STATE OF FLORIDA £> » DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION é te FLORIDA REAL ESTATE APPRAISAL BOARD FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE, 04 . SEL Petitioner, Vv. . CASE NO. 2008001758 DARIO RUIZ, Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Dario Ruiz(“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 5968 in accordance with Chapter 475 Part II of the Florida Statutes. 3. The last license the State issued to Respondent was as a state certified residential real estate appraiser at 8812 Audrey H:AFREAB\ruiz.dario.doc 1 FDBPR v. Dario Ruiz Case No. 2008001758 Administrative Complaint Lane, Tampa, Florida 33615. 4. On or about March 2, 2007, Respondent and a trainee, Robert Phillip James (James) developed and communicated an appraisal report (Report) on a property commonly known was 2208 East 15th Avenue, Tampa, Florida 33614 (Subject Property), valuing the Subject Property at $216,000. 5. A copy of the Report as obtained from the Respondent’s work file is attached hereto and incorporated herein as Administrative Complaint Exhibit 1. 6. Respondent’s work file copy of the Report is missing the bottom of the. pages, including certain pages containing Respondent's and James’ signatures, and photographs of the exterior of Comparable Sales 1, 2, 3, the plat map, and the operating income statement. 7. The Complainant, a review appraiser, developed an appraisal review (Review) of the Report, although the effective date of the Review is April 3, 2007, a month after the effective date of the Report. 8. Complainant's working copy of the Report, containing the complete pages, photographs, plat map, and operating income statement is attached hereto and incorporated herein as Administrative Complaint Exhibit 2. 9. A copy of the Review is attached hereto and incorporated H:\FREAB\ruiz.dario.doc 2 FDBPR v. Dario Ruiz Case No. 2008001758 Administrative Complaint herein as Administrative Complaint Exhibit 3. 10. Respondent acknowledged in an interview on December 23, 2008 with Petitioner’s investigator that he suspected James of misconduct prior to the effective date of the Report, orally confronted James in March or April 2007, and fired James at that time. 11. Respondent then stated in the interview that Respondent did not fire James until he was contacted by an anonymous individual claiming to be a review appraiser, who threatened to Report Respondent to the Petitioner over the Report. 12. Respondent acknowledged in the interview that Respondent helped to select comparable properties for the appraisal. 13. Respondent provided a letter dated February 15, 2008 in response to the complaint, a copy of which is attached hereto and incorporated herein as Administrative Complaint Exhibit 4. 14. In Respondent’s letter, Respondent stated “the report mentioned in the complaint was signed without my consent or supervision and all this was done behind my back while away from the office.” 15. Respondent’s letter states that Respondent had “hard evidence” of James’ deletion of certain files bearing Respondent's and James’ signatures, knew of headlines reporting fraudulent transactions by Casablanca Financial Group (to whom this Report was H:A\FREAB\ruiz.dario.doc 3 FDBPR v. Dario Ruiz Case No. 2008001758 Administrative Complaint directed), and “within a week” (of what event Respondent doesn’t specify) decided to confront and fire James. 16. Respondent’s letter also states that Respondent then ‘notified the involved lenders” which advised Respondent to report James to the appropriate regulatory agency. 17. Respondent did not report the incident regarding the Report to the Petitioner, nor did Respondent report James’ conduct in deleting files, including those related to the client, Casablanca Financial Group. 18. Both Respondent’s written response and oral interview acknowledged that Respondent knew in the “months” leading up to the incident with the Report that James was acquiring his own clients, which James, as a trainee appraiser, was not legally entitled to do. 19. The invoice and transmittal letter accompanying the Report bear James’ name and signature, and not that of the Respondent, although the Report itself bears both digital signatures. 20. Respondent denied affixing his digital signature to the Report. 21. Respondent speculated in Respondent’s letter that in the “weeks” leading up to the Report, James gained access to Respondent’s digital signature when Respondent suffered a “physical H:\FREAB\ruiz.dario.doc 4 FDBPR v. Dario Ruiz Case No. 2008001758 Administrative Complaint impediment” and James stood behind Respondent, possibly observing Respondent entering Respondent’s password on Respondent's computer. 22. Respondent upon request by Petitioner's investigator produced a work file on the Subject Property containing the aforementioned copy of the Report and information on the Comparable Sales. A copy of the work file, represented by Respondent as being a complete work file on the Subject Property, is attached hereto and incorporated herein as Administrative Complaint Exhibit 5. 23. The Report contains the following errors and omissions: A) Respondent failed to adequately describe the Subject Property neighborhood, including neighborhood boundaries; B) Respondent misstated the Subject Property view as *“residential/average” when the Subject Property fronted an elevated interstate highway with heavy traffic; C) Respondent failed to note that the Subject Property lay % block from a major intersection of 22nd Street and I-4; D) Respondent misstated that the Subject Property was in “average” condition when there was significant structural damage to one of the piers supporting the house, a missing electric meter, deterioration to the wooden siding and window frame, and a metal garage door was peeled back to allow access to unauthorized persons; E) Respondent failed to note that the Subject Property had a HAFREAB\ruiz.dario.doc 5 FDBPR v. Dario Ruiz Case No. 2008001758 Administrative Complaint detached garage; F) The Comparable Sales to which the Subject Property was compared were in significantly superior condition to the Subject Property; G) Respondent’s adjustments to Comparable Sales 2 and 3 for superior condition is inadequate to cover the remodeling costs incurred by both Comparable Sales; H) Respondent’s valuation of the Subject Property as a residence was inappropriate given that the Subject Property was uninhabitable, not merely vacant as stated in the Report; T) Respondent without independent measurement stated the Subject Property’s gross living area as 2458 square feet, identical to that figure reported by the Hillsborough County Property Appraiser, when a review appraiser measured the Subject Property at less than 2000 square feet; cg) Respondent included a drawing of the Subject Property identical to that posted on the Hillsborough County Property Appraiser’s web site without independent verification of the accuracy; K) Respondent presented Comparable Rental data that is meaningless; L) Respondent committed errors in the Operating Income Statement, failing to include property taxes, management fees and HAFREAB\ruiz.dario.doc 6 FDBPR v. Dario Ruiz Case No. 2008001758 Administrative Complaint insurance costs; M) Respondent misstated the subject Property’s remaining economic life, when it was uninhabitable; N) Respondent overstated the remaining life of the roof. COUNT ONE 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 business transaction in violation of Section 475.624(2), Florida Statutes. COUNT TWO 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. COUNT THREE Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically the Conduct Section of the Ethics Rule, or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. HAFREAB\uiz.dario.doc 7 FDBPR v. Dario Ruiz Case No. 2008001758 Administrative Complaint COUNT FOUR Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically the Scope of Work Rule, or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT FIVE Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 1-1l(a), (b), and (c), or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT SIX Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 1-2(e) (i), or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT SEVEN Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, HAFREAB\ruiz.dario.doc 8 FDBPR v. Dario Ruiz Case No. 2008001758 Administrative Complaint specifically Standards Rule 1-4(a), or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT EIGHT Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 1-6(a), or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT NINE Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 2-1(a) and (b), or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT TEN Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 2-2(b) (i), (vii) and (viii), or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. H:\FREAB\ruiz.dario.doc 9 FDBPR v. Dario Ruiz Case No. 2008001758 Administrative Complaint COUNT ELEVEN 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 (2006) in violation of Section 475.624(14), 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 H:\FREAB\ruiz. dario.doc 10 FDBPR v. Dario Ruiz Case No. 2008001758 Administrative Complaint 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, 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 notice; or any combination of the foregoing which may apply. See Section 455.227, Fla. Statutes and Florida Administrative Code Rule 61J1-8.002. SIGNED this 3 day of p1m@ese , 2009. ATTORNEY FOR PETITIONER Broke D—_s Donna Christine 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/FG 3/09 H:AFREAB\ruiz.dario.doc FI FDBPR v. Dario Ruiz Case No. 200, TEE py Administrative Complaint # bie 2h) ma eh NOTICE TO RESPONDENTS OY OF. PLEASE BE ADVISED that mediation under Sectléry the Florida Statutes, is not available for mace sectieg Bh involving this type of agency action. 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. H:\FREAB\nuiz.dario.doc 7 Rob James A-Fast Appraisals, Inc. 8812 Audrey Lane Tampa, FL 33615 es ee ed fjamesapprsr@tampabay.rr.com Telephone Number: 813 245-6695 Fax Number: 813 779-1318 FROM: INVOICE TO: Internal Order #: 0000396 Alberto Taveras Lender Case #: Casablanca Financial Group Client File #: 3550 W Waters Avenue Main File # on tom: RJO107036 Tampa, FL 33614-2716 . bie Other File # on form: Stryff Federal Tax {D: Teleptione Number: (813) 598-2875 Fax Number: (813) 885-7216 Alternate Number: E-Mail: oscarmelen@hotmail.com Employer ID: Lender: Casablanca Financial Group Client: Casablanca Financial Group Purchaser/Borrower: William Stryffeter Property Address: 2208 E 15th Ave City: Tampa County: Hillsborough State: FL Zip: 33605-2906 Legal Description: SANDER'S AND CLAY'S ADDITION LOT 12 BLOCK 4 Full Appraisal Operating Income Statement Rent Schedule SUBTOTAL Check #: 1102 Date: 1/30/2007 Description: Appraisal paid Check #: Date: Description: Check #: Date: Description: SUBTOTAL : THANK YOU FOR YOUR BUSINESS ADMINISTRATIVE COMPLAINTTOTAL DUE |$ WT 4 i EXHIBIT nM wi A-Fast Appraisals, inc’ (613) 290-7908 ~ PAGE Form NIV3 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE ; —_ Qe, (NG WY, Livy tus youl faye at APPRAISAL OF REAL PROPERTY LOCATED AT: ; 2208 E 15th Ave SANDER'S AND CLAY'S ADDITION LOT 12 BLOCK 4 Tampa, FL 33605-2906 FOR: Casablanca Financial Group 3550 W Waters Avenue Tampa, FL 33614-2716 ADMINISTRATIVE COMPLAINT, Rob James A-Fast Appraisals, Inc. 8812 Audrey Lane Tampa, Florida 33615 Attn: Alberto Casablanca Financial Group 3550 W Waters Avenue Tampa, FL 33614-2716 Re: Property: 2208 E 15th Ave Tampa, FL 33605-2906 Borrower: William Stryffeler File No.: Stryffeter In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. ~~~=—"Fhe purpose of this appraisal is to-estimate the market value of the property described in this appraisal report, as improved, in unencumbered fee simple title of ownership. This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The value conclusions reported are as of the effective date stated in the body of the report and contingent upon the certification and limiting conditions attached. It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additional service to you. Rob James State Registered Trainee Appraiser Ri-19860 COMPLANBXHIBIT < PAGE Bs AePadt MpPlalddld, ING, (O40} £9U-/ IO ENG INU. Livy LYs YUU) f ays ry, PRIVACY NOTICE Pursuant to the Gramm-Leach- -Bliley Act of 1999, effective July 1, 2001, Appraisers, along with all providers of personal financial services are now required by federal law to inform their clients of the policies of the firm with regard to the privacy of client nonpublic personal information. As professionals, we understand that your privacy is very important to you and are pleased to provide you with this information. Types of Nonpublic Personal_information We Collect In the course of performing appraisals, we may collect what is known as “nonpublic personal information" about you. This information is used to facilitate the services that we provide to you and may include the information provided to us by you directly or received by us from others with your authorization. Parties to Whom We Disclose information We do not disclose any nonpublic personal information obtained in the course of our engagement with our clients to nonaffiliated third parties, except as necessary or as required by law. By way of example, a necessary disclosure would be to our employees, and in certain situations, to unrelated third party consultants who need to know that information to assist us in providing appraisal services to you. All of our employees and any third party consultants we employ are informed that any information they see as part of an appraisal assignment is to be maintained in strict confidence within the firm. A disclosure required by law would be a disclosure by us that is ordered by a court of competent jurisdiction with regard to a legal action to which you are a party. Confidentiality and Security We will retain records relating to professional services that we have provided to you for a reasonable time so that we are better able to assist you with your needs. In order to protect your nonpublic personal information from unauthorized access by third parties, we maintain physical, electronic and procedural safeguards that comply with our professional standards to insure the security and integrity of your information. Please feel free to call us an any time if you have any questions about the confidentiality of the information that you provide to us. RS PGE BL eect eR as Borrower/Client_ William Stryffeler Property Address 2208 E 15th Ave City Tampa County Hillsborough State FL Zip Code_33605-2906 Lender Casablanca Financial Group APPRAISAL AND REPORT IDENTIFICATION File No. RJO107036 This appraisal conforms to one of the following definitions: Complete Appraisal (The act or process of estimating value, or an opinion of value, performed without invoking the Departure Rule.) Limited Appraisal (The act or process of estimating value, or an opinion of value, performed under and resulting from invoking the Departure Rule.) is report is one of the following types: L_} Self Contained (A written report prepared under Standards Rute 2-2(a) of a Complete or Limited Appraisal performed under STANDARD 1.) <] Summary (A written report prepared under Standards Rule 2-2(b) of a Complete or Limited Appraisal performed under STANDARD 1.) LJ Restricted (A written report prepared under Standards Rule 2-2(c) of a Complete or Limited Appraisal performed under STANDARD 1, restricted to the stated intended use by the specified client or intended user.) Comments on Standards Rule 2-3 { certify that, to the best of my knowledge and belief: 1 The statements of fact contained in this feport are true and correct. 1 The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions and conclusions. (J {have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. 1 | have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. (My engagement in this assignment was not contingent upon devetoping or reporting predetermined results, . (1 My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. {1 My analyses, opinions and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. Ihave made a on-site analysis of the property that is the subject of this report. (7 No one provided significant real property appraisal assistance to the person signing this certification. Comments on Appraisal and Report Identification Note any departures from Standards Rules 1-3 and 1-4, plus any USPAP-related issues requiring disclosure: The 2000 Uniform Standards of Professional Practice defines the market value conclusion as an opinion of market value and not an estimate of market value. ADMINISTRATIVE =| Pi wy WW. ney ry! uUY! ft ays ry; Supplemental Addendum File No. RJO107036 Borrower/Client__ William Stryffeler Property Address 2208 E 15th Ave City Tampa County Hillsborough State FL Zip Code_33605-2906 Lender Casablanca Financial Group - URAR: Adverse Environmental Conditions: No environmental hazards noted. The appraiser is not an expert in the field of environmental hazards; hence this report is not an environmental assessment. The appraiser is not a home or environmental inspector. The appraiser provides an opinion of value. The appraisal does not guarantee that the property is free of defects or environmental problems. The appraiser performs an visual analysis of visible and accessible areas only. Mold may be present in areas the appraiser cannot see. A professional home inspection or environmental inspection is recommended. URAR: Signatures Dario Ruiz and the appraisers at A-Fast, Inc. prepare our appraisal reports using Alamode Wintotal appraisal software package that incorporates several digital features, including digital signatures. In full compliance with USPAP standards on EDI (electronically sending the appraisal reports) and electronic signatures, our appraisal are “password protected" against any tampering with the report once electronically signed, with the said electronically signed report deemed to be an original and valid appraisal report. CONDITION OF THE HEATING AND COOLING SYSTEM: Because the appraiser is not a home inspector or HVAC technician he cannot attest to the condition of the HVAC system other than to advise that this appraisal is based on the assumed functionality of the heating system, the cooling system blew cool air at the time of walk through. 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 tot 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. Supervisory Appraiser’s Certification: The Supervisory Appraiser certifys and agrees that 1. | directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. | accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, Opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser ( or the appraisal firm), is qualified to perform this appraisal assignment, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional AppraisalRractice that, were-adoptedtand inet promulgated by the Appraisal Standards Board of the Appraisal Foundation and thatawere pace atthe time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record“ containing my fic siutnas Ssetems are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsi ae te this appraisal report containing a copy or representation of my signature, the appraisal report shall be enforceable and valid as if a paper version of this appraisal report was delivered containing my origindPyage eS = : signature. rer 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 sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimuius. 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 what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price 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 taw in a market area; these costs are readily identifiable since the seller pays these costs in virtually alf 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 lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical doilar 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 judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER’S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to 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, wili 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 tne appraiser's determination of its size. 3. The appraiser has examined the available fiood 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 research 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 jess 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. , Paty) a a 8. The appraiser wilt not disclose the contents of the appraisal report except as provideaNtinitid Ghitdrht/Siataiarhs BL Ad Féssional Appraisal Practice. cy Cay ara 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal tha’ is subject tof tea BET — x completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a may G cE 22 10. 