TABLE OF CONTENTSyinoryang.com/For Sale By Owner_files/Altair Appraisal... · 2006. 8. 12. ·...

File No.Property AddressCity County State Zip Code

TABLE OF CONTENTS

"07-06" 303Client: David Villarina2723 Altair AvenueThousand Oaks Ventura Calif 91360David Villarina

Services Invoice ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Letter of Transmittal ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Privacy Notice ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................USPAP Identification ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Summary of Salient Features ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................URAR ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Additional Comparables 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Building Sketch ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Building Area Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Supplemental Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Photograph Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Photograph Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Photograph Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 1-3 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Location Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Plat Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Multi-Purpose Supplemental Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................License Verification/E&O ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1234561213141517181920212223242527

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

Borrower/Client

Lender


Services Invoice ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Letter of Transmittal ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Privacy Notice ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................USPAP Identification ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Summary of Salient Features ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................URAR ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Additional Comparables 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Building Sketch ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Building Area Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Supplemental Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Photograph Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Photograph Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Photograph Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 1-3 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Location Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Plat Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Multi-Purpose Supplemental Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................License Verification/E&O ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1234561213141517181920212223242527

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

Borrower/Client

Lender

File No.Property AddressCity County State Zip Code

TABLE OF CONTENTS

$

$

$

FROM:

INVOICE DATE REFERENCE

TO:

DESCRIPTION AMOUNT

TOTAL

Form NIL — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODECopyright © 2006 Larry K Martineau (805)373-9819

Larry K. MartineauAffiliated Real Estate Appraisers2239 Townsgate Road #202Westlake Village, California91361(805) 373-9819

"07-06" 303 07-14-2006

David Villarina

APPRAISAL SERVICES RENDERED:

URAR APPRAISAL REPORT

SUBJECT PROPERTY:

2723 Altair AvenueThousand Oaks, California 400.0091360

Subtotal 400.00

PAID IN FULL CHECK #1563 -400.00

0.00

Affiliated Real Estate Appraisers(805) 373-9819

Form NIL — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODECopyright © 2006 Larry K Martineau (805)373-9819

Larry K. MartineauAffiliated Real Estate Appraisers2239 Townsgate Road #202Westlake Village, California91361(805) 373-9819

"07-06" 303 07-14-2006

David Villarina

APPRAISAL SERVICES RENDERED:

URAR APPRAISAL REPORT

SUBJECT PROPERTY:

2723 Altair AvenueThousand Oaks, California 400.0091360

Subtotal 400.00

PAID IN FULL CHECK #1563 -400.00

0.00

Affiliated Real Estate Appraisers(805) 373-9819

$

$

$

FROM:

INVOICE DATE REFERENCE

TO:

DESCRIPTION AMOUNT

TOTAL

Page #1File No. "07-06" 303

Larry K. MartineauAffiliated Real Estate Appraisers2239 Townsgate Road #202Westlake Village, California 91361

(805) 373-9819

David Villarina

Re: Property: 2723 Altair AvenueThousand Oaks, Calif 91360

Borrower: Client: David VillarinaFile No.: "07-06" 303

In accordance with your request, we have appraised the above referenced property. The report of that appraisal isattached.

The purpose of this appraisal is to estimate the market value of the property described in this appraisal report, asimproved, in unencumbered fee simple title of ownership.

This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood andcity, and an economic analysis of the market for properties such as the subject. The appraisal was developed and thereport was prepared in accordance with the Uniform Standards of Professional Appraisal Practice.

The value conclusions reported are as of the effective date stated in the body of the report and contingent upon thecertification and limiting conditions attached.

It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additionalservice to you.

Sincerely,

Larry K. Martineau

Larry K. MartineauAffiliated Real Estate Appraisers2239 Townsgate Road #202Westlake Village, California 91361

(805) 373-9819

David Villarina

Re: Property: 2723 Altair AvenueThousand Oaks, Calif 91360

Borrower: Client: David VillarinaFile No.: "07-06" 303

In accordance with your request, we have appraised the above referenced property. The report of that appraisal isattached.

The purpose of this appraisal is to estimate the market value of the property described in this appraisal report, asimproved, in unencumbered fee simple title of ownership.

This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood andcity, and an economic analysis of the market for properties such as the subject. The appraisal was developed and thereport was prepared in accordance with the Uniform Standards of Professional Appraisal Practice.

The value conclusions reported are as of the effective date stated in the body of the report and contingent upon thecertification and limiting conditions attached.

It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additionalservice to you.

Sincerely,

Larry K. Martineau

Page #2File No. "07-06" 303

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

Page #3File No. "07-06" 303

Borrower File No.Property AddressCity County State Zip CodeLender/Client

This Appraisal Report is one of the following types:

Self Contained (A written report prepared under Standards Rule , persuant to the Scope of Work, as disclosed elsewhere in this report.)

Summary (A written report prepared under Standards Rule , persuant to the Scope of Work, as disclosed elsewhere in this report.)

