STATE OF FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BOARD FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE, p i Petitioner, D) (, » 5 ‘a v. CASE NO. 2003095756 2003095755 MICHAEL J. ANDERSON, 2003095754 2003095753 Respondent. 2003095752 2003092114 / 2004046365 ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Michael J. Anderson (“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 ‘tules promulgated thereunder. 2. Respondent is currently a Florida state certified residential real estate appraiser having been issued license 3806 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 3154 Yarmouth Avenue, Deltona, Florida 32738. FDBPR v. Michael J. Anderson Case No. 2003095756 Administrative Complaint ALLEGATIONS OF MATERIAL FACT RELATING TO DBPR CASE NO 2003092114 4. Petitioner realleges and incorporates herein Paragraphs One through Three above. 5. On or about September 30, 2003, Respondent developed and communicated an appraisal report (Report 1) for real property commonly known as 5403 Fawn Lake Court, Sanford, Florida 32771 (Subject Property 1) and estimated its value as of September 26, 2003 at $650,000. A copy of Report 1 is attached hereto and incorporated herein as Administrative Complaint Exhibit 1. 6. Respondent made the following errors in Report 1: a, Failed to specify the zoning classification; and b. Incorrectly labeled the address for comparable sale 1 in the sales comparison analysis section. 7. Respondent failed to prominently state the option under which Report 1 was prepared. 8. In the sales comparison analysis section of Report 1, Respondent specified that his data and/or verification sources were by public records and MLS. 9. Pursuant to an official investigation, Respondent forwarded to Petitioner’s investigator a copy of what he purported to be a copy of the entire work file. 10. The work file failed to contain any public records information relating to comparable sale 1. 11. The work file contained a copy of what purports to be a contract between the current owner and borrower in Report 1 and specified the sales price of $650,000 and that the seller agreed to pay 6 percent of the closing cost. 12. In Report 1, Respondent failed or refused to specify the contract price or that the seller FDBPR v. Michael J. Anderson Case No. 2003095756 Administrative Complaint agreed to pay 6 percent of the closing cost. 13. The work file failed to contain data sufficient to support the conclusions Respondent made in the cost approach section of Report 1. 14, The work file failed to contain data sufficient to support the Respondent’s selection of the comparable sales utilized in the sales comparison analysis section of Report 1. COUNT I Based upon the foregoing, Respondent is guilty of misrepresentation, culpable negligence, or breach of trust in any business transaction in violation of Section 475.624(2), Florida Statutes. COUNT 0 Based upon the foregoing, Respondent has violated a provision of the Uniform Standards of Professional Appraisal Practice (2003), specifically the Ethics Rule, in violation of Section 475.624(14), Florida Statutes. COUNT IT Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standard 2-2, or other provision of the Uniform Standards of Professional Appraisal Practice (2003) in violation of Section 475.624(14), Florida Statutes. ALLEGATIONS OF MATERIAL FACT RELATING TO DBPR CASE NO 2003095752 15. Petitioner realleges and incorporates herein Paragraphs One through Three above. 16. On or about September 15, 2003, Respondent and Valerie A. Townsend developed and communicated an appraisal report (Report 2) for real property commonly known as 1420 Stargazer FDBPR v. Michael J. Anderson Case No. 2003095756 Administrative Complaint Terrace, Sanford, Florida 32771 (Subject Property 2) and estimated its value as of September 12, 2003 at $355,000. A copy of Report 2 is attached hereto and incorporated herein as Administrative Complaint Exhibit 2. 17. Respondent made the following errors in Report 2: a. Failed to specify the zoning classification; b. Incorrectly labeled the address for comparable sale 3 in the sales comparison analysis section; c. Inconsistently indicated that Subject Property 2 was being sold for $340,000 and $360,000; and d. Included a photograph that purported to be of comparable sale 2 that was not of this property. 18. Respondent failed to prominently state the option under which the report was prepared. 19. In the sales comparison analysis section of Report 2, Respondent specified that his data and/or verification sources were by public records and MLS. 20. Pursuant to an official investigation, Respondent forwarded to Petitioner’s investigator a copy of what he purported to be a copy of the entire work file. 21. The work file failed to contain any public records information on comparable sale 3. 22. The work file failed to contain data sufficient to support the conclusions Respondent made in the cost approach section of Report 2. 23. The work file failed to contain data sufficient to support the Respondent’s selection of the comparable sales utilized in the sales comparison analysis section of Report 2. FDBPR v. Michael J. Anderson Case No. 2003095756 Administrative Complaint COUNT IV Based upon the foregoing, Respondent has violated a provision of the Uniform Standards of — Professional Appraisal Practice (2003), specifically the Ethics Rule, in violation of Section 475.624(14), Florida Statutes. COUNT V Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standard 1-1, or other provision of the Uniform Standards of Professional Appraisal Practice (2003) in violation of Section 475.624(14), Florida Statutes. COUNT VI Based upon the foregoing, Respondent has violated a standard for the development or communication of areal estate appraisal, specifically Standard 2-2, or other provision of the Uniform Standards of Professional Appraisal Practice (2003) in violation of Section 475.624(14), Florida Statutes. COUNT VII 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. ALLEGATIONS OF MATERIAL FACT RELATING TO DBPR CASE NO 2003095753 24. Petitioner realleges and incorporates herein Paragraphs One through Three above. 25. On or about August 14, 2003, Respondent developed and communicated an appraisal report (Report 3) for real property commonly known as 850 Oakbranch Place, Sanford, Florida FDBPR v. Michael J. Anderson Case No. 2003095756 Administrative Complaint 32771 (Subject Property 3) and estimated its value as of August 12, 2003 at $450,000. A copy of Report 3 is attached hereto and incorporated herein as Administrative Complaint Exhibit 3. 26, Respondent failed to specify the zoning classification or description of Subject Property 27. Respondent failed to prominently state the option under which the report was prepared. 28. Pursuant to an official investigation, Respondent forwarded to Petitioner’s investigator a copy of what he purported to be a copy of the entire work file. 29. The work file failed to contain data sufficient to support the conclusions Respondent made in the cost approach section of Report 3. 30. The work file failed to contain data sufficient to support the Respondent’s selection of the comparable sales utilized in the sales comparison analysis section of Report 3. COUNT VII Based upon the foregoing, Respondent has violated a provision of the Uniform Standards of Professional Appraisal Practice (2003), specifically the Ethics Rule, in violation of Section 475.624(14), Florida Statutes. COUNT IX Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standard 2-2, or other provision of the Uniform Standards of Professional Appraisal Practice (2003) in violation of Section 475.624(14), Florida ALLEGATIONS OF MATERIAL FACT RELATING TO DBPR CASE NO 2003095754 31. Petitioner realleges and incorporates herein Paragraphs One through Three above. FDBPR v. Michael J. Anderson Case No. 2003095756 Administrative Complaint 32. On or about September 18, 2003, Respondent and Patricia Lee McCay developed and communicated an appraisal report (Report 4) for real property commonly known as 1570 Stargazer Terrace, Sanford, Florida 32771 (Subject Property 4) and estimated its value at $380,000. A copy of Report 4 is attached hereto and incorporated herein as Administrative Complaint Exhibit 4. 33. Respondent filed to specify the zoning classification for Subject Property 4. 34, Respondent fatled to prominently state the option under which Report 4 was prepared. 35. Pursuant to an official investigation, Respondent forwarded to Petitioner’s investigator a copy of what he purported to be a copy of the entire work file. 36. The work file failed to contain data sufficient to support the conclusions Respondent made in the cost approach section of Report 4. 37. The work file failed to contain data sufficient to support the Respondent’s selection of the comparable sales utilized in the sales comparison analysis section of Report 4. COUNT X Based upon the foregoing, Respondent has violated a provision of the Uniform Standards of Professional Appraisal Practice (2003), specifically the Ethics Rule, in violation of Section 475.624(14), Florida Statutes. COUNT XI Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standard 2-2, or other provision of the Uniform Standards of Professional Appraisal Practice (2003) in violation of Section 475.624(14), Florida Statutes. FDBPR v. Michael J. Anderson Case No. 2003095756 Administrative Complaint ALLEGATIONS OF MATERIAL FACT RELATING TO DBPR CASE NO 2003095755 38. Petitioner realleges and incorporates herein Paragraphs One through Three above. 39. On or about September 11, 2003, Respondent and Patricia Lee McCay developed and communicated an appraisal report (Report 5) for real property commonly known as 5498 Whispering Meadows, Sanford, Florida 32771 (Subject Property 5) and estimated its value at $480,000. A copy of Report 5 is attached hereto and incorporated herein as Administrative Complaint Exhibit 5. 40. Respondent made the following errors in Report 5: a. Failed to specify the zoning classification of Subject Property 5; and b. Inconsistently indicated that the site area for Subject Property 5 was approximately 12,000 square feet on page 1 then indicated the area as approximately 25,000 square feet on page 2. 41. Respondent failed to prominently state the option under which the report was prepared. 42. Pursuant to an official investigation, Respondent forwarded to Petitioner’s investigator a copy of what he purported to be a copy of the entire work file. 43. The work file contained a copy of what purports to be a contract between Morrison Homes and the borrower specified in Report 5 that specified the sales price of $480,000 and that Morrison Homes, as seller, agreed to pay 6 percent of the closing cost. 44, In Report 5, Respondent failed or refused to specify Morrison Homes as the seller, the contract price, or that Morrison Homes agreed to pay 6 percent of the closing cost. 45. The work file failed to contain data sufficient to support the conclusions Respondent made in the cost approach section of Report 5. FDBPR v. Michael J. Anderson Case No. 2003095756 Administrative Complaint COUNT XII Based upon the foregoing, Respondent is guilty of misrepresentation, culpable negligence, or breach of trust in any business transaction in violation of Section 475.624(2), Florida Statutes. COUNT XII Based upon the foregoing, Respondent has violated a provision of the Uniform Standards of Professional Appraisal Practice (2003), specifically the Ethics Rule, in violation of Section 475.624(14), Florida Statutes. ) COUNT XIV Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standard 2-2, or other provision of the Uniform Standards of Professional Appraisal Practice (2003) in violation of Section 475.624(14), Florida Statutes, ALLEGATIONS OF MATERIAL FACT RELATING TO DBPR CASE NO 2003095756 46. Petitioner realleges and incorporates herein Paragraphs One through Three above. 47. On or about September 6, 2003, Respondent developed and communicated an appraisal report (Report 6) for real property commonly known as 2168 Northumbria Drive, Sanford, Florida 32771 (Subject Property 6) and estimated its value as of August 16, 2003 at $480,000. A copy of Report 6 is attached hereto and incorporated herein as Administrative Complaint Exhibit 6. 48. Respondent made the following errors in Report 6: a. Failed to specify the zoning classification; and b. Inconsistently indicated that the site area for Subject Property 6 was approximately 9,000 FDBPR v. Michael J. Anderson Case No. 2003095756 Administrative Complaint square feet on page 1 then indicated the area as approximately 8,000 square feet on page 2. 49. Respondent failed to prominently state the option under which Report 6 was prepared. 50. In Report 6, Respondent failed to address the income approach or its inapplicability. 51. In the sales comparison analysis section of Report 6, Respondent specified that his data and/or verification sources were by public records and MLS. 52. Pursuant to an official investigation, Respondent forwarded to Petitioner’s investigator a copy of what he purported to be a copy of the entire work file. 53. The work file failed to contain any public records information relating to comparable sale 3. 54, The work file failed to contain data sufficient to support the conclusions Respondent made in the cost approach section of Report 6. 35. The work file failed to contain data sufficient to support the Respondent’s selection of the comparable sales utilized in the sales comparison analysis section of Report 6. COUNT XV Based upon the foregoing, Respondent has violated a provision of the Uniform Standards of Professional Appraisal Practice (2003), specifically the Ethics Rule, in violation of Section 475.624(14), Florida Statutes. COUNT XVI Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standard 1-1, or other provision of the Uniform Standards of Professional Appraisal Practice (2003) in violation of Section 475.624(14), Florida 10 FDBPR v. Michael J. Anderson Case No. 2003095756 Administrative Complaint Statutes. COUNT XVII Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standard 2-2, or other provision of the Uniform Standards of Professional Appraisal Practice (2003) in violation of Section 475.624(14), Florida ALLEGATIONS OF MATERIAL FACT RELATING TO DBPR CASE NO 2004046365 56. Petitioner realleges and incorporates herein Paragraphs One through Three above. 57. On or about August 10, 2004, the Petitioner sent to Respondent a letter informing him that he had in excess of four registered trainee appraisers listed under his appraiser license and that he was not in compliance with Rule 61J1-4.010(4), Florida Administrative Code. A copy of the letter is attached hereto and incorporated herein as Administrative Complaint Exhibit 7. 58. Respondent refused to comply with the requirements of the rule within the 21 days specified in the letter. COUNT XVII Based upon the foregoing, Respondent is guilty of supervising more than four registered trainee appraisers at one time in violation of Rule 61J1-4.010(4), Florida Administrative Code, and therefore, in violation of Section 475.624(4), 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 11 FDBPR v. Michael J. Anderson Case No. 2003095756 Administrative Complaint the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication, or any combination of the foregoing which may apply. See Section 475.624, Florida Statutes and Rule 61J1-8.002, Florida Administrative Code. The penalties which may be imposed for violation(s) of Chapter 455 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration, or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication; restriction of practice; injunctive or mandamus relief: imposition of a cease and desist order; or any combination of the foregoing which may apply. See Section 455.227, Fla. Statutes and Florida Administrative Code Rule 61J1-8.002. SIGNED this_ /Q_ day of ——,7 A , 2005. ILED LPL Ce epartmen . : Florida Department of Business and : Dts ion ryote slonal Regulating Professional Regulation Nea Estate" : By: Elizabeth P. Vieira rea } Director, Division of Real Estate 12 FDBPR v. Michael J. Anderson : Case No. 2003095756 Administrative Complaint ATTORNEY FOR PETITIONER Stacy N. Robinson Piece, Senior Attorney Fla. Bar No. 182796 Division of Real Estate Legal Section 400 W. Robinson Street, N801 Orlando, Florida 32801-1757 (407) 481-5632 (407) 317-7260 - FAX PCP: FG/JB 2/05 NOTICE TO RESPONDENTS PLEASE BE ADVISED that mediation under Section 120.573 of the Florida Statutes, is not available for administrative disputes involving this type of agency action. PLEASE BE FURTHER ADVISED that pursuant to this Administrative Complaint you may request, within the time proscribed, 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. 13 REAL ESTATE APPRAISAL Prepared For: MORGAN FINANCIAL 160 INTERNATIONAL PARRKHAY #280 HEATHROW FL 32746 Property Appraised: 5403 FAWN LAKE COURT SANFORD, FL 32771 Prepared By: HOME SOLUTIONS APPRAISAL SERVICE P.O. BOX 353554,DZLTONA FT,.32739 ADMINISTRATIVE COMPLAINT. EXHIBIT dé { page | __ oF exert /Z_pace Case No. CHREMAN Property Description UNIFORM RESIDENTIAL APPRAISAL REPORT __ Fiteno. anaon Property Atiiress 5403 AHN LAKE COURT Cily SANFORD State EL ZipCpda_ 32771 Legal Desoiiplion EO 315 LAKH FOREST SHC GA PB 54 PGS 11 © 12 County SEMENOLE fr Atsesnor's Parcel No, 49~15-80-S06-0000-3180 Tox Yeur 2002 AE, Taxes § 6202 Special Assessments § NONE fBorower CHAPMAN, JERTLYN Current Ownar ADAMS, GRAY Qrcupant | Owner [_] Tenant ‘Vacant briny his nas [3] ran Sn] — Laren | ProjoctType [X] PUD [| Condominium (HUD/VA only) _ HOAS 7a, fe] Nelghborhood or Project Name LAKE FOREST Map Raterenge 19-29-30 Cansus Traot_ 207.0, fy Salo Price $ Dato of Sale PENDING Destiipiion and $ amount of Joan Ghargen/conooscions to bo paid by collar UNNORH Lendor/Cllent MORGAN FINARCIAL Addrooa 160 EHTERNATIGNAL PARKWAY #260 HEATHROW FL 32746 Appralsor HOME SOLUTIONS APPRAISAL SERVICE Address P.O, BOX 351554 ,DELTONA FL.32749 Location —__] urban [3¢} subuman [| Aural Predominant — SJngle tamity housing | Present (and use % | Land use changa Built up over75% [x] 25-75% [| under2a% | occupancy $foog} a Ono tamily 75 [3] Wot ikety [Likely Growth Fale _X | Rapld Stable Siow Lx| owner 100 250 Low 1 2-4 temily In procosa Property values] Increasing [| Stable Dectining |{_] Tenant 1000 High 20 _| Multi-family To: Demend/supply | Shortage [|__| Inbalance[__] Over supply |[3] Vacant (0-5%) [lll] Predominant ]|||I| || Commerciat 20 Markoting time %| Under 3mos.[ | 3-6 mos.[_] Over Smon|[_] Vacant (Gversx) 450 5 (ver) 15 nN ‘Notej. Hace and the racial compasiilan of the neighborhood ore not appraisal factors, [3 Neighborhood boundaries and charactariatiaa: N- AT JOHNS RIVER;S- LAKE MARY BLVD;E- 417;W- WERIVA RIVER. a Factors that attact the markatabillty of the properties in the nalghborhood (proximity to employment and amantiias, employment stability, appeal to market, ata.): [3] PROXIMITY To EMPLOYMENT AND AMENITIES IS AVERAGE FOR THE AREA WITH SHOPPING RANKING AND MEDICAL FACILITIES Ky HEAR PRIMARILY SERVICE INDUSTRY, TOURISM AND RETIREMENT RELATED WAS BREN RELATIVELY STABLE, APPEAL TO THE (l] MARKET FOR PRICE RANGZ HOME IS AVERAGE. i Markot conditions in the oubjact neighborhood (Inckiding aupport for the above cancivalona related o the frend of property valuaa, damand/upply, and marketing time ++ svoh as data on compolltive properties for ante In the neighbothood, desaription of the pravalonae of aelea and financing eonooosiona, ote.): PROPERTY VALUES HAVE RISEN STEADILY OVER THE PAST FIVE YEARS WITH DEMAND EXCEEDING SUPPLY FoR MOST TYPES OF FROPERTIES BASED UPON AVAILABLE DATA WiTH MARKETING TIME APPROXIHATLEY TO 3 MONTHS FOR EXISTING HOMES PRICED ‘AT MARKET', ALL TYPES OF FINANCING IS AVATL BUYERS. INTEREST RATES HAVE BEEN FLUCTUATING WITH LITTLE OR HO USE OF HUY-DOWNA ,DISCOUNTS,ECT.. AT THIS Project (formation for PUDs (|! applicable) ~ ~ ta the developer/bullder In cantral af Ihe Home Owners’ Asnociation (HOA)? Approximate total number af units In the ubject project S50 +/— » Approximate total number of units for sale In the subject project 50 +/~ . Describe common alamania and recreation) faciliiles; COMMON ARRAS, BEACH, TENNIS, CLUBHOUSE, ENTRIES Dinenslons 104,59 X 140 IRREGULAR : Topography BASICALLY LEVEL Slleoreq 14456 SF Comerbot xX] Yea |_| No | Size TYPICAL FOR AREA ‘Spoaltia zoning classification and docoription SINGLE FAMILY RESIDENCE Shape TRREGULAR Zoning Comptanco [X] Legal Legal nonconlarming {Grandlalherad use) (a) Wogal ——_] No zoning Dralnogo ADEQUATE: Highost & but ue ag improvod: [eT eenen use [7] other usa (explain) View AVERAGE Uillities Public Other Off-site Improvements Typa Public Private} Landsceping TYPICAL Elpotrielty () Street ASPHALT Driveway Surface Gas | Lp GAS AVATL Curb/gutter CONCRETE Apparent exsementy TYPICAL UTILITY . ‘Sanitary sewer Lx] Streot lights VAPOR FEMA Zone Map Date _4~1 Starm sewer [Ea] : Alloy NONE FEMA Map No, 12117¢0030 E ‘Comments (apparent adverse ensements, enoreachments, spoalal esucssmenta, slide areas, {llegat ot egul nanoonforming zoning une, alc): THERE ARE NO ADVERSE ZASEMEWTS OR ENCROACHMENTS. THIS REPORT IS SUBJECT TO INTHRES'T AND EASEMENTS AS WOULD HE NOTED XN A ‘TITLE REPORT OR SURVEY, GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION 33] No. of Unita ONE Foundation CONCRETE * ‘Slab CONCRETE Area Sq.FL 0 Root FyNo. al Stories = THD Extotiot Walla = CUS. CB | Growl Space NONE ‘Finished = N/A. Coiling Cac Xx] B) &) Wator (x) Sidewalk CONCRETE [x] (2) | Fema Special Flocd Hazard Aroa GB) LJ Ct) fy Type (Oet/Att.) DET Roo! Surtace SHINGIE Basement N/A Calling N/R Wala cHcL x] [Design (Style) «RAMBLER | Guiters & Ownspts, ALUM Sump Pump N/A Walls n/a Floor AY existing/Proposed EXIST Window Type SNGLE PNB Dampness NONE NID Flour wR None ~~] pg Age (Yro.) 3-YRS _. |Storm/Screens = NO/YES Sattioment NOR HTD Outolde Entry W/A Unknown Lintentation NONE HTD Don |Family Am.] Roo, Am, | Bodrooma ! Effective Aga (Ymu.) 2 YR_- Maonufnotured House ND fy ROOMS: Fayar Living Dining Kitchen Ganaewnt . ke Lavolt [2 i 2 1 Fl L 4 [3 L 3675 #Batha Laundry | Other | Ava Sq. Ft. 1 528 I | Bath(s}:_ 4203 Square Feat of Grose Living Area Foams: 5 Bodioom(a}: 4 CJ INTERIOR Materiale/Cnndlting HFATING KITCHEN FALIP ATTIC AMPNITIFS CAR STORAGE fe] Floora eye Type pn, Rottigerator [| | Nane t Firoplaco(s) 4 None Pa Waste cust_pa/eu/en__|Feel ergo | Range/Oven Stairs [2] J Patio cy eursse_ [ae] | cares #oteara [J Tim/Fintah Canedition Disposat Drop Steir Books Attached ‘ROOD /CaWY_MLD/GD. GAD, Lx RABath Floor prpe enon COOLING Dishwonher [sz] |Souttio — [ Porah Detached Bath Wainscot Contra! Fan/Hood Floor Fenca Built-In | (TILE, /D. ‘YES. [Lp] | Hosted { Pool sq pr, Ls] { Carport Foon woop/caon, Other ym, Microwave 5 Condition Washat/Dryet Finished ITM EA TUNE Ons Ot AUNT eT VER GEST ee PAGE TBR Fannie Mae Form 1004 6-90 EXHIBIT #_] PAGE 2 OF exnieit_/2. pace G2, Case No. CHAPMAN Vatuation Section UNIFORM RESIDENTIAL APPRAISAL REPORT _ rteno. caro ESTIMATED SITE VALUE _ Pr 200,000 {Comments on Cost Approach {euch a9, sowos of cost estimate, (e ESTIMATED REPRODUGTION GOST-NEW OF IMPROVEMENTS: alie value, square foo! caloulation and, for HUD. VA and FmHA, the fe wetting 4,203 5y.Fte$ 210.00 =$ A62 ,330 satimated remaining economic (Ife of the property): Sq. Fte$ - COST IS REPLACEMENT COST NOT REPRODUCTION COST, Gv _ENT/SC/PL 7 50,000 MARSHALL & SWIFT COST MANUAL & LOCAL HUTLDER WGurage/Carport 664 sq. Ftes 30.00 = 19,920 MARKET SITE VALUZ HAS BEEN DETERMINED BY 532,250 ALLOCATION AND EXTRACTION FROM COUNTY RECORNS OF VACANT LAND SALES I THE AREA, PHYSICAL #§ 5,422 | DEPRECIATION IS BASED UPON EFF. AGE. REMAINING ery 526,928 {| ECONOMIC LIFE IS DERIVED BY SUATRACTING THE ag 40,000 | EFFECTIVE AGE FROM FIFTY. 