re ; i i STATE OF FLORIDA eM, DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION AY ~] PH (2: FLORIDA REAL ESTATE APPRAISAL BOARD 10 whe iN a FLORIDA DEPARTMENT OF BUSINESS & HEARyRATl YE PROFESSIONAL REGULATION, “aS DIVISION OF REAL ESTATE, Petitioner, v. CASE NO. 2006055653 TONY LEE COLLINGS, Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Tony Lee Collings (“Respondent"), and alleges: ESSENTIAL ALLEGATIONS OF MATERIAL FACT 1. Petitioner is a state government licensing and regulatory agency charged with the responsibility and duty to prosecute Administrative Complaints pursuant to the laws of the State of Florida, including Section 20.165 and Chapters 120, 455 and 475 of the Florida Statutes, and the rules promulgated thereunder. 2. Respondent is currently a Florida state certified residential real estate appraiser having been issued license 4944 in accordance with Chapter 475 Part Il of the Florida Statutes. 3. The last license the State issued to Respondent was as a state certified residential real estate appraiser at 5253 Villagebrook Drive, Wesley Chapel, FL 33543-9195. 4. On or about July 28, 2005, an appraisal report (Report 1) was developed and FDBPR v. Tony Lee Collings Case No. 2006055653 Administrative Complaint communicated ona property commonly known as 18812 Southwest 113th Avenue, Miami, Florida 33157 (Subject Property 1) for the client, Access Mortgage and Financial Corporation, 420 South Waverly Road, Lansing, Michigan 48917 (Client). Petitioner’s investigator secured a copy of Report i from the Client that is attached hereto and incorporated herein as Administrative Complaint Exhibit 1. 5. Affixed to Report 1 is what purports to be the Respondent’s digital signature as the appraiser who prepared Report 1. Respondent denies he prepared Report 1. Respondent claims he was alerted to the existence of Report | by a secondary lender’s representative, from whom Respondent obtained a copy and submitted that copy (of Report 1) to Petitioner’s investigator. Respondent’s copy of Report 1 is identical to that copy of Report 1 obtained directly from the Client. 6. The invoice for Report 1 directs payment to Bay to Bay Appraisals, Inc. at an address of 5004 Mission Square Lane, Zephyrhills, Florida 33541 belonging to Joshua D. Hubbard (Hubbard), the owner of Bay to Bay Appraisals. 7. Respondent alleges Hubbard employed Respondent at Bay to Bay Appraisals, Inc. until sometime in May 2005, when Respondent formed his own business, Encore Appraisals Inc., at Respondent’s 5253 Villagebrook Drive, Wesley Chapel, Florida address. Petitioner’s records reflect only that Respondent commenced supervision of a trainee, Penny Ruble, at Respondent’s Wesley Chapel, Florida address effective April 12, 2005. Florida Secretary of State, Division of Corporations records reflect that Encore Appraisals, Inc. was incorporated effective May 23, 2005. 8. Hubbard, when interviewed by Petitioner’s investigator, acknowledged having performed the assignment for Subject Property 1 and having affixed the Respondent’s digital signature to 2 FDBPR v. Tony Lee Collings Case No. 2006055653 Administrative Complaint Report 1, although Hubbard claims this was done in error caused by a computer malfunction. Hubbard produced from his records a copy of Report | that listed Hubbard as the appraiser and bearing Hubbard’s digital signature. Hubbard’s copy of Report 1 is attached hereto and incorporated herein as Administrative Complaint Exhibit 2. 9. Both Hubbard and Respondent, when interviewed, admitted that Respondent had given Hubbard access to Respondent’s digital signature. Respondent further confirmed in an email to Petitioner’s investigator having signed a paper to allow Hubbard to keep Respondent’s signature on file. A copy of Respondent’s email is attached hereto and incorporated herein as Administrative Complaint Exhibit 3. 10. Respondent learned of and obtained from the same secondary lender a copy of a second appraisal report (Report 2) purportedly bearing Respondent’s digital signature on another property commonly known as 10501 Grayslake Court, Tampa, Florida 33626 (Subject Property 2) which assignment Respondent also denied performing. Report 2 bore an effective date of August 1, 2005, "and also contained the digital signature of a trainee, Kevin Kenneally (Kenneally). 11. Kenneally, like Respondent, had also been employed by Hubbard until sometime in July 2005, when Kenneally allegedly became employed by Respondent. Respondent allegedly terminated Kenneally’s employment sometime in August 2005. Respondent was issued a citation for failure to register with Petitioner as Kenneally’s supervisor over the period of July-August 2005. 12. Petitioner’s investigator interviewed Kenneally and obtained from him a copy of Report 2, performed by Kenneally allegedly on behalf of Bay to Bay Appraisals, Inc. That copy matches the copy Respondent obtained from the secondary lender. Kenneally’s copy of Report 2 is attached 3 FDBPR v. Tony Lee Collings Case No. 2006055653 Administrative Complaint hereto and incorporated herein as Administrative Complaint Exhibit 4. Unlike Report 1, the invoice for Report 2 directs payment to Kenneally’s 8805 Citrus Village Drive #106, Tampa, Florida 33626 address and Report 2 gives that address for the appraiser performing the appraisal, Kenneally. Hubbard, when interviewed, denied knowledge of Report 2. 13. Respondent’ failure to safeguard Respondent’s digital signature, and failure to timely update Petitioner’s records with Respondent’s addresses and employment relationships with Hubbard and Kenneally resulted in confusion undermining the credibility of Reports 1 and 2 and negligently permitted third parties to communicate fraudulent reports. COUNT I Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically the definition of Signature, or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT II Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 2-3, or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT Il Based upon the foregoing, Respondent is guilty of fraud, misrepresentation, concealment, false promises, false pretenses, dishonest conduct, culpable negligence, or breach of trust in any 4 FDBPR v. Tony Lee Collings Case No. 2006055653 Administrative Complaint business transaction in violation of Section 475.624(2), Florida Statutes. COUNT IV Based upon the foregoing, Respondent is guilty of having failed to exercise reasonable diligence in developing an appraisal report in violation of Section 475.624(15), Florida Statutes. WHEREFORE, Petitioner respectfully requests the Florida Real Estate Appraisal Board, or the Department of Business and Professional Regulation, as may be appropriate, to issue a Final Order as final agency action finding the Respondent(s) guilty as charged. The penalties which may be imposed for violation(s) of Chapter 475 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication, or any combination of the foregoing which may apply. See Section 475.624, Florida Statutes and Rule 61J1-8.002, Florida Administrative Code. The penalties which may be imposed for violation(s) of Chapter 455 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration, or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to- terms including, but not limited to, requiring the licensee, FDBPR v. Tony Lee Collings Case No. 2006055653 Administrative Complaint registrant, or certificate holder to complete and pass additional appraisal education courses; publication; restriction of practice; injunctive or mandamus relief; imposition of a cease and desist order; or any combination of the foregoing which may apply. See Section 455.227, Fla. Statutes and Florida Administrative Code Rule 6131-8.002. SIGNED this re) day of , 2008. Florida Department of Business Professional Regulation Thomas O’Bryant, Jr., Director Division of Real Estate Of Pr ofessionay _ ATTORNEY FOR PETITIONER Of Rea} zm, D. C. Lindamood, Senior Attorney Fla. Bar No. 273694 Division of Real Estate Legal Section 400 W. Robinson Street, N801 Orlando, Florida 32801-1757 (407) 481-5632 (407) 317-7260 - FAX PCP: SD/CK 1/08 NOTICE TO RESPONDENTS PLEASE BE ADVISED that mediation under Section 120.573 of the Florida Statutes, is not available for administrative disputes involving this type of agency action. FDBPR v. Tony Lee Collings Case No. 2006055653 Administrative Complaint PLEASE BE FURTHER ADVISED that pursuant to this Administrative Complaint you may request, within the time allowed by law, a hearing to be conducted in this matter in accordance with Sections 120.569 and 120.57 of the Florida Statutes; that you have the right, at your option and expense, to be represented by counsel or other qualified representative in this matter; and that you have the right, at your option and expense, to take testimony, to call and cross-examine witnesses, and to have subpoena and subpoena duces tecum issued on your behalf if a formal hearing is requested. PLEASE BE FURTHER ADVISED that if you do not file an Election of Rights form or some other responsive pleading with the Petitioner within twenty-one (21) days of receipt of this Administrative Complaint, the Petitioner will file with the Florida Real Estate Appraisal Board a motion requesting an informal hearing and entry of an appropriate Final Order which may result in the suspension or revocation of your real estate license or registration. Please see the enclosed Explanation of Rights and Election of Rights form. Bay to Bay Appraisals, Inc. seeeneene INVOICE thtteeree File Number: JM0507132 Thomas Strang Access Mortgage & Financial Corporation 420 South Waverly Road Lansing, Ml 48917 Borrower : Rita McKinney Invoice # : Order Date : July 28, 2005 Reference/Case # : PO Number : 18812 Southwest 113th Avenue Miami, FL 33157 $ $ Invoice Total $ State Sales Tax @ $ Deposit ($ Deposit ($ Amount Due ° $ Terms: Please Make Check Payable To: Bay to Bay Appraisals, Inc. 5004 Mission Square Lane Zephryhills, FL 33541 Fed. 1.D. #: Mi. AG ADMINISTRAT f File NE“IMNGS G7 1320 a an: Bay to Bay Appraisals, inc. rm Bay to Bay Appraisals, Inc. File No. JM0507132 APPRAISAL OF LOCATED AT: 18812 Southwest 113th Avenue . Miami, FL. 33157 — FOR: Access Mortgage & Financial Corporation 420 South Waverly Road Lansing, Mi 48917 BORROWER: Rita McKinney AS OF: July 28, 2005 BY: Tony Collings State-Certified Residential Appraiser # RD-4944 STRATIVE COMDI AINIF Bay to Bay Appraisals, Inc. Bay to Bay Appraisals, Inc. File No. JM0507132 July 28, 2005 Thomas Strang Access Mortgage & Financial Corporation 420 South Waverly Road Lansing, Mt 48917 File Number: JM0507132 Dear Client, In accordance with your request, | have personally inspected and appraised the real property at: 18812 Southwest 113th Avenue Miami, FL 33157 The purpose of this appraisal is to estimate the market vatue of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the estimated market value of the property as of July 28, 2005 is: $102,000 One Hundred Two Thousand Dollars The attached report contains the description, analysis and supportive data for the conclusions, final estimate of value, descriptive photographs, limiting conditions and appropriate certifications. Deny CPt29 Tony Collings State-Certified Residential Appraiser # RD-4944 Bay to Bay Appraisais, Inc. Bay to Bay Appraisals, Inc. INDIVIDUAL CONDOMINIUM UNIT APPRAISAL REPORT Fite no. JM0507132 Property Address 18812 Southwest 113th Avenue * Cay Miami State FL Lp Code 33157 Legal Description QUAIL ROOST VILLAS CONDO NO 2 UNIT 12 UNDICounty Dade Unit. No. 12 fag Assessor's Parcel No. 30-6006-032-0120 Tax Year 2004 RE. Taxes $968.47 Special Assessments $ N/A fre Project Name/Phase No. Quail Roost Villas Map Reference 56/40/06 Census Tract 102.06 Ey Borrower Rita McKinne Current Owner Rita & Larry McKinney Occupant: [Xf Owner _[_] tefani__[_] Vacan 7 Property rights appraised Fee Simple_{_] Leasehold | ‘Monthly Home Owners’ Association Unit Charge $ NIA Sales Price $ Pending Date of Sale Pending Description and $ amount of joan charges/concessions to be paid by sellerNone Known LenderiClient Access Mortgage & Financial Corporation Address 420 South Waverly Road, Lansing, MI 48917. Appraiser Tony Collings Address 5004 Mission Square Lane, Zephyrhills, FL 33541 tain Junensebaton [Trust] Precerarans | sisiefmiyneuses] Preaerine, | peep Built up [X) over 75% 25-15% Under 25% weaiancy $ (000) (ys) | occupancy $ (000) (yrs) Growth rate Rapid X} Stable Slow X] Owner 70% |__N/A Low —_N/A Owner 90 96 Low 24 Property values Increasing [X]} Stable. (_} Dectining Tenant N/A High N/A} [_] Tenant Demand/supply Shortage ee Inbalance Oversuppy | OC) vacant(o-596) Predominant =| [X} vacaniosy) ee Marketing ime _[~] tnder 3mos._[X} 3.6mos._[]oversmes.