Restricted Use (A written report prepared under Standards Rule , persuant to the Scope of Work, as disclosed elsewhere in this report,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:

Effective Date of Appraisal:

SUPERVISORY APPRAISER (only if required):

Signature:

Name:Date Signed:State Certification #:or State License #:State:Expiration Date of Certification or License:Supervisory Appraiser inspection of Subject Property:

Did Not Exterior-only from street Interior and Exterior

Client: David Villarina "07-06" 3032723 Altair AvenueThousand Oaks Ventura Calif 91360David Villarina

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 professionalanalyses, opinions, and conclusions.• I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or the specified) personal interest with respect to the partiesinvolved.• 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 causeof 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 (or have not) 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. (If there are exceptions, the name of each individual providing significantreal property appraisal assistance is stated elsewhere in this report.)

Comments on Appraisal and Report IdentificationNote any USPAP related issues requiring disclosure and any State mandated requirements:None Noted

Larry K. Martineau07-19-2006

AR007239

California01-07-2007

07-14-2006

Form ID06 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Copyright © 2006 Larry K Martineau (805)373-9819

Client: David Villarina "07-06" 3032723 Altair AvenueThousand Oaks Ventura Calif 91360David Villarina

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 professionalanalyses, opinions, and conclusions.• I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or the specified) personal interest with respect to the partiesinvolved.• 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 causeof 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 (or have not) 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. (If there are exceptions, the name of each individual providing significantreal property appraisal assistance is stated elsewhere in this report.)

Comments on Appraisal and Report IdentificationNote any USPAP related issues requiring disclosure and any State mandated requirements:None Noted

Larry K. Martineau07-19-2006

AR007239


07-14-2006

Form ID06 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


Borrower File No.Property AddressCity County State Zip CodeLender/Client

This Appraisal Report is one of the following types:

Self Contained (A written report prepared under Standards Rule , persuant to the Scope of Work, as disclosed elsewhere in this report.)

Summary (A written report prepared under Standards Rule , persuant to the Scope of Work, as disclosed elsewhere in this report.)

Restricted Use (A written report prepared under Standards Rule , persuant to the Scope of Work, as disclosed elsewhere in this report,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:

Effective Date of Appraisal:

SUPERVISORY APPRAISER (only if required):

Signature:

Name:Date Signed:State Certification #:or State License #:State:Expiration Date of Certification or License:Supervisory Appraiser inspection of Subject Property:

Did Not Exterior-only from street Interior and Exterior

Page #4File No. "07-06" 303

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

2723 Altair Avenue

Lot 66 of Tract 2277-2 in Book 63, Page 10 of Maps

Thousand Oaks

Ventura

Calif

91360

66.00

526-F3

N/A

N/A

Client: David Villarina

David Villarina

1,987

Average

33/Effective 5

Very Good

8

4

2

Larry K. Martineau

07-14-2006

872,000

Borrower/Client

Lender

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

2723 Altair Avenue

Lot 66 of Tract 2277-2 in Book 63, Page 10 of Maps

Thousand Oaks

Ventura

Calif

91360

66.00

526-F3

N/A

N/A

Client: David Villarina

David Villarina

1,987

Average

33/Effective 5

Very Good

8

4

2

Larry K. Martineau

07-14-2006

872,000

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 $

Page #5File No. "07-06" 303

Uniform Residential Appraisal Report File #

SUB

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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

"07-06" 303

2723 Altair Avenue Thousand Oaks Calif 91360Client: David Villarina Villarina, David Ventura

Lot 66 of Tract 2277-2 in Book 63, Page 10 of Maps521-0-295-080 2005 Unknown

526-F3 66.00None Noted N/A

Estimate Current Market Value for possible saleDavid Villarina

Public Records. $700,000 on 05-04-2006

N/A

N/A N/A

N/A

5751,075800

274340

87

58

North by W. Olsen Road, East by Moorpark Road, South by W. Janss Road,and West by Lynn Road.

Located in an area of the City of Thousand Oaks consisting of one and two story, 3 to 6 bedroom single family residencesranging from 1,200 to 3,100+ in gross living area. Located close to schools, employment centers, recreational and local supporting facilities andwithin an acceptable distance to the freeway.

A reasonable amount of sales and listing activity is present in the area. Typical market timein the area ranges from 0 to 6 months for reasonably priced properties for sale. Sales data indicates most sales are funded with conventional loans.

*** See Attached Plat Map *** 10,113 Square Feet Irregular NoneR1-10 Single Family Residential (SFR)

Paved AsphaltNone

"C" 06-0422-0010 A 01-03-1983

No adverse site conditions or encroachments were observed. The site appears reasonably adequate and conforms to the area. The vegetation atthe rear and sides of the property afford complete privacy.

One

Calif. Ranch1973 5 Years

Concrete/AverageStucco/GoodAsphalt Shingle/NewYesVinyl-Dual Paned/VGNoneYes

Hardwood/VGoodDrywall/GoodCrown-Wood/VGdTile/GoodTile-Travetine/VGd

Gas 1

& Spa

BlockCoveredR.V. Pkng

3Concrete

3

50" Plasma Screen Television8 4 2 1,987

All new tempered dual paned windows throughout

The subject property is of Good quality constructionand in very good condition with little to no differed maintenance noted.

