour the least.

725,000725,000 727,171

The Sales Comparison Approach is considered the most reliable since it is understood by market participants and this approach relied on verifiable recent sales ofsimilar dwellings. The Income Approach could not be developed because of a dearth of sales of rented dwellings from which to extract a gross rent multiplier. TheCost Approach lends strong secondary support.

725,000 September 10, 2006



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There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .

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


Net Adjustment (Total) + - + - + -$ $ $Adjusted Sale Priceof Comparables $ $ $




I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain

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)My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.Data Source(s)Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).

ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales

Summary of Sales Comparison Approach

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

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, or subject to thefollowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limitingconditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is$ , as of , which is the date of inspection and the effective date of this appraisal.




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COST APPROACH TO VALUE (not required by Fannie Mae)Provide adequate information for the lender/client to replicate the below cost figures and calculations.Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEWSource of cost dataQuality rating from cost service Effective date of cost dataComments on Cost Approach (gross living area calculations, depreciation, etc.)

OPINION OF SITE VALUE =$DWELLING Sq.Ft. @ $ =$

Sq.Ft. @ $ =$=$

Garage/Carport Sq.Ft. @ $ =$Total Estimate of Cost-New =$Less Physical Functional ExternalDepreciation =$( )Depreciated Cost of Improvements =$"As-is" Value of Site Improvements =$

INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (HUD and VA only) YearsINCOME APPROACH TO VALUE (not required by Fannie Mae)

Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income ApproachSummary of Income Approach (including support for market rent and GRM)

PROJECT INFORMATION FOR PUDs (if applicable)Is the developer/builder in control of the Homeowners’ Association (HOA)? Yes No Unit type(s) Detached AttachedProvide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.Legal Name of ProjectTotal number of phases Total number of units Total number of units soldTotal number of units rented Total number of units for sale Data source(s)Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion.Does the project contain any multi-dwelling units? Yes No Data SourceAre the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.

Are the common elements leased to or by the Homeowners’ Association? Yes No If Yes, describe the rental terms and options.

Describe common elements and recreational facilities.



The intended user of this appraisal report is Moss Brook Mortgage and/or assigns. The intended use of this report is for mortgage underwriting. No other user or useis intended by the appraiser.

Land value is based on comparable sales whenavailable. In cases where no sales data was found, the land value is estimated by the allocation method, subtracting the depreciated value of the improvement fromcomparable sales.

see belowAvg. 09/1/2005

90,0004,512 125.30 565,354None

Covered Porch, Covered Patio, Fireplace 25,000588 28.60 16,817

607,171

607,17130,000

727,171

Cost estimates are developed with guidance from the Marshall and SwiftResidential Cost Handbook and from local builders.

Site Improvements include concrete flatwork, driveway, fencing, septic system andlandscaping.

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The intended user of this appraisal report is Moss Brook Mortgage and/or assigns. The intended use of this report is for mortgage underwriting. No other user or useis intended by the appraiser.

Land value is based on comparable sales whenavailable. In cases where no sales data was found, the land value is estimated by the allocation method, subtracting the depreciated value of the improvement fromcomparable sales.

see belowAvg. 09/1/2005

90,0004,512 125.30 565,354None

Covered Porch, Covered Patio, Fireplace 25,000588 28.60 16,817

607,171

607,17130,000

727,171

Cost estimates are developed with guidance from the Marshall and SwiftResidential Cost Handbook and from local builders.

Site Improvements include concrete flatwork, driveway, fencing, septic system andlandscaping.

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COST APPROACH TO VALUE (not required by Fannie Mae)Provide adequate information for the lender/client to replicate the below cost figures and calculations.Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEWSource of cost dataQuality rating from cost service Effective date of cost dataComments on Cost Approach (gross living area calculations, depreciation, etc.)

OPINION OF SITE VALUE =$DWELLING Sq.Ft. @ $ =$

Sq.Ft. @ $ =$=$

Garage/Carport Sq.Ft. @ $ =$Total Estimate of Cost-New =$Less Physical Functional ExternalDepreciation =$( )Depreciated Cost of Improvements =$"As-is" Value of Site Improvements =$

INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (HUD and VA only) YearsINCOME APPROACH TO VALUE (not required by Fannie Mae)

Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income ApproachSummary of Income Approach (including support for market rent and GRM)

PROJECT INFORMATION FOR PUDs (if applicable)Is the developer/builder in control of the Homeowners’ Association (HOA)? Yes No Unit type(s) Detached AttachedProvide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.Legal Name of ProjectTotal number of phases Total number of units Total number of units soldTotal number of units rented Total number of units for sale Data source(s)Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion.Does the project contain any multi-dwelling units? Yes No Data SourceAre the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.

Are the common elements leased to or by the Homeowners’ Association? Yes No If Yes, describe the rental terms and options.

Describe common elements and recreational facilities.




This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of amanufactured home or a unit in a condominium or cooperative project.

This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intendeduse, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser mayexpand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisalassignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that donot constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser’scontinuing education or membership in an appraisal organization, are permitted.

SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and thereporting requirements of this appraisal report form, including the following definition of market value, statement ofassumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visualinspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of thecomparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,and (5) report his or her analysis, opinions, and conclusions in this appraisal report.

INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is thesubject of this appraisal for a mortgage finance transaction.

INTENDED USER: The intended user of this appraisal report is the lender/client.

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and openmarket under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assumingthe price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date andthe passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) bothparties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) areasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in termsof financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property soldunaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.

*Adjustments to the comparables must be made for special or 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 party institutionallender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanicaldollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market’sreaction to the financing or concessions based on the appraiser’s judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report issubject to the following assumptions and limiting conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the titleto it, except for information that he or she became aware of during the research involved in performing this appraisal. Theappraiser assumes that the title is good and marketable and will not render any opinions about the title.

2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.The sketch is included only to assist the reader in visualizing the property and understanding the appraiser’s determinationof its size.

3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in anidentified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express orimplied, regarding this determination.

4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,unless specific arrangements to do so have been made beforehand, or as otherwise required by law.

5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he orshe became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisalreport, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of theproperty (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no suchconditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any suchconditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered asan environmental assessment of the property.

6. 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 the completion, repairs, or alterations of the subject property willbe performed in a professional manner.







This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of amanufactured home or a unit in a condominium or cooperative project.

This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intendeduse, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser mayexpand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisalassignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that donot constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser’scontinuing education or membership in an appraisal organization, are permitted.

SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and thereporting requirements of this appraisal report form, including the following definition of market value, statement ofassumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visualinspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of thecomparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,and (5) report his or her analysis, opinions, and conclusions in this appraisal report.

INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is thesubject of this appraisal for a mortgage finance transaction.

INTENDED USER: The intended user of this appraisal report is the lender/client.

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and openmarket under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assumingthe price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date andthe passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) bothparties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) areasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in termsof financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property soldunaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.

*Adjustments to the comparables must be made for special or 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 party institutionallender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanicaldollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market’sreaction to the financing or concessions based on the appraiser’s judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report issubject to the following assumptions and limiting conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the titleto it, except for information that he or she became aware of during the research involved in performing this appraisal. Theappraiser assumes that the title is good and marketable and will not render any opinions about the title.

2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.The sketch is included only to assist the reader in visualizing the property and understanding the appraiser’s determinationof its size.

3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in anidentified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express orimplied, regarding this determination.

4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,unless specific arrangements to do so have been made beforehand, or as otherwise required by law.

5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he orshe became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisalreport, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of theproperty (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no suchconditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any suchconditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered asan environmental assessment of the property.

6. 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 the completion, repairs, or alterations of the subject property willbe performed in a professional manner.




APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that:

1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated inthis appraisal report.

2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the conditionof the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect thelivability, soundness, or structural integrity of the property.

3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional AppraisalPractice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were inplace at the time this appraisal report was prepared.

4. I developed my opinion of the market value of the real property that is the subject of this report based on the salescomparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approachfor this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not developthem, unless otherwise indicated in this report.

5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering forsale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subjectproperty for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.

6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year priorto the date of sale of the comparable sale, unless otherwise indicated in this report.

7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.

8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home thathas been built or will be built on the land.

9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subjectproperty and the comparable sales.

10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest inthe sale or financing of the subject property.

11. I have knowledge and experience in appraising this type of property in this market area.

12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listingservices, tax assessment records, public land records and other such data sources for the area in which the property is located.

13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report fromreliable sources that I believe to be true and correct.

14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subjectproperty, and the proximity of the subject property to adverse influences in the development of my opinion of market value. Ihave noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of thesubject property or that I became aware of during the research involved in performing this appraisal. I have considered theseadverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value andmarketability of the subject property.

15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements and information in this appraisal report are true and correct.

16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, whichare subject only to the assumptions and limiting conditions in this appraisal report.

17. I have no present or prospective interest in the property that is the subject of this report, and I have no present orprospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially orcompletely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, maritalstatus, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of thepresent owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.

18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was notconditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) apredetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause ofany party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pendingmortgage loan application).

19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If Irelied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisalor the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in thisappraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to makea change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take noresponsibility for it.

20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization thatordered and will receive this appraisal report.







APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that:

1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated inthis appraisal report.

2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the conditionof the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect thelivability, soundness, or structural integrity of the property.

3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional AppraisalPractice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were inplace at the time this appraisal report was prepared.

4. I developed my opinion of the market value of the real property that is the subject of this report based on the salescomparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approachfor this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not developthem, unless otherwise indicated in this report.

5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering forsale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subjectproperty for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.

6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year priorto the date of sale of the comparable sale, unless otherwise indicated in this report.

7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.

8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home thathas been built or will be built on the land.

9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subjectproperty and the comparable sales.

10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest inthe sale or financing of the subject property.

11. I have knowledge and experience in appraising this type of property in this market area.

12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listingservices, tax assessment records, public land records and other such data sources for the area in which the property is located.

13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report fromreliable sources that I believe to be true and correct.

14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subjectproperty, and the proximity of the subject property to adverse influences in the development of my opinion of market value. Ihave noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of thesubject property or that I became aware of during the research involved in performing this appraisal. I have considered theseadverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value andmarketability of the subject property.

15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements and information in this appraisal report are true and correct.

16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, whichare subject only to the assumptions and limiting conditions in this appraisal report.

17. I have no present or prospective interest in the property that is the subject of this report, and I have no present orprospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially orcompletely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, maritalstatus, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of thepresent owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.

18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was notconditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) apredetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause ofany party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pendingmortgage loan application).

19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If Irelied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisalor the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in thisappraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to makea change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take noresponsibility for it.

20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization thatordered and will receive this appraisal report.




21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of theborrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; othersecondary market participants; data collection or reporting services; professional appraisal organizations; any department,agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having toobtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisalreport may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, publicrelations, news, sales, or other media).

22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certainlaws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practicethat pertain to disclosure or distribution by me.

23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgageinsurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as partof any mortgage finance transaction that involves any one or more of these parties.

24. If this appraisal report was transmitted as an “electronic record” containing my ''electronic signature,'' as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.

25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/orcriminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United StatesCode, Section 1001, et seq., or similar state laws.

SUPERVISORY APPRAISER’S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:

1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser’sanalysis, opinions, statements, conclusions, and the appraiser’s certification.

2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser’s analysis, opinions,statements, conclusions, and the appraiser’s certification.

3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or theappraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.

4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.

5. If this appraisal report was transmitted as an ''electronic record'' containing my ''electronic signature,'' as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.

APPRAISER

SignatureNameCompany NameCompany Address

Telephone NumberEmail AddressDate of Signature and ReportEffective Date of AppraisalState Certification #or State License #or Other (describe) State #StateExpiration Date of Certification or License

ADDRESS OF PROPERTY APPRAISED

APPRAISED VALUE OF SUBJECT PROPERTY $LENDER/CLIENTNameCompany NameCompany Address

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)


Telephone NumberEmail AddressDate of SignatureState Certification #or State License #StateExpiration Date of Certification or License

SUBJECT PROPERTY

Did not inspect subject propertyDid inspect exterior of subject property from streetDate of InspectionDid inspect interior and exterior of subject propertyDate of Inspection

COMPARABLE SALES

Did not inspect exterior of comparable sales from streetDid inspect exterior of comparable sales from streetDate of Inspection




543 Rice Rd, San Antonio, TX 78220-3417

[email protected]

September 12, 2006September 10, 2006

1333085

TX11/30/2007


725,000

Eric CateMoss Brook Mortgage

7719 Moss Brook Dr, San Antonio, TX 78255

[email protected]




543 Rice Rd, San Antonio, TX 78220-3417

[email protected]

September 12, 2006September 10, 2006

1333085

TX11/30/2007


725,000

Eric CateMoss Brook Mortgage

7719 Moss Brook Dr, San Antonio, TX 78255

[email protected]



21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of theborrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; othersecondary market participants; data collection or reporting services; professional appraisal organizations; any department,agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having toobtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisalreport may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, publicrelations, news, sales, or other media).