| [) veantoersm | N/A NIA | | ]veaitersn | 103 24 Present land.use %: One Family 0%, 2-4 Family 5%, Apartments, Condominium ___, Commercial 5%, Indusuial __, Vacant __. Other Land use change: Notley [) tikey {C} im process to Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: The subject property is focated North of Caribbean Boulevard and East of 117th Avenue in Dade County. There are SFR and commercial property located on Caribbean Boulevard, Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.): The subject is a condominium that was constructed in 1981, and is located on a Sq FtLot MOL. The majority of homes in the neighborhood are similar in design, age, and appeal, containing between 900-1,200 Sq. Ft. of living area ‘with 2-3 bedrooms. Appeal to the market is average. There were no observed unfavorable factors affecting marketability noted. ‘Schools, -shopping and employment centers are located nearby. Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time +> Such as data on competitive properties for sale in the project and neighborhood, description of the prevalence of sales and financing concessions, etc.): General market conditions are considered favorable, with rates remaining stable. Normal marketing time is 3-6 months, per MLS. Specific zoning classification and description Condominium Topography Zoning compliance [X) Legal Legal nonconforming (Grandtathered use} [_] alegat [_J no zoning Sie Highest & best use as improved Present use Other use (explain) Density Utilities Public ther Oifsite Improvements Type Pubic Private | view Electricity x Street Asphalt (x) (2) | drainage Gas Curb/gutter + None O } { Apparent easements Ultilities/Average Water x Sidewalk Sidewalk FEMA Special Flood Hazard Area Sanitary sewer [XK Streetligs Lights FEMA Zone AH Map Date 03/02/1994 Storm sewer x Alley None FEMA Map No._ 1206350268) Comments(apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc:): No adverse easements or encroachments noted. Lot similar in same and size to other lots in immediate area. Site maintenance is average. No, of Stories No. of Elevator(s) Mf Project Incomplete: Subject Phase: Total No. of Planned Phases N/A Total No. of Units 75+/- Total No. of Planned Units N/A | Total No.of Units Completed 75+/- Total No. of Units for Sale» N/A. TotalNo. of UnisforSale 5% +/-1 Total No. of Units Sold ~=—N/A_| Total No. of Units Sold 75+/- Total No. of Units Rented N/A Total No. of Units Rented 5%+/- Data Source Owner Data Source Data Source Owner & MLS g Primary Residence |_] Second Home or Recreationat _[_] Row or Townhouse LJ Highrise 4 Condition of the project, quality of construction, unit mix, appeal to market, etc.: The project is in average condition. No functional or external 1 obsolescence observed. ‘Are the heating and cooling for the individual units separately metered? area and market acceptance: N/A Oescsibe common elements and recreational facilities: Common area maintenance, exterior insurance, water, sewer and security. Lives Exterior Walis Block/Sty if Project Completed: N/A__| Roof Surface Shingle _| Total No. of Phases 1 Total No. Parking 2. Total No. of Units 75+/- Ratiofspacesiints) 4:2 Total No. of Units for Sale S%+/- Type Open Total No. of Units Sold = 75+/- 1981-24 Guest Parking 15+/- Total No. of Units Rented S%+/- Yes [_JNo_ tfno, describe and comment on compatiblity to other projects in market ‘Are the common elements completed? [Jes [_JNo Is the Builder/Developer in convl of the Home Owners’ Association? Are any common elements leased ta or by the Home Owners’ Association? a E] Finished area above grade contains: § Rooms; 2 Bedroom(s); 2 Baths): fa] GENERAL DESCRIPTION | HEATING KITCHEN Equip. | AMENITIES INSULATION By Flooe No. 4 Type — Centrat_| Refrigerator {X)- | Fireptace(s) # (2 J none Roof —Cnelid EY No.ofLevels 4 Fuel. —Electric_| Range/oven {XJ | Patio Open Patio i Garage Ceiling Cricid i INTERIOR Materials/Condition Conuition Average | Disposal Balcony No. of Cars walls — Cneld Flooring” Tile/Av, COOLING Dishwasher [X] } deck (_} | open Floor = Cncld Walls Orywall/Avg Central Central | Fanitiood — [X} | Porch Open Porch[X] | _No.ofCars_ 2 None Bath Floor Ceramic/Avg Other None Microwave Fence Chain Link [X) | PakingSpaceNo. N/A} Unknown Bath Wainscol_Ceramic/Avg Condition Average | Washer/Dryer Storage Shed signe Z Condition of the unit, depreciation, repairs needed, quality of construction, remodeting/modernization, additional features (special energy efficient items, etc): Kd The subject property is in average condition. The subject has new tile floors, refrigerator, dryer, kitchen wail tile and interior paint. No functional or externa! obsolescence were noted at the time of the inspection. Adverse environmental conditions (such as, but nol limited to, hazardous wastes, toxic substances, etc.) present in the improvements, an the site, of in the immediate vicinity of the subject property: No adverse environmental conditions wer time of insp Freddie Mac Form 465 10.94 NT: ‘| Fannie Mae Form 1073. 10-94 en RE A ESE PAGE 1 OF 2 potusng ans mena omeee! 1) 6b Bay to Bay Appraisals, Inc. INDIVIDUAL CONDOMINIUM UNIT APPRAISAL REPORT Fite No. JM0507132 Unit Charge $ NIA per mo.x12=$ O per yr. Annuat Assessment charge per yeat/square feet of gross living area = $. Is the project subject to ground rent? ves [X]No ifyes. per year. Utilities included in unit charge: (X) None (teat } Air Conditioning D electricity (icas [_Jwater [_} Sewer Note any fees, other than regutar HOA charges, for use of facilities Compared to other competitive projects of similar quality and design, the subject unit charge appears: Do righ BD typicar J tow To properly maintain the project and provide the services anticipated, the budget appears: Adequate {_} Inadequate (_] Unknown 4 a > 3 ES 4 b 9° w PY fs} Z a Management Group: (_] Home Owners’ Association Developer — [_} Management Agent (Identify} Quality of management and its enforcement of Rules and Regulations based on general appearance of project appears: [XJ Adequate [_] inadequate Speciat or unusual characteristics in the Condominium Documents or other information known to the appraiser that would affect marketability (if none, so state) None. eM I SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address, Unit #, 18812 Southwest | 18802 Southwest 113th Avenue | 18800 Southwest 113th Avenue | 18752 Southwest 113th Avenue and ProjectName__ Quail Roost Villas | Quail Roost Villas Quail Roost Villas Quail Roost Villas Proximity to Subject [jc 0.01 miles N_ 0.03 miles N Sales Price 96,000 = eg 105,000 PricelGross Liv. Area i $ 90.99 Hesse Data and/or Inspection Public Rec & Ext. Inspect. Public Rec & Ext inspect. Public Rec & Ext. Inspect. Verification Sources_| Public Records PR 23368-1764 PR 23368-848 PR 23379-3115 VALUE ADJUSTMENTS. DESCRIPTION + ()$ Adusmert DESCRIPTION | W)sagusinert DESCRIPTION + ()$ Adjustment Sales or Financing 4 $76,800/Conv $87,200/Conv; $84,000/Conv } Concessions Colonial Bk : Colonial Bk : Countrywide Hm 1 Date of Sale/Time € ge 05/13/2005 ‘ 05/13/2005 5 05/17/2005 ‘ Location Subd/Avg_ Subd/Avg i Subd/Avg _ H Subd/Ava i Leasehoidee Simple _| Fee Simple Fee Simpie : Fee Simple : Fee Simple : __| HOA Mo. Assessment NAL N/A: N/A: Common Elements . |Pool,Clubouse |Pool,Clubouse | |Pool,Clubouse : Pool,Clubouse —: and Rec. Facilties {| Gate,C.A.M. Gate,C.A.M. : Gate,C A.M. i Gate,C.A.M. : Project Size/Type Primary Home Primary Home ot Primary Home : Primary Home + Floor Location First First___ t First i First A View Residential Residential : Residential ‘ Residential : Design and Appeat__} Condominium Condominium + Condominium + Condominium _+ Eq Quality of Construction | Block/Avg _- Block/Avg t Block/Avg L Block/Avg Age 1981-24 Years _|1981-24Years + 1981-24 Years! 1981-24 Years: Condition, Average Average ‘ Average ; Average ‘ Z Above Grade Totd__ Germs __Baths_| Tovol_Barms Baths oral fcems Baths Total Bares ' 4 Fq Room Count = 20): 2: 200] 5: 2: 200: 5: 2: 2.00: 2 10! 2 Gross Living Area. 1 1,028 Sq. Fu 999 SqFt 580 1,149 Sq.Fu -2,420 1,154 Sq.Fu -2,520 Basement & Finished | 0 Sqr None : None ! None Rooms Below Grade_| None None : None : None Functionat Utility Average Average. ‘ Average i Average Heating/Cooling CentravAverage |Central/Average + Central/Average ! Central/Average Energy Efficient items | Fans/Average Fans/Average Fans/Average Fans/Average | Car Storage Open: 2 2 Car Driveway: 2 Car Driveway + _ 2 Car Driveway Batcony, Patio, Patio,Porch Porch, Patio i Porch, Patio : Porch, Patio Fireplaces), etc. None None i None H None __- Fence Fence ‘ Fence : Fence Net Adj (total = thd> CJ. s seolC J» XJ]. 3s 2420/( J+ Ix]- is 2,520 Adjusted Sales Price = = ie Gross: 2 296" = 28 of Comparable = [Nats 0. s 96,580 | Neti 2.2% = s 106,580 es 102,480 ‘Comments on Sales Comparison (including the ‘subject property's compatibility to other condominium units in the neighborhood, etc.): _In_artiving at a final value indicator, Sales 1-3 were given consideration, due to their similarity in living area, proximity, and condition. Sales 1-3 are located in the market area and are reliable indicators of the range of value for the immediate neighborhood. ATEM SUBJECT COMPARABLE NO. 7 "COMPARABLE NO. 2 | COMPARABLE NO. 3 Date, Price and Data | No Prior Sales —_] No Prior Sales No Prior. Sales No Prior Sales ‘Source for prior sales | Within 3 Years. Within 1 Year Within 1 Year Within 1 Year within year of appraisal | Per Pub Records {Per Pub Records Per Pub Records Per Pub Records Analysis of any current agreement of sate, option, or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: There were no options, listings or sales of the subject property in the last three years. INDICATED VALUE BY SALES COMPARISON APPROACH ........- cee cence ett e eee e ene teen ees $ 102,000 INDICATED VALUE BY INCOME APPROACH (If Applicable) Estimated Market Rent: $ N/A. IMo. x Gross Rent Multipger NWA =$ NIA INDICATED VALUE BY COST APPROACH (Attach If Applicable) wee S$ N/A This appraisal is made od "as is” ‘i ‘subject to the repairs, akerations, inspections, or conditions listed below subject to completion per plans and specifications. Conditions of Appraisal: Market Data Approach given most weight because of the close location of comps, recent closing dates of comparables and similarity of style of comparables to the subject property. Final Reconciliation: Primary consideration was given to the Sales Comparison Approach. _Considefation was also given to the Cost Approach. The Income Approach is not applicable in this report. ‘The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification. contingent ‘and limiting conditions, and market value definition that are stated in the attached Freddie Mac F orm 439/Fannie Mae Form 1004B (Revised 06/93 ) | (WE) ESTIMATE THE MARKET VALUE; AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF July 28, 2005 (WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ 102,000 i APPRAISE SUPERVISORY APPRAISER ONLY IF REQUIRED): Signature = Signature Dod Coidno Name Tony Collings Name Inspect Property Date Report Signed July 28, 2005 Date Report Signed State Centilication # State-Cert. Residential Appraiser State FL. State Centfication # State Or State License # RD-4944 State FL__Or State ticense # INNSTRATH Cc T Freddie Mac Form 465. 