*** See Attached Addendum ***


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

"07-06" 303

2723 Altair Avenue Thousand Oaks Calif 91360Client: David Villarina Villarina, David Ventura

Lot 66 of Tract 2277-2 in Book 63, Page 10 of Maps521-0-295-080 2005 Unknown

526-F3 66.00None Noted N/A

Estimate Current Market Value for possible saleDavid Villarina

Public Records. $700,000 on 05-04-2006

N/A

N/A N/A

N/A

5751,075800

274340

87

58

North by W. Olsen Road, East by Moorpark Road, South by W. Janss Road,and West by Lynn Road.

Located in an area of the City of Thousand Oaks consisting of one and two story, 3 to 6 bedroom single family residencesranging from 1,200 to 3,100+ in gross living area. Located close to schools, employment centers, recreational and local supporting facilities andwithin an acceptable distance to the freeway.

A reasonable amount of sales and listing activity is present in the area. Typical market timein the area ranges from 0 to 6 months for reasonably priced properties for sale. Sales data indicates most sales are funded with conventional loans.

*** See Attached Plat Map *** 10,113 Square Feet Irregular NoneR1-10 Single Family Residential (SFR)

Paved AsphaltNone

"C" 06-0422-0010 A 01-03-1983

No adverse site conditions or encroachments were observed. The site appears reasonably adequate and conforms to the area. The vegetation atthe rear and sides of the property afford complete privacy.

One

Calif. Ranch1973 5 Years

Concrete/AverageStucco/GoodAsphalt Shingle/NewYesVinyl-Dual Paned/VGNoneYes

Hardwood/VGoodDrywall/GoodCrown-Wood/VGdTile/GoodTile-Travetine/VGd

Gas 1

& Spa

BlockCoveredR.V. Pkng

3Concrete

3

50" Plasma Screen Television8 4 2 1,987

All new tempered dual paned windows throughout

The subject property is of Good quality constructionand in very good condition with little to no differed maintenance noted.





SUB

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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 #6File No. "07-06" 303


SALE

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PPR

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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

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.


"07-06" 30312 615,000 900,00010 689,000 999,000

2723 Altair AvenueThousand Oaks, Calif 91360

N/A

AverageFee Simple10,113 SqFtNoneCalif. RanchGood33/Effective 5Very Good

8 4 21,987

NoneN/AGoodFWA/CentralGood3 Car GarageOpen Patios

Fireplace 1 FireplacePool/Spa Pool/SpaUpgrades Upgrades

05-04-2006$700,000 Doc #96107Public Records07-13-2006

86 Teasdale StreetThousand Oaks, Calif 913600.53 miles S

751,000366.34

Public Records/MLSAPN: 522-0-032-085

Doc #67246$600,000 80%03-30-2006 CDAverageFee Simple8,133 SqFt +8,000Some Views -10,000Calif. RanchAverage +41,00043/Effective 10 +10,000Very Good

8 4 22,050

NoneN/AGoodFWA/CentralGood2 Car Garage +5,000Covered Patio1 FireplaceNone +45,000Some Upgrades +20,000

119,00015.818.5 870,000

No Prior Sale withinThe Past YearPublic Records07-13-2006

285 Siesta AvenueThousand Oaks, Calif 913600.66 miles SW

810,000395.12


Doc #56730$580,000 72%03-17-2006 CDAverageFee Simple10,352 SqFtNoneCalif. RanchAverage +41,00040/Effective 10 +10,000Very Good

7 5 3 -5,0002,050

NoneN/AGoodFWA/CentralGood2 Car Garage +5,000Open Patio1 FireplacePool/SpaUpgrades- +10,000

61,0007.58.8 871,000


314 E. Sidlee StreetThousand Oaks, Calif 913600.71 miles SE

765,000373.17


Doc #57395$114,735 15%03-17-2006 CDAverageFee Simple9,500 SqFt +4,000NoneCalif. RanchAverage +41,00040/Effective 10 +10,000Very Good

7 4 3 -5,0002,050

NoneN/AAverageFWA/CentralAverage2 Car Garage +5,000Open Patio1 FireplaceNone +45,000Upgrades- +10,000

110,00014.415.7 875,000


Multiple Listing Service and Public Records

Multiple Listing Service and Public Records (NDC)

The subject property was purchased within the past year . There were noprior sales from the current date of sale of the Comparables within the past year.


878,658 N/A

*** See Attached Addendum. ***

This Appraisal is made "As Per theCompletion of the Upgrades" consisting of *** See Attached Addendum ***.