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 identity and professional designations, and i 7 APPRAISER’S CERTIFICATION: The appraiser certifies and agrees that: 1. [have 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 dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. Ifa 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 less 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 from the appraisal report and | believe, to the best of my knowledge, that all statements and information in the appraisat 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 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 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 also 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 appraisal report, | have 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, t will take no responsibility for it. SUPERVISORY- APPRAISER’S-CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. | directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions and the appraiser's certification. 2. | accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or employee of the subalvisbr)Gpprdtsel tr the COMPLAINT. appraisal firm), is qualified to perform this appraisal assignment and is accepted by state law 10 d0-$0:73) T gt | 4. ts appraisal report complies with the USPAP regulations that were adopted and promulgatéd by-ttie Appraisal Stansogyg icles a of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. = PAGE 3 appRess OF PROPERTY APPRAISED: 2208 E 15th Ave, Tampa, FL 33605-2906 _ « é A-rasl Appraisals, INC. (813) Z9U-/9U8 (ite NU. YU LY sudo! Fade 8} . : . : Stryffeler Uniform Residential Appraisal Report File # 0107036 The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address 2208 E 15th Ave City Tampa State FL Zip Code_33605-2906 Borrower William Stryffeler Owner of Public Record William Stryffeler County Hillsborough Legal Description SANDER'S AND CLAY'S ADDITION LOT 12 BLOCK 4 Assessor's Parcel # A-17-29-19-4W2-000004-00012.0 Tax Year_2006 RE. Taxes $_ 3,656.91 Neighborhood Name Ybor Area N of I-4 Map Reference 45300 Census Tract 0035.00 BY Occupant {| Owner {| Tenant [X] Vacant Special Assessments $ N/A (| PUD _HOA$ |] per year per month Sy Property Rights Appraised [x] Fee Simple ] Leasehold ] Other (describe) Assignment Type [_] Purchase Transaction {J Refinance Transaction j Other (describe) Lender/Client Casablanca Financial Group Address 3550 W Waters Avenue, Tampa, FL 33614-2716 's the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? LJ] Yes [XJ No Report data source(s) used, offering price(s), and date(s). Public Records / MLS . 1 (did {—} did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. N/A . Contract Price $ N/A Date of Contract N/A Is the property seller the owner of public record? [XJ Yes _[_]No Data Source(s) Public Records 's there any financial assistance (loan charges, sale concessions, gift ar downpayment assistance, etc.) to be paid by any party on behalf of the borrower? (Yes [1] No tf Yes, report the total dollar amount and describe the items to be paid. osition of the neighborhood are not appraisal factors. 5 PRICE AGE Location Rural Property Values [_] Increasing Stable [j Declining WB Built-Up L_} Under 25% | Demand/Supply [| Shortage [x] in Balance {| Over Supply | $ (000) (yes) Growth [ | Rapid {XI Stabte Slow Marketing Time _[_ | Under 3 mths Dx] 3-6mths [| Over6 mths} 39 Low 1 _| Multi-Family 10 % i Neighborhood Boundaries _The subject propery is located east of 22nd Street and north of Interstate 4 in Hillsborough County 298 High 107 _| Commercial 05 % $4 There are SER and commercial property located on 22nd Street, 128 Pred. 30 | Other 05 % if Neighborhood Description The subject is a wood frame that was constructed in 1928, and is located on a 5,080 Sq Ft Lot MOL. The majority of homes J in the neighborhood vary in design, age, and appeal, containing between 500-3300 Sq. Ft. of living area with 1-5 bedrooms. There were no observed unfavorable factors affecting marketability noted. Schools, shopping and employment centers are located nearby. _ Market Conditions (including support for the above conclusions) General market conditions in the subject neighborhood appear to be normal: special loan discounts, unusual interest buydowns, and other special concessions are not known to be prevalent. Supply and demand appear to be in balance and property values are stable with moderate increases in value anticipated for the future in proportions to and supported by historical trends. Dimensions 49 X 127 Sq Ft +/- rea_§,080 Sq.Ft. "Shape Rectangular View Residential / Average Specific Zoning Classification RM-24 _ _ _Zoning Description Residential Multifamily Zoning Compliance [_] Legal_[x] Legal Nonconforming (Grandtathered Use) [_] No Zoning [_] Wlegat (describe} 's the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Xi Yes [| No If No, describe Utilities Public Other (describe) Public _ Other (describe) Off-site Improvements ~ Type Public _ Private GeElectricity LJ — Water XK im Street_Asphalt XJ LJ Gas im N/A Sanitary Sewer X] [J Alley No ud FEMA Special Flood Hazard Area Yes [<] No FEMA Flood Zone C FEMA Map # 1201140025C. FEMA Map Date 9/30/1982 Are the utilities and off-site improvements typical for the market area? 1 Yes [| No_ If No, describe Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, fand uses, atc)? [Yes DX} No it Yes, describe Typical_utility easements for telephone, electric, etc. No apparent adverse easements or encroachments noted that would appear to affect market__ ability. Subject appears to lie Flood Zone C but this should be confirmed by a site survey. Units D<} One ia in i One with Accessory Unit Concrete Slab [X] Crawl Space jundation Walls rame/ConcPilon/Av |Floars Wood / Tile / Avg # of Stories Two Full Basement Partial Basement | Exterior Walls Wood Siding /Avg__| Walls Drywall / Avg Type Dx] Det. {_] att. [J S-Det/End Unit {Basement Area None_sq.ft.|Roof Surface CompoShingle / Avg |Trim/Finish Wood / Avg [X] Existing [_] Proposed [_] Under Const, [Basement Finish N/A __% {Gutters & Downspouts N/A Bath Hoor Tile / Avg Design (Style) Pre1940 2 Story __|[_j Outside Entry/Exit. [_] Sump Pump [Window Type A! SH/ Avg Bath Wainscot Tile / Av Year Built 1928 Evidence of _[_] Infestation None Notec|Storm Sashy/Insulated None Car Storage None Effective Age (Yrs) 20 Years Dampness _{_] Settlement Screens Screens / Av DX] Driveway _ # of Cars 1 Attic {_] None Heating [x} FWA HWBB_{{ | Radiant] Amenities |_| Woodstove(s) # Driveway Surface Concrete [_J Drop Stair [J Stairs L_] Other Fuel Electric | Fireplace(s) # Fence LJ Garage __# of Cars Floor XX] Scuttle Cooling [_| Central Air Conditioning [_| Patio(Deck [X] Porch Cov Ent Carport # of Cars (_] Finished [J Heated 1 individual [| Other [|] Pool atis . Built-in Appliances [] Retrigerator [_] Range/Oven [| Dishwasher [ | Disposal { ] Microwave [| “Other (désctibey SY GALS Ee Finished area above grade contains: 8 Rooms 5 Bedrooms 2_ Batis)“: 2458 _ Square Feet of Grdsst fring Area above Grade. - ; re Seca i] Additional features (special energy efficient items, efc.). Subject has a covered front porch. mas - ie NO. HYUIUs/USO] Faye FY) . . . . Stryffel Uniform Residential Appraisal Report —_rie# ruoto7os6 There are 8 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 199,000 to$ 250,000 There are 7___ comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 47,500 to$ 298,000 FEATURE SUBJECT COMPARABLE SALE #1. COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 2208 £ 15th Ave 3404 N 29th Street 802 E Columbus Drive 907 E 23rd Avenue Tampa, FL 33605 Tampa, FL 33605 Tampa, FL 33602 Tampa, FL 33605 Proximity to Subject 0.71 miles NE 1.06 miles W. 1.08 miles NW. : Sale Price $ i 195,000 als 206,000/5 = ap Sale Price/Gross Liv. Area $ $103.28 sqith SE eI$ 104.25 sat 102.36 sq. Data Source(s ublic Records Public Records Public Records Verification Source(s) BP: 16767/1651 OBP:_17095/1363 {OBP: 16819/1289 VALUE ADJUSTMENTS DESCRIPTION | +{(-)$ Adjustment | DESCRIPTION | +(-)$ Adjustment | DESCRIPTION | +(-) $ Adjustment Sales or Financing Conventional Conventional Conventional Concessions {None Noted | None Noted None Noted : 7/2006 10/2006 7/2006 uy Average Average Average Average Leasehold/Fee Simple _ Fee Simple Fee Simple Fee Simple Fee Simple Site 5,080 Sq Ft +/-_ [5,100 Sq F t+/- 5,356 Sq Ft +/- 8,062 Sq Ft +/- -15,000 View Residential / Avel Residential/Avg Residential/Avg_ Residential/Avg Design (Style) Pre1940 2 Story |Pre1940 2Story Pre1940 2Story Pre1940 2Story Quality of Construction Average Average Average Average Actual Age 79 Years 79 Years 97 Years +4 800193 Years +1,800 Condition Average Average Superior -15,000| Superior -15,000 Above Grade Total {Bdrms.| Baths | Total |{Bdrms.| Baths Total |Bdrms.| Baths Total |Bdrms. sas] Room Coun sis | 2715 |] 2 _i7} 413 | -5,000; 9 | 5 | 2 Gross Living Area 2,458 sq.ft 1,888. sq.ft _4#14,250] 1,976 sqft) +12,050 2,833 sq.ft. -9,375 Basement & Finished None None None None Rooms Below Grade N/A None None None Functional Utility Average Average Average : Average 5} Heating/Cooling Non-Ducted CHEA -3,500/C H&A ___-3,500IC H&A ___...... 73,500 Energy Efficient Items Typical Typical _[ Typical _ Typical a ny Garage/Carport None None None . None &§ Porch/Patio/Deck Cov Ent/Porch_|Cov Ent/Porch _ None +1,500|Cov Ent/Porch Fireplace . _.|None None None —_— Fireplace -2,500 Pool None [None None None Net Adjustment (Total), M+ fy |s 10,750, C+ XM -_|s 8.150, [)+ Bi- i$ -43,575 Adjusted Sale Price Net Ad. 5.5% Net Adj. 40% Net Adj. 45.0% of Comparables Gross Adj, 9.1 % 1S 205,750; Gross Adj. 18.9 % Gross Adj. 16.3 % 1 Dd did [_] did not research the sale or transfer history of the subject property and comparable sales. If not, explain My esearch Ox! did _{_] did not reveal any prior sales or transters of the subject property for the three years prior to the effective date of this appraisal. Data Source(s) MLS, Public Records My research [Xx] did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data Source(s) MLS, Public Records . Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sates (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior Sale/Transfer 11/2005 7/2005 6/2004 Unqualified Sale 5/2006 Unqualified Sale Price of Prior Sale/Transfer $135,000_15829/1796 $180,000 _15314/0721 $75,000 13941/1619 $175,000 16433/1198 Data Source(s) Public Records Public Records Public Records Public Records Effective Date of Data Source(s) 3/2/2007 3/2/2007 3/2/2007 3/2/2007 Analysis of prior sale or transfer history of the subject property and comparable sales The subject and the comparable sales appear to be arms length ATE fa transactions with no unusual concessions. : gijiy eeewemmecen dpi “EXHIB Ay iT z ASE OF Summary of Sales Comparison Approach __ Sales presented are in the same market area, the age and size for the subject comparables were limited for the area. The comps have similar amenities and are considered to be the most comparable to the subject at the time of visual analysis and are considered to be the best guidelines for market value. Sales were adjusted for lot size, GLA and amenities. All comparable sales were taken from radius of 1.1 miles due to a lack of compatible sales with a single dwelling with similar age, amenities, and square footage within the subject's immediate neighborhood at the time of inspection. All properties share similar proximity to the interstate system, schools, shopping, and other oints of interest and are simitar in design and age and are considered the best available at the time of the appraisal. rile NO. KJUTU/Usb} Page #10 Stryffeler Uniform Residential Appraisal Report File # RJO107036 = TO VALUE (0 Teplicate the below cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) Land value was arrived at by market extraction. ESTIMATED REPRODUCTION OR [X] REPLACEMENT COST NEW _ OPINION OF SITE VALUE = Source of cost data__ Marshall & Swift DWELLING 2,458 Sqft.@$ 110.00 ... Quality rating from cost service Average Effective date of cost data 3/2/2007 _ None Sqft. @$ Comments on Cost Approach (gross living area calculations, depreciation, etc.) Covered Entry Porch Costs were taken from Marshal & Swift Cost manual and known local Garage/Carport Sq.Ft_@ $ builders prices. Dep. was arrived at by the AGE/LIFE METHOD * Total _[Total Estimate of Cost-New life expectancy=60 years” est. Square foct calculations: See Attached Less Physical Functional _ [External Fioor Plan Addendum. Land Value arrived at by market extraction Depreciation 90,118 Depreciated Cost of Improvements “As-is* Value of Site Improvements 270,380 90,118) 180,262 4,000 40 Years {INDICATED VALUE BY COST APPROACH ae 215,262 EOV ‘bee Me es es feet, noe Estimated Monthly Market Rent $ N/A X_ Gross Rent Multiplier ; eDy Income Approach = Summary of income Approach (including support for market rent and GRM) iRiTp 4 { is the developer/builder in control of the Homeowners’ Association (HOA)? Cc) No _Unittype(s) [] Detached [_] Attached in nttnnhad ah. Meats ate Eo SD ONIRS MAW ake dae Daedalian AA and thn Stryffeler File# RJO107036 Uniform Residential Appraisal Report This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market vaiue, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or..private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The mast probable price which a property should bring in a competitive 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 selier are typically motivated: (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price 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 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 lender that is not already involved in the property or transaction. Any adjustment shculd not be calculated on a mechanical doltar 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 ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's 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 this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he ORL She Nake R AG quar 2 or implied, ‘regarding this determination. ASFRAT ESSA ERINT EXHIBIT # 4. The appraiser will not give testimony or appear in court because he or she made>an-qppraisal unless specific arrangements to do so have been made beforehand, or as otherwise requir cana PAGE “> 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, te" 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 research involved in performing the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the tha he fan nn he nat Una tn nn ndad on. nO daAbadinentinn tha neananc. non hasardane vimetae tavin cmhetancac “are subject only to the assumptions and limiting conditions in this appraisal report. EXHIBIT # File No, RJU1U/036] Page #12} Stryffeler File# RJO107036 Uniform Residential Appraisal Report APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. | have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. : 2. | performed a complete visual inspection of the interior and exterior areas of the subject property. | reported the condition of the improvements in factual, specific terms. | identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. | performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal : Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisat Foundation and that were in place at the time this appraisal report was prepared. 4. | developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. | have adequate comparabie market data to develop a reliable sales comparison approach for this appraisal assignment. | further certify that | considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. : 5. | researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. | researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. (selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. | have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. | have reported adjustments to the comparable sales that refiect the market's reaction to the differences between the subject Property and the comparable sales. 10. | verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. | have knowledge and experience in appraising this type of property in this market area. 12. | am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. | obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from feliable sources that | believe to be true and correct. . 14. | have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. | have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that | became aware of during the research involved in performing this appraisal. | have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. | have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. ; eh iyie i Rae i idgwiitsio DA LIVIG QAP be 16. | stated in this appraisal report my own personal, unbiased, and professional analysig," opinions. ‘and ponclusions, which ' 17. | have no present or prospective interest in the property that is the subject of this repor? Asal have nd-presentor prospective personal interest or bias with respect to the participants in the transaction. | did not base, either partially or ; completely, my analysis and/or opinion of market value in this appraisal report on the race, color, teligion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the SUBDKHTERETY or gf the present owners or occupants of the properties in the vicinity of the subject property or on any other basis BREE’ vO 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that | would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of File No. RJO107036j Page #13 Stryffeler Uniform Residential Appraisal Report File # RJO107036 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States: and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. | am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, | am also subject to the provisions of the Uniform Standards of Professional Appraisal! Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,’ as those terms are defined in applicable federal and/or state iaws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER’S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. | directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. | accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and thé appraiset’s “certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisai under the appiicabie state iaw. 4. This appraisal report complies 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 at the time this appraisal report was prepared. 5. ff this appraisal report was transmitted as an "electronic record” containing my “electronic signature,” as those terms are defiged in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 4 APPRAISER Rob James LK «Zl. . SUPERVISORY A PRAISER (ONLY JgREQUIRED) ew Signature Name’ Rob James Comiany Name A-Fast Appraisals, Inc. Company Address 8812 Audrey Lane, Tampa, FL 33615 Signatur Name Dario Ruiz _ Company Name A-Fast Apj sail nc. Company Address 8812 Audr@V Lane, Tampa, FL 33615 Telephone Number 813 245-6695 EmailAddress gamesapprsr@tampabay.rr.com Date of Signature and Report March 08, 2007 Effective Date of Appraisal 3/2/2007 State Certification # : Telephone Number 813-290-7908 Email Address dariodapprsr@aol.com Date of Signature March 08, 2007 State Certification # St. Cert. Res. REA RD-5968 or State License # State FL ADA or, or State License # State Registered Trainee RI-19860 Para pe j > or Other (describe) State # Expiration Date of Certfigation ‘Or heetse i= INE State FL SIT i Expiration Date of Certification or License 11/30/2008 ANAMNCCE AC NNANcCNH Ty ANNMMAICCHNH SUBJECT PROPERTY pace {1 Did not inspect subiect property Pau WU. RYU LUFUYyYl ft ayy zr ty Stryffeler Uniform Residential Appraisal Report File # RJO107036 FEATURE SUBJECT COMPARABLE SALE #4 COMPARABLE SALE #5 COMPARABLE SALE #6 Address 2208 E 15th Ave 1004 E 12th Avenue Tampa, FL 33605 Tampa, FL 33605 Proximity to Subject : 0.88 miles W Sale Price tel Se |$ Sale Price/Gross Liv. Area __[$ |S 121.23 sqft sqtt Data Source(s) Be Public Records Verification Source(s; : OBP: 17376/1216 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION | +(-)$ Adjustment | DESCRIPTION | +(-) $ Adjustment | DESCRIPTION | +(-) $ Adjustment Sales or Financing Conventional 7 Concessions None Noted Date of Sale/Time 12/2006 Location Average Average q Leasehold/Fee Simpie Fee Simple Fee Simple _ Site 5,080 Sq Ft +/-_|5,000 Sq Ft +/- View Residential / Ave|Residential/Avg 4 Design (Style) Pre1940 2 Story |Pre1940 1Story Quality of Construction Average Average 7 Actual Age 79 Years 81 Years Condition Average Average Above Grade Total oan Baths | Total [Bdrms.