22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certainlaws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practicethat pertain to disclosure or distribution by me.

23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgageinsurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as partof any mortgage finance transaction that involves any one or more of these parties.

24. If this appraisal report was transmitted as an “electronic record” containing my ''electronic signature,'' as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.

25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/orcriminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United StatesCode, Section 1001, et seq., or similar state laws.

SUPERVISORY APPRAISER’S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:

1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser’sanalysis, opinions, statements, conclusions, and the appraiser’s certification.

2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser’s analysis, opinions,statements, conclusions, and the appraiser’s certification.

3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or theappraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.

4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.

5. If this appraisal report was transmitted as an ''electronic record'' containing my ''electronic signature,'' as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.

APPRAISER


Telephone NumberEmail AddressDate of Signature and ReportEffective Date of AppraisalState Certification #or State License #or Other (describe) State #StateExpiration Date of Certification or License

ADDRESS OF PROPERTY APPRAISED

APPRAISED VALUE OF SUBJECT PROPERTY $LENDER/CLIENTNameCompany NameCompany Address

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)


Telephone NumberEmail AddressDate of SignatureState Certification #or State License #StateExpiration Date of Certification or License

SUBJECT PROPERTY

Did not inspect subject propertyDid inspect exterior of subject property from streetDate of InspectionDid inspect interior and exterior of subject propertyDate of Inspection

COMPARABLE SALES

Did not inspect exterior of comparable sales from streetDid inspect exterior of comparable sales from streetDate of Inspection




SALE

S C

OM

PAR

ISO

N A

PPR

OA

CH

SALE

HIS

TOR

YA

NA

LYSI

S / C

OM

MEN

TS

FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #Address


Net Adjustment (Total) + - + - + -$ $ $Adjusted Sale Priceof Comparables $ $ $Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).

ITEM SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales

Analysis/Comments

Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005




13 4 4.54,512





14782 Iron Horse WayHelotes, TX 780230.1 miles SE

680,000168.61


ConventionalNone03/06 - 05/06Iron Horse CanyonFee Simple1.41 acres 0Residential / AverageContemporaryMasonry/ AverageNewNew

13 4 3.5 +3,0004,033 +24,000


24,000Net 3.5 %

Gross 4.4 % 704,000



Fee Simple

Net %Gross %

Fee Simple

Net %Gross %

4 5 6

4 5 6

Form 1004.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE




13 4 4.54,512





14782 Iron Horse WayHelotes, TX 780230.1 miles SE

680,000168.61


ConventionalNone03/06 - 05/06Iron Horse CanyonFee Simple1.41 acres 0Residential / AverageContemporaryMasonry/ AverageNewNew

13 4 3.5 +3,0004,033 +24,000


24,000Net 3.5 %

Gross 4.4 % 704,000



Fee Simple

Net %Gross %

Fee Simple

Net %Gross %

4 5 6

4 5 6

Form 1004.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


SALE

S C

OM

PAR

ISO

N A

PPR

OA

CH

SALE

HIS

TOR

YA

NA

LYSI

S / C

OM

MEN

TS

FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #Address


Net Adjustment (Total) + - + - + -$ $ $Adjusted Sale Priceof Comparables $ $ $Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).

ITEM SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales

Analysis/Comments

Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005


File No.

Property AddressCity County State Zip Code

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


excess landIn regard to an improved site, the land not needed to serve or support the existing improvement. In regard to a vacant site or a siteconsidered as though vacant, the land not needed to accommodate the site's primary highest and best use.Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 4th ed. (Chicago: Appraisal Institute, 2002).

gentrificationA neighborhood phenomenon in which middle- and upper-income persons purchase neighborhood properties and renovate or rehabilitatethem.Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 4th ed. (Chicago: Appraisal Institute, 2002).

ruralPertaining to the country as opposed to urban or suburban; land under an agricultural use; signifies areas that exhibit relatively slow growthwith less than 25% development.Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 4th ed. (Chicago: Appraisal Institute, 2002).

rurban An area in transition from agricultural use to suburban residential and commercial development; an area with both rural and suburbancharacteristics that is within commuting distance of a city.Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 4th ed. (Chicago: Appraisal Institute, 2002).

suburbanDescribes a neighborhood that contains complementary properties with less concentrated population than is typically found in an urbanneighborhood.Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 4th ed. (Chicago: Appraisal Institute, 2002).

urbanDescribes a mature neighborhood with a concentration of population typically found within city limits or a neighborhood commonly identifiedwith a city.Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 4th ed. (Chicago: Appraisal Institute, 2002).

Definitions

Borrower/Client

Lender



excess landIn regard to an improved site, the land not needed to serve or support the existing improvement. In regard to a vacant site or a siteconsidered as though vacant, the land not needed to accommodate the site's primary highest and best use.Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 4th ed. (Chicago: Appraisal Institute, 2002).

gentrificationA neighborhood phenomenon in which middle- and upper-income persons purchase neighborhood properties and renovate or rehabilitatethem.Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 4th ed. (Chicago: Appraisal Institute, 2002).

ruralPertaining to the country as opposed to urban or suburban; land under an agricultural use; signifies areas that exhibit relatively slow growthwith less than 25% development.Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 4th ed. (Chicago: Appraisal Institute, 2002).

rurban An area in transition from agricultural use to suburban residential and commercial development; an area with both rural and suburbancharacteristics that is within commuting distance of a city.Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 4th ed. (Chicago: Appraisal Institute, 2002).

suburbanDescribes a neighborhood that contains complementary properties with less concentrated population than is typically found in an urbanneighborhood.Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 4th ed. (Chicago: Appraisal Institute, 2002).

urbanDescribes a mature neighborhood with a concentration of population typically found within city limits or a neighborhood commonly identifiedwith a city.Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 4th ed. (Chicago: Appraisal Institute, 2002).

Definitions

Borrower/Client

Lender

File No.




This appraisal conforms to one of the following definitions:

Complete Appraisal (The act or process of estimating value, or an opinion of value, performed without invoking the Departure Rule.)

Limited Appraisal (The act or process of estimating value, or an opinion of value, performed under and resulting from invoking theDeparture Rule.)

This report is one of the following types:

Self Contained (A written report prepared under Standards Rule of a Complete or Limited Appraisal performed under STANDARD 1.)

Summary (A written report prepared under Standards Rule of a Complete or Limited Appraisal performed under STANDARD 1.)

Restricted (A written report prepared under Standards Rule of a Complete or Limited Appraisal performed under STANDARD 1,restricted to the stated intended use by the specified client or intended user.)

