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4.5. HRSR 09-08-2020 �J etyof ElkRequest for Action River To Item Number Housing and Redevelopment Authoritv 4.5 Agenda Section Meeting Date Prepared by General Business September 8, 2020 Colleen Eddy, Economic Development Specialist Item Description Reviewed by Cunningham Subordination Request Amanda Othoudt,ED Director Reviewed by Cal Portner, City Administrator Action Requested Approve,by motion,the subordination agreement between The Bank of Elk River, and the Housing and Redevelopment Authority. Background/Discussion On January 25, 2017,Tracy Cunningham received a loan from the HRA in the amount of$22,069.00 to make improvements to the property located at 1420 5d' Street NW through the HRA's Rehabilitation Loan program. Tracy and Erin Cunningham are in the process of a no cash-out refinance with The Bank of Elk River. The Bank of Elk River will be taking a first lien position on the new loan. The Bank of Elk River has requested that the Housing and Redevelopment Authority hold a Yd subordinate position. Borrower: Tracy and Erin Cunningham Address: 1420 5th St NW, Elk River, MN 55330 Closing Date: 1/25/2017 Original Loan Amount: $22,069.00 Current Balance: $14,910.78 • Our review shows a new Appraised Value of$227,500.00 • New Loan amount is $136,000.00 • Per the documentation, this is a rate and term refinance with a limited cash-out to finance the closing fees per Fannie Mae guidelines. • New CLTV is 66.33%; there is an open Line of Credit for$30,000.00 with a current balance of$0.00 that,if used to the max,will bring the CLTV to 79.5%, still below the recommended CLTV of 100%. • The new CLTV combined with a lower interest rate (new interest rate is 2.875% down from 4.250/o), and the fact that the line of credit (second Lien) is at$0.00 balance suggests a strong income position and the possibility of improvements to the property that will increase its base value in the short term. • The city is currently in third position and will keep its position after the new lien is in place. • Taxes are current and there are no delinquencies, therefore there is no risk of a potential foreclosure or action against the property by the county or the first lien holder. The Elk River Vision A Y�elcoming community nvith revolutionary and spirited resourcefulness, exceptional p D W E H E D D Y service, and community engagement that encourages and inspires prosperity ,g /` UR • Taxes and insurance will be escrowed through the first mortgage, therefore there is no risk of default or lapse on either one. • The monthly payment amount of the first loan will go up by a small amount,but the term of the new loan (15 years) will reduce the life of the loan in 4 years from the current schedule. • The terms of the new loan do not conflict the city's interest on the title. After completing the review of the package, the savings and interest reduction show that the end result will benefit the city by allowing the borrower to pay their first mortgage at a faster rate and keeping additional resources that can be used for home improvements available for the borrower. Financial Impact N/A Mission/Policy/Goal The goal of the HRA is to improve existing housing stock by offering incentives or programs to repair and maintain residential properties. Attachments ■ Subordination Agreement ■ Subordination Review ■ Subordination Document N:\Departments\Community Development\Economic Development\HRA\Administrative\Agenda\2020\09-08-2020\4.5 sr Cununinngham Subordination Request.docx SUBORDINATION AGREEMENT DATE: 8/19/2020 FOR VALUABLE CONSIDERATION,the undersigned hereby subordinates the lien on real property in Sherburne County,Minnesota,legally described as follows: Lot 4,Block S, W.K Houlton's Addition to the Village of Elk River,Sherburne County,Minnesota,which is evidenced by a Repayment Note and Grant of Mortgage on Real Property dated 9/16/2016,and recorded on 1/30/2017,as Document No. 833750 in the Office of the Registrar of Titles of Sherburne County,Minnesota,to a subsequent lien evidenced by a Mortgage from ERIN THOMAS CUNNINGHAM and TRACY LORRAINE CUNNINGHAM,Spouses Married to Each Other,to The Bank of Elk River,Its Successors and/or Assigns as Their Interest May Appear,in an amount not to exceed One Hundred Thirty Six Thousand Dollars($136,000.00)and recorded on ,as Document No. in the Office of the Registrar of Titles of Sherburne County,Minnesota. Housing