666,928 TEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO, 2 COMPARABLE ND, 3 5403 EARN LAKE COURT S335 EARN LAKE COURT S025 MAPLE GLEN PLACE 4574 MAPLE GLEN PLAGE Adios SANFORD FL 32771 SANFORD FL 32771, ISANFORD FL. 32771 |ARNEORN FL 32771 Proximity to Subleot (IML Wisma srrmer a/10 MELE 4/10 MOLE Solo Priga 3 CTT Ts 520 ooo] MMO MTs 720, cool Muu s B60, 000 Priee/Gross Liv. Arca ['$ 5 252.45 IMM A zas.o2 ZIM TM $ 182.51 7 Hl i Data and/or PURI REC FORLIC REC PUBLIC REC PUBLIC REC Varitication Sources [INSPECTION bins bana hens VALUE ALUSTMENTS DESCRIPTION [+()SAdumtment| DESCRIPTION | +{-)Sadjusinent| DESCRIPTION [= () Adjustment Salas of Financing conv : conv conv | Concessions nom 124} por 7 ae ua} Be Date of Salo/Time ULE il (02/28/2003 i 04/2003 03/2003 } Location [SUBURBAN SUBURBAN i [SUBURBAN if SUBURBAN { Mi Losschokd/Foo SimplaFRE SIMPLE EEE SIMPLE i EEE SIMPLE i [Ree SIMPLE H Sita 10000 SF ioo00 SF { 0000 SF i 20000 SP i View RESIDENTIAL [RESIDENTIAL r CANAL [ -25000 ‘(LAKE T -a8000 FA Design and Appoot [RAMBLER RAMBLER H iRAMELER i RAMBLER, t PW cuntity of Construation |CUSTOM/CB custom cB H custoe cA Hi lcosron cA { Ago I) XRS/EFF 2 EW /EEE O “TP =500 ft SEVER 2 i ft eR/EEF 1 i Condition loop soo H scoop H Joon t {9} Above Grade Total Berns Balko Toll Bdrms = Balhs Totol fers = Baths Total Bim Baths | Floom Count zo 5 id io BY a i to is a i ho 5 4 ‘ Gross Living Area [4203 Sq.Ft [3412 SqFt | +ase00 [3817 Sq.Ft | +9300 4712 SqFt | -25400 fy Gavomont & Finlohad [NONE RIONR, T ONE Hi one t Wy Rooms Bolow Grado [W/A. R/A | a 1 aN i FyFufotional utiity (TYPICAL “ |axprcan | TYPICAL { TYPICAL i Hef Heating/Cooling IELECT C H/A i i Enorgy Efticiant llems CeILING FAN i { fy Goraga/Carport { t Perch, Patio, Daok, [CV ENT/Sc cv ENT/SC | Cv ENT/SC icv ENT/Sc/Pro =; -2000 AFieploce(s), otc, |FIREPLACE PIREPLACE { ETREPLACE lrrrepLnet H . MaFonco,Foot,oto, [SCN POOL SCN POOL t IsCN POOL, isch POOL i i KIT EQUIP lupcn KIT RQUIP |uPGD KIT EQUIP |} [UPGD KIT EQUIP | ues XIT EQUIP} f:] Not Adj. (total) AI He xi+ 7 1$ 39,100} + TK} - $$ 5, 100) + [ele ig 52,400 Adjusted Saloa Prico jot Comparablo $ 559,100) $s 104,300] $ 807,600 Comments on Sales Camparisan (inaluding the subject praparty'a compatiblity to the neighborhood, ote): SURTECT SITE AND IMPROVEMENTS ARE COMPATIBLE WITH NEIGHBORHOOD, COMPARABLES SOLD WITHIN THR LAST 12 MONTHS, WERR WITHIN 1 MILES OF THR SUBJECT PROPERTY AND SELECTED AS MOST SIMILAR IN SIER,AGR DESIGN AND VIEW. ALL WOULD RE CONSIDERED BY THE SAMH BUYER, ANJUSTMENTS GUIDELINES AND WERE MADE AS REQUIRED FOR DIFFERENCES IN SIZE,AGE, CONDITION AND AMENITIES. ITEM SUBJECT : COMPARABLE NO. 1 COMPARABLE NO. 2 | COMPARABLE NO. 3 Dote, Prico and Data |THE SUBJECT . |QNLY SALZ LAST 3 YEARS ONLY SALE LAST 3 YEARS. ONLY SALE LAST 3 YEARS. Source for por salon [AAS NOT SOLD IN ‘. within your of oppraisallTHE LAST SYEARS : ‘Analysia of any current agrooment af sala, option, or Esling of ihe cubjoct proporty and annlyela of any prior pales of subject ané comparables within ono yoor af the cilo of appraiaal: NEITHOR THE SUBJECT PROPERTY NOR THE ABOVE COMAPAABLES WERE FOR SALZ OR LISTED AT THIS TIME. woe VALUE BY SALES COMPARISON APPROACH $ 650,000 this ral lia made Lael" LI subject to the repel, allerallons, inspections, or coneions Este below LI ‘subject te compilation per plang end spectticalions, Condillons of Appraisal: sry MnARn 1.TMCTTHG_COMDETIONS_ARELY.. Th (we) ESTIAATE-THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT 25 THE SUREGT OF TIS REPORT, AS OF pasoa/anna {WIHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ np. fy APPRAISER: SUPERVISORY APPRAISEH (ONLY IF REOUTRED): J Signature kh aan Lord Signature Did Did Not fe] Namo oy Name > Inspect Property Date Report Signed o/2003 Date Report Signed , State Certification # aang State zh State Cerililcation a State Of State Licanse # State ‘Or State License # Stale Frockke Mac Form 70 6-83 PAGE 2 OF 2 Fannio Mae Form 1004 6-20 ADMINISTRATIVE COMPLAINT. EXHIBIT # 3 "AGE OF exninrt_/2 pase E=, SALES COMPARISON ANALYSIS Case No. CHAPMAN File No, CRARON ADD Gos ‘These recent dales of properlian ate most similar and proximate to subject and have beon considered in the markal analysis, Tho description includes a dollar adjustment, soflecting markat reaction to those ifoma of cigriticant variation batweon the subject and compamble properties. Ita significant item in the comparable property is superior 1p, of more Tavorabia than the subject proper, ‘2 mints (-) adgiatment a made, thus reducing the Indicated valua of subject: I a significant Item in the comparable Ia Inferior ta, or tess tavorable than, the Pwepmess) oo ee ia Fence, Pool, sto, SCN POOL xr Equip UPGD KIT EQUIP subject property, # plus (+) sojustment is made, thus incteasing the indicated value of the subject, fem SUBJECT COMPARABLENO. 4 COMPARABLENG, 8 COMPARABLE NO, ‘S403 FAWN LAKE COURT 538 VISTA CLUB RON 5322 SHORELINE CTACLE Address SANFORD FL 32772 SANFORD FL 32771 JAANFORD FL 32774 Proximity to Subject TOUR [2720s 710 MILE SalosFie | § De 22, sol TINE 2, soo 10 3 Priag/Gross Liv. Aron { § om|s 181.32 JIM s 186-05 ll $ ai I Data and/or PUBLIC REC IPUBLIC RECORDS PUBLIC RECORDS Variticatian Sourees [INSEECTTON MES MES VALUE ADUSTMENTS| DESCRIPTION DESCRIPTION —[+(-)SAdiusiment| DESGAIPTION —_[+{-)SAdjutment| DESCRIPTION | +(-1$ Adjustment Sales or Financing conv | conv ! | Concessions Ni HGH poet 235 | [ras 1a? i i Date of Sale/Time (03/2003 i lag/2003 i I Location JACBURBAN SUBURBAN i SUBURBAN i H Leasehold/Foa Simp|FEE SIMPLE FEE SIMPLE i FER SIMPLE i i Sita 10000 SE zon00 se +/- | ooo sr +/- | i View [RESIDENTIAL [CANAD {-25000 __|canan { -25000 i M¥Designand Appeal |cuUSTOM custom H lcostron i H I Quolity of Consiruation |cusroM/cE custom ca i cusvoM FD/sruc } H fe Ago 3 YRS/EFT 2 4 YRS/EPF 1 t \7 YRO/EFF 1 t { Condition soon lsoop i soo i i Above Grade - Total Bdma Baths | Total Bdrm Baths | Tol! Stms Baths |} Tolat Bdims Baha Floom Count fo is fa fo 5 ia i : ois ia i Po i Gress Living Area [4203 Sq.Ft [3474 ,Sa.Ft { +a6400 [3436 9q,FL_} 438400 fg. FL | +210200 F Basement & Finlahod HONE ONE T ONE T HJ Roama Rolow Grade t/a, aN { IAN \ | Funailonal Utility |T¥PZCAL TYPICAL 1 [TYPICAL i i SFioaling/Cooling “|ELECT C H/A (ELECT C H/A { RLECT C H/A | 1 Pa Energy Etiicient tems [CBTLING EAN CEILING FAN i ICBILING FAN I { (e}Garoga/Camort {3 ATT GAG a ATT GAG H 2 ATT GRG 1 +8000 t WW Poroh, Patio, Book, {cv ENT/ac cy ENT/sc H cv EmT/sc 7 H Fhreplace(s), eto, {PTREPLACB FIREPLACE i |ETREPLACE } i i t rc] |. exoall |_|- i$ 210,200 Ly Adjustad Solan Prica of Compurable IX} Dato, Price and Data |THE SUBJECT ty Sowee for prior salea |HAS NOT SOLD IN i 220,200 iY within yoor of oppratsal|THE LAST AYEARS 07/2002 475000 Ey Comments on Market Data THE ABOVE COMPARABLE SALES WERE UTILIZED TO ESTABLISH MARKET VALUES FOR THR LANE FOREST . MARKET AREA. THE SUBJECT PROPERTY IS ONR OF THR LARGER HOMES IN THES SUBDIVISION. THERE ARE SEVERAL AS LARGE OR LARGER THAN THE SUBJECT PROPERTY, HOWEVER, THE SUBJECT PROPERTY IS LARGER THAN THE MAJORITY OF HOMES IN THIS SUBDIVISION. : ADMINISTRATIVE COMPLAINT, exHisit #_l TA EH arr 2_ pace lef Fila No. SCAPMAN AnD Bonower CHAPMAN, JBRTLYH Property Address 5403 FARN LAKE COURT Clty SANFORD Site Fh Lender/Ctient County SEMINOLE ZipCods 32771 MORGAN FINANCIAL, 160 INTERNATIONAL, PARRWAY #280 HEATHROW FL 32746 ADDITIONAL FEATURES: THE SUBJECT PROPERTY IS A WELL MAINTAINED SINGLE FAMILY RESIDENCE. THERE ARZ UPGRADES THROUGHOUT THE IMPROVEMENT, WHICH IS TYPICAL POR THE AREA, THERE ARE CEILING FANS IN MDST ROOMS. THERE Is A COVERED ENTRY PORCH ON THE FRONT AND A SCREEN ENCLOSURE AROUND THE POOL AREA. THE KITCHEN EQUIPMENT HAS BEEN UPGRADED. ADMINISTRATIVE COMPLAINT EXHIBIT #_{ aes ofl PAGE Sook exept Jo proce. Photograph Addendum Bonowar CHAPMAN, JERILYN Proparly Addiese 5403 FAWN LARE COURT Ciy SANFORD Courly SEMINOLE State FL Zip fede 32771 LenderCliant MORGAN FINANCIAL Lendars Address L60 INTERNATIONAL PARKWAY #280 HEATHROW FL 32746 Appraiser ROME SOLUTIONS APPRAISAL SERVMppraisors Adcwse P.O. BOX 391554,DELTONA FL.32739 Subject Front Subject Rear Subject Street ADMINISTRATIVE COMPLAINT EXHiBiT #_| fo ; PAGE (9 oF ——sexpiT_Z@ PAGE Gt Sormwer CHAPMAN, JERILYN Photograph Addendum Property Address 5403 FAWN LAKE COURT Giy SANFORD County SEMINOLE Staio FL ; Zip Code 32771 LondariClent MORGAN FINANCIAL Lenders Addross 160 INTERNATIONAL PARKWAY #280 HEATHROW FL 32746 Appralser HOME SOLUTIONS APPRAISAL SERViAppralsors Address P.O. BOX 391554,DELTONA FL.32739 Subject Interior 1 LIVING Room Subject Interior 2 KITCHEN Subject Interior 3 MASTER BEDROOM ADMINISTRATIVE COMPLAINT. 7 EXHIBIT # EXHIBIT_/@_PAGE, (2 ce Photograph Addendum Bonower CHAPMAN, JERILYN Pmpery Addees 5403 FAWN LAKE COURT : . Cty SANFORD County SEMINOLE | Slats FI Zip Coda 32771 tonderGliont MORGAN FINANCIAL Lenders Address 160 INTERNATIONAL PARKWAY #280 HEATHROW FL 32746 Appraiser HOME SOLUTIONS APPRAISAL SERV iMppratsors Addaoa P.O. BOX 391554,DELTONA FL.32739 Comparable 1 ¥805335 FAWN LAKE COURT SANFORD FL 32771 fale Price $ 520,000 Date of Sale 02/28/2003 Age NEW/EFF 0 Total Rooms 10 Bedrooms 5 Baths 4 GLA 3411 Comparable 2 5029 MAPLE GLEN PLACE SANFORD FL 32771, Bale Prica § ‘710,000 Date of Sale 04/2003 Aga . 2 ¥R/BRF 1 Total Rooms 10 Bedrooms 5 Baths ‘4 GLA 3817 Comparable 3 4974 MAPLE GLEN PLACE SANFORD FL 32771 Sale Prisca § 860,000 Date of Sale 03/2003 Age 1 YR/EFF 2 Total Rooms 10 Bedrooms 5 Batha 4 GLA 4712 ADMINISTRATIVE COMPLAINT EXHIBIT 44 PAGE ._ % OF exuirr_/O_pace Le? Photograph Addendum Honower CHAPMAN, JERILYN Property Addmss 5403 FAWN LAKE COURT Ciy SANFORD. County SEMINOLE Stato Fis Zp Coda 32772 . Lender/Cliant MORGAN FINANCIAL Lender's Address 160. INTERNATIONAL PARKWAY #280 HEATHROW FL 32746 Approlsor HOME SOLUTIONS APPRAISAL SERV Appraisers Addos P.O. BOX 391554,DELTONA FL.32739 Comparable 4 5318 VISTA CLUB RUN SANPORD FL 32771 Sale Price $ 629,900 Date of Sale 03/2003 Age ‘4 YRS/BEF 1 Total Rooms 10 Bedrooms 5 Baths 4 GLA 3474 Comparable 5 5322 SHORELINE CIRCLE SANFORD FL 32771 Sale Price §. 642,000 Date of Sale 06/2003 Aga 7 YRS/EFF 1 Total Rooms 10 Bedrooms 5 Baths 4 GLA 3436 ADMINISTRATIVE COMPLAINT. sage 4 OF exnisit_/@ pace le? Fila No, CHAPHAT 5K Borower CHAPMAN, JERTLYN Property Addiess 5403 FAWN LAKE COURT Cily SANFORD, County “SEMINOLE Sto FL ZipCeds 32771 Lendor/Ciion! MORGAN FINANCIAL, 160 INTERNATIONAL PARRRAY #280 HEATHROW FL 32746 i 31.4° Bathroom Bedroom Bedroom 414° Family Room 16.8° Bedroom Living Room . Bathroom First Level Master Bedroom 49.4" Kitchen Bedroom Dining Room Laundry Room Master Bathroom 22.7" Second Level Bathroom ADMINISTRATIVE COMPLAINT EXHIBIT #1 PAGE __10 OF EXHIBIT_/Z PAGE 70 File No. CHAPMAN Me Borower CHAPMAN, JERILYN Property Addiess 5403 FAWN LAKE COURT Counly SEMINOLE Gly | SANFORD Siete FE ZpCode 32771 Lender/Client MORGAN FINANCIAL, 160 INTERNATIONAL PARKWAY #280 HEATHROW -FL 32746 [-) a, ofrtor Farms op Lat 3. My Gleb oag Pa Aiderene Park 1 Rug RoUS BAy SbURO N Wayskle Cr iano cr ofillsan Corner Hilson Price orn Id APO CASAL ms Wallan View Or” pr’ Great Oak Ln : wo» Wah DANNN ManGnertenin bn COC Naevhittion Tnbnolon ben ADMINISTRATIVE COMPLAINT. DEFINITION OF MARKET VALUE: The mosi probable price which a property should bring in a competitive and open market under all conditions requisite to a falr 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 specifled date and passing of title trom 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 hls own best Inter- est; (3) a reasonable time is allowed for exposure in ihe open mariet; (4) payment is made in terms of cash in U. 8. doilars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration jor the property sold unaffected by special or creative financing or sales concesstons* granted by anyone associated with the gale, *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 pald by sellers as a result of tradition of jaw in a market area; these costs are readily identifiable since the seller pays these costs fn virtually all sales transactions, Special or creative Tinancing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that ts not already Involved In the property or transaction, Any adjustments should not be cal- culated on a mechanical dollat for dollar cost of the financing ar concession but the dollar amaunt of any adjustment should approximate the market's reaction to the financing ar concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appralser's certification that appears in the appraisal report Is subjact to the following conditions: . 1. The appralser will not be responsible for matters of a legal nature that affect elther the properly belng appraised or the title to It The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it belng under responsible ownership. 2. The appraiser has provided a sketch in the appralsa! report fo show approximate dimensians of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appratser's determination of ils size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Ageney (or other data sources) and has noted in the appraisal report whether the subject site Is located in an tdentified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no quaranteos, express or implied, tegarding this determination, . 4. The appraiser will not give testimony or appear In court because he or she made an appraisal of the property In ques- tion, unless speclftc arrangements ta do so have been made beforehand, : , §. The appralser has estimated the value of the land In the cost approach at its highest and best use and the Improve- ments at their contributory value, The separate valuations of the land and improvements must not be used In conjunc- ‘thon with any other appraisal and are invalld if they are so used, 6. The appralser has noted in the appralsal 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. Untess otherwise stated In the appralsal report, the appralser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (Including the presence of hazardous westes, toxic substances, elc,) that would make the property mare or less valuable, and has assumed that there are no such conditions and makes no guarantees or war- ranties, express or Implied, regarding the condition of the property, The appraiser will not be responsible for any such conditions that do exist or fer any engineering or testing that might be required to discover whether such conditions exist. Because the appralser Is not an expert In the field of environmental hazards, the appraisal report must not be con- sidered as an environmental assessment of the property. 7, The appralser obtalned the Information, estimates, and opinions that were expressed in the appralsal report from sources that he or she considers to be retlable and belleves them to be true and correct. The appraiser does not assume fesponsibillty for the accuracy of such items that were fumlshed by other parties. 8. The appraiser will nol disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, Os The apprctone brew benwead hile an hee eppraiea! repent and election cencluehen far an appraioa! Meat fe cobjent te -nte factory completion, repairs, or afterations on the assumption that completion of the improvemenis will be performed in a workmanlike manner, 10. The appraiser must provide his or her prior written consent before the lender/client specified In the appralsal report can distribute the appratsa! report {including conclusions about the property value, the appraiser's Identity and profes- sional designations, and references to any professional appraisa! organizatlons or the firm with which the appraiser Is assactated) to anyone other than the borrower; the mortgagee ar its successors and assigns; the mortgage Insurer; con- sullanis; professional appraisal organizalions; any stale or federally approved financial institution; or any department, agency, ar instrumentality of the United States or any state or the District of Columbia; except that the fender/client may distribute the property description section of the report only to data collection or reporting service(s) without hav- Ing to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Fom 439 46-93 Page 1 of 2 Fannie Mae Form 10045 6-93 ADMINISTRATIVE COMPLAINT EXHIBIT d fo PAGE 12 gp ————ipit_/Z pace 22. A eeeraceaeeaiat ts APPRAISER'S CERTIFICATION: The Appralser certifies and agrees that: 4. | have researched the subject market area and have selected a minimum of three recent sales of properiles most simi- lar and proximate to the subject property for consideration In the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property Is superior ta, ar mora favorable than, the subject property, | hava made a negative adjustment to reduce the adjusted sales price of the comparable and, If a significant ttem 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 considaration the factors that have an impact on value In my development of the estimate of market value In the appraisal report. | have nat knowingly withheld any significant Information from the appraisal report and | believe, to the best of my knowledge, ihat all statements and Information in the appralsal report are true and correct. 3, | stated in the appraisal report only my own personal, unblased, and professtonal analysis, opinions, and conclu- elusions, which are subject only ta the contingent and limiting conditions spacifiad in this term. 4. | have no present or prospective Interest In the property that is the subject ta this report, and | have no present or prospective persanal 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 appralsal report on the race, color, religion, sex, handicap, tamiliat 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 af the subject property. §. | have no present or contemplated future Interest In the subject property, and neither my current or future employ- ment nor my compensation for perfarming 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 cllent or any related party, the amount of the value estimate, the attainment of a specific result, or the occurance of a subsequent event in order to recelve 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 thts appraisal In conformity with the Unlfarm Standards of Professlonal Appraisal Practice that were adopied and promulgated by the Appralsal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appratsal, with the exception of the departure provision of those Standards, which does nat apply. | acknowledge that an estimate of a reasonable time for exposure in ihe open market Is @ candition in the defini- tion of market value and the estimate | developed is consistent with the marketing time noted in the neighborhood aeo- tion of this report, unless | have otherwise stated in the reconaillatlon section. @, | 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 noled any apparent ar known adverse condi- tions in the subject Improvements, on the subject site, or on any site within the immediate vicinity of the subject prop- erty 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 condi- tions on the marketability of the subject property. . 