|0-YH5R- STATE OF FLORIDA 2 ay, DEPARTMENT OF BUSINESS & PROFESSIONAL nesmariCl 3, Ar, 2y FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE, Petitioner, v. CASE NO. 2009010378 MICHAEL POWELL, Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Michael Powell (*“Respondent"), and alleges: ESSENTIAL ALLEGATIONS OF MATERIAL FACT 1. Petitioner is a state government licensing and regulatory agency charged with the responsibility and duty to prosecute Administrative Complaints pursuant to the laws of the State of Florida, including Section 20.165 and Chapters 120, 455 and 475 of the Florida Statutes, and the rules promulgated there under. 2. Respondent is currently a Florida state certified residential real estate appraiser having been issued license 5615 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 2950 Tiburon G:LEGAL\probablecause-freab\powell m.doc 1 FDBPR v. Michael Powell Case No. 2009010378 Administrative Complaint Bivd., Naples, Florida 34109. 4. On or about January 15, 2009, Respondent developed and communicated an appraisal report (“First Report”) for property commonly known as 6187 Long Key Lane, Boynton Beach, FL (“Subject Property”) and estimated its value at $220,000 for purposes of a refinance transaction. 5. A copy of the First Report is attached and incorporated as Administrative Complaint Exhibit 1. 6. Respondent completed the First Report on an Individual Condominium Unit Appraisal Form. 7. Respondent knew or should have known that Subject Property was a Planned Unit Development (PUD). 8. Respondent knew or should have known that Subject Property was not a condominium, apartment, or unit and, thus, using the “Individual Condominium Unit Appraisal” form was not an acceptable appraisal practice. 9. Respondent made the following errors and omissions in the First Report: A) Affirmed that. he analyzed the contract for sale even though there was no contract; B) Failed to use a proper licensing designation on the signature page; G:ALEGAL\probablecause-freab\powell m.doc 2 FDBPR v. Michael Powell Case No. 2009010378 Administrative Complaint C) Failed to provide Subject Property’s lot dimensions in the Site section; D) Incorrectly described the Subject Neighborhood as consisting of condominiums in Boynton Beach; E) Failed to include in the Sales Comparison Approach the number of properties offered for sale in the subject neighborhood and the price range; and F) Failed to include in the Sales Comparison Approach the number of properties sold in the subject neighborhood within the past twelve months and the corresponding price range. 10. On or about January 15, 2009, Respondent developed and communicated a second appraisal report (“Second Report”) on the Uniform Residential Appraisal form after the mortgage broker informed him it was improper to use the Condominium form. 11. A copy of the Second Report is attached and incorporated as Administrative Complaint Exhibit 2. 12. Respondent made the following errors and omissions in the Second Report: A) Affirmed that -he analyzed the contract for sale, even though there was no contract; B) ‘Failed to use a proper licensing designation on the signature page; G:ALEGAL\probablecause-freab\powell m.doc : 3 FDBPR v. Michael Powell Case No. 2009010378 Administrative Complaint C) Failed to complete the General Description section under Improvements on page 1 of the Second Report; D) Failed to complete the Foundation section under Improvements on page 1 of the Second Report; E) In the Site section Respondent failed to provide the Dimensions of the Subject Property’s lot; F) Failed to provide the square footage for Subject Property’s Site Area and filled in the blank where square footage should have been listed with the word “Typical”; G) Incorrectly stated that Subject Neighborhood consisted of condominiums in Boynton Beach; H) Failed to include in the Sales Comparison Approach the number of properties for sale in the neighborhood and the corresponding price range; and I) Failed to include in the Sales Comparison Approach the number of properties the neighborhood that sold within the past twelve months and the corresponding price range. 13. On or about March 30, 2009, Petitioner’s investigator directed Respondent to deliver a copy of his workfile for the Subject Property. 14. A copy of the request is attached and incorporated as Administrative Complaint Exhibit 3. GALEGAL\probablecause-freab\powell m.doc 4 FDBPR v. Michael Powell Case No. 2009010378 Administrative Complaint 15. On or about September 1, 2009, Petitioner’s investigator sent a second request to Respondent instructing him to deliver a complete copy of his workfile. 16. A copy of the request is attached and incorporated as Administrative Complaint Exhibit 4. 17. Respondent failed to deliver a copy of his workfile for the Subject Property. COUNT ONE Based upon the foregoing, Respondent is guilty of having obstructed or hindered in any manner the enforcement of Chapter 475, Florida Statutes or the performance of any lawful duty by any person acting under the authority of Chapter 475, Florida Statutes in violation of Section 475.626(1) (£), Florida Statutes. COUNT TWO Based upon the foregoing, Respondent is guilty of having failed to exercise reasonable diligence in developing an appraisal report in violation of Section 475.624(15), Florida Statutes. COUNT THREE Based upon the foregoing, Respondent is guilty of failing to utilize the appropriate appraiser designation in violation of Rule 6131-7.001(2) (c), Florida Administrative Code and Section 475.622, Florida Statutes and, therefore, in violation of Section G:ALEGAL\probablecause-freab\powell m.doc 5 FDBPR v. Michael Powell Case No. 2009010378 Administrative Complaint 475.624(4), Florida Statutes. WHEREFORE, Petitioner respectfully requests that the Florida Real Estate Appraisal Board enter an order imposing one or more of the following penalties: permanent revocation or suspension of Respondent's license, restriction of practice, imposition of an administrative fine and investigative costs, issuance of a reprimand, placement of Respondent on probation, corrective action, or any other relief that the Board deems appropriate. SIGNED this 7 day of aT? , 2010. CHARLIE LIEM, Interim Secretary Department of Business and Professional Regulation _ Dang Mt. haw . Dana M. Moss weno | Assistant General Counsel : Florida Bar No. 21162 DATE 5|6(2e10 | Department of Business and _ __ Professional Regulation Office of General Counsel 400 W. Robinson Street, N801 Orlando, Florida 32801-1757 (407) 481-5632 - Telephone (407) 317-7260 - Facsimile PCP Date: 5/3/2010 PCP MEMBERS: MR/SD GALEGALiprobablecause-freab\powell m.doc 6 FDBPR v. Michael Powell Case No. 2009010378 Administrative Complaint NOTICE TO RESPONDENTS PLEASE BE ADVISED that mediation under Section 120.5734 the Florida Statutes, is not available for administrative dispute involving this type of agency action. PLEASE BE FURTHER ADVISED that pursuant to this Administrative Complaint you may request, within the time allowed by law, a hearing to be conducted in this matter in accordance with Sections 120.569 and 120.57 of the Florida Statutes; that you have the right, at your option and expense, to be represented by counsel or other qualified representative in this matter; and that you have the right, at your option and expense, to take testimony, to call and cross-examine witnesses, and to have subpoena and subpoena duces tecum issued on your behalf if a formal hearing is requested. PLEASE BE FURTHER ADVISED that if you do not file an Election of Rights form or some other responsive pleading with the Petitioner within twenty-one (21) days of receipt of this Administrative Complaint, the Petitioner will file with the Florida Real Estate Appraisal Board a motion requesting an informal hearing and entry of an appropriate Final Order which may result in the suspension or revocation of your real estate license or registration. Please see the enclosed Explanation of Rights and Election of Rights form. G:\LEGAL\probablecause-freab\powell m.doc 7 FROM: Michael G. Powell Miami-Dade Valuation Consultants . 