and Redevelopment Authority in and for the City of Elk River, Minnesota By: (Name of authorized signor) (Title of authority) (Signature) STATE OF MINNESOTA } } ss. COUNTY OF SHERBURNE } The foregoing instrument was acknowledged before me on by , the and authorized signer for the Housing and Redevelopment Authority in and for the City of Elk River,a Minnesota body corporate and politic. Signature of Notarial Officer taking acknowledgement NOTARIAL STAMP OR SEAL(or other Title or Rank) THIS INSTRUMENT WAS DRAFTED BY: Housing and Redevelopment Authority in and for the City of Elk River,Minnesota 13065 Orono Parkway, Elk River,MN 55330 CEE LOAN NUMBER:19-015204 BORROWER NAME:TRACY CUNNINGHAM PROPERTY ADDRES:1420 5TH ST NW PROPERTY CITY:ELK RIVER PROPERTY STATE:MN PROPERTY ZIP CODE:55330 ORIGINAL LOAN AMOUNT:$22,069.00 CLOSING DATE:1/25/2017 PROGRAM:ELK RIVER HRA ORIGINAL CLTV:N/A CURRENT UPB:$14,910.78 MATURITY DATE:1/25/2027 #DOCUMENT NAME PROVIDED?NEEDED FOR DECISION?DATE RECEIVED 1 WRITTEN REQUEST YES YES 8/17/2020 2 CURRENT APPRAISAL YES YES 8/17/2020 3 TITLE INSURANCE YES YES 8/17/2020 4 NEW LOAN APPLICATION YES YES 8/17/2020 5 BILLING STATEMENT YES NO 8/17/2020 6 LO CONTACT INFO YES NO 8/17/2020 7 SUBORDINATION FEE YES YES SUBORDINATION REVIEW #DECISION TOOL VALUE 1 NEW LIEN TYPE MORTGAGE 2 NEW APPRAISED VALUE 227,500.00$ 3 NEW LOAN AMOUNT 136,000.00$ 4 NEW CLTV 66.33% 5 IS THERE A CASH-OUT?NO 6 CURRENT POSITION THIRD 7 NEW POSITION SECOND 8 LAST DELINQUENT N/A 9 DATE PRIOR SUBORDINATION N/A 10 TAX PAYMENT STATUS CURRENT SUBORDINATION RECOMMENDATION APPROVED CEE OFFICER REVIEWING: DATE:8/28/2020 Signature: NOTE FOR REVIEWING OFFICER: Please print a copy of this decision spreadsheet and attach it to the original file. MARCO F LANDONI SUBORDINATION REVIEW WORKSHEET � Bank August 17, 2020 Center for Energy and Environment ATTN: Loan Servicing Department—Marco Landoni 212 Third Ave N Suite 560 Minneapolis, MN 55401 RE: Tracy Cunningham—Subordination Request 1420 5th St NW Elk River, MN 55330 Loan #19-015204 To Whom It May Concern: Please accept this letter as a request for a subordination of the mortgage securing the above stated loan. Erin and Tracy Cunningham are in the process of a no cash -out refinance with The Bank of Elk River. We are requesting that your mortgage be subordinated in order for the new mortgage to be in the 11t position. Your mortgage will remain in the 3rd position as follows: 1St Mortgage—New $136,000 2nd Mortgage—Subordinated HELOC $30,000 (currently zero balance) 3rd Mortgage—CEE $14,910 TOTAL $180,910 Appraised Value $227,500 TLTV 79.5% Please let me know if you have any questions. You can reach me at 763-274-6890 or at cwemple@thebankofelkriver.com Sincerely, �r Corey A. Wemple Vice President Director of Consumer and RE Lending caw 630 Main Street, Elk River, MN 55330 1 p) 763-441-1000 1 f) 763-441-0847 1 www.thebankofelkriver.com I Member FDIC Insured Closing Protection Letter -- Ref: 967952121 — ALTA8 - Single Transaction .."i '.OLD REPUBLIC \.1' AONA1_'ITILE INSt RAtiC E C'[1A11'AW Ref: 967952121 -- ALTA8 -- SINGLE TRANSACTION LIMITED LIABILITY "Date" : Wednesday, August 5, 2020 "Addressee": The Bank of Elk River 630 Main Street Elk River, MN 55330 "Real Estate Transaction": Buyer Erin Thomas Cunningliam & Tracy Lorraine Cunningham Street Address: 1420 5th St NW Elk River, MN 55330 Binder/Order Number: 2020-450 "Issuing Agent" or "Approved Attorney": SHERBURNE COUNTY ABSTRACT & TITLE CO. 351 MAIN STREET ELK RIVER, MN 55330 (763) 441-3280 - PHONE North Central Division Office: 400 Second Avenue South Minneapolis, Minnesota 55401-2499 Voice: 612-371-1111 --Fax Number: 612-371-1190 Toll Fire: 800-328-4441 Email: ICL.MW cr OldRepublicTitle.com To verify if this agent is in good standing, go to www.oldrepublictitle.coni, and click the "Authorized Agent Verification" button at the bottom ofthe Home page and enter in Reference Number 967952121. Re: Closing Protection Letter Dear Madam or Sir In consideration of Your acceptance of di is letter, Old Republic National Title Insurance Company (the `Vompanyl�, agrees to indemnify You for actual loss of Funds incurred by You in comiection with die closing of the Real Estate Transaction conducted by the Issuing Agent or Approved Attorney on or after the Date of this letter, subject to die Requirements and Conditions and Exclusions set forth below: WQl1JMEM1LNTS 1. The Company issues or is contractually obligated