APPRAISER:

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

SUPERVISORY APPRAISER (only if required):


Did Did Not Inspect Property

Luis O. Valdivieso AR-6-08-02914234 Iron Horse WayHelotes Bexar TX 78023-3958Moss Brook Mortgage

APPRAISAL AND REPORT IDENTIFICATION

2-2(a)

2-2(b)

2-2(c)

Comments on Standards Rule 2-3I certify that, to the best of my knowledge and belief:

· The statements of fact contained in this report are true and correct.· The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions and conclusions.· I have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved.· I have no bias with respect to the property that is the subject of this report or 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 direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent 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 of Professional Appraisal Practice.· I have made a personal inspection of the property that is the subject of this report.· No one provided significant real property appraisal assistance to the person signing this certification.

Comments on Appraisal and Report IdentificationNote any departures from Standards Rules 1-3 and 1-4, plus any USPAP-related issues requiring disclosure:The estimated exposure time of the Appraised Property would have been 60 to 90 days prior to the date of this appraisal.

The exclusion of the Income Approach is not a departure from USPAP since, in this instance, the approach is neither applicable nor necessary in arriving at anopinion of market value.

The estimated living area of the dwelling was based on the appraiser's measurements and calculated on the basis of the American National Standards Institute(ANSI) method.

Ronald T. Dodds, JrSeptember 12, 2006

1333085TX

11/30/2007

Form ID5 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEAppraisalProse

Borrower/Client

Lender

Luis O. Valdivieso AR-6-08-02914234 Iron Horse WayHelotes Bexar TX 78023-3958Moss Brook Mortgage

APPRAISAL AND REPORT IDENTIFICATION

2-2(a)

2-2(b)

2-2(c)

Comments on Standards Rule 2-3I certify that, to the best of my knowledge and belief:

· The statements of fact contained in this report are true and correct.· The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions and conclusions.· I have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved.· I have no bias with respect to the property that is the subject of this report or 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 direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent 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 of Professional Appraisal Practice.· I have made a personal inspection of the property that is the subject of this report.· No one provided significant real property appraisal assistance to the person signing this certification.

Comments on Appraisal and Report IdentificationNote any departures from Standards Rules 1-3 and 1-4, plus any USPAP-related issues requiring disclosure:The estimated exposure time of the Appraised Property would have been 60 to 90 days prior to the date of this appraisal.

The exclusion of the Income Approach is not a departure from USPAP since, in this instance, the approach is neither applicable nor necessary in arriving at anopinion of market value.

The estimated living area of the dwelling was based on the appraiser's measurements and calculated on the basis of the American National Standards Institute(ANSI) method.

Ronald T. Dodds, JrSeptember 12, 2006

1333085TX

11/30/2007

Form ID5 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEAppraisalProse

Borrower/Client

Lender


This appraisal conforms to one of the following definitions:

Complete Appraisal (The act or process of estimating value, or an opinion of value, performed without invoking the Departure Rule.)

Limited Appraisal (The act or process of estimating value, or an opinion of value, performed under and resulting from invoking theDeparture Rule.)

This report is one of the following types:

Self Contained (A written report prepared under Standards Rule of a Complete or Limited Appraisal performed under STANDARD 1.)

Summary (A written report prepared under Standards Rule of a Complete or Limited Appraisal performed under STANDARD 1.)

Restricted (A written report prepared under Standards Rule of a Complete or Limited Appraisal performed under STANDARD 1,restricted to the stated intended use by the specified client or intended user.)

APPRAISER:


SUPERVISORY APPRAISER (only if required):


Did Did Not Inspect Property


File No.




The scope of this analysis is to conduct diligent and thorough inspection and analyses of the real property in the pursuit of an opinion ofvalue as described and defined herein.

The scope includes the gathering, inspection and analyses of relevant market data upon which the formulation of the opinion is based. Thegeneral procedures for the development of the opinion follow the Uniform Standards of Professional Appraisal Practice as set forth by theAppraisal Standards Board of the Appraisal Foundation.

The undersigned appraiser has made a physical inspection of all of the land and existing improvements, or plans and specifications forproposed improvements, and have taken photographs to depict the real property. The general area and the neighborhood were inspected inorder to assist in determining their characteristics as relevant to the valuation process of the real property. All market data has likewise beeninspected and analyzed during the development of the opinion of value.

Typically and within the scope of the appraisal, the inspection of the real property includes a visual analysis of the land and existingimprovements. With the growing awareness of environmental problems, a prudent lender, buyer or owner/seller is advised to have anenvironmental assessment included in the expert property inspection. The appraiser has noted any potential problems such as evidence ofunderground storage tanks, oil spills or other chemical residue. However, the appraiser is not an expert regarding the testing and detectionof asbestos, urea formaldehyde insulation, toxic waste, radon and other obnoxious substances and accept no responsibility for suchdetermination.

Since a soil survey was not provided to the appraiser, the obviously observable unusual conditions of the soil were noted. Subsoil conditionsmay exist that can have an effect on current or proposed improvements, which only an expert can determine. Any obvious evidence of fill orwaste material were noted by the appraiser. However, the stability or content of such potential conditions are beyond the expertise of theappraiser and no responsibility is assumed.

The neighborhood is likewise inspected. Any obvious negative influences were noted. Every effort is made to identify obvious negative oradverse factors. However, no responsibility is assumed for negative factors that are not easily identified and that may adversely affect thevalue of the appraised property.

The relevant market data as gathered was analyzed and applied to forming an opinion of value. All market data has been verified by thebuyer, the seller or the broker involved in the transactions. While this information is considered reliable, it is not warranted by the appraiser.

The overall adjustment processes as shown herein are based on individual analysis of the market that includes properties identifiedgenerally as well as specifically in the report and continuing dialogue with lenders, developers, investors, brokers, property owners andothers similarly involved. It is impossible to quantify and or describe all of the factors which enter into the analysis and choice of a specificadjustment entry. The applied adjustments are based on evidence from the market and are tempered by the experience of the appraiser.

Scope of the Appraisal

Borrower/Client

Lender



The scope of this analysis is to conduct diligent and thorough inspection and analyses of the real property in the pursuit of an opinion ofvalue as described and defined herein.

The scope includes the gathering, inspection and analyses of relevant market data upon which the formulation of the opinion is based. Thegeneral procedures for the development of the opinion follow the Uniform Standards of Professional Appraisal Practice as set forth by theAppraisal Standards Board of the Appraisal Foundation.