80 SW 3rd Street Suite 1204 Miami, FL 33131 Telephone Number: (786) 348-9128 Fax Number: (786) 245-8424 TO: intemal Order #: MICO8012739 John Svirsky Lender Case #: John D. Svirsky Inc. Cllant File # 2333 Gulf Shore Bivd. North Main File # on form: Naples, FL 34103 . on Mico9012739 Other File # on torm: ‘Telephone Number: Federal Tax iD: 56-2565581 Alternate Number: Employer ID: DESCRIPTION Lee Lender: John D. Svirsky inc. Client: John D. Svirsky Inc. Purchaser/Borrower: RUSSO ALFRED & ANGELINA Property Address: 6187 Long Key Lane City: Boynton Beach County: Palm Beach Legal Description: ABERDEEN PL 22 LT 1 BLK 13 Single Family 3 IS Bppassd Daw Please Make Check Payable To: = no cea AS 2 Miami-Dade Valuation Consultants Cs cas 90 SW 3rd Street, Suite 1204 Miami, FL 33134 Thank You! SUBTOTAL SUBTOTAL THIS INVOICE IS SATISFIED SUBJECT TO COLLECTION TOTAL DUE is | ADMINISTRATIVE COMPLAINE EXHIBIT #4 Form NIV§ — “WinTOTAL* appraisal sftware by a la mode, inc, — 1-800-AL AMODE F raisais.com ) PAGE {oF ™ east pace 2 3 APPRAISAL OF REAL PROPERTY LOCATED AT: 6187 Long Key Lane ABERDEEN PL 22 LT 1 BLK 13 Boynton Beach, FL 33472 FOR: John D. Svirsky Inc. 2333 Gulf Shore Blvd. North Naples, FL 34103 BY: Michael Powell Miami-Dade Valuation Consultants 90 SW 3rd Street, Suite 1204 Miami, FL 33131 January 21, 2009 AUNUNISTRATIVE COMPLAINT EXHIBIT 4 P, A fe} 5 Form age “WinTOT! AL apis software by az mode, inc, — 1-800-ALAMODE a eR : EXMISIT. PARE & File No. MIC09012735] Page #2) Michael G, Powell, State.CerLRes.REA Miami-Dade Vatuation Consultants 90 SW 3rd Street, Suite 1204 Miami, FL 33131 January 21, 2009 John D. Svirsky Inc. 2333 Gulf Shore Blvd. North Naples, FL 34103 Re: Property: 6187 Long Key Lane Boynton Beach, FL 33472 Borrower. RUSSO ALFRED & ANGELINA File No.: MiCQ9012739 In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. The purpose of this appraisal is to estimate the market value of the property described in this appraisal report, as improved, in unencumbered fee simple title of ownership. This report is based on a physical analysis of the site and improvements, a locationa! analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The value conclusions reported are as of the effective date stated in the body of the report and contingent upon the certification and limiting conditions attached. It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additional service to you. Sincerely, ag ichael Powell President AUMINISTRATIVE COMPLAINT EXHIBIT #1 Faetinted Kelis Borrower/Clent_ RUSSO ALFRED & ANGELINA File No. MIC08012739 [Property Address 6187 Long Key Lane Ci n Beach County Paim Beach State FL Zin Code_ 33472 Client John D. Svirsky Inc. TABLE OF CONTENTS Cover Page Letter of Transmittal USPAP Identification Summary of Salient Features Condo Location Map .. Comparable Sales Map Building Sketch &. ir sm 7) PAGE . MF ExG Teel PA pe nn 3 SRE eae Shad AE . - hed SeRIEREE ae Som Borrower/Clientt__ RUSSO ALFRED & ANGELINA Property Address 6187 Long Key Lane APPRAISAL AND REPORT IDENTIFICATION This appraisal conforms to one of the following definitions: & Complete Appraisal (The act or process of estimating value, or an opinion of value, performed without invoking the Departure Rule.) LJ Limited Appraisal (The act or process of estimating value, or an opinion of value, performed under and resulting from invoking the Departure Rule.) This report is one of the following types: Self Contained (A written report prepared under Standards Rule 2-2(a) of a Complete or Limited Appraisal performed under STANDARD 1.) Summary (A written report prepared under Standards Rule 2-2(b) of a Complete or Limited Appraisal performed under STANDARD 1.) oO Restricted {A writien report prepared under Standards Rule 2-2(c) ofa Complete or Limited Appraisal performed under STANDARD 1, restricted to the stated intended use by the specified client or intended user.) OO Comments on Standards Rule 2-3 | certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. ~ ‘The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions and conclusions. | have no (or the specified) present or prospective interest in the property that is the subject of this report, and no (or the specified) personal interest with respect to the parties involved, [have no bias with respect to the property that is the subject of this repart or the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for compieting this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. 1 have (ar have nat) made a personal inspection of the property that is the subject of this repart. No one provided significant real property appraisal assistance to the person signing this cerlification. (jf there are exceptions, the name of each individual providing significant real property appraisal assistance must be stated.) Comments on Appraisal and Report Identification Note any departures from Standards Rules 1-3 and 1-4, plus any USPAP-related issues requiring disclosure: The income Aesreaeh is not applicable. APPRAISER: SUPERVISORY APPRAISER (only if required): ie | a Name: Michael Pe : Name: Date Signed: January 27, 2009 Date Signed: = State Certification #: RD5615 State Certification # or State License #: or State License #: State: FL. State: Expiration Date of Certification or License: 44/30/2010 Expiration Date of Certification or License: (7 bid £2) Did Not Inspect Property wu pete pace “ene Cua : weapon by ala mode, inc, — 1- Beets Uf . 22 CAE cnn AGE, Subject Address Legal Description City County State Zp Code Census Tract Map Reference Sale Price Date of Sale Size (Square Feet) Price per Square Foot Location Age Condition Total Rooms Bedrooms Baths Appraiser Date of Appraised Value Final Estimate of Value ee “ . fn ieee et crs Se ee SUMMARY OF SALIENT FEATURES et 87 Long Key Lane ABERDEEN PL 22 LT 1 BLK 13 Boynton Beach Paln Beach FL RUSSO ALFRED & ANGELINA John D. Svirsky Inc. Michael Powell 115/09 $ 220,000 ADMINISTRATIVE COMPLAINT EXHIBIT # PAGE OF Farm SSD — “WinTOTAL* appraisal software by a la mode, inc. — 1-800-ALAMODE EAtioi7, PASE, 35 - www. |stequityappraisals.com Individual Condominium Unit Appraisal Report rex micoso12739 is to provide the lender/client with an accurate, and ad i, opinion of the market value of the subject Unit # N/A n Beach State FL Code_33472 Owner of Public Record RUSSO ALFRED & ANGELINA County Paim Beach The purpose of this sumt isal Property Address_6187 Long Key Lane Borrower RUSSO ALFRED & ANGELINA jal Description ABERDEEN PL 22 LT 1 BLK 13 Assessor's Parcel # 00-42-45-14-20-013-0010. ‘Tax Year_2008 RE Taxes $1,729 Project Name_ABERDEEN PL 22 LT 1 BLK 13 Phase # N/A Reterence_ 22744 Census Tract 0509.00 Oc Owner [_] Tenant_("} Vacant Special Assessments $_N/A HOA$ 255 ef er month E+ Property Rights Appraised [xj Fee Simple [ ] Leasehakt [| Other (describe) N/A Assignment Type Purchase Transaction [x] Refinance Transaction Other (describe) N/A. Lender/Client_ John D. Svi Inc. Address_2333 Gulf Shore Blvd. North, Naples, FL 34103 Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the etfective date of this appraisal? Report data source(s) used, offering price(s}, and date(s), N/A. [1 Yes [x] No | &X) did [_} did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not med. N/A. eq Contract Price $ E.M.V. Date of Contract N/A |s the seller the owner of public record? Yes _{_|No Data Source(s) MLS {s there any financial assistance (laan charges, sale concessions, gift ar downpayment assistance, etc.) to be paid by any party on behalf of the borrower? if Yes, report the total dollar amount and describe the items to be paid. NIA NIA yes [) NO Note: Race and the racial com Location ning PRICE. AGE Py Buit-Up [x] Over 75% 25-75% Under 25% Shortage tn Balance [x] Over Supply | $ (000) (yrs) [2-4 Unit ] Growth _[_] Rapid Stable 5 Slow | Marketing Time [~] Under 3 mths [| 3-6 mths [x] Over 6mths[ 100 Low 5 |Mufi-famiy 0% rq Neighborhood Boundaries __ The Subject neighborhood is bounded by Hypoluxo Road on the north, S. 300 h__ 15 | Commercial O% FA Military Road on the W. Bor Beach Bivd. on the south and Jog Road on the west. 200 Pred. 10 | Other’ O% Neighborhood Description The Subject neighborhood consists of condominiums located Boynton Beach. ~ Se 3 = Market Conditions {including support for the above conclusions) _ Due to the current rime morigage crises and the over of homes available in the southeast Florida region; home prices have fallen drastically in the past 12 months. Topography Typical Size_ Typical Density Typical View_Averat Specific Zoning Classification Single Family Residential Zoning Description Residential Zoning Compliance [X) Legal [_] Legal Nonconforming - Do the zoning regulations permit rebuitding to current density? Yes _{_j No N/A No Zoning Maga! (describe) N/A : Is the highest and best use of subject property as improved (or as prot plans and specifications) the present use? Yes [_j.No_ifNo, describe N/A. Utilifies Public Other (describe) Public Other (describe) Off-site Improvements - Type Public Private Electrici NIA Water, wy LI NIA Street_ FABC Py Gas bd N/A Sanitary Sewer B — [] N/A. Aley N/A am C) al FEMA Special Flood Hazard Area Dx! Yes_[_] No FEMA Flood Zone AE FEMA Map # 12011CO216F FEMA Map Date_8/18/1992 Are the utilities and off-site improvements typical for the market area? & Yes No_tfNo, describe N/A. Are there any adverse site conditions or extemal tactors (easements, encroachments, environmental conditions, land uses, etc.)