to issue a Policy for Your protection in connection with the Real Estate Transaction; 2. You are to be: a. a lender sectored by die Insured Mortgage on the Title to the Land; or b. a purchaser or lessee of the Title to the band; 3. The aggregate of all Funds You transmit to the Issuing Agent or Approved Attorney for the Real Estate Transaction does not exceed the amount of the tide insurance policy issued to die party benefited by this letter in connection with the Real Estate Transaction; and 4. Your loss is solely caused by: a. a failure of the Issuing Agent or Approved Attorney to comply with Your written closing instructions that relate to: Generated by Old Republic National Title Insurance -- Ref: 967952121 -- ALTA8 - Single Transaction page I /4 Insured Closing Protection Letter -- Ref: 967952121 -- ALTA8 - Single Transaction A. the disbursement of Funds necessary to establish the status of the Title to the Land; or B. the validity, enforceability, or priority of the lien of the Insured Mortgage; or ii. obtaining any document, specifically required by You, but only to die extent that the failure to obtain the document adversely affects the status of the Title to the Land or the validity, enforceability, or priority of the lien of the Insured Mortgage on the Title to the Land; or b. fraud, theft, dishonesty, or misappropriation by the Issuing Agent or Approved Attorney in handling Your Funds or documents in connection with the closing, but only to the extent that the fraud, theft, dishonesty, or misappropriation adversely affects the status of the Title to the Land or the validity, enforceability, or priority of the lien of the Insured Mortgage on the Title to the Land. CONDITIONS AND EXCLUSIONS 1. Your transmittal of Funds or documents to the issuing. Agent or Approved Attorney for the Real Estate Transaction constitutes Your acceptance of this letter. 2. For purposes of this letter: a. "Camrnitrnent" means the Company's written contractual agreement to issue the Policy. b. "Funds" means the money received by the Issuing Agent or Approved Attorney for the Real Estate Transaction. e. "Policy" means the contract or contracts of title insurance, each in a form adopted by the American Land Title Association, issued or to be issued by the Company in connection with the closing of die Real Estate Transaction. d. "You" or "Your" means: i. the Addressee of this letter; ii. the borrower, if die Land is improved solely by a one -to -four family residence; and iii. subject to all rights and defenses relating to a claim under this letter that the Company would have against die Addressee, A. the assignee of the insured Mortgage, provided such assignment was for value and the assignee was, at the time of the assignment, without Knowledge of facts that reveal a claim under this letter; and B. the warehouse lender in connection with the insured Mortgage. e. "Indebtedness," "Insured Mortgage," "Knowledge" or "Known," "Land," and "Tide" have the sante meaning given them in the American Land Tide Association Loan Policy. 3. The Company shall have no liability under this letter for any loss arising from any: a. failure of the Issuing Agent or Approved Attorney to comply with Your closing instructions that require title insurance protection in connection with the Real Estate Transaction inconsistent with that set forth in tie Commitment. Your written closing instructions received and accepted by tlhe Issuing Agent or Approved Attorney after issuing the Commitment that require the removal, where allowed by state law, rule, or regulation, of specific Schedule B Exceptions from Coverage or compliance with the requirements contained in the Commitment shall not be deemed to require inconsistent title insurance protection; b. loss or impairment of Funds in die course of collection or while on deposit with a bank due to bank failure, insolvency, or suspension, except loss or impairment resulting from failure of the issuing Agent or Approved Attorney to comply with Your written closing instructions to deposit Your Funds in a bank that You designated by name; c, constitutional or statutory lien or claim of lien that arises from services, labor, materials, or equipment, if any Funds are to be used for the purpose of construction, alteration, or renovation. This Section 3.c does not affect the coverage, if any, as to any lien for services, labor, materials, or equipment afforded in the Policy; d. defect, I