9. | personally prepared atl conclusions and opinions about the real estate that were set forth In the appraisal report ff! telled on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the eppralsal 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 male a change to any item In the report; therefore, if an unauthorized change \s made to the appraisal report, | will take no responsibility for it. SUPERVISORY APPRAISER’S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: | directly supervise the appraiser who prepared the appraisal report, have reviawed the appraisal report, agree with ihe statements and conclusions of the appratser, agree to be bound by the appralser’s ceril- ficatlons numbered 4 through 7 above, and am taking full responsibility for the appratsal and the appraisal report ADDRESS OF PROPERTY APPRAISED: 540a FAWN LAKE COURT, SANFORD, FL 32771 APPRAISER: . SUPERVISORY APPRAISER (only if required): h. porn bud — Signature: OH. Name: Date Signed: State Certification #: pee ren ano6 State Certification #: or State License #; or State License #; State: py, State; Expiration Date of Certification or License: 35 s2004 Expiration Date of Certification or License: [_] Bid = {} Bld Not Inspect Property Freddie Mac Form 439 6-93 . Page 2 of 2 Fannle Mae Form 10045 ~G-93 ADMINISTRATIVE COMPLAINT EXHIBIT #_l exaigyt_/2 pace_T sane [2 ne REAL ESTATE APPRAISAL Prepared For: MORGAN FINANCIAL, ING. 460 INTERNATIONAL PKWY, STE, 280 HEATHROW, FL 32746 Property Appraised: 1420 STARBAZER TERRACE SANFORD, FL 32774 RUSSO, BERTHA D, Prepared By: HONE SOLUTIONS APPRAISAL SERVICE P.O. BOX 391654 DELTONA, FL 32738 ADMINISTRAT VE COMPLAINT EXHIBIT 4 Page | op exnieir Omer 108 Case No, RUSSO Proparty Description UNIFORM RESIDENTIAL APPRAISAL REPORT Fiche. Russo Properly Address 1420 STARGAZER TERRACE City SANFORD State FL ZipCode 32771 [Legal Description LOT 1 RETREAT AT WEKIVA PB 58 POS a2~a8 County SEMINOLE fr] Asseasor'a ParceiNo, 47-18-30-50G-0000-0010 Tax Year 2002 AE.Taxes $610.00 Spocial Assesuments $0.00 5 ecrrower RUSSO, BERTHA D. Currant Owner RETREAT-SEMIHOLE LP Occupant: [| owner |} Tenent _X} Vacant = AlProveriy tahts aporatood_[X] Fee Sinoia[ ~] Loanohotd | ProjeatTypo [X]Puo [| Cendomintum (HUD/VA only) _ HOA$ N/A INo. fx Nelohborhond or Projact Name RETREAT AT WEKIVA MapRefersncs 17 19 30 Consus Treat 207.07 by Salo Price § 340000 Date of Sale PENDING Boseriplion and $ amaunt of loan chergas/concessions tn be pald by callor UNKHOWN Lander/Clent HORGAN FINANCIAL, THC. Addioss 160 INTERNATIONAL PKWY, STE, 280 HEATHROW, FL 32746 Appratser HOME SOLUTIONS APPRAISAL SERVICE Addrose P.O. BOX 391554 DELTONA, FL 32739 Urban |X| Stubuzhan Rural Predominant Singte tamlly housing | Present land use % | Land use change over 75% [X| 25-76% |_| Under esx, | occupancy £000) ee One family 70 X | Notikay | likey Rapid X] stable [_] stow XJ Owner 100 Low 2-4 family In proces Increasing §=[X] stable [~] Daatining |[ | Tenant 800 High 20 Multl-tamlly To: Shortage X] in datance [|] over supply }[ XX} Vacant (0-5%) TIN, Predominant Commorniat Under 3 moo. [X]3-8mos.[ | Over 8mos.|f | vacant (Oversx) JOD 2 (vent) 30 {3 Neighbarhood boundaries and charactorstios; THE NEIGHBORHOOD BOUNDARIES ARE: N+ ST. JOHN'S RIVER E- INTERSTATE 4 PS-S.R. 48 W- SEMINOLE STATE RESERVE. ‘Market condiflans In the subjaot nalghborhood (insluding auppart for the above conclusions related {o the trend of proporty values, domand/aupply, and marketing time j* muah as dala on compailiive propertiaa far sala In the nelghborhood, desoripilon of the prevalence of sales and tinanoing concessions, ats.): PROPERTY VALUES HAVE REMAINED RELATIVELY STABLE WITH SUPPLY AND DEMAND IN BALANCE, BASED UPON AVAILABLE DATA WITH AN AVERAGE MARKETING TIME OF 3 TO 8 MONTHS FOR EXISTING PROPERTIES PRICED ‘AT MARKET’. ALL TYPES OF FINANCING IS AVAILABLE TO QUALIFIED BUYERS, INTEREST RATES HAVE BEEN FLUCUATING WITH LITTLE OR NO EVIDENCE OF BUYDOWNS, DISCOUNTS , ETC AT THIS TIME. Project Information for PUDa ([t applicabia) - - Is he davelopar/bullder in control of tho ame Owners’ Asaonlafian (HOA? Cy vos [X" No Approximate tote! numbor of units in the aubject projact 250 -+/- «Approximate {otal number of units for ate in the aubjact project_ 40 Describe comman alamanie and reorattonal tacllitiaa; COMMDN AREAS, ENTRANCE, FOUNTAIN Dimannians 60 X 125 Topagraphy BASICALLY LEVEL Siia ores 7500 SF ComerLat _X] Yea [_]No | Size AVERAGE FOR AREA Speaciiie zoning clanalficaticn and dogcription SINGLE FANILY RESIDENCE Shape. RECTANGULAR Zoning Compllanca [X] Legal Legal noncantorming (Giandlathared use) |__| lllegat | No zoning Dralnage ‘APPEARS ADEQUATE Hohast & best use aa improved: [X'] Prasont uso [_] Other use (explain) View RESERVE Utes Publia Other Off-site Improvements Type Public Private | Landacaping TYPICAL é Elactiialty x] Streat ASHPRALT (4) (2) Jotveway surtooa = CONGRETE Gas UP AVAILABLE Curb/gutter CONCRETE [X] CJ | Apparent easements NONE NOTED Water Sidewalk CONCRETE Ea) | FEMA Speotal Flood Hazard Area Sanitary sewer [X ] Strost lights VAPOR 0) [71 | Fema zono x Nop Date 4/17/95 Stormsowor _[X] Alley HOKE Cl FEMA MapNo, 120289 0030 E Comments (apparent edverao easements, oncrosahments, special assessments, slide arans, illegal or [egal nonconforming zoning use, ate,); THERE ARE HO APPARENT EASEHENTS OR ENCROACHMENTS HOTED, HOWEVER THIS REPORT IS SUBJECT JO INTERESTS THAT WOULD BE NOTED IN A TITLE REPORT OR SURVEY. GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION [2] No, af Units ONE Foundation CONCRETE Stab CONCRETE Aroa Sq.Ft 0 Root C4 E No, of Stores: OHE Exterior Walls: CONC BLK Crawl Space HONE %Finishod N/A Cailing CONC [x] fe Type (Dot/An.) DET Aoat Surtaco SHINGLE Basement N/A Calling NIA Walls conc [xX] a Dusign (Styte) CONTEMOR | Guitare & Dwnepls, ALUMINUM Sump Pump N/A Walls NIA Floor | Exiating/Proposed EXIST Window Type DBL HUNG Dampneso HONE HOTED | Ficor WA None } a Ave (Yix.) 5] Storm/Seraons = YES | Setiloment HOWE NOTED | Qutside Entry N/A Unkerawn CJ UN Etteative Ago (Ym. NEW. Manulactured Hono AO Infestation HONE NOTED fypooms | Foyor Living Dining _|_iltchon Den __|FamilyAm.| Reo, Rm, | Badroome | #Batho | Laundry | Other | Area sg. Ft Basement hyLavet? | 4 4 4 1 q (4. 2 q 2232 Lavat 2 il [ t { | fay Finished arom above grade containa: @ Rooms; 4 Bedtoum(n); 2 Bath(s): 2232 Squats Feet of Gross Living Ares DJ INTFRIOR Matadata/Condillnn HEATING HATOHFN FOUIP ATTIC. AMFNITIFS: RAR STORAGE: be Floore WAWIG/TILE-NEW | TYP? HA Refrigerator None Firoplace(s) 4 l None fe Walle DRYWALLZPNT-NEW|Fuel = ELecy | Range/Oven [x] | Stairs L_] Patio'poy poy Lx] | Garage #of care [)irin/Finish Woop NEW. Condition ganD Disposal ~= [x] | Orpsialr Ly] Deck {] | Attoched 9 car Fa Bath Floor = rye. NEW COOLING Dishwesher [x] | Souttle Porch ENTRY. [x] | detached By Salh Wainscot Tz) E-NEL Central yes Fan/Hood = [y] | Ftoor Fence pyeyenic Lx) } Built-In E) Doorn WOOD-NEY Othor ONE Microwave [’] | Heated Pool Carport ALUMINUM DERS Condition enon Wasber/Dryer[p | {Finished [1 see sysyrprmea [x [Orlveway 2 CAR Additions! tosturos (special anorgy aiticiontitame, atc, SEE ADDENDUM. “A conaition ‘of the improvements, depreciation (physical, tunetional, and external), rapalrs neaded, quality of construction, ramodellng/additians, ates M PH /SIGAL_DEPRERIATION_1S.MEASURED AT 18 PER YEAR OF EFFECTIVE ADE. HO GUNCTIONAL OR EXTERNAL NEPREGIATION WAS | —_ [S-HOTED, HOR WAS THERE ANY REMODELING, REPAIRS, OR DEFERRED MAITENANGE NOTED, fs] [Adverse environmental conditions (such as, but not Iimited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or In the Immodiats vicinity af the subject property: SHIRE ARE Ho_AUVERGE FAVIRONMENTAL CONDITIONS HATED. MOWEVER THIS ABERATS R Fracga Mao Form 70 6-83 ADMINIS TRALIVE COMPLAINT Fannie tae Form 1004 G-8d EXHIBIT #_2 PAGE *y OF exuipit_/O pace /O3 ' . Caso No. Russo Valuaticn Saction UNIFORM RESIDENTIAL APPRAISAL REPORT Fitna. Russo ESTIMATED SITE VALUE _ <8 50,000 |Comments on Cust Apprasch (such es, source of cost estimate, [Q ESTIMATED REPRODUCTION alte value, square toot calculation and, Yor HUD, VA end FmHA, the Hy Dwelling 2,232 sq Ftes 120.00 «§ 287,840 estimated remaining acanomic Iite of the proparty): 8g. Ftes bd COST I8 A REPLACEMENT COST NOT A REPRODDUCTION ENT PCH/CVD PTO/SEC SYS/IRRI/FHC = 22,000 COST, COST ESTIMATES ARE DERIVED FROM THE a Garage/Carport 380 sq ries 25.00 = 9,500 HARSHALL AND SWIFT COST HANUAL AND THE LOCAL fy Total Eetimated Cost New - 3S 299,340 BUILDERS MARKET, SITE VALUES ARE DETERMINED BY ij Lesa Physical Functional External ALLOCATION AND EXTRACTION FROM COUNTY RECORDS OF FA Dopraciation 00 | | gS VACANT LOT SALES IN THE AREA, ECONOMIC LIFE 15 299,340 | DERIVED BY SUBTRACTING THE EFFECTIVE AGE FROM 20,000 | FIFTY. 369,340 TEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. @ 1420 STARGAZER TER. i738 STARGAZER TER. 738 STARGAZER TER. 528 STONEBARK CV. Addrosa SANFORD, FL SANFORD, FL SANFORD, FL. SANFORD, FL Proximity to Subjeot TTIMMLNI WINTMSAne STREET SAME STREET lava HILE Sales Price $ LUNs 350,000) (MMUNIUULILS 385, 000 (Ms 352, 500 Price/Grosa tly. Area $ 461.28 (js 147.24 TTT $181.87 7 fis 183.35 TMM Data and/or PUBLIC RECORDS [PUBLIC RECORDS PUBLIC RECORDS PUBLIC RECORDS Vellficatton Sources WLS MLS HLS MLS VALUEADUSTMENTS DESCRIPTION | DESCRIPTION +(-)SAduainent| DESCRIPTION [-()3adusinent| DESCRIPTION [+ (-)3 aajuaiment Sales of Finanoing conv conv conv Conooaniona | I bon 420 bon 120 | bow 420 Fe Dato of Sala/Timo ll los7ands ot 72003 i 272002 WB Location SUBURBAN ~ {SUBURBAN SUBURBAN | SUBURBAN ge Leaichoki/Fea Simple FEE SIMPLE FEE SIMPLE FEE SIMPLE i FEE SIMPLE 7500 SF +7- 10000 SF 7- 10000 SF +7~ 10000 Sr RESERVE RESERVE RESERVE i RESERVEL | Design ond Appeat CONTEMPORARY [CONTEMPORARY CONTEMPORARY} \GOUTEMPORARY (¥ Guntty of Construation GONG BLK/STUGCO [CONC BLK/STUCCO cane SLK/STUCCO : CONC BLK7STUGCO 1_YR/EFF NEW |? WR/EFF NEW it YR/EFF NEW | HYR/EFF NEW Condition GOOD Isa0b : scoop H goon [J Above Grado Toll Bdrm atha | Tolat Adtms Bathe Total Bdrm fatha | Total Bima Bathe Room Caunt 8 i fa 6 4S . 3000 a (4 (2.8 | -zea0 lo (4 i2 FiGrosnt.ving Aron 2292 Sq.Ft [2377 SFL +3800 \2535 &q. Ft, | -7600 ata qFt {| +4800 fa) Bucomont & Finishod WIA W7A iva i NZA ~~ Looms Bolow Grado N/A Wea Waa i NA i fy Functional Uttity TYPICAL. TYPICAL TYPICAL i N/A f Ky Hesting/cooling = FHA/ELECT IPHA/ELECT : IFHAVELECT i FHA/ELECT H Energy Etiolant items CEILING FANS (CEILING FANS CEILING FANS | CEILING FANS rage/Gerport 2 CAR GRO, 2 CAR GRG. 3 CAR GRO, {_-2000 2 GAR ORG. Py Porch, Patio, ook EWTRY/OP PCH [ENTRY PCH/OP PC ENTRY PCH7PCH oP PCH/OP PCH [EFicplaco(s), etc. SEC SYS/IRRIG. {SEC SYS/IRRIG. SEC SYS/IRRIG. SEC _SYS/IRRIG. MFencs.Pool ste, PYC/CONG BLK PP KITCHEN EQ. UPGRD. KIT. £0. {UPGRD. KIT. EQ. groRD. KIT. Ea. E}Not Ad), (total) + [X]- 18 8,40 +[k]- 18 40,800 [X] + = 18 ‘Adjuatéd Sataz Price || THIET | ‘of Compirablo 3 344.800, | $ 374, 40 | ‘ 385,300 ‘Comments an Salex Compurinon {Inoluding the subject praparty’s compatibiity to the nolghborhood, atc,); SUBJECT AND SITE IMPROVEMENTS ARE COMPATIBLE WITH NEIGHBORNOUD, COMPARABLE SALES USED HAVE SOLD WITHIN THE LAST 41 MONTHS ARE WITHIN 1 MILE OF Be THE SUBJECT PROPERTY AND WERE SELECTED WITH SIMILARITIES IN SIZE, AGE, DESIGH AND AMENITIES. ALL WOULD BE CONSIDERED TO THE SAME BUYER. ADJUSTMENTS ARE WITHIN NORMAL GUIDELINES AND WERE MADE AS REQUIRED FOR DIFFERENGES IN SIZE, AGE, DESIGN AND AMENITES. ITEM SUBJECT COMPARABLE NO, 1 COMPARABLE NO. 2 COMPARABLE NO, 3. Dala,Prioe and Baia WO OTHER SALES HO OTHER SALES IN LAST NO OTHER SALES IN THE WO OTHER SALES IN THe Bourvo for priarealas IH THE LAST a YEARS. LAST 3 YEARS. LAST 3 YEARS. within yoar of appraisal 3 YEARS. Analysis of any current agreement of salo, option, oF ticting of the subject proparty and analysis of any prior saloe of subject and comparnbles within one year of the dala af appraisal: THE SUBJECT IS CURRENTLY UNDER CONTRACT FOR SALE AT $260,000, NOHE OF THE COMPARABLE SALES USED WERE LISTED OR FOR SALE AT THE TIME OF THIS APPRAISAL. INDICATED VALUE BY SALES COMPARISON. APPROACH | ¥___ 358,008 ‘This appreisalis made _y | “oat” |_| subject to the repatra, etteratlons, Inspoctione, or conditions Usted below — |_| subject tecomplation per pluns and specifications, Conditions of Appraisal SEE ATTACHED LIMITING CONDITIONS, INCOME APPROACH WAS.HOTUSED DUE LACK OF RELIABLE DATA, | Final Raconeiliation: ALL SAI IE_ELNAL DETERMINATION. OF VALUE, ‘Tho purpocs af this appraisal ia to octimate the markat valua af the real proporty thal Is the eubjct of thig tepori, based on the above conditions and Ihe carlifleatin, contingent [J 2P¢ triting conditons, and rrarkot value datinilion that are ¢latod In tha attached Freddie Mac Form 430/Fannle Mao Form 10048 (Ravicod 6 74999 , fy! (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBLECT OF THIS REPORT, AS OF gp 74272003 {WHICH Is THE DATE OF INSPECTION AND THE VE DATE OF THIS REPQHI) TO BE $ 955,000 5 : I APPRAISER: | p . ’ UNL SUPERVISORY APPRAISER (ONLY IF REQUIRED): ‘ I signature (typ ft. ui Signature hs pend EJ oa [_) od not 09/45/2003. HiNome VALERIE A, TOWNSEND dame TCH DERSON 5 Inspect Proporty Data Roport Signdd ~ 9974572003 Baio Foport Signed State Cartificatian # Btaie State Cortlfleatlon Fore. REA.3p08 Stata FL. Or Siate Licenss # 8 fh R Or State License # State Froude Mac Form?) 6-93 PAGE 2 Ur 2 Fannie Maa Form 1004 6-83 ADMINISTRATIVE COMPLAINT EXHIBIT # PAGE 3 oF exuisit_/OQ pace_/O4 File No. AUSSO ADD Borrower RUSSO, BERTHA D. Property Address 1420 STARGAZER TERRACE _ City SANFORD * County SEMINOLE Stale FL : ZipCada 32771 Lander ‘Chant HORGAW FINANCIAL, INC., 160 INTERNATIONAL PKWY. STE. 280 HEATHROW, FL 32748 COMMENTS ON SALES: THE MOST WEIGHT WAS GIVEN TO COMPARABLE SALE #3. THIS SALE WAS THE MOST LIKE THE SUBJECT IN AMENITIES AHD DESIGN, THE SUBJECT PROPERTY IS A WEW HONE IN THE RETREAT AT WEKIVA. THERE 1S CEILING FANS,SMOKE ALARMS, RECESSED LIGHTING AND CROWH HOLDING THROUGHOUT, THE MASTER BEDROOM IS CARPETED WITH A LARGE MASTER BATHROOM CONSISTING OF A SEPARATE WATER CLOSET AND BATHROOM, THERE IS A GARDEN TUB WITH A SEPARATE SHOWER THAT HAS TILE WAIRSCOTING, AND A DOUBLE SINK/DRESSING VANITY, THE LIVING ROOM ANO BEDROOMS ALL HAVE CARPETING, THE BEDROOHS HAVE LIGHT FIXTURES AND LARGE GLOSETS, THE KITCHEN HAS FULLY UPGRADED KITCHEN EQUIPMENT. THE COUNTERTOPS ARE BEVELED CORIAN. , THERE IS RECESSED LIGHTING AND CROWN MOLDING HROUGHOUT THE ENTIRE RESIDENCE. OUT BACK THERE IS A COVERED PORCH AHD A PARTIAL PVC PRIVACY FENCE AND CONCRETE BLOCK WALL. ADMINISTRATIVE COMPLAINT XHIBIT: #_@ PAGE i O} exnipit_/O pace] 25 Photograph Addendum Borowsr RUSSO, BERTHA D. Properly Addtoss 1420 STARGAZER TERRACE ily BANFORD County SEMINOLE Suits FL ZipCode 32772 LendonClient MORGAN FINANCIAL, INC. Lenders Address 160 INTERNATIONAL PKWY. STE. 280 HEATHROW, FL 3274 Appraisor HOME SOLUTIONS APPRAIBAG SERV IAppraisars Address P BOX 391554 DELTONA, FL 32739 Subject Front Subject Rear Subject Street ADMINISTRATIVE COMPLAINT. EXHIBIT Hee rane EXHIBIT_/O_pace/Ob , Photograph Addendum Bonower RUSSO, HERTHA D. Proparty Addss L420 STARGAZER TERRACE Cty SANFORD Stas FL LondariCtiant MORGAN FINANCIAL, INC. Appmissr HOMB SOLUTIONS APPRAISAL SERVIAppi County SEMINOLE ZipCods 32771 ° Landers Addmss 160 INTERNATIONAL PRWY. STR. 280 HEATHROW, FL S274t Addmsa P.O. BOX 391554 DELTONA, FL 32739 Subject Interior 41 KITCHEN Subject Interior 2 LIVING ROOM Subject Interior 3 BATHROOM EXHIBIT Pe +iO_pace_/O 7 PAGE __{ OF exnipiT Le Photograph Addendum Borowesr RUSSO, BERTHA D. Property Address 1420 STARGAZER TERRACE County SEMINOLE ZipCode 32771 LondorCliant MORGAN FINANCIAL, INC. Landar's Addrass 160 INTERNATIONAL PKWY. STE. 280 HEATHROW, FE 3274¢ Appraiser HOME SOLUTIONS APPRAISAL SERVIJAppralsar's Addwss P.O. BOX 391554 DELTONA, Fl 32739 Subject Interior 4 BEDROOM Subject Interior 5 MASTER BATHROOM Subject Interior 6 BEDROOM exuiait_/D_pace /0.% Photograph Addendum Borewer RUSSO, BERTHA D. Proparty Addmxs 1420 STARGAZER TERRACE Cly SANFORD County SEMINOLE Stata FL Zip Coda 32771 LendarCiiont MORGAN FINANCIAL, INC. Landes Address 160 INTERNATIONAL PRAY. BTE. 280 HEATHROW, FL 3274¢ Apprisor HOME BOLUTIONS APPRAISAL SERVisnpralsers Addis P.O. BOX 391554 DELTONA, FL 32739 Comparable 1 1739 STARGAZER TER. SANFORD, FL Hale Price $ 450,000 Date of Sale 06/2003 age 1 YR/EFF NEW Total Rooms a Bedrooms 4 Batha 3 GLA 2377 Comparable 2 1738 BTARGAZER TER. BANFORD,. BL + Bale Price $ 385,000 Date of Sale 01/2003 Aga 1 YR/EFY NEW Total Rooms’ .B Bedrooms 4 Baths 2.5 GLA 2535 Comparable 3 528 STONEBARK CV. SANFORD, FL Sale Price $ 352,500 Date of Sale 12/2002 Age 1 YR/EFF NEW Total Rooms 4 Bedroams 4 Baths 2 GLA 2158 ADMINISTRATIVE COMPLAINT EXHIBIT #2 PAGE __ © OF exuiptt_/O_pace / 07 Russo SKETCH ADDENDUM Borawor RUSSO, BERTHA D. Property Addrong = 1420 STARGAZER TERRACE City: SANFORD County SEMINOLE State FL : ZipCode 32771 Lender/Ciant MORGAN FINANCIAL, INC., 180 INTERNATIONAL PKWY, STE, 2830 HEATHROW, FL_ 32748 ee -tte - CROSSIINIS sw c TDS iat tH ao cep Fae i cert mt £ ae : RUSSO SKETCH ADDENDUM Borower RUSSO, BERTHA D. Proporly Addrosa_ "1420 STARGAZER TERRACE Cliy SANFORD ; County SEMINOLE Staite FL UpCode 32771 Cendor/ciont_ MORGAN FINANCIAL, INC., 180 INTERNATIONAL FWY. STE. 200 HEATHROW, FL 32746 aw Z = “er al zB cade FF Te cnem oe ie es iy | gee NE ne Ne a pace EXHIBIT # x PAGE __/O OF exuiprt_/@_pace_f/ 1 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 falr sale, the buyer and seller, each acting prudently, knowledgeably end assuming the price js not affected by undue stimulus, implicit in this definition ts the consummation of a sale as of a specified date and passing of tille from salter 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 ha considers his own best Inter- est; (3) 4 reascnable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U, 5. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the nonnal consideration for the properly sold unaffected by specla! or creative financing or sales concessions* granted by anyone associated with the sale, *Adustments to the comparables must be made for speclal or creative financing or sales concessions. No adjustments: are necessary for those costs which are nonmally pald by sellers as a result of tradition or law In a market area; these cosis are readily {denifiable since the seller pays these costs in virtually all sales transactlons. 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 [s not already involved in the property or transaction, Any adjustments should not be cal- culated on @ mechanical doller for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaotion to the financing or concessions based on the appralser’s Judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certitication that appears in the appratsal report fs subject fo the following conditions: 1. The appralser will nat be responsible for matters of a legal nature that affect elther the property being appralsed or the title to it. The appraiser assumes that the fitle [a good and marketable and, therefore, will not render any opinions about the title, The property Is appraised on the basls of It belng under reaponsible ownership, 2. The apprataer has providad a sketch In the appraisal report to show approximate dimensions of the Improvements and the sketch fs included only to assist the reader of the report In visualizing the property and understanding the appralser’s cdetaminaticn of Its size, 3, The appraiser has examined the avallable flood mapa 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 appralser is not a surveyor, he or she makes no guarantees, express or Implled, ragarding this determination. ' 4, The appralser will not give testimony or appear In court because he or she made an appralsal of the properly In quaa~ tion, unless specific arrangements te do so have been made beforehand, 5, The appralser has estimated the value of the land In the cost approach at its highest and best use and the improve- ments at their contributory value, The separate valuations of the land and improvements must not be used In conjunc tlon with any other appraisal and are Invalid if they are so used, 6. The appralser has noted In the appraisal report any adverse conditions (such as, needed repalrs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the Inspection of the subject property ar that he or she became aware of during the normal research Involved In performing the appraisal, Unless otherwise stated In the appralsal report, the appralser has no Knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxlc substances, etc.) that would make the Property more or less valuable, and has assumed that there are no such condiffans and makes no guarantees or war- tantles, express or Implied, regarding the condition of the property, The appralser 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 eppralser fs not an expert In the fleld of environmental hazards, ‘the appraisal rapart must not be con- sidered as an environmental assessment of the property. T. The appraiser obtained the Information, estimates, and opinions that were expressed In the appraisal report trom sources that he or she considers to be tellable and belleves them to be true and correct. The appralser doas not assume responsibility for the accuracy of such Items that were fumlshed by other parties. 8. The appralser will not disclose the contents of the appraisal report except as provided for In the Uniform Standards of Professional Appraisal Practice, 8. The wpprateer bee bmeea ble or hor appraieal repent and vetumlion wenelueten fer at eppeeieat thal fe euljert be watt factory completion, repalrs, or alteratlons on the assumption that completion of the Improvements wil! be performed in a Workmantike manner. : 10. The appraiser must provide his or her prior written consent before the lender/cltent specified In the appraisal report can distribute the appralsa! report (including conclusions about the property vatua, the appraiser's Identity and profes~ sional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) 10 anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage Insurer; con- sultants; professional eppraisal organizations; any state or federally approved financlal Institution; or any department, agency, or instrumentality of tha United States or any state or the District of Columbia; except that the lender/ellent may distribute the property description section of the report only to data collection or reporting service(s) without hav- ing to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the publle through advertising, public relations, news, sales, or other media, Freddie Mac Form 439 6-93 Page 1 of 2 Fannle Mae Form 10048 6-93 ADMINIS fiALIVE COMPLAINT EXHIBIT #_e a exHipit_/Q_pace_//2, PAGE _(] oF “. Datenteaeeene APPRAISER'S CERTIFICATION: Tho Appralser certifies and agrees that: 1. | have researched the subject market area and have selected a minimum of three recent sales of proparties most siml~ lar and proximate to the subject property for consideration In the sales comparison analysis and have made a dollar adjustment when appropriste to reflect the market reaction to those Items of significant variation. If a significant item in a comparable property is superior to, of 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 fess favorable than the subject property, | have made a posifive adjustment to Increase the adjusted sales price of the comparable, . . 