? [7 Yes No__If Yes, describe NIA Data source(s) for project information MLS Project Description Detached Row or Townhouse Garden Mid-Rise High-Rise Other (describe) Villa General Des . “General ption |. SubjectPhase. Af Project Con . ‘at Projectincomplete # of Stories 1 Exterior Walls Stucco _|# of Units # of Phases # of Planned Phases INIA # of Elevators 0 Roof Surface Sp. Tile_|# of Units Completed # of Units # of Planned Units INIA, Existing [_] Proposed [Total # Parking 2 # of Units For Sale # of Units for Sale # of Units for Sate N/A, Under Construction Ratio (spaces/units) 4/4 # of Units Sold # of Units Sold # of Units Sold INJA, Year Built 1997, Type Garage_|# of Units Rented “{# of Units Rented # of Units Rented INA, Effective 5 Guest Parkin n__(# of Owner Occupied Units # of Owner Occupied Units |# of Owner Occupied Units |N/A. F-4 Project Primary Occupant inciple Residence Second Home or Recreational Tenant N/A Is the developer/buikier in control of the Homeowners’ Association (HOA)? Yes [X} No =4 Management Group - 5X] Homeowners’ Association _[_{ Developer__[_] Management Agent - Provide name of management comy NIA Does any single entity (the same individual, investor group, corporation, etc.) own more than 10% of the total units in the project? Yes No___If Yes, Describe. N/A 4 Was the project created by the conversion of existing buikling(s) into a condominium? Yes DX] No if Yes, describe the original use and date of conversion, am N/A Are the units, common elements, and recreation facilities complete (including any planned rehabilitation tor ¢ condominium conversion)? Yes No_If No, describe - N/A Is there any commercial space inthe project? [| Yes _{X/ No_If Yes, describe and indicate the overall percentage of the commercial space, NIA Freddie Mac Form 46§ Marchi2005-: Fannie Mae Form 1073 March 2005 Efi Form 1073 [ "WinTOTAL* appraisal software by 2 la mode, inc. — 1-800-ALAMODE i 7 cette ae ea RA ESTERESEETI maine pas AGE, ie or Describe the condition of the project and quality of construction, The condition and quality of construction are good. rq Are any common elements leased to or by the Homeowners’ Association? Yes DX} No_If Yes, describe the rental terms and options. N/A If Yes; $ N/A _per year (describe terms and conditions) _ NIA PROJECT INFORMATION No_ If No, describe and comment on the effect on value and marketability. 1 (J did &X) did not analyze the condominium project budget for the current year. Explain the results of the analysis of the budget (adequacy of fees, reserves, etc.), or why the analysis was not performed. Not available. PROJECT ANALYSIS [Yes [Xi No __ ff Yes, describe and explain the effect on value and marketability. N/A Der year Ait Conditioning Electricity Gas [Xj Water permonthX12=$ 3,060.00 | Heat Interior > Appliances: Floors. Ceramic/Good [5d Refrigerator Good Twalts Sheetrock/Good CX. ReoaeDeen ‘Good TrityFinish Wood/Paint/Good Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, ec.). UNIT DESCRIPTION The condition of the property is good. Yes_[X! No_If Yes, describe Does the property generally conform to the neighborhood (functional utility, style, N/A condition, use, construction, etc.)? (Xl Yes [_] No IE No, describe tN, Gescribe BE! <0 cid [1 did not research the sale or transfer history of the subject property and comparable sales. ff not, explain N/A My research [| did [XJ did not reveal any prior sales or transfers of the subject property for the three years prior to the affective date of this appraisal. Data source(s) Sunshine MLS & Palm Beach Cout Appraiser My research [| did [x] did not reveal any prior sales or transfers of the comparable sales for the year priar to the date of sale of the comparable sale. Data source(s) __ Sunshine MLS & Palm Beach County Appraiser HISTORY. ITEM SUBJECT. [___ COMPARABLE SALE #1 Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). COMPARABLE SALE #2 | COMPARABLE SALE #3 pa] Date of Prior Sale/Transfer By Price af Prior Sale/Transfer None NWA [None None [NIA fej Data Source(s) SunshineMLS SunshineMLS Fg Effective Date of Data Source(s) 427109. 4/27/09 Analysis of prior sale or transter history of the subject property and comparable sales. NIA None N/A SunshineMLS 4727108 SunshineMLS 4/27/09 No prior sales under 36 months. Freddie Mac Form 465 March 2005 Fannie Mae Form 1073 March 2005 SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address and 6187 Long Key Lane, #N/A = |7912 Rockford Road 7063 Ashford Lane 8082 Dolomtian Way Unit # Boynton Beach, FL 33472 Boynton Beach, FL 33472 Boynton Beach, FL 33472 Boynton Beach, FL 33472 Project Name and ABERDEEN ABERDEEN ABERDEEN }VENETIAN ISLES Proximity to Subject 2.05 miles SW 4.00 mile W 2.57 miles W Sale Price $ EMV. mS 216,500} a i Sale Price/Gross Liv, Area |$ sg.ft[$ 110.7480. ft} $ 106.1959, ft Date Source(s) MLS#R2893773 MLS#R2953422 Verification Source(s) Palm Beach County Appraiser__|Palm Beach County Appraiser__|Broward County Appraiser. VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION | +()$ Adjustment | DESCRIPTION | +(-) $ Adjustment | DESCRIPTION Sales or Financing ae ~|None None None Concessions oes _|NIA NIA NIA Date of Sale/Time 9/11/08 po Leasehold/Fee Simple Fee Simple Fee Simple HOA Mo. Assessment 255. 315 315, 270 Clubhouse Clubhouse 2 Design (Style) Fa Quality of onstruction Good Good | Baths +4,000} 7 | 3 | 2 . 5,000) 2,213 sq. ft, None None None Faq Rooms Below Grade N/A NA N/A Functional Utility Good Good Geod Elec/Central___|Elec./Central Elec. /Ceniral None None None 4 Car Attached |2 Car Attached -2,500)2 Car Attached Patio Patio Adjusted Sate Price of Comparables Indicated Value by: Sales Comparison Approach $220,000 CONCILIATION Py This appraisal is made “as is", [| subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, subject to the following repairs or alterations on the basis of @ hypothetical condition that the repairs or alterations have been completed, or CB subject to the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: N/A Lit Based on a complete visual inspection of the interior and exterior areas of the subject Broperty, defined ‘scape of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our} opinion of the market value, 25 defined, of the real property that is the subject of this report is $___ 220.000 as of 4/45/09 which is the date of inspection and the effective date of this appraisal. Freddie Mac Form 465 March 2005... gg , Page 3 of 6 Pye MUNI EPA EEE Me AU Oe a Fannie Mae Form 1073 March 2005 EXH i & iFgtm be "WinTOTAL* appraisal software by a la mode, inc. — 1-800-ALAMGDE 3 6 " as SAN a ee PAGE OF EXHEOT, Individual Condominium Unit Appraisal Report File # MIC09012739 This report form is designed to report an appraisal of a unit in a condominium project or a condominium unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject unit, (2) inspect and analyze the condominium project, (3) inspect the neighborhood, (4) inspect each of the comparable sales from at least the street, (5) research, verify, and analyze data from reliable public and/or private sources, and (6) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the fender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. . MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consurnmation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties, are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable ‘time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms financial altangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Fiood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangeniénts to do sa have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, 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 research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the Property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsibie 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, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. DING E Freddie Mac Farm 485 March 2005 Paget of BUiviE LAL EL Fannie Mae Form 1073 March 2005 PAGE, 3? OVEN oO Form 4073 "WinfOTAD bp EXHIDIT__ Individual Condominium Unit Appraisal Report APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that: File # MICO9012739 1. [ have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. 