872,000 07-14-2006


"07-06" 30312 615,000 900,00010 689,000 999,000


N/A


8 4 21,987




86 Teasdale StreetThousand Oaks, Calif 913600.53 miles S

751,000366.34


Doc #67246$600,000 80%03-30-2006 CDAverageFee Simple8,133 SqFt +8,000Some Views -10,000Calif. RanchAverage +41,00043/Effective 10 +10,000Very Good

8 4 22,050

NoneN/AGoodFWA/CentralGood2 Car Garage +5,000Covered Patio1 FireplaceNone +45,000Some Upgrades +20,000

119,00015.818.5 870,000


285 Siesta AvenueThousand Oaks, Calif 913600.66 miles SW

810,000395.12


Doc #56730$580,000 72%03-17-2006 CDAverageFee Simple10,352 SqFtNoneCalif. RanchAverage +41,00040/Effective 10 +10,000Very Good

7 5 3 -5,0002,050

NoneN/AGoodFWA/CentralGood2 Car Garage +5,000Open Patio1 FireplacePool/SpaUpgrades- +10,000

61,0007.58.8 871,000



765,000373.17


Doc #57395$114,735 15%03-17-2006 CDAverageFee Simple9,500 SqFt +4,000NoneCalif. RanchAverage +41,00040/Effective 10 +10,000Very Good

7 4 3 -5,0002,050

NoneN/AAverageFWA/CentralAverage2 Car Garage +5,000Open Patio1 FireplaceNone +45,000Upgrades- +10,000

110,00014.415.7 875,000


Multiple Listing Service and Public Records

Multiple Listing Service and Public Records (NDC)

The subject property was purchased within the past year . There were noprior sales from the current date of sale of the Comparables within the past year.


878,658 N/A

*** See Attached Addendum. ***

This Appraisal is made "As Per theCompletion of the Upgrades" consisting of *** See Attached Addendum ***.

872,000 07-14-2006



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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.


Page #7File No. "07-06" 303


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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.


"07-06" 303INCOME APPROACH:

Attempts through the local Multiple Listing Service and newspapers were made in order to obtain data for the Income Approach. As thisneighborhood is primarily "Owner Occupied", insufficient data was available and this approach is therefore considered not to be applicable for thisreport.

COST APPROACH:

The Cost Approach was completed as a "Replacement Cost" not a "Reproduction Cost" as indicated in the Report.

The "Replacement Cost New" of the improvements were estimated using the Marshall and Swift Residential Cost Handbook for a!!! story,!!! qualitysingle family residence. Costs include all hard and soft costs including but not limited to taxes and insurance during construction, permits,park/school/trip fees, workman's compensation and unemployment insurance, utilities installed to the street line and architect's fees. The extendedlife concept, which starts with the hypothesis that buildings age in much the same manner as people and that the older they get, the greater is theirtotal life expectancy. This concept recognizes that a building is in the prime of life before midlife and that the road is downhill after that, but thatcorrection of deficiencies may lower the effective age and lengthen the remaining life. This recurring revitalization process periodically reverses acontinuous progression down the effective age scale, reducing the indicated depreciation percentage as components are renewed throughout thelife-span of the building. This nonlinear approach accounts for a greater present value or slower depreciation rate in the early years, as compared tothe later years when diminishing.

LAND RATIOS:

Please note that the estimated value of the subject site exceeds 50% of total value. The subject ratio is typical of the area. This is evidenced by thefact that the comparables employed are of similar sizes and are situated on reasonably similar sites. Thus, these factors imply similar depreciatedcost of building figures and therefore, land ratios that are comparable to that of the subject.

Due to the lack of vacant land sales in the areathe Site Value is calculated by extrapolating the cost per square foot of the improvements from the comparables with similar size sites andcomparing the land values for the subject property.

Marshall & Swift Residential Cost HandbookGood 06-2005

470,0001,987 128.62 255,568

Pool, Spa, Decking 70,000620 32.26 20,001

345,569

6,911 -20,000 -13,089358,65850,000

878,658

Physical Effective Life = 5 YearsTotal Remaining Economic Life = 65 Years

Site Value is calculated by extrapolation the cost per squarefoot of the improvements from similar size sites and comparing the valuewith the subject property.

N/A N/A N/A *** See Income Approach Above ***


"07-06" 303INCOME APPROACH:

Attempts through the local Multiple Listing Service and newspapers were made in order to obtain data for the Income Approach. As thisneighborhood is primarily "Owner Occupied", insufficient data was available and this approach is therefore considered not to be applicable for thisreport.

COST APPROACH:

The Cost Approach was completed as a "Replacement Cost" not a "Reproduction Cost" as indicated in the Report.

The "Replacement Cost New" of the improvements were estimated using the Marshall and Swift Residential Cost Handbook for a!!! story,!!! qualitysingle family residence. Costs include all hard and soft costs including but not limited to taxes and insurance during construction, permits,park/school/trip fees, workman's compensation and unemployment insurance, utilities installed to the street line and architect's fees. The extendedlife concept, which starts with the hypothesis that buildings age in much the same manner as people and that the older they get, the greater is theirtotal life expectancy. This concept recognizes that a building is in the prime of life before midlife and that the road is downhill after that, but thatcorrection of deficiencies may lower the effective age and lengthen the remaining life. This recurring revitalization process periodically reverses acontinuous progression down the effective age scale, reducing the indicated depreciation percentage as components are renewed throughout thelife-span of the building. This nonlinear approach accounts for a greater present value or slower depreciation rate in the early years, as compared tothe later years when diminishing.