10-94 PAGE 2 OF 2 . vee Fannie Mae Form 1077 10-34" * Proce ting ACH eftwa, BOD 2348722 sn can Com Bay to Bay Appraisals, Inc. ADDENDUM Borrower: Rita McKinney File No: JMQ507132 Property Address: 18812 Southwest 113th Avenue Case No: City: Miami State: FL Zip: 33157 Lender: Access Mortgage & Financial Corporation intended User: This appraisal report, and the contents herein are intended for the exclusive use of the client that is specified in the body of the appraisal report and/or its assigns. This report is specifically not intended for use by the borrower and should not be telied upon by the borrower. Intended Use/ Purpose: The intended use and purpose of the report is to aid the lender/ client in making a lending decision. The purpose of this appraisal report, unless otherwise stated, is to determine the Market Value for the referenced subject property. Development of the Assignment ~ Scope of Work The assignment of this appraisals was accepted to determine market value ~ an opinion of value based on the exposure of the Subject in a competitive and open market under conditions requisite for a fair sale for cash or cash equivalent, typical marketing and exposure time, typically knowledgeable and motivated buyers and sellers. This appraisal report is intended for use only by the client named herein and those associates, institutions, and agencies directly related to the specific intended use herein only. Use of this report by others is not intended by the appraiser. This report is intended for use. only in the acquisition of mortgage financing. A party receiving a copy of this report as a consequence of disclosure requirements applicable to the appraiser’s client does not become an intended user of this report unless the client specifically intended them at the time of the appraisals assignment. The Subject property was legally identified by data gathered from online county public records, and was physically identified by personal on-site inspection. The seller/ borrower was found to be the Jegal owner of records. For the purpose or this appraisal, inspection may include measuring the subject property, anda visual examination of the overall structure. No warranty for structure, site or components is given, nor should it be assumed. This appraisal was developed by gathering information from MLS, county public data sources, and proprietary data sources. Sales that have closed within the past 90 days may not be available in public records. The appraiser makes no warranty as to jot size, dimensions, or specific zoning conformity as accuracy lies within the agency providing the data. Only real property was considered, personal property was not used to determine an opinion of value. The market area characteristics and sales trends were analyzed using the gathered information. Comparable sales were selected by finding recently closed sales that were deemed most similar to the subject. Criteria for this selection process included proximity to the subject, date and conditions.of sale, site size and location, view, quality of construction, condition of the property, total living area, functional utility, and amenities. The sales comparison approach, the replacement cost approach, and the income approach were considered in the formulation of this report. Only those approaches applicable to the subject were used, No departure was invoked for the purposes of developing or reporting this appraisal. This is a summary report of a complete appraisal. All known factors affecting marketability have been considered in the preparation of this report. Highest and Best Use Analysis ~ Real estate is valued in terms of its highest and best use if vacant and available for development to its highest and best use. Highest and best use may be defined as that which is legally permissible and most probable use of the property that will provide the greatest return to the land as of the effective date of the appraisaf.. Highest and best use must meet four criteria; 1. physically possibile; 2. legally permissible; 3. financially feasible; 4. maximally productive. The subject property appears to be legally zoned for its current use. It appears to enjoy a good appeal to the market. The most feasible use of the subject property as of the effective date of the appraisal is its current use as an improved property based on the above defined criteria for determining highest and best use. Extraordinary Assumptions ~ This appraisal was completed under the extraotdinary assumption that; all improvements have been legally permitted and conform to local zoning and code ordinances; that theré are no zoning violations or pending zoning changes that would adversely affect the subject property; the subject is free from encroachment or easement violations, the subject is structurally sound and free of wood-destroying organisms, that no undisclosed or noted deferred maintenance or detrimental condition of structure, site or components exist, that the information gathered from all data sources is reliable and accurate; that no special assessments or tax districts exit that were not disclosed and that the presence of any special tax districts does not affect the subject’s market value and marketability, and, that no additional factors exist that were not apparent or disclosed at the time of the inspection that could affect the appraiser’s opinion of market value. It is further assumed that no unusual environmental hazards or site conditions exist that would be detrimental to the property, the improvements, or the occupants of the structures. Use of Digital Signatures ~ The definition of signature in a signed certification under USPAP is as follows: SIGNATURE ~ personalized evidence indicating authentication of the work performed by the appraiser and the acceptance of the responsibility for content, analysis, and the conclusions in the report. Comment: A signature can be represented by a hand written mark, a digitized image controlled by a personalized identification number, or other media, where the appraiser has sole personalized control of affixing signature. (USPAP , p.4) ‘Addendum Page 1 of 2 TRATIVE COMPLAINT 6 g capmnntna ane hen nA EES. ADDENDUM Borrower: Rita McKinney Fite No. JM0507132 Property Address:_18812 Southwest 113th Avenue Case No.” City: Miami Stale. FL Zip 33157 Lender: Access Mortgage & Financial Corporation Land Value Ratio ~ The Land Value Ratio (LVR) is calculated by dividing the subject’s site value ( see cost approach) by the final market value estimate. LVR’s in excess of 30% are possibly associated with the following conditions: 1. Premium price paid for lot with appealing characteristics such as golf course, preserve, or water views; 2. small residential acreage sites normally associated with ranchette properties, PUD developments and manufactured housing communities; 3. decreasing value of improvements on a site of increasing value; 4. a limited supply of building sites within a market area with an increasing demand for such sites. Legal Description~ FOREST HEIGHTS E 53.9 FT OF N 1/2 OF LOT 16 LESS E 4 FT FOR RD RW TR 3G ADMINISTRATIVE COMBLAIN]] Addendum Pagé 2 of 2 File No. JMO507 132 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under ail conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as.of a specified date and the passing of title from seller to’buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or weil advised, and each acting in whal he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4} payment is made in terms of cash in U.S. doilars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions’ granted by anyone associated with the sale. “Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or jaw in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by compajisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the Appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised ‘on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc. ) observed during the inspection of the subject property or that he or she became aware of during the normal fesearch involved in performing the appraisal. Unless othenwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic ; substances, etc. ) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished-by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, fepairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the fender/client specified in the appraisal-report can-distribute the appraisal report {including conclusions about the property value, the appraiser's identity and professionat designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated ) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be cofveyed by anyone to the public through advertising, public relations, news, sales, or other media. ADMINISTRATIVE COMPLAINT. i Fannie Mae Form 1004B 6-93 Tex awabamanamanvovso se ronan ee Freddie Mac Form 439 6-93 Page 1 of 2 Ex Loic 70 File No. JM0507132 APPRAISERS CERTIFICATION: _ The Appraiser certifies and agrees that: 1. Thave researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a doliar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a Significant item in a comparable property is superior to , or more favorable than, the subject property, | have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or tess favorable than the subject property, have made a positive adjustment to increase the adjusted sales price of the comparable. 2. have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. 1 have not knowingly withheld any significant information from the appraisal report and | believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct: 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions; which are subject only to the contingent and limiting conditions specified in this form. 4. [have no present or prospective interest in the property that is the subject to this report, and | have no present or prospective personal interest or bias with respect to the participants in the transaction. | did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject.property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. [have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. | was not required to report a predetermined value or direction in value that favors the cause of the client or any related party. the amount of the value estimate, the attainment of a specific result, or the occurrence of a-subsequent event in order to receive my compensation and/or employment for performing the appraisal. | did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. ° 7. | performed this appraisa’ in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. t acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate 1 developed is consistent with the marketing time noted in the neighborhood section of this report, unless | have otherwise stated in the reconciliation section. 8. i have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. I further certify that | have noted any apparent or known adverse conditions in the subject improvements, on the Subject site, or on any site within the immediate vicinity of the subject property of which | am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that | had market evidence to support them. | have aiso commented about the effect of the adverse conditions on the marketability of the subject property. 9. | personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If | relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisat report, | have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal feport. | certify that any individual so named is qualified to perform the tasks. 1 have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, | will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: — ff'a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: | directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 18812 Southwest 113th Avenue, Miami, FL_33157 APPRAISER: SUPERVISORY APPRAISER (only if required) Signature: Qn B2o9 Signature: Name: Tony Collings Name: Date Signed: July 28, 2005 Date Signed: State Certification #: State-Cert. Residential Appraiser State Certification #: of State License #: RD-4944 oF State License #: State: FL State: : Expiration Date of Certification or License: 11/30/06 Expiration Date of Certification or License: OMPI + Lannie. Mae Form 10048 6:93. — Z / IRE FUE. C108 RRP COHE eo State-Certified Residential Appraiser # RD-4944 Freddie Mac Form 439 6-93 Page 2 of 2 SUBJECT PROPERTY PHOTO ADDENDUM Borrower: Rita McKinney File No.:_ JM0507132 Property Address: 18812 Southwest 113th Avenue Case No.: City: Miami State: FL. Zip: 33157 Lender: Access Mortgage & Financial Corporation = FRONT VIEW OF SUBJECT PROPERTY Appraised Date: July 28, 2005 Appraised Value: $ 102,000 REAR VIEW OF SUBJECT PROPERTY STREET SCENE ADMIN OTR ATIE COMPLAINT, 10 Borrower: Rita McKinney File No.:_JMO507132 Property Address: 18812 Southwest 113th Avenue Case No.: City: Miami State: FL Zip: 33157 Lender: Access Mortgage & Financial Corporation i Subject: Living Room Subject: Kitchen Comments: Comments: Subject: Bathroom Subject: Bedroom Comments: Comments: COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: Rita McKinney File No.:_.JM0507132 Property Address: 18812 Southwest 113th Avenue Case No.: City: Miami State: FL Zip; 33157 Lender: Access Mortgage & Financial Corporation COMPARABLE SALE #1 418802 Southwest 113th Avenue #10 Quail Roost Villas Sale Date: 05/13/2005 Sale Price: $ 96,000 COMPARABLE SALE #2 48800 Southwest 113th Avenue #9 Quail Roost Villas Sale Date: 05/13/2005 Sale Price: $ 109,000 COMPARABLE SALE #3 18752 Southwest 113th Avenue #8 Quail Roost Villas Sale Date: 05/17/2005 Sale Price: $ 105,000 FLOORPLAN Borrower: Rita McKinney File No.:_JM0507132 Property Address: 18812 Southwest 113th Avenue Case No.: City: Miami : State: FL, Zip: 33157 Lender: Access Mortgage & Financial Corporation 16.0" Master Bedroom Living Room Master Bath Kitchen Dining Room Skah by Apa Comments: GLAL First Ploor 1028.00 1028.00 First Floor 7.0 x 44.0 308.00 5.0 x 41.0 205,00 4.0 x 38.0 152.00 11.00 x 33.0 363.00 TOTAL LIVABLE ~ (rounded) 1028 4 Calculations Total (rounded) 1028 LOCATION MAP Borrower: Rita McKinney File No. _JM0507132 Property Address: 18812 Southwest 113th Avenue Case No.: City: Miami State: FL Zip: 33157 Lender: Access Mortgage & Financial Corporation a area ham Rye aae Fah beer 1 (0.03 rile Hy wai Sant Ge eth Ave 89 a a 0 foley A)” Chal Reet Man Road Eh ‘Gees ein ro dpnea gi Bay to Bay Appraisals, Inc. Bay to Bay Appraisals, Inc. File No. JMOS07 132 shuly 28, 2005 Thomas Stiang Access Mortgage & Financial Corporation 420 South Waverly Road Lansing, Mt 48917 File Number: JM0507132 Dear Client, In accordance with your request, | have personally inspected and appraised the real property al: 18812 Southwest 113th Avenue: Miami, FL 33157 The purpose of this appraisal is to develop an opinion of the market value of the subject properly, as improved. The property rights appraised are the fee simple interest in the site and improvements In my opinion, the estimated markel value of the property as of July 28, 2005 is $102,000 One Hundred Two Thousand Dollars The atfached reporl contains the description, analysis and supportive data for the conclusions, . final estimate of value, descriptive photographs, limiting conditions and appropriate certifications Hr Joshi Hubbard State-Cerlihed Residential Appraiser # RD-4683 EXHIBIT__7 2 cone unten ve enerncrummmeB GE ¥Z_ ON a Bae ———— Bay to Bay Appraisals, Inc. INDIVIDUAL CONDOMINIUM UNIT APPRAISAL REPORT Fite No. JM0507132 Properly Addvess 18812 Southwest 113th Avenue StateFL ZipCode 33157 _ ____Unit No. ‘ax Year 2004 RE Taxes$968.47 Special Assessments S WA ap Reference 56/40/06 Cen; 102 cKinney Occupant (Xt Owner] Tenant Monthly Home Owners’ Associ Charge $ _ __ Description ‘and $ amount of loan chargesfooncessions to be paid by seller None Known N_ Address 420 South Waverly Road, Lansing, Ml 48917 Addess 5004 Mission Square Lane, Zephyrhills, FL_33541 taaent Property rights appraised |X] Fee Simple [| Leasehotd $ Pendin, Date-of Sate Pending ‘Appraiser Joshua Hubbard. Location { J usban Suburban {_} Rurat Predominant Single family housing | Predominant Ggadominium housing But up (XJ over75% =f J25-75% Funder 25% occupancy. 5 (000) (ys) | occupancy $ (060) (ys) Growmrate |) Rapid {x} stale] stow (X} Owner 70% |__ NVA tow __ N/A} 'X] Owner 90 96 Low 24 Property values (“J inceasing {XJ Stable —_] Dealining | (J Tenant NA High NIA] ‘_J}tenant5 [109 High 24 BE Demandisupply {| Shortage Ke Jinbakwee E] oversupply | 6X] vacanno'sx) [Predominant |X} Vacantosy [Predominant _ BA Marketing time {| Under 3 mx Over 6 mas, J vacanoves 5%) NA NIA 1] wocarqover 5%) 103 24 Present land use %. One Famly 70% , 2-4 Family 5%. Apartments. Condominium . Commercial 25%. Industrial. Vacant. Other Land use change {X] Not likely C] tkely {7} in process to Note: Race ang the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and chuvacteristies: The subject property is located North of Caribbean Boulevard County, There are SER and commercial property !o nr Caribbean Boulevard. — Factors that affect the maiketabilily of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal'to markel, etc.) The subject is a condominium that was constructed in 1981, and is located on a SqFt Lot MOL. The majority of homes in the : [neighborhood are similar in design, age, and appeal, containing between 900-1,200 Sq. Ft. of living area with 2-3 bedrooms. Appeal to t jarkel is average. There were no observed unfavorable factors affecting marketability noted. Schools, shopping and employment id East of 117th Avenue in Dade NEIGHBORHOOD [Markel conditions in the subject neighborhood (nk ng support (or the above conclusions related to the lrend of properly values, demandisupply, and marketing time - Such as data on competitive properties tor sale in the project and neighborhood, description of the prevalence of sales and financing concessions, etc.) a General markel conditions are considered favorable, with rates remaining stable. Normal marketing time is 3-6 months, per MLS. Specific zoning classification and description Condominium Topography Level Zoning compiance- (X] Legal _{— } Legal nonconforming (Grandiathered use) [_] tlega {| ] No zoning Size Typicat for area J Highest & best use as improved _[X] Present use _[_] Other use (explain) : Density Adequate Utilities Public Other Off-site Improvements Type Public Private | View Residentia} Electricity Street Asphalt : Drainage Appears adequate a [my Gas Cwhigutter Apparent easements Ulilities/Average. Eg water Sidewalk [x] [_)_| FEMA Speciat Flood Hazard Area bay Yes No Sanitary sewer Street lights (X} {_} | FeMAZone AH Map Date 03/02/1994 _ | Storm sewer | Alley |_| FEMA Map No. 1206350268) J easements or encroachments noted. Lot similar in same and size to other lots in immediate area. Site maintenance is average. Comments(apparenl adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use. etc): No adverse ‘| No. of Stories No. of Elevator(s) ExistingiProposed _| Exterior Walls Block/St | if Project Completed: It Project incomplete: Subject Phase: Root Surface. Tolat No. of Phases 4 ‘Total No. of Planned Phases N/A. Total No. of Units 75+. Total No. Parking ____| Total No_ of Units: 75+1- Tolal No. of Planned Units N/A TotatNo. of Units Completed 75+/- fa It conversion, orig. use N/ Ratic(spacestunits) _| Totat No. of Units for Sale S%+/- | Total No. of Units for Sale N/A ‘TotatNo. of Units for Sale = S%+/- frq Dale of Conversion Type Yotat No. of Units Sod 75+/- | Total No. of Units Sok = N/A_| Totat No. of Units Sold» 754/- Fil Age (Yrs.) Guest Parking Total No: of Units Rented 5%+/- | Total No. of Units Rented N/A Total No. of Units Rented 5%+/- Fa Effective Age(Yrs. 2 _ _ [Data Source Owner Data Source Data Source Owner & MLS. pe arate hy wi Chvignise “TJ FFq Project Type: [XJ Primary Residence Second Home or Recreational {_} Rowor Townhouse (XJ Garden Ux} micvise vig F3 Condition of the project, quality of construction, unit mix, appeal fo market, elc.. The project is in average condition. No functional or external fr} obsolescence observed. __ a . PY Ave the heating and cooling for the individdal units separately metered? [x] Yes (_] No tno, describe and comment on compatibility to other projects in market g atea and market acceptance: NWA Describe common elements and recreational facilities. Common area maintenance, exterior insurance, water, sewer and security. | Are the common elements completed? (Yes [| No. is the Builder/Developer in contiol of the Home Owners’ Association? Cves BF Ave any common elements leased to oF by the Home Owners’ Association? C]yes _ [] No __ityes, attach addendum describing rental terms and options. ROOMS | Foyer | Living | Oining _|__ Kitchen _ | Family Rm. | Rec. Rm. | Bedrooms | A Baths | Laundry | Other Area Sq.Ft Basement) _ i) Level 1 2 2 4,028 2 —— 7 fo. 0. I 0 Finished area above grade conigins: 5 Rooms; “2 Bedrooms), 2 Bah 1,028 Square Feet of Gross Living Area For Unit GENERAL DESCRIPTION HEATING KITCHEN EQUIP. AMENITIES | CAR STORAGE INSULATION Floot No. 1 Type Central | Retrigerator (X] | Faepiaon(sy# C) Fxene Roof Cncid No.oflevels 1 Fuel Electric | Rangetoven (X] | Patio Open Patio {XJ | Garage Ceiing — Cneld INTERIOR MaterialsiCondition —_|_Condiion Average | Disposal Balcony No. of Cars _| wats Cneld Flooring TilefAvg | COOLING Dishwasher {XJ | Deck (_] | open Ox] | For = Creld Walls Drywall/Avg _ Centrat- Central_| Faniiood rat Porch Open Porc! {X) |_No.ofCars__2 None Bath Floor CeramiciAvg. | Other = None. _| Microwave Fence Chain Link [X} | Parking Space No NJA__| Unknown Bath Wainscot__ CeramiciAvg Condition Average | WasherDryer [x] | Storage Shed XX] | AssignedOwned NéA Condition of the unit, deprecialion, repairs needed!, qually of consiruetion, remodeling!modernization, additional features (special energy efficient items, etc ): | The subject property is in average condition. The subject has new tile floors, selvgeraier, aye er, ait wall tile interior paint_ No [functional or external obsolescence were noted at the time ofthe huisbegt6a-7 RATIVE atare) MELA ay Adverse envisonmental conditions (such as, but not limited to, hazardous wastes. toxic substances. wie.) present in the improvements, on the site, of in 1b immediate vicinity of the subject propesty: No adverse environmental gonditipns were mai apparent or made known to the appraisegat the time of inspection. ee Freddie Mac Form 465 10-94 AGE 1,GF 2 wi Fannie Mae Form 1073 10-94 vrosnea ht ——— ae COMMENTS ° Bay to Bay Appraisals, Inc. INDIVIDUAL CONDOMINIUM UNIT APPRAISAL REPORT Fite no. JM0507132 per mo x12=§ 0 perye. Annual Assessment charge per yearfsquare feet of gross living area = $ 0.00 gd is the project subject lo ground rent? (lves Ox]No tyes. $ per year Uiiities included in unil charge {X]None — (_}Heat FJ airConditoning (J lecticty «= (J Gas (TJ water] Sewer Note any fees. other than regular HOA charges. for use of facilities Compared to other competitive projects of similar quality anxt design. the subject unit charge appears. © CF righ SJ aypicat Tt m4 To properly mainlain the yvoject and provide the sarvices anticipated. the budget aopears: DK] Adequate {inadequate (_] Unknown Management Group: {_} Home Owners’ Association [=] Developer [] Management Agent (Identify; Quality of management sid its enforcement of Roles and Regulations based on general appearance of project appears EK ad Special or unustal characieristics in the Condonnnium Documents or other information known to the appraiser that woud affect markelabiliy (if none, so state) None. RM Unit Charge § Ni __tieM T___suaect COMPARABLE NO.1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address, Unit #, 18812 Southwest | 18802 Southwest 113th Avenue | 18800 Southwest 113th Avenue | 18752 Southwest 113th Avenue and Project Name Quail Roost Villas | Quail Roost Villas | Quail Roost Villas Quail Roost Villas _ inity tc 0.01 miles N 0.03 miles N . SalesPice |S. Pending} - 96,000 3 109,000 5 405,000 ls i 96.10 $ 94.87 0 ___|s 90.99 a _ Inspection I Public Rec & Ext Inspect. Public Rec & Ext. Inspect. Public Rec & Ext. Inspect. Public Records [PR 23368-1764. _ PR; [a _. DESCRIPTION DESCRIPTION fs 4i$ Aaguament_ DFSCRIPTION TS Asin None Recorded | $76,800/Conv $87,200/Conv “| §84,000/Conv _| Colonial Bk Colonial Bk Countrywide Hm 05/13/2005 it 05/17/2005 s SubdiAvg jSubd/Avg |Subd/Avg __[Fee Simple Fee Simple Fee Simple : a LNA —- NIA. _- Poot,Clubouse Pool,Clubouse Gate,C.A.M. ___{GateCAM _! Primary Home _ Primary Home __ _ First First ‘ .. _|Residential Residential a mini Condominium Condominium J Block/Avg Block/Avg : Block/Avg : 1981-24 Years 1981-24 Years * 1981-24 Years Average i Average A | rota Bons Toll Bim Bas 20, 5: 2: 5:2: 5: 2: 200° Gross tivingArea | 1 "028 Sq.Ft 580 1,149 Sq.Ft -2,420 1,154 SgFU -2,520 Basement & Finished | Sq Ft. None : None : | Rooms Below Grade_|None None i . None __. | Functional utiity | Average Average : _ Average _. __ HealingiCooling._-_| Central/Average _ Central/Average + Central/Average _: ergy Efficient Items |Fans/Average | Fans/Average Fans/Average | Car St 5 2 Car Driveway | 2 Car Driveway J Balcony. Patio, Porch, Patio : Porch, Patio : | Fireplaces). ele None : _ None : Fence : Fence A xe sso/ |. ix]: 2,a20[{ [+ Ix] 5 2,520 Adjusted sale Price Gross: 0.6% Gross: 2.2% Gross: 2.4% of Comparable Net 0.6% $ 96,580 [Net -2.2% $106,580 Net 2.4% - $102,480 Comments on Sales Comparison (including t the suibject property's compatibility to other condominium units in the neighborhood, etc. }. _In arriving at a final value indicator, Sales 1-3 were given consideration, due to their similarity in living area, proximity, and condition. Sales 1-3 are located in the liable indicators of the range of value for the immediate neighborhood. EM T MPA COMPARABLE NO. 2 COMPARABLE NO.'3 Date, Price and Data [No Prior Sales [No Prior Sales _ No Prior Sales. No Prior Sales ‘Source for prior sales. | Within 3 Years Within 1 Year Within 1 Year Within 1 Year vvithin year of appraisal | Per Pub Records |Per Pub Records Per Pub-Records _|Per Pub Records ‘Analysis of any current agreement of sale, option, or Fisting ofthe subject property and analysis of any pfcr sles of subject and comparables within one year ofthe dae of appratal. ‘There were no options, listings or sales of the subject property in the last three years. INDICATED VALUE BY SALES COMPARISON APPROACH |... . eee eens $ 102,000 INDICATED VALUE BY INCOME APPROACH (if Applicable) Estimated Markel Rent $ N/A MMo, x Gross Rent Multiplier NIA =$ NIA s NIA INDICATED VALUE BY COST APPROACH (Atlach If Applicable) cee wee This appraisal is made (X] “asis* [__] subject to the repaés, alterations, inspections, ‘or conditions bsted below {CJ subject to compietion per plans and specifications. Conditions of Appraisal. Market Data Approach given most weight because of the close location of comps, recent closing dates of | comparables and similarity of style of comparables to the subject property. Final Reconciliation: Primary consideration was given to the Sales Comparison Approach. Consideration was also given to the Cost Approach. The Income Approach is not applicable in this report The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the cerliication, contingent and limiting conditions, and markel value definition that are stated in the attached Freddie Mac Form 439/Fannie Mae Form 1004B (Revised 06/93 d 1 (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF July 28, 2005 (WHICH 1S THE Dgffe o] See u CTADN AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ 102,000 APPRAISER: Hi, SUPERVISORY APPRAISER (ONLY IF REQUIRED): Signatwe _ — Coie Coit nor ALR ES 7 PRATTIVE @r IMP A PAY Trvspent Property fe sg Dale Rene Sared State State Certi i raiser e Ste Stdrbichiiicatod a _s Or State License # RD-4683 State FL Qr State License # # Staleg Freddie Mac Form 465. 