1 performed a complete visual inspection of the interior and exterior areas of the subject property. | reported the condition of the improvements in factual, specific terms. | identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. | performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. | developed my opinion of the market value of the real property that.is the subject of this report based on the sales comparison approach to value. | have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. | further certify that | considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. . 5, | researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise Indicated in this report. 6. | researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. \ selected and used comparable sales that are locationally, physically, and functionally the most ‘similar to the subject property. 8. | have not used comparable sales that were the result of combining a fand sale with the contract purchase price of a home that has been built or will be built on the land. “ 9. | have reported adjustments to the comparable sales that reflect the market's reaction to the differences betwéam the subject property and the comparable sales. \ 10. | verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property, 14. 1 have knowledge and experience in appraising this type of property in this market area. 12. | am aware of, and have access to, the necessary and appropriate public and private data sources, such as mukiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. | obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that | believe to be true and correct. 14. | have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. { have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that | became aware of during the research involved in performing this appraisal. 1 have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15, | have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. | stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. . . 17. 1 have no present or prospective interest in the property that is the subject of 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 opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial, status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that | would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage foan application). 19. | personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If | relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, | have named such individual(s) and disclosed the specific tasks performed in this appraisal report. | certify that any individual so named is qualified to perform the tasks. [ have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and ! will take no responsibility for it. 20. | identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Fannie Mae Form 1073 March 2005 Freddie Mac Form 465 March 2005 “Form 1073 — a: Individual Condominium Unit Appraisal Ri 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbta, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). eport File # MICO8012739 22. 1 am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, | am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record” containing my “electronic signature,” as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25, Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil fiability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Gode, Section 1001, et seq., or simitar state laws. SUPERVISORY APPRAISER’S CERTIFICATION: The Superviscry Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appralser’s certification. ” 2. | accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's aniatysis, opinions, statements, conclusions, and the appraiser's certification. BS 3. The appraiser identified In this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. lf this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER Michael G. Powell Signature. L ] Name Michael Powell \. Company Name Miami-Dade Valuation Consuttants Company Address 90 SW 3rd Street, Suite 1204, Miami FL 33134 SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number (786) 348-9128, Email Address mgp@/‘stequityappraisals.com Telephone Number Email Address Date of Signature and Report January 27, 2009 Effective Date of Appraisal 1/15/09 State Certification # RD5615 or State License # or Other State FL. Expiration Date of Certification or License State # 11/30/2010 Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED. 6187 Long Key Lane, # N/A Boynton Beach, FL 33472 Did not inspect subject property Did inspect exterior of subject property from street Date of inspection Did inspect interior and exterior of subject property APPRAISED VALUE OF SUBJECT PROPERTY $ LENDER/CLIENT Name John Svirsky_ Company Name john D. Svirsi Company Address 2333 Gulf Shore Blvd. North, Naples, FL 34103 220,000 Email Address john@svirsky.com Freddie Mac Form 465 March 2005 iz Page 6 Date of inspection COMPARABLE SALES Did not inspect exterior of comparable sales from street (J Did inspect exterior of comparable sales from street Date of Inspection of 6 Fannie Mae Form 1073 March 2005 Pa a Me aati isal software by 2 ta mode, inc, — 1-800- IE eu. seor 37 Ose eee ee Location Map Borrower/Cient_ RUSSO ALFRED & ANGELINA Property Address_6187 Long Key Lane City Boynton Beach County Palm Beach State FL Zp Code_33472 John D. Svirsky Inc. Client a la mode, inc. Attantice Oce he Oheechebee rae enay al (Hors Pate Beach Big “slate Pa E “Riviera Bauch Stas ct andy eas Beat Trameace base Hghienos AL RANI OTS We Ae LRINES RATIVE COMPLAINT EMR iy we Tat donaisal software bya le made, inc, — $ MODE YO Laie) RAT Comparable Sales Map Borrower/Chent_ RUSSO ALFRED & ANGELINA Property Address 6187 Long Key Lane | City Boynton Beach County Palm Beach State FL dp Code 33472 John B.S: inc. ee or a, cece 4, ‘Comparables 3 'BOR2 Dolomtfan way 257 miles W Ueto sini? Building Sketch Borrower/Client_ RUSSO ALFRED & ANGELINA Property Address 6487 Long Key Lane Cit Boynton Beach John D. Svirsi - COVERED PORCH Taz x 1-8 “BB VOLUME: CLS, - DINING AREA ¥0-0 VOLUME CLS. State FL Zp Code_33472 ic anes ae =O arn nnn & cheat Fa omTLET “@ PH PHONE OUTLET Dy wy amet AUNENISTHALIVE COMPLAINT EXHIBIT # Form ea “WinTOTAL” peeps sofas by ale roe inc. — 1-1 aa gtd BEDROOM #2 12-0 ¥ 1960 VOLUNE BEDROOM #3 On4 x 12-0 Subject Photo Page Borrower/Clent_ RUSSO ALFRED & ANGELINA. Property Address_6187 Lor Lane Boynton Beach County Palm Beach State FL Zip Code_33472 Subject Front 6187 Long Key Lane, # N/A Sales Price EMV. GLA 1,590 Tot. Rooms 7 Tot. Bedrms, 3 Tot Bathrms. 