LAND RATIOS:

Please note that the estimated value of the subject site exceeds 50% of total value. The subject ratio is typical of the area. This is evidenced by thefact that the comparables employed are of similar sizes and are situated on reasonably similar sites. Thus, these factors imply similar depreciatedcost of building figures and therefore, land ratios that are comparable to that of the subject.

Due to the lack of vacant land sales in the areathe Site Value is calculated by extrapolating the cost per square foot of the improvements from the comparables with similar size sites andcomparing the land values for the subject property.

Marshall & Swift Residential Cost HandbookGood 06-2005

470,0001,987 128.62 255,568

Pool, Spa, Decking 70,000620 32.26 20,001

345,569

6,911 -20,000 -13,089358,65850,000

878,658

Physical Effective Life = 5 YearsTotal Remaining Economic Life = 65 Years

Site Value is calculated by extrapolation the cost per squarefoot of the improvements from similar size sites and comparing the valuewith the subject property.

N/A N/A N/A *** See Income Approach Above ***



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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.


Page #8File No. "07-06" 303


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.


"07-06" 303


"07-06" 303



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.


Page #9File No. "07-06" 303


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.


"07-06" 303


"07-06" 303



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.


Page #10File No. "07-06" 303


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


"07-06" 303

Larry K. MartineauAffiliated Real Estate Appraisers

2239 Townsgate Road #202Westlake Village, California 91361

[email protected]

07-19-200607-14-2006

AR007239



872,000

David Villarina

[email protected]


"07-06" 303

Larry K. MartineauAffiliated Real Estate Appraisers

2239 Townsgate Road #202Westlake Village, California 91361

[email protected]

07-19-200607-14-2006

AR007239



872,000

David Villarina

[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


Page #11File No. "07-06" 303


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

"07-06" 303


N/A


8 4 21,987





830,000404.88

Public Records/MLSAPN; 522-0-191-505

CURRENTLISTING04-18-2006 LDAverageFee Simple14,620 SqFt -18,000NoneCalif. RanchAverage +41,00040/Effective 5Very Good

8 5 22,050

NoneNoneGoodFWA/CentralGood2 Car Garage +5,000Covered Patio1 FireplaceNone +45,000Some Upgrades +20,000

93,000Net 11.2 %

Gross 15.5 % 923,000


Net %Gross %

Net %Gross %

4 5 6

4 5 6

The subject property was purchased within the past year . There wereno prior sales from the current date of sale of the Comparables within the past year.


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

"07-06" 303


N/A


8 4 21,987





830,000404.88

Public Records/MLSAPN; 522-0-191-505

CURRENTLISTING04-18-2006 LDAverageFee Simple14,620 SqFt -18,000NoneCalif. RanchAverage +41,00040/Effective 5Very Good

8 5 22,050

NoneNoneGoodFWA/CentralGood2 Car Garage +5,000Covered Patio1 FireplaceNone +45,000Some Upgrades +20,000

93,000Net 11.2 %

Gross 15.5 % 923,000


Net %Gross %

Net %Gross %

4 5 6

4 5 6

The subject property was purchased within the past year . There wereno prior sales from the current date of sale of the Comparables within the past year.


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

Page #12File No. "07-06" 303

Property AddressCity County State Zip Code

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

Building SketchClient: David Villarina2723 Altair AvenueThousand Oaks Ventura Calif 91360David Villarina

Borrower/Client

Lender

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

Building SketchClient: David Villarina2723 Altair AvenueThousand Oaks Ventura Calif 91360David Villarina

Borrower/Client

Lender


Page #13File No. "07-06" 303

BUILDING AREA ADDENDUM

Borrower File No.Property AddressCity County State Zip CodeLender

Gross Living Area (GLA) s.f.

Gross Building Area (GBA) s.f.

Square FootageAreas

BasementLevel 1Level 2Level 3GarageOther

s.f.s.f.s.f.s.f.s.f.s.f.

% of GBA% of GBA% of GBA% of GBA% of GBA% of GBA

X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =

Area Dimensions Type of Area Level

Measurements Factor Area Living Bsmnt Garage Other One Two Three

Form CLC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

076-06" "303Client: David Villarina2723 Altair Avenue

Thousand Oaks Ventura Calif 91360David Villarina

1,987

2,617

1,987 76

630 24

31.00 32.00 1.00 992.0011.00 25.00 1.00 275.0024.00 30.00 1.00 720.00

21.00 30.00 1.00 630.00

Form CLC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

076-06" "303Client: David Villarina2723 Altair Avenue

Thousand Oaks Ventura Calif 91360David Villarina

1,987

2,617

1,987 76

630 24

31.00 32.00 1.00 992.0011.00 25.00 1.00 275.0024.00 30.00 1.00 720.00

21.00 30.00 1.00 630.00

BUILDING AREA ADDENDUM

Borrower File No.Property AddressCity County State Zip CodeLender

Gross Living Area (GLA) s.f.

Gross Building Area (GBA) s.f.