| Baths Total |Bdrms.| Baths Total [Bdrms.| Baths Room Count spisil2isi4{[4 +5,000 | ! 4 Gross Living Area 2,458 sq.ft 1,856 squtt +15,050) sqft} sqft. Basement & Finished None None Rooms Below Grade N/A |N/A _ Functional Utility Average Average Heating/Cooling Non-Ducted Non-Ducted Energy Efficient ttems Typical Typical Garage/Carport None None PorchyPatio/Deck Cov Ent/Porch |Cov Ent/Porch | i Fireplace None None Pool None None _ Net Adjustment (Total &+ Ci- Is 20,050 []+ fi- |s Li+ Ej. i$ Adjusted Sale Price NetAd. 89 % Net Adj. % Net Adj. f of Comparables == |Gross Adj. 8.9 %{$ 245,050|Gross Adj. % |$ Gross Adj. Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE #5 l COMPARABLE SALE # 6 Date of Prior Sale/Transter 11/2005 None within the last Z Price of Prior Sale/Transter $135,000 15829/1796 36 Months. Data Source(s) Public Records Public Records Effective Date of Data Source(s) (| 3/2/2007 3/2/2007 Analysis of prior sale or transfer history of the subject property and comparable sales Analysis/Comments Tenors canoe Fite No. RJO107036 Page #15 Subject Photo Page Borrower/Client__ William Stryffeler Property Address 2208 E 15th Ave City Tampa County Hillsborough Zip Code_33605-2906 a State FL Casablanca Financial Group Subject Front 2208 E 15th Ave Sales Price N/A GLA. 2,458 Tot.Rooms 7 Tot. Bedrms. 5 Tot. Bathrms. 2 Location Average View Residential / Averag Site 5,080 Sq Ft +/- Quality Average Age 79 Years Subject Rear ADMINISTRATIVE COMPLAINT AGE le OF Subject Street EXHIBIT PAGE A? _ Subject Photos Interior Borrower/Client William Stryffeler Property Address 2208 E 15th Ave He NO. KRJULU/USb] Page # 1} City Tampa _ County Hillsborough State FL Zip Code 33605-2906 Lender Casablanca Financial Group Subject Living 2208 E 15th Ave Subject Kitchen EXHIBIT < PAGE “8 INTERNAL ERROR - FALSE POSITION : SYSTEM LINE VERSION Ox54decla (88992794) : H6FWSIM/xl_ image 2 467 : QOPDL 1.17 08-25-2004 ADMINISTRATIVE COMPLAINT EXHIBIT # Sane AMQh a Oo EXHIBIT_< —_—————— PAGE “4S DINULE FAMILY GUMPAKABLE KENT SUNEUULE wie Wy. Hwy ews yuu! ays ey This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. Adjustments should be made only for items of significant difference between the comparables and the subject property. , ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address 2208 E 15th Ave 2302 E 10th Avenue 2702 19th Avenue 1210 E Columbus Drive Tampa, FL. 33605 . Tampa, FL 33605 Tampa, FL 33605 Tampa, FL 33605 Proximity to Subject Ee : . 0.26 miles SE 0.37 miles NE : 0.74 miles W Date Lease Begins Annual Annual Annual Date Lease Expires Unknown Unknown Unknown Monthy Rental {f Currently Rented: $ $ 1,150.00 $ 950.00 $ _1,800.00 Less: Utilities $ $ N/A $ N/A $ N/A Furniture Adjusted Monthly Rent $ $ 4,150 $ 950 $ ___1,800 . Data Source N/A Muitiple Listings / Lease Agent | Multiple Listings /Lease Agent | Multiple Listings / Lease Agent Public Records Public Records Public Records RENT ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$ Adjust. DESCRIPTION +(-)$ Adjust. DESCRIPTION +(=)$ Adjust. Rent ee : : : ‘ Concessions : _ Location/View Average . Average . ! Average . ' Average - : Residential / Aver: | Residential / Avera: Residential / Avera | Residential f Avera: Design and Appeal Pre1940 2 Story | Pre1940 Multi-stor Pre1940 1Story ; Pre1940 1 Story i” 79 Years 94 Years ‘ 92 Years i 104 Years ! Age/Condition Average Average : Average ' Above Average ‘ Above Grade Total ‘8dims! Baths | Total ‘Bdms: Baths : Total !Bdrms' Baths _! Total 'Bdrms: Baths: Room Count 8:5} 2 [5:3: 2: 513: 2: B12 3 Gross Living Area 2,458 Sq. Ft. 1,682 Sq.Ft. ! 1,514 Sq. Ft} 1,687 Sq. FA. : Other (e.g., basement, | None None ' None : : etc.) N/A N/A : NIA ‘ Other: None None None : None None NIA : N/A : NIA Net Adj (ota) eS + [1-'s {H+ =$ ait i jis Indicated Monthly = Ff Ce . oe Market Rent fe a a |s 1150} ls 950 [ee 1,800 Comments an market data, including the range of rents for single family properties, an estimate of vacancy for single family rental properties, the general trend of rents and Final Reconciliation of Market Rent: | 1 (WE) ESTIMATE THE MONTHLY MARKET lca ss Review Appraiser SIGNATUH Appraiser(s) SIGNATURE 2007. TO BE $4400.00 i (if appficable) NAME Rob James NAME Dario Ruiz Freddie Mac Form 1000 (8/88) [Y2K] Fannie Mae Form 1007 (8/88) H A-Fast Appraisats, Inc. (813) 290-7908 | Form RNT— “WinTOTAL* appraisal software by ala mode, iM MLBOSLALAMOBET I'VE COMPSAHYBIT & “ _PAGE Lao { ——_ IE NO. RYU IU/UsO| Faye Fc) ADMINISTRATIVE COMPLAINT EXHIBIT # "AGE Form SC1 — “WinTOTAL* appraisal software by a la mode, inc. — 1-800-ALAMODE PAGE 42% File No. RJ0107036| Page #18) Comparable Photo Page Borrower/Client_ William Stryffeler Property Address 2208 E 15th Ave City Tampa County Hillsborough State FL. Zip Code_33605-2906 Lender Casablanca Financial Grou Comparable 4 1004 E 12th Avenue Prox. to Subj. 0.88 miles W Sales Price 225,000 GLA. 1,856 Tot.Rooms 5 Tot. Bedrms. 4 Tot. Bathrms. 1 Location Average View Residential/Avg Site 5,000 Sq Ft +/- Quality Average Age 81 Years 5 EXH! G 2 ee EXHIBIT. < PAGE \s2 Building Sketch Borrower/Client William Stryffeier File No. RJO107036] Page #19) Property Address 2208 E 15th Ave Tampa County Hillsborough State FL Zip Code 33605-2906 Casablanca Financial Group ‘Sketch by Apex iv" 14.0° Kitchen 29.0' Living Room 15.0° Bedroom Family Room Covered ! : Open ie ! Porch ! 1ST FLOOR 29.0' 28.0" 2ND FLOOR Comments: GLAL P/P Second Floor 812.0 Second Floor First Floor 1646.0 2458.0 28.0 Porch 224.0 224.0 First Floor ® File No. RJO107036] Page #21) Location Map Borrower/Client_ William Stryffeler Property Address 2208 E 15th Ave City Tampa County Hillsborough State FL Zip Code_ 33605-2906 [Lender Casablanca Financial Group File No. RJO107036| Page #26) Dario Ruiz’s License Form SCNLTR — “WinTOTAL" appraisal software by ala mode, inc. — 1-800-ALAMODE~ File No. RJO107036) Page #27 Rob James’s License COMPLAINT BIT PAGE \os Form SCNLTR — “WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE APPRAISAL OF REAL PROPERTY LOCATED AT: 2208 E 18th Ave SANDER'S AND CLAY'S ADDITION LOT 42 BLOCK 4 Tampa, FL 33605-2006 FOR: Casablanca Financial Group 3850 W Waters Avenue Tampa, FL 33814-2716 AS OF: w2ra007 BY: Rob James State Registered Trainee Appraiser RL1S98E0 T _ [or EXHIBIT \ PAGE \& Form GA1 — "WinTOTAL' aopraisel stare by a tz made, Ine, —~ 1-600-4LAMODE A-Fast Anpraigats, inc. (815) 200-7908 Btyfioicr ab d@ahbarhood Name Ybor Area N of 4 Qeawant [1 Over [) Tenat_[ vacant Special Assesment: § N/A. Cy PUD HOAs Cis yer Lips ne [Teeserhad Totter (iscrbe) [_] Other (dexcrtbs) Property gerne to [irroarivecia_D Ba etre romeo (J titer {dcsernbe} BL) did [] ood not anciyen Gre conract far cake for the subject purchase wansaciion. Explain the resus of the anatysis of ihe contract For cats or why the analysts was not pertormed NVA Contract Price $ N/A Date of Contract NVA {3 the property seller the owner of pubic reco’? x) Yas [ jNo Dats Soune(s) Punts Records Is there ary Tinaneial aestetance (loan charges, sale concessions, gift or downpaymemt assistance, etc.) to bs pald by any party on bebal of the borower? Civee Cine I-Yes, report the tntat dolly amount and descrite the Hems to be pald. : Pil Note: sce andthe rial compotion othe we ghb erhoad are nat appraiaal fartore, g ok Delesa testa Sega RU an EU Sess toute RLU Shia ioe 25-19% |) Ue | CORTRACT PG No_WYes. describe yniccat rm sagemenes for telephone, electri No apnerent adverse sasaments er encroachments ndled that woud appear to affact market Abity, Subject a ante tals Flood Zane C but tie shoul be confinned ra ale omer fe peeves ils Site penkant caine aire te rea narblial cont pats Bee) oes | aoe 2 ae Pata Beconait = Wood Sito 7 ail ye CL] Ae [7] §-DetsEnad Lett | Jone rat Roof Surface z rie Wi 2 [ne let Wa re hater ua ese Petvz en [iacinen vy mE ALS Avg phase a = fasuizes None Sivan eee Hee Somers Pa BL over Filan 4 a eee dstovets) # Birtace Go preea bree Generale | pel [ bron star Stars one Fuel Foca: | place [lesa fatCrs a Hn Oe eer aE fol Cary eae et til oe &] Other Gov Pete | (joe Ty bun de conning: 3 Rooms * 9 2_Bathis) 2,458. Sa Fed of Gross Living Area Above Grede Does the property generally conlurm to the nelghbarhood (uncignal iy, style, cendion use, construction, #6.) Eel vex [No If No, deserioe Fraddia Mac Form 70 March 2005 Page 1 of & Fannie Mag Form 1004 March 2005 ADMINISTE rn pede OM x Form 1004 — ma enya VEXHIBIT i a. _..PAGE 4 \GE (fieNo BinIOneL Pace : . a A “~ Stryffeter Uniform Residential Appraisal Report Fle # RUOTOTOSS proper curenty ofl for salem Ge selec neohbarond rang i pice (rom § 199,000 RY sighbathood within the east weve morihe ranging tp sais price (ron $_ 47,500 tS 288.000 : COMPARABLE BALE ¢ 1 COMPARABLE SALE #2 COMPARABLE SALE # 3 Adgrss ©2208 E 16th Ave 3404 N 28th Street 802 E Columbus Orive $67 E 23rd Avenue Tampa, Ft 33605, pa Tampa, FL 33608 jSasPice SS sae ovat es 1S ea esos Tana vA STENTS ~_Descepton | _DESCAPTON . 4 FRAT AND ee fs Gt —__—lro snoe [ou a Simpla Fea Sime | | _—— Te 300 So F te es am Occ Sym) | Pra1940 260 a Pacomtage a 97 Years, Averene . Suparieg Abave Grade [To Weare ess | Tord Jodroc.[Baie | Tort [pars foam Court pris je [7ja{3 but Fe finan Uy) [Average __faverane [NonDucted TH 8A [Typica) | [ (fi+ So: Is 450) piss 205,750|Gross Adj, 18.9%15 197,as0/ Gus i, 183%) 246,425) Price of Prlor Sele/Transler Dats Sour : Fey Ths apprateal is made Ox) “as ts", (_) subfect to compledon per plans and spectficadons on te pasts of a hypothetical condtlon thet tie imoravemerts have been fe competed, sito te okvig ns osha on he ess ould conion ht be eto tarts fave ben caren, of C) sib te af the interior and exleror areas of defined scope of sssumplions fet a a le SS ete TET ay Wo seo “which f the date of inapection and the etfective date of ts appraisal, eee ra Faro Page 2 of 6 Fannia aaa Form 1004 March 2005S “ADM! NISTRATIVE COMPLAINT. Fam 1008—WHnTOTAL earl par a wan EXHIBIT ~\ \ ar Uniform Residential Appraisal Report Fee# R.10107036 Suyffeler PR ctancy ae tana Vane otwed at nledranion = a oT frase uae aE Rn RcoRe ACN VACNE Sore ane : oS mt bbe citata y tncome ADDIONCH see ae Se pe aw ea i Ss tie ati coma fe Laren koran HOT at tai Saas ci = wal em doperfoolider |3 in control af tha HOA znd the subject propany is an attached weir ur, Total nuscnber of units Total rrmber of nits said tal aero sft se Fs tegen Pee eee ee bulting{s) ame 2 PUD? Aci ihe commen plements leased (0 or by the Homegwners' Asepciation? [Yes {_} No if Yes, describe the rental tems and antio Describe commen eemems and rectnafional talkies. Freddie Mac Farm 70 March 2005 Page 3 of 6 Fannte Mae Form 1004 March 2005 ADMINISTRATIVE Farm nh “WeTOTA spa ny a ee Ge MP LEN BIT \ __ pee \S (Ric No, AJOIO7 E36) Sirytfeier Uniform Residential Appraisal Report Fla # R0107096 ‘This report form is designed to report an appraisal of a one-unit property of a one-unit property with an accessory unit, including a unt m a planned unit development (PUD), This report form is not designed to report an appraisal of a manufactured home or a unit In a condominhwn or cooperative project. This appraisal report Is subject to the following scone of work, intended use, Intended user, definition of market value, statement of assumptions and fimiting conditions, and certifications, Modifications, additions, or deletions to the imended use, intended user, definition of market value, of assumptions and Umiting conditions are not permitted. The appraiser may expand the scope of work to Include any additional research or analysis necessary based on the complexity of this apprasal assignment. Modifications of deletions to the certifications are aiso not permitted. However, additional certifications that do not constitute material alterations tn this appraisal report, such as those required by faw ar those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope af work for this appraisal is defined by the complexity af this appraisal assignment and the seporting requirements of this appraisal report form, including tne follwing definition of market value, statement of assumptions and limiting conditions, and certifications. The appralser must, at a minimune (1) perform a Complete visual inspection of the interior and exterior areas of the sublect property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verity, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opmions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report !s for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER; The intended user of this appraisal report is the lender/client DEAINITION 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 sale, tie Guyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition ts the consummabon of a sale a3 of a specified date and the passing of titte from seller to buyer under conditions whereby. (1) buyer and seller are typically motivated, (2) bath parties are wall informed of well advised, and each acting in what he or she considers his ar her own best interest; (3) 4 raasonable time is allowed for exposure in the open market, (4) payment ls made in terms of cash in U. 8. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideralion for the property sold unaffected by special or creative financing or sales concessions* granted by anyone aszoclated 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 @ market area; these costs are readily Kentiflable since the seller pays these costs in virtually al sales transactions. Special or crastive financing adjustments can be made to the comparable property by comparisons to financing teams offered by a third party institstional tender 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 dotiar amount af any adjustment should approxdmate the markat's reaction to the financing of concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: tha appraiser's certfficalion In this report is subject to the following assumptions and limiting conditions: 1. The appraiser wil net be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for Infarmation that he of she became aware of duting the research involved In performing this appraisal. The appraiser assumes thal the tile Is good and marketable and wil not render any opinions about the fila. 2. The appraiser has provided a sketch {In this appraisal report to show the aporadmate dimensions of the improvernents. Le sketch Is included only to assist the reader in visualizing the property and understanding the appraiser's determination re. 3. The appralser has examined the avaiable flood maps that are provided by the Federal Emergency Management Agency {or ther gata sources) jing has noted in this appraisal report whether any portion ot the subject site Is located im an pecial Flood Hazard Area. Because the appraiser is not a surveyor, he she makes no guarantees, imped, regarding this determination, ial “ 9 88. SrprESs OF 4. The appraiser wii not give testimany or appear in court because he or she made an isal af the pro, in question unless specific arangemenis to do so havo ‘seen made beforenand, or as utherwige Teqaved by law. property in question, §. The appraiser has notad in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, eit.) observed during the mspection of the subject property ar that he or she became aware of during the research involved in performing the appraisal. Unless otherwise stated In this appraisal seport, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property {such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, gto.) that would make the property less valuable, and has assumed that there ae no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such Because the anraisar is nt a bor We ed of Sram Nena, INE opp MDOT Ms ot Ne conse’ ; fie environ Is, this isal seaport must rat idered as an enviranmental assessment of the property. an m Pe cons 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is Subject to satisfactary completion, repairs, or alterations on the assumption that the completion, repairs, of alterations of the subject property wit! be performed in a professional manner. . ATIVE COMPLAINT UOMINISTRAT Freddig Mac Form 70 March 2003 Page 4 of 6 EXHISIT fer __ Fannie Mas Form 1004 Match 2005 7 Sha Fem 100 —*WTOTAL sre sate apnea OF XH BIF PAGE \S ict Rael Pie 279 Styfieler Flo # RJO107036 a . ed Uniform Residential Appraisal Report APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: ; 1. { have, at a minimum, developed and reported this appraisal In accordance with the scope of work requirements stated in this aporaisal report. 2. | performed a complete visual inspection of the interlor and extstior areas of the subject propery. | reported the condition af the improvements in facural, specific terms. [ identified and reported the physical deficlenctes that could affect the fvabiity, soundness, or structural integrity of the propery. a. | performed this aperaisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practics that were auepted ‘and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that. were im place at the time this appraisal report was orepared. 4. | devetoped my opinion of the market value of the real property that Is the subject of this report based on the sales comparlson approach to valve. | have adequate comparable market data to develop a rellable sales comparison for this sopraleal assigrment. | furthar certify that | considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. | researched, vetiiied, analyzed, and ceponed on any current agreement for sale for the subject property. any offering for sale of the ‘subject proparty In the twelve months nrlor to the effective date of this appraisal, and the poor sales of the subject property for a minimum of three years orior to the affective date of this appraisal, unless otherwise indicated in this repart. 6. | researched, verified, analyzed, and reported on the prior sales of the comparable sales for a rinimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. | selected and used comparable sales that ara locationally, physically, and functionally the most similar to the subject property. 8. (have not used compatable sales that ware the result of combining a land sale with the contract purchase price of a home that has been buit of will be bultt on the land. 9. | have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. | verified, from a disinterested source, all Infarmation in this report that was provided by parties who have a financial interest In the sale or financing of the subject property. 11. | have knowledge and experience in appraising this type of property in this market area. 12. | am aware of, and have access to, the necessary and appropriate public and private data sources, such as muiliple isting services, tax assessment records, public land recards and other such data sources for the area in which the property is located. 13. { obtained the information, estimates, and opinions fumished by other parties and expressed in this appraisal report from reliable sources that 1 believe to be tre and comect. 14. | have taken into consideration the factors that have an Impact on value with respect to the subject neighborhood, subject Broperty, and the proximity of the subject property to adverse Infivences in the development af my apinion of market value, | have noted in this appralsal report any adverse condiions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toc substances, adverse environmental conditions, étc.) observed during the inspection of the subject property ar that | became aware of during the research involved in performing appraisal { have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and Mmarketabllity of the subject property. 