The undersigned appraiser has made a physical inspection of all of the land and existing improvements, or plans and specifications forproposed improvements, and have taken photographs to depict the real property. The general area and the neighborhood were inspected inorder to assist in determining their characteristics as relevant to the valuation process of the real property. All market data has likewise beeninspected and analyzed during the development of the opinion of value.

Typically and within the scope of the appraisal, the inspection of the real property includes a visual analysis of the land and existingimprovements. With the growing awareness of environmental problems, a prudent lender, buyer or owner/seller is advised to have anenvironmental assessment included in the expert property inspection. The appraiser has noted any potential problems such as evidence ofunderground storage tanks, oil spills or other chemical residue. However, the appraiser is not an expert regarding the testing and detectionof asbestos, urea formaldehyde insulation, toxic waste, radon and other obnoxious substances and accept no responsibility for suchdetermination.

Since a soil survey was not provided to the appraiser, the obviously observable unusual conditions of the soil were noted. Subsoil conditionsmay exist that can have an effect on current or proposed improvements, which only an expert can determine. Any obvious evidence of fill orwaste material were noted by the appraiser. However, the stability or content of such potential conditions are beyond the expertise of theappraiser and no responsibility is assumed.

The neighborhood is likewise inspected. Any obvious negative influences were noted. Every effort is made to identify obvious negative oradverse factors. However, no responsibility is assumed for negative factors that are not easily identified and that may adversely affect thevalue of the appraised property.

The relevant market data as gathered was analyzed and applied to forming an opinion of value. All market data has been verified by thebuyer, the seller or the broker involved in the transactions. While this information is considered reliable, it is not warranted by the appraiser.

The overall adjustment processes as shown herein are based on individual analysis of the market that includes properties identifiedgenerally as well as specifically in the report and continuing dialogue with lenders, developers, investors, brokers, property owners andothers similarly involved. It is impossible to quantify and or describe all of the factors which enter into the analysis and choice of a specificadjustment entry. The applied adjustments are based on evidence from the market and are tempered by the experience of the appraiser.

Scope of the Appraisal

Borrower/Client

Lender

File No.




File No.Highest and Best Use Summary

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


Borrower/Client

Lender


Highest and Best Use, as defined in The Dictionary of Real Estate Appraisal, Second Edition, American Institute of RealEstate Appraisers of the National Association of Realtors, Copyright 1989, page 149. Its definition is described as follows:

"The reasonable and probable and legal use of vacant land or an improved property, which is physically possible,appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use mustmeet are legal permissibility, physical possibility, financial feasibility, and maximum profitability.

The highest and best use of land or a site as though vacant is that use of the property based on the assumption that aparcel of land is vacant or can be made vacant through demolition of any improvements. The highest and best use of property asimproved is that use that should be made of a property as it exists."

This definition applies specifically to the highest and best use of the site. It must be recognized that in cases where a sitecontains existing improvements, the highest and best use of the property, as improved, may prove to be different from the highestand best use of the site, as if vacant; and, in fact, may be different from the current use. The highest and best use of the property,as improved, will continue until the land value in its highest and best use exceeds the total value of the property, as improved.

The reasoning used in the determination of the highest and best use of the site "as if vacant" takes into account zoning,deed restrictions, location, size, shape, topography, frontage roads, access, current trends, market conditions, and the nature ofnearby properties. The Highest and Best Use of the site was determined after examination the area in which the subject property islocated and the actions of the market in all periods: past, present, and future.

In order for the site to fulfill its highest and best use, it must meet four criteria; It must be (1) physically possible, (2)legally permissible, (3) financially feasible, and (4) maximally productive.

Physically Possible. The size, shape, location, availability of public utilities, and terrain impose physical restraints uponthe type of uses possible for any given tract of land.

All utilities are available immediately at the site. These are of sufficient capacity to support development. The site is largeenough to accommodate a single-family or two-family residence, but too small to be developed with more than one improvement.Office use would not be desirable because demand for such use is met within the defined neighborhood. Retail uses could notfunction at this location due to minimal exposure. No demand for industrial uses is present at this location. The site, in effect, isphysically well adapted for single-family development only.

Legally Permissible. In the case of properties that are held in what is normally referred to as Fee Simple Ownership, thereare several restrictions on the rights of the property owner in the way that the property may be used and enjoyed. These restrictionsare powers of government: police power, eminent domain, escheat, and taxation. Police power is exercised by the imposing ofrestrictions on the uses of land. Such restrictions can take the form of zoning codes, whereby, parcels are designated forpermissible uses, height restrictions, density and building set-backs. Police power by the government, primarily city government, isexercised to bring homogeneity in a neighborhood and to control growth. When a government exercises police power, there is nocompensation paid to the property owner for possible losses in property value. The effect on the highest and best use lies primarilyin the government's police power.

Eminent domain plays a part in the highest and best use of the land in that easements can be created by thecondemnation of a portion of a property. For example, utility easements typically are found along the borders of parcels of landsituated within the city. While these easements are owned by the individual property holder, his usage of these areas may berestricted. In the case of most utility easements, restrictions are imposed on the size and type of improvements, if any, that areallowed within the easement boundaries.

Currently, the Bexar County does exercise its police power through a zoning code for properties within the city. According torepresentatives from the County, the site is zoned Residential Single-Family District. This particular zoning precludes anycommercial or industrial utilization. The suggested utilization of the land as a single-family residence is permissible.

Financially Feasible. Any use of the site which provides a financial return to the land in excess of that required to satisfyoperating expenses, financial expenses, and capital amortization is considered financially feasible. The cost of the land limits thoseuses which are financially feasible for the site.

Considering all factors of relevance, the presence of numerous other single-family residences in the immediate area (all ofwhich appear to be occupied), and the current zoning designation for the property, it is the opinion of the appraisers thatdevelopment of the site with a single-family residence would be financially feasible.

Maximally Productive. Considering the availability of utilities, the size, shape, and configuration of the site, its generalproximity to employment centers, and its access to primary roadways, the maximally productive use is considered to be itsutilization as a single-family residence.

Highest and Best Use, As If Vacant. Considering the relevant data in its entirety, it is the opinion of the appraiser(s) thatthe highest and best use of the property, as if vacant, is a single-family residence.

Highest and Best Use, As Improved. The property's current use as a single-family residence has been weighed against allother potential uses. It is the opinion of the appraiser(s) that the highest and best use of the property, as improved, is its currentutilization as a single-family residence. There is no other alternative which would yield a higher direct or indirect return on theinvestment.

ENVIRONMENTAL ADDENDUMAPPARENT* HAZARDOUS SUBSTANCES AND/OR DETRIMENTAL ENVIRONMENTAL CONDITIONS

AddressCity County State Zip code

*Apparent is defined as that which is visible, obvious, evident or manifest to the appraiser.