2.5 Location Good View Avg. Site 16,000 Sq.Ft. Quality Good Age 12 Subject Rear Subject Street Form PiC4x6.SR — “WinTOTAL" appraisal software by a ta mode, inc. — 1-800- ODE 3 Ext PAGE, Comparable Photo Page Borrower/Client_ RUSSO ALFRED & ANGELINA. Property Address_ 6187 Long Key Lane Ci Boynton Beach Client John D. Svirsky inc. Comparable 1 7912 Rockford Road Prox to Subject 2.05 miles SW Sales Price 216,500 Gross Living Area = 1,955 Total Rooms 7 Total Bedrooms 3 Total Bathrooms = 2 Location Good View Avg. Site 8,800 SF Quality Good Age E Comparable 2 * 7083 Ashford Lane Prox. to Subject 1.00 mile W Sales Price 235,000 Gross Living Area © 2,213 Total Rooms 7 Total Bedrooms = 3 Total Bathrooms = 2 Location Good View Avg. Site 8,800 SF Quality Good Age 18 Comparable 3 8082 Dolomtian Way Prox. to Subject 2.57 miles W Sales Price 233,000 Gross Living Area «= 1,527 Total Rooms 7 Total Bedrooms , 3 Total Bathrooms = 2 Location Good View Avg. Site 8,800 SF Quality Good Age 6 Form PICPIX.CR — "WinTOTAL" appraisal software by a la mode, inc. —,1-800-ALAMODE enon fags Y var Re e STATE OF FLORIDA 43 DEPARTMENT OF BUSINESS AND BM PROFESSIONAL REGULATION RD5615 10/31/08 o8Bos278 CERTIFIED RESIDENTIAL APPRAISER| POWELL, MICHAEL G IS CERTIFIED under che provisions of ch.i75 Bxpirecion date: NOV 30, 2010 108103102883 STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD SEQ# 10810310288 Poise SICENSE NBR 10/31/2008 |088092789 The CERTIFIED RESIDENTIAL APPRAISER Named below IS CERTIFIED Under the provisions of Chapter 475 FS. Expiration date: NOV 30, 2010 POWELL, MICHAEL G 29,85 5TH AVENUE FORT LAUDERDALE FL 33301 CHARLIE CRIST CHARLES W. DRAGO GOVERNOR SECRETARY DISPLAY AS REQUIRED BY LAW Form SCi — "WinTOTAL” appraisal software by ala mode, inc. — 1-800-ALAMODE EAHInT U PAGE, i prea [Fle No, MiC090737351 Pane #771 1C09012739] Page #17) Michael G. Powell, stacerrresnea rp s615 Real Estate Appraiser, Property Manager & Consultant 6645 Willow Park Drive, Suite 100, Naples, FL 34109 Tel, 239.537.9381 . mep equitvappraisals.com Professional Qualifications. Florida Certified Residential Real Estate Appraiser (St.Cert.Res.REA RD5615) New Jersey Licensed Residential Real Estate Appraiser (SLREA 42RA00362800) Associale Member, Appraisal Institute Realtor, NABOR Member. Sunshine MLS Member, Broward County MLS Education 2003: Bachelor of Arts, University of Pittsburgh, Pittsburgh, Pennsylvania Appraisal Courses — Appraisal Institute 2001: Course 110, Appraisal Principles, Rutgers University, New Brunswick, NJ 2002: Course 120, Appraisal Procedures. Rutgers University, New Brunswick, NJ 2002: Course 410, Uniform Standards of Professional Appraisal Practice (USPAP) Edison, NJ 2003: Course 310, Basic Income Capitalization, Rutgers University, New Brunswick, NJ 2003: Course 400, USPAP - 2003 Update, NJ 2005: Course $30, Advanced Sales Comparison & Cost Approaches, Richmond, VA 2005: Course 620, Sales Comparison Valuation of Small, Mixed Use Properties, Las Veyas, NV 2005: Residential Market Analysis and Highest & Best Use, Fishkill, NY 2006: Course 410, Uniform Standards of Professional Appraisal Practice, (AQB) Tampa, FL. Appraisat Seminars 2003: Completing FHA Appraisals, Loomis Appraisal School (LAS). Voorhees, NJ 2003: New Fannie Mae Appraisal Guidelines and New Field Review Report, LAS 2003: Factory-Built Housing ~ Virtual Classroom, McKissock, Inc., Warren, Pennsylvania 2005: Developing & Growing an Appraisal Practice - Virtual Classroom, McKissock, Inc. 2005: Appraising the Oddball — Virtual Classroom, McKissock, Inc. 2005: Construction Details & Trends - McKissock, Inc. 2005: Information Technology & the Appraiser - McKissock, Inc. Rea! Estate Licensing 2004: Broker's School, General, Office Management, Agency & Ethics (150 Hours) Princeton School of Reul Estate, Princeton, New Jersey Employment 2006 to Present: 1" Equity Appraisals, L.L.C., Naples, FL 1998 102005: Powell & Powell Associates, Consultants in Real Estate Valuation, Collingswood, NJ 2004 te Present — President, Principal Appraiser, Property Manager and Owner 2002 to 2004 — Vice President, Residential Appraisal Division, Property Manager 1998 tw 2002 -~ Field Appraiser Form SC1 — "WinTOTAL’ appraisal software by a la mode, inc. — 1-800-ALAMODE ADVINISTRATIVE COMPLAINT eace Jt oust. PAGE TO 46 www. 1stequityappraisals.com [Ele No, MICOS0727351 Pane #5] Uniform Residential Appraisal Report Fle # MIC09012739 The eof this summary appraisal report is to provide the lender/client with an accurate, and uatsly supported, opinion of the market value of the subject proy Property Address_6187 Long Key Lane Gity Boynton Beach State FL Zip Code_33472 Borrower RUSSO ALFRED & ANGELINA Owner of Public Record RUSSO ALFRED & ANGELINA County Palm Beach Legal Description ABERDEEN PL 22 LT 1 BLK 13 Assessor's Parcel # 00-42-45-14-20-013-0010 TaxYear_2008 RE Taxes § 1,729 Neighborhood Name_ ABERDEEN PL 22 LT 1 BLK 13 Map Reference_22744 Census Tract 0509.00 : Occupant [J Owner [—] Tenant [7] Vacant Special Assessments § N/A [XL PUD _HOA$ 255 [7] per year je month Property Rights Appraised D<] Fee Simple [| Leasehold [_ Other (describe) N/A Assignment Type _[_] Purchase Transaction [X Refinance Transaction Other (describe) N/A LenderGlient_ John D. Svirsky Inc. Address_2333 Gulf Shore Blvd, North, Naples, FL 34103 4s the subject property curently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? _{) Yes [XJ No Report data source(s) used, offering price(s), and date(s). N/A | Mi dia 1 ti not any te enact forsale forte subject purchase ansicn, Expl resus ofthe arse of te coral or why te ara was no jormed, N/A req Contract Price $ E.M.V. Date of Contract_N/A Is the seller the owner of public record? [7 } Yes [ |No_ Data Source(s} MLS \s there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, atc.) to be paid by any party on behalf of the borrower? Yes No zy It Yes, Teport the total doltar amount and describe the items tobe paid. N/A NIA Note: Race and the racial josition of the lhborhood arenot sal factors. . _ Neighborhood Characteristics. _.. One“Unit Housing Trends. Location [7] Urban Di Suburban [J Rural Property Values [_] tncreasing Stable zB Declinint Built-Up i Over 75% 25-75% Under 25% | Demand/Supply Shortage _ Ir Balance DX} Over Su p=4 Growth id Stable Slow Marketing Time ["] Under 3 mths [ | 3-6 mths Over Smths| 150 Low 5 | Multi-Famil 0% F-4 Neighborhood Boundaries, ‘The Subject neighborhood is bounded by Hypoluxo Road on the north, S. 250 High 15 | Commercial o% -4 Military Road on the east, W. In Beach Bivd. on the south and Jog Road on the west_ 200 Pred. 10 _| Otfier 0% Neighborhood Description _ The Subject neighborhood consists of condominiums located Boynton Beach. hoe Market Conditions (including support for the above conclusions) __ Due to the current rime mortgage crises and the oversupply of homes available in the southeast Florida region; home prices have failen drastically in the past 12 months. Dimensions Average Area Typical Shape Rectangular View Average Specific Zoning Classification Single Family Residential Zoning Description Residential Zoning Compliance (X} Legal [_] Legal Nonconforming (Grandfathered Use) [| No Zonin legal (describe) NA Js the highest and best use of subject as improved (or as proposed per plans and specifications) the present use? Yes No_ItNo, describe N/A fifties Public Other (describe) Public Other (describe) Off-site Improvements ~ Public Private Electric N/A Water N/A Strest_ FABC Ki Gas KINA Sanitary Sewer [J NIA Alley N/A FEMA Special Flood Hazard Area Yes No__ FEMA Flood Zone. AE. FEMA Map # 12011C0216F FEMA Map Date_8/18/1992 Are the utlities and off-site improvements typical for the market area? Yes No_ifNo, describe N/A Are there any adverse site conditions or extemal factors (easements, encroachments, environmental conditions, land uses, etc,)? Yes No_ If Yes, describe N/A General: a 1 a, Foundation ___. |Exterio at, “materials condition |interior. s/condition Units (_} One [_] One with Accessory Unit Concrete Slab {| Craw! Space Foundation Walls Block/Good. Floors Ceramic/Good # of Stories 4 Full Basement jj Partial Basement_|Exterior Wats Stucco Walls Sheetrock/Good T Det_[] Att D<] Attached Provide the following information for PUDs ONLY if the developer/builder is in cortrol of the HOA and the subject property is an attached dwelling unit, Legal Name of Project_ ABERDEEN F.4 ‘otal number of phases Total number of units Total number of units sold = Total number of units rented Total number of units for sale Data source(s) MLS 2 it the conversion of existing building(s) into aPUD? _[_} Yes_[<] No_If Yes, date of conversion, N/A f=} Does the project contain any multi-cwelling units? Yes [Xi No DataSource Inspection am F4 Are the units, common elements, and recreation facilities compiate? Yes [_] No _If.No, describe the status of completion, N/A Are the common elements leased to ot by the Homeowners’ Association? Yes No _If Yes, describe the rental terms an¢ options. N/A Describe common slements and recreational facilities. Pool, fitness center. Freddie Mac Form 70 March 2005 ADNMEINES TRA Li NPage SOLS IF Ls Fannie Mae Form 1004 March 2005 Bolen in Uniform Residential Appraisal Report Fie # MICO8012739 This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications; additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verity, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollats pr in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the pro sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for these costs which are normally paid by sellers as a result of tradition or law In a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch Is included only to assist the reader in visualizing the property and understanding the appraiser's determination its size. 3, The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements ta do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, 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 research involved in performing the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. 