2. [have taken Into consideration the tactors 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 | belleve, to the best of my knowledge, that all statements and Information in the appraisal report are true and correct. 3. | stated In the appraisal report only my own personal, unbtased, and professional analysis, opinions, and conelu- clusions, which are subject only to the contingent and limiting conditions specified in thls farm. 4, | have no present or prospective Interest in the property that fs the subject fo 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 elther the prospective owners or occupants of the subject property or of the present owners or oceupants of the properties In the vicinity of the subject property. 5. | have no present or contemplated future interest in the subject property, and nelther my current of future employ- ment nar my compensation for performing this appraisal Is contingent on the appralsed value of the property, §, | was not required to report a predetermined value or direction In value that favors the cause of the olient or any related party, ihe amount of the value estimate, the attainment of a specific result, or the occurrance of a subsequent event in order to recelye my compensation and/or employment for performing the appralsal. | did not base the appraisal report on a requested minimum valuation, & specific valuation, or the need to approve a specific mortgage loan, 7. | performed this apprataal In conformity with the Uniform Standards of Professional Appraisal Praotlce that were adopted and promulgated by the Appraisal Standards Board of The Appralsal Foundation and that were. in place as of ‘the effective date of this appraisal, with the exception of the departure proviston of those Standards, which does not apply, | acknawledge that an estimate of a reasonable time for exposure In the open market Ia a condition In the defini- tion of market value and the estimate | davefoped is consistent with the marketing time noted tn the neighborhood sec- tion of this report, unless | have otherwise stated in the reconclitation section. 4, | have personally inspected the Interior and exterior areas of the subject property and the exterlor of all properties listed as comparables In the eppralsal report. | further certify that | have noted any apparent or known adverse condi~ tions in the subject Improvements, on the subjeot site, or on any site within the immediate vicinity of the subject prop- erty 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 condl- tions on the marketabllity of the subjeot property, 9. | personally prepared all conclusions and opinions about the real estate that were set forth In the appraisal report. If | relled on significant professional assistance from any individuat or individuals In the performance of ihe appraisal or the preparation of the appralsal 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 ia qualified te perform ‘the tasks. | have not authorized anyone to make a change to any Item in the report; therefore, if an unauthorized change is made to the appraisal report, | will take no responsibility for it. SUPERVISORY APPRAISER’S CERTIFICATION: If a supervisory appralser signed the appralsal report, he or she certifies and agrees that: | directly supervise the appraiser who prepared the appralsal report, have reviewed the a@ppralsal report, agrea with the statements and conclusions of the appralser, agree to be bound by the appraiser's cerli- fications numbered 4 through 7 above, and am taking full responsibility for ‘the appralsal and the appralsal! report, ADDRESS OF PROPERTY APPRAISED: 1420 STARGAZER TERRAGE, SANFORD, FL 32774 APPRAISER: . cb . ne ERVISORY APPRAISER (only If required); 1 WALOL : Signature: os 4 Signature: hdl bdo Name: yALERIE A. TONS! Name: HrcHaeL J RSOW Date Signed: 99/15/2003 Date Signed: pa 7452003 State Certification #: State Certification #: cerry, REA. 3008 or State License #: pen. as: or State License #: State: 5 State: Expiration Date of Certification or License: 44/2004 Explratlon Date of Certification or License: 4472004 Gc] Cid = =) Did Not Inspect Property Freddie Mac Form 439 6-93 REAL ESTATE APPRAISAL Prepared For: MORGAN FINANCIAL 4160 INTERNATIONAL PRWY #280 HEATHROW FL 32746 Property Appraised: 850 OAKBRANCH PLACE SANFORD, FL 32771 Prepared By: HOME SOLUTIONS APPRAISAL SERVICE B.G. BOX 391554,DELTONA FL.a2739 ADMINISTRATIVE COMPLAINT | EXHIBIT AD PAGE gg exuigit J! pace //. se No, PION Property Deseription UNIFORM RESIDENTIAL APPRAISAL REPORT one No. rata Property Address 850 OAKBRANCH PLACE City SANFORD Slate FL ZipCada 32771 LogalDeeerplion LOT 596 LAKE FOREST SECTION 16 PB 60 PGS 72-75 Gounly SEMMOLE Hi Asuesuoy’s Parcel No, 20~15-30~514-0000-5960 Tax Year 2002 AE. Taxes $ 444.00 Spacial Assessments S NONE FBorower: PION, MARIE Curent Owner MORRTSON HOMES Occupant: Jowner [J Tenant [Vacant E] Property sights appraised [| Fee Simple: ProectType [X]PuD [} Condominium (HUB/VA only) HOAS 7Ma, {3 Neighborhood of Projant Nome LAKE FOREST Map Reference 20-19-30 Consus Trot 207.01 T SoloProa $ N/A Data of Sale N/A Dagoription and $ amount of loan chargas/concessions {o ba pald by sellar UNKNOWN Fy Londor/Cliant MORGAN FINANCIAL Address 160 INTERNATIONAL PRAY #280 HEATHROW FL 32746 Appraiser HOME ‘SOLUTIONS APPRAISAL SERVICE Addresn P.O. BOX 391554 ,DELTONA FL.32739 Location Urban XJ Suburban Rural Predominant Single family housing Present land use % | Land use change Bulll up __jover7an [x] 26-75% Undar 25% ] accupancy F000} Qh) [One tamy _75 [3] not ikaty [> Ukely Growth Aste Rapid Lx] staple | stow xf Owner 100 200 Low 0 2-4 family L_] piovess Property values | tncreasing [%] Stable Declining Tenant B00 High 15 | Mulli-tamily To: Domand/oupply | Shortage [3¢] tnbatanca{] car supply | [36] Vacant (0-5%) Jl] Predominant |||] || commercial Morkating time] Under amos. [%] 3-6 mos.[ | Qver6mos.|[ | vacant (Gversx) 500 5 C } fy] Note: Race and the raclal composition of the neighborhood are not appralaal factara, [=> Nalghborhood boundaries and charactoristico: N- SR 44; S- LAKE MARY BLVD; E-1-4; H-SEMINOLE COUNTY LINE fe) [#] Factore that affect the marketability of tho properties in the neighborhood (proximity to emplayment ond amenities, employment stabillly, appodl to market, ato.): (:| PROXIMITY TO EMPLOYMENT AND AMENITIES I8 AVERAGE FOR THE AREA WITH SHOPPING BANKING AND MEDICAL FACILITIES Ki NEAR PRIMARILY SERVICE INDUSTRY, TOURISM AND RETIREMENT RELATED HAS BEEN RELATIVELY STABLE. APPEAL TO THR Hi MARKET FOR PRICE RANGE HOME IS AVERAGE, fe) iD Matket conditions In the subject neighborhood (including support for the abave conolualons related to the irand ai property values, demand/aupply, and markeilng time stich as data on competitive properties far sale In the nelghborhood, desorlplion of tho pravalance of anion and tinncing goncannicns, oto,): ] PROPERTY VALUES HAVE RISEN STEADILY OVER THE PAS! FIVE YEARS WITH DEMAND EXCREDING SUPPLY FOR MOST’ TYPES OF FROPERTIES BASED UPON AVAILABLE DATA WITH MARRETING TIME APPROXIMATLEY TO 3 MONTHS FOR EXISTING HOMZS PRICED “AY MARKET’. ALL TYPHS GF FINANCING IS AVAIL BUYERS. INTEREST RATES HAVE BEEN FLUCTUATING WITH LITTLE OR NO B USE OF BUY-DOWNS ,DISCOUNTS,ECT,. AT THIS Project Informatian for PUDs (I! applicable) ~ Is the davelopar/tullder In antral ot the Home Ownars' Asuociation (HOA)? x] No Approximate total numbar af unite in the aubject projant _ 150+; . Approximate total number ot units for sale In the aubjent project 20+; Desoribe common elamanta and recreational tacililias; ENTRIES, ROADWAYS, SECURITY, COMMON AREAS, COMM. BEACH I Dimansions 65 X 285 Topography BASICALLY LEVEL, u Bita aren 12000 SF +/- Comer Lot Yeo LK] No | Size . TYPICAL FOR AREA H Spooitio zoning otanaification and deaoription Shapo “RECTANGULAR Re Zoning Comptonea [2%] Lago! [—_} tegatnoncanterming (Grandfathered uw) [| Mogat | No zoning Drainage ADEQUATE 4] Highaot & bost use an Improved: Gx] Prooont uno oO Other une (exptain) View AVERAGE: Fa vtintiee Publio Other ‘Off-site Improvements Type Public Pitvate! Landscaping TkPIcaL fp Electrlalty Strept ASPHALT () ey Orlveaway Surface CONCRETE (_] LP GAS AVAIL Curb/guiter SHALE [x] Apparent ousomenta TYPICAL UTILITY ix] ~~ Sidewalk CONCRETE C=] (2) | FEMA spoil Fload Hazard Area Yeo [X] No Lx] Siraat lighta VAPOR (x) (2D J Fema zono Map Date 4-17-95 Storm sewer [X] Alley ‘NONE, {] FEMA Map Na, 120289 Comments (apparent adverse easements, oncroachments, apocinl ansessmenta, side areas, iagal oF legal noncontorming zoning une, at NO ADVERSE EASEMENTS OR ZNCNOACHMENTS. THIS REPORT IS SUBJECT TO INTEREST AND EASEMENTS AS WOULD HE NOTED IN A fi TITLE REPORT OR SURVEY. Wf GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION [5] No. of Units ONE, Foundation CONCRETE Stab CONCRETE Area Sq.FL oO _| Root 7] fqn of Stores, otis Extorlor Wale ca/srrc Craw! Space NONE ‘SFinishad N/A, Calling CRCL “X] fy Typo (Dot/Att.) DET Root Surtace SHINGLE Basomont N/A Coiling N/A Wolls CNCL xX Gy Desion (Siyla) — RAMALER | Guttoro & Dwrapta, ALUM Sump Pump N/A Walls WA Flot Bd existing/Propoand EXIST Window Tyne SUGLE PNE Dompness NONE NID Floor WA None by Ago (Yr0.) 0 RS Storm/Sareana = NO/YES Soltiement NONE NID Outnlde Entry #70. Unknown IN Etteolive Ago (Yra,) 0 ERS Manulaoturod House NO tnfoatation NONE WED fyAoos |” Foyer Living {Dining | Kitchon on |Family Am,| Roo.Am. | Badrooms | # Baths Laundry | Other | Aton Sg, Ft, of agement fYtavelt | 2 Fy Fl 1 Fy (4 2 L 2644 Level 2 1 Suir iM Finlshed area above grade contains: 6 Rooms: 4 Badroom{s); 3 Bath{s); 2664 Square Feat of Grosa Living Area. A INTFAINA Matarials ‘Condition HFATING KITCHEN FQUIP. ATTIR AMFNITIFS: GAR STORAGE: [¢) Ficars WAR/TIEE /NEW. Typo pun Retrigeratot Nena L_] | Firoptace(s) 4 {J | None Walls DR/EI EH Ful gree ___| Ranga/Oven Stalre CJ patio cy eur Garage fof cars I tein/Finish oon snet. Condition ype Disposal — [y¢] | Drop sto (__) | Deck Attached = avg Hy Seth Floor pene wren COOLING Dishwasher [ye] |Soutte [xe] Porch cy pro G2] | detached Fa Seth Wolnoaot roe Aree. Cuniral ype FanfHood [| | Floor [ t | Fence fo] |} puit-in Fy Doors wOaD/HER. Gther yee Microwave [57] | Hoated } | Poot [L_] | carport eee Canaillon yorssg Washor/Diyet Finished [Tt Drlvewny mn Additional testuras (specialanargy alficientitems, atc): SER _ANDENDUM: fe} Condition of the Improvements. depreciation (physical, funetional, and external), repairs noeded, quality of construction, ramodaling/adaltions, ate. Fannie tae Form 1004 6-94 Fenians eS sae E COMPEAINT EXHIBIT #200 exnort_/ | pace_/13 PAGE __2- ____ OF Case No, PION Valuation Section UNIFORM RESIDENTIAL APPRAISAL REPORT _rueno. Brow fa ESTIMATED SITE VALUE =$ 65,000 | Commants on Cost Approach (Bush 23, nowce of cost eciimate, | alte valus, square joot coleulation and, for HUD, VA and FmHA. the fe retina 2,644 sqFie$ 140.00 =$ 370,160 eslmated remaining economic ie of the property): 8q. Ftes . . COST IS REPLACEMENT COST NOT REPRODUCTION COST, a CV ENT/ CV PTO - 2,000 MARSHALL & SHIFT COST MANUAL & LOCAL BULLDER Qatage/Carport aap Sq. Ftes 20.004 8,000 MARKET SITE VALUE HAS HEEN DETERMINED BY Tata) Estimated Gost Now 380,260 ALLOCATION AND EXTRACTION FROM COUNTY RECORDS Physical Function OF VACANT LAND SALES IN THE AREA, PHYSICAL | =$ DEPRECIATION iS BASEN UPON EFF. AGE. REMAINING fe} Daprectated Value ot linproyemants ve . ag 380,160 ECONOMIC LIFE IS DERIVED BY SUBTRACTING THE ~ 15,000 | EFFECTIVE AGE EROM FIFTY. 460,160 ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Fy @50 OARBRANCH PLACE 661 BAGAN DAK LOOP 5008 SHORELINE CIACLE [5248 SHORELINE CIRCLE Address SANFORD FL 32771 SANFORD FL a2771 ISARFORD EL 32771 SANFORD FL 32771 i | 1720 MILE 1/20 MEE 2/40 MELE Sales Prion $ OT Ts 440, oo0)]) TUTTI s 545,420} T HHIES 494, 500 IM Prico/Grocs Liv, Aroa | $ om{s 258.62 IM (lls 76.68 ill $ ist.63 TMM MI Date and/or PUBLIC REC (PUBLIC REC PUBLIC REC PUBLIC REC Vaillicution Sourees [INSPECTION MLS MLS MES VALUE ADJUSTMENTS | DESCRIPTION + (>) 8 Adjustmant DESCRIPTION 4 {-) $ Adjusimant DESCRIPTION + (+) $ Adjusiment ales of Financing conv | iconv t cowy i onaesalans LNs | lpom =a H loom BUILT FOR | inom 63 { aie of Sale/Time HH oz72003 H 07/2002 i 12/2002 TT ‘osation SUBURBAN SOBUREAN t SUBURBAN i SUBURBAN Hi 8 Loasoholt/Foo SimplojFRE SIMPLE RE SIMPLE FEE SIMPLE H [FEE SIMPLE i 112000 +/~ 142000 +/~ i 22000 SF +/- t 42000 SEF +/- t LAKE, - IRESIDENTIAL i RESIDENTIAL T RS TDENTIAL H RAMBLER, [RAMBLER H [RAMBLER Hi RAMBLER. i ca/arre lca/sTro te lca/srro i ce/arre { lO vAS/HFF Oo I) YR/EEF 1 } +500 lO YRS/EEF 0 t IS XR/EFF 1 + +500 iteW \gooD 1742000 jsoop a 12000 jsoan T +2000 Toll Bdma Bathe Tolal Bdira = Baths | Bdrma = Balhis f Total Bdima alin} bp ia a 4B { ey H [-) Grong Living Aran: 2644 Sq.Ft (2565 Sq.Ft } +600 ja087 4400 062 Sq.Ft, } ~4200 LY Baoamant & Finishad (ROWE HONE | NONE, ONE i Hi looms Bolaw Grado fte/n w/A { w/a aN i fey Fenetional Utility |TXPICAL, [{XPICAT 4 [TYPICAL { Heating/Cooling fenecr c H/A IEnECT © H/A leneer c/a. | . Fa Enorgy Etticiant tame |CETLING EAN ceTLING FAN CEILING FAN i f;) Garage/Carport =2000 la ATT GAG + =2000 Porch. Pallo, Dok [ev EI/cV Bro lev mux/ev Pro (MFircptoca(s), cto, {ONE FIREPLACE | ~2000 MA Fence, Pool, oto, [NONE sou POOL Tig000 ‘(sc POOL _{ =10000 HIT EQUIP lpW/DISB/MICRO sup KET BQUIP | -1000 STND iT EQUIP {| ~1000 EY tot Adj (total) 100] + [x]- 18 10,400 VTxT- 16,700 Ba Adjustod Sala Prico : ij i of Comparadla | | $ 410,100) | $ sas, 020 $ 478,200 Commanta on Sules Comparison (Including the subject property's compailbliity to the nalghborhood, ote.): SUBJECT STH AND IMPROVEMENTS ARE COMPATIBLE WITH NEIGHEORHOOD, COMPARABLES SOLD WITHIN (HE LAST 12 MONTHS, WERE WITHIN 1 MILES OF THE SUBJECT # PROPERTY AND SELECTED AS MOST SIMILAR IN SIZE,AGE,DESIGN AND VIEW. ALL WOULD BE CONSIDERED BY THE SAME BUYER. ] ADJUSTMENTS GUIDELINES AND WERE MADE AS REQUIRED FOR DIFFERENCES IN SIZE ,AGH, CONDITION AND AMENITIES. ITEM SUBJECT ~___ COMPARABLE NO, 1 COMPARABLE NO. 2 COMPARABLENO. 3 Dato, Prloo and Duta |THE SUBGECT ONLY AALY LAST 3 YEARS OuLY BALE LAST 3 YEARS. ONLY SALR LAST 3 YEARS. Souroe tor priorsulos MAS NOT SOLD TH withln your Gt opprainall THE LAST 3YBARS ‘Anaiysis of ony current agreement of sale, option, or Hcting af tho subjact property and analyeia of nny prior salow of gubject and eompawablos within one your of tha date af appraisal: fq HEITHOR THE SUBJECT PROPERTY NOR THE AHOVE COMAPRABLES WERE FOR AALH OR LISTED AT THIS TIME. 5450 000 aS L_] subject te compiation per plans and specitications. LN The purpose of this appraisal ia to ectimate tha markot value af tha foo! proparty that {a the subject of this report, based on the nbave conditions and the certifcalon, contingent ic Pf and luniting carxttions, and markat valua datintion that ava stated In the attached Fredato Mac Form 439/Fannle Mas Form 10048 (Revised ¢/1 903 » 1B 1 (We) ESTIMATE THE MARKET VALUE, AS DEFINED, GF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF yy s19 /onna. Py (omer is THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ aso, pan : FF] APPRAISER: . SUPERVISORY APPRAISER (ONLY IFREGUINED): = EB signature hod Ldn — Signatwea bid Did Nat iN Name aercunt,_ ante Sat, Name inapoet Property Baie Report Signed 96 sy 4/on03 Data Report Signad State Cartitication 4 RES _NEA_S8D6 rT, State Certitication & Stale ‘Of Sfate Licanse # Or State Licanse # State PAGE 2 OF 2 Fannie Moe Form 1004 8-5 Freddie fac Form70 G-S3 ADMINISTRATIVE COMPLAINT EXHIBIT #2 rier LE pace PAGE 2 OF SALES COMPARISON ANALYSIS File No, Brow ann OF These ferent cafes a proparliaa ata most ciryllar end proximate to subject and have been concidared In the markal analysis. Tho description includes a doftur adjustment, refiocling mavket renation to thusa (lems of significant vartation batwaen the subject and comparable proportios. If x sigrvficant (tem in the camparablo property |a superior 10, or more favorable than, tha subjeal property, a minus (-) adjualment [a maga, thug reducing the Indicated value of subpeot: If a significant [tam In {he comparable Is Infettor to, or lass tavorabla than, the subject properly, a pius {*) adjustment fs made, thus inctensing the indicaled value of Ihe subject. ITEM SUBJECT COMPARABLE NO. 4 COMPARABLE NO. COMPARABLE NO, B50 OAXBRANCH PLACE 1736 BROADOAK LOCP Addreas SANFORD £2 32771 (SANFORD EL 32771 Proximity a Subject I n/20 Mrne fA Salon Prioo $ : ACT s 440 , 000) HERITIVE 3 Pa Prica/Groas Llv. Aroa | § omis 142.26 ATMs all (IES Fram HUAI MTHATTTUHTT Data and/or PUBLIC REC PUBLIC REC fd Varitication Sources [INSPECTION INSPECTION mW VALUE ADJUSTMENTS | DES! DESCRIPTION +) $ Adjuntmant DESCAIPTION 4 {-) S Adjustment DESCRIPTION + (-) 5 Adjualment Cou Splas or Finsncing Hy Porch, Patio, Deck, [ev ent/cv pro {cv Ent/cv pro WYFkoptce(s), ato, NONE hone ig} Fence, Pool, ato, IONE: SCR POOL IDW/DISB/MICRO SIND KIT ZOU 172000 H Not Ad). (total) [] [X] Adjuatod Satoa Prico Fy of Comparable fa) Source for prior snias HAS NOT SOLD IN 7 within year of appralsaliTHE LAST 3YBARS Hy Commanta on Market Date Concessions ——__Iflll | bot 73 i i q Date of Sala/Tina ii 03/2003 i i ecallon SUBURBAN [SUBURBAN H ‘ easchold/Fee SimplalkEE SIMPLE FRE SIMPLE i i Sila 12000 +/- 2000 ar +/- | in { qj View JRESIDENTIAL ;LARE i i i Design and Appeal ~=|RAMBLER RAMBLER } { i Quanity of Construction ca/sT Te ce/arrc t H t 0 -ws/ERF 0 I) eR/BEE 2 14500 { i Condition NEW [coop {+2000 H i bove Giada Total Gouna Bata | Total _tidma Gains | Total Borms —Batho Total Sama fot | Room Count a4 3 a 4a i ai i roi i A Gross Living Area [2644 Sq.Ft. [3093 Sq.Ft { -A500 SqFt. | +26a00 Sq.Ft} +2600 3] Baseman! & Finishod [HONE jane { i { Hi)Rtooms Bolow Grad pa/A 1. | i \ [3 Funoflonal Willity TYPICAL ItYPICAL { ii { Haaling/Coolng _@LECT C H/A (ELECT @ H/A i q t Enompy Eiticlent tema |CEILING FAN lcErRING FAN H q i {6) Goraga/Carpart 2 AT GRG j2 ATT GRG t i { H } { ! i i 1 Hy | ADMINISTRATIVE COMPLAINT EXHIBIT + 3 - if eure _lt pace! /S PAGE Yor Filia No. Fro ADH Bolower BION, MARTA Properly Addiess B50 OAKBRANCH PLACE “[Cly sawrorp County SEMTHOLE, Slats EL : ZipCode 32771 Lender/Cient MORGAN FINANCIAL, 160 INTERNATIONAL PARKWAY #280 HEATHROW FL 32746 ADDITIONAL FEATURES: THE SUBJECT PROPERTY TS A NEW SINGLE FAMILY RESIDENCE. THERE IS A COVERED ENTRY PORCH ON THE FRONT AMD A COVERED PATIO ON THE REAR. THE SUBJECT IS WIRED FOR SECURITY. THE SUBJECT £8 PRE-WERED FOR APEAKERS . ADMINISTRATIVE COMPLAINT. EXHIBIT # i PAGE DoF exuipit_/ pace //¢ neem Photograph Addendum Borrower Fae ee ame Couly . _ - Zin Cora "Lender's Auidtosa . wean - “appraiser's ‘Address Subject Front Subject Rear Subject Street “ADMINIS TRATIVE COMPLAINT EXHIBIT 3. # exuiatt_l!_pace_L! 7 PAGE \p erent Photograph Addendum Bonower PION, | Zip Code oo, : ae Canda’s Addioss 2.60 INTERNATIONAL PKWY #280 HEATHROW FL 32746 nox 391554 {DELTONA FL.32739 t iChat ‘Appraiser HOME ‘BonbuTIONs” ‘APPRAISAL | SERVIApprainor's Addioss B. Comparable 1 661 BROAD OAK LOOP SANFORD FL 32771 Sala Price § 410,000 Date of Sale 02/2003 Age 1 ¥R/EFF 1 Total Rooms i) Bedrooms 4 Baths 3 GLA 2585 Comparable 2 5011 STONEBARK COVE SANFORD FL 32771 Sale Price § 355,100 Data of Sale 06/2003 Aga 0 YRS/EFF 0 Total Rooma 7 Badroams 3 Baths 2 GLA * 2040 Comparable 3 5249 SHORELINE CIRCLE SANFORD FL 32772 Bale Prices § 494,900 Date of Sale 12/2002 Age § YR/EFF 1 Tatal Rooms 8 Bedrooms 4 Baths 3 GLA. 3062 ADMINISTRATIVE COMPLAINT : EXHIBIT # PAGE 7 ___soog eaiet_/t _pace_//d : tree Photograph Addendum Bonnwor PION, MARIE ee . . eee yAidess B50 OARBRANCH PLACE = | . Lee —— County SEMINOLE Zip Code 42772 Londer's Addrous 160 INTERNA’ TONAL PARKWAY #1280 HEATHROW FL 32746 TOMA FL, 32738 Loner Glont MORGAN FINANCIAL Appraiser HOME “SOLUTIONS “ABPRAISAL BERVIAppraisor's Adana B, Qa. BOX, 1554, DEL! Subject Interior 1 Subject interior 2 Subject Interior 3 AUHMINIS LALiVE COMPLAINT EXHIBIT # . + { - Pace 6 OF IBIT. i Pace. Lt9 eee Photograph Addendum Horowar PION, MARIE oe we ee - Properly Addtean 850 OAKBRANCH PLACE i . ee ee County SEMINOLE Oty BANFORD DO ven Stile PL _ - . Zip Cada 42772 Lendarcl MORGAN FENANCIAL “Landers Address Leo” INTERNATIONAL ‘PRWY #290 HEATHROW FL 32746 Add ieee P. 8. ‘BC x "391554, DELTONA FL. 32739 Subject Interior 4 Subject interior 5 Subject Interior 6 ADMINISTRATIVE COMPLAINT EXHIBIT #_3 exer It pace FoF Pa 120 ne BIOW BK Fila tio, Caunly SEMINOLE QS0 OAKBRANCH PLACE MORGAN FINANCIAL, 160 INTERNATIONAL PRHY #280 HEATHROW FL 32746 SANFORD Borower PION, MARTE Property Address ily ‘Londer/Ciiont THE CourTLyn II Covered Purch 160" S194" exuisit_! pace 2 | = z os a. on iuteic. = QO LL oO oO rr = EEN on ce. yt 2 H : eye Be 2a S22 uw 258 tii a f Bedmom #3 q ta" X 120" H src, 8 Gpr. Ina" CLG. snaeiRecriome ee ondhdare an chevnnn wishes satin ne nlidinwtoves Hane vse t Borower ? PION, MARIE Properly Address B50 OAKBRANGH PLACE Ciy SANFORD County SEMINOLE ‘Sints EL ZipCode 2771 Lendar/Giont MORGAN FIHANCIAL, 160 INTERNATIONAL PRWY #280 HEATHROW BL 32746 eR Salat Johns River Excates 4 anroritFaris, | ene, tl yistor Farin an’ # oie Me ai : pee , 4 a a ae = i Witnort Fd- cu ADMINISTRATIVE COMPLAINT EXHIBIT # PAGE — . —(C___ oF ——sxieut /f pact /o2 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and epen 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 cansummation af @ sale as of a specified date and passing of title from selter to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or weil advised, and each acting in what he considers his own best Inter- est; (3) a reasonable time is allowed for exposure in the open market: {4) payment Is made in terms of cash in U. 3. 