45, | have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, afl statamants and information in this appraisal report are te and correct 16, | stated in this appraisal report my own personal, unbiased, and ssional analysis, oplilons, and conclusions, which are subject only to the assumptions and tenting conditions in this ae ea epon yes oP 17. | have no present or prospective interest in the property Lhat is the subject of this report, and | have no prasert or prospective personal Interest or bias with respect to the parlicipants in the transaction. | did not base, sither partially or completely, my analysis and/or opinton of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective awners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis pronibited by law. 14, My employment and/or compensation for performing this appraisal or any future or anficipated aporalsals was not conditioned On any agreement of understanding, written or otherwise, that { would report (or present analysis supporting) a oredr | Speciic value, 3 a predetermined minimum value, ad Tange 4 direction in value, a mew that favors os cause of . atlainment of a specific result or occurrence of 2 5} event i on apnea pecific subsequ « as approval of a pending 19. | personally prepared all conclustons and opinions about the real estate that were sal forth in this appraisal report. Hf | telied on significant real property appraisal assistance from any individual or individuals In the performance of this apprarsal of the preparation of this appraisal report, | have named such individual(s) and dlectosed the specific tasks performed in this appraisal report. | certify that any Individual so named ig quafifed to perform the tasks. | have not authorized anyone to make a change 10 ary Hem Th this appraisal report; therefore, ary change made to thie appraisal ls tmoarthorized and | wil Tako no 20, | ketied he Index ins appraisal rpct who is he vil organo ap ore ORM AN = iif} fi. Fraddie Mac Form 70 March 2005 Page 5 of 6 Fannie Mae Form 1004 March 2005 SARE Or AA Ur Fer 1004— "TTA eprtl wary a rece, be. — LAE EXHIBIT \__ PAGE \7. Ne Uniform Residential Appraisal Report 24. The tenderclient may disclose of distribute this appraisal report ta: the borrower; anather lender at the request of the borrower, the mortgagee of its successors and assigns; mortgage insurers; govel mment sponsored enterprises; ather dary market participants: data co!tection or reporting services; professional appraisal organizations; any department, agency, i Cee eaity af the United States: and any slate, the District uf Columbia, of other jurisdictions; without having to Obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (incluting, but-not Innitad to, the public through advertising, public relations, news, sales, or ather media). 22. | am aware that disclosure or distribution of thls appraisal report by me of the tender/client may be subject to certain laws and regulations. Farther, Tam also subject to the provisions of the Uniform Standards ot Professiona’ Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another tender at the request of the borrower, the mortgagee or Its successors and assigns, mortyage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as past of any mortgage finance transaction that involves any one or more of these parties. 24. if tis appraisal report was transmitted as an “electronic record” containing my “electronic signature, as those temns are defined in applicatie faderal and/or state laws (excluding audio and video recordings), or a faceimte vansmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effactive, enforceable and valid ag if a paper version of this appraisal raport were delivered containing my original hand written signature. 28. intentional or negligent misrenresentation(s) contained In this appraisal report may result In clu tabi cin ta, Te or imprisonment or both under the provisions of Title 16, criminal penaities including, but not limited Cade, Section 1001, et seq., or similar state laws, and/or lated States SUPERVISORY APPRAISER'S CERTIFIGATION: The Supervisory Appraiser certifies and agrees that 1: [directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. accept full responsibilty for the contents of this appraisal report inciuding, but not limited to, the appraiser's analysis, opinions, s ceca ConCURGS, “aid Te” appraiser s “Ceiical $8. The appraiser identified in this appraisal report is either a sub-contractor or an emplcyee of the supervisory appraiser (or ine appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Untiorm Standards of Professional Appraisal Practice that were adopted and promutgated by the Appraisal Standanis Board of The Appraigal Foundation and that were in place at the time this appraisal feport was prepared. app Company Address 8812 Audrey Lens, Tampa, Fl, 33615. Tel 8 Number 812. 95, Email Address abays7.com. Date pf Signature and Report March 08 Effacfive Date of Appraisal _9/2/2007 State Certification # : or License # Stale Registered Traines RL18860 or Otter (describe) State # State FL : j Expiration Date of Ceriification or License 4130/2008 anoiess OF PROPERTY APPRAISED . 2208 E 15th Ave Tamia, FL 33605-2906 API SED VALUE OF SUBJECT PROPERTY'S 216,000 Name Atberto Taveras ComPany Name Casablanca Financtal Group Company Address 2550 W Water Avenue, Tampa, FL 33634-271 33614-2714 Sl Email Address alberto taveras@casatlancafinancial Bt Freddie Mac Form 70 March 2005 5. if this appraisat report was transmitted as an “electronic record” containing defiged iv applicable federal and/or state laws (excluding audio and video recor ja} report containing a copy or represertaiion of my signature, the appraisal report shall be as effective, enforceable and valid as # 2 paper version of this appraisal report were dellvered containing my orginal hand written signature. “electronic signature," as those teams are 93). oF a facsimile transmission of this Telephone Number 813-290-7608 Email Address sariodapprerfhaol_rom Date of Signature March 08, 2007. State Certification # BL Cert Ros. REARD5086 or State License # State FL Expiration Date of Certification ar License AAF30/2008, SUBJECT PROPERTY © Did not inspect subject property Did inspect exterior of subject pronarty from street Date of inspection 0 Did inspect interior and exterfor of subject property Date of inspection 4/90/2007. COMPARABLE SALES: (1 Oia not inspect exterior of comparable sales trom strest Did inspect exterlor of comparable sales from street Eb COMPLAINT ie No. BUsTO7o3eT Pace aie) . . : Sbyffelor Uniform Residential Appraisal Report Fle# RJOIO7OSE COMPARABLE SALE #4 COMPARABLE SALE #6 12th Avenue F Saat sae | [averace | SALES COMPARISON APPROACH [vesing/Coning ___Non-Ducted INofrOuctea |__| apy Sco tan Types [Trica |__| Feagetener | a Garage/Cam INene None | fFirepisce None None ust bjoct property a: COMPARABLE SALE #4 None within the last 36 Months Public Records ANALYSIS Freddie Mac Fotm 70 March 2005 , Fanaie Mae Form 1004 March 2005 Farm 1004,(AC) — “WInTOTAL" appraisal sohware by @ fa mods, inc, — 1-G00-ALAMODE EXHIBIT \ PAGE \A “ Subject Phote Page BorowesChent Willam Strytfcier State EL Tamoa Casabtanea Financial Group Zp Cede 33605-2506 Form PC46.8R — “WinTUTAL* appraisal software by ala Mods, Int. —~ 1-8 ALAMODE Subject Froat 2208 E 15th Ave Sales Price NYA GLA 2,458 ToL Rooms 7 Tat Bedims, 5 ‘Tot Bxtems, 2 Loeaipn = Average View Reskentlal / Averag Sta 5,080 $q Ft 4 Gay Average Age 73 Years Subject Hear Subject Stree? NAP LALMT EXHIBIT_\ PAGE __ 20 _ Subject Photos Interior ww BortrwerfGlem Wittam Siryffetor Agaress 2208 E 15th Ave. Subject Living 2208 E 15th Ave Subject Bath Subject Kitchen COMPLAINT Fann P1GO6.TR — “WnnTOTAL® anoratedl software by a fa made, Inc. <~ 1+B00-ALAMODE EXHIBIT_\__ PAGE _ ON \ Comparable Photo Page [Rorews/Gied Wien Stryitalar Comparahle 1 3404 N 29th Street Prox to Sty. 0.714 miles NE Solos Price © 195,000 SLA 1.888 Tot Rooms 7 Ta Batre, 5 . Tol Baths, 2 Location «Average View ResigentiavAug Se §,100 Sq F tl Quity = Avorage Age 79 Years Gomparable 2 802 & Columbus Orive Prox to Seth. 1.06 miles W Saks Price = 206,000 GLA 1,976 ‘ToL Roams «7 Tot Beams. 4 Tot Buttars. $ Location = Average: View Rasktentiating Sita 8.256 Sq Fl+e Quality Average: Age 97 Years Comparahie 3 907 E 23rd Avenue Prox, to Subj. 1.08 miles NW Swes Price = 290,000 GLA 2,833 Tol Rooms 9 To Bedrms, § Tot. fathms. 2 . Location = Average View Reswentavavg Sits 8,062 Sq Ft +h Gualty Average Age 90 Years INT. EXHIBIT_\ PAGE 20 Forma PICA. CR — “WiNTUTAL* appraisal software by a fa mode, ine, — 1-800-ALAMODE Gino BIDIGTOGE Pane a) Comparable Photo Page al Ei Tampa Hite f Sas Fl _mp ender ‘Cagabianca Financial . ; 7 Gomparable 4 41004 E 12th Avenue Prax. ip Gab. 0.88 mies W Sales Prict §=225,000 GLA 1,856 Tot Room 5 Ten. Bedtms. 4 Tot Batiwrns. 1 ‘ecafon Average View ResidontiavAvg She 5.000 Sq Ft +/- Quilty Average Age 81 Years ADMINISTRAIIVE COMPLAINT. EXHIBIT $B ; PAGE _ )& OF EXHIBIT_\ PAGE 23 Form PICA8.CA — “WinTOTAL* appralsal soitwarc by 2 ta mode, inc. — 1-800-ALAMODE Ww Building Sketch ~~ | 18T FLOOR 2ND FLOOR AREA CALCULATIONS SUMMARY ‘Daberipon Ret Sion Nel LIVABLE Area cs LAIN ADIINISTRALIVE OMPLAINT. ADMINS - 2 OF em Form SKT.SEK — “WinTTAL* appratsal sutware by 2 la mode, kay, — 1-800-AL AMODE ~~ EXHIBIT_\__ PAGE _2¢ Y Plat Map Ww ci Tampa Couny_Hilsborougih Sie €C___p Code 33605-2908 Lender Casablanca Financial GI COMPLAINT Form MAP-PLAT — “WinTOTAL' appraical suftvate by 2 la made, Inc. — 1-BOC-ALAMODE, EXHIBIT. \ PAGE av Ww Location Map ~ Laniparabl tuleunbes Lert Rental 21 420th Avenue EDO-RE ANODE Pike e Operating Incérde Statement Ww Ru0107036 One- to Four-family Investment Property and Two- to Four-Family Owner-Occupied Property Property Address j . vans 2208 E 15m Ave Tampa ne aes a Strect oy General instructions: This form is wo be prepared jointly by the joan apphcant, the anpraisar, and the lender's underwriter. The applicant must complete the following schedule melcating each untt’s rental status, lease expiration date, current rent, market rant, andthe responsibitty tor uillty expenses, Rental figures must be based on the rent tor an “untumished™ watt, - Currently Expiration Current Rent Market Rent Paid Paid Rented Date Per Month Por Month Utility Expense By Owner By Tenant unit No. 1 Yes, ro 2 $ 3 4,400.00 | ‘Unit Ne. 2 Yes (7) No & Fy {J UnikNo.3 Yes {1 No 5 5 0) UnitNa.4 = Yes {] No 8 FY i. Totat & $. 4,400 wast 4 The applicant should complete all of the Incorne and expenst projactions and for exsting properties provice actual year-end oparating stalements for the past two years (far new properties the aopticant’s projected income and expenses must ba proviled). ‘This Operating income Statement and any previous operating statements the applicant provides must then be sentto the appraiser for review, comment. and/or adjustments next to the anpllcant’s figures (2.9. Agplicany/Appralser 268/300). It the appralser te retained to complete the farm instead of the applicant, the lender must provide to the appraiser the sforematitianed operating stataments, marigags ingurance premium, HOA duas, ezsahold payrrents, subordinate financing, and/or any ather retevant information as to the income and expenses of the subject property recetved from the applicant to substantiate the projections, The underwriter should caratully review the spplicant's/anpralser's projections and the appraiger’s cornments concerning those projections. The underwdter should make any final adjustments that are necessary to mare accurately reflect any income ar emence terres that appear unreasonable for the market. (Real estait taxes and Insurance on these pes of prapertizs are included in PIT and not ealoulated a8 3 annual expense item) income should be tased on the current rentz, but should not exceed markat rents, When thers ara no current rents because the property is propased, new. or currently vacant, market rents ghiguid be Used. Annual income and Emensa Projection for Next 12 months incems (Do not Ince income for owner-occupied units) By Applicant/Appralser Landers Underwriter Gross Annual Rental (from unt(s} 10 be rented) $ 46,800.00 s. Other income flaciude sources) te Total, 76,800 5 Less Vacancy/fient Loss - B40_{ 5%) — ( * Ettective Gross income Ey 15,960. Expenses (Do not include expenses for owner-occupied uhits} . — Other Taxes or Licenses Casual Labor . ‘This Includes the caste for public area cleaning, show removal, stt., even though the eppficant may not elact ta contract for such services. Interlor PalntDecorating ........ asics 156, This includes the costs of contract labor and materiats that are mainialn the interiors of the fiving unit. General Repaire/Maintenance -_ 300 Thig Includes the costs of contract labor and materials that are required to maintatn the public corridors, stakways, roots, machanical systems, Pridessional management company would charge 1o manage the property. This Includes the cosis of Items Hke tight buthe, Tota! Replacement Reserves - See Sthedula an Pg. 2 Misceflaneous. Total Operating Expenses 5 608, oe Freddie Msc This Form Must Ga Reproduced By Seller Fannie Mae Porm 998 Aug 68 Page 1 of2 Form 216 Aug 88 A-Fast Appratsals, Inc. (813) 290-7908 RIVE CO VEAXHIB IT \ Form INC2 — “WinTOTAS* appraisal software by aa modeina iit aha Ramo Pa) a Replacement Reserve Schedul Vs Ade: lacement reserves must be calculated regardiess of whether ‘actual raserves are provided far on the owner's operating statements or are aceary in the logal market, This renrasents the total average yearly reserves. Ganaraily, all equinment and components that rave a remaining life of more then one year - such as reffgerators, stives, clothes washere/dryars, Irash compactors, fumaces, ranfs, and carpeting. gic, - should be expensed an a replacement cost basis. tomant Rentacement Remaining By Applicant? Lender ‘a Cost fe Appraiser Adjustments Stoves/Ranges .@ &____S75_ ta + _ 3G XK 1 Unib=§ Refrigerators @ $____ 300 oa + 20. Yrs. x 1 Units = §. yn. fe Olshwashers @s& 280 ea + _ 30. Yrs. x 4 Unts=$ 0 ASC Units @ & 41,250 9a + 30_ Yrs. x 4 Unts=$ 4 . Washer/Dryers @ St LY ~ Unte=§ HW Heaters @ & 300 6a oh Yrs. kK 4 Unig=$ Fumage(s) @ $s ea + Yrs. x Untts = § & {Other @ s oa + Yrs. X Untts = ¢ by FOOT co cceeccgessceeeseeseee @ Sonne 2500 + __35., Yee. x One Bldg. = 5 cc ors, Sao, Carpeting (Wall to Wail) Remaining ie (Untts) 1. Total $q. Yds. @ $_ 40, PerSq. Yo + 0 Wee. Fe (Pubic Areas) Tatal 8a, Yds. @ $ Per Sq. Yd. + Yo. = & - & Total Replacement Aoserver. (Enter on Pu. 1) g 155 < Operating Income Reconciliation : & 15,960 - 805 = $ 45,355 +12= $ 1,280 Effective Gross @come ‘Yous Operaling Expenate ‘Operaing income Marty operaung moome 4,280 - = 125 . SS aye * *—aertistw (Note: Monihty Housing Expense includes principal and interes! on the mortgage, heard insurance premiums, rfal estate taxes, Mortage insurance premiums, HOA ducs, leaschot payments, and subordinate financing payments.) Underwetter's instructions for 2~4 Famity Owner-Occupled Properties = If Monthly Operating Incame is a positive number, enter as "Net Rental income’ in the “Grace Monthly income" section af Freddie Mac Form 65/Fannie Maa Form 1003. f Monthly Operating Income is a negafive number, tt must bs Included as a Htabitty for qualtfication purposes, «The barrawer'a monthly housing expense-to-incume ratio must be catculated by comparing the total Monthly Housing Expense forthe subject property to the borrawer's stable monthly Income, Underwriter's Instructions for 1-4 Family Investment Properties «It Net Gash Flow ts a postive number, anter ag *Net Rental incume* in the “Gross Monthly Incoma® saction af Fraddic Mac Fomr 65/Fatnia Mas Form 1003. H Net Cash Faw Is a negative number, i must be included as a llabllty for qualification purpases. + The borrower's mantnty housing oxpense-to-Incame ratio must be calculated by comparing the total monthly housing expense for the borrower's primary residance to the borrower's stable monthly income, Appraisers Comments (actading sources for data and ratiaraia for the projections) os St Appraiser Name { Appraiser Stanatura March 08, 2007 Date ‘Underwriters Gomunents and Rationate for Adjustments a Underwrhar Nama : ‘Underwriter Signature Date Freddie Mac ; Fannic Mae Form 908 Aug 88 j Page 2 of 2 . Form 216 Aug 86 wit ! ADMINISTRA! Form INC2 — “WinTOTAL* anpralsal software by a la mode, Inc. ~~ 1-B00-ALAMODE . SMHIBIT = . “a . SINGLE FAMILY COMPARABLE RENT SCHEDULE ‘This form ts intended te provide the appraiser with a familiar format to estimate the market rent of the subject property. Adjustments should be made only for items of significant difference between the comparables and the Subject property. SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 2208 E Téth Ave S02 E 10th Avenue 2702 {6th Avenue 7210 E Colmbus Drive Address Tampa, FL 33605 Tampa, Fl. 33605 Tampa, Fl, 33608 0.26 miles SE | 0.37 miles NE 0.74 miles W Annual Annual . Unknown Unknown Unknown $ 1,150.00 $ 950.00 $ 1,800.00 suo om sae Monthly Bent oan sowee = (NA Mullpie Listings /Lease Agent | Mulliple Listings /Lease Agent | Multiple Listings / Lease Agent Public Records, Public Records Public Records iN [DESCRIPTION | +(-\ Adu | DESCRIPTION | +(—)8 Adust | OESCRPTION” | +(—)s Adis. | Pra1940 1 Story 79 Years 94 Years Age/Condtion Average _ Average Above Grade Total ‘Borms: Baths | Total iBerms: Baths 92 Years ; 104 Years H Roam Count (ei si 2 tsi si 2 Gross Living Area 2,458 So. Fe 1,882 So. Ft Comments an market data, Including the range of tents tor single family properties, an estimate of vacancy for single farnily rental properties, the general trend of rents and vacancy, and sugnurt for the above adustments. (ent concessions should be adjusted to the market, not to the subject property.) | Final “oan of Madket Rent ( (WE) ESTIMATE THE MONTHLY MARKET AENT OF THE SUBJECT AS OF 2/25/2007 $ 1,400.00 Appralser(s) Review Appraiser SIGNATURE (applicable) Rob James NAME Dario Rui Freddie Mac Form 1000 (8/88) {Y2K] Fannle Mae Form 1007 (8/88) : A-Fast Appreigais, inc, (813) 290-7808 ‘ Foon RNT— "WinTOTAL! appraisal software by a la made, inc, — 1-B00+Al A A NAT a A MINISTRAT WE COMPEAMIF pT \ EXHIBIT #o? ___._BAGE—A A __ SaGE 6 wr ———e ive Star Appraisers 1 B&O Programs,‘ lesurec: —Ufineta Union irestirzoce Coropeny Rating! Ald Bast A (@xcovert) Covernga: Errors and Omisdions |. Pobty Number, NO 12 88002 Umits of Llabihy: 81,000,000 Each Cieim, ineiading Claims Expenses: $1,000,000 Annud Aggregans, including Caine Expenses . Dettuctible: 37.000 5788.06 . $5.80 344.16 FL Sunplus Linas Ta gas FL Stomn Tot & Om Sso623 = Total Priemsuent 8 Potey Period DaOsG = «OBA? , 4201 oom standard trae at ts Jocztion sieind sibever B Retroadive Date: deigzcos Ontiniéan: Retronative Date (Priar Acts Coverye}. This. is the dats inn which the iamtared wrpcnacts teat “CONTINUOUS" Profacatonal Linbilty eévtinath Nox oxetiad sitioul kévrruptipn. Aypoatshins aliasing 4s insurances Jor tha FIRST time or rertawiaig Inoneonie eDer bapeie its opvditigg will Larva ws eabremctivnciate ty keme an the pallcy ineepion Hnte. A retnnctive dist Indkcides how! dar beck id thre thie inotacion Wik provichs covacnge io prior acts Any chame mtede Tar sat aparmalne! domes pelea to the retrasctiew date, wif tra ecctoced taedee’ this pokey. 10. Baed Oni 4 Appratenr Darts flr +1. ‘That "Proof of Coverage” notice ks your formal “Evidence of Inuretios" in be ated (or copies chemot) 19 nobfy banks, end other third caries thal such coverage eam, Date of Issuance August 15, 2006 Kevin M. Ottley Authartzad Raprasentative Form §C1— *WinTOTAL” appraisal software by a la mode, ne. — 1-800-ALAMODE EXHIBIT \ PAGE 3° | Dario Ruiz’s License Form SCNLTA — "WInTOTAL" appratsal sattwate by a la mode, mc. — 1-800-ALAMODE EXHIBIT_\ ~~ PAGE __\ Vv Ww Rob James’s License sd 296486 5 - STATE OF FLORIDA BEEAETENT OF SUGIESS AMD P . PRGEIDA a PERaT SEC# wosrizasse20 mS | ear SR DICENSE HEE ae x lszroaroto lierbtnscs larseko own me : Hemett aks ae hae oe ts Repéeation date: NO 50, 2 | TaMES, BOSERT PRIIL PO Boe 47616 TP oR . Fle 33647 E COMPLAINT. Form SCNLTA — “WinTOTAL* appraisal software by a 1a made, ine. — 1-800-ALAMODE EXHIBIT \ PAGE __>@& Rob yames A-Fast Apprelgats, inc, 6612 Auxttey Lane Tampe, Florida 33616 Atte; Albarto Casablanca Financial Group 36950 W Waters Avarue Tampa, PL. 33814-2716 Rat Property. 