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, this appraisal report must not be considered as an environmental assessment of the property. - 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac Form 70 March 2005 cae Page arnt 6 ie Mae Form 1004 March 2005 =XHIBIT # Form 1004 — "Win ive yo) — 90 NAMIDE PAG 2 eusor (B pace © jase beatae aT ONS Gee a re ran ete ee ee ee Uniform Residential Appraisal Report File # MICO8012739 APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that: 1. | have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2, | performed a complete visual inspection of the interior and exterior areas of the subject property. | reported the condition of the improvements in factual, specific terms. | identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. | performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. | developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. | have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. | further certify that | considered the cost and income approaches to value but did not develop them, uniess otherwise indicated in this report. 5. | researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. | researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. | selected and used comparable sales that are locationally, physically, and functionally the most ‘similar to the subject property. | have not used comparable sales that were the result of combining a jand sale with the contract purchase price of a home that has been built or will be buitt on the land. 9. | have reported adjustments to the comparable sales that reflect the market's reaction to the differences between. tre subject property and the comparabie sales. 10. | verified, fram a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. | have knowledge and experience in appraising this type of property in this market area. 12. | am aware af, and have access to, the necessary and appropriate public and private data sources, such as muttiple listing services, tax assessment records, public fand records and other such data sources for the area in which the-property is located. 13. 1 obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from Teliable sources that | believe to be true and correct. +4. | have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. | have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the Presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that | became aware of during the research involved in performing this appraisal. | have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. | have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. | stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. | have no present or prospective interest in the property that is the subject of 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 opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, farniliak-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 or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that | would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. | personally prepared ali conclusions and opinions about the real estate that were set forth in this appraisal report. if | relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, | have named such individual(s) and disclosed the specific tasks performed in this appraisal report. [ certify that any individual so named is qualified to perform the tasks. | have nat authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and | will take no responsibility for it. 20. | identified the lender/client in this appraisal report who is the inalvidual, organization, or agent for the organization that ordered and will receive this appraisal report. FLDVIEN iS] if Form 1004 — PAGE eiaQramanmod HE Freddie Mac Form 70 March 2005 Uniform Residential Appraisal Report 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not fimited to, the public through advertising, public relations, news, sales, or other media). Fite # MICO9012739 22, | am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain jaws and regulations. Further, | am also subject te the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. tf this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER’S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: | directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's Shaya opinions, statements, conclusions, and the appraiser's 2. | accept full responsibility for the contents of this appraisal report including, statements, conclusions, and the appraiser's certification. certification. but not limited to, the appraiser's analysis, opinions, 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appralser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Promulgated by the Appraisal Standards Board of The Appraisal report was prepared. Professional Appraisal Practice that were adopted and Foundation and that were in place at the time this appraisal 5. If this appraisal report was transmitted as an "electronic record” containing my “electronic signature,” as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER: Michael G. Powell Signaturex_> Name Michgél Powell je SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Miami-Dade Valuation Consultants Company Address 90 SW 3rd Street, Suite 1204, Miami FL 33134 Telephone Number (786) 348-9128 Email Address mgp@1stequityappraisals.com Date of Signature and Report January 27, 2009 Effective Date of Appraisal 1/15/09 State Certification # RDS5615 or State License # or Other (describe) State FL Expiration Date of Certification or License State # 41/30/2010 ADDRESS OF PROPERTY APPRAISED 6187 Long Key Lane Boynton Beach, FL 33472 APPRAISED VALUE OF SUBJECT PROPERTY $ 220,000 LENDER/CLIENT Name John Svirsky Company Name John D, Svirsky Inc. Company Address 2333 Gulf Shore Bivd. North, Naples, FL 34103 Email Address john@svirsky.com ADMINISTRA Freddie Mac Form 70 March 2005 EXHIBIT garnet / Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY CO Did not inspect subject property CD Did inspect exterior of subject property fram street Date of Inspection © Did inspect interior and exterior of subject property Date of inspection COMPARABLE SALES Did not inspect extertor of comparable sales from street Did inspect exterior of camparable sales from street Date of Inspection * Fannie Mae Form 1004 March 2005 FoR DGS WTOT pp softwa a la mode, inc. — 1-1 oF ee ese SEA ee Ie Se efty Address_6187 Long Key Lane it Boynton Beach State FL Zip Code_33472 Client John D. Svirsky Inc. ni reeeana Pa ala mode, inc. ¢ Atlantic Oce cd be Givechebee a Sihaety ft (Mora Pain Baack By dover Pa Bench Piarsiemm Pack : ~ ea Po Beach tor abate fn . se Sep Bem x sPoee Sr Bern a bere Shit eto Thee bem, [seni oun, VINISTRATIVE COMPLAINT (le No, WC09012735] Page #12) le No, MICO9012739 Page #12] Comparable Sales Map Borrower/Glient RUSSO ALFRED & ANGELINA. Property Address 6187 Long Key Lane Ci State FL Zp Code_33472 John D. Svirsky Inc. ala mode, inc. yet le aRe eNO HRT i : 5 Att Scares Honda Tok tp Po ‘ bof. subject BS ciszionstey aie | ee . Gorupaiable #2 27068 Ashford Lame 00 anilew ‘Comparable #1 7x he agen Ronee ome Som, State Ft Zip Code_33472 . COVERED, PORCH , RSNA 8 . MASTER SUITE fiw SRS @ Pa ‘ ee 8 ee , LC, 5 je GREAT RN. jPic ef WL. | 14-0 x 25-10 g 30-0 VOLUME CLO. —— gl I ~ oan ® ; 5 tt s PANTRY. Bro HIGH, LW, Wal FPL ir Tht hes 3 : DINING AREA $0-0 YOLUNE QL.Gpa—ont 10-0 VOLUME CLG. XT 7 | —oemtmeot siz i — PTET as Pi FO | 3 ¥ ol ; : Er===t = Ee a eet ux. ‘ = : i } . BEDROOM 42 2m | i 12-0 x 10-0 é | es voNeae = = | GARAGE ! © = i. WOE x 20-6 BB VOLUME CLG. ij i ans | ca | BEDROOM #3 10—4 x 12-0 . { aur q 8-8 VOLUNE CLO, ——— z 0 > @ mw i REE cane rm cons: } a i : . i. seme | CH? i ADNINISTRAIIVE E COMPLAL INT St caer aan mmm G _4____ oF PAGE . Subject Photo Page Ba Be . Subject Front : : ; 6187 Long Key Lane Sales Price E.M.V. GLA 1,590 Tot. Rooms 7 Tot. Bedrms. 3 Tot, Bathrms. 