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 speclal or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a rasult of tradition or law in a market area; these costs are readily Identifiable since the seller pays these costs [n virtually all sales transactions, Spacial or creative financing adjustments can be made to the comparable property by compaiisons to financing terms offered by a third party institutional lender that Is not already Involved In the property or transaction. Any adjusiments should not be cal- culated on a mechanical collar for dollar cost of the financing ar concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appralser'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 appralser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title Is good and marketable and, therefore, will nat render any opinions about the title, The property Is appraised on the basis of It being under responsible ownership. 2. The appralser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report In visualizing the property and understanding the appraiser's delermination of Its size. 3. The appraiser has examined the avallable flood maps that are provided by the Federal Emergency Management Agency (or other data sourees) and has noted tn the appraisal report whether the subject site is located In an identified Speciat 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 nol give testimony or appear in court because he or she made an appraisal of the property In ques- tion, unless specific arrangements to do so have been made beforehand, 5, The appralser has estimated the value of the land in the cost approach at Its highest and best use and the improve- ments at their contributory Value. The separate valuations of the land and improvements must not be used in conjunc- tion with any other appraisal and are invalid if they sre 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, ate.) observed during the inspection of the subject property or that he or she beeame aware of during the normal research Involved in performing the appraisal. Unless otherwise stated tn the appralsal report, the appraiser has no knawledge of any hidden or unapparent conditions of ihe praperty or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the properly more or fess valuable, and has assumed that there are no such conditions and makes no guarantees or war- rantles, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist of for any engineering or esting that might be required to discover whether such conditions exist, Because the appraiser Is not an export in the field of environmental hazards, the appraisal report must not be con- sidered as an environmental assesement of the property. . T. The appraiser obtained the Information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be rellable and belleves them to be true and correct, The appraiser does not assume responsibitity for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal teport except as provided for in the Uniform Standards of Professional Appraisal Practice. srmbesatbacs wsetreloaten Far tre apepimtnnt thank ie welefoot dn witin 0. The mpperelent Nae Lemuel Ive or ber eppalen! repent avy factory completion, repairs, or alterations on the assumption that campletion of the improvements will be performed in a workmanlike manner. 40. The appraiser must provide his or her prior written consent before the lender/cllent specified in the appralsat report can distribute the appraisal report {including conclusions about the property value, the appraiser's identity and profes- sional designations, and references to any professtonal appraisal organizations or the firm with which the appraiser Is aasociated) to anyone other than the borrower; tha mortgagee or its successors and assigns; the mortgage Insurer; con- sultans; professional appralsal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute ihe property description section of the tepart only to data collection or reporting service(s) without hav~ ing to obtain the appraiser's prior written consent. The appralser’s written consent and approval must also be obtained before ihe appraisal can be conveyed by anyone fo the public through advertising, public relations, news, sales, or olher media, Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 1004B 6-94 ADMINISTRATIVE COMPLAINT EXHIBIT #_3 . PAGE [2 OF exnisrr_j{ pace 123 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 4. | have researched the subject market area and have selected a minimum of three recent sales of properties most simi- lar and proximate to the subject property for consideration in the sales comparison analyais and have made a dollar adjustment when appropriate to reflect the masket reaction io those items of significant variation. [7 a significant item in a comparable property is superior to, or more favorable than, the subject property, | have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item In a comparable property is Inferior to, or 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 appralsal report. | have not knowingly withheld any significant information from the appralsal report and | believe, to the best of my knowledge, that all statements and Information in the appraisal report are true and correct. 3. | stated in the appraisal report only my own personal, unblased, and professional analysis, opinions, and conelu- clusions, which are subject only te 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 bles with tespect to the participants in the transaction. | did not base, ellher partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, famitial status, or national origin of elfher 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. §. | have no present or contemplated future interest in the subject property, and neliher my current or future employ- ment nor my compensation for performing thts appratsal is contingent en 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 telated party, the amount of the value estimate, the attainment af a specific result, or the occurance of a subsequent event in order to recelve my compensation and/or employment for performing the appraisal, | did not base the appralsal report on a requested minimum valuation, a specific valuation, or the need to apprave & specific morigage loan. T. 1 performed this appratsal in confornity wiih 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 thls appraisal, with the exception of the departure provision of these Standards, which does not apply, | acknowledge that an estimate of a reasonable time for exposure in the open market is a condition In the defint- tion of market Value and the estimate | developed is consistent with the marketing time noted in the neighborhood sec- tion 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 condi- tions in the subject Improvements, on the subject site, or on any site within the Immediate vicinity of the subject prop- erty of which | am aware and have made adjustments for these adverse conditions in my analysis of ihe properly value to the extent that { had market evidence to support them. | have afso commented about the effect of the adverse condi-~ tions 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 | telled on significant professional assistance fram any individual or Individuals In the performance of ihe appraisal or the preparation of the appraisal report, | have named such individual(s} and disclosed the specifica tasks performed by them in the reconelliation section of this appraisal report. | certify that any individual so named is qualifted to perform the tasks, | have not authorized anyone to make a change to any ftem In the report; therefore, if an unauthorized change ts made to the appraisal report, | will take no responsibltity for It. SUPERVISORY APPRAISER'S CERTIFICATION: if a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: | directly supervise the appraiser who prepared the appraisal report, have reviawed the appraisal report, agree with the statements and conctusions of the appralser, agree to be bound by the appralser’s certi- fications numbered 4 through T above, and am taking full responslbiiity for the appraisal and the appralsal report ADDRESS OF PROPERTY APPRAISED: B50 GAKBRANCH PLACE, SANFORD, FL 32771 APPRAISER: SUPERVISORY APPRAISER (only Hf required): Signature: Act Ad bund Signature: Name: srcuner_ai OH. Name: Date Signed: ng /14/2n03 Date Signed; State Certification # pes nen. an06 State Certification #: or State License #: or State License #; State: pr, State: Expiration Date of Certification or License: : Expiration Date of Certification or License: 7] old } Old Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 10048 6-93 ADMINISTRATIVE COMPLAINT XHIBIT #3 PAGE 12 op ERMA L pace 12 ta ee REAL ESTATE APPRAISAL Prepared For: MORGAN FINANCIAL 160 INTERNATIONAL PRAY., STE 280, HEATHROW, FL. 32746 Property Appraised: 1570 STARGAZER TERRACE SANFORD, FL, 32771 Prepared By: HOME SOLUTIONS APPRAISAL SERVICE P.O.HOX 391554, DELTONA, FL. 32739 ADMINISTRATIVE COMPLAINT EXHIBIT #5 Pp exnisit_/O pace 70 Case No. STLNUTZE Proporty Description UNIFORM RESIDENTIAL APPRAISAL REPORT —rueno. aonnsoH Property Address 1570 BTARGAZER TZRRACE Clly SANFORD State FL. ZipCode 32771 ‘LegalDasorlption LOT 130 RETREAT AT WERIVA FR 59 PGS 32-34 County SEMTHOLE hy Assessor's Paros! No, 17-19-30~-Sgc-0000-1300 Tax Year 2002 RE. Taxas$2220.00 —_ Special Assessments $0.00 u fyBonower JOHNSON KIMBERLY Currant Owner RETREAT-SEMINOLE LP Ovcupant: ‘Owner Tenent_ [x | var A) Property rights appraised |X| Fee Simple] _| Leasehold | Project Type [| PUD [| Condominium(HUD/VA only) _HOA$ UNKNOWN / fe Nelohborhood of ProjactName RETREAT AT WEKIVA Map Reference 17 19 30 Census Tract 207.01 by Sale Price $ SB0000 Date of Sule PENDING Description and $ amount of loan charges/concessions to ba pald by sellar UNKNOWN Landar/Ctlant MORGAN FINANCIAL Addtess 160 INTERNATIONAL PRHY., STE 200, HEATHROW, FL. 32746 Appralsar HOME SOLUTIONS APPRAISAL SERVICE Addrass P.O.HOK 391554, DELTONA, FL. 32739 Lovatlon (_] urban [| Suburban |__| Rural Single tamlly housing | Present and use % | Land use change Predominant — | Syigle and Bult up (J over7s% = fax] 25-78% [] under2s% | occupancy § (000) {ira} [One family 100 %| Not tikely ["] Lik Growih Rate {7 | Rapid x] Stable Slow x | Owner lz00 Low NEW | 2-4 family In process Property vatues[ | Increasing (| Steble ] Deokning |[—] Tenant 700 High 20° | Muti family To: Demand/supply Shortage | inbolance[_] Over supply | [2] Vacant (0-88) |[]]]][l| Predominant [H[[f]]] cammerotet Marketing tima Under 3 mos. { % | 3-6 mos. Over 6 moa, Vacant (Over 6%) [400 5 { } Fe] Note: Race and the racial composition of the neighborhood are not appraisal factors. i= Neighborhaod bounderles and charaoieristics: THE NEIGHBORHOOD CONSIDERED CONSISTS OF SINGLE FAMILY RESIDENCES OF SIMILAR . fi) ace, AND VALUE, SEE ADDEUHDUM, Hl Footore that affect the marketability of the properties In the nelghborheod (praximity to employment and amenities, employment atability, appeal ta market, ot [=] PROXIMITY TO EMPLOYMENT AND AMENITIES IS AVERAGE FOR THE AREA WETA SHOPPING, BANKING, AND MEDICAL FACILITIES ie) NEAR BY. EMPLOYHENT IS PRIMARILY SERVICE INDUSTRY, TOURISH, AND RETIREMENT RELATED AND HAS BEEN RELATIVELY tH STABLE. APPEAL TO THE MARKET FOR THIS PRICK RANGE HOME IS AVERAGE fe) te) D| Market conditlans In the subject nelghborhood (including auppart tor the above conclusiana ralated to the trend af praperty values, damand/aupply, and markating t -* such se data on compatitive propertiag fer oalo in tha nalghborhood, dosoription of tho pravalence of alas and financing concessions, at PROPERTY VALUES HAVE REMAINED RELATIVELY STABLE WITH SUPPLY AND DEMAND IN BALANCE, HASED UPON AVATLASLE DATA WITH HARKETING TIME APFROXIMATELY 3 TO 6 MONTHS FOR EXISTING HOMES PRICED 'AT MARKET! ALL TYPES OF FINANCING ARE AVAILALBE TO QUALIFIED BUYERS.INTEREST RATES HAVE BEEN FLUCTUATING WITH LITTLE OR NO USE OF BUY-DOWNS, DISCOUNTS, ECT. AT THIS TIME. =) Project Information for PUDa (If applianbla) - - Is the developer/bulldar in control of the Home Ownera’ Aasoolation (HOA)? [x] vea No Approximate total numbar of units In the subject project 250 . Approximate total number of units for sale in the subject project 250 Desarbe common elaments and regrastlonal tacliiles: RLCT ENTRANCE/COMMON AREAS/RESERVE/LAKES/PLAYGROUND/SWMUNG PL/CLBES Dimensions GO x 143 +/~ ‘Topography BASICALLY LEVEL Site nrea 8580 BF +/- Corer Lot Yes |X] No | Ske TYPICAL Speoiiic Zoning classlileation and deseripiion SINGLE FAMILY RESIDENCE Shape REGULAR Zoning Compliance [3] Legat [__] Legal noncontoming (Grandlathered uso) Wega! [_] No zoning Drainage APPEARS ADEQUATE ‘Highoot & beat uso as Improved: Utliitles Publla Pregent uso Other Other use (explain: view LARE, Off-site improvements Type Public Private} Landscaping TYPICAL Eleattlaity ES Stroat ASPHALT CE) (2 [orveway surface = “concreme Gas Cub/guiter CONCRETE [4] [) [Apparent easements NONE APPARENT Water x Sidewalk © CONCRETE [x] FEMA Spaoial Flood Hazard Area veo LX. ‘Sanitary sewer |X Street lights VAPOR x] FEMA Zone X MopDate 04/17/91 Stormsewer [X Alley HONE I FEMA Map No. 120289 0030 £ ‘Comments.(epparent adverse easements, anoroachmenta, special assesoments, slide areas, Iilegat or logal noncontarming zoning use, eto.); THERE ARE NO ADVERSE EASEMENTS OR ENCROACHMENTS. THIS REPORT I8 SUBJECT TO INTEREST AND EASEMENTS AS WOULD BE NOTED ZN A SURVEY. GENERAL DESCRIPTION EXTERIOR OESCRIPTION FOUNDATION BASEMENT INSULATION 12} No. af Units ONE Foundallon CORC SLAB Slab CONCRETE Area Sq.Ft. N/A. Roof No, of Storles ‘THO Exterlor Walla ca/aTuc Crawl Space R/A %Finishad N/A Calling cucoy [> Type (Dot/Att.) Dev Roof Surface ARCH SENGH Basement N/A Coiling N/A Walls = cNCLD [3 AJ Design (Style) THO STORY | Gutters &Ownspts, SOME ALUM Sump Pump N/A Walla N/A Floor [- MY Existing/Praposed EXTS Window Type DBL FR Dampness NONE NOTED | Floor WA None Age (Yra.) NEW Storm/Soresns =: NO/ YE Sattlament wow NoreD | Outeide Entry N/A. Unknawn C Effective Aga (Yra,) 0 Manufactured Housa NO Infestation NONE NOTED y ROOMS Foyer Living Dining Kitchen Den Family Am, | Reo,Am, | Bedrooms | 4 Balhs ‘Laundry Other [ Area Sq. F Basement [ eq Levet1 | 2 EY EA 4 1 1 1 1 [2337 Laval 2 1 [3 2 1372 | ij Finished atea above grade contains; 10 Rooms; 4 en 8) a Bath(s); 2709 Square Feel of Gross Living Ay INTFAINE Matarinla/Canditine HEATING KITCHEN FOIE [ATTIC AMENITIFS, RAR STORAGF S$] Floors we/e.trnesven |} TYP® ean x 2_| Relrlgorator None i] Fireplace(a) 7 [1 | None Walle prypate/earim/sma {Feel = grace Range/Oven [| | Stalre L] | Patio > pry [ae] | Garage #ote Teim/Finish Reon AER. Condition ype Dispasal Loe} j Drop Stair Deok [] Atlashed a Bath Floor erase Ane COOLING Dishwasher Ly] | Scuttle Loe] | Porch pisrooy [x] | Ostsohed Bath Wainscot @ prrR/ NER Centrat yg yx 2 |FanfHood [y] | Floor Fence Bultt-In Doors HOOD/NEH. Other your Mictowave Ly} | Heated Paot Carport a Condition Washer/Dryer Finlshed Driveway Additional features (special energy efficient Items, ete,): SPE _ADRENDUM. ADMINISTRAT! SD COMPLASINMHiion of the improvements, depreciation (physical, functional, and extemal), repaira needed, quelliy of construction, remodeling/additions, eta; EXHIBIT jf PAGE 7% OF Adverse environmental conditions (auch aa, but not dimited to, hazordous wastes, toxic aubstanoes, eto.) present In tha Improvements, on tha alle, or In Immediate vicinity of the subject properly: see HERE HO ANVEREE ENVIRONMENTAL col exHipit/O Pace 72 . bee Vii bie > Conca AGE. Case No. STLNUTZE Valuation Section UNIFORM RESIDENTIAL APPRAISAL REPORT _ Fieno, azormaon, ESTIMATED SITE VALUE _ $ 70,000 |Comments on Cost Approach (such 29, eourca of cost estimd [9 ESTIMATED REPRODUCTION COST-NEW OF IMPAQVEMENT! sile value, square foot caloulatien and, for HUD, VA and FmHA, 1 ky Owotting 2,709 Sq.Ftes 95.00~$ 257,355 estimaiad remaining ecanamls tite of the properly): 5q.Ft@s ” COST I8 REPLACEMENT NOT REPRODUCTION COST, ENT PRO/CV PRC/2 BLCHY/IRR/SC BY . 20,000 HARSBALL & SHIFT COST MANUAL & LOCAL HUILDER fl Garage/Carport__ 630 sq Fte$ 40.00 = 25,200 MARKET COST RSTIMATEA WERE UTILIZED, SIT& VALUE Tote! Estimated Cost New . “$s 302,555 HAS BEEN DETERMINED AY EXTRACTION FROM COUNTY La Lese Physloet Functional) Externat RECORDS OF VACANT LAND AALEA IN THE AREA, Fy Depreciatian N/A | | as PRYSICAL DEPRECIATION IS BASED UPON EFFECTIVE [a] Dopreolated Value of improvamenta Bry 302,555 | AGK, TH REMAINING ECONOMIC LIFE OF THR SUBJECT "Aa-is" Value of Sita Improvements 12,000 IMPROVEMENT IS ESTIMATED At 40 YEARS, INDICATED VALUE BY COST APPROACH 384,555 ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 .__ COMPARABLE NO, 3 1570 STARGAZER TERRACE 1499 STARGAZER TERRACE L855 STARGAZLER TERRACE 1739 STARGZER ‘TERRACE Addrags SANFORD IANEORD : sanEFORD SANFORD Proximity to Subject HH i. BLOCK 3 BLOCKS 2 BLOCKS Sales Price g__sa0,000_ IMMTNINMS 300, col t's ~—~-380, soo) TMs 350, Price/Gross Liv. Area | $ 140,2771$ 131.21 AMM $151.06 Mis 147.24 II) Dafa and/or PURLIC RECORDS jFUBLIC RECORDS PUBLIC RECORDS PUBLIC RECORDS \Variticallon Sources INSPECTION Ia hate MoS VALUE ADRSTMENTS| DESCRIPTION | DESCRIPTION |+(-)SAduatment| DESCRIPTION [+(-)SAdusiment| DESCRIPTION [+ (-)$ aduatr Salas or Financing | | | conv | lcowy | iconv i Concessions {AUILT FOR 1 JBUILT FOR H BUILT FOR H froeerrom : Date of Sala/Tima CTI os 72005 | o7/2003 y 06/2003 i iy [-ccatian ISUBURBAN SUBURBAN t SUBURBAN i SUBURBAN i fe Leaschold/Fee SimplalFER SIMPLE FER SIMPLE i [Fee SIMPLE t FER SIMPLE in Sita jB580 SF +/- 'g000 SF +/~ i sooo SF +/~ i a00D aF +/- i View UIE [RESERVE T [RESERVE T [RESERVE 1 FiDosign and Appost [2 STORY 2 BTORY T RAMBLER, T RAMBLER i 1M Qualty of Coniruation [os /eruc lce/aruc if lcn/erue i ce/eTuC if Ia Ago 1en/O , (NEW/O | ° INEW/O { NER /O T Condition NEW Td i hia i TE { fd Abave Grades ‘Total Bdema _Balhe | Total Bima Gatha | Total Girma Botha | Tolel_ Burne Baths | fy Room Count ho 4 3 ai ie | +2000. ee | #4000 a a 2 _| +4000 [i Grass Living Area = [2709 Sq.Ft. {2970 8q.Ft. | 13000 2317 Sq.Ft, | +29600 2377 Sq.Ft. | +16600 fa) Basement & Finished 7A. h/A i YEN i 7% Hf N/R aa, ! WEN i /. i i TYPICAL FHA H/A ELECT PRA R/A wLecT | (CEILING FANS [CEILING FANS ICBILING FANS cexLTNG FANB fa CAR ATT. GRO {3 @ CAR ATT. GRG | +3000 Patio, Deak, |ENT PRC ENT FRC { [MFiroplaco(a), oto, [cov pRc/2 BLCNY { +6000 cov eRe . | +6000 R$ Fonce, Pool, otc, {IRR/SC BY TRR/SC BY ITRR/SC BY i ITRR/SC BY | rf KIT EQUIP JUPGR KIT EQUIP {UPGR KIT EQUIP jORGR RIT EQUIP { JUPGR KIT EQUIP | FJ Nat Adj, (total) nm + [x]- '$ 5,000 [x] + - | 32, 600) + =f 29, Adjusted Sales Price | of Comparable $ 385 , 001 $ 382,600) $ 379, 8 Comments on Salas Comparison (including the subject property's compatibility to the nalghbothood, oto,); THE SUBJECT PROPERTY 18 COMPATABLE WITH THE NEIGHBORHOOD. COMPARABLES SOLD WITHIN THE LAST 11 MONTHS, WERE WITH IN 1 MILE OF THE SUBJECT FROPERTY AND WERE SELECTED AS THE MOST SIMILAR IN SIDE, AGE, DESIGN, AND VIEW AND WOULD BE ALL CONSIDERED RY THE SAME BUYER, ADJUSTMENTS ARR WITH IN NORMAL GUIDELINES AND WERE MADE AS REQUIRED FOR DIFFERENCES IN SIZE, AGE, CONDITIONS, AND AMENITIES, ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO, 2 COMPARABLE NO. 3 Date, Price andDala |PENDING SALE ONLY SALE IN LAST 3 YEARS ONLY BALE IN ALAT 3 YEARS ONLY SALE IN LAST 3 YEARS Source for prior sales |ONLY SALE IN within year of appraiscliLABT 3 YRARS Analysis af sny current agreement of cele, option, of tisling of the subject property and analysis of nny prior cates of subject and comparables within one year of the date of appre THR SUBJECT PROPERTY IS CURENTLY UNDER CONTRACT FOR $380000, HOWEVER, THS ABOVE COMPARABLES WERE NOT FOR SALE AT THE TIME OF THIS APPRAISAL. INDICATED VALUE BY SALES COMPARISON APPROACH $ 390, subject to complation par plans and speoificath IED DUR TO 5 IMF A a This cppraial la mada Al "as fa” r | subject to the repatia, alterations, inspeationa, or Conditions listed olow Conditions of Appraisal: Pp and imiling conditions, and masket value definition that are stated In the atiached Freddie Mac Form 439/Fannle Mae Form 10048 (Revised 06/1993 } E 1 (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF 09/15/2003 ICH IS THE DATE OF #PSPECTION AND VE DATE OF THIS REPORT} TO BE $ ano,o00 eet SUPERVISORY APPRAISE (ONLY IF REQUIRED): Signature a Lub Cel ow [7] ow -_ Name Inspact Proparty Date Aeport Signed Date Report Signed Slate Ge z State Slate Certification #. Stato Or StoteLieense# —.. .-— —- Slate Or State Licance # State exnipit/O pace 73 SALES COMPARISON ANALYSIS Case No. File No, JORNSOR, KI ToINsoN, ‘These recent sales of properties are most similar and proximate to subject and have been considered [n the market snalysla, ‘The dascription Includes a dollar adjustment, retleott market reaction to those Ifema of slgnficant variation between the subject and comparable properties. If 8 olgniticant Itam in tha comparable proparty la superior to, or more favor! subject property, a plus than, the subject proper ‘a minus.