Square FootageAreas

BasementLevel 1Level 2Level 3GarageOther

s.f.s.f.s.f.s.f.s.f.s.f.

% of GBA% of GBA% of GBA% of GBA% of GBA% of GBA

X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =X X =

Area Dimensions Type of Area Level

Measurements Factor Area Living Bsmnt Garage Other One Two Three

Page #14File No. "07-06" 303


File No.Supplemental Addendum

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


Borrower/Client

Lender

Page #15File No. "07-06" 303

CURRENT CONDITION OF THE SUBJECT'S IMPROVEMENTS:

The subject's improvements have upgraded as follows:

EXTERIOR:01. New Exterior Stucco.02. Top quality Vinyl with tempered dual paned glass windows and sliding doors.03. New Asphalt shingle roofing.04. Concrete driveway.05. New Garage door and opener.06. R.V. Access at easterly side of the Garage.06. Storage shed at northeasterly corner of house.08. New Garage door and opener.09. Large 12' deep Pool and Spa with diving board.IINTERIOR:01. Expanded Kitchen with raised ceiling, inset lighting, custom distressed Maple cabinets, granite counters, all new good quality appliances, granite island, built-in refrigerator, and all new fixtures.02. All custom Asian Maple flooring throughout.03. All scraped ceilings with inset lighting and crown molding.04. Upgraded and remodeled Bathrooms with Travatine floors and counters, new custom cabinets, fixtures, and remodeled t Travatine shower in the Main Bathroom.05. Built-in 50" flat screen plasma television.

This appraisal is made "AS PER COMPLETION OF THE REMODELING"

The remodeling and upgrades, as per plans, are approximately 95% completed and at the time of inspection the items not yetcompleted are:

01. New roof02. Main Bathroom cabinets, fixtures and shower door

COMMENTS ON SALES COMPARISON:

In this appraiser's judgment, the structure of the neighborhood makes it most important to use comparables that are the mostrecent sales within the neighborhood, similar in size, design, and amenities. The comparables displayed are considered to bethe best indications of the Subject's market value available at the time of this appraisal.

ADJUSTMENTS:

All adjustments are based on market studies from within the Subject's immediate area and rounded to the nearest thousand.

The differences in lot sizes are adjusted at $ per square foot and are based on the utility of each lot.

The differences in Gross Living Area are made at $.00 a square foot.

Comparable #1 is located on a smaller lot with a view amenity, inferior in the quality of construction and effective age, has nopool/spa and inferior upgrades. This property was listed for $759,900 and sold within 19 days on the market

Comparable #2 is inferior in the quality of construction and effective age and has inferior upgrades.This property wasoriginally listed for $899,900, reduced to $849,900 and sold within a total of 177 days on the market.

Comparable #3 is located on a smaller lot, inferior in the quality of construction and effective age and has no pool/spa andinferior upgrades. This property was listed for $ and sold within days on the market.

Comparable #4 is a current listing that is located on a larger lot, inferior in the quality of construction, has no pool/spa andinferior upgrades. This property is currently listed for $830,000 and has been on the market for 87 days.

FINAL RECONCILIATION:

Actual arm's length transactions are generally the best reflection of buyer/seller behavior. Since recent representativecomparables were available that employed a reasonable number and/or magnitude of adjustments, the sales comparisonapproach was considered reliable. The cost approach tends to support the sales comparison approach, however, lack ofvacant site sales within a reasonable distance and time frame tends to diminish the creditability of the approach. The incomeapproach is generally not utilized in connection with single family dwellings like the subject. Sales of rented homes are usuallynot available to develop GRMs. In addition, rent levels are seldom sufficient to support a reasonable rate of return. Thus, thesales comparison approach was considered the most reliable value indicator included herein and its conclusion of $872,000was taken as the final value estimate.

continued


File No.Supplemental Addendum

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


Borrower/Client

Lender

Page #16File No. "07-06" 303

ADDITIONAL COMMENTS;

The appraiser is not a home or environmental inspector. The appraiser provides an opinion of value. The appraiser does notguarantee the the property is free of defects or environmental problems. The appraiser performs an inspection of visible andaccessible areas only. Mold may be present in areas the appraiser cannot see. A professional home inspection orenvironmental inspection is recommended.

ADVERSE SITE CONDITIONS OR EXTERNAL FACTORS:

No adverse environmental conditions were observed or disclosed to the appraiser. I have not been provided anydocumentation revealing any physical deficiency or apparent adverse conditions at the subject site or in the immediate vicinityduring the course of the appraisal process. The existence of hazardous material, which may or may not be present on theproperty, was not observed by the appraiser. This appraiser has no knowledge of the existence of such materials on or in theproperty. This appraiser, however, is not qualified to detect such substances. The appraiser is not a home inspector.Thepresence of substances such as mold, asbestos, urea-formaldehyde foam insulation, or other potentially hazardous materialsthat could affect the value of the property. The value opinion is predicated on the assumption that there is no such material onor in the property that would cause a loss of value. No responsibility is assumed for any such conditions, or for any expertiseor engineering knowledge required to discover them

*** See Statement of Assumptions and Limiting Conditions #5 ***This Appraiser is not a Home Inspector

NOTICE TO UNINTENDED USERS: THOSE WHO ARE NOT IDENTIFIED IN THIS APPRAISAL REPORT AS THEINTENDED USER.