2208 & 15th Ave Tampa, FL 33805-2906 Borrower, Witam Stryfieter File No. — Stryffeler in accordance with your request, we have appraised the abova referenced property. The report of tirat appratzal is attached. : —— -—Fre“purpose of this appraisal by torestimate the market value af the property described in this apnrazal raport, as improved, in unancumbered fae simple tite of awnership. . ‘This report b based on 4 physical analysis of the alle and improvements, a locational analysis of the neighborhood and City, and an economic analysls of the market for properties such ag the subject, The appraise! was developed and the teport was prepared In accordance with the Untform Standards of Professional Appraisal Practica. ‘The value conctusions reported are 2¢ of the afiective date stated in tha body of the report and contingent upon the certification and tmiting conditions attached. af tihas been a pleasure to assist You, Plasse do not hesilale to contact me or any of my eiaff If we cafi be of sdditionst gervice lo you. smn xe oh Rob James State Registered Treinge Appraiser RE19860 EXHIBIT__\ PAGE 33 AFast Appratsals, Inc. (872) 200-7808 ieNo Raioroael pace 2) PRIVACY NOTICE Pursuant t¢ the Gramm-Leach-Bliley Act of 1999, effective July 1, 2001, Appraisers, along with all providers of personal fixancial services aro now required by federat law to inform their clieats of tho policies of the firm with regard to the privacy at cileat nonpuitfic personal Information, Ac professionals, wt understand that your privacy ls very important to you and ace pleased to provide you with this Information. : In the course of performing appraisals, we may collect what iz known ag "nonpublic personal Information” about you. ‘This information s used ta facilitate the services that we provide to you and may ineuude the Information provided to us by you dreclly or received by us fram others with your autnorization. Radies_to Whom We Disclose information We do nol disclose any nonpublic personal Information obtained in the caurs¢ af cur engagement with our cllants to nonaffikated third partes, oxcept-as necessary or as requirad by law. By way of example, a necessary disclosure would be to our empivyees, © and in cartain situations, to unrelated third party consuttants who nead to know that information to assist us In providing appraisal semiees to you. Allo! cur amployses and any thd party consultants we empitay sre Informed that any information thay see a5 part of an appretsat assignment Is to be maintained in strict confidence within the firm, ; A disclosure required by law would be a diaciogure by us that is ordered by a court of competent jurisdiction with regard to & Jegaé action to which you are a party. Confidentiality antl Secivity We wil rotain recards ralating 10 profescional servicas that wa have pravided to you for a reasonable ime so that we are betlat able to assist you with your needa. In order tn protect your nenpublis personal Information {rom unauthorized access by third parties, we maintain physical, elactronic and procedural eafaguards that comply whh our professional standards to insure the security and intagrity af your information. Please foal free fo call us an any tine f you have say quesilons about the confidontiality of the information that you provide to us, ADMIN STRATIVE COMPLAINT EXHIBIT_\ PAGE _3¢ _ BorowayCien Wilffam S ale Ale Ne. RJQ1O7095 Progeny Address 18 E 16th Ave uty _Hitsborough: Sap Fl Tg Gode 33605-2806 2201 Tampe. Gasabtanca Financial Group APPRAISAL AND REPORT IDENTIFICATION Thus appratsal conforms fo ans at the following definitions: £2 Complete Appraisal (The att or process of estimating value, or an opinion of vaive, pertamied wtthout Invoking the Departure Rue.) (1 Umitad Appraisal ack of rovas eta yaue ar an opinion ova, ero under ad eng Kn invoke egartre This report is ona of tha folowing types: OO Set Gontaned {A wrttten report prepared under Standards Rule 2-2(a} of a Complete or Limited Appratsal pertarmed under: ‘STANDAAG 1.) summery (A wrtten report prepared under Standards Rule 2-2(h} of 2 Gamplets or Umited Apprateal performed ander STANDARD 1.) 0) Restricted {A weltien report prepared under Standards Aule 2-2(¢) of a Complete or Limited Appralsal performed ander STANDARD 1, restricted to the stated Intended uso by fhe spectlied cirant oc Intended user.) Camments on Standards Rule 2-3 Teestity thal, 10 the best of my ineviedge and befet: C The stattnesns of fact contained in this report are true end correct. Li Tha repoied analyses, opinions, and conclusions ae United only by the reported assumpans and landing conditions, and are my personal, impardal and untlased Professional analyses, opinions and conclusions. . owner of prospective Interest In the property thalis the subject of this report, and no percoral interest with sesnect to the partes Involved, 1 have no blas with respect m the property tha! Is the subject of thes report or the parler invedved wilh this assignment. C1 My engagemant In thie assignment was rol contingent upon develapin) Or teparing prédelertrined sesuts. G My commsnsetion for complating this sastgnment is not contingent upon the developmen! or reporting of a predetermined Value ar direction fm value that {avers the cause ‘of the c&ent, tha smourt of tig valox opinion, the atlainrnert of a sipuizied resut, of the occurrence of a Subsaquett ever directly rélated 16 ter attended aise of this appraisal O My analyses, cpinions and conclysions wera develoosd and this repor! hes besa prepared, in conforentty wilh the Uniform Standards of Protesstoral Appraisal Practice. ‘have made & on-stts anelysis of the property (hat is the subject of tks report, 0. No one provided significant real propery sppralsal assistance to the person signing this certification. Comments on Appraisal and Report identification Note any departures from Standards Rules 1-3 and 1-4, plus any USPAP-related issues requiring disclosure: The 2000 Uniform Standards of Professional Practice defines the market value conclusion as 3n opinion of market value and not an estimate al APPRAISER: Signature: fame Rob dames Data Signed: Sa Ceticatn or Sie Lene #: State Reaitored Trage GL19600 are Lem: wee Et ~ Sa FLCC Broan Dalfol Gerticaton or conse [1072008 Eatin Daa of Cordican or Uceee! 1170003 ; , BOWS PRATIVE COMPLAINT. l Ba vie (0) oe Not tespoo Pinger Be) 4 - Acfast Appraisals, ine. (023) 280-7008 Form 1D5 — ‘Win TOTAL appraisal software by 2 fa made, inc. — 1-800-ALAMODE No environmental hazards noted. The appraiser Is not an expert in the field of environmental hazards; hence this report ig not an environmental assessment. . ‘The appraiser is not a home ar ertvironmental inspector. The appraiser provides an opinion of value. The appraisal does not guarantee that the property is free of defects or environmental prablems. The appralser performs an visual analysis of visible and accessible areas only. Mold may be present in areas the anpraiser cannot see. A professional home inspection or environmental inspection Is recommended. MBAR: Signatures Dario Ruiz and the appraisers at A-Fast, Inc. prepare our appraisal reports using Alamode Wintotal appraisal software package that Incorporates several digital features, including digital signatures. in full compliance with USPAP standards on ED! (electronically sending the appraisal reports) and electronic signatures, our appraisal are password protected” against any tampering with the report once electronically signed, with the said electronically signed report daamed to be an original and valid appraisal report. CONDITION OF THE HEATING AND COOLING SYSTEM: Because the appraiser is not a home inspector ar HVAC technician he cannot attest to the condition of the HVAC system other than to advise that this appraisal is baged on the assumed functianallty of the heating system, the coofing system blew cool air at the time of walk through. {and Value Batio : ‘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% ara possibly associated with the following conditions: 1. Premium price paid for fot with appealine charanteristics such as golf course, preserve, or water views; 2. small residential acreage sites normally assoclated 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. 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, oplnions, statements, conclusions, and the appraiser's certification. 2. | accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appralser's certification. 3. The appraiser identified in this appratsal report is elther a sub-contractor or an employee of the supervisory appraiser ( of the appraisal firm), is qualifiad to perform this appraisal assignment, and is acceptable to perform this appraisal under the applicable state law. ; 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and Promulgated by the Appraisal Standards Board of the Appraisal Foundation and that were in piace at ihe time this appraisal report was prepared. 5. If this appraisal report was transmitted as an “electronic record" containing my ‘electronic signalure,* as those terms are defined In applnable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall ba as affective, saforceable and valid as if a paper version of this appraisal report was delivered containing my original hand written ignature, The subject needs fioor covering in the bedrooms, the living room and the family room. This Is estimated to be MOL 1900 Square Feel. The estimated cast for this can range from $1.00 to $5.00 per square toot. ADMINISTRATIVE COMPLAINT. iT £2 2 OF a ren TAOD— "WOT pel eee ya ots. — DOLE EXHIBIT_\ PAGE 26 _ Ne ww DEFINITION OF MARKET VALUE: The mast probable price which a property should bring In @ compellive and open market under all conditions raquisiie to a fair sale, the buyer and aster, sach acting prudantly, knowladgoably and assuming the price is not affacted by undue stimulus. Implcd in this definion le tha consummation of a sale as of 8 specified Gate and the passing af titte trom star to buyer under condiflons whereby: (1) buyer and-salar are-typicaly moilvated; (2) bath partes are well Informed or wet! aged, and each acting In what he conalders his own best Interest (3) a reasonable ome Is stowed for axposurs In the open market; (4) payment is rade in terms of cashJn U.S. doliars or in terms of financial arrangements comparable therela; and (5) the price represenis tha normal cangideration for the property suid unaffacted by special or cmmafive financing or sales concessions” granied by anyone essociated With the sala. *Adjustmants to the comparables musi be made for special or creative financing or sales concessions. No adjustments are necessary for thoze coats which are normaly paid by sellers as a reaul of edition or law in a market sree, these coats are readily identifiable since the seler pays these coate in virtually al sales transactions, Specie! or crative francing . adjusiments can be made to the comparable property by camparizons to financing tarms offered by 8 thied party instirufiona lander that is not already involved in the property or transaction. Any adjustmant should not be calculated on 8 mechanical dollar for detter cost of the financing or concezeion but the dollar amount of any adjustment should approxdnals the market's reaction to the financing or canceasions bssed on the appraisers judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER’S CERTIFICATION CORTIRGENT AND LIMITING CONDITIONS: ‘he appratsar's certification that appears In the appraisal repart ls subject to tha folowing conditions: 1. Tre appraiser wii nat be responsitte for matters of a legal nature thal affect eliher the property being appraised or the tte tok ‘The ®ppraiser assumes that the fitte is good and marketable and, therefore, wil not rander any apinions about the {itts. The property is Sporaised on tho basis of it baing under responsible ownarshio. 2. ‘The appraiser hae provided 9 akench in tha appraisal esnart tp show spproximala dimensions of the Improvemants and the skoteh i inetuded only (o ageist tha reader of the report In Usualtaing the property and undarstanding (he appratsars determination of its size. 3. The apprater has examined the avatabis food maps thal are provided by the Federal Emorgoncy Management Agancy (or othar Gata saurces) and has noted in the appraisal repart whether the subject site 's tocated In an ident@iad Special Fload Hazard Arua. Because the appraiser is nol # surveyor, he or she makes no gustantees, express of implied, regarding this determination. 4. The appraiser will not give teatimony or appear in court because he of she made an appraisal of the property In question, uniess specific arrangements to do so hava baen mada beforehand, 4. The appraiser has estimated the value of the tand In the cost spprosch at At highes! and best use and the Improvements at thelt contrinutory vate. These separate vahuitions of the tang andl Innprovemonts must not ba uzad in conjunction with ary othar appraisal and are Invalki It they are so used. a The apprujaer has noted If ite appraisal report any adverse conditions {such os, needed repairs, daprectation, the presence of hazardous wastes, lode gubstonces, atc.) Observed during the Inspection of the subject proparty of thal he o¢ he became aware af during the normal reeaarch invetved in performing the appralesl. Unless otherwise stated in the appralsat report, ihe appraiser hes no knowledge of any hidden or unapparent.condilions of the property or adverse environmental conditions (nchuding the prasance of Wastes, toxic eubstancaa, etc.) hat would make the property more of less valuable, and hes assumed that thare are no such conditions and makes no guarantees or weranties, expreas or implied, regarding the condition af the proparty. The appraiser will not bo reponsibie for any such canditans that do oxitt or for any engingering of tasting (hat might be requited to discover whather such conditions exst, Because the sppraiser is not ah exert in the fled of environmental hazards, the appraisal raport must not be conaidered 23 an environmental assessment of the Property. 7. The appraiser abtzinad the information, estimates, ard opinions thal were expressed in the appraisal repatt from courses that he or ehe considers to be rellable and belaves them to be true and carract. The sppraiser does nol assume responsibhity for the accuracy of such Items that were furnished by olher parties. 8. The appraiser wil not disclosa the contents of the appraisal roporl except as provided for in the Uniform Standards of Professional Appratal Practice. 9. The appraiser has based he or her appraisal raport and vaiiation conclusion for an appralaal that subject to satisfactory ‘completion, repairs, or altarstians an the assumplion that compilation of the Improvements wit be performed in @ workmanike manner. 10. The appralser must provide hia of her priar writtan cansent before the Jendarefent spactfied In the appraisal repart sen distribute the eppraisat report (ricluding canciusions about the property valua, lhe appraiser's idantiy and professional designations, and foferencss t any professional appraisal organizations or the firm with which iNe aporakeer la asseciated} lo snyone oltar than the borrower, the mortgagee or tz euecessons and assigns: the mortgage Insurer, consultants; professional appralsal organizationa; any ‘stale or faderaty approved financial institubon; or any deparmment, agency, or inéirurnantattty af the United States or any state or the District of Goumota: except that the lendaciclent may distribute tha property descripfon ection of tha report only to data ookaction or reporting sarvice(s) without having to obtain the apprateer’s prior written consent, The appralser's written consent and approval must Se anad before the appre! ean bo conveyed by anyone ta the pubic through advertising, Pubic raiatlons, news, sales, or Fee Wi fom 49 Peta? ADMINISTRATOR BOREEAINT fm AO Oc — eR as oe ao AIR EXHIBIT_\ PAGE 7? WwW 4 APPRAISER’S CERTIFICATION: The approiser cartihes and agrees thar 1. Thave researched the aubject market aroa and have aelacted a minimum of thraa recetd sales of properties most simitar end proximate to the subject proparty for cansideration in the sales comparison analysis and hava made 8 dollar adjustment whan | appropriate to reflact the market reaction to thase tems of significant varialion. if 8 significant 2em {n s-comparsble praporty ts superior lo, oF more favorable than, the subject proparty. I have mado a negative adjustment to reduce the adjusiad gales price of the temparable and, if 8 significant tem In a comparable property is Inferior to, ar lacs favorable than the eubjact property, thave made a postive adjuatment to increase the adjusted sales orice of the comparabla. 2 [have taken Into consideration tha factors that have an Impact on value in my devolopment of the astimate of market value in the appreigal report. | have not knowingly withheld any signifcang Information from the appraisal rapart and | bafeve, to the best af my knowledge, that all stataments and infermetian in the appraisal report are fue and correct, 3. [stated In the appraisal report anly my own personal, unbiased, and professional analysis. opinions, and canelusions, which are gubjact only to th contingent and Imiting carkifans spectied in thig form. 4. thave no prosert or prospective interes! in the property thal Is the subject to thie report, and | have no present or prospactive pereonal Interast of bias wilh respect (a the participants in the transaction. | did not base, alther partiaby or compistely, my analysis and/or the estimate of market valua in the sppraixsl repart on the race, color, religion, sex, handicap, famifal status, of national odgin of alther the prospective owners or occupant of the subject proporty of of the presant ownara or occupants of fhe properties In the vicinity of the subjact propaity. §. 1 have no prasant or contemptated future Interest in tha eubject property, and nalther my current of {lure empinymant nor my compensation for performing this appralsal s coningent on the appraised value of the property. 8. Twas not required to report a prece(ermingd value or direction in value that favors the cause of the chant or any related party, the amount of the value estimate, the attainment of a speciiic result, or the accurrence of a subsequent event in order to receive my compensation and/ar employment for performing the appralzat | did not base the apprataal repart on a requested minimum venation, & specific valuation, or the neod fo approve a spediic mortgage ioan. 7. | performed this appratzal in conformity with the Uniform Standards of Professional Appraisal Practice thet ware adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were In piace as of the effective date of this apprewsal, with the oxceplicn of ths departure provision of those Standards, which does not apply. | acknewiedge that an estimate of a Tegsonabic tine for exposure in the open market Is a condition in tho definition of market value and the satimate | devatoped is consistent win the marketing tne noted in ihe neighborhood section of this report, uniess | have othorwise stated in the reconetiiation section. 6, Theve personaly inspected the inicror and oxtefior areas of the subject property and the exterior of all properties fated ae comparables in the appralzal rapart. | further certify that | nave noted any apparent of Known adverse conditions in the subject ‘mprovaments, on tha aubject ate, or on any gite within the imenediate vicinity of the subjact property of which lam eware and have made adjustments for these adverse condtions In my analysis of ihe proporty value fo the exient that { had market evidenca to support them. | have siao commented about ine effect of the adverse canditiens an the marketability of tha aubjec! property, S. | personaly prepared all conclusions and opinions about the real estate thal were sat forth in the appraisal report. If | rofad on aigndicant professional agelstance from any indhdual of individuals in the performance af the appraisal or the preparation of the appraisal report, | have named such individual(s) and dirciosed the specific tasks performed by thom in the raconciiatian saction of this appraizal report. | certify that sny Individual se named is qualified to perform the taaka. 1 have aot authorized anyone to make a chenge {e any ham in the raport (herafore, H an unauthorized change is mada (0 the sppraieal report, | wal lake No responsiblity for It. SUPERVISORY APPRAISER'S- CERTIFICATION: The Supervisory Anpralsar certifies and agrvas that 1. directly supervised the appraiser for this sppralzal essiqnment, have read tha appraisal report, and agree wah the appraara analysis, opinions, statemants, conckusions and the appralsers certircation. 2. | accent full responsibilty for the contents of hts appraisa! report including, but not limited to, the appraisera analysie, opinions, fatements, conclusions, and the apprafsar's carlification. 