{-) adjustment {s made, thus reducing the indiested value of subject: if a significant item in the comparable ia inferior to, or lass favorable than. t +) adjusimont is made, thus increasing the Indicated value of the subject. (TEM SUBJECT COMPARABLE NO, 4 COMPARABLE NO. COMPARABLE NO, 1570 STARGAZER TERRACR [1732 STARGATER TERRACE Address SANFORD SANFORD Proximity to Sublet (MMMM 2 az.0cx Sales Price $ 380,000 [III] ls 420 , acalli|||ill lis an ITs Prica/Gross Liv, Area | § ao.271A|$ 154.30 MIMI $ BUTT s Pra FNIITEIIITG Data and/or PUBLIC RECORDS [PUBLIC RECORDS Verification Souroes [INSPECTION psTsd VALUE ADUSTMENTS| DESCRIPTION DESCRIPTION |+(-)SAdusinent| DESCRIPTION _|+(-)SAdustmont| DESCRIPTION [+ (-)sAdual Sales of Financing | | conv ! | | Conceaalana [BUILT FOR { t ! Date of Sole/Time | lo4/2003 i i I Location SUBURBAN a SUBURBAN i + i Loasehold/Fee SimplalrRE AIMPLE TERE SIMPLE ia i in i Sita S580 BE +/~ e500 SF +/- q 1 ! i Viow LN REaERVE i T { Dealgn and Appest |2 STORY RAMBLER, i i 4 fe Suallty af Construation [eB/aTuc ce /eru { i T Age. en/o 12H /0 i i i Condition rad Ee | | H Above Grade Toll Sdima Baths | Tolal Bama ulho | Toto! Bima Bala | Total Bema Baha | Roam Count zo ja ia a ia fs i li 1d i Groas Living Area__ [2709 Sq.Ft. |a722 8q.FL | ~600 Sq.Ft | SqFt | J Basament & Finished fw7A. N/A. | { H fi Roama Bolow Grade |N/A Ina \ i i fj Funetional Utitity TYPICAL TYPICAL H i j Ey Heating/Cooling FHA H/A ELECT |FRA H/A RLECT { i fa Energy Efficient Items |CRILING FANS: \CEILING FANS i { an (] Garage/Carpart |B CAR ATT. GRG {3 CAR ATT. GRO } li i Hy Porch, Patlo, Deck, iy PRA ENT FRC ' yNFlreploce(s), alc, |cov FRC/2 BLONY |Cov PRO LiFance, Pool,eto, |TRR/8C SY i 5 PGR KIT EQUIP |UPGR KIT EQUIP | fayNat Aa (tots) ITT Coe] + TT - Ts 5,400) [- ig cece (MT mn FAyot Comparable ct ll $ ft} Date, Price and Data [PENDING BALE ONLY SALE IN THE LAST 3 fy Source for prior sales lowty BALE IH IXEARS + wilhin your of approlsaljLAST 3 YEARS I eroverrr. E] Comments on Market Data THE ABOVE COMPARABLE SALE WAS UTILIZED TO FURTHER SUPPORT VALUE FOR THE SUBJECT THE SUBJECT PROPERTY I8 CURRENTLY UNDER CONTRACT FOR $380000, HOWEVER, THE ABOVE COMPARABLE WAS NOT FOR SALE ADMINISTRATIVE COMI PAGE OF XHIBIT. #4 4 exnisit/O_pace 24. Fila No, BrLUT Borrower JONSON, KIMBERLY Property Address 1570 STARGARER TERRACE Clty aaNEoaRD : Sito FL. Lender/Cltent County SEMINOLE BpCoda 32771 MORGAN FIWAHCIAL, 160 INTERNATIONAL PRWY., STE 280, HEATHROW, FL. 32746 NEIGHBORHOOD BOUNDARIES: N-ST.JOHNS RVR, E-I-4, S-ORANGE BEVD., W-WEKIVA STATE RESERVE. ADMINISTRATIVE COMPLAINT. exnipit #_4 PAGE 9 OF ; : exnisit_/O pace ZS Photograph Addendum Bonewer JOHNSON KIMBERLY Properly Addrees 1570 STARGAZER TERRACE Cly SANFORD County SEMINOLE Stas PL. Zp Coda 32771 LendedGent MORGAN FINANCIAL Lenders Address 160 INTERNATIONAL PRWY., STE 280, HEATHROW, FL. ‘Appriser HOME SOLUTIONS APPRAISAL SERVJAppralsare Adds P.O.BOX 391554, DELTONA, FL. 32739 Subject Front Subject Rear - Subject Street ADwllliSTRATIVE COMPLE EXHIBIT #___ + PAGE (2... OF __| EXHIBIT_/O_pace 76 Photograph Addendum Borrower JOHNSON KIMBERLY Property Address 1570 STARGAZER TERRACE City SANFORD County SEMINOLE Stas FL, Zp Code 32771 LenderiCien!| MORGAN FINANCIAL Lender's Address 160 INTERNATIONAL PRWY., STE 280, HEATHROW, Fh. Appraiser HOME SOLUTIONS APPRAISAL SERV Appmisor's Addwss P.O.BOX 391554, DELTONA, FL. 32739 Subject Interior 1 LIVING ROOM Subject Interior 2 KITCHEN Subject Interior 3 FAMILY. ROOM EXHIBIT_/@ pace_77 aus res EXHIBIT #_ PAGE Photograph Addendum Bonower JOHNSON KIMBERLY Proparty Address 2570 STARGAZER TERRACE Gly BANFORD County SEMINOLE Stile FL. Zip Cota 32771 LandevClient MORGAN FINANCIAL Londers Address 160 INTERNATIONAL PRWY., STE 280, HEATHROW, Fh. Appraiser HOME SOLUTIONS APPRAISAL SERViAppraisers Addmss P.O.BOR 391554, DELTONA, FL. 32739 Subject Interior 4 BATHROOM Subject Interior 5 BEDROOM Subject Interior 6 MASTER BATHROOM Exnipi/O_ pace 2f Photograph Addendum Honewer JOHNSON KIMBERLY Property Address 1570 STARGAZER TERRACE Giy SANFORD County SEMINOLE Sis FL. ZipCode 32771 LenderClent MORGAN FINANCIAL Lenders Address 160 INTERNATIONAL PRWY., STE 280, HEATHROW, FL. Appmker HOME SOLUTIONS APPRAISAL SERViAppralscrs Address P.O.BOX 391554, DELTONA, FL, 32739 Subject Interior 7 MASTER SUITE Subject Interior 8 BALCONY VIEW FROM MASTER ST ADMINISTRATIVE COMPLAINT EXHIBIT # PAGE WG OF exnipit_“@ pace ZF Photograph Addendum Borower JOHNSON KIMBERLY Propeny Address 1570 STARGAZER TERRACE City SANFORD County SEMINOLE State FL. Zp Code 32772 LendariClient MORGAN FINANCIAL Lenders Address 160 INTERNATIONAL PRWY., STE 280, HEATHROW, FL. Appraiser HOME SOLUTIONS APPRAISAL SERV JAppralsars Address P.O.BOX 391554, DELTONA, FL. 32739 Comparable 1 1499 STARGAZER TERRACE SANFORD Sale Price $ 390,000 Date of Sale 05/2003 Age NEW/0 Total Rooms E Bedrooms 4 Baths 2.5 GLA 2570 Comparable 2 1855 STARGAZER TERRACE SANFORD Sale Price $ 350,000 Date of Sale 07/2003 Aga NEW/0 Total Rooms 8 Bedrooms 4 Baths 2 GLA 2317 Comparable 3 1739 STARGZER TERRACE SANFORD Sale Price $ 350,000 Date of Sale 06/2003 Age NEW/O Total Rooms 8 Bedrooms 4 Baths 2 GLA 2377 XHIBIT # PAGE l exnipit_/@ pace_ £2 Photograph Addendum Bomower JOHNSON KIMBERLY Pmperty Address 1570 STARGAZER TERRACE ; Clty SANFORD . « County SEMINOLE Stata FL. ZipCode 32771 ' LenderChent MORGAN FINANCIAL Candars Address 160 INTERNATIONAL PRWY., STE 280, HEATHROW, FL. Appraiser HOME SOLUTIONS APPRAISAL SERV JAppralser's Address P.O.HOX 391554, DELTONA, FL. 32739 Comparable 4 1732 STARGAZER TERRACE SANFORD Sale Price $ 420,000 Date of Sale 04/2003 Age NEW/0 Total Rooms g Bedrooms 4 Baths 3 GLA 2722 ADMIMIOTTVErS> TOMPLAINT exnipit tf PAGE wt. OF . exnpit/ 7 pace_@/ - qoreon, SKETCH ADDENDUM Borrower JOHNSON KIMBERLY Property Address: 1570 BTARGAZER TERRACE County SEMINOLE 32771 HEATHROW, Zip Coda + STE 280, 746 FL. 32 MORGAN FINANCIAL, Lendar/Ctient PAGE Eecry TO" {fda i 160 INTERNATIONAL, PRAY. gommgon, MAP ADDENDUM Borrower JOHNSON KIMBERLY Property Address 1570 STARGAZER TERRACE City SANFORD . Counly SEMINOLE Stata FL. ZpCoda 32774 Lender/Cliant MORGAN FINANCIAL, 160 INTERNATIONAL PRAY., STE 280, HEATHROW, FL. 32746 ADEIMSTRATIVE COMPLAINE exnipit_/@_pace_?2 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 ts not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and 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 inter- est; (3) a reasonable time [s allowed for exposure In the open market; (4) payment is made In terms of cash in U. S. dollars or in terms of financlal arrangements comparable therato; and (5) the price represents the normal consideration for the property sold unaffected by special ar creative financing or sales concesstons* 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 necessaty for those costs which are nonmally pald 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 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 transactlon, Any adjustments should not be cal- culated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment shauld approximate the market's reaction to the financing er 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 sublect to the following conditions; 1. The appraiser will not be responsible for matters of a legal nature that affect elther the property being appraised or the title to it, The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title, The property Is appraised on the basis of It belng under rasponsible ownership. 2. The appralser has provided a sketch in the appraisal report io show approximate dimensions of the Improvements and the sketch Is included only to assist the reader of the report In visualizing the property and understanding the appralser's determination of Its size, 3. The appraiser has examined the avallable flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted In the appralsal report whether the subject site {s located In an Identified Special Flood Hazard Area. Because the appraiser Is not a surveyor, he or she makes no guarantees, express or implled, regarding this determination, 4, The appraiser wil! not give testimany or appear in court because he or she made an appralsal of the property In ques- tion, unless specific arrangements to do so have been made beforehand, 6. The appralser has estimated the value of the land in the cost approach at its highest and best use and the (mprove- ments at their contributory value. The separate valuations of the fand and Improvements must not be used In conjunc- tion with any other appraisal and are Invalid If they are so used, 6. The appralser has noted In the appraisal report any adverse conditions (such as, needed repairs, depreciation, the JADIVIMNES LMA iv Gee oe presence of hazardous wastes, toxic substances, eto.) observed during the Inspection of the subject property or that he or she became aware of during the normal research invalved in performing the appraisal, Unless otherwise stated in the appralsal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or war- ranties, express or implied, regarding the condition of the property, The appralser will not be responsible for any such conditlons that do exist or for any engineering or testing that might be requirad to discover whether such conditions exist. Because the appralser is not an expert in the field of environmental hazards, the appralsal report must not be con- sidered as an environmental assessment of the property, 7. The appralser obtained the informatlon, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and belleves them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were fumished by other parties. 8, The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, D, The eppretee: hme bemeed ble or her eppratent repent eet valumtlen eenstuelen fer en wppretent thal le wubject be watte factory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner, 10. The appraiser must provide his or her prior written consent before the iender/client specified in the appraisal report can distribute the appralsa! report (Including conclusions about the property value, the appraiser's identity and profes~ sional designations, and references to any professional appraisal organizations or the firm with which the appraiser is assoclated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insures; con- sultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/cllent may, distribute the property description section of the report only to data collection or reporting setvice(s) without hav- . { ing to obtain the appraiser's prior written consent. The appralser’s written consent and approval must also be obtained EXHIBIT #£ Y before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other PACE LY OF Media. eeanegtypet aml - ~———"Freadie Mac om 439 6-93 Page 1 of 2 Fannle Mae Form 10048 6-93 ExHipit_ /O_PAGE SY. 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 simi- lar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant Item in a comparable 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 [s 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 vatue 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 | beliave, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. | stated tn the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclu- clusions, 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 blas with respect to the participants in the transaction, | did not base, either partially or completély, my analysis and/or the estimate of market vatua in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of elther 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 currant or future employ- ment ner my compensation for performing this appralsat 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 cllent or any related party, the amount of the value estimate, the attalnment of a specific result, or the occurrance of a subsequent event In order to receive my compensation and/or employment for performing the appralsal. | did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan, T. | performed this appraisal in conformity with the Uniform Standards of Professtonal Appralsal 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 appralsal, 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 defini- tion of market value and the estimate | developed ts consistent with the marketing time noted in the neighborhood sec- tion of this report, unless | have otherwise stated In the reconciliation section. 8, I have personally inspected the interlor 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 condl- tions In the subject Improvements, on the subject site, ar on any site within the immediate vicinity of the subject prop- erty of which | am aware and have made adjustments for these adverse conditlons 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 condi- tions 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 teport, If 1 felled on significant professional assistance fram 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 appralsal 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 fs made to the appralsal report, | will take no responsibility for it. SUPERVISORY APPRAISER'’S CERTIFICATION: If a supervisory appralser signed the appraisal report, he or she certifies and agrees that: | directly supervise the appraiser who prepared the appralsal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appralser’s carti- fications numberad 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 1570 STARGAZER TERRACE, SANFORD, FL. 42771 APPRAISER: é SUPERVISORY APPRAISER (only if required); Signature: ; i Signature: pA link — Name: Name: Date Signed: 99 /aa/2003 Date Signed: 99/15/2003. State Certification #: State Certification #: or State License #: nyc agar REA 6459 or State License #: ADWUNIS LR rae State: State: oy, RAL IVE CUM FE ail Date of Certification or License: 34 sana4 Expiration Date of Certification or License: 14/2004 EXHIBIT. 4 eee . id Did Not Inspect Propel PAGE IS oF td Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae io 10048 6-93 EXHIBIT/¢/_PAGE_¥.S” REAL ESTATE APPRAISAL Prepared For: MORGAN FINANCIAL 160 INTERNATIONAL PRWY, STH.280, HEATHROW, FL, 32746 Property Appraised: . 5496 WHISPERING MEADOWS COURT SANFORD, FL. 32771 Prepared By: BOMB SOLUTIONS APPRAISAL SERVICE B.O,ROX 391554, DELTONA, FL. 32739 ADWUNISTRATIVE COMPLAINT EXHIBIT #_ o> : PAGE a E : exnisir_/O pack § 3. : : Caso No, BALL, : Property Description UNIFORM RESIDENTIAL APPRAISAL REPORT Fino. BAIL Properly Address 5496 WHISPERING MEADOWS COURT City SANFORD State FL. ZipCode 32774 Legal Desoripiion LOT 517 LAKE FOREST SECTION 10B PB G0 PGB 64-65 County SEMINOLE It Assessor's Pafoe|No, 19-19~30-512-0000~5170 Tax Year 2002 R.E. Taxes $444.00 "~ Spacial Assessments $ 0.00 Current Owner SAME Occupant: [| Ownar | | Tenant |) Ver | Borrower BALL, EVANGELIA B] Property rights appraised _| | Fae Simple] _| Leasehold | ProjectType [x] PuD . [| Condominium (HUD/VA only) HOAS 150.00, / be Nalohbortiood orProjactName LAKE FOREST Map Reference 19 19 30 Cansus Tract 207.02 fy Sas Pros $ 480000 Date of Sale PENDING Dasoription and $ amount of loan eharges/concessions to ba pald by seller UNKNOWN Lender/Client MORGAN FINANCIAL, Addesa 260 INTERNATIONAL PRAY, STE.280, HEATHROW, FL. 32746 Appralser HOME SOLUTIONS APPRAISAL SERVICE Addresa F.O.80K 391554, DELTONA, FL. 32739 Louatlon Urban Suburban] | Aural Prodominant _{ Single fomfly housing | Present land use % | Land use change Bulit up Over7s% [x] 25-78% [| Under 25% | occupancy § (000) (ira) [Onetamily 200 ¥] Not tkely (T] uk Growth Rate Rapid [<] stabia [7] stow XJ Owner RED) Low MEW | 2-4 tamily LJ tn process Property vatues[__] increaaing [3] Stable ] Deofining Tenant S70 High 10 Multi-family To: Domand/aupply [|__| Shoriaga — [] Inbatanee [__} Over supply |[9E} Vacant (0-88) |[]I[I[| Predominant [|||] Commercias Markating tima [|] Under moa, [x] 3-6 mos, [” ] OverGmos.|{ | vacant (oversx) |500 5 ( J NI Note: Race and the racial compngition of the nalghborhood are not sppralsal factors. Nelghborhoad boundarles and characterlatios; THE NEIGHBORHOOD CONSIDERED CONSISTS OF BINGLE FAMILY RESIDENCES OF ATHILAR I] Ace, AND VALUE. Sze ADDEUNDUM. tractors that affeol the marketability of the properties In the nelghbarhaad (proximity 1p employment and amanities, ‘employment stabllity, appeal to market, at, {] PROXIMITY TO EMPLOYMENT AND AMEWITIZG XS AVERAGE FOR THE AREA WITH SHOPPING, BANKING, AND MEDICAL FACILITIES ky NEAR BY. EMPLOYMENT I PRIMARILY SERVICE INDUSTRY, TOURTGM, AND RETIREMENT RELATED AND HAS BEEN RELATIVELY STABLE. APPEAL TO THE MARKEY FOR THIS PRICE RANGE HOME I8 AVERAGE bl ig Market conditlone tn the subject nalghbortood (Includiig suppor! for he abave Gonolusions related to the trend of Property valuas, damend/supply, and marketing t = auch as data on compotitive properties for sale In the nalghborhood, desorption of ihe pravalonce of sales and financing concesslans, ot PROPERTY VALUES HAVE REHAINED RELATIVELY STABLE WITH SUPPLY AND DEMAND IN BALANCE, BASED UPON AVAILABLE DATA WITH MARKETING TIME APPROXIMATELY 3 TO 6 MONTHS FOR EXISTING HOMES PRICED 'AT MARKET' ALL TYPES OF FINANCING ARE AVAILALBE TO QUALIFIED BUYERS. INTEREST RATZA HAVE BERN FLUCTUATING WITH LITTLE OR NO USE OF BUY-DOWNA, DISCOUNTS, HOT. AT THIA TIME. Project Information for PUDs (If npplicable) - - ta tha davaloper/bulldar In aontral of the Home Ownera’ Assooiailon (HOA)? LJ} ves [Jno Approximate total number of units In the eubject project 75 . Approximate total number af untta for sale In the subject project 2 Describe common slaments and recreational faaliitiea: MANYED SECURITY/COMMON AREAS/GOLF COURSE/TENNIS/REC ROOM/GLUBEOUBE/PL Olmensions IRREGULAR Topography BASICALLY LEVEL Site ores 12000 sF +/- CormarLot [| Yes No | Size _ JRYPICAL, Speoltic zoning classification and desctiption SINGLE FAHILY RESIDENCE Shape REGULAR Zontng Compliance (] Lagat Mey No zoning Dralnoge APPEARS ADEQUATE View RESIDENTIAL Utilities Off-site improvements Type Landacaping TYPICAL Electricity Street ASPHALT x C] Orlveway Surfage =. CONCRETE Gos Curb/gutter CONCRETE LX] [£7] |Apparenteasomonts NOW! APPARENT Water Sidewalk = CONCRETE (%]° (] | FEMA Speotel Flood Hazard Aree Yos Sanitary cawer [X ] | Streatlighta VAPOR x} FEMA Zona xX Map Date 04/17/91 Storm cower x | Allay RONB FEMA Map No, 120289 0040 Commonts (spparont adverse sosementa, ancrosohmente, special ssnesaments, allde oreas, illagel of lagal noncontorming zoning use, ate.): THERE ARR NO ADVERSE BASEMENTS OR ENCROACHMENTS, THIS REFORT IS SUBJRCT TO INTEREST AND EASEMENTS AS WOULD BE WOTED IN A SURVEY. GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION f3) No, of Unite Onn Foundation | CONG BLAB Slab CONCRETE Area Sq.Ft N/A. Root Ey No. of Storlas ONE. Exterlor Walls ca/atuc Craw! Space 8/A %Finishod N/A Calling eNctD [> fe] Type (Det/Att) Der Roo! Surface ASPH BENGE | Basemont _H/A. Callln N/a Walla =cnorD [> ee BENGE _| 1” Li Design (Styla) RAMBLER, Guttera & Dwnaple, BONE ALUM Sump Pump N/A Walla n/A Floor + C My ExlstIng/Proposed EXIBT Window Type DBLP Dampnoss NONZ NOTED | Floor N/a None C iy Age (Yra.) NEW Storm/Soreeans NO/YEZS Setllament NOWZ NOTED Ouiside Entry N/A, Unknewa, C Manufactured House NO {ntostation NONE NOTED NI ROOMS Foyer Living Dining Kitohen Den Family Rm. | Reo, Am. l Badrooms Laundry | Othor Aroa Sy, F Kiovelt | a 1 2 2 t 4 3 Fa 2922 Rooms; 4 Badraom(s Square Fact of Grosa Living A CJ INTERIOR: Matarlala/Ronditian HFATING KITCHEN Fale ATTIC AMFNITIFR ere, | CAR ATOBAGE [4 Floors wecornesime |TYPE an Rotrigerater [| | None [7] | Firaplaco(s) & None felis peynact/pateryne | Fuel recy | Range/oven [y] | stairs L_| | Patio Garage #otc )Tim/Finich cree eensnc/nen | Condition sree Disposel = [| jDropstar = [,] | Deck f Attached = fe Sath Floor were jue, COOLING Dishwasher [] j Scuttle Cx} | Porch gimseo [x] | Detsched Bath Walngcot © were pnee Central ype | Fan/Hood §[] | Ftoor Fence CJ | sulin Ee] Doors Woon JEW. Other aoe Microwave [yy] | Heated LJ | Pool Lu} | Carport Washer/Dryer Finished Drlveway ADMINISTRATIVE C! EXHIBIT # 45 Adverse environ: S mental conditions {such as, but no! limlled to, hazardous wastes, toxic substances, eto.) preaent.in the improvements, on tha site, of In Ammadiste-vieinity-ofthesubject property: opps ama I exmisit_LO_pace &Y leet Aus EXHIBIT #F PAGE 2 OF iNISTRATIVE CO Valuation Section UNIFORM RESIDENTIAL APPRAISAL REPORT Case No, File No. ESTIMATED SITE VALUE Pr) 84,000 |Comments on Cost Approach (such as, source af cost estima [oy ESTIMATED REPRODUCTIOI q alte value, square foot caloutatlon and, for HUD, VA’and FmHA, t fy Dwatiing 2,922 SgFte$ 120.00 =§ 350,640 estimated remaining economia tite of the property): 8g. Ftes . Coat Is REPLACEMENT NOT REPRODUCTION cOST, ENT/COV FRV/SC BY/TRR . 14,000 MARSHALL & BWIFT COST MANUAL & LOCAL BUILDER Hi Garage/Carport 590 §q.F1@$ 50.00 = 29,500 MARKET CORT ESTIMATES WERE UTILIZED. SITE VALUE f=] Total Estimated Cost Naw ve "3 394,140 HAS BEEN DETERHINED BY EXTRACTION FROM COUNTY [SF Loss Physiost |) Funotional ; External RECORDS OF VACANT LAND SALES IN THE AREA. Fy Pepreciation N/A | [ =$ PHYSICAL DEPRECIATION ZA BASED UPON EFFECTIVE fe) Depreaiated Value of Improvements . a B 394,140 AGZ. THE REMAINING ECONOMIC LIFE OF THE SUBJECT “As-la* Valu of Site Improvements 25,000 IMPROVEHENT I5 ESTIMATED AT 40 YEARS. INDICATED VALUE BY COST AP! 493,140 ITEM SUBJECT COMPARABLE NO, 1 COMPARABLE NO, 2 COMPARABLE NO. 3 5498 WHISPERING MEADOWS {5318 VISTA CLUB RUN ‘5036 ATONEBARK COVE 1661 BROADOAK Loop Address SANFORD ‘SANFORD IBANEORD [SANFORD Proximity to Subleot [IMMUN 7 stocks to BLOCKS i, BLooK Sales Price $ 480,000 (TIMI [s 29 ,o00)|fII MTs 403, 000 MINI is 410, Prioa/Grose Liv. Area | $ 164.27 7i|/$ ier.06 Zllill Hs 159.10 7 MMM s 350.61 alin Date and/or PUBLIC RECORDS /PUBLIC RECORDS PUBLIC RECORDS PUBLIC RECORDS Vatitivation Sources |INBPECTION [MLS ML MLS VALUE ADJUSTMENTS] DESCRIPTION gescarrion” | +(-)$Adjusiment| DESCRIPTION | +(-)sAdjusimon| DESCRIPTION | +(-)SAdjuate Sales of Financing if lcony { conv { conv | fe canoesalons i] jNOH 35 { DOM 165 { [DOM 75. t Il Octe of Sato/Time (NM ios/2003 T G2/2003 i 02/2003 i iw Location JAUBURBAN SUBURBAN { SUBURBAN { SUBURBAN { Leasehold/Foe Simpla|FRB SIMPLE FRR SIMPLE i FEE SIMPLE 4 FRR SIMPLE { Stte 25000 sr +/- 25000 SF +/- H 45000 SF +/- { #10000 5000 SF +/- | #10000 Viaw IAVERAGH LARS ‘=25000 lAVERAGE T |AVERAGE T rl Design and Appoal =jRAMBLER [RAMBLER | RAMBLER, it RAMBLER, i [5 Guality of Construction [eB /s'TuC [oB/aTuc { jca/stuc i ca/aruC i lel Ago INEW/O @YRS/ENF 2 | +8000 hiew/0 H W/O T Condition red laouD | +5000 wd T ud i 19] Above Grade Total Adms Balhae Total Bdrna Baihs | Tolal Bima — Satho T Tals! Bdrms Bathe Hi fe Room Gount 6 ”@ i. ls (a {a i 7 i i | +10000 7 2 | #10000 [Gross Living Area = [2922 Sq.Ft [3674 Sq.Ft | -41400 j2533 Sq.Ft | +29200 2505 8q.Ft, | +25300 fay Basement & Finlohed fi7A n/n i 7 H hi7A H a Flooma Below Grade N/A N/a | 0, { hi/A | fyFunottonsl uiuity — (txPrCAL TYPICAL Ky Heaiing/Coolng [FHA H/A ELECT [FHA H/A Rumor | Energy Etficlantitems |CBILING FANS —_|CRTLING FANS | CEILING FANS (CRILING FANE 4) Gorage/Carport IS CAR ATT. GRG {3 CAR ATT. GRa 2 CAR ATT, GRG +5000 Ia CAR ATT, GRG JW Poroh, Patio, Deck, jzwr PRC ets BRC ENE YRC —_ law? PRG [MFireptace(s), otc, fcav Pre BCR PRC/PTO | -10000 CR PRC/PrO {| -10000 PTO +5000 84 Fence, Pool, ato. TR/BC SY IR/SC BY/PL { -20000 t8/scy/PL {| -20000 ITR/SC BY Hi RIT EQUIP JOPGR KIT BQUIP |UPGR KIT BQUIP { STD KIT EQUIP H +10000 STD KIT EQUIP | #10000 Fe} Not Adj, (total) + ExX}e ft 86,400} |x} + - ts 34,200) |x] + “19 60, Adjusted Sales Price ofComparable lls 542, 600) | $ 437, 200 il |. 