ien, encumbrance, or other matter in connection with die Real Estate Transaction. This Section 3.d does not affect the coverage afforded in the Policy; e. fraud, theft dishonesty, misappropriation, or negligence by You or by Your employee, agent, attorney, or broker; Generated by Old Republic National Title Insurance -- Ref: 967952121 -- ALTA8 - Single Transaction Page 214 Insured Closing Protection Letter-- Ref. 967952121 -- ALTA8 - Single Transaction f fraud, theft, dishonesty, or misappropriation by anyone other than the Company, Issuing Agent, or Approved Attorney; g. settlement or release of any claim by You without the Company's written consent; b. matters created, suffered, assumed, agreed to, or Known by You; i. failure of the Issuing Agent or Approved Attorney to determine the validity, enforceability, or the effectiveness of a document required by Your closing instructions. This Section 3.i does not affect the coverage afforded in the Policy; j. Federal consumer financial law, as defined in 12 U.S.C. § 548 I (14), actions under 12 U.S.C. § 5531, or other federal or state laws relating to truth -it -lending, a borrower's ability to repay a loan, qualified mortgages, consumer protection, or predatory lending, including any failure of the Issuing Agent or Approved Attorney to comply with Your closing instructions relating to biose laws; k. federal or state laws establishing the standards or requirements for asset-backed securitization including, but not limited to, exemption from credit risk retention, including any failure of the Issuing Agent or Approved Attorney to comply with Your closing instructions relating to those laws; 1. periodic disbursement of Funds to pay for construction, alteration, or renovation on the Land; m. Issuing Agent or Approved Attorney acting in the capacity ofa qualified intermediary or facilitator for tax deferred exchange transactions as provided in Section 1031 of the Internal Revenue Code; or n. wire fraud, mail fraud, telephone fraud, facsimile fraud, unauthorized access to a computer, network, email, or document production system, business email compromise, identity theft, or diversion of Funds to a person or account not entitled to receive the Funds [perpetrated by anyone other than the Company, Issuing Agent, or Approved Attorney]. 4. If the closing is to be conducted by an Approved Attorney, a Commitment in connection with the Real Estate Transaction must have been received by You prior to the transmittal of Your final closing instructions to the Approved Attorney. 5. When the Company shall have indemnified You pursuant to this letter, it shall be subrogated to all rights and remedies You have against any pet -son or property had You not been indemnified. The Company's liability for indemnification shall be reduced to the extent that You have impaired the value of this right of subrogation. 6. The Company's liability for loss under this letter shall not exceed the least of a. the amount of Your Funds; h. the Company's liability tinder the Policy at the time written notice of a claim is made under this letter; c. die value of the lien of the Insured Mortgage; d. the value of the Title to the Land insured or to be insured under the Policy at the time written notice of a claun is made under this letter; or e. the amount stated in Section 3 of the Requirements. 7, The Company will be liable only to the holder of die Indebtedness at the time that payment is made. This Section 7 does not apply to a purchaser, borrower, or lessee. 8. Payment to You or to die owner of the Indebtedness under either the Policy or from any other source shall reduce liability under this letter by the same amount. Payment in accordance with die terms of this letter shall constitute a payment pursuant to the Conditions of the Pol icy. 9. The Issuing Agent is the Company's agent only for the limited purpose of issuing policies. Neither the Issuutg Agent nor the Approved Attorney is the Company's agent for the purpose of providing closing or settlement services. The Company's liability for Your loss arising from closing or settlement services is strictly limited to the contractual protection expressly provided in this letter. The Company shall have no liability for loss resulting from the fraud, theft, dishonesty, misappropriation, or negligence of any party to the Deal Estate Transaction, the lack; of creditwordtiness of any borrower connected with the Real Estate Transaction, or the failure of any collateral to adequately secure a loan connected with the Real Estate Transaction. 