(THE APPRAISER'S CLIENT IS THE INTENDED USER). The appraisal report identifies the intended user (client) of theappraisal report. Per USPAP and California State Law, the entity, if a company, and individual if a person, who ordered theappraisal is the appraiser's client. The identified intended user in the attached appraisal report is the appraiser's client and noother unidentified entity/person is intended to be the appraiser's client. If you did not order the appraisal, even if the appraisercollected his/her fee for the appraisal report, or you paid your lender for the appraisal report who then paid the appraiser, oryou were charged a fee for the appraisal report, you are not the appraiser's client. Unless you are identified in the attachedappraisal report as the intended user (client) you are not the appraiser's client and the appraiser does not intend anyone otherthan the identified intended user in the attached appraisal report to be the appraiser's client. IF YOU ARE NOT THEIDENTIFIED INTENDED USER (CLIENT) IN THE ATTACHED APPRAISAL REPORT YOU SHOULD NOT RELY UPON, FORANY REASON, THIS APPRAISAL REPORT AND/OR ANY VERBAL COMMENTS, WHICH MAY HAVE BEEN MADE BY THEAPPRAISER(S). iF YOU ARE NOT THE IDENTIFIED INTENDED USER (CLIENT) IN APPRAISAL REPORT THEN YOURRELIANCE UPON THIS APPRAISAL, FOR ANY REASON IS DONE SO AT YOUR OWN RISK. THE APPRAISER(S) WHOCOMPLETED THE APPRAISAL REPORT OWES NO DUTY TO ANYONE OTHER THAN THE IDENTIFIED INTENDEDUSER (CLIENT) AS INDICATED WITHIN THE ATTACHED APPRAISAL REPORT.

APPRAISER'S LICENSE:

Please note: As per the Office of Real Estate Appraisers it is no longer wise to send a copy of the Appraiser's license with anappraisal due to recent identity theft which is on the rise in the United States (as per the Federal Bureau of Investigation).

FOR VERIFICATION OF MY LICENSE GO TO "WWW.OREA.CA.GOV", "FIND AN APPRAISER" AND INSERT MY NAME


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

Subject Photo PageClient: David Villarina2723 Altair AvenueThousand Oaks Ventura Calif 91360David Villarina

Subject Front

Sales PriceGLATotal RoomsTotal BedrmsTotal BathrmsLocationViewSiteQualityAge

2723 Altair AvenueN/A1,987842AverageNone10,113 SqFtGood33/Effective 5

Subject Rear

Subject Street

Borrower/Client

Lender

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

Subject Photo PageClient: David Villarina2723 Altair AvenueThousand Oaks Ventura Calif 91360David Villarina

Subject Front

Sales PriceGLATotal RoomsTotal BedrmsTotal BathrmsLocationViewSiteQualityAge

2723 Altair AvenueN/A1,987842AverageNone10,113 SqFtGood33/Effective 5

Subject Rear

Subject Street

Borrower/Client

Lender


Page #17File No. "07-06" 303


Form GPIC4X6 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

PHOTOGRAPH ADDENDUMClient: David Villarina2723 Altair AvenueThousand Oaks Ventura Calif 91360David Villarina

POOL

ADDITIONAL PATIO

SPAABOVE GROUND(NO VALUE GIVEN)

Borrower/Client

Lender



POOL

ADDITIONAL PATIO

SPAABOVE GROUND(NO VALUE GIVEN)

Borrower/Client

Lender


Page #18File No. "07-06" 303




LIVING ROOM

KITCHEN

DINING ROOM

Borrower/Client

Lender



LIVING ROOM

KITCHEN

DINING ROOM

Borrower/Client

Lender


Page #19File No. "07-06" 303




FAMILY ROOM

MAIN BEDROOM

MAIN BATHROOM

Borrower/Client

Lender



FAMILY ROOM

MAIN BEDROOM

MAIN BATHROOM

Borrower/Client

Lender


Page #20File No. "07-06" 303


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

Comparable Photo PageClient: David Villarina2723 Altair AvenueThousand Oaks Ventura Calif 91360David Villarina

Comparable 1

ProximitySale PriceGLATotal RoomsTotal BedrmsTotal BathrmsLocationViewSiteQualityAge