3. The. appretzer identified in this appraisal report [s alther a sub-contractor or amployee of the suporvisary appralser {or the apeysical firm), is quafied to porfarm this ‘spprelzal assignmort and & accepted by stale tay lo do aa. 4. The appraisal repert complies with the USPAP regutations that wara adoptag and promulgated by the Appralsat Standards Board fos Appraiat Foundation and ware In placa gt the ime thls appraisal report wss prepared. ADORESS OF Prorenr NSE i € 16th Ava, Tamoa, FL 33605-2908 APpeAIseR: SUPERVISO: if reqotred): Signature: Si Name: Rob James fame Dare Rutz. Date Figned: Date Signed: ‘Ser Cestifocatinn #: Unense # Stale Registered Trainee Rt-19860 Of State Linense #: : State FL ion Oate of Cenification or Licenen: 11/30/2008 ‘Spiration Dale af Certification or License: 17/80/2008 i . Freddie Mac Form 439 6-93 Page 2012 US iviti vied INT PITS TOA TT aia : Fou AGA 00 —-vnOTA peal owen byw i RaCa aye vob SEAL BYTE ead, boo eace > =~ PAGE 22 {JZERIDIAN APPRAISAL SERVICES. LUC File No.07-216GP_Page #2 Property Address: 2208 E 1STH AVENUE TAMPA, Fi, 33605 Prepared For: GREENPOINT MORTGAGE FUNDING, INC 151.1 N WESTSHORE BLVD #300 ‘TAMPA, FL 33607 Prepared As Of: 04/03/2007 Prepared By: MERIDIAN APPRAISAL, SERVICES 2805 W. BUSCH BLVD #221 TAMPA. FLORIDA 33618-4561 EXHIBIT_\ Desioned by United Systems Soltware Company (800) 969-8727 PAGE 3 _ \. MERIDIAN APPRAISAL SERVICES, ELC. File No. 07-2166°_ Page #3. One-Unit Residential Appraisal Field Review Report File # ‘07-216GP The purpose of this appraisal eld emiew report isto provide the lendedclient with an opinion onthe accuracy af the appraisal report under review. Property Address 2208 € ISTH AVENUE City TAMPA, State FL Zip Code 33605 Borrower STRYFFELER ‘Owner of Public Record STRYFFELER _ Counly HILLSBOROUGH ‘egal Description LOT 12, BLOCK 4, SANDERS AND CLAY SOUTH ADDITION, PB 1, PAGE 32 __ Assessor's Parcel # 172919 4W2 000004 000120 _ Map Reference $17/T29/R19 ___ Census Tract Property Rights Appraised QX|Fee Simple | _jteasehld {”] Other {describe} __ Project Type [ [Cando [~]PuD [_|Cooperatwve (oan # 0092112292-0092112200 Effective Date of Appraisal Under Review 03/02/2007 Manulactured Home (_] Yes ("| No Lender/Chent_ GREENPOINT MORTGAGE FUNDING, INC ‘Address 1S11 N WESTSHORE BLVD #300, TAMPA, FL 33607 : ~ SSECTION [COMPLETE FOR ALL ASSIGNMENTS: = sonar : tits {the information the subject section ‘complete and accurate? Yes [__|No_ If Yes, provide a briel ‘summary. it No, explain, THE OWNERSHIP AND LEGAL DESCRIPTION ARE ACCURATE. [2 is te information inthe contract section complete and accurate?” [Jes [_JNo_Dc]Not Applicabe_it Ye, move a brie! summary. No, explain, THE SUBJECT 1S NOT UNDER CONTRACT. 3. she information in the neighborhood section complete and accurate? [__] Yes [X{No_it Yes. provide @ brie! summary. (No, explain, THE APPRAISER USES THE NEIGHBORHOOD SECTION TO DESCRIBE THE SUBJECTS CONSTRUCTION, YEAR BUILT, ANO LOT SIZE. THE REST OF THE NEIGHBORHOOD: DESCRIPTION [IS EXTREMELY GENERIC AND NOT INFORMATIVE. THE SUBJECT {S LOCATED IN A MATURE, URBAN, NEIGHBORHOOD OF MODEST FRAME HOMES THAT GO BACK TO 1910-1930. THE AREA RUNS JUST NORTH ‘OF I- 4 AND EAST OF 1-75. HOMES IN THE AREA RANGE IN CONDITION. UPDATING AND REMODELING HOMES IS TAKING PLACE. YBOR CITY AND DOWN TOWN TAMPA ARE JUST SOUTH OF THE SUBJECT. THERE 1S GOOD. ACCESS TO NEIGHBORHOOD SCHOOLS AND EMPLOYMENT CENTERS. H 41s ine information in the sie section complete and accurate? [_]¥es OX No i1Yes, provide a brief summary. I1No, explain. THE APPRAISAL DESCRIBES THE SUBJECTS VIEW AS “Residential/Average”. THIS IS NOT THE CASE, THE. SUBJECT IS LOCATED FACING 4, 1/2 BLOCK FROM THE INTERSECTION OF __| 22ND STREET ANO THE INTERSTATE. 22ND STREET IS A MAIN THORGFARE FOR THE AREA AND HAS VERY HIGH TRAFFIC. THE, APPRATSAL COMPLETELY OMITS ANY REFERENCE TO THE SUBJECT'S ACTUAL VIEW. ‘SEE PHOTOS. 3, 1s Ihe data tthe improvement section complete and accurate? [] Yes [X]Na_il Yes, provide a briel summary No, explain. THE APPRAISAL DESCRIBES THE | |SUBJECT AS BEING IN “Average” CONDITION. THE FACT IS THE SUBJECT 1S NOT HABITARLE. SEE ATTACHED COMMENTS. THE APPRAISAL SHOWS TIIC SUBJECTS LIVING AREA AS "2458", THIS FIGURE IS EXACTLY THE ‘SAME AS THE COUNTY RECORDS. IN ADDITION, THE _ MEASUREMENTS ON THE DRAWING ARE EXACTLY THE SAME AS THE DRAWING IN THE COUNTY RECORDS. TT APPEARS THAT THE APPRAISER DID NOT MEASURE THE SUBJECT, HOWEVER, WE DID. | BASED ON OUR ‘MEASUREMENTS THE ‘SUBJECT 1S LESS THAN 2000 SQFT. SEE ATTACHED COMMENTS. re the comparable sales selected locational, physical, and Tunctionally Ihe most sia io the subject propery? [”_} Yes DR]No_ Yes, rowde a brief summary. No. provide a detailed explanation as to why they are not tt re best comparable sales. GIVEN THE SUBJECTS CONDITION, THE COMPARABLE, SALES ARE IN SIGNIFICANTLY SUPERIOR CONDITION. 7. Are the data and analysis (including the individual adjustments) presented in the sales comparison. ‘approach complete and accurate? [_} Yes No. If Yes, provide a brief summary. {{ No, explain, SEE ATTACHED COMMENTS : Thre he data and analysis presented in the come and cost approaches complete and accurate? || Yes_[x]No [Jet devetoped ItNo, explain. WE WERE NOT ABLE FTO CONFIRM THE RENTAL DATA. THIS IS A COMMON PROBLEM SINCE RENTAL DATA IS NOT STRICTLY AVAILABLE THROUGH PUBLIC SOURCES. _THE RENTAL ANALYSIS IS UMITED, NO ADJUSTMENTS: WERE MADE TO THE COMPARABLE RENTALS. AND THE RENT. RANGE IS RELATIVELY WIDE. [THE OPERATING INCOME STATEMENT SHOWS A COMPLETE LACK GF UNDERSTANDING OF THIS PART OF THE ASSIGNMENT. _NO COSTS ARE SHOWN FOR: PROPERTY TAKES, MANAGEMENT, OR INSURANCE. THE COST OF THE APPLIANCES 1S EXTREMELY LOW, AND THE ESTIMATED REMAINING LIFE (35 YEARS) 1S RIDICULOUSLY HIGH, THE ROOF IS SHOW AS HAVING 35 YEARS REMAINING LIFE, THIS WOULD BE ‘ABSURD EVEN iF IT WAS A NEW ROOF. THE FLOORING ESTIMATE SHOWS THE HOME TO HAVE “1” SQUARE YARD AND A COST OF $10/YARD. NONE OF THIS ANALYSIS IS REASONABLE. 9, Is the sale or translerTustory reported Tor the subject property and each comparable sales complete ans accurate? 5g ves” L_[No Yes, provide a brie! summary. If No, analyze and report the correct sale of transfer history and the data source(s) a ngnman nan msn PSE | 70. 1s the opinion of market value in the appraisal report under review accurate as of ihe effective date of the appraisal report? {_}Yes [X|No_ II'No, complete Section i. Freddie Mac Fee 1032 (March 2005) This form was reproduced by United Sysiems Sofware Company (600) 969-8727 - Fage i of Fannie Mae Form 2000 (March 2005) STRATIY SREBIT dé 4 ‘MERIDIAN APPRAISAL SERVICES, LLC. File No.G7-216GP__Fage #4 07-216GP One-Unit Residential Appraisal Field Review Report FECTION i COMPLETE ONLY IRMEVIEW/AP NSWERS“WOLTO QUESTION 10: ee |O.SEGTION | ace 1. Provide detailed reasoning for disagreement with the ‘opinion ot value in the appratsat report under review. THE SUBJECT PROPERTY IS NOT IN AVERAGE CONDITION ‘AND IS NOT APPROPRIATE AS COLLATERAL, IN ADOITTON, IT APPEARS THAT THE APPRAISAL HAS ‘MIS-REPRESENTED THE DESCRIPTION OF THE SUBJECTS CONDITION, SIZE, AND VIEW. _ 2. Slate all extraordinary assumptions used ([.€. gross living area, 100M count, condition, et). 3 Provide & new opinion of valve as of the elfeclive dale of the appraisal report under review using the below sales comparison analysis grid (Note: This may of may not include the use of the same comparable sales as in the appraisal report under review.) FEATURE ‘SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 ‘Address 2208 € 1STH AVENUE 3404 N 29TH STREET [802 E COLUMBUS DRIVE }907 € 23RD AVENUE TAMPA, FL 33605, | Proximity to Subject 7 Miles NE Miles W 1.4 Miles WNW. Sale Price $ i i$ ‘Sale Price/Gross Liv. Area |$ $ 5Q.fl Paes - sq.ft Sys Oata Source(s) : IMICROBASE/MLS/PUBLIC REC. MICROBASE/MLS/PUBLIC REC. MICROBASE/MLS/PUBLIC REC. Verilication Source(s) |= JORBK [ORBK [ORBK VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION | vcaSAdnsmen! DESCRIPTION | +()SAdusiment! DESCRIPTION | + (98 Adjustment Sale of Financing ee Se Concessions | Date of Sale/Time ~ 7 ~ Location | AVERAGE AVERAGE Leasehoid/Fee Simpie [FEE SIMPLE FEE SIMPLE je n AVERAGE AVERAGE View __. | Design (Siyie) _ 7 _ Quality of Construction | — Z __ | Actual Age — _ mi to __ Candttion Above Grade Total {Bdems| Baths | Total [Barms | Baths | Tolal [Bdrms | Baths | Total Roam Count Lo. i Gross tiving Area sa. [Basement & Finished (NONE None NONE Rooms Below Grade a _ Functional Utility TYPICAL [TYPICAL Heating/Cooling CENTRAL, CENTRAL eee Energy Eticient tems [TYPICAL [rv icaL —_ Garage/Carpor CAR GARAGE CAR GARAGE /CAR GARAGE /CAR GARAGE PorclyPatio/Deck PORCH PORCH “{eorcH PORCH 4 let Adjustment (Total) |”. $ Che fj- 8 + []- 1s Adjusted Sale Price % Net Adj. Bi Net Adj. % of Comparables : HS Gross Adj ‘als Gross Adi, 4S i{ Tad [_] did not research the sale or transier history of the above comparable sales. If not, explain. Way research [] dd [| dit ot reveal any prior sales or Vanses ofthe comparables sales forthe year poe 6 the dae of sale ofthe comparable sale Data Source(s) Report the resulls of the research and analysis of the prior sale of transter hustory: ‘of the above comparable sales (report additional prior sales on an. addendura) C TEM ‘COMPARABLE SALE #1 COMPARABLE SALE # 2 COMPARABLE SALE #3, ate of Prior Sale/ranster : _ Price of Prios Sale/tanster Data Source(s) Etiective Date of Data Source(s) Analysis of prior sale or transier history for the comparable sales. Zammary of Value Conclusion (including defaled Suppor Tor the opinion af value and reasons why the new comparable safes are better than the sales used in the appraisal report under review), THE APPRAISAL OF THE SUBJECT IS SIGNIFICANTLY FLAWED. THE SUBJECT IS IN BELOW AVERAGE CONDITION AND DOES NOT APPEAR TO (BE HABITABLE, THE OMISSIONS AND ERRORS IN THE OPERATING INCOME STATEMENT INDICATE THAT THE APPRAISER. 1S NOT QUALIFIED FOR THIS ASSIGNMENT. THE SUBIECT SHOULD NOT BE COLLATERAL FOR A MORTGAGE LOAN IN IT'S PRESENT CONDITION. oer ea ope tl defined scope of work, statement of assumptions and fimiting conditions, and appraisers certification, my opiniog of the market value, as defined, of EOIEW APPRAISERS OPINION OF MABKET Vat pappraiser ansy Based on a kK visual inspection of the exterior areas of the subject property from at least the street ar reuuied oly ‘complete visual inspection of the interior and exiesior areas of “ thich is the etfective date of the appraisal seport under review. Fannie Mae Ferm 2000 {March 2005) the real property thal is the subject ofthis report is $ .asof 03/02/2007 Tras form was feproduced by Uniied Systems Software Company (B00) 969-8727 - Fage 2 a4 Freddie Mac For 1032 (March 2005) — (MERIDIAN APPRAISAL SERVICES, LLC : : File No.07-216GP_Fage #5 The scope of work lor this appraisal ek evew is detned by The complex ofthe appraisal epod under review and te reporting equiements 0 his wept orm. including the iattowing stalement of assumptions and iitng conditions, and cetfcations, The review appraise! must, az misma, (1) ead the ente appraisal fepon under ve Q periorm a visual inspection of the exterior areas ‘al the subject property Irom at teas! the ‘street, (3) inspect the neighborhood, (4) inspect each of the comparable sales from at Jeast the street, (5) perform data research and analysis to determine the appropriateness and accuracy ot the data in the appraisal report, (6) research, verily, and analyze dala trom reliable public and/or private sources, (7) determine the accuracy of the opinion of value, and (8) assume the property condition repowted in the appraisal report is accurate unless there is evidence to the coniary. : it he eview appraiser determines tha the opinion of value in he report under review isnot accurale, he or she is requied to provide an opinion of market value, The review appraiser is nol equied to replicate te steps completed bythe original appraiser hal he view apqraise belive to De eiable and in compliance with the applicable tea voperty appraisal development standards of the Undorm Standards of Prolessional Aporaisal Practice, Those items inthe appraisal repon under review are etended fo tis report by the use of an extraordinary assumption, which is identified in Section , Question 2. tne review appraiser determines thatthe opirion af value ts nol accurate, he or she must present addtional data that has been researched, vered, and analyzed to produce an accurate opinion of value i accordance wil te applicable sections of Standard 1. of the Uniform Standards of Professional Appraisal Practice. ‘and adequacy of support of the appraisal report unde review. ‘The intended uset at this appraisal field ‘evie BS ~ ES TQUIMANCE FOR COMPLETING THE-ONE-UNN ie The appraisal review lunction is important {o maintaining the integrity of both the appraisal and toan underwriting processes. The following guidance is intended to aid the review appraiser with the deveiapment and reporting of an appraisal field review: 1. The review appraiser must be the individual who personally ted the entre appraisal report, performed a visual inspection of the exterior areas ofthe subject propery trom atleast the street, inspected the neighborhood, inspected each of the comparable sales from at feast the street, performed the dala research and analysis, and prepared and signed this repo. 2. The review appraiser must focus his otter comments on the appraisal eport under review and nol ilu: persona opinions about ie appraiser's) whe prepared the appraisal. 3, The lender/client has withheld the identity of the appraises(s) who prepared the appraisal report under review, unless otherwise indicated in this senor 4. The review appraiser must assume thai the condition of the property reposted in the appyaisa report 1s accurate, untess there is evidence to the contrary 5, The One-Uinit Residential Appraisal Field Review Report is divided ino two sections. Section | must be completed far all assignments, Section tt must be completed only ifthe answer to Question 10 in Section {15 "No." 6. The eview appraiser must determine whether the opinion of marke value is accurale and adequately supnoried hy markel evidence, When the review appraiser disagrees with he opinion of value, he ar she must complete Section 1, Because appraiser's opinions can vay, the review appraiser must have conclusive evidence tral the opinion of value és not accurate 7. The review appraiser must explain why the comparable sales inthe appraisal report under review should nol have been used. Simply stating: "see rid" is unacceptable The review appraiser must explain and support his or’her conclusions. 8. The review appraiser mus form an opinion about the overal accuracy and quality ol the data in the appraisal eport under review. The objective isto determine whether material erars exist and what effect they have on the opinions and conclusions in the appraisal report under review. When the review appraiser agrees that the data ts essentially correct (athough minor errors may eds!) he or she must summarize the overall findings. When the review appraiser determines thal material errors exist in the data, he or she must identity hem, comment on their overall effect on the opinions and conclusions i the appraisal report under review, and include the correct information, 9. The Questions in Section | are intended to identify both the positive and negative elements of the appraisat under review and to report deficiencies. The review appraiser musi make i clear to the reader what eitecl the deficiencies have on the opinions and conctusions in the appraisat report. Simple "Yes" and "No" answers are unacceptable 10, The review appraiser must provide spectc, suppriable reasons fr disagreeing with the opinion of value inthe appraisal report under review a response fo Question 1 in Section i, 11. The review appraiser smust ently any extraordinary assumptions thal were necessary in oer to anve at his or het opinion of market value. Extraordinary assumptions include the use of information fom the appraisal report under ceview thatthe review appraiser concludes is reliable {such as an assumption thatthe reported condition af the subject property is accurate} . 12. The rewew appraiser must include the atorale for using new comparable Sates. The following question must be answered: Why are these new comparable sales efter than the sales in the appraisal repon under review? 13, The new comparable sles provided by the review appraiser and ceporied in the sales comparison analysis gd must have ciosed on o before te ellective dale of the appraisal pert unde review. I aray be apgroprite lo include dat thal was nt availabe othe orignal appraiser aso! the etectve date ofthe origina appraisat: however, this information should be reported as “supplemental to the data thal would have been avaiable 10 the original appraiser 114, The review appraiser must provide a sae or ranser history of he new comparable sales fra iirmum at ane yee prior tothe date ofthe sale ofthe comparable sale. The review appraiser must analyze the sale or tansfec data and repost the effect, it any, on the review appraiser's conclusions, 15, review ofan aporasa ona uni in a condominivm, cooperative, oF PUD projet vequres the review appraiser o analyze the project information in he appraisal port under renew Tt ‘and comment on its completeness and accuracy. bi 16. Anapprisa review ol a wanulactsed tome requires the review appraiser assume tal the MUD daa plate inforraton fs corect, utes information io the contrary is available. 7 ye . ln such cases, the review appraiser must identily the source of the - exist _\ a 17. The ceview appraiser's opinion of market value must be “as ot the effective date ofthe appraisal report under review. _—_—_ _ PAGE _ @2.. Freddie Mac Fors 1032 (March 2005) This form was reproduced by United Systems Soitware Gampany {B00} 969-6727 - Page 3 of 4 Fannie Mae Form 2000 (March 2005) MERIDIAN APPRAISAL SERVICES, LLC File No. 07-2166P_Page #6. One-Unit Residential Appraisal Field Review Report 07-216GP : SRE Seat = 7 = STATEMENT. OF ANSUMETIONS: 1. The seview appraiser wit not be responsible for matters ofa legal nature that aflec ether the property ita isthe subject a he appraisal under fiw oF he title foi, except lor inforration thal he oF she became aware of duting the research involved in peroxming this appraisal review. The review appraiser assumes ial the ile is good and ‘marketable and will nol render any opinions about the title. The review appraiser will not give festimory or appear in court because he or she performed a review of the appraisal of the propery in question, unless speciic arfangements to do so have been made beforehand, of as otherwise sequited by law. UUniess otnerwise slate in this appratsal field review report, the eview appraiser nas no knowledge of any hidden or unapparent physical deticiencies or adverse conditions of the property (such 2s, but not limited to, needed repairs, deterioration, the presence of hazardous wasles, toxic substances, adverse envitonmental conditions, el} hat ‘would make the property ess valuable, and has assummed that there are no such conditions an! makes no guarantees or waramis, expressed o implied. The review appraiser wil nat be responsible for any such conditions that do exist or for any engineering or testing that enight be required fa discover whether such conditions exist Because the review appraiser is not expert in the fied of environmental hazard, this appraisal field review report must ot be considered as an environmental assessment of the property. The Review Appraiser certifies and agrees that: { have, ata minimum, developed and reported this appraisal field review in accordance with the scope of work requirements stated inthis apprarst lied review report noo | pertormed this appraisal field review in accordance withthe requirements ofthe Uniform Standards of Professional Appraisal Practice that weve adopted and promulgated by the Appraisal Standards Board of The Appratsal Foundation and that were in place at the lime this appraisal field review was prepated. . Ihave knowledge and experience to pertarm appraisals and review appraisals for this type of property in this markel area |am aware of, and have access to, the necessary and appropriate public and private data sources, such as muliple listing services, tax assessment records, public land records and other such data sources for the area in which the property is tocalted, | obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal tetd review fepor from reliable sources that | believe to be true and correct. 