This universal Environmental Addendum is for use with any real estate appraisal. Only the statements which have been checked by the appraiser applyto the property being appraised.

This addendum reports the results of the appraiser's routine inspection of and inquiries about the subject property and its surrounding area. It also states what assumptionswere made about the existence (or nonexistence) of any hazardous substances and/or detrimental environmental conditions. The appraiser is not an expert environmentalinspector and therefore might be unaware of existing hazardous substances and/or detrimental environmental conditions which may have a negative effect on the safety andvalue of the property. It is possible that tests and inspections made by a qualified environmental inspector would reveal the existence of hazardous materials and/or detrimentalenvironmental conditions on or around the property that would negatively affect its safety and value.

DRINKING WATER

Drinking Water is supplied to the subject from a municipal water supply which is considered safe. However the only way to be absolutely certain that the water meetspublished standards is to have it tested at all discharge points.Drinking Water is supplied by a well or other non-municipal source. It is recommended that tests be made to be certain that the property is supplied with adequate purewater.Lead can get into drinking water from its source, the pipes, at all discharge points, plumbing fixtures and/or appliances. The only way to be certain that water does notcontain an unacceptable lead level is to have it tested at all discharge points.The value estimated in this appraisal is based on the assumption that there is an adequate supply of safe, lead-free Drinking Water.

Comments

SANITARY WASTE DISPOSAL

Sanitary Waste is removed from the property by a municipal sewer system.Sanitary Waste is disposed of by a septic system or other sanitary on site waste disposal system. The only way to determine that the disposal system is adequate and in

good working condition is to have it inspected by a qualified inspector.The value estimated in this appraisal is based on the assumption that the Sanitary Waste is disposed of by a municipal sewer or an adequate properly permitted alternatetreatment system in good condition.

Comments

SOIL CONTAMINANTS

There are no apparent signs of Soil Contaminants on or near the subject property (except as reported in Comments below). It is possible that research, inspection andtesting by a qualified environmental inspector would reveal existing and/or potential hazardous substances and/or detrimental environmental conditions on or around theproperty that would negatively affect its safety and value.The value estimated in this appraisal is based on the assumption that the subject property is free of Soil Contaminants.

Comments

ASBESTOS

All or part of the improvements were constructed before 1979 when Asbestos was a common building material. The only way to be certain that the property is free offriable and non-friable Asbestos is to have it inspected and tested by a qualified asbestos inspector.The improvements were constructed after 1979. No apparent friable Asbestos was observed (except as reported in Comments below).The value estimated in this appraisal is based on the assumption that there is no uncontained friable Asbestos or other hazardous Asbestos material on the property.

Comments

PCBs (POLYCHLORINATED BIPHENYLS)

There were no apparent leaking fluorescent light ballasts, capacitors or transformers anywhere on or nearby the property (except as reported in Comments below).There was no apparent visible or documented evidence known to the appraiser of soil or groundwater contamination from PCBs anywhere on the property (exceptas reported in Comments below).The value estimated in this appraisal is based on the assumption that there are no uncontained PCBs on or nearby the property.

Comments

RADON

The appraiser is not aware of any Radon tests made on the subject property within the past 12 months (except as reported in Comments below).The appraiser is not aware of any indication that the local water supplies have been found to have elevated levels of Radon or Radium.The appraiser is not aware of any nearby properties (except as reported in Comments below) that were or currently are used for uranium, thorium or radium extractionor phosphate processing.The value estimated in this appraisal is based on the assumption that the Radon level is at or below EPA recommended levels.

Comments

Form 69F — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEAppraisalProse

Luis O. Valdivieso14234 Iron Horse WayHelotes Bexar TX 78023-3958Moss Brook Mortgage

x

x

x

x

x

x

x

xx

xx

x

xxx

x

Borrower/Client

Lender

Form 69F — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEAppraisalProse

Luis O. Valdivieso14234 Iron Horse WayHelotes Bexar TX 78023-3958Moss Brook Mortgage

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ENVIRONMENTAL ADDENDUMAPPARENT* HAZARDOUS SUBSTANCES AND/OR DETRIMENTAL ENVIRONMENTAL CONDITIONS

AddressCity County State Zip code

*Apparent is defined as that which is visible, obvious, evident or manifest to the appraiser.

This universal Environmental Addendum is for use with any real estate appraisal. Only the statements which have been checked by the appraiser applyto the property being appraised.

This addendum reports the results of the appraiser's routine inspection of and inquiries about the subject property and its surrounding area. It also states what assumptionswere made about the existence (or nonexistence) of any hazardous substances and/or detrimental environmental conditions. The appraiser is not an expert environmentalinspector and therefore might be unaware of existing hazardous substances and/or detrimental environmental conditions which may have a negative effect on the safety andvalue of the property. It is possible that tests and inspections made by a qualified environmental inspector would reveal the existence of hazardous materials and/or detrimentalenvironmental conditions on or around the property that would negatively affect its safety and value.

DRINKING WATER

Drinking Water is supplied to the subject from a municipal water supply which is considered safe. However the only way to be absolutely certain that the water meetspublished standards is to have it tested at all discharge points.Drinking Water is supplied by a well or other non-municipal source. It is recommended that tests be made to be certain that the property is supplied with adequate purewater.Lead can get into drinking water from its source, the pipes, at all discharge points, plumbing fixtures and/or appliances. The only way to be certain that water does notcontain an unacceptable lead level is to have it tested at all discharge points.The value estimated in this appraisal is based on the assumption that there is an adequate supply of safe, lead-free Drinking Water.

Comments

SANITARY WASTE DISPOSAL

Sanitary Waste is removed from the property by a municipal sewer system.Sanitary Waste is disposed of by a septic system or other sanitary on site waste disposal system. The only way to determine that the disposal system is adequate and in

good working condition is to have it inspected by a qualified inspector.The value estimated in this appraisal is based on the assumption that the Sanitary Waste is disposed of by a municipal sewer or an adequate properly permitted alternatetreatment system in good condition.

Comments

SOIL CONTAMINANTS

There are no apparent signs of Soil Contaminants on or near the subject property (except as reported in Comments below). It is possible that research, inspection andtesting by a qualified environmental inspector would reveal existing and/or potential hazardous substances and/or detrimental environmental conditions on or around theproperty that would negatively affect its safety and value.The value estimated in this appraisal is based on the assumption that the subject property is free of Soil Contaminants.