86 Teasdale Street0.53 miles S751,0002,050842AverageSome Views8,133 SqFtAverage43/Effective 10

Comparable 2


285 Siesta Avenue0.66 miles SW810,0002,050753AverageNone10,352 SqFtAverage40/Effective 10

Comparable 3


314 E. Sidlee Street0.71 miles SE765,0002,050743AverageNone9,500 SqFtAverage40/Effective 10

Borrower/Client

Lender



Comparable 1


86 Teasdale Street0.53 miles S751,0002,050842AverageSome Views8,133 SqFtAverage43/Effective 10

Comparable 2


285 Siesta Avenue0.66 miles SW810,0002,050753AverageNone10,352 SqFtAverage40/Effective 10

Comparable 3



Borrower/Client

Lender


Page #21File No. "07-06" 303




Comparable 4



Comparable 5


Comparable 6


Borrower/Client

Lender



Comparable 4



Comparable 5


Comparable 6


Borrower/Client

Lender


Page #22File No. "07-06" 303


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

Location MapClient: David Villarina2723 Altair AvenueThousand Oaks Ventura Calif 91360David Villarina

Borrower/Client

Lender

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

Location MapClient: David Villarina2723 Altair AvenueThousand Oaks Ventura Calif 91360David Villarina

Borrower/Client

Lender


Page #23File No. "07-06" 303


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

Plat MapClient: David Villarina2723 Altair AvenueThousand Oaks Ventura Calif 91360David Villarina

Borrower/Client

Lender

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

Plat MapClient: David Villarina2723 Altair AvenueThousand Oaks Ventura Calif 91360David Villarina

Borrower/Client

Lender


Page #24File No. "07-06" 303

MULTI-PURPOSE SUPPLEMENTAL ADDENDUMFOR FEDERALLY RELATED TRANSACTIONS


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

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

PURPOSE & FUNCTION OF APPRAISAL

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

EXTENT OF APPRAISAL PROCESS

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

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

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

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

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

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

For this reason, the Income Approach was not used.

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

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

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

vacancies and expenses.

SUBJECT PROPERTY OFFERING INFORMATION

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

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

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

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

SALES HISTORY OF SUBJECT PROPERTY

According to the subject property:

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

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

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

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

FEMA FLOOD HAZARD DATA

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

The community does not participate in the National Flood Insurance Program.The community does participate in the National Flood Insurance Program.

It is covered by a regular program.It is covered by an emergency program.

Zone FEMA Map/Panel # Map Date Name of Community

Page 1 of 2

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


Client: David Villarina2723 Altair AvenueThousand Oaks Ventura Calif 91360David Villarina

The Marshall & Swift Residential Cost Handbook

Public Records

year

05-04-2006 700,000 96107 Welch, Bryant M. & Leslie G. Villarina, David

"C" 06-0422-0010 A 01-03-1983 Thousand Oaks

Borrower/Client

Lender



Client: David Villarina2723 Altair AvenueThousand Oaks Ventura Calif 91360David Villarina

The Marshall & Swift Residential Cost Handbook

Public Records

year

05-04-2006 700,000 96107 Welch, Bryant M. & Leslie G. Villarina, David

"C" 06-0422-0010 A 01-03-1983 Thousand Oaks

Borrower/Client

Lender

MULTI-PURPOSE SUPPLEMENTAL ADDENDUMFOR FEDERALLY RELATED TRANSACTIONS


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

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

PURPOSE & FUNCTION OF APPRAISAL

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

EXTENT OF APPRAISAL PROCESS

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

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

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

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

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

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

For this reason, the Income Approach was not used.

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

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

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

vacancies and expenses.

SUBJECT PROPERTY OFFERING INFORMATION

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

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

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

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

SALES HISTORY OF SUBJECT PROPERTY

According to the subject property:

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

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

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

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

FEMA FLOOD HAZARD DATA

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

The community does not participate in the National Flood Insurance Program.The community does participate in the National Flood Insurance Program.

It is covered by a regular program.It is covered by an emergency program.

Zone FEMA Map/Panel # Map Date Name of Community

Page 1 of 2

Page #25File No. "07-06" 303

CURRENT SALES CONTRACT

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

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

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

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

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

Contract Date Amendment Date Contract Price Seller

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

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

ADDITIONAL CERTIFICATION

The Appraiser certifies and agrees that:

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

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

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

ADDITIONAL (ENVIRONMENTAL) LIMITING CONDITIONS

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

ADDITIONAL COMMENTS

APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION

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

CO-SIGNING APPRAISER'S CERTIFICATION

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

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

CO-SIGNING APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION

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

Page 2 of 2


0-6 The local Multiple Listing Service

07-14-2006 07-19-2006Larry K. Martineau 805-373-9819

California AR007239


0-6 The local Multiple Listing Service

07-14-2006 07-19-2006Larry K. Martineau 805-373-9819

California AR007239

CURRENT SALES CONTRACT

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

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

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

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

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

Contract Date Amendment Date Contract Price Seller

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

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

ADDITIONAL CERTIFICATION

The Appraiser certifies and agrees that:

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

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

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

ADDITIONAL (ENVIRONMENTAL) LIMITING CONDITIONS

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

ADDITIONAL COMMENTS

APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION

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

CO-SIGNING APPRAISER'S CERTIFICATION

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

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

CO-SIGNING APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION

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

Page 2 of 2

Page #26File No. "07-06" 303

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

Page #27File No. "07-06" 303

TABLE OF CONTENTSyinoryang.com/For Sale By Owner_files/Altair Appraisal... · 2006. 8. 12. ·...

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