470, Commants on Salas Comperlaan (including the subject property's compatibility to the nelghborhaod, ata.) COMPATABLE WITH THE NEIGHBORHOOD. COMPARABLES SOLD WITHIN (HE LAST 9 MONTHS, WERE WITH IN 1 MIL® OF THR THE SUBJECT PROPERTY 18 SUBJECT PROPERTY AND WERE SELECTED AS THE MOST AJMILAR IN SIZE, AGE, DESIGN, AND VIEW AND WOULD BE ALL CONSIDERED BY THE SAME BUYER. ADJUSTMENTS ARE WITH IN NORMAL GUIDELINES AND WERE MADE Ad REQUIRED FOR DIFFERENCES IN AIZE, AGE, CONDITIONS, AND AMENITIES, ITEM SUBJECT COMPARABLE NO, 1 COMPARABLE NO, 2 COMPARABLE NO. 3 Dale, Price ond Data ONLY SALE IN ONLY SALE IN LAST 3 YEARS ONLY SALE IN LAST 3 YEARS ONLY BALE IN LAST 3 YEARS Source for priorselas |LAST 3 YEARS within year of sppralanl| Analysis of any current agreement of sale, option, of listing of the subjeot properly and analyala of any prior salag of subject and comparablas within ona year of the date af appre THE SUBJECT PROPERTY IH CURENTLY UNDER CONTRACT FOR $480000.00, HOWEVER, TES ABOVE COMPARASLES WERE NOT FOR SALE At THE TIME OF THIS APFRATIBAL. INDICATED VALUE BY SALES COMPARISON APPROACH . 480, a = This appraisal is mada Loy | “as ia” ‘subjeot to the repaira, alterations, inspections, or conditions fisted belaw: subject to comploticn per plans and epacilicalh Conditions of Appraisal: [COME APPROACH TD VALUE WAS Ji OT_UsEA DOR TO THe DATA. - ACK OF Final Reconciliation: ‘The purpose of thls sppralaal Is to estimate tha market value of the real proparty that Is the cubject of thla report, based an the above conditions end the cartification, conting and fralting canditions, and market value definition that are stated in the attached Freckdia Mao Form 438/Fannie Mae Form 10048 ‘THE MARKET VALLE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, VE DATE OF THIS REPORT) TO BE $ Vito Es (Revised pe sro9a }. ASOF nogiayanoa ATE OF APSPECTION AND fac,noo APPRAISER: yy SUPERVISORY APPRAISER (ONLY IF REGUIRED): ER Signatur Signature A GJ] ow (ore NOMS arnt GTA LEE MECAY Name Inapact Property japoctS) Tate Report Signed State Certification # Stale Slate Cortifoation toes pea sane Stale OrStateLicense# Lo LL State __ Or State Licanoe # State exnipit_/O pace &S ADMINISTRATIVE EXHIBIT #3” hae Ske than, the subject property, a minus: ‘Thess racent sales of properties ara most almilar and adjustment Ip made, subjact property, a plue (+) adjustment is made, thus incre: SALES COMPARISON ANALYSIS Case No, File No. proximate fo subject and have been coneldared In the markal analysiz. The description Inotudas a dollar adjustment, rafleall market reaation te thesa items of significant variation batwaen the subject and comparable proparties. If a aigrificant ttem In tha comparable proparty fs superior to, ar more favoral -) , thus reducing ihe Indicated value af subject; If a algnifieant item In lhe comparable {a inferior to, or Jase favorable than, { aasing tha indicated value of the subject. ITEM SUBJECT COMPARABLENO. 4 COMPARABLE NO. GOMPARABLE NO. 5498 WHISPERING MEADOWS 5248 SHORELINE CIRCLE Address BANFORD SANFORD Proximity to Subiect (HLUI| MM Is Bzocxs Salas Prioe $ 4so,oo0 IMI $ 424,900) IMU s IAI $ Price/Grosa Liv. Area | $ 164.270|$ 161.63 WI} (UT s a $ ATT Data and/ar pare RECORDS |PUBLIC RECORDS Varlficaiion Sauroea INSPECTION MES VALUE ADJUSTMENTS| DESCRIPTION DESCRIPTION [+{-)SAdiatment| DESCRIPTION [8 SAdjusiment| DESCRIPTION | + {-)S Adjuair Solan or Financing | conv | ' Concessions pow 175 H ! i Date of Sala/Time ltl 42/2002 i I i Location |SUBURBAR SUBURBAN { I i Leasehold/Fee SimplalEEE SIMPLE FRE SIMPLE { i im i Site 25000 er +/- ‘|15000 ar +/- | 410000 i i i Viow IAVERAGE ensint, [_-10000 i I Dealgnand Appeal RAMBLER RAMBLER i | i Quality of Canstruotion |cB/sTUC \cH/aroc H i i Age hen /o IS YRS/EFF 2 { +s000 { T i Condition, NEW lsoap { +5000 T i Above Grade Totst Adma — Balhs Talal Scion Balhs i “Total _Buims Bathe t Total Baia | Bathe { Room Count io ja 43 ie ia iS _| t i i t i { Gross Living Araa__fag22 Sq.Ft, [s062 Sq.Ft. | -10500 Sq.Ft | Sq.Ft | £) Basement & Finished (N/A N/a i i | Hi) ooms Bolow Grade [k/n” aN ; \ i fj Functional uthity [TYPICAL TYPICAL { | i EVHosting/Goaling (FHA H/A ELECT (FHA H/A ELECT | | i fej Enorgy Efficient items |CRILING FANS [CEILING FANS | | i [e) Garage/Carport 3 CAR ATT, GRG if Hy Poroh, Patla, Deck, iNT i [{]Oate, Price and Data joNLY ALR IN © [MODEL HOMR/ONLY SALE IN fay Source for-prlor goles LAST @ YEARS LAST 3 YZARS By wilhin year at appratsat THE ABOVE COMPARABLE SALE WAS UTILIZED TO FURTHER BUPPORT VALUE FOR 'THE SUBJECT THE SUBJECT PROPERTY I8 CURRENTLY UNDER CONTRACT, HOWEVER, THE ABOVE COMPARABLE WAS NOT FOR SALE AT THE TIE OR THIS APPRATSAL. EXHIBIT_/ O pack 8b. Fila No. Borewer BALL, EVANGELIA Properly Address 5498 WHISPERING MEADOWA COURT City BANFORD County SEMINOLE Stata FL, ZipCode 32771 Lender/Cfient MORGAN FINANCIAL, 160 INTERHATIONAL PRAY, STE.260, HEATHROW, FL. 32746 NEIGHHORAOOD BOUNDARIES: N-ORANGE BLVD., B-OREGON AV., A-8T.RD.46, W-ORANGE BLVD. ADDTIOWAL FEATUERS: THE SUBJECT FROFERTY HAS MARBLE COUNTERTOPS IN THE KITCHEN AND BATHROOMS, CUSTOM CERAMIC TILE FLOORSAND WAINSCOTING, AND UPGRADED CARPEY. THE TRIM IS CROWN MOLDING, THE KITCHEN APPLIANCES ARE UPGRADED. ADMINISTRATIVE COMPLAINT XHIBIT #5" ~ PAGE __ 5 OF —— egrisir_1O pace £7, : Photograph Addendum Borower BALL, EVANGELIA Proparty Address 54938 WHISPERING MEADOWS COURT City SANFORD County SEMINOLE . Stata FL. ZipCode 32772 LanderfGlent MORGAN FINANCIAL Lender's Address 160 INTERNATIONAL PKWY, STE.280, HEATHROW, FL. : Appraiser HOME SOLUTIONS APPRAISAL SERVAppmisors Addmos P.O,BOX 391554, DELTONA, FL. 32739 Subject Front Subject Rear a AY a yi heyy HE ahead Ce nrieat Subject Street AUMINISTRATIVE EXHIBIT #5 PAGE @ ADMINISTRATIVE CC Z 7 EXHIBIT. # Photograph Addendum Banowor BALL, EVANGELIA’ Property Address 5458 WHISPERING MEADOWS COURT City SANFORD County SEMTNOLE Stata FES ZipCode 32771 LenderCliant MORGAN FINANCIAL Lendors Address 160 INTERNATIONAL PKWY, STE.280, HEATHROW, FL. . Appraser HOMB SOLUTIONS APPRAISAL SERV lppmise’s Address P.O.BOX 391554, DELTONA, FL. 32739 Subject Exterior 4 MASTER BEDROOM Subject Exterior 5 MASTER BATHEROOM Subject Exterior 6 DINING AREA exHiBIT 10 pace 84. Photograph Addendum DMINISTRATIVE COMPLA KHIBIT #5 AGE 4 OF Bonower BALL, EVANGELIA Proporty Address 5498 WHISPERING MEADOWS COURT City SANFORD County SEMINOLE Btute FL. ZipCode 32772 LendarClient MORGAN FINANCIAL Lender's Address 160 INTERNATIONAL PKWY, STR.280, HEATHROW, FL. : Appraiser HOME SOLUTIONS APPRAISAL SERV Appraisers Addwss P.O.BOX 391554, DELTONA, FL. 32739 Subject Interior 4 FAMILY ROOM Subject Interior 5 BEDROOM Subject Interior 6 BATHROOM exnisit_O pace 70 _ Photograph Addendum Borower BALL, EVANGELIA | Properly Address 5498 WHISPERING MEADOWS COURT Clty SANFORD County SEMINOLE Stota FL. ZpGede 32772 LondaiCient MORGAN FINANCIAL Lenders Addmss 160 INTERNATIONAL PKWY, STE.280, HEATHROW, FL. : Approer HOMB SOLUTIONS APPRAISAL SERV Appraisers Address P.O.BOX 391554, DELTONA, FL. 32739 Subject Interior 7 BEDROOM Subject Interior 8 KITCHEN Subject Interior 9 BEDROOM ADMINISTRATIVE come haa EXHIBIT #5 PAGE 9 OF exnisit_/O page 7). Photograph Addendum Borrower : Proparty Address i Cily Gounty State Zip Code LendariGlent Lender's Address Appmisar Appralsars Address Comparable 4 5248 SHORELINE CIRCLE SANFORD, Sale Price § 494,900 Date of Sale 12/2002 Age 5 YRS/EFY 2 Total Rooms 8 Bedrooms 4 Baths 3 GLA 3062 AUIS LRALIVE COMPLAINT. EXHIBIT #5 PAGE /0__ OF exnipit JO pack G2 EXHIBIT_/(_ PAGE FL. 32746 County BEMTNOLE ZipCode 32771 STE.260, HEATHROW, = =] ray 2 wy Q [= < x fi i4 wa TPE f Ga a [ao erro Lid iho7BTRI 160 INTERNATIONAL FRAY, TOLLE 5496 WHISPERING MEADOWS COURT SANFORD Property Addresa MAP ADDENDUM Borower AALL, EVANGELIA Property Address 5498 WHISPERING MEADOWS COURT City. SANFORD County SEMINOLE State PL. ZipCode 32771 Londar/Cllent_ MORGAN FINANCIAL, 160 INTERNATIONAL PKWY, BTZ.260, HEATHROW, FL, 32746 _ t 1 ™ 3 10)41/ 12/73} j SR se ms me es mas BB) Bl 8) BS) EB) Ba Bs ol 5E 98 “litres J Trike CATH AUGAETY |g shunvere UT TREN seca AGS Lo sone 2 ADMINISTRATIVE EXHIBIT #_S | PAGE 1&2 extisit_/O pace 7 4 DEFINITION OF MARKET VALUE: The most probable price which a praperty shauld bring in a competitive and _ open market under alt 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 speclfled date and 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 inter- est; (3) a reasonable time |s allowed for expasure In the open market; (4) payment is mace In terms of cash In U. S, dollars or In terms of financial arrangements comparable thereto; and (5) the price fepresanis the normal consideration for tha property sold unaffected by speclal or creative financing or sales concesslons* granted by anyone associated with the sale. *Adjustments to the comparables must be made jor special or creative financing or sales conceaslans. 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, Spectal or creative financing adjustments can be made to the comparable property ty comparisons to financing terms offered by a third party Institutional Jender that is not already Involved in the property or transaction, Any adjustments should not be cal- culated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER’S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appralser’s certification that appears in the appraisal report is subject to the fallowing conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect elther the property being appratsed or the title to it, The appralser assumes that the title Is good and marketable and, therefore, will not render any opinions about the title. The property ts appraised on the basis of It being under responsible ownership, 2. The appraiser has provided a sketch ff the appraisal report to show approximate dimenstons of the Improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appralser’s determination of Its size. 3. The appraiser has examined the avallable flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted In the appraisal report whether the subject site !s located in an Identitled Special Flood Hazard Area, Because the appraiser is not a surveyor, he or she makes no guarantees, express or implled, regarding this determination, 4, The appraiser will not give testimony or appear In court because he or she made an appralsal of the property in ques- tlon, unless specific arrangements to do so have been made beforehand. 5, The appralser has estimated the value of the fand In the cost approach at its highest and best use and the Improve- ments at thelr contributory value, The separate valuations of the land and Improvements must not be used In conjunc- tion with any other appraisal and are invaild 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 sha became aware of during the normal research involved In performing the appraisal, Lintess otherwise stated in the appratsat report, the appratser has no knowledge of any hidden or unapparent conditiona of the property or adverse environmental conditions {including the presence of hazardous wastes, toxle substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or war- rantles, expresa or Implied, regarding the condition of the property. The appralser 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 fleld of environmental hazarda, the appraisal report must not be con- sidered as an environmental assessment of the property. 7. The appralser obtained the Information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be rellable and believes them to be true and correct. The appralser does not assume responsibility for the accuracy of such items that were fumlshed by other parties, 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, ©, The opprateer bee bewwed bie er her epprahes! peperk end retumtter eenelielen fer er eppreieel det be culjent te wut factory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in @ workmaniike manner, : 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appralsal report can distribute the appraisal report (including concluslons about the property value, the appratser's Identity and profes~ sional designations, and references to any professional appraisal organizations or the fim with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage Insurer; con- sultants; professional appraisal organizations; any state or federally approved financial Institution; or any department, agency, or Instrumentality of the United States or any state or the District of Columbia; except that the lender/cllent may distribute the property description section of the report only to data collection or reporting service(s) without hay- D *MNISTRATIVE COMPLAINT ing to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained etl before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other iv BIT # wet 14 OF __ Freddie Mac Form 439 6-93 : Page 1 of 2 : Fannie Mae Form 10048 6-93 exnipit_/O_pace FS. APPRAISER'S CERTIFICATION: The Appralser certifies and agrees that: 1.1 have researched the subject market area and have selected a minimum of three recent sales of properties mest simi- tar and proximate to the subject property for consideration In the sates comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation, If a algnificant item in a comparable property fs 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 comparahle, 2, | have taken Into consideration the factors that have an Impact an 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 appralsal report are true and correct. 3. | stated In the appraisal report only my own personal, unblased, and professional analysis, cpinions, and conclu- clusions, which are subject anly to the contingent and limiting conditions specified In thls 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, elther partially or completely, my analysis and/or the estimate of market value In the appralsal report on the race, color, raliglon, 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 employ- ment nor my compensation for performing this appralsal 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 rasult, or the occurance of a subsequent ,8vent In order to receive my compensation and/or employment for performing the appralsal, | did not base the apprataal “report on a requested minimum valuation, a specific valuation, or the need to approve a spealfic mortgage loan, T. | performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appralsal Standards Board of The Appratsal Foundation and that were in place as of the effective date of this appratsal, with the exception of the departure provision of those Standards, which does not apply, | acknowledge that an estimate of a reasonable time for expoaure In the open market is a condition In the defini- tion of market value and the estimate | developed Is consistent with the marketing time noted In the nelghborhood sec- tian of thls report, unless | have otherwise stated in.the racanclilation section, 8. | have personally Inspected the Interlor and exterior areas of the subject property and the exterior of all properties \sted as comparables In the appraisal report. | further certify that | have noted eny apparent or known adverse condi- tlons In the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject prop- erty 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 condi- tions on the marketabillty of the subject property, 9, | personally prepared all conclusions and opinions about the real estate that were set forth in the appralsal report. If | ralled on significant professional assistance from any individual or individuals in the performance of the appratsal or the preparation of the appraisal report, | have named such individual(s) and disclosed the specific tasks performed by them In the reconolliation section of this appralsal report. | certify that any indjvidual so named fs qualified fo 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 appralsal report, | will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appralsal report, he or she certifies and agrees that: | directly supervise the appralser who prepared the appralsal report, have reviewed the appralsal report, agree with the statements and conclusions of the appratser, agree to be bound by the appralser’s certl- fications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 5498 WHISPERING MEADOWS COURT, SANFORD, FL. 32771 APPRAISER: te SUPERVISORY APPRAISER (only if required); Signature; t : i f Signature: A hab fon foe Name: pyrerora nee Mocay. Name: Date Signed: gs /1/2004 Date Signed; State Certification #: State Certification #: pee pea. aang or State License #: pep agar REA 6459 or State License #: State: 57. State: yp. Expiration Date of Certification.or License: 35 yano4 Expiration Date of Certification or License: 34/2004 ADMINISTRATIVE EXHIBIT 4 COMPLAINT Ge] Did [7] Did Not inspect Property °AGE OF Freddie Mac Form 499 6-93 Page 2 of 2 Fannle Mae Form 10048 6-93 ———Hredidle Mac For exnipit_ ZO pace 7b. REAL ESTATE APPRAISAL Prepared For: MORGAN FINANCIAL INC. 2.60 INTERNATIONAL PRWY, #280, HEATHROW, FL 32746 Property Appraised: 2168 NORTHUMBRIA DRIVE SANFORD, FL 32771 Prepared By: HOME SOLUTIONS APPRAISAL SERVICE P.O, BOX 391554, DELTONA, Fl 32739 ADMINISTRATIVE COMPLAINT Evite exuipit_{/_pace_2o-, Cuse No, ROBINSOW Ploperty Description UNIFORM RESIDENTIAL APPRAISAL REPORT __ Fie no. Ronriigant Ht Property Addross 2168 NORTHUMBRIA DRIVE Cliy SANFORD Stata FL _. ZipCode 32772 LegaiDescspiion LOT 67 HUCKINGHAM ESTATES PA 59 PGS 80-53 County SEMENOLE Assessor's Parcel No. 36-19-25-509-0000-0670 Tax Yeor 2002 RE. Taxes $ 504 Special Assessments $ H/A. Borrower RGBINSON, MONICA Currant Owner C/O HEARTHSTONE Occupant: Owner Tenant {XX Vacant Property rights appralsed | % | Fee Simplal Leasehold | Project Type [|X] PUD [_] Condominium (HUD/VA cnly} HOAS Tia. Nelahbarhoad of Project Name BUCKINGHAM ZSTATES Map Reference 2000 Census Ganaue Trnet 207-01 [saloPrian$ 480000 Dale of Salo FENDING Desoriplian and $ amaunt of foan oherges/conpensions tobapaldby sollor UNKOWN Lendor/Clent MORGAN FINANCIAL INC. ‘Addions 160 INTERNATIONAL PRAY, #260, HEATAROW, Fb 32746 Anpraiset HOME SOLUTIONS APPRAISAL SERVICE Address =P.O. BOX 391554, DELTONA, FL 32739 BI Location Urban 3¢] Suburban [_} Rural Predaminant Single family heuaing | Present tand use % | Land wee change Bg Guilt up «J over75x [2c] 25-75% Under 26% | occupancy $ (000) (ira) [One tamly 50 %] Nottkey (__ titely MGrowthAste x] Aapid | stop ‘slow x | Owner 200 Low NEW | 2-4 lamlly ‘J nprocess Property values _X ] increasing ] stable Dactining Tenant ZO00+ High 45 _| Multi-family To: BE Demand/eupply _% ] Shortage } inbalanca[—} over supaly }[2¢] Vacant (0-5%) T[ff[[ Predominant |]]][]| Commercial | 10 BF Markating tima _X | Under 3mon, [| 3-6 moa. [| Ovar6imos.{[] vacant (Over Bx) 400 15 (vont) Nota; Race and the racial componitian ef the neighborhood are not appralzal factors. THE HRIGHBORHOOD ROUNDARTES ARE N- LAKE COUNTY, E~ ST, JOHN'S RIVER, S~ ty) (3 Noighborhaod boundariad and oharactariatica; [J crrensrare 4, W~ ALAQUA LAKES BLVD. iH Factors thal atfoct the marketability of the properties in the neighborhood (proximily to employment and amenities, amplayment stability, appeal to market, ote.): A eRoxIMITy TO EMPLOYMENT IS GOOD WITH EMPLOYMENT BEING PRIMARILY SERVICE INDUSTRY (I.E. TOURISM AND RETIREMENT A RELATED). THE SUBJECT PROPERTY 18 RELATIVELY CLOSE TO BANKING, SHOPING, SCHOOLS AND MEDICAL FACZLITIES. I Market eenditions In the subject naighbarhood (including support for the above canciualons rolated to the (rand of proporty valuaa, domand/aupply, and matkoting time §-- ouch sa dats on compoiltive propartiaa for aalo In tha neighborhood, deootlpiion of the provalenco of onlag and ‘tinanaing cancessiana, ole.