Comments

ASBESTOS

All or part of the improvements were constructed before 1979 when Asbestos was a common building material. The only way to be certain that the property is free offriable and non-friable Asbestos is to have it inspected and tested by a qualified asbestos inspector.The improvements were constructed after 1979. No apparent friable Asbestos was observed (except as reported in Comments below).The value estimated in this appraisal is based on the assumption that there is no uncontained friable Asbestos or other hazardous Asbestos material on the property.

Comments

PCBs (POLYCHLORINATED BIPHENYLS)

There were no apparent leaking fluorescent light ballasts, capacitors or transformers anywhere on or nearby the property (except as reported in Comments below).There was no apparent visible or documented evidence known to the appraiser of soil or groundwater contamination from PCBs anywhere on the property (exceptas reported in Comments below).The value estimated in this appraisal is based on the assumption that there are no uncontained PCBs on or nearby the property.

Comments

RADON

The appraiser is not aware of any Radon tests made on the subject property within the past 12 months (except as reported in Comments below).The appraiser is not aware of any indication that the local water supplies have been found to have elevated levels of Radon or Radium.The appraiser is not aware of any nearby properties (except as reported in Comments below) that were or currently are used for uranium, thorium or radium extractionor phosphate processing.The value estimated in this appraisal is based on the assumption that the Radon level is at or below EPA recommended levels.

Comments


USTs (UNDERGROUND STORAGE TANKS)

There is no apparent visible or documented evidence known to the appraiser of any USTs on the property nor any known historical use of the property that wouldlikely have had USTs.There are no apparent petroleum storage and/or delivery facilities (including gasoline stations or chemical manufacturing plants) located on adjacent properties (exceptas reported in Comments below).There are apparent signs of USTs existing now or in the past on the subject property. It is recommended that an inspection by a qualified UST inspector be obtained todetermine the location of any USTs together with their condition and proper registration if they are active; and if they are inactive, to determine whether they weredeactivated in accordance with sound industry practices.The value estimated in this appraisal is based on the assumption that any functioning USTs are not leaking and are properly registered and that any abandoned USTs arefree from contamination and were properly drained, filled and sealed.

Comments

NEARBY HAZARDOUS WASTE SITESThere are no apparent Hazardous Waste Sites on the subject property or nearby the subject property (except as reported in Comments below). Hazardous Waste Sitesearch by a trained environmental engineer may determine that there is one or more Hazardous Waste Sites on or in the area of the subject property.The value estimated in this appraisal is based on the assumption that there are no Hazardous Waste Sites on or nearby the subject property that negatively affect thevalue or safety of the property.

Comments

UREA FORMALDEHYDE (UFFI) INSULATION

All or part of the improvements were constructed before 1982 when UREA foam insulation was a common building material. The only way to be certain that theproperty is free of UREA formaldehyde is to have it inspected by a qualified UREA formaldehyde inspector.The improvements were constructed after 1982. No apparent UREA formaldehyde materials were observed (except as reported in Comments below).The value estimated in this appraisal is based on the assumption that there is no significant UFFI insulation or other UREA formaldehyde material on the property.

Comments

LEAD PAINT

All or part of the improvements were constructed before 1980 when Lead Paint was a common building material. There is no apparent visible or known documentedevidence of peeling or flaking Lead Paint on the floors, walls or ceilings (except as reported in Comments below). The only way to be certain that the propertyis free of surface or subsurface Lead Paint is to have it inspected by a qualifed inspector.The improvements were constructed after 1980. No apparent Lead Paint was observed (except as reported in Comments below).The value estimated in this appraisal is based on the assumption that there is no flaking or peeling Lead Paint on the property.

Comments

AIR POLLUTION

There are no apparent signs of Air Pollution at the time of the inspection nor were any reported (except as reported in Comments below). The only way to be certainthat the air is free of pollution is to have it tested.The value estimated in this appraisal is based on the assumption that the property is free of Air Pollution.

Comments

WETLANDS/FLOOD PLAINS

The site does not contain any apparent Wetlands/Flood Plains (except as reported in Comments below). The only way to be certain that the site is free of Wetlands/Flood Plains is to have it inspected by a qualified environmental professional.The value estimated in this appraisal is based on the assumption that there are no Wetlands/Flood Plains on the property (except as reported in Comments below).

Comments

MISCELLANEOUS ENVIRONMENTAL HAZARDS

There are no other apparent miscellaneous hazardous substances and/or detrimental environmental conditions on or in the area of the site except as indicated below:Excess NoiseRadiation + Electromagnetic RadiationLight PollutionWaste HeatAcid Mine DrainageAgricultural PollutionGeological HazardsNearby Hazardous PropertyInfectious Medical WastesPesticidesOthers (Chemical Storage + Storage Drums, Pipelines, etc.)

The value estimated in this appraisal is based on the assumption that there are no Miscellaneous environmental Hazards (except those reported above) that wouldnegatively affect the value of the property.

When any of the environmental assumptions made in this addendum are not correct, the estimated value in this appraisal may not be valid.

Form 69F — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

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Form 69F — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

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USTs (UNDERGROUND STORAGE TANKS)

There is no apparent visible or documented evidence known to the appraiser of any USTs on the property nor any known historical use of the property that wouldlikely have had USTs.There are no apparent petroleum storage and/or delivery facilities (including gasoline stations or chemical manufacturing plants) located on adjacent properties (exceptas reported in Comments below).There are apparent signs of USTs existing now or in the past on the subject property. It is recommended that an inspection by a qualified UST inspector be obtained todetermine the location of any USTs together with their condition and proper registration if they are active; and if they are inactive, to determine whether they weredeactivated in accordance with sound industry practices.The value estimated in this appraisal is based on the assumption that any functioning USTs are not leaking and are properly registered and that any abandoned USTs arefree from contamination and were properly drained, filled and sealed.

Comments

NEARBY HAZARDOUS WASTE SITESThere are no apparent Hazardous Waste Sites on the subject property or nearby the subject property (except as reported in Comments below). Hazardous Waste Sitesearch by a trained environmental engineer may determine that there is one or more Hazardous Waste Sites on or in the area of the subject property.The value estimated in this appraisal is based on the assumption that there are no Hazardous Waste Sites on or nearby the subject property that negatively affect thevalue or safety of the property.

Comments

UREA FORMALDEHYDE (UFFI) INSULATION

All or part of the improvements were constructed before 1982 when UREA foam insulation was a common building material. The only way to be certain that theproperty is free of UREA formaldehyde is to have it inspected by a qualified UREA formaldehyde inspector.The improvements were constructed after 1982. No apparent UREA formaldehyde materials were observed (except as reported in Comments below).The value estimated in this appraisal is based on the assumption that there is no significant UFFI insulation or other UREA formaldehyde material on the property.