2.5 Location Good View Average Site Typical Quality Good Age 12 Fy Subject Rear Subject Street PALE Gui’ LANY T Form PIC4x6,SR — “WinTOTAL" appraisal software by a la mode, inc, — 1-800-ALAMI ESET ¢ PAGE 69 Comparable Photo Page Borrower/Client_ RUSSO ALFRED & ANGELINA Prog Boynton Beach County Palm Beach Code_33472 John D. Svi Inc. Comparable 1 7912 Rockford Road Prox. to Subject 2.05 miles SW Sales Price 216,500 Gross Living Area = 1,955 Total Rooms 7 Total Bedrooms 3 Total Bathrooms = 2. Location Good "View Avg. Site 8,800 SF Quality Good Age 9 Comparable 2. 7063 Ashford Lane Prox. to Subject 1.00 mile W Sales Price 235,000 Gross Living Area 2,213 TotalRooms 7 Total Bedrooms 3 Total Bathrooms = 2 _ Location Good View Avg. Site 8,800 SF Quality Good Age 18 Comparable 3 8082 Dolomtian Way Prox. ta Subject 2.57 miles W Sales Price 233,000 Gross Living Area 1,527 Total Rooms 7 Total Bedrooms 3 Total Bathrooms = 2 Location Good View Avg. Site 8,800 SF Quality Good Age 6 ISTHALIVE COMPLAINT EXHIBIT # PAGE ll. OF meri Form PICPIX.CR — “WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE (2 7 O lead Borrower/Client_ _ RUSSO ALFRED & ANGELINA County Palm Beach APPRAISAL AND REPORT IDENTIFICATION This appraisal conforms to one of the following definitions: R Complete Appraisal (The act or process of estimating value, or an opinion of value, performed without invoking the Departure Rule.) CO Limited Appraisal (The act or process of estimating value, or an opinion of value, performed under and resulting fram invoking the Departure Rule.) This report is one of the following types: 1 Self Contained (A written report prepared under Standards Rule. 2-2(a) of a Complete or Limited Appraisal performed under STANDARD 1.) Surnmary (A written report prepared under Standards Rule 2-2(b) of a Complete or Limited Appraisal performed under STANDARD 1.) Restricted (A written report prepared under Standards Rule 2-2(c) of a Complete or Limited Appraisal performed under STANDARD 1, restricted to the stated intended use by the specified client or intended user.) Comments on Standards Rule 2-3 | certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. > ‘The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions and conclusions. J have no (or the specified) present or prospective interest in the property that is the subject of this report, and no (or the specified) personal interest with respect to the parties involved, | have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. ay My engagement in this assignment was not contingent upon developing or reporting predetermined results. 4 My compensation for completing this assignment is not contingent upon the development or reporting of 2 predetermined vaue or direction in value that favors the cause of the cient, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions and conclusions were developed and this report has heen prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. U have (or have not) made a personal inspection of the property that is the subject of this report. No one provided significant real property appraisal assistance to the person signing this certification. (If there are exceptions, the name of each individual providing significant teal property appraisal assistance must be stated.) ee SET nnn ee | Eee, Comments on Appraisal and Report Identification Note any departures from Standards Rules 1-3 and 1-4, plus any USPAP-related issues requiring disclosure: The Income Approach is not applicable. APPRAISER: SUPERVISORY APPRAISER (only if required): Signature: —~ A ) Signature: Name: Michael Powell : Name: Date Signed: January 27, 2009 Date Signed: ~ State Certification #: RD5615 State Certification #: or State License #: or State License #: State: FL State: Expiration Date of Certification or License: 44/30/2010 Expiration Date of Certification or License: [2 pid (7 Did Not inspect Property SUMMARY OF SALIENT FEATURES 8187 Long Key Lane ABERDEEN PL 22 LT 1 BLK 13 Boynton Beach © Palm Beach FL Zp Code 33472 Census Tract 0509.00 Map Reference 22744 Sale Price Date of Sale Borrower/Client, RUSSO ALFRED & ANGELINA Client John D, Svirsky Inc. Size (Square Feet) Price per Square Foot Location Appraiser Date of Appraised Value Final Estimate of Value $ 220,000 ADMINISTRATIVE COKIPLAINT, EXHIBIT # PAGE 2 OF Form SSD — "WinTOTAL* appraisal software by 2 la made, inc. — 1-800-ALAMODE pybsorr PACE 2. STATE OF FLORIDA AGE Hi DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION _RDS615 10/31/08 08809278 CERTIFIED RESIDENTIAL APPRAISER POWELL, MICHAEL G IS CERTIFIED under the provisions of ch.i75 ‘expiration date: NOV 30, 2010 108193102883 STATE OF FLORIDA DEPARTNENT. OF BUS; BRESS AND ER ORES: S. FQNAL, REGULATION F SEQ# 10810310289: 20/31/2008 |088092789 |RD5615 The CERTIFIED RESIDENTIAL APPRAISER a Named below IS CERTIFIED Under the provisions of Chapter 475 FS. Expiration date: NOV 30, 2010 POWELL, MICHAEL G 520 SE STH AVENUE #3308 FORT LAUDERDALE FL 33301 CHARLIE CRIST CHARLES W. DRAGO GOVERNOR SECRETARY DISPLAY AS REQUIRED BY LAW Form SC1 — “WinTOTAL" appraisal software by a a mode, inc. — 1-800-ALAMODE Michael G. Powell, State.CerLRes.REA RD 5615 Real Estate Appraiser, Property Manager & Consultant 6645 Willow Park Drive, Suite 100, Naples, FL 34109 Tel. 239.537.9381 . mep@!| slequityanpraisals.com Professional Qualifications Florida Certified Residential Real Estate Appraiser (St-Cert.Res.REA RDS615) New Jersey Licensed Residential Real Estate Appraiser (SLREA 42RA00362800) Associate Member, Appraisal Instituie Realtor, NABOR, Member, Sunshine MLS Member. Broward County MLS Education 2003: Bachelor of Arts, University of Pittsburgh, Pittsburgh. Pennsylvania Appraisal Courses - Appraisal Institute 2001: Course 110, Appraisal Principles, Rutgers University, New Brunswick, NJ : Course 120, Appraisal Procedures, Rutgers University, New Brunswick, NJ : Course 410. Uniform Standards of Professional Appraisal Practice (USPAP) Edison, NJ : Course 310, Basic Income Capitalization, Rutgers University, New Brunswick, NJ : Course 400, USPAP - 2003 Update, NJ : Course 530, Advanced Sales Comparison & Cost Approaches, Richmond, VA + Course 620, Sales Comparison Valuation of Small, Mixed Use Properties, Las Vegas, NV : Residential Market Analysis and Highest & Best Use, Fishkill, NY ; Course 410, Uniform Standards of Professional Appraisal Practice, (AQB) Tampa, FL Appraisat Seminars 2003: Completing FHA Appraisals, Loomis Appraisal School (LAS), Voorhees, NJ 2063: New Fannie Mae Appraisal Guidelines and New Field Review Report, LAS. 2003: Factory-Built Housing ~ Viral Classroom, McKissock, Inc., Warren, Pennsylvania 2005: Developing & Growing an Appraisal Practice ~ Virtual Classroom, McKissock, Ine. 2005: Appraising the Oddball - Virtual Classroom, McKissock, Inc. 2005: Construction Details & Trends - McKissock, Inc. 2005: Information Technology & the Appraiser - McKissock, Inc. Rea) Estate Licensing 200$: Broker's School, General, Office Management, Agency & Ethics (150 Hours) Princeton Schoo! of Real Estate, Princeton, New Jersey Employment 2006 to Present: 1° Equity Appraisals, L.L.C.. Naples, FL. 1998 vo 2005: Powell & Poweil Associates, Consultants in Real Estate Valuation, Collingswood. NJ 2004 to Present ~ President, Principal Appraiser, Property Manager and Owner 2002 to 2004 — Vice President, Residential Appraisal Division, Property Manager 1998 to 2002 ~ Field Appraiser Form SC1 — “WinTOTAL* appraisal software by 2 la mode, inc. — 1-800-ALAMODE ALIVUNIS TRA GLE EXHIBIT #2 a PAGE / —Y___ oF EXHMT, PAGE_( ¢- The purpose of this summary appraisal report is to provide the lender/client with an accurate, and _adequi Address_6187 Long Key Lane. Pro (Lepea+ HZ www. tstequityappraisals.com Uniform Residential Appraisal Report Borrower RUSSO ALFRED & ANGELINA, Legal Description ABERDEEN PL 22 LT 1 BLK 13 City_Boynton Beach [Hie No miG0s0127391 Page #5] File # MICO9012739 State FL supported, opinion of the market value of the subject property. Zp Code_33472 Owner of Public Record RUSSO ALFRED & ANGELINA Courty Palm Beach Assessor's Parcel # 00-42-45-14-20-013-0010 Tax Year_2008 RE Taxes $1,729 Neighborhood Name_ ABERDEEN PL 22 LT 1 BLK 13 Reference 22744 Census Tract 0509.00 Tenant _[_] Vacant Special Assessments $_N/A. PUD _HOAS 255 r f month Occupant Owner = Property Rights Appraised _[<] Fee Simple Leasehold (_] Other (describe) N/A Assignment Type _[_) Purchase Transaction