}: M He AREA MARKET IS GOOD WITH AVERAGE MARKETING TIME RANGING FROM 1 TO 5 MONTHS. THE GROWIH RATE IN THE AREA IS RAPID AS THIS AREA IS INFLUENCED BY AN INELUX OF RETIREES. INTEREST RATES REMAIN IN SINGLE DIGITS FOR QUALIFIED BUYERS, PROPERTY VALUES HAVE RISEN OVER THE LAST FIVR YEARS AT AN AVERAGE OF 5 TO 10% PER YEAR PER AVATLABLE 4 OATA AND COUNTY RECORDS. THERE JS HO EVIDENCE OF BUYDOWNS IN THIS AREA. Project Information for PUD (if opplianbla) ~ ~ te the developar/bullder In control at the Hamo Owners’ Aguoviation (HOA)? Lz] ver (Te Approximate tatal number of units in the subject project 333 . Anpraximate jolal number of unlis for sale In ihe subject project 330 Deactibe common aloments and recroatlonal teciiilus; GATED SECURITY, CLUBHOUSE, POOL, PLAYGROUND/COMMUN AREAS MY Dimensions 78 X 120 Topogranhy BASICALLY LEVEL Site aren 9000 SF +/~ ___ Somes Lot T Yoo [%] No | Sto TYPICAL FOR AREA, BR spoolfie zoning olapaiticallon and decoriplion SINGLE FAMILY RESIDENTIAL Shape RECTANGIE _, | Zoning Compliance [3] Legal [—} Lona! noncontarming (Grandfathered tres) Megal Na zoning Drainage APPEARS ADEQUATE. ES Highost & bes! uso ag improved; (x) Progant use co Othar use (explain) . view AVERAGE, uutities Public Other Off-alte Improvements Typo Publi Private} Landscaping TYPICAL elecwiony = [x] street ASPHALT Ge} (C) Jomewaysutmee “concRETe a ky Gao [2] Cub/qutter CONCRETE CX] [_] |Appaontowoments TYPrOAL UTILETY i bg Wotor Ea] Sidowolk CONCRETE Ge] £2} | Fema spaclat toad Hazard Area Yes LX] No | Sanitary sewer (] treat tighta VAPOR Gy] (CJ |remazene x Map Dato istormsewor [XxX] Allay NONE : FEMA Map No, NO ADVERSE A Commonto (appatent adverse onsemanta, encroachments, spnoinl asesaments, olido areas, llega} or legal noncontarming zoning use, elo. }: EASMENTS OR RESTRICTIONS NOTED UPON INSPECTION, HOWEVER, THiS APPRAISAL IS SUBJECT TO INTERESTS AND EASEMENTS THAT WOULD BE NOTED IN A TITLE REPORT OR SURVEY. AY GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION La} No. of Unita one Foundation conc Shab conc Aroo Sq. FL N/A Root fy No. of Storlos TRO Extarlar Walter cB/sTrc | Crawl Spaon N/A. %Finighed = N/A Calling cucnup x] fAType(Oot/At.) ET | Raat Surtace SHNGL }Bonamont N/A Calling N/A Wain cucen x | Gi] Dasign (Style) TWO STAY | Guilero & Dwnspls, ALUM Sump Pump W/A “| Walls N/A _| Floor ] A existing/Prapooed EXIST Window Type SINGLE PANE |Dampnoss NONE NOTED | Floor R/A None “™) Ba Age (Yr0.) NEW Storm/Screona = NO/YES Soltlemont HOWE NOTED | Quiaida Entry N/A. Unkerown Fa Eteotiva Ago (Yta.) NEW. Manufactured House NO Infostatian NONE NOTED FyROOMS | Foyer Living Dining _|_Kitchon Don | FamllyRm.| Aoo,Am. | Bedrooms | #Batha Laundry | Other | Ataa Sq.Ft Bf Bacament Kyiovats } 2 Fa 1 Fy r Fa 4 a 7 2535 Lavet2 1 1 207 | Bath(a): 2772 Savore Feat of Grogs Living Area, Badioam(s}: 4 hil Finished ates ubave arada contains: 10 Rooms: 4 lp FJ INTERIOR Matrdale/Gonditinn HEATING IOTCHFN FOP ATTIC AMFNITIFS GAR STORAGF ed Floors nIEE/R/R/GOOR. Type pap. Rottigerator Ly, | | None Firwplace{a) # None M walls padeuz/mp/coon__|Fes! gree. Range/Oven [yy] | Stairs [ Patio mer Le] | aarage 4 ofcars i Trim/Finish yp /Gaon Condillon eaan Dieposal — [5] | Dropster [_) | Deck Attached BalhFoar — pere/coon cooLNa Dishwasher [yy] | Souttla — [e] | Porch ev [S] | Dotached pg 2th Wolnscot err e /enn, Central yen Fan/ttood Floor Fenoo, Built-In EJ Ooars wo/awis _ {other yore | Micrawavo ry Hoated Poo! ([] } carport : Condition Washor/Dryor Finished Driveway Gata (G_EAHS_TN_ MOST ROOMS. THERE. TSA... fa-SECUNTTY SYRTEM_AND_AN_IRRIGATION SYSTEM. fe Condition of the improvements, depreciation (physical, functional, and ‘oexternat), repairs needed, quality of construction. remodaling /additions, ate,: | THER WAS_NO..DEFERRED_MAINTENANCE OR REPATRS NEENED UPON. INSPECTION. NOR_WAS.-THEBR BUY REMODELING..INFRQGRESH.___ fe] -BHYSICAL, DEPHECTATION IS TAKEN AT_ONE PEBCENT,PER YEA OF EFFECTIVE AGE THERE HAS NO APPARENT FUNCTTONAL. On... _—__ Fannie Maa Foim 1004 6-33 . ~ EXHIBIT . . . . 7 wipit_/|_pace_]3 ’ PAGE 2 oF ce, fa Casa No, ROBINSON Valuation Seetian UNIFORM RESIDENTIAL APPRAISAL REPORT rieno. ROBDUNO M A ESTIMATED SITE VALUE =s 780,000 |Comments on Cost Approach (such as, souiea of coat estimate, OS eSTMATED REPRODUCTION COST-NEW OF IMPROVEMENTS: sile velus, squore foot coloulation end, for HUD, VA and FmHA, tha 1S pwatling 2,772 84. Ft@s 95.00 =§ 263,340 estimated remaining exonpmic fife of the property): _ Fl Sq, Fte$ - . COST APPROACH IS BASED ON REPRODUCTION COST AND PA mir PCH/cvD PCH - 5,000 WOT REPLACEMENT COST AND IS DERIVED FAGM THE Li Garige/Carport 400 Sq. FLes 35.00 = 14,000 LOCAL BOILERS MARKET AND MARSHALL AND SWIFT 202,340 COST MANUEL. LOT VALUE 28 DERIVED FROM VACANT Lov SALES IN THIS MARKET. PHYSICAL DEPRECIATION xs ZS TAKEN AT ONE PERCENT PSR YEAR OF EFFECTIVE “$ 282,340 | AGE. THE ESTIMATED REMAINING ECONOMIC LIFE OF "3 20,000 | THR PROPERTY I8 50 YEARS. ff INDICATED VALUE BY CasT APPROACH *$ 982,340 EM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 2168 NORTHUMBRIA —«‘(2001: NORTHUMBRIA 2028 NORTHUMBRIA 5449 MAPLE RIDGE COURT Addroan SANFORD SANFORD SANFORD JSANFORD fi Proximity to Sublet TIL MIINN MNIsase soaser SAME STREET MELE BAST Snes Bioe[s_— 480,000 TIN IATINCIN LS 30a, 560 TIN an, a TMS ~~ 298 2 Bf Prio@/Grosa Liv. Aron | $ 173-16 (js 175.79 UUs 264-22 ATCA s_— 79-26 ATT ATTN BM Duta and/or IPOBEIC RECDS [PURRIG RECDS UBLIC RECDS PUBLEG RECDS B Voritication Sauces [INSPECTION BUILDER BUELDER [pOXLDER _ RY VALUE ADWSTMENTS| DESCRIPTION DESCRIPTION |-(-)Saanmtnent| DESCRIPTION [¢(+)sAdwatmant| DESCRIPTION [+ {-} $ Adhaiment , Ticony T conv T |CONV if | InUsET FOR OWNER | suILT FOR OWNER | IsUILT FOR OWNER | ri UUM o772003 t 0572003 i ioa/z008 a | SUBURBAN SUBURBAN SUBURBAN i SUBURBAN i Loaachold/Foo Sinpla|fEB SIMPLE FEE SIMPLE [FEE SIMPEE H FEE SIMPLE i Site Bo00 SF +/~ 1a500 SP +/- jano0 sF +/- i 9500 aF +/- { View [RESIDENTIAL RESIDENTIAL [RESIDENTIAL { RESIDENTIAL i FY Dovign and Appeal |TWO STORY TWO’ STORY loHE STORY i InWO STORY H FR Quaity of Construation |CB/STTC lcayarrc lcu/arre i lca/srre H Age EW ino i NEW i hie { § Gonditian hEW HEN hen H NEW i fe) Above Grade Total Gdrma Bata | Totsl Borns Hatha Toll Bdma Batha | Tolal Adina Baths | oe Hy Rioom Count ho ia ia a8 fa } -so00 Cu? a= | +2500 Cn eat | 42500 * rosa Living Arao [2772 85. Fl. [3094 SqFt} -16100 [2835 SqFl | +2100 |2ese Sq.Ft | #5700 EY Gooomant & Finishodit/A IN + 7 ~y N/A H Ky Rooms Bolow Grado ft/A ‘ hia t U1 ! aN ! Hy Heating/Cooling — /FHA/CENTRAL frHA/ CENTRAL : lFHA/CENTRAL } left /CENTRAL i Nenorgy Eticiontttems |CRTLING FANS —_|CEYLING FANS { cemms EANS CRTLING FANS | (\carsga/caport 3 ATT GAG 7 ATT GR ig att GAG } +5000 3 ATT GAS Bee py Porch, Palio. Deck, ENT PCH ENT PCH i FCI ; me PCH i [HFirepluce(s), eto. |evp PcH lcvn_ FcR i cvp pon H evn pow { MW Fonce, Pool.eta. —|RONE lpoon [ -20000 tone H frie RIT EQUIP lupGan kT RQUTP juPGRD Kit HOUIP { luPGRD KIT EQUIP | lupGrn Ker BUI ; Ey Nod Adj. (otal) i + [Ht}- ts 41,100) x} + - 45 19,300) [x H €, 200 | Adjustod Sulos Prloe | | | | | | | TI | | BY of Comparabla Is 502, 800} | nits 437,200)lIHIi | $ 404,400 Comments on Salen Comparison {Inaluding the cubject property's eampatibillty to the nalghborhood, ote,); DUE TO SIMELARITIES IN SIZE, CONDITION, LOCATION AND AMENITIES AWN WOULD ALL HE CONSIDERED BY THE SAME POTENTIAL BUYERS IN THE MARKET PLACE. ALL SALES UTILIZED CLOSED WITHIN THE LAST YEAR AND WERE LOCATED WITHIN 1 1/2 MILE OF THR SUBJECT PROPERTY. SUBJECT COMPARABLE NO. 3 ITEM COMPARABLE NO. 7 COMPARABLE NO. 2 Dale, Prioo end Data [NO SALES IN THR |10 OTHER SALES IN THE NO OTHER SALES IN THE NO OTHER SALES IN THE Source for prior sslag [LAST a YEARS ILAST 3 YEARS ILAST 2 YEARS LAST 3 YEARS ogreomant of palo, option, of sting of the subject property and analysis of any prior males of subjec! and comparables within ono yent of the dale af appraical; THR SUBJECT PROPERTY IS CURRENTLY UNDER CONTRACT FOR SALE, HOWEVER, THE ABOVE COMPARBLES ARE NOT FOR SALE OR LISTED AT THIS TINE, fa INDICATED VALUE BY SALES COMPARISCN APPROACH | 480, 000 | NUCATED Ri Lod “as is" ‘eubject to the repairs, alterations, Inspoctions, or conkitiions dsted below — |_| subjeat 1a complellon por plans and epocifications. fy Conditions of Appralsal: geprinanh LIMETTNG.COMNTTIOS APPT. i This appraisal is made Fini Mocorriliation: art, SALES WERP_CONSTDEREN JH..THE FTL DETERMINATION OF VALUE. Hy The purpose of this oppraipal ts to estimate the markat value of the real proporty lnat is the subjsot of this repor!, based on the abave conditions and Ihe cortification, contingent ff end irwiting conchtions, and markot value dofinilion that aro ctated In the attached Fraddie Mac Form 439/Fannie Mae Form 10048 (Revised 9/1996 ) i T 1 (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF 08/18/2003 (WilcH ts THE DATE OF RISPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE 5 BD, ODD ene ‘APPRAISER (ONLY IF REQUIRED): by APPRAISER: : SUPERVISOI it Signature hod bd Signature ]} bid Did Not. EN scant amema_Amenson ; Nene Inspoct Property i Date Aeport Signed oa/ne/2003, Baste Report Signed * Sine Certiflestion # “RES_REA3B08 State a7, Stale Certiioation a State fy Or State Licance # State Or Stato License # State Freddie Mac Form70 6-53 AT G ¥ ie Mac Fo ’ DMINISTRATIVE COMPLAINT Forno Mae Form Tou 6-3 EXHIBIT # PAGE ar tt pace 24 Photograph Addendum Honmwar ROBINSON, MONICA : : | Properly Addman 2168 NORTHUMBRIA DRIVE i Ciy SANFORD County SEMINOLE Slala PL Zp Cada 32771 . LendavGlent! MORGAN FINANCIAL INC. Lendors Addr 160 INTERNATIONAL PRWY, (1260, HEATHROW, FL 32746 Appraiser HOME SOLUTIONS APPRAISAL SERViappralsersAddma P.O, BOX 391554, DELTONA, Fl 32739 I Subject Front Subject Rear Subject Street eID Al V COMPLAINT ExnipiT #_¢ page €or exnrart_L| race 15. Photograph Addendum Bonawer ROBINSON, MONICA Property Addoss G87 WETSTONE PLACE Giy SANFORD Counly SEMINOLE Stale FL Zip Goda SAT 7TL LanderiGlienl MORGAN FINANCIAL INC. Lenders Addroos L60 INTERNATIONAL PKWY, #280, HEATHROW, FL 32746 Appar HOME SOLUTIONS APPRAISAL Appraers Address P.O, BOX S91554,DELTONA FL 32739 Subject Interior 4. Subject Interior 5 Subject Interior 6 ADMINISTRATIVE COMPLAINT -. EXHIBIT #_6 —— eee PAGE SOF ewugir_ | [pace 7b ‘ROBISON Bonower ROBINSON, MONICA Property Address 2168 NORTHUMBRIA DRIVE ily _ SANFORD Caunly SEMINOLE State FL : ZipCode 32774 andor/Cliont MORGAN FINANCIAL INC., 160 INTERNATIONAL PRWY, #280, HEATHROW, FL 32746 PONS PAGE I PAGE OF EXHIBIT #_& 4 exnipit_||_pace_77 DEFINITION OF MARKET VALUE: The most probable price which 4 property should bring In a competitive and open markat under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, ktnowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definitioh is the cansummation of a sale as of a specifled date and passing of title irom seller to buyer under canditlons 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 Inter~ est; (2) a reasonable time ts allowed for exposure in the opan market; {4) payment is made in terms of cash in U. 8. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the noimal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone assoctated 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 patd by sellers as a result of tradition of 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 institstional tender that Is not already tnvoived in the property or transaction. Any adjustments shauld not be cal- culated on a mechanical dollar for dollar cost of the financing ar concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concesslons based on the appralser’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 canditions: 4. The appraiser will not be responsible for matters of a legal nature that affect either the property belng appralsed or the title to I. The appraiser assumes that the title [s good and marketable and, therefore, will not render any opintons 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 appralsal report 1o show approximate dimensions of the Improvements and the sketch is Included only to assist the reader of the report In visualizing the property and understanding the appralser’s determination of its size, 3, The appraiser has examined the avallable flood maps that are provided hy the Federal Emergency Management Agenoy (or other data sources) and has noted in the appralsal report whether the subject site [s located in an Identified Speclal Flood Hazard Area, Because the appralser 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 ques- tion, unless specific arangements io do so have been made beforehand. §, The appraiser has estimated the value of the tand In the cost approach at its highest and best use and the improve- ments at their contributory value. The separate valuations of the land and Improvements must not be used In conjunc tion with any other appratsal and are Invalid if they are so used, . 6, The appraiser has noted In the appratsal report any adverse conditians (such as, needed repairs, depreciation, the presence of hazardous wastes, toxle substances, ote.) observed during the Inspection of the subject property or that ha or she became aware of during the normal research involved In performing the appraisal, Unless otherwise stated in the appralsal report, the appralser has no knowledge of any hidden or unapparent conditions of the property or attverse environmental conditions (Including the presence of hazardous wastes, foxlc substances, alc.) that would make the property more or less valuable, and has assumed that there are ne such conditions and makes no guarantees or war- ranties, express or implied, regarding the condition of ihe 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 appralaal report must not be con- sidered as an environmental assessment of the property. T. The appralser obtained the Information, estimates, and opinions that were expressed in the appralsal report from sources that he of she considers tc be reflable and belleves them to be true and cormect The appralser does not assume responsibilily for the accuracy of such Items thal were furnished by other parties. 8, The appraiser will not disclose the contents of the appralsal report except as provided for In the Unilarm Standards of Professional Appraisal Practice. . 0. The epprnionr hee traumas! (she or ber eppiateal reper and valention senelueten fer an eppratwal Wout te muljead be wmtle factory completion, repairs, or alterations on the assumption thal completion of the improvements will be performed in a workmanlike manner. 410, 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 appratser’s Identity and profes- stanal designations, and references to any professional appraisal organizations or the finn with which the appralser Is associated) to anyone other than the borrower; tha mortgagee or its successors and assigns; the mortgage Insurer; con- sultants; professional appralsal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the Untied Stales or any state or the District of Columbia; except that tha lender/client may distribute the property description section of the report anly to data collection or reporting service(s) withaut hay- ing to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or olher media. . Frode Mac Fom 489 6-83 ADMINISTRA PLRE CUmmeLas eee Mee Fer 8 8 EXHIBIT # PAGE [ oF exam: [pace 78 APPRAISER'’S CERTIFICATION: The Appraiser certifies and agrees that: 4. | have researched the subject market area and have selected a minimum of three recent sales of properties most simi- lar and proximate to the subject property for consideration In the sales comparison analysis and have made a@ dollar adjustment when appropriate to reflect ihe market reaction to those items of significant variation. tf a significant item in 2 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 @ comparable property is Inferiar to, or tess favorable than the subject property, | have made a positive adjustment to increase the adjusted sales price of the comparable, . 2 | have taken into consideration the factors that have an impact on value In my development of the estimate of market value in the appraisal report. | have not knowingly withheld any significant Information fram the appralsal report and | helieve, to the best of my knowledge, that all statements and information in the appralsal report are true and correct. 3. | stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclu- clusions, which are subject only to the contingent and limiting conditions specified in this fora. 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 blas with respect to the participants In the transaction. | did nat base, elther partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, farnitlat status, or national origin of elther the prospective owners or occupants of the subject property or of the present owners of occupants of the properties in ihe vicinity of the subject property, 5, | have no present or contemplated fulure interest in the subject property, and neither my current or future employ~ ment nor my compensation for performing this appraisal is contingent on the appralsed value of the property, 6G. | was not required to report @ predetermined value or direction in value that favors the cause of the cllent or any telated party, the amount of the value estimate, ihe attainment of a specific resull, or the occurrance of 4 subsequent event in order to recelve my compensation and/or employment for performing the appraisal. | did not base the appratsal report on a requested minimum valuatlon, a specific valuation, or the need to approve a specific mortgage loan, 7. | performed this appraisal In canformily with the Uniform Standards of Professtonal Appraisal Practice that were adopted and promulgated by the Appratsa! Standards Board of The Appralsal Foundatlen 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 defini~ tlon of market value and the estimate | developed ia consistent with the marketing time noted In the neighbarhood aec~ tion 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 condl- tlons in the subject Improvements, on the subject site, or on any site within the Immediate vicinity of the subject prop- erly 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 condi- tions on the marketability of the subject property. . 9, | personally prepared all conclusions and opinions about the real estate that were set forth [n the appraisal report. Ht telied on significant professional assistance from any Individual or individuals in the performance of the appraisal or the preparation of ihe appraisal report, | have namad such individual(s) and disclosed the specific tasks performed by them In the reconciliation seation of this appraisal report. | certify that any Individual so named |s qualified to perform the tasks, | have not authorized anyone to make a change to any Item In the report; therefore, if an unauthorized change is made to the appraisal report, | will take no respansibllity tor It. . SUPERVISORY APPRAISER’S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: | directly supervise the appraiser who prepared the appraisal report, have reviewed the appralsal report, agree with the stalements and conclusions of the appralser, agree to ba bound by the appralser's certl- fications numbered 4 through 7 above, and am taking full responsibility for the appralsal and the appralsal report. ADDRESS OF PROPERTY APPRAISED: 2165 NORTHUMBRIA DAIVE, SANFORD, Fh 32771 APPRAISER: SUPERVISORY APPRAISER (only If required): Signature: | oan loki — Signature: Name: wercrarn cBuE, oH. Name: Date Signed: go /ng/2ona Date Signed:_ State Certification #: prs nen aan State Certification #: or State License #: or State License #; State: py, State: Expiration Date of Certification or License: 13 /a9n4 Expiration Date of Certification or License: (FJ Old = [(_) Old Not inspect Property Frodtie Mac Form asa 6-03 ADMINIS T Fett 22 COMPLAINT =m Mae Fem 10048 6-83 EXHIBIT # PAGE Sop arf pace 17 ‘aerate eee, ROUTHADY M Borowet ROBINSON, MONICA. Proparly Addiesa 2168 HORTHUMBRIA DRIVE County SEMINOLE Clly SANFORD State FL ZpCoda AZ77L Londa/Giont MORGAN FINANCIAL, INC., 16D INTERNATIONAL PRYY, #280, HBATHROW, EL 32746 y COVERED LANAI Ie Dt (eee Wen _ ap | ee genaut, euabet ae Bane win rrtaacy DOORS ni epricetal, ponus Room fi DNS" x Tb" t NT. [ADMINISTRATIVE COMPLAL exuipit #6 \ prec (0 - PAGE FOF _: l_pace (0, SKETCH ADDENDUM County SEMINOLE ZipCode 32771 2168 NORTHUMBRIA DRIVE SANFORD Property Address oy Te 4200, HEATHROW, Fl 32746 , 460 INTEMIATIONAL PRAY, MORGAN FINAWGIAL Tc. 1 in Lendar/Giont St exwiert__L| pace & | Jeb Bush Govemor Diane Carr Secretary Division of Real Estate 00 West Rabinson Street Suite NBO1 Orlando, FL 32801-1757 Voice B50-317-7013 FAX 407.347.7245 EMAIL allcanter@dbpr.state.fl.us INTERNET www.MyFlorida,com/dbpr STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION August 10, 2004 MICHAEL ANDERSON 3154 YARMOUTH AVE DELTONA, FL 32738 Dear MR. ANDERSON : Effective February 16, 2004, Florida Administrative Code, rule 61J1-4.010(4) | states the following: “Any supervising appraiser, whether acting as primary or , secondary supervisor, may not supervise more than 4 registered trainee appraisers at one time.” In addition these trainees must be physically located in the same county or in a contiguous county to the supervisor's office. © DBPR records indicated that you currently have in excess of four registered trainee appraisers listed under your appraiser license. Some of these may not be physically located in your county or in the contiguous county. Jt is suggested that you visit www.myfloridalicense.com to view your current license relationships. You will need to determine what actions are warranted to bring your license into compliance with the new rule. If changes are required, . please submit form DBPR RE-2060. Until the updated form is available, simply add ‘Terminate Trainee Appraiser’ in the ‘Action Requested’ box, and sign the form. : The failure to reduce the number of registered trainees under your supervision to four or fewer in the same county or the contiguous county within 21 days of the date of this letter could result in the initiation of disciplinary action against - yourlicense. Please maintain facsimile transmission confirmation, or the . "green card” if sending via the United States Postal Service Certified Mail, to support your attempts to correct your trainee affiliates. You can also visit www.myflorida.com/dbpr and click on Real Estate for additional changes to appraiser regulations. : Thank you, J3_. --P- Y 9 lib Benjamin F. Clanton Investigations Supervisor Division of Real Estate Bureau of Enforcement ADMINISTRATIVE Comp (407) 317-7013 OME EXHIBIT #9 Te eciceterentntnte int PAGE] a . OF . ne, LAINT

Docket for Case No: 06-003380PL