Comments

LEAD PAINT

All or part of the improvements were constructed before 1980 when Lead Paint was a common building material. There is no apparent visible or known documentedevidence of peeling or flaking Lead Paint on the floors, walls or ceilings (except as reported in Comments below). The only way to be certain that the propertyis free of surface or subsurface Lead Paint is to have it inspected by a qualifed inspector.The improvements were constructed after 1980. No apparent Lead Paint was observed (except as reported in Comments below).The value estimated in this appraisal is based on the assumption that there is no flaking or peeling Lead Paint on the property.

Comments

AIR POLLUTION

There are no apparent signs of Air Pollution at the time of the inspection nor were any reported (except as reported in Comments below). The only way to be certainthat the air is free of pollution is to have it tested.The value estimated in this appraisal is based on the assumption that the property is free of Air Pollution.

Comments

WETLANDS/FLOOD PLAINS

The site does not contain any apparent Wetlands/Flood Plains (except as reported in Comments below). The only way to be certain that the site is free of Wetlands/Flood Plains is to have it inspected by a qualified environmental professional.The value estimated in this appraisal is based on the assumption that there are no Wetlands/Flood Plains on the property (except as reported in Comments below).

Comments

MISCELLANEOUS ENVIRONMENTAL HAZARDS

There are no other apparent miscellaneous hazardous substances and/or detrimental environmental conditions on or in the area of the site except as indicated below:Excess NoiseRadiation + Electromagnetic RadiationLight PollutionWaste HeatAcid Mine DrainageAgricultural PollutionGeological HazardsNearby Hazardous PropertyInfectious Medical WastesPesticidesOthers (Chemical Storage + Storage Drums, Pipelines, etc.)

The value estimated in this appraisal is based on the assumption that there are no Miscellaneous environmental Hazards (except those reported above) that wouldnegatively affect the value of the property.

When any of the environmental assumptions made in this addendum are not correct, the estimated value in this appraisal may not be valid.


Appraised Property Floor Plan - Lower Level

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

Appraised Property Floor Plan - Lower Level



Appraised Property Floor Plan - First Floor


Appraised Property Floor Plan - First Floor



Appraised Property Floor Plan - Second Floor


Appraised Property Floor Plan - Second Floor




Form PIC4x6.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Subject Photo PageLuis O. Valdivieso14234 Iron Horse WayHelotes Bexar TX 78023-3958Moss Brook Mortgage

Subject Front

Sales PriceGLATotal RoomsTotal BedrmsTotal BathrmsLocationViewSiteQualityAge


4,5121344.5Iron Horse CanyonResidential/ Avg.1.58 AcresMasonry/ AverageProposed

Subject Rear

Subject Street

Borrower/Client

Lender

Form PIC4x6.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Subject Photo PageLuis O. Valdivieso14234 Iron Horse WayHelotes Bexar TX 78023-3958Moss Brook Mortgage

Subject Front

Sales PriceGLATotal RoomsTotal BedrmsTotal BathrmsLocationViewSiteQualityAge


4,5121344.5Iron Horse CanyonResidential/ Avg.1.58 AcresMasonry/ AverageProposed

Subject Rear

Subject Street

Borrower/Client

Lender




Form PIC4x6.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Comparable Photo PageLuis O. Valdivieso14234 Iron Horse WayHelotes Bexar TX 78023-3958Moss Brook Mortgage

Comparable 1

ProximitySale PriceGLATotal RoomsTotal BedrmsTotal BathrmsLocationViewSiteQualityAge

13855 Iron Horse Way0.11 miles NW771,5004,3951344.5Iron Horse CanyonResidential / Average1.48 AcresMasonry/ Average2 years

Comparable 2


14614 Iron Horse Way0.06 miles E640,0004,0611254.5Iron Horse CanyonResidential / Average1.08 AcresMasonry/ AverageNew

Comparable 3


14693 Iron Horse Way0.12 miles S776,5325,0971354.5Iron Horse CanyonResidential / Average1.08 AcresMasonry/ AverageNew

Borrower/Client

Lender



Comparable 1


13855 Iron Horse Way0.11 miles NW771,5004,3951344.5Iron Horse CanyonResidential / Average1.48 AcresMasonry/ Average2 years

Comparable 2


14614 Iron Horse Way0.06 miles E640,0004,0611254.5Iron Horse CanyonResidential / Average1.08 AcresMasonry/ AverageNew

Comparable 3


14693 Iron Horse Way0.12 miles S776,5325,0971354.5Iron Horse CanyonResidential / Average1.08 AcresMasonry/ AverageNew

Borrower/Client

Lender






Comparable 4


14782 Iron Horse Way0.1 miles SE680,0004,0331343.5Iron Horse CanyonResidential / Average1.41 acresMasonry/ AverageNew

Comparable 5


Comparable 6


Borrower/Client

Lender



Comparable 4


14782 Iron Horse Way0.1 miles SE680,0004,0331343.5Iron Horse CanyonResidential / Average1.41 acresMasonry/ AverageNew

Comparable 5


Comparable 6


Borrower/Client

Lender




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

Location MapLuis O. Valdivieso14234 Iron Horse WayHelotes Bexar TX 78023-3958Moss Brook Mortgage

Borrower/Client

Lender

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

Location MapLuis O. Valdivieso14234 Iron Horse WayHelotes Bexar TX 78023-3958Moss Brook Mortgage

Borrower/Client

Lender



Appraised Property Site Plan


Appraised Property Site Plan




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

Site MapLuis O. Valdivieso14234 Iron Horse WayHelotes Bexar TX 78023-3958Moss Brook Mortgage

Borrower/Client

Lender

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

Site MapLuis O. Valdivieso14234 Iron Horse WayHelotes Bexar TX 78023-3958Moss Brook Mortgage

Borrower/Client

Lender




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

Flood MapLuis O. Valdivieso14234 Iron Horse WayHelotes Bexar TX 78023-3958Moss Brook Mortgage

Borrower/Client

Lender

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

Flood MapLuis O. Valdivieso14234 Iron Horse WayHelotes Bexar TX 78023-3958Moss Brook Mortgage

Borrower/Client

Lender




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

Appraiser's Licensing & CertificationLuis O. Valdivieso14234 Iron Horse WayHelotes Bexar TX 78023-3958Moss Brook Mortgage

Borrower/Client

Lender

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

Appraiser's Licensing & CertificationLuis O. Valdivieso14234 Iron Horse WayHelotes Bexar TX 78023-3958Moss Brook Mortgage

Borrower/Client

Lender



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