10. In no event shall the Company be liable for a loss if tine written notice of a claim is not received by the Company within one year from the date of the transmittal of Funds. The condition that the Company must be provided with written notice under this Section 10 shall not be excused by lack of prejudice to the Company. Generated by Old Republic National Title Insurance-- Ref: 967952121 -- ALTA8 - Single Transaction Page 314 Insured Closing Protection Letter -- Ref: 967952121 -- ALTA8 - Single Transaction 11. You must promptly send written notice of a claim under this letter to the Company at its principal office at 400 Second Avenue South, Minneapolis, MN 55401. If the Company is prejudiced by Your failure to provide prompt notice, the Company's liability to You under this letter shall be reduced to the extent of the prejudice. 12. Whenever requested by the Company, You, at the Company's expense, shall. a. give the Company all reasonable aid in: i. sectu-ing evidence, obtaining witnesses, prosecuting or defending any action or proceeding, or effecting any settlement, and ii. any other lawful act that in the opinion of the Company may be necessary to enable the Company's investigation and determination of its liability under this letter; deliver to the Company any records, in whatever medium maintained, that pertain to the Real Estate Transaction or any claim under this letter; and c. submit to an examination under oath by any authorized representative of the Company with respect to any such records, the Real Estate Transaction, any claim under this letter or any other matter reasonably deemed relevant by the Company. 13. The Company shall have no liability under this letter if: a. the Real Estate Transaction has not closed within one year from the date of this letter; or b. at any time after the date of this letter, but before the Real Estate Transaction closes, the Company provides written notice oftemi.nation of this letter to the Addressee at the address set forth above. 14. The protection of this letter extends only to real estate in Minnesota, and any court or arbitrator shall apply the law of the jurisdiction where the Landis located to interpret and enforce the terms of this letter. In neither case shall the court or arbitrator apply its conflicts of law principles to determine the applicable law. Any litigation or other proceeding under this letter must be filed only in a state or federal court within the United States of America or its territories having appropriate jurisdiction. 15. There shall be no right for any claim under this letter to be arbitrated or litigated on a class action basis. 16. Either the Company or You may demand that any claim arising under this letter be submitted to arbitration pursuant to the Title Insurance Arbitration Rules of the American Land Title Association, unless You have a Policy for die Real Estate Transaction with an Amount of Insurance greater than $2,000,000. If You have a Policy for die Real Estate Transaction with an Amount of Insurance greater than $2,000,000, a claim arising under this letter may be submitted to arbitration only when agreed to by both the Company and You. If the Real Estate Transaction solely involves a one -to -four family residence and You are the purchaser or borrower, the Company will pay the costs of arbitration. This letter supersedes and cancels any previous letter or similar agreement for closing protection that applies to the Real Estate Transaction and may not be modified by die Issuing Agent or Approved Attorney. OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY By: O�w Rob Glass Assistant Secretary cf. Ann Leon Generated by Old Republic National Title Insurance -- Ref: 967952121 -- ALTA8 - Single Transaction Page 4 / 4 ALTA Commitment for Title Insurance Issued by Old Republic National Titie Insurance Company NOTICE IMPORTANT - READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT. THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED. THE COMPANY'S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT, THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON. COMMITMENT TO ISSUE POLICY Subject to the Notice; Schedule B, Part I - Requirements; Schedule B, Part II - Exceptions; and the Commitment Conditions, Old Republic National Title Insurance Company, a Florida Corporation (the "Company"), commits to issue the Policy according to the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Policy Amount and the name of the Proposed Insured. It all of the Schedule B, Part I - Requirements have not been met within 6 months after the Commitment Date, this Commitment terminates and the Company's liability and obligation end. This page is only a parf of a 2016 AL TA Commitment for Title Insurance This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule 8, Part 1- Requirements; and Schedule B, Part It - Exceptions. Issued through the Office of Sherburne County Abstract & Title Co. 351 Main Street Elk River. MN 55330 41i _10�-_ Authorized Signatory ORT Form 4690 6106 Rev, 8-1-16 ALTA Commilmenl far Title Insurance OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY ,A Stock Ccxrpar,! VV SE=W Avenue S i, h, t4� rx wapG::5, PA"- r mr3 5W 1 �t �� f:rrisi�4+,st COMMITMENT CONDITIONS DEFINITIONS (a) "Knowledge" or "Known": Actual or imputed knowledge, but not constructive notice imparted by the Public Records. (b) "Land" The land described in Schedule A and affixed improvements that by law constitute real property. The term "Land" does not include any property beyond the lines of the area described in Schedule A, nor any right, title, interest, estate, or easernent in abutting streets, roads, avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from the Land is to be insured by the Policy. (c) "Mortgage": A mortgage, deed of trust, or other security instrument, including one evidenced by electronic means authorized by law. (d) "Policy": Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment. (e) "Proposed Insured": Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment. (f) "Proposed Policy Amount": Each dollar amount specified in Schedule A as the Proposed Policy Amount of each Policy to be issued pursuant to this Commitment. (g) "Public Records": Records established under state statutes at the Commitment Date for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge. (h) "Title": The estate or interest described in Schedule A. 2. If all of the Schedule B, Part I - Requirements have not been met within the time period specified in the Commitment to Issue Policy, this Commitment terminates and the Company's liability and obligation end. The Company's liability and obligation is limited by and this Commitment is not valid without. (a) the Notice; (b) the Commitment to Issue Policy, (c) the Commitment Conditions; (d) Schedule A; (e) Schedule B, Part I - Requirements; (f) Schedule B, Part II - Exceptions; and (g) a counter -signature by the Company or its issuing agent that may be in electronic form. 4. COMPANY'S RIGHT TO AMEND The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5. The Company shall not be liable for any other amendment to this Commitment. LIMITATIONS OF LIABILITY (a) The Company's liability under Commitment Condition 4 is limited to the Proposed Insured's actual expense incurred in the interval between the Company's delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed Insured's good faith reliance to: (i) comply with the Schedule B, Part I - Requirements; (ii) eliminate, with the Company's written consent, any Schedule 8, Part II - Exceptions; or (iii) acquire the Title or create the Mortgage covered by this Commitment. (b) The Company shall not be liable under Commitment Condition 5(a) if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about it in writing. (c) The Company will only have liability under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered to the Proposed Insured. (d) The Company's liability shall not exceed the lesser of the Proposed Insured's actual expense incurred in good faith and described in Commitment Conditions 5(a)(i) through 5(a)(iii) or the Proposed Policy Amount. (e) The Company shall not be liable for the content of the Transaction Identification Data, if any. (f) In no event shalt the Company be obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I - Requirements have been met to the satisfaction of the Company. (g) In any event, the Company's liability is limited by the terms and provisions of the Policy. This page is only a part of a 2016 ALTA Commitment for Title insurance. This Commitment is not valid without the Notice,- the Commitment to Issue Policy; the Commitment Conditions, Schedule A; Schedule 8, Part I - Requirements; and Schedule 8, Pari 11— Exceptions. ORT form 4690 