2 | ave nol knowingly withtctd any signticant information {com this appraisal Held review report and, fo the hast of my knowledge, all stalements and inforratin in this appraisal field review report are true and correct . . { staed in this appraisal field review report my own personal, unbiased, and pratessional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal field review report. . Es I have no present or prospective interest in the property that 1s the subject ofthis report, and | have no present oF prospective personal interest or bias with respect to the paricioants in the transaction. «did aot base, ether partially or completely, my analysis and/or opinion of market value (i any) an this appratsa eld review tepatt on the face, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners ar occazpants ofthe subject property oF of the present owners or occupants ofthe pronertes in the vicinity 0! the subject property oF on any other basis prohibited by law. © ‘My employment and/or compensation far performing this appraisal Held review or any future o* aticipaled appraisals of appraisal eld reviews was nol condilined on any agreement ov understanding, written or otherwise, thal | would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, & range or direction in vave, a vatue that favors the cause of ay pay, oF the llaiament ol a specific result ot cecurrence ot 2 speciic subsequent evert (such as approval af a pending morlgage loan application), 10. | personally prepared alt conclusions and opinions about the realestate thal were set forth in this appraisal etd review report, urther cently that no one provided significant professional assistance to me inthe development ofthis appraisal field review report. t have not authorized anyane to make a ctiange to any item in this appraisal field review report; therefore, any made to this appraisal field review report is unauthorized and | will take no responsibility for it - Ldenttied the lender/client in this appraisal field review report who isthe individual, organization, of agen for the organization thal ordered and will receive this appraisal field review report. 12 The lender/client may disclose or distsibute this appraisal eid review repoct to he mortgagee or its successors and assigns, morigage insurers. governement sponsored enterprises; other secondary market participants, professional appraisal ganizations, any department, agency, of instrumentality ofthe United States; and any state, the District of Columbia, of other jurisdictions: without faving to cbtain the review appraisers consent, Such consent must be obtained before this appraisal field review report may be disclosed or distributed to any other party (including, but nat finuted to, the pubic through advertising, public relations, news, sales, or oer media). 13. The mortgagee or its successors and assigns, mortgage insures, govesnment sponsored enterprises, and other secondary market participants may rely on this appraisal field review report as part of any mostgage finance transaction thal involves any one or more of these parties, 14 if this appraisal feld review report was lransmited as an “electronic recoid” containing my “etectonic signature” as those termns are defined m appicable federal and/or stale laws (excluding audio and video recordings), or a facsimile transmission of this appraisal falc review report containing a copy or representation of my signature, (Ne apnvaisal field review report shall be as eiective, enforceable and valid as ita paper version af tis appraisal field review report were delivered containing my original hand writien signature. 15, Any intentional or negtigeat misrepresentation(s) contained inthis appraisal field Yeview report may resutt in civil ability and/or criminal penalties inctuding, bul not hmted 40, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq... oF similar state laws. Signature eee 277% yet... Name Name JAMES C. Mg@RE é Company Name GREENPOINT MORTGAGE FUNDING, INC _ Company Name “MERIDIAN APPRAISAL SERVICES, LLC Company Address 1511. N WESTSHORE BLVD #300 Company Address 2805 w. BUSCH BLVO, #221 -_ TAMPA, FL 33607 . TAMPA, FL 33618-4561 Telephone Number 833-350-9584 — |TENDER/CLIENTOF 3 Email a des bapprais@tampabay.m.com Name Date of Signature and Report 04/04/2007, Company Name State Cerlification # ST.-CERTRES.REA RD L146 Company Address PAGE “Te bSiale License # N/A State FLORIDA ___| Reviewer's Opinion of Market Value $ _____ Date 03/02/2007_ Expiration Date of Certification or License 14/30/2008 Only if review appraiser answered "No" to Question 10, Section | Freddie Mac Form 1032 (March 2005) This fren was reproduced by United Systems Sottware Company (000) 989-8727 -Page 4 of 4 Fannie Mae Form 2000 (Narch 2005} MERIDIAN APPRAISAL SERVICES, LLC File No.O7-216GP_ Page #7 TEXT ADDENDUM Borrower/Client STRYFFELER Address 2208 & LSTH AVENUE Unit No. N/A City TAMPA County HILLSBOROUGH Slate FL. Tip Code 33605 Lender/Client GREENPOINT MORTGAGE FUNDING, INC REVIEW COMMENTS (4) Subject View: Over the last several years interstate 1-4 has been significantly re-developed and widened. The Subject is located along the north side of the interstate, directly facing the expressway, In addition, the subject is locate 2-3 lots from the intersection of 22nd Street and I-4. This is a very busy area with local traffic coming up from Ybor City and industrial-commercial traffic coming up from Port Tampa. The Subject has a view of this. intersection and across to the Burger King resturant. The appraisal simply describes the Subject's view as “Residential/Average". (5) Subject Improvements: The Subject is described in the appraisal as: being in “average condition", and "No functional or external obsdlesence were noted at the time of inspection. Maintenance and care are keeping up with buyer expectations for this price range." The first, most objective problem with that statement is that the Subject does not have an electric meter. Secondly, the Subject's wood siding shows several areas of deterioration, and there are signs of possible problems with at least one area of the pier foundation, The Subject does not appear to be habitable, in the normal sense. It does appear that the home site has been extensively used by those who would otherwise be homeless. At least they have left their empty liquor bottles,"safe sex aids", and some shoes. The detached garage has a metal door that has been bent back to allow general access. Most County Appraisers offices in Florida maintain a basic drawing of each property on the tax roll in their files, Through the magic of the computer this drawing is typically available through various public and private web sites. This drawing can be very helpful in some timited ways. Unfortunately, it is a little tao convenient for some appraisers. Since these drawings have become generatiy avaiiabie a growing and alarming trend has developed. Some appraisers no ionger bother with the messy process of actually measuring a subject property. The problem with this approach is that the County Appraiser is responsible for hundreds of thousands of properties, and subsequently their accuracy for individual properties, especially older buildings, suffers. The square footage of living area shown for the Subject in the appraisal is exactly the same as shown in the County Records. In addition, the dimensions on the sketch are exactly the same as they are in the County Records. The problem is that the drawing in the County Records is wrong. This would have been easily apparent had the appraiser measured the Subject. The county, and the appraisaf show the subject to have 2458 sqft of living area. Based on my measurements (see the sketch), the Subject has just under 2000 saft of living area. In addition, the Subject does have a detached garage/storage building that is not mentioned in the appraisal. The building does not appear to be in serviceable condition. The metal door has been bent back to provide access. (7)Comparable Sale Anatysis: Comparable Sales #2 and #3 are both reported as being in "Superior" condition. The MLS/listing for Comparable Sale #2 states “Historic home that is fully restored with zoned a/c, located on a corner lot, commercial potential, tease option available". The listing agent said that the home had new windows, new plumbing, new roof, new flooring, and new central a/c. The MLS/listing for Comparable Sale #3 states “Freshly rehabbed 2700 sqft bungalow - tall ceilings, huge lot, new baths, kitchen, all newly remodeled.“ Given the Subject’s below average condition, the difference between the Subject and these comparable sales is very large. In the appraisal's market grid analysis each of these two comparable sales was adjusted -$15,000 for being in superior condition. Based: on the typical costs of remodeling even an average home this amount of an adjustment does not seem adequate. EXHIBIT_\__ ete een PAGE ¢% _ Designed by United Systems Software Company (800) 969-8727 MERIDIAN APPRAISAL SERVICES, LLC File Ho. G7-216GP_ Page #8 TEXT ADDENDUM Bowower/Client STRYFFELER Address 2208 € ISTH AVENUE Unit No, N/A City TAMPA — : County HILESSORQUGH State FL____ Zip Code 33605 Leader/Client GREENPOINT MORTGAGE FUNDING, INC _ INTENDED USE OF THIS APPRAISAL: THIS APPRAISAL IS INTENDED FOR THE SOLE PURPOSE OF ASSISTING THE CLIENT IN UNDERWRITING A REAL ESTATE LOAN ON THE SUBJECT PROPERTY. APPRAISAL DI LOPMENT Al PORTING P| H TO DEVELOP THE OPINION OF VALUE, THE APPRAISER PERFORMED A COMPLETE APPRAISAL PROCESS, AS DEFINED BY THE UNIFORM STANDARDS OF PROFESSIONAL PRACTICE (USPAP). THIS MEANS THAT NO DEPARTURES FROM STANDARD ONE WERE INVOKED. THIS IS A SUMMARY REPORT WHICH IS INTENDED TO COMPLY WITH THE REPORTING REQUIREMENTS SET FORTH UNDER STANDARDS RULE 2-2(B) OF USPAP FOR A SUMMARY APPRAISAL REPORT. AS SUCH, IT PRESENTS ONLY SUMMARY DISCUSSIONS.OF THE DATA, REASONING, AND ANALYSIS THAT WERE USED IN THE APPRAISAL PROCESS TO DEVELOP THE APPRAISER'S OPINION OF VALUE. SUPPORTING DOCUMENTATION IS RETAINED IN THE APPRAISER'S FILE. THE DEPTH OF DISSCUSSION CONTAINED IN THE REPORT IS SPECIFIC TO THE NEEDS OF THE CLIENT AND TO THE INTENDED USE STATED ABOVE. THE APPRAISER IS NOT RESPONSIBLE FOR UNAUTHORIZED USE OF THIS REPORT. . SUPPLEMENTAL CERTIFICATION: THE APPRAISAL ASSIGNMENT WAS NOT BASED ON A REQUESTED MINIMUM VALUATION, A SPECIFIC VALUATION, OR THE APPROVAL OF A LOAN. MY ANALYSIS, OPINIONS, AND CONCLUSIONS WERE DEVELOPED, AND THIS REPORT HAS BEEN PREPARED, IN CONFORMITY WITH THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE ANO IN ACCORDANCE WITH THE REGULATIONS DEVELOPED BY THE LENDER'S FEDERAL REGULATORY AGENCY AS REQUIRED BY FIRREA. THE DEPARTURE PROVISION WAS NOT UTILIZED. THE APPRAISER HAS NO KNOWLEDGE OF THE EXISTENCE OF ANY ENVIRONMENTAL HAZARD EXISTING IN OR ON THE SUBJECT PROPERTY OR ANY SITE WITH THE VICINITY UNLESS OTHERWISE STATED IN THE APPRAISAL. UNLESS OTHERWISE NOTED SPECIFICALLY IN THE APPRAISAL, NO PERSONAL PROPERTY IS INCLUDED IN THE MARKET EVALUATION. IN ACCORDANCE WITH THE COMPETENCY PROVISION IN USPAP, THE APPRAISER CERTIFIES THAT HIS/HER EDUCATION, EXPERIENCE ANO KNOWLEGDE IS SUFFICIENT TO APPRAISE THE TYPE OF PROPERTY BEING APPRAISED AND THAT NO APPRAISER HAS PROVIDED SIGNIFICANT PROFESSIONAL ASSISTANCE TO THE PERSON INSPECTING THE SUB3ECT PROPERTY AND IN THE COMPLETION OF THE ANALYSES OTHFR THAN THE CO-SIGNING APPRAISER OR THE APPRAISER'S EMPLOYER. SCOPE (EXTENT) OF REPORT: THE APPRAISAL IS BASED ON THE INFORMATION GATHERED BY THE APPRAISER FROM THE PUBLIC RECORDS, OTHER IDENTIFIED SOURCES, INSPECTION OF THE SUBJECT PROPERTY AND NEIGHBORHOOD, AND SELECTION OF COMPARABLE SALES, LISTINGS, AND/OR RENTALS WITH THE SUBJECTS MARKET AREA. THE ORIGINAL SOURCE OF THE COMPARABLES IS SHOWN IN THE DATA SOURCE SECTION OF THE MARKET GRID. THE SOURCES OF DATA ARE CONSIDERED RELIABLE. WHEN CONFLICTING INFORMATION WAS PROVIDED, THE SOURCE DEEMED MOST RELIABLE HAS BEEN USED. DATA BELIEVED TO BE UNRELIABLE WAS NOT INCLUDED IN THE REPORT NOR USED AS A BASIS FOR THE VALUE CONCLUSION. ADDENDUM . THE SUBJECT PROPERTY WAS APPRAISED FOR ITS REAL ESTATE VALUE, FREE OF FINANCIAL ENCUMBRANCE OR INFLUENCE. THE SUBJECT'S TERMS OF SALE HAVE NOT BEEN CONSIDERED IN ITS VALUATION. THIS INCLUDES THE SELLER PAYING ALL OR A PORTION OF THE TRANSACTIONS CLOSING COSTS. HOWEVER, FOR THE PURPOSE OF COMPARISON ANALYSIS, WE HAVE REVIEWED THE CONDITIONS OF SALE FOR THE COMPARABLES, IN ORDER TO DETECT ANY INFLUENCING NON-MARKET TERMS OR UNUSUAL CLOSING COSTS BORNE BY THE SELLER. WE HAVE ADJUSTED THE COMPARABLES WHERE IT SPPEARS THAT THE TERMS OF SALE OR THE COSTS OF THE TRANSACTIONS HAVE AFFECTED THE COMPARABLES SALES PRICE. TT IS STANDARD POLICY WITHIN OUR OFFICE TO ONLY USE VERIFIED CLOSED SALES AS COMPARABLE SALES DATA. THE MONTH/YEAR SHOWN BENEATH THE ADDRESS OF EACH COMPARABLE SALE IS THE DATE OF THE RECORDING OF THE CLOSED SALE AS REPORTED BY. THE COUNTY COURTHOUSE. EACH OF THE COMPARABLE SALES USED IN THE APPRAISAL OF THE SUBJECT PROPERTY IS A CLOSED SALE WHICH HAS BEEN VERIFIED THROUGH TWO INDEPENDENT SOURCES. THE INCOME APPROACH TO VALUATION WAS NOT USED IN OUR ANALYSIS, DUE TO THE SCARCITY OF RELIABLE MARKET DATA FOR THE RECENT SALE OF SIMILAR PROPERTIES WHICH WERE LEASED AT THEIR TIME OF SALE. ALSO, SINCE THE SUBJECTS HIGHEST AND BEST USE IS AS A SINGLE FAMILY RESIDENCE, ITS PRIMARY MARKET IS. TO INDIVIDUAL HOMEOWNERS. UNLESS OTHERWISE NOTED, THIS APPRAISAL ASSUMED THAT THE CONDITION OF THE SUBJECTS BASIC STRUCTURAL ELEMENTS, (ROOF, SLAB, ELECTRICAL SYSTEMS, ETC.), ARE AVERAGE FOR THE SUBJECTS AGE. THE PURPOSE OF THIS APPRAISAL REPORT IS TO ESTIMATE THE SUBJECT'S MARKET VALUE. THIS REPORT DOES NOT WARRANT OR GUARANTEE ote creimests nena omens FHEGONDITION OF THE SUBJECT PROPERTY. THIS APPRAISAL REPORT PERTAINS TO THE INDIVIDUAL SUBJECT. PROPERTY ONLY. FOR THE PURPOSE OF ANALYSIS, IT IS ASSUMED THAT ANY PROJECT OR SUBDIVISION OF WHICH IT MAY BE A PART WILL HAVE A wey ECONOMIC FUTURE, XHIBIT_\ PAGE & J Designed by United Systems Soltware Company (B00} 969-8727” (MERIDIAN APPRAISAL SERVICES, LLC Fite No, 07-2166P__Page #10 SUBJECT PHOTOGRAPH ADDENDUM Bortower/Client STRYEFELER . Address 2208 € 15TH AVENUE UnitNo. N/A City TAMPA County HILLSBOROUGH State FL Zip Code 33605 Lender/Client GREENPOINT MORTGAGE FUNDING, INC Designed by Urhied Systems Sokware Company (800) 969-8727 Front View Rear View Street View EXHIBIT_\ PAGE 4é MERIDIAN APPRAISAL SERVICES, LLC File No.07-216GP_ Page #11 SUBJECT PHOTOGRAPH ADDENDUM Borrower/Client STRYFFELER _. Address 2208 £ ISTH AVENUE ‘UnitNo. N/A _ City TAMPA County HILLSBOROUGH State FL Zip Code 33605 Lender/Client GREENPOINT MORTGAGE FUNDING, INC DAMAGED SIDING FOUNDATION WINDOW FRAME ADMINISTRATIVE COMPLAINT. PXHISIT eS on se een cane ee EXHIBIT_\ Designed by United Systems Sottware Company {800} 969-8727 PAGE 47 ADMINISTRATIVE COMPLAINT m ‘ MERIDIAN APPRAISAL SERVICES. LLC File No. 07-216GP_Page #12 SUBJECT PHOTOGRAPH ADDENDUM Borrower/Client STRYFFELER _ Address 2208 E ISTH AVENUE . _—— UnitNo. N/A City TAMPA County HILLSBOROUGH State FL Zip Code 33605 Lender/Client GREENPOINT MORTGAGE FUNDING, INC VIEW OF I-4 Street View 2 (WEST) VIEW OF 1-4/22ND ST. EXHIBIT_\ Designed by United Systems Satware Company (800) 969-8727 PAGE 2a (MERIDIAN APPRAISAL SERVICES, LLC File No.07-216GP_Page #13 SUBJECT PHOTOGRAPH ADDENDUM Borower/Client STRYFFELER Address 2208 £ 15TH AVENUE __ UnitNo, WA Cily TAMPA County HILLSBOROUGH Zip Code 33605 Lender/Client. GREENPOINT MORTGAGE FUNDING, INC POSTED MESSAGE ON HOUSE MISSING METER NEXT DOOR HOUSE ADMINISTRATIVE COMPLAINT EXHIBIT_\ Designed by United Systems Sofware Company {800} 969-8727 PAGE & A\ ADMINIS MERIDIAN APPRAISAL SERVICES. LLC File No,07-216GP_Page #14 SUBJECT PHOTOGRAPH ADDENDUM Borrower/Client STRYFFELER Address 2208 € 1STH AY _ UnitNo. N/A __ County HILLSBOROUGH Slate AL Zip Code 33605 INT MORTGAGE FUNDING, INC Designed by United Systems Sotneare Company (B00) 969-8727 DAMAGED SIDING DETACHED GARAGE OUTDOOR SEATING EXHIBIT_\ PAGE vO (MERIDIAN APPRAISAL SERVICES, LLC File Wo.O7-216GP Page #15, COMPARABLE PHOTOGRAPH ADDENDUM Borrower/Client STRYFFELER . Address 2208 £ 15TH AVENUE UnitNo. N/A City TAMPA County HILLSBOROUGH _u State Fl Zip Code 33605, Lender/Client GREENPOINT MORTGAGE FUNDING, INC Sales Comparable 1 Front View Address: 3404 N 29TH STREET Proximity, .7 Miles NE Price: $ GLA; Rooms: Bedkms: Baths: Location: AVERAGE Sales Comparable 2 Front View Address: 802 € COLUMBUS DRIVE Proximity: 1.1 Miles W Price: $ Baths. Location; AVERAGE Sales Comparable 3 Front View Address: 907 E 23RD AVENUE Proximity; 1-1 Miles WNW Price: $ GLA: Rooms: Bedrms: Baths: tocation: AVERAGE ADMINISTRATIVE COMPLAINE ait « 3 EXHIBIT_\ Designed by United Systems Software Company (800) 969-8727 PAGE Ral MERIDIAN APPRAISAL SERVICES, LLC File No. 07-216GP_Page #16 COMPARABLE PHOTOGRAPH ADDENDUM ADMINISTRATIVE COMPLAINT, EXHIBIT # econ meen WE oncateten Designed by United Systems Soltware Company {800} 969-8727 Borrower/Client STRYFFELER, : Address 2208 E 15TH AVENUE __ UnitNo. N/A. City TAMPA > County HILLSBOROUGH Zip Code 33605 Sales Comparable 4 Front View Address: 1004 € 12TH AVENUE Proximity: Price: $ GLA: Rooms: Bedrms: Baths: Front View Address: Proximity. Price: $ GLA: Rooms: Bedrms: Baths: Front View Address: Proximity: Price: $ GLA: Rooms: Bedrms: Baths: EXHIBIT_\ PAGE Jd (MERIDIAN APPRAISAL SERVICES, LLC. File No.O7-216GP_ Page #17 SKETCH Borower/Client STRYFFELER Address 2208 15TH AVENUE Unit No. N/A, City TAMPA _ County HILLSBOROUGH _ Stale FL. Zip Code 33605 Lender/Client GREENPOINT MORTGAGE FUNDING, INC 13.7" 277 * oa i | % = a N - @ 27.7 277 sasen noes tv™ Comments: AREA CALCULATIONS SUMMARY LIVING AREA BREAKDOWN Code Description Size Net Totais Breakdown Subtotals GAL First Floor 3414.28 First Floor Second Floor 537.38 1951.66 20 x 92 38.40 40 x lee 59.20 1.7 x S24 717.88 140 x 44.2 618.00 Second Floor 1.4 x 27.7 537.38 % ’ o AOMISUSTRATIVE COM! 3 SAVE 15 TOTAL LIVABLE {rounded) 1952 5 Calculations Total (rounded) 1952 ‘Designed by United Systems Software Company {804} 969-8727 PAGE 3 ‘MERIDIAN APPRAISAL SERVICES, LLC File No, 07-216 Page #18 LOCATION MAP Borrower/Client STRYFFELER Address 2208 € 15TH AVENUE . _ UnitNo, NWA . City TAMPA a County HILLSBOROUGH. State FL___ Zip Code 33605 Lender/Client GREENPOINT MORTGAGE FUNDING, INC EE {3 i s 2 Es | ae es ; a rm a 4 : ee é gaa Ee = jest i Patera see ! paisa : é : E | ee E ae he E : eset ‘Sale 1 (= ae me 13404 N 29TH STREET} i 7 Miles NE & & H : Sale 3 B [eee eeMG907 E 23RD AVENUE, Hl 14 Miles wwf k & z a‘ t ‘2 ss Hfgieoz € COLUMBUS JES "44 Miles W i f es ue : eta a ns ate i “eek = ‘ubject Fe : E 18TH AVENUE} z peSee ct : ae e Lee Sae4 a 1004 E 12TH AN eee : 1 ____ 2 Miles W i E : E Is 2 kes ADMINISTRATIVE COMPLAINT, , / EXHIBIT 3 _ i : ) 16. se : pe ‘Designed by United Systems Software Company (800) 969-8727 ADMINISTRATIV EXHIBIT ¢_3 = DAR Ls E COMPLAINT Heat MERIDIAN APPRAISAL SERVICES, LLC File No.O7-2166P_Page #19 LOCATION MAP Borrower/Client STRYFFELER Address 2208 E {STH AVENUE _ UnitNo, N/A City TAMPA County HILLSBOROUGH _ State FL ZipCode 33605 Lender/Giient GREENPOINT MORTGAGE FUNDING, INC iScaie: 77 mileshiieyey ‘i ger eeet eee i I tt is fe i 5 a al E ae PRae ts = ee ff iS ratty ‘ He : e i Es oe hese s ‘Subject coe = ei E15THA\ ve A Ee i tea a el es = ie Zp v3] Sere: = | ‘Designed by United Systems Software Company (B00) 969-8727. PAGE Se (MERIDIAN APPRAISAL SERVICES, LLC File No.0?