Refinance Transaction Other (describe) N/A Lender/Glient_ John D. Svirsky Inc. Address _2333 Gulf Shore Blvd. North, Naples, FL 34103 Is the subject property cwrtentty offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Report data source(s) used, offering price(s), and date(s), N/A 1 Bd did id not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract far sale or why the analysis was not med. N/A Yes No seller the owner of public record? Fg Contract Price $ E.M.V. Date of Contract N/A. Is the Yes_[JNo_ Data Source(s) MLS $s there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No Yes, repart the total dollar amount and describe the items to be paid. NIA N/A Note: Race and the racial composition of the neighborhood are not factors, ‘Neighborhood Characteristics E ‘One-Unit Housing Trends : = One-Unit Housing _ Present Land Use % Location [] Urban XJ Suburban Rural Property Values [_} increasing Stable BX] Declining PRICE AGE | One-Unit 100 % Pa Buit-Up [XJ Over 75% [_] 25-75% [| Under 25% | Demand/Si Shortage [| In Balance [X] Over Supply| $ (000) (yrs) | 2-4 Unit 0% req Growth id Stable Slow Marketing Time [| Under 3 mths [1] 3-6 mths D<] Over 6 mths| 150 Low 5 | Muti-Faml 0O% Neighborhood Boundaries The Subject neighborhood is bounded by Hypolixo Road on the north, S. 250 High 15 | Commercial O% F4 Military Road on the east, W. Bi n Beach Bivd. on the south and Jog Road on the west. 200 Pred. 10__| Otter 0% Neighborhood Description The Subject neighborhood consists of condominiums located Boynton Beach. x Market Conditions (including support for the above conclusions) _ Due to the current subprime mortgage crises and the ove! of homes available in the southeast Florida region; home prices have fallen drastic in the past 12 months. Dimensions Average Area_Typicat Shape Rectangular View Average Specific Zoning Classification Single Family Residential Zoning Description Residential * Zoning Compliance (XJ Legal_[”] Legal Nonconforming (Grandfathered Use) ["] No Zoning [_] Wegal (describe) N/A Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes [| No If No, describe N/A. Utilities Public Other (describe) Public Other (deseribe) Off-site ements ~ Type Public Private Electric NIA Water By LNA, Strest_ FABC. Gas NIA Sanitary Sewer LI N/A Alley N/A FEMA Special Flood Hazard Area Yes No FEMA Food Zone_ AE FEMA Map #_12011C0216F FEMA Map Date 8/18/1992 Are the utilities and off-site improvements typical for the market area? Yes No_{f.No, describe N/A Are there any adverse site conditions or extemal factors (sasements, encroachments, environmental conditions, land uses, etc.)? Yes No {fYes, describe N/A General Description Foundation Exterior tion __-materials/condition | Interior materials /condition Units i_| One [_ { One with Accessory Unit Concrete Stab Craw! Space Foundation Walls Block/Good Floors Ceramic/Good # of Stories 4 Ful Basement Partial Basement [Exterior Walls Stucco. Walls Sheetrock/Good Type (J Det (j Att. S-Det End Unit [Basement Area sq.tt.JRoof Surface Sp. Tie. TrinvFinish__Wood/PainGood Existi Proposed [_) Under Const.|Basement Finish % {Gutters & Downspouts Aluminum/Good Bath Floor___ Ceramic Tile/Ava. Design (Style) Villa Outside Entry/Ext [| Sump Pump _ {Window 7) Double Hung/Good {Bath Wainscot Ceramic/Good Year Built 1997 Evidence of [_] infestation Storm Sash/Insulated_Yes/Unknown Car Storage None Effective Age (Vrs) 5 Dampness Settlement Screens Yes/Average Driveway # of Cars 2 Attic None Heat FWA HWBB Radiant| Amenities Woodstove(s) # O |Driveway Surface FABC Drop Stair Stairs (J Other Fuel_ N/A. Fireplace(s) # 0 _[_) Fence N/A WX Garage # of Cars Floor Scuttie~- Cooling Certral Air Condition Patio/Deck N/A] Porch N/A Carport__#of Cars N/A Finished Heated Individual {) Other Pool N/A Other N/A. DX] Att. Det. Buiksin Appliances [x] Refrigerator [X] Range/Oven [Xx] Dishwasher {X] Disposal_D<) Microwave Dx) Washer/Dryer_{_] Other (describe) Finished area above grade contains: 7 Rooms 3. Bedrooms 2.5 _Bathis) 1,590 Square Feet of Gross Living Area Above Grade Fe} Additional features (special energy efficient items, etc.|. None observed or made known. Describe the condition af the property (including needed repairs, deterioration, renovations, remodeling, etc.). The condition of the property is good. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structurat integrity of the property? N/A. (Yes BXjNo_# Yes, describe Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, ets.)? N/A Yes No_IfNo, describe ALINE) St EXHIBIT # @ Form 1004 —BRRE appraisal wal? byala mee Freddie Mac Form 70 March 2005 Florida Departmentet Division of Real Estate ° Thomas O'Bryant, Jr., Director Busines) ‘yoo eas one: 561.850.6918 : Cell: 861-315-4894 Reguistion Fax: 561.650-6913 Charles Drago ~ Charlie Crist Secretary : Governor March 30, 2009 Michael G. Powell 520 SE 5" Ave., #3308 Ft. Lauderdale, FL 33301 RE: DBPR Case #2009-010378 Dear: Mr. Powell, This letter is to serve as official notice, in accordance with Section 455.225(1), Florida Statutes, that the Division has received a complaint against you (copy attached) and that it had initiated an investigation regarding the allegations made in the complaint. | have been assigned to the case, and | will be in contact with you at the earliest time to schedule a mutualy convenient appointment to discuss the complaint in detail. You can contact me at any time. You may submit a written response with document backup to the information contained in this complaint within 20 days after receipt of this letter. Any such response and/or contact with the Agency regarding this matter, prior to personal contact with me, should be directed to my attention at the letterhead address in West Palm Beach. investigations differ in complexity and duration, therefore, a definite time frame of completion is not possible. We appreciate your cooperation and understanding in this regard. Please review the complaint and respond to it. Also, include a copy of all reports for this property that you produced and a copy of your work file and send it to my office. FILEHMICOGO12737— SPREE EXHIBIT 561-315-4694 (cell) re John.Platt@dbprstateflus re LICENSE EFFICIENTLY. REGULATE FAIRLY. WWW.MYFLORIDALICENSE.COM Z - - / EXMInTy PAG Florida Departmentet Division of Real Estate * : Thomas O'Bryant, Jr., Director USINES "West Pam Beach, Pre S541 . : 561.650. Professional 1 oe Regulation __ Charles Drago Charlie Crist Secretary ~ Governor September 1, 2009 Michael G. Powell 520 SE 5" Ave, #3308 Ft. Lauderdale, Fl 33301. Re: DBPR Case #2009-010378 On March 30, 2009, I sent you notice of a complaint against your appraisal license, reference number MIC09012739. | need you to furnish a response with a copy of the work file, work order and copy of original report. . . io . 11S. Sapodilla Ave. #104 lest Palm Beach, Fl 33401 Regional Investigator Bureau of Enforcement 561-315-4694 561-650-6913 (fax) John.Platt@dbpr.state.fl.us LICENSE EFFICIENTLY. REGULATE FAIRLY. = WWW.MYELORIDALICENSE.COM EXHIGIT. Le. ppcel 5.

Docket for Case No: 10-008445PL

Issue Date	Proceedings
Jan. 14, 2011	Transmittal letter from Claudia Llado forwarding Petitioner's proposed exhibits, to the agency.
Jan. 03, 2011	Order Closing File. CASE CLOSED.
Dec. 30, 2010	Motion to Relinquish Jurisdiction filed.
Nov. 10, 2010	Order Re-scheduling Hearing (hearing set for January 11, 2011; 9:00 a.m.; Naples, FL).
Nov. 05, 2010	Letter to Jugde Powell from G. Powell regarding proposing the date for the continued hearing filed.
Oct. 28, 2010	Order Granting Continuance (parties to advise status by November 9, 2010).
Oct. 25, 2010	Notice of Appearance (filed by George Powell).
Oct. 25, 2010	Respondent, Michael G. Powell's Motion for Continuance filed.
Oct. 13, 2010	Notice of Transfer.
Oct. 06, 2010	Petitioner's Notice of Filing Petitioner's Exhibits (exhbits not available for viewing).
Oct. 04, 2010	Index to Petitioner's Formal Hearing Exhibits filed.
Oct. 04, 2010	Petitioner's Notice of Filing Petitioner's Exhibits (exhibits not attached).
Oct. 04, 2010	Petitioner's Witness List filed.
Sep. 13, 2010	Order of Pre-hearing Instructions.
Sep. 13, 2010	Notice of Hearing (hearing set for November 4, 2010; 9:00 a.m.; Naples, FL).
Sep. 07, 2010	Unilateral Response to Initial Order filed.
Aug. 30, 2010	Election of Rights filed.
Aug. 30, 2010	Administrative Complaint filed.
Aug. 30, 2010	Agency referral filed.
Aug. 30, 2010	Initial Order.