10-94 pabda bee Fannie Mae Form 1073 10-94 Biotest AE eae, 80794 TDI Bay to Bay Appraisais, Inc. er ADDENDUM Borrower, Rita McKinney Property Address 18812 Southwest 113th Avenue City: Miami . State FL. Lender: Access Mortgage & Financial Corporation Inferided User {his appraisal report, and the contents herein are intended for the exclusive use of the client that is specified in the body of the appraisal reportandéor its assigns. ‘This report is speeificaily not intended for use by the borrawer and should not be relicd upoa by the borrower, intended Use/ Purpos: the intended use and purpose of the report is to aid the lenderé client in making a lending decision. ‘The purpose of this appraisal report. unless otherwise stated. is to determine the Market Value for ihe referenced subject property, Development of the Assignment ~ Scape of Wark The assi of this appraisals was accep Subject ina competitive and open market under conditions requi markelin Ket value an opinion af v te For a fair sale tor sed onthe expesure ef the ‘ash or cash equivalent. typical and exposure time, typically knowledgeable and motivated buyers and sellers. “This appraisal report is intended for use only by the client named herein and thse associates, institutions, and agencies directly related to.the specific intended use herein only, Use of this report by others is not intended by the appraiser. This report is intended for use only in equisition of mortgage Ginancing. A party receiving a copy of this report as a consequence of disclosure requirements able to the appraiser's client does not become an intended user of this report untess the clieut specifically imtended them at the time of the appr isals assignment. The Subject property was legally identified by data gathered fram ontine county public records, and was physically identilied by personal on legal ewner of records. For the purpose or this appraisal, inspection may inciude measuring the subject property. and a visual examination of the overall structure, No warranty for structure. site or components is given, nor should if be assumed. Phis appraisal was developed by gathering information from MLS, county public data sources, and proprietary data sources. may not be available in public records. ‘The appraiser makes no warranty as to providing the data. Only reat proper ite inspection. The setleré borrower was found to be the Sales that have closed within the past 90'day lot size, dimensions, or specific zoning conformity as accuracy li 's within the agen The market area characteristics and sales was considered. personal property was not used to determine an opinion of value trends were analyzed using the gathered information, Comparable sales were selected by findin: fes that were deemed most similar to the subject. Criteria lor this selection process included proximity to the subject, date and conditions of sale, site size and location, view. quality of construction, condition of the property. total living area, functionat utility, and amenities. The sales comparison approach, the replacement cost approach, and the income approach were considered in the formulation of this report, Only those approaches applicable to the subject were used. No departure was invoked for the purposes. of developing or reporting this appraisal. ‘This is ry report of a complete appraisal. All known £ marketability have been considered in the preparation of this repart. recently closed sa a summar actors allectia Highest and Best Use Analysis ~ Real estate is valued in terms of its highest and best use if vacant and available for development to its highest and best use. Highest and best use may be defined as that which is legally permissible and most probable use of the property that will provide the greatest return to the land as of the effective date of the appraisal. Highest and best use must meet four eriterta: vsically possibh to be legally zoned for its current usc. It appears to enjoy a good appeal to the market. “Phe most fea property as of the effective date of the appraisal is its current use as an improved property based on the above defined criteria for determining highest and best use: 2. levally permissible: 3. financially feasible: 4. maximally productive. ‘The subject property appears sible use of the subject Extraordinary Assumptions ~ ally permitted and This appraisal was completed under the extraordinary assumption that: all improvements have been le: are no zoning violations or pending zoning changes that would conform to local zoning and code ordinances: that ther #Vevt the subject property: the subject is free from encroachment or easement violations, the subject is structurally organisms, that no undisclosed or noted deferred maintenance or detrimental condition of thai the information gathered from all data sources ts reliable and accurate: that no special adversely sound and free of wood-destroyin SiUCHiFe. Site OF COMpONeENts exis assessments oF tax districts exit that were not disclosed and that the presence of any special tax districts does not affect the subject's market value and marketability, and. that no additional factors exist that were not apparent or disclosed at the ime of the inspection that could afleet the appraiser's opinion of market value. His further assumed that no unusual environmental hazards or'sile conditions exist that would be detrimental to the property. the improvements, or the occupants: of the structures. Use of Digital Signatures ~ ized evidence The definition of signature ina signed certification uncer USPAP is as follows: SIGNATURE: - persona indicating authentication of the work performed by the appraiser and the acceptance of the responsibility for content, amalysis, and the conclusions in the report. Comment: A signature can be represented by a hand written mark, @ digitized image controlled by a personalized identification number. or other media. where the appraiser has sole personalized control of affixing signature. (USPAP . pay TRATIVE C OMPLAINT. ADDENDUM rower, Rita McKinney __ oe ___ Fite No. JM0507132_ erty Address City: Miami . - Lender: Access Mortgage & Financial Corporation Zip 33187 Land Value Ratio ~ ‘The Land Value Ratie WR) is calcuttted by dividing the subject's site value ( see cost approach) by the final market value estimate. LVRS in excess of 30% are possibly associated with the faHowing condition: 1. Premium price paid for lot with appealing characteristics such as golf course. preserve. or water views:2. small residential acreage siles normally assoc with ranchette. properties, PUD developments and manufactured housing communities ed 3. decreasing value af improvements on a sile of ingreasing value: 4. 3 Himited supply of building sites within a market area with an increasing demand for such tle, TRI COMPLAINT ie a ~ - pr eran oan eae ees aro cee Addendum Page 2 of 2 File No. JMO0507132 DEFINITION OF MARKET VALUE: — The most probable price which a properly shoutd bring in a compelitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated: (2) both parties are well informed or well advised, and each acting in whal he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in US. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative-financing or sales concessions" granted by anyone associated with the sale. ‘Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area: these costs are readily identifiable since the seller pays these costs in virtually all safes transactions, Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the properly or transaction. Any adjustment shoutd not be calculated on a mechanicai dolar for dollar cost of the financing or concession but the dollar amount of any adjustment shoutd approximate the market's reaction to the financing or concessions based on the Appraiser's judgment STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: — The appraiser's certification that appears in the appraisal report is subject to the following conditions 7 The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the titfe to it The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised ‘on the basis of it being under responsible ownership. 2. The appraiser has. provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified.Specia! Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determitation 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. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value, These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous “wastes, toxic substances, etc. ) observed during the inspection of the subject praperty or that he or she became aware of during the normal tesearch involved i performing the appraisal. Uniess otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden of unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc. ) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that mighl be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report mus! not be considered as an environmental assessment of the property 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be retiable and believes them to be true and correct. The appraiser does not assume tesponsibilily for the accuracy of such items that were furnished by other parties, 8. The appraiser will not disciose ihe contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, of alterations on the assumption that completion of the improvements will be performed ina workmanlike manner. 1G. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identily and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated ) to anyone other than the borrower, the mortgagee or its successors and assigns: the marlgage insurer: consultants: professional appraisal organizations; any state or federally approved financial institution; or any department. agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) withoul having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through at pile selon, nous sales, BS ERE nner es wow ecannie Mar Fogm.10042.6-93 FPage:t.of 2. Freddie Mac Form 439 6-93 Fite No. JMOQ507132 APPRAISERS CERTIFICATION: _ The Appraiser certifies and agrees that 1. Thave researched the subject market area and have selected a minimum of three recent sates of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable properly is superior to , or more favorable than. the subject property, { have made a negative adjustinent io reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or fess favorable than the subject property, 1 have made a positive adjustment to increase the adjusted sales price of the comparable. 2. Ihave taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report, | have not knowingly withheld any significant information from the appraisal report and | believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. {stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. Jhave no present or prospective interest in the property that is the subject to this report, and | have no present or prospective personal interest or bias with respect to the participants in the transaction. 1 did not base, either partially or completely, my analysis and/or the estimate of marke! value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property 5. [have no present of contemplated future interest in the subject property, and neither my current or future émployment nor my Compensation for performing this appraisal is contingent on the appraised vaiue of the property. 6. 1 was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. | did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. (performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. | acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate | developed is consistent with the marketing time noted in the neighborhood section of this report, unless | have otherwise stated in the reconciliation section. 8. | have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. | further certify that f havé noted any apparent or known adverse conditions in the subject improvements, on the subject.sile, or on any site within the immediate vicinity of the subject property of which | am aware and have made adjustments for these adverse conditions in my analysis of the properly value to the extent that | had marke evidence to support them. | have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. | petsonally prepared all conchisions and opinions about the real estate that were set forth in the appraisal report. If | relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, Fhave named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. | certify that any individual so named is qualified to perform the tasks. | have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, | will fake no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: — Ifa supervisory appraiser signed the appraisal report, he or she certifies and agrees that: | directly supervise the’appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibitity for the appraisal and the appraisal report ADDRESS OF PROPERTY APPRAISED: 18812 Southwest 113th Avenue, Miami, FL 33157 _ APPRAISER: SUPERVISORY APPRAISER (only if required) Signature - Signature: _ Name: J whoa . . Name: __ Date Signed: July 28, 2005 a Date Signed: State Certification #. State-Cert. Residential Appraiser State Certification #: or State License #: RD-4683 an or State License # State: FL ee State POMeLAINT — Furs Expiration Date of Certification ‘or License 11/30/06, —nb Bake ou { Cetlifigation ort icefise: State-Certified Residentia! Appraiser # RD-4683 . “ a Freddie Mac Forin 439 6.93 Page 2 of 2 + Fannie Mae Form 10048 6~ 93 SUBJECT PROPERTY PHOTO ADDENDUM Borrower: Rita McKinney . . ne ee File No: .1M0507132 Properly Address: 18812 Southwesi 17SIh Avenue City: Miami Case No. ancial Corporal FRONT VIEW OF SUBJECT PROPERTY Appraised Date: July 28, 2005 Appraised Value: § 102,000 REAR VIEW OF SUBJECT PROPERTY STREET SCENE IMOSO7132 Subject: Living Room Subject: Kitchen. Comments: Comments Subject: Bathroom _ Subject: Bedroom Comments: Comments. COMPARABLE PROPERTY PHOTO ADDENDUM Borrower. Rita McKinney. Prope erly Address: 18812 Southwest 113th Avenue COMPARABLE SALE #1 18802 Southwest 113th Avenue #10 Quail Roost Villas Sale Date: 05/13/2005 Sale Price: $ 96,000 COMPARABLE SALE #2 18800 Southwest 113th Avenue #9 Quail Roost Villas Sale Date: 05/13/2005 Sale Price: $ 109,000 COMPARABLE SALE #3 18752 Southwest 113th Avenue #8 Quail Roost Villas Sale Date: 05/17/2005 Sale Price: $ 105.000 FLOORPLAN Lender: Access Mortgage & Financial Corporation Master Bedroom | Living Room Master Bath 410 Kitchen Dining Room Bedroom soon 7 oe _ Comments: AREA CALCULATIONS SUMMARY LIVING AREA BREAKDOWN Code Description __. ___ Size Net Totals Breakdown Subtotals Lal Firat Floor 1028 09 1028.00 First Floor : nox 80 308.00 5.0 x 41.0 205.00 4.0 x 39.0 152.00 io «33.0 363.00 TOTAL LIVABLE (rounded) 1028 4 Calculations Total (rounded) 1028 TT eye TRATIVE COMPLAINY LOCATION MAP Borrower: Rita MEKINGY san ene Properly Address: 18812 Soulhwest 113th Avenue . City Miami Oe oe See ; Lender: Access Mortgage & Financial Corporation 4 ay Bay to Bay Appraisals, inc. OF7207 ZUU9 ADIZZ FAA SLTIZTSSUL 1002 ACCESS MORTGAGE Request for Appraisal ER aoe eRe a 1. To (Namo and addrass of appraisory 2. From (Name and address} Rha ¢ Strang IH Bay To Bay Mortgage & Financial Corporation 420 South Waverly Road Lan Mi 48917 (P) 813-779-4066 / (F) 813-779-4144 (P) 517-327-8800 / (F) 517-327-8801 {E-Mal}} Nicole@ baytobayappraisals.com 3. Signature of Leader 4. Tite Date Guedes OOO™—~—SSNSCStst‘:;! Lo 07/28/2005 7. Name and address ofapphcant RECEIVED Pita McKinney 18812 SW 113th Ave OCT 69 2006 Miamt, FL 33157 (HK) 305-235-2118 DRE REGION 3 Jacksonville Sey aa MB Sin oO ©. Occupancy Statue 10. Type of Loan 11. Lien Position 12. Loan Purpose Primary Residence [¥] conventional [¥] First Mortgage [_]eurchase ‘Second Home FHA LJsecons mortgage Cash-Out Refi Investment Property vA : No Cash-Out Refi [_]usoA mural Housing Service No.of Units 1 $ . 14, Estimated Value: $ 100,000 15. Loan Amount: $ 75,000.00 * ye912 SW 113th Ave Miami, FL33157 County: Miambdade 17. Legal Description 18. Escrow Company: 79. Tite Company: 20, Listing Agent a “Sain ‘Agent -fRark il: Hl FT ACH ETSI EAN rant aE 22. Que Date = 09/02/2006 23. Typo of Appraisal: [¥]intartor / Extarior (Ful) [—] Exterior Only 24. Contact for entry, if not same as borowar: 25, Comments Ord 225 0V Calyx Form reqap.frm 5/03 AMET RAT a an oP om EXHIBIT., 7-8 PAGE SF a MOY A we Hand, Gail From: Tony Collings [EncoreAppraisals@Verizon.net] Sent: Monday, October 30,.2006 1:13 PM To: Hand, Gail Subject: RE: Case# 2006055653 Tony Lee Collings Gail, Regarding the allegations on this complaint: When | worked for Joshua Hubbard as a Trainee, he asked me to sign a piece of paper so that he would have my signature on file. Tony Collings State-Certified Residential Appraiser RD4944 The information contained in this email is confidential and private and is intended only for the use of the individual or entity to whom it is addressed. The information may be privileged. proprietary and exempt from disclosure under applicable federal. state. or other law. The information contained herein may alse be protected by the Electronic Communications Privacy Act, 18 U.S.C. §§ 2510-2521. Any recipient of this transmission. other than the intended recipient is hereby notified not to disclose. distribute. or copy this email or to take or refrain from ta any action in reliance on this email. ‘Any dissemination of this communication is strictly prohibited. If vou have received this in error please notify the sender at Encore Appraisals Verizon.net and immediately delete from your system. EXHIBIT._2 PAGE__4/ 10/30/2006 Bay to Bay Appraisals, Inc. APPRAISAL OF File No. KOS08 107, LOCATED AT: 10501 Grayslake Court Tampa, FL. 33626 FOR: Ace Mortgage Funding, Inc. 3031 North Rocky Pointe Drive West Tampa. FL. 33607 BORROWER: David Burrows & Jennifer Adams AS OF: August 1, 2005 BY’ Kevin Kenneally Registered Trainee Appraiser # RI-13574 Bay to Bay Appraisals, Inc. Fite No_ KOSO08107 August 1. 2005 Rob Rosairo Ace Mortgage Funding, Inc. 3031 North Rocky Pointe Drive West Tampa, FL 33607 File Number: K0508107 Dear Client, In accordance with your request, | have personally inspected and appraised the real property at 10501 Grayslake Court Tampa, FL 33626 The purpose of this appraisal is to estimate the market value of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements In my opinion, the estimated market value of tre oroperty as of August 1, 2005 is: $275,000 Two Hundred Seventy-Five Thousand Dollars The attached report contains the description, analysis and supportive data for the conclusions, final estimate of value, descriptive photographs, limiting conditions and appropriate certifications. Vd? ° . a a Kevin Kenneally _. Registered Trainee Appraiser # RI-13574 Bay to Gay Appraisals. hi PAGE _. UF Bay to Bay Appraisals, inc. Property Description UNIFORM RESIDENTIAL APPRAISAL REPORT File No. KO508107 Property Address_ 10501 Grayslake Court City Tampa State Fl. ZipCode 33626 Legal Description WESTCHASE SECTION 217 LOT 44 TR6C County Hillsborough Assessor's Parcel No_ 00404 1-5388 Tax Year 2004 RE Taxes$ 3,920.75 Special Assessments $ N/A Borrower David Burrows & Jennifer Adams Curent Owner David Burrows Oceupant: [XK] Owner {J Tenant J vacant} ” Property rights appraised __[X] Fee Simpie_[“] teasehata_| Project Type __ [XJ Puo LJ condominium (HUDIVA only) HOAS 138.00 /Mo. Neighborhood or Project Name Westchase. Map Reference 28-17-17 Census Tract_ 115.08 Sale Price $ N/A Date of Sale N/A Deseription and $ amount of loan chargestconcessions to be paid by sefler None Known LenderiClient_ Ace Mortgage Funding, inc. Address 3031 North Rocky Pointe Drive West, Tampa, FL 33607 Appraiser Kevin Kenneally Address 8805 Citrus Village Drive # 106, Tampa, FL. 33626. Location Urban [XJ Suburban} ruvat Predominant Single family housing | Present land use % | Land use change Buitt up Over 75% {_} 25-75% (_] Under 25% | occupancy PRICE AGE - Tone tamity __ 70% | (X} Nottikely (C) tikety Growth rate [_} Rapig (X) stave {_] stow (X] Owner 90, 252 Low 4] 2-4 famity 5% | (_] in process Property vatues [_l increasing {X) stable Bectining | (_) Tenant 290 High 9.| Multitomiy To: Demandisupply {_] Shortage — [X} inbatance Ove supply | (X) Vocant(os%) [2S Predominant Commercial 25% Marketing time |} Under 3mos, [X} 3-6 mos. Over 6mos.| [J vcmionrsy | 265 | 6 , Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: The Subject property is located South of Linebaugh Avenue West and East of Countryway Boulevard in Hillsborough County. There are SFR and commercial property located on Linebaugh Avenue West. Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability. appeal to markel, etc.) The subject is a masonry house that was constructed in 2000, and is located on a 2,451 Sq FtLot MOL. The majority of homes in the neighborhood are similar in design, age, and appeal, containing between 1,400-2,300 Sq. Ft..of living area with 2-4 bedrooms. Appeal to the market is average. There were no observed unfavorable factors affecting marketability noted. Schools, shopping and employment centers are located nearby. Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property valves, demand/supply. and marketing time ~ Such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, ete.): Generat market conditions are considered favorable, with rates remaining stable. Normal marketing time is 3-6 months, per MLS. * Project Information for PUDs (If applicable) - - Is the developer/builder in contrat of the Home Owners’ Association (HOA)? L_} YES [XJ NO Approximate total number of units in the subject project 50 +/— . Apgseximate lotal number of units for sale in the subject project 4-2 % +/- Describe common elements and recreational facilities: Main of Commons, Water, Sewer, Trash, Gate, Lawn, Pools, Parks Dimensions 43 x 57 Sq. Ft. MOL Topog aphy Level Site area 2451 Sq.Ft comer tot [J ves [x] No | size Typicat for area Specific zoning classification and description PDMU_- Singte Family Residential Shape Mostly Rectangular ISM Zoning compliance {X} Legal _[_) Legal nonconforming (Grandiathered use) [_] Megat [_] No zoning Drainage Appears adequate Highest'& best use as improved: [K] Presentuse_{__] other use (explain) View Conservation Utilities Public Other Off-site Improvements Type Public Private} Landscaping Average for Area Electricity x Steet Asphalt . Xx} (1) | driveway Surface — Concrete Gas {x] Curbigutter Gutter ix} Apparent easements Utilities/Average Water x Sidewak — Side. ix] FEMA Special Flood Hazard Area yes [x] no Sanitary sewer (X. Street fights“ Lights i] FEMA Zone C Map Date 08/03/1992 Storm sewer Xx Alley None ) (3 | Fema map no. 12011201900 ‘Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning, use. etc.): No adverse easements or encroachments noted. Lot similar in same and size to other lots in immediate area. Site maintenance is average ste PUD | NEIGHBORHOOD GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION ‘No. of Units One Foundation Slab Slab Yes Area Sq.Ft. 0. Root Cnetd [X No. of Stories Two Exterior Walls Block ‘aw Space No. % Finished - N/A Ceiling Cncid (X ‘Type (Det/Att.) Detached | Roof Suface Shingle Basem=x. None Ceiling NIA waits Cneid —_ {X] Design (Styie} Two Story | Gutters & Dwnspts. Gutters. Sump Purp No Watts NIA Flow Cnekt [x] fy ExstingProposed Existing Window Type Aluminum Dampness No. Floor NIA None LJ Fa Age (Vrs.) 2000-5 StormiScreens Screens Settiement None noted Outside Entry N/A = Not 4 o Fr Elective Age (Vrs.)_ 2 Manvfactured House No. Infestation None noted Fj ROOMS Foyer -| ving | Dining [Kitchen [| Den | FamiyRm.] Ree Rm. | Bedrooms [ #Baths | ‘Laundry | Other | Area SqFt. fq Basement 0 Ff Level 1 1 1 1 1 5 1 965 fo] Level 2 i 3 2 7,089. 3 : 0 Fy Finished area above grade contains 8 _Rooms; 3. Bedroom(s): 25 Battis): 2,064. Square Feel of Gross Living Aiea Fa INTERIOR —— Materials/Condition HEATING KITCHEN EoUIP. | ATC AMENITIES CAR STORAGE: - FA Floors Hdwd/CpvTile/Avg | Type Central | Refigeratw — [X] | none (|| Firepiacetsy # J } tone CO) te} Walls DrywalliAvg Fuel Electric | Range/Oven [X} | Stairs CG | eatie (_} | Garage2 Hof cars TrimFinish — Wood/Av ConditionAverage _| Disposal OC] drop star =) | Deck (} | atachea 2. Car Bath Flor —Tile/Avg COOLING Dishwasher Scuttle Porch Open [x] | Detached Bath Wainscot TilefAvg __| Centra Central} Fawtood ——-[X) | Floor (1) | Fence } | Buitto Doors HiCorelAvg Other None Micowave {_} | Heates C7} | Poot } | carport All Average ConditionAverage | WasherOryer [xX] | Finished ia { || oriveway 2 Car Additional features (special energy efficient items, etc. The subject property has an open porch and a two car garage. Condition of the improvements. depreciation (physicat. functional, and external), repairs needed, quality of cohstruction remodeling/additions, etc: The subject property is in.average condition, The subject has a cew tile flooring and loft, No functiorial or external obsolescence were noted at the time of the inspection. Adverse environmental conditions (such as, bul not HAM ni loxic substances. etc.) present in the improvements, on the site. of inthe immediate vicinity of the subject property: No ad ivifon! on tiohS weré hada Ebb dog peprpsce known to the appraiser at the. time of inspection : Fredie Mac Form 70. 6.93 ard = PAGE 1 OF 2 Fanme Moe Ferm 1008 693, “Wace ng APF, AM 24872) an os 3 a GA Bay to Bay Appraisals, Inc. Valuation Section UNIFORM RESIDENTIAL APPRAISAL REPORT Fite No. _K0508107 ESTIMATED SITE VALUE |. nr % 65,000 | Comments on Cost Approach (such as, source of cost estimate ESTIMATED REPRODUCTION COST-NEW OF IMPROVEMENTS: site value, square foot calculation and for HUD, VA and FmHA, the - Dwelling 2,064 Sq Ft @$__ 96.00 =5 198,144 estimated remaining economic life of the property): 8 Sq. Ft @S = | Costs were taken from Marshal & Swift Cost manual and 9 Open Porch, = 1.000 |known iocal builders prices. Dep. was arrived at by the 2 GaageCcapot 399 Sq.Ft @$__20.00 = 7,980 AGE/LIFE METHOD * Total life expectancy=60 years* est. < Total Estimated Cost New _ . =$ 207,124 Remaining Economic Life= 58 years. Square foot FJ Less 60. Physical Feira | External Est. Remaining Econ Life’ 58 | calculations: See Attached Floor Plan Addendum, Land Fs] Depreciation $4,913. =$ 4913 Value arrived at by market extraction. Depreciated Value of Improvements zg 202,211 : “as-is” Value of Site Improvements _ . 10,000 INDICATED VALUE BY COST APPROACH ~ z$ 277,200 eM SUBJECT COMPARABLE NO. t | COMPARABLE NO. 2 COMPARABLE.NO. 3 10501 Grayslake Court 10507 Chamberlain Court 10606 Ashtead Wood Court 10711 Ayrshire Drive Addeess Tampa Tampa Tampa Tampa Proximity to Subject : 10.12 Miles 0.12 Miles 0.30 Mites. Sales Price IS NIA $ 262,900 $ 264,500 $ 280,000 PricetGross Liv. Area [$. 0.00 als 155.47 $ 128.34 B $ 119.91 & Data and/or Inspection Public Rec & Ext Inspect. MLS Listing & Ext.inspect. Public Rec & Ext. inspect. Verification Sowces_ {Public Records _|PR 14589-1467 Listing : T2097040 PR 14133-870 VALUE ADUSTMENTS | DESCRIPTION DESCRIPTION S19 hajstent DESCRIPTION (5 Adjsment DESCRIPTION #095 Adjustment Sales or Financing A $210,320/Conv ; 1 tone Recorded $224,000/Conv - Concessions Novastar Mtg Inc + None Recorded Suntrust Mtg Inc ¢ Date of Sale/Time NIA 01/12/2005 : 07/25/2005 ‘ 08/17/2004 aa Location Subd/Avg Subd/Avq L Subd/Avg A Subd/Avq LeasehodFee Simple | Fee Simple Fee Simple : "Fee Simple i _|Fee Simple Site, [2454 Sq.Ft 3,360 SqFt MOL > 2,695 SqFt MOL_: 7,605 SqFt MOL_: View Conservation Residential 8,000 | Premium t 4,000 | Conservation Design and Appeat_| Two Story Two Story i Two Story ‘ Two Story Say of Consetion Block/Avg. Block/Avg : Block/Avg ‘ Block/Avg : Age 2000-5 Years 2001-4 Years } 1999-6 Years H 1997-8 Years : FAY Condition _ [Average [Average i Average i Average : Ed Above Grade Tol | Barms | Baths | Tous) Bovms | Baths | Total Béems Baits Total | Bams ‘Baths + Fe] RoomCout =. 2B: 3: 250] 7: 3! 250° 83. 2.50: 8 4) 250° E-] Grass Living Area 2,064 SqFt 4,691 SqFt + 7,460 2,061 SqFt} 60 2,335 SqFt. * 5,420 FA Basement & Finished | Sq.Ft. None : [None : None : 2 Rooms Below Grade_| None: None. A None i None i FY Functional Ubity Average Average : Average : Average i F4 Heating/Cooling Central/Average | Central/Average + Central/Average + Central/Average Fe] Energy Etficient tems _| Fans/Average FansiAverage _* Fans/Average | Fans/Average hi] Garage/Carport 2. Car Garage 2CarGarage _42Car Garage: 2 Car Garage Fd Porch, Patio, Deck, | Open Porch Open Porch pen Porch : Open Porch BY Fireplaces). etc. __ | None None : None : None Fence, Pool, etc. | None None i None : None : Net Adj. (total) Kl; O- ts 45,460| {x]+ (J-ts 4o60l(]+ ij. ts 5,420 Adjusted Sales Price Gross: 5:9% ross: 1:5% Gross: 1.9% of Comparable Net: 5:9% By 278,360 [Net “4:5% 3 £268,560 [Net -1.9% 274,580 Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc, ); in arriving at a final value indicator, Sales 1-3 were given consideration, due to their similarity in living area, proximity, and condition. Sales 1 & 3. exceed 6 months from the date of sale, This was necessary due to limited. sales, however, due to stable market trends, is deemed reliable. Sales 1-3 are located in the market area and are reliable indicators of the range of vaiue for the immediate neighborhood. IWeEN SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Date, Price and Data | 08/19/2004 No Prior Sales No Prior Sales No Prior Sales Source for prior safes. | $200,900 Within 3 Years Within 3 Years Within 3 Years | within year of appraisal | PR 14142-1171 | Per Pub Records Per Pub Records, Per Pub Records Analysis of any current agreement of sale. option, or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: ‘There was one sale of the subject property on 08/18/2004 for $200,900 as per Public Records. There are no other options, listings or sales of the subject property in the last three years. INDICATED VALUE BY SALES COMPARISON APPROACH . Doce ences pee eee gs 275,000 nvicaten vac ue BY INCOME APPROACH (it Applicable) Estimated Market Rent $ N/A _ Mo. x Gross Rent Multiplier N/A =5 NIA This appraisal is made ‘asis" {_) subjectto the repats, alterations, inspections or coriitions listed below {J subject to completion per plans and specifications. Conditions of Appraisa: ~Market Data Approach given most weight because of the close location of comps, recent closing dates of comparables and similarity of style of comparables to the subject property. Final Reconciliation: Primary consideration was given to the Sales Comparison Approach. Consideration was also given to the Cost Approach. The Income Approach is not applicable in this report. The purpose of this appraisal is to estimate the market value of the real property thal is the subject of this report. based on the above conditions and the certification, contingent and firiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/Famie Mae Form 10048 (Revised 06/93. d | (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THATIS THE SUBJECT OF THISREPORT,ASOF August 1, 2005. (WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THISREPORT)TOBES 275,000). APPRAISER: 7 a i SUPERVISORY APPRAISEI VIF QUIRED} Signature tn aa Signatue }ow (ois not Name Kevin Kenneally Name Tony Collings’ inspect Properly Date Repost Signed_August 1, 2005. Date Report Signed ‘August 1 2005. State Certification ¥_ Registered Trainee Appraiser — State.FL State Certification #_ State-Cert. Residential Appraiser State FL © Slate License #_RI- 13574 sta (tr She licenSA ROMOAT= Nem Ate state FL | Free Mos Fam 30-653 PAGED OF? SESS ESFSEG TG samie oe Faw 1008 63 si pee emee if 3 RECONCILIATION Bay fo-fidytApprinkals PAGE ADDENDUM Borrower: David Burrows & Jennifer Adams. File No. K0508107 Property Address: 10501 Grayslake Court Case No. Lily Tampa State: FL .. Zip: 33626 Lender: Ace Mortgage Funding, inc. fntended User: al report, and the contents herein are intended for the exclusive use of the client that is specified in the body of the appraisal report and/or its assigns, This report is specifically not intended far use by the borrower and should not be relied upon by the borrower. Intended Use/ Purpose: The intended use and purpose of the report is to aid the lender/ client in making a lending decision. The purpose af this appraisal report, unless otherwise stated, is to determine the Market Value for the referenced subject property. Development af the Assi ment ~ Scope of Work The assignment af this appraisals was accepted to determine market value ~ an opinion of value based on the exposur Subject in a competitive and open market under conditions requisite for a fair sale for cash or cash equivatent, typical marketing and exposure time. typically knowledgeable and motivated buyers and sellers. This appraisal report is intended for use anly by the client named herein.and those associates, institutions, and agencies directly related to the speci! intended use herein only, Use of this report by others is not intended by the appraiser. This report is intended. for use onty in the acquisition of mortgage financing. A party receiving a copy of this report as a consequence of disclosure requiremen applicable to the appraiser's client does not become an intended user of this report uniess the client specifically intended them at the time of the appraisals assignment. The Subject property was legally identified by data gathered from online county public records, and was physically identitied by personal on-site inspection. The seller/ borrower was found to be the legal owner of records. For the purpose or this appraisal, inspection may include measuring the subject property. and a visual examination of the overall structure. No warranty for structure, site or components is given. nor should it be assumed, This appraisal was developed by gathering information from MLS ¢-xunty public data sources. and proprietary data sources. Sales that have closed within the past 90 days may not be available in public records. The appraiser makes no warranty as to lot size, dimensions. or specific zoning conformity as accuracy lies within the agency providing the data. Only real property was considered, personal property was not used to determine an opinion of value. The market area characteristics and sales «ends were analyzed using the gathered information. Comparable sates were setected by finding recently. closed sales that were deemed most similar to the subject. Criteria for this selection process included proximity to the subject. date and conditions of sale, site size and location, view. quality of construction, condition of the property, total living area, functional - utifity. and amen: The sales comparison approach, the replacement cost approach, and the income approach were considered in the formulation of this report. Only those approaches applicable to the subject were used. No departure w: invoked for the purposes of developing or reporting this appraisal. This is a summary report of a complete appraisal. All known factors affecting marketability have been considered in the preparation of this report. ofthe Ss Highest and Best Use Anatysi Real estate is valued in terms of its highest and best use if vacant and available for development to its highest and best use. Highest and best use may be defined as that which is legally permissible and most probable use of the property that will provide the greatest return to the land as of the effective date of the appraisal. Highest and best use must meet four criteria; 1, physically possible; 2. legally permissible: 3. financially feasible; 4. maximally productive. The subject property appears to be teyatly zoned for its current use. It appears to enjoy a good appeal fo the market. The most feasible use of the subject property as of the eflective date of the appraisal is its current use a3 :0 improved property based on the above defined criteria for determining highest and best use Extraordin: Assumptio This appraisal was completed under the extraordinary assumption that; alf improvements have been legally permitted and conform to focal zoning and code ordinances; that there are no zoning vidlations or pending zoning changes that would adversely affect the subject property; the subject és free from encroachment or casement violations, the subject is structurally sound and free of wood-destroying organisms, that no undisclosed or noted deferred maintenance or detrimental condition of structure, site or components exist. that the information gathered from all data sources is reliable and accurate: that no special smens or ax districts exit that were not disclosed and that the presence of any special (ax districts does nat affect the stibject’s market value and marketability, and. that no additional factors exist that were not apparent or disclosed at the time of the inspection that could affeet the appraiser's opinion of market value. It is further assumed that no unusual environmental hazards or site conditions exist that would be detrimental to the property. the improvements. or the occupants of the steuctures. ‘The definition of signature in a signed certification under USPAP is as follows: SIGNATURE ~ personalized evidence indicating authentication of the work performed by the appraiser and the acceptance of the responsibility for content. analysis. and the conclusions in the report, Comment: A signature can be represented by a hand written mark. a digitized image controlled by a personalized identification number, or other media, where the appraiser has sole personalized control of affixing signature. (UISPAP . pa) ADDENDUM Borrower David Burrows & Jennifer Adams File No.: K9508107 Property Address: 10504 Grayslake Court a Case No. _ City, Tampa State: FL _ Zip 33626 . Lender: Ace Mortgage Funding, Inc. Land Value Ratio ~ The Land Value Ratio (LVR) is calculated by dividing the subject's site value ( see cast approach) by the final market value estimate. LVR’s in exce: 30%» are possibly associated with the following conditions: 1. Premium price paid for lot with appealing characteristi ~ preserve, or water views: 2. small residential acreage sites normatly associated with ranchette properties, PUD developments and manufactured housing communities: 3. decreas ing value of improvements, on a site of increasing value: 4. a limited supply of building sites within a market area with an increasing demand toe such sites. Addendum Pagi 242 A PeAAt hal SUBJECT PROPERTY PHOTO ADDENDUM Borrower: David Burrows & Jennifer Adams File No: K0508107 Property Address: 10501 Graystake Court . Case No..: City: Tampa _ State: FL Zip: 33626 Lender: Ace Mortgage Funding, inc FRONT VIEW OF SUBJECT PROPERTY Appraised Date: August 1, 2005 Appraised Value: $ 275,000 REAR VIEW OF SUBJECT PROPERTY STREET SCENE ac enely Aes, Aa hee at i Borrower: : File No.: Property Address: Case No.: City: State: Zip: Lender _ Subject Living Room Subject Dining Room Subject Kitchen : Subject Famity Room pore AED ae BE COM Subject Master Bedroom ~ . yes Master Bal 9 7 eerie me 10127 Sr on ert taennme Borrower: David Burrows & Jennifer Adams File No.: K0508107 Property Address: 10501 Grayslake Court : Case No.: City: Tampa State: FL Zip: 33626 Lender: Ace Mortgage Funding, Inc. —_==== | | i Subject Loft Subject Loft Comments: Comments: This loft is counted as additonal square footage to the upper ihis loft is counted as additonal square footage to the upper story of the subject property. These photos have been taken story of the subject property. These photos have been taken to show the quality craftsmanship of the new loft area to show the quality craftsmanship of the new loft area. Subject Loft Subject Conservation Lot Comments: Ce uments: This loft is counted as additonal square footage to the upper story of the subject property. These photos have been taken to show the quality craftsmanship of the new loft area. 59 ott tentee we BE COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: David Burrows & Jennifer Adams. _ File No.:K0508107 Property Address: 10501 Grayslake Court . Case No.: City: Tampa State: FL Zip: 33626 Lender: Ace Mortgage Funding, inc. COMPARABLE SALE #1 10507 Chamberlain Court Tampa Sale Date: 01/12/2005 Sale Price: $ 262,900 COMPARABLE SALE #2 10606 Ashtead Wood Court Tampa . Sale Date: 07/25/2005 Sale Price: $ 264,500 COMPARABLE SALE #3 10711 Ayrshire Orive Tampa Sate Date: 08/17/2004 Sale Price: $ 280,000 COMPLAINT. FLOORPLAN Borrower: David Burrows & Jennifer Adams File No: _K0508107 Property Address: 10501 Grayslake Court Case No. City: Tampa State: FL Zip: 33626 Lender: Ace Mortgage Funding, inc. wo “130° Kitchen Nook Bedroom Bedroom Dining Room Half Bath Family Bath pers Living Room Laundry 289 Master Bath Master Bedroom Skesen oy ayer ‘Comments _ AREA CALCULATIONS SUMMARY LIVING AREA BREAKDOWN | Code _ Description Size _Net Totals Breakdown Subtotals GLAL First Floor 965.00 965.00 First Floor GLAD Second Floor 1099.00 1099.00 23.0 x« 27.0 621.00 car Garage 399.09 399.00 20 x 7,0 14.00 1.0 x 30.0 330.00 . Second Floor 2G x 42.0 282.00 13.0 x 13.0 169,00 40° x 12.0 48.00 TOTAL LIVABLE (rounded) 2064 6 Calculations Total (rounded) | 2064 ADM EAT Bap ia Se a en TEE “ or Fo PAGE LOCATION MAP Borrower: David Burrows & Jennifer Adams File No.:_ KO508107 _ Property Address: 10501 Grayslake Court Case No. City: Tampa State: FL Zip: 33626 Lender: Ace Mortgage Funding, Inc Eietrysrvne 0 Saksaung C4 MAME pe i File No. KO508107 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and ‘open market under all conditions requisite to a fair sate, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of lite from seller (o buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well inlormed or well advised, and each acting in what he considers his own best interest; (3) a reas able time is allowed for exposure in the open market: (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto: and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions’ granted by anyone associated with the sale. “Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area: these cosls are readily identifiable since the seller pays these costs in virtually ali sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional tender that is not already involved in the property or transaction. Any adjustment should not be calculated an a mechanical dotiar for doflar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the Appraiser's judgment STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser wilt not be responsible for matters of a legal nat sr shat affect either the property being appraised or the title to it. The appraiser assumes that the title is-good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination, 4. The appraiser will not give testimony or appear in court because he or she made an appraisat of the property in question, untess specific arrangements to do so have been made beforehand 5. The appraiser has estimated the value of the land in the cost approach al its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must nol be used in conjunction with any other appraisal and are invalid if they are so used. 6. .The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc. ) observed during the inspection of the subject property or that he or she became aware of during the normal ‘esearch involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden ‘or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc. ) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will nol be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, of alterations on the assumption that completion of the improvements will be performed in a workmanlike manner 10. The appraiser must provide his.or her prior written consent tefure the tendericlient specified in the appraisal report can distribute the appraisal repart (including conclusions about the property value, the appraiser's identity and professional designations, ani references to any professional appraisal organizations or the tim with which the appraiser is associated ) to anyone ather than the borrower: the mortgagee or its successors and assigns; the mortgage insurer; consuttants; professional appraisal organizations: any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia: except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 6-93 Fannie Mae Form 1004B 6-93 bcs cept edt neat sacenennns we Peer File No. KOS08107 APPRAISERS CERTIFICATION: The Appraiser certifies and agrees that: |. Thave researched the subject market area and have selected a minimurn of three recent sales of Properties most simitar and proximate {0 the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the marke! reaction 10 those items of significant variation. If a significant item in 2 comparable property is superior to , or more favorable than, ihe subject property, | have made a negative adjustment to.reduce the adjusted sales price of the comparable and. if a significant item in a comparable property.is inferior to, or tess favorable than the subject property. | have made a positive adjustment to increase the adjusted sales price of the comparable. 2. (have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. | have not knowingly withheld any significant information {rom the appraisal feport and | betieve, to the best of my ‘nowledge, that all statements and information in the appraisal report are true and correct. 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions. and conclusions, which are subject only to the contingent and limiting conditions specified in this form. . 4. | have no present or praspective interest in the property that is the subject to this report, and 1 have no present or prospective personal interest or bias with respect to the participants in :ne transaction. | did not base. either Partially or completely, my analysis and/or the estimate of market vatue in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the Prospective owners or occupants of the subject property or of the present owners or occupants of the Properties in the vicinity of the subject property. 5. | have no present or contemplated future interest in the subject property, and neither my current or future employment nor my Compensation for performing this appraisal is contingent on the appraised value of the property 6. | was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive: my Compensation and/or employment for performing the appraisal. | did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage foan. 7. 4 performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the. Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. | acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate | developed is consistent with the marketing time noted in the neighborhood section of this report, unless [have otherwise Stated in the reconciliation. section. 8. | have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. | further certify that | have aoted any apparent or known adverse conditions in the subject improvements, on the Subject site, or on any site within the immediate vicinity of the subject property of which am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that | had market evidence to support them. | have also commented about the effect of the adverse conditions on the marketabilly of the subject property. 8. | personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. Hf I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal Feport, | have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal Teport. | certify that any individual so named is qualified to perform the tasks, | have not authorized anyone to make a change to any item in the report: therefore, if an unauthorized change is made to the appraisal report, twill lake no responsibility fo it SUPERVISORY APPRAISER’S CERTIFICATION: \fa supervisory appraiser signed the appraisal report, he or she certifies and agrees that: | directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the Statements and conctusions of the’appraiser, agree. to be bound by the appraiser's certifications numbered 4.through.7 above, and am taking full esponsibility for the appraisal and the appraisal repo! ADDRESS OF PROPERTY APPRAISED: 10501 Grayslake Court Tampa, FL_33626 APPRAISER: SUPERVISORY APPRAISER (only if required) Oe Cw es “, Sigatue: nF Roa, Signatire: Kerry Q2oXbnr9 Name: Kevin Kenneally Name: Tony Collings Date Signed: August 1, 2005 aa Date Signed: August 1, 2005 State Certification #: Registered Trainee Appraiser State Certification #: State-Cert, Residential Appraiser of State License # RI - 13574 oF Slate License # RD-4944 State: FL, : State: FL Expiration Date of Certification or License: 11/30/06 Expiration Date of Certification or License: 11/30/06 EC ig fA PE Gd Rest inspect Property Registered Trainee Appraiser # RI-13574 Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 10048 6-93 a ee ee Request for Appraisal Part 1- Request 1 To (Name and address of appraiser) Kevin Kenneally Bay to Bay Appraisals 8805 Citrus Village Drive # 106 Tampa , FL 33626 (P) 843-469-5375 / (F) 813-383-6883 / (C) 813-469-5375 (E-Mail) kevin@baytobayappraisats.com 2. From (Name and address) Loan Officer Ace Mortgage Funding, Inc 3031 N Rocky Pointe Drive W Suite 750 Tampa, FL 33607 (P) 813-281-2080 / (F) 813-289-2694 5 Signature of Lender a Tite S-Date 6. Lender Rob Rosario 7729/2006 7. Name and address of apphcant Jennifer P. Adams 40501 Graystake Court Tampa, FL 33626 (H) 813-383-2612 (B) 703-393-8512 Part fl - Property and Mortgage Information dy os poe 5 8, Property Type 9, Occupancy Status 10. Type of Loan 11. Lien Position 12. Loan Purpose [¥]petachea V] Primary Residence {¥] Conventional [v] First Mortgage Purchase [Attached ‘Second Home [FHA {| Second Mortgage V }jCashOut Refi [_ ]eondo {_Jinvestment Property VA [__]No Cash-Out Refi [_Jeuo [__] USDA /Rural Housing Service co-op No. of Units 1 13. Sales Price: $ 14, Estimated Valo: $ 275,000 15. Loan Amount: $ 251,275.00 16. Proparty Address = penny 10501 Grayslake Court Tampa, FL 33626 County: Hillsborough 17 Legal Description 16 Escrow Company: 19. Title Company: PAT PAUL ARCHER LAND TITLE (P) 813-282-1973 / (F) 843-282-1931 / (C) 614-270-0402 20. Listing Agent 21. Selling Agent Part It - Appraisat Information 22. Due Date - 23. Type of Appraisal: [ ¥ ]Interior / Exterior (Fut) Exterior Only [] market REAPANB Mae 2065 24, Contact for entry, if not same as borrower: 25. Comments This is a full COD. Calyx Form reqapém 5/03 EXHIBIT_//-A PAGE 44.

Docket for Case No: 08-002160PL