-216GP_Page #20 TEXT ADDENDUM Borrower/Client STRYFFELER Address 2208 € LSTH AVENUE : Unite, |N/A City TAMPA County HILLSBOROUGH _ State Fl Zip Code 33605 _ LenderClient GREENPOINT MORTGAGE FUNDING, INC APPRAISER ACKNOWLEDGEMENT APPRAISER ACKNOWLEDGES AND AGREES, IN CONNECTION WITH ELECTRONIC SUBMISSION OF APPRAISALS TO THE CLIENT OR ANY OF IT'S AFFILIATES AS FOLLOWS: -THIS APPRAISAL COMPLIES WITH USPAP SMT-8, AND WHEN APPLICABLE, TO FEDERAL HOUSING ADMINISTRATION OR DEPARTMENT OF VETERANS AFFAIRS STANDARDS AND REQUIREMENTS. -THE SOFTWARE UTILIZED BY APPRAISER TO GENERATE THE APPRAISAL PROTECTS SIGNATURE SECURITY BY MEANS OF A. DIGITAL SIGNATURE SECURITY FEATURE FOR EACH APPRAISER SIGNING THE REPORT, AND EACH APPRAISER MAINTAINS SOLE CONTROL OF THEIR RELATED SIGNATURE THROUGH A PASS-WORD, HARDWARE DEVICE, OR OTHER MEANS. -APPRAISER IS FULLY RESPONSIBLE FOR THE INTEGRITY AND AUTHENTICITY OF DATA AND SIGNATURES TRANSMITTED ELECTRONICALLY AND WILL HOLD THE CLIENT HARMLESS FROM AND AGAINST ANY BREACH OR FAILURE OF DATA INTEGRITY, SIGNATURE AUTHENTICITY, OR BREACH OF DATA SECURITY. -ADOBE'S DISTILLER SOFTWARE OR EQUIVALENT IS UTILIZED BY APPRAISER TO TRANSMIT THIS ENCRYPTED PDF-FORMATTED APPRAISAL, -AT A MINIMUM, THE SOFTWARE CONTAINS, THE FOLLOWING SECURITY MEASURES: IDENTIFIES TRANSMISSION ERRORS DURING THE TRANSMISSION PROCESS, AND *CONFIRMS DATE, TIME AND QUANTITY OF DATA TRANSMITTED BY APPRAISER AND CONFIRMS THE TRANSMISSION WAS RECEIVED BY THE CLIENT, AND 4SECURES DATA FROM EDITING BY MEANS OF A PASSWORD, HARDWARE DEVICE, OR OTHER MEANS THAT REMAINS IN THE SOLE CONTROL OF THE TRANSMITTING APPRAISER. -ALL SUCH TRANSMISSIONS SHALL BE ROUTED ONLY TO THE CLIENT AT THE EMAIL ADDRESS PROVIDED IN THE ASSIGNMENT REQUEST AT THE TIME THE ORDER WAS PLACED, UNLESS SUBSEQUFNTLY DIRECTED OTHERWISE BY THE CLIENT. APPRAISER AGRESS THAT NO SUCH SUBSEQUENT TRANSMISSION WILL RESULT IN ADDITIONAL FEES BILLED TO THE CUENT, UNLESS AGREED TO BY THE CLIENT BEFORE SAID SUBSEQUENT TRANSMISSION. -NO DUPLICATE TRANSMISSION OF THIS REPORT WILL BE MADE AND NO DELIVERY OF A HARD COPY OF THIS REPORT WILL BE MADE, UNTIL APPRAISER HAS RECEIVED THE CLIENT'S WRITTEN INSTRUCTION THERETO. MPLAINT, rere cmenereramnen LOUIE, i Name JAMES C. M@ORE € ae asian ne Date Report Signed 04/04/2007 Date Repart Signed EXHIBIT net Designed by United Systems Sofware Company (890) 969-8727 _ PAGE vo MERIDIAN APPRAISAL SERVICES, 110 File No.07-216GP_ Page #21 APPRAISER CERTIFICATION Borrower/Client STRYFFELER, _ E 15TH AVENUE : Unit No. N/A City TAMPA County HILLSBOROUGH Stale FL____ ZipCode 33605 Lender/Client GREENPOINT MORTGAGE FUNDING, INC James C. Moore, St. Certified Residential Appr. #RD 0001146 IRR-MERIDIAN APPRAISAL SERVICES, LLC 2805 W Busch Boulevard Suite 221 Tampa, FL 33618-4561 813-350-9584 jcmaore@irr-residential.com Education; University of Florida, B.S. Business Admin. - Finance 1978 Professional Courses and Seminars Residential Appraisal, SREA Course 101 1978 Principles and Practices, Fi. Real Estate Commission 1979-1980 Cash Equivalency, Appraising Residential Condominiums 1981 Residential Valuation Techniques, Capitalization Theory 1-3 1984 Standards Of Professtonal Practice 1983-1992 Capitalization Workshop : 1983, Marshail & Swift Residential Cost Analysis 1982 Computers as a Too! for Value, Business Valuation, 1984 Subdivision Analysis 1985 HP 12C Keys to Market Analysis: 1986 FHLUBG Regulation R41C i987 Federal Bank Regulators and the Appraiser 1989 Federal Bank Regulators Update 1990 Form Report as a Communication Toot 1992 Appraiser Reporting Complex Residential Properties 1992 The New URAR Form 1993 Reviewing Residential Appraisals, Appraising for FHA Mortgages 1994 Fair Lending and the Appraiser 1995 Relocation Appraisal, New FNMA Form Reports 1996 Valuation of Detrimental Conditions 1998 Appraising Manufactured Housing 1999 FHA and the Appraisal Process 1999 FHA Appraisal Inspections From Ground Up 2000 Appraisal of Non-Conforming Uses 2000 Standards of Professional Practice, Part C 2002 U.S. Dept. of H.U.D. ~ Direct Endorsement Training . 2004 Residential Design & Functional Utility 2004 Appraisal Consulting: A Solutions Approach for Professionals 2004 Horida State Law Update for Real Estate Appraisers 2004 Appreisal Laws and Rules 2006 Nationat USPAP Update 2006 What Clients Would Like Their Appraiser to Know:Howto Meet thelr expectations 2006 Reviewing Residential Appraisal Reports 2006 Professional: Florida Licensed Real Estate Broker, Greater Tampa Assoc. of Realtors ; Employment: IRR-Meridian Appraisal Services, LLC / Bay Area Appraisal Services of West Florida, June 1982 ~ Has Appraised: Single Family Residences, Condominiums, 1-4 Unit Multi-Family, Vacant Lots and Land, and Acreage Tracts Appraisals For: Mortgage Lenders, Buyers and Sellers, Attameys, Realtors, Government Agencies, Relocation Companies, Accountants, etc. Primary Service Area (Counties): Hillsborough, Pasco, and Pinellas rm ee ~- - i #2956612 STATE OF FLORIDA i DEPARTMENT OF BUSINESS AND PROFESSIONAL. REGULATION FLORIDA REAL ESTATE APPRAISAL BD SEQ#1.06111601720 | | NN EEE TEE Vag, 16/2006 losagecase _|nniis6 J | The CERTIFIED RESIDENTIAL APPRAISER { Named below IS CERTIFIED { under the provisions of Chapter 475 FS. | Expiration date: NOV 30, 2008 MOORE, JAMES C | 2805 WEST BUSCH BOULEVARD STE 221 TAMPA FL 33618-4561 B SIMONE -MARSTILLE| SoveRNOR SECRETARY EXHIBIT \ DISPLAY AS REQUIRED SY LAW. Oesigned by United Systems Software Company (800) 969-8727 PAGE _ Z . February 15, 2008 Dear Mr. George B. Sinden Case # RD 2008001758; I have recently received the letter notifying me of the complaint filed against me.and have fully read and understood the alleged information. | must say that | agree with the fellow appraiser in all areas reviewed by this appraiser and deeply regret that such report came out of my office. During the months prior to this incident | had trained Mr. Robert P. James mostly on the subject of writing appraisal reports and maintaining an ethical perspective to all aspects of our work. Mr. James appeared to have learned the concepts learned in school and my constant reminders of an ethical and fair approach to our functions and eventual opinions as real estate appraisers. | also cautioned Mr. James about unscrupulous individuals in the business which could present due pressure to perform at their commands due to the financial gains at play per transaction and how he should repel such advances. tn the months preceding this incident, Mr. James had acquired new clients and was performing at near par level for a junior or trainee appraiser. His reports were not flawless, but were starting to show positive trends and appeared conservative and somewhat objective. In the weeks preceding the cited report, | was having some physical difficulties due to a physical impediment. The least | was expecting was for one of my employees to falter in what has been a constant pet peeve of my career as an appraiser, maintaining an ethical edge in all of our opinions. It appears that while training, Mr. James was standing at a reasonable distance behind me and was observing my pass code to allow an authorized signature to be applied to any given report. it was shortly afterward that | noticed certain deleted reports, with different file names, that had been deleted by someone other than me and contained both his and my signatures. This report was directed to Casablanca Financial Group, a brokerage firm that had made the headlines in the paper for being involved in fraudulent transactions. At this point | had hard evidence and was.positive that ! had never reviewed such work and decided to confront Mr. James soon afterwards (less than a week later). The report mentioned in the complaint was signed without my consent or supervision and ail this done behind my back while _away from the office. After confronting Mr. James, he denied having sent any reports but the evidence showed differently. t then proceeded to summarily fire Mr. James and. warn him against future repercussions to his actions. | also notified the involved lenders which advised me to report him to the appropriate standards and regulations departments due to his actions. Mr. James asked me EXHIBIT_& PAGE fs. to be lenient and told me that he was under due pressure on his personal fevel due to a personal financial situation and having an ill wife and a new baby. | dismissed Mr. James as an empioyee of A-Fast Appraisals with a compromise that he would not work as an appraiser again in the State of Florida. | have since changed ali passwords for my electronic signatures, have established e-mail sending passwords, and have established a back up security alert that may block out any out going e-mails without my scrutiny and consent. f have also implemented a secondary inspection of all work performed by ail trainee appraisals to ensure that all properties appraised meet the described conditions and have warned all trainees, as a company policy, against the misrepresentation of any given piece of real estate property appraised by A-Fast Appraisals, Inc. Once again, ! understand the point of view and perspective of the review appraiser's comments towards the alleged report and agree that this property must have been declined as an assignment and should have been refused as a viable and habitable dwelling and as a guarantee for a conventional loan. i assure you and your department that this will not be an issue ever again in my career. | have a great responsibility in my hands and understand the seriousness and respect demanded by my work. | am also responsible for a household with a wife and three kids, including one in college (USF) and will not compromise their well being and financial stability for an oversight or other form of irresponsible action that may jeopardize my company, my reputation and violate my high ethical standards. | ask your department to examine my reply to this complaint and to please consider my case as an isolated incident that will not be repeated as long as | continue to operate. | have made significant changes in personnel and in the security aspect of my procedures to further ensure that this will not be repeated. | will continue to monitor closely all work by any trainee associated under my supervision to ensure that nothing but the highest quality product leaves my office. Sincerely, Dario Ruiz; St. Cert. Appraiser RD-5968 A-Fast Appraisals, Inc. 8812 Audrey Lane Tampa, F! 33615 813-290-7908 (O) 813-786-0904 © EXHIBIT_J PAGE 67 MicroBase Printed on Feb-22-Ur. 15:31 Situs 2208 15th Av Parcel 2919 17 4W2 000004 000120 Tampa, FL 33605-2906 Tax Dist TBH Use 0100 Grantee Stryffeler William Exmptn Taxes 3497.44 Address 2208 E 15th Ave Land Value 28000 Tampa, FL 33605-2906 Improvement Value 130503 ‘ Extra Features Value 3086 Just Value 161589 Grantor Mcdonald Wallace Total Assessed Value 161589 Sales 05/11 $ 135000 WDQI+ 15829/1796 Land 40.00 X 127.00 FF 0112/RM24 83/06 $ 5000 WDUI 4135/136 77/06 $ 100 QI 3250/1870 Mtgage 15829/1796 $ 27000 Cnv F 15829/1848 Suntrust Mtg Inc 15829/1796 $ 108000 Cnv F 15829/4797 Suntrust Mig Inc Pb/Pg PB 1/032 Subdvn Sayders And Clay S Addition Sanders And Clay S Addition Lot 12 Block 4 tmprovement Data Building Total 4 Features: Folio 188830.0000 Utility Wood 190 Utility Wood 190 All building totals: Total Building Area 2682 | Heated Area 2458 Building 4 Year Built 1928 Bedrooms 2 Bidg Area 2682 ~ Stories 2.0 Bathrms/fxs 2.0 Heated Area 2458 Structural Elements: Exterior Wall Prefab Masnry/Wood Flooring Carpet Interior Wall Drywall Fuel Roof Structure Roof Covering Footing Structure Buiiding Subareas: BAS 112 BAS 554 FEP 168 FOP 224 TWO 1624 Gable Or Hip Heating System Minimum Air System Slab Non-Ducted Pace) pace “£S Deemed reliable but not guaranteed Page 1 MicroDecisions, Inc. MicroBase Printed on Feb-22-0f 15:31 FEP 12 28 8 Co 8 28 ie) 10 HILLSBOROUGH COUNTY 2919 17 4W2 000004 000120 2208 15th Av Deemed reliable but not guaranteed Page 2 MicroDecisions, Inc. MicroBase rrintea on red-422-U Situs 907 23rd AVE Parcel 2919 07 4UQ 000001 000013 Tampa, FL 33605-1723 Tax Dist TBH Use 0100 Grantee Reznikoff Victoria S Exmptn Taxes 4834.40 Address 907 E 23rd Ave Land Value 41412 Tampa, FL 33605-1723 Improvement Value 179789 Extra Features Value 2800 Just Value 224001 Grantor Millett Jeffrey L & Millett Jeffrey Total Assessed Value 224001 Sales 06/07 $ 290000 WDQI+ 16819/1289 Land 58.00 X 139.00 FF 0112/RS50 06/05 $ 100 WDUI+ 16433/1203 06/05 $ 100 WDUI 16433/1200 Mtgage 16819/1289 $ 58000 Cnv F 16819/1312 Manhattan Mtg Cor 16819/1289 $ 232000 Cnv V 16819/1291 Manhattan Mtg Co 16433/1203 $ 199000 Cnv F 16433/1205 Omni Natl Bk Pb/Pg PB 4/102 Subdvn Sexton And Warder Sexton And Warder E 64 Ft Of W 210 Ft Of Lot 1 & E 50 Ft Of W 210 Ft Of Lot 2 Block 1 improvement Data Building Total 1 Features: Folio 186558.0000 Fpl Avg 1 All building totals: Total Heated Area Total Building Area 3144 Building 1 Year Built 1914 Bedrooms 5 Bidg Area 3144 Stories 1.5 Bathrms/fxs 2.0 Heated Area 2833 Structural Elements: Exterior Wall Prefab Masnry/Wood Flooring Carpet Interior Wail Plastered Fuel Roof Structure Gable Or Hip Heating System Roof Covering Asph/Comp Shingle Air System Central Footing . Stab Structure Building Subareas: BAS 120 BAS 184 BAS 228 FOP 119 FOP 192 FUS 119 TWO 180 TWO 2002 ee EXHIBIT_« PAGE “fo Deemed reliable but not guaranteed Page 1 MicroDecisions, Inc. MicroBase Printed on Feb-22-0, 12 9 18 10 BAS 10 TWO 10 BAS 1 12 935 14 1 4 15 7 32 TWO 17 FOP;FUS |17 19 28 16 7 12 BAS 12 FOP 12 19 “16 AUMINISTRATIVE co; VIPLAIR VE “y EXHIBIT # 5” m | | | 0 10 20 30 EXHIBIT 40 HILLSBOROUGH COUNTY 2919 07 4UQ 000001 000013 907 23rd AVE PAGE 73 Deemed reliable but not guaranteed Page 2 MicroDecisions, inc. MicroBase Printed on Feb-22-L. - Situs 802 Columbus Dr E Parcel 2918 12 4RW 000006 000080 Tampa, FL 33602-1705 Tax Dist TBH Use 0100 Grantee Jalghoum Yaser A Exmptn HX Taxes 3092.51 Address 802 E Columbus Dr Land Value 33488 Tampa, FL 33602-1705 Improvement Value 109853 Extra Features Value Just Value 143341 Grantor Seigler George Richard & Ziegler Jac Total Assessed Value 143341 Sales 06/10 $ 206000 WDQi+ 17095/1363 Land 52.00 X 103.00 FF 0112/RS50 04/06 $ 75000 WDUI+ 13941/1619 04/05 $ 42500 WDUI 13882/1002 Mtgage 17095/1363 $ 164800 Cnv F 17095/1364 H S BC Mtg Corp 13941/1619 $ 175500 Cnv F 13941/1620 Bristol Home Mtg PbiPg PB 2/024 Subdvn Centralia Centralia Lot 8 Less Part For Rd Desc As Beg At SW Cor Of Lot 8 And Run N 2.61 Ft Sely 52 Ft S 1.97 Ft And W 52 Ft To Beg Block 6 Improvement Data Building Totai i Features: Folio 183323.0000 Census Tract 0030.00 All building totals: Total Building Area 1984 Total Heated Area 1976 Building 1 Year Built 1910 Bedrooms 4 Bidg Area 1984 Stories 2.0 Bathrms/fxs 3.0 Heated Area 1976 Structural Elements: Exterior Wall Prefab Masnry/Wood Flooring ; Carpet interior Wall Drywall Fuel Roof Structure Gable Or Hip Heating System Roof Covering Minimum Air System Central Footing Slab Structure Building Subareas: BAS 153 BAS 45 FEP 12 TWO 1766 UOP 8 ADMINISTRATIVE COMPLAINT EXHIBIT_¢” PAGE ?& Deemed reliable but not guaranteed Page 3 MicroDecisions, Inc. Printed on Feb-22- 4 18 2 UgP 2 3 FEP 33 7 11 4 5 BAS 9 9 BAS 9 11 5 TWO 25 31 14 6 14 AUMINISTRATIVE COMPLAINT EXHIBIT #¢_5° race —& ge | | | 20 30 EXHIBIT__& *° HILLSBOROUGH COUNTY 2918 12 4RW 000006 000080 802 Columbus Dr E PAGE “33 Deemed reliable but not guaranteed Page 4 MicroDecisions, inc. MicroBase Printed on Feb-22-c . Situs 911 15th St NE Parcel 3219 04 85K 000008 000210 . Tax Dist A Use 0100 Grantee Rincon Albeiro Exmptn Taxes 4046.69 Address 258 Prescott Ct Land Value 40800 Newnan, GA 30265-6019 improvement Value 123072 Extra Features Value Just Value 163872 Grantor Lennar Homes Inc Total Assessed Value 163872 Sales 06/10 $ 197000 WDQI+ 17170/1631 Land 50.00 X 110.00 FF 0117/PD 06/03 $ 1234100 WDUV 16181/478 Mtgage 17170/1631 $ 177250 Conv V 17170/1635 Universal Amer Mt PbiPg PB 105/213. Subdvn Wellington North At Bay Park Wellington North At Bay Park Lot 21 Block 8 Building Total 1 Features: Folio 055391.0488 Census Tract 0141.07 . All building totals: Total Building Area 2248 Total Heated Area 1617 Building 1 Year Built 2006 Bedrooms 3 Bldg Area 2248 Stories 1.0 Bathrmsifxs 2.0 Heated Area 1617 Structural Elements: Exterior Wall Masonry Stucco Flooring Tile Interior Wall Drywall Fuel Roof Structure . Gable Or Hip Heating System Roof Covering Asph/Comp Shingle Air System Central Footing Stab Structure Building Subareas: BAS 1617 FGR 441 FOP 136 FOP 54 Deemed reliable but not guaranteed Page 5 MicroDecisions, Inc. MicroBase Printed on Feb-Z2-_ 23 17 FOP 8 17 34 53 BAS 9 16 3 L 6 FOP 6 13 9 8 FGR 21 1 18 20 a ADMINISTRATIVE COMPLAINT, EXHIBIT # CAGE OF | | | | | 0 40 . 20 3EXHIBIT £40 HILLSBOROUGH COUNTY 3219 04 85K 000008 000210 911 15th St NE PAGE . OS Deemed reliable but not guaranteed Page 6 MicroDecisions, Inc. MicroBase Printed on Feb-22-. Situs 2409 10th Av Parcel 2919 17 4WA 000007 000030 Tampa, FL 33605-4034 Tax Dist TBH Use 0100 Grantee Rodriguez Agustin A Ill & Mccarty Kelly Exmptn Taxes 3586.14 Address 2409 E 10th Ave Land Value 23750 Tampa, FL 33605-4034 Improvement Value 139891 Extra Features Value 2088 Just Value 165729 Grantor Johnston David William Trustee & Joh Total Assessed Value ; 165729 Sales 07/03 $ 195000 TRQI+ 17622/1012 Land 50.00 X 95.00 FF YCOS/YC2 05/12 $ 100 WDUI 16023/1814 02/03 $ 45000 WDUI+ 11491/295 Mtgage 17622/1012 $ 156000 17622/1013 Bank Of America Na 11491/295 $ 97000 Cnv F 11491/297 Bristol Home Mtg Len Pb/Pg PB 1/020 Subdvn Turmans East Ybor Turmans East Ybor Lot 3 Block 7 tmprovement Data Building Total 1 Features: Folio 189168.0000 Fpl Avg 1 All building totals: Total Building Area 2108 Total Heated Area 1836 Building 1 Year Built 1923 Bedrooms 3 Bidg Area 2108 Stories 1.0 Bathrms/fxs 3.0 Heated Area 1836 Structural Elements: Exterior Wall Prefab Masnry/Wood Flooring Carpet Interior Wall Drywall Fuel Roof Structure Gable Or Hip Heating System Roof Covering Asph/Comp Shingle Air System Central Footing Slab Structure Building Subareas: BAS 1836 FOP 272 STRATIVE COMPLAINT S- 7 oF EXHIBIT_ < PAGE 7 Deemed reliable but not guaranteed Page 7 MicroDecisions, Inc. MicroBase Printed on Feb-22-. 34 54 BAS 54 34 - 8 FOP 8 34 - COMPLAINT & Fated : | es } 10 20 SEXHIBIT__<~ 40 HILLSBOROUGH COUNTY 2919 17 4WA 000007 000030 2409 10th Av PAGE 7? Deemed reliable but not guaranteed Page 8 MicroDecisions, Inc. MicroBase Printed on Feb-2z- Situs 1002 24th Av E Parcel 2919 07 4UP 000002 000110 Tampa, FL 33605-1732 Tax Dist TBH Use 0100 Grantee Betancur Jaime & Agudelo Dianelly Exmptn Taxes 3664.93 Address 1002 E 24th Ave Land Value 38492 Tampa, FL 33605-1732 Improvement Value 131571 Ten Phn (813) 223 9543 * Extra Features Value Just Value 170063 Grantor Holmes John Total Assessed Value 170063 Sales 06/12 $ 182700 WDQI+ 17463/1963 Land 64.00 X 107.00 FF 0112/RS50 . 05/10 $ 52000 QCUI 15728/507 05/01 $ 100000 WDUI 14679/1089 Mtgage 17463/1963 $ 182700 Cnv V 17463/1965 Senderra Funding 11335/930 $ 81900 Cnv V 11335/931 WM C Mtg Corp 10954/360 $ 7500 Cnv F 10954/361 Clyde W Stephens Pb/Pg PB 2/064 Subdvn Belvedere Place Belvedere Place Lot 11 Block 2 Together With S 1/2 Of Vacated Aliey Abut Ting Improvement Data Building Total 1 . Features: Folio 186490.0000 All building totals: Total Building Area 2165 Total Heated Area 1923 Building 1 Year Built 4921 Bedrooms 3 Bldg Area 2165 Stories 2.0 Bathrms/fxs 2.0 Heated Area 1923 Structural Elements: Exterior Wall Prefab Masnry/Wood Flooring Vinyl Interior Wall Drywail Fuel Roof Structure Gable Or Hip Heating System Roof Covering Asph/Comp Shingle Air System Centrai Footing Slab Structure Building Subareas: BAS 1155 FOP 192 STP 50 TWO 768 COMPLAINT. ~ “EXHIBIT” < PAGE _78_ Deemed reliable but not guaranteed Page 9 MicroDecisions, Inc. MicroBase Printed on Feb-22- 10 5 STP 5 19 10 8 15 40} Xs - 16 TWO 16 20 24 3 24 27 8 FOP 8 24 | | | 0 10 20 30° EXHIBIT 40 HILLSBOROUGH COUNTY 2919 07 4UP 000002 000110 1002 24th AVE PAGE aa Deemed reliable but not guaranteed Page 10 MicroDecisions, Inc. MicroBase Printed on Feb-22- Situs 3404 29th St N Parcel 2919 08 4NB 000029 000030 Tampa, FL 33605-1419 Tax Dist TCH Use 0100 Grantee Ovington James R Exmptn Taxes 3348.24 Address 3213 Bridle Ln Land Value 32844 Grapevine, TX 76051-4231 Improvement Value 122434 Extra Features Value Just Value 155278 Grantor Leggett Alicia Total Assessed Value 155278 Sales 07/03 $ 160000 QCUI+ 17646/239 Land 51.00 X 100.00 FF 0112/RM16 06/07 $ 195000 WDQI+ 16767/1651 06/07 $ 100 WDUI 16767/1635 Mtgage 17646/239 $ 17646/240 One Source Mortgage Lic 16767/1651 $ 39000 Cnv F 16767/1673 1 Source Mtg LLC 16767/1651 $ 146250 Cnv V 16767/1652 1 Source Mtg LL PbiPg PB 2/029 Subdvn Campobello Biocks 1 To 30 Campobello Blocks 1 To 30 Lot 3 Block 29 improvement Data Building Total 1 Features: Folio 174376.0000 Census Tract 0034.00 All building totals: Total Building Area 2208 Total Heated Area 1888 Building 1 Year Built 1928 Bedrooms 5 Bidg Area 2208 Stories 2.0 Bathrmsi/fxs 2.0 Heated Area 1888 Structural Elements: Exterior Wall Prefab Masnry/Wood Flooring Wood Interior Wall Drywall Fuel Roof Structure Gable Or Hip Heating System Roof Covering Asph/Comp Shingle Air System Central Footing Slab Structure Building Subareas: BAS 1064 FEP 96 FOP 128 FOP 192 FUS 728 EXHIBIT PAGE &4 Deemed reliable but not guaranteed Page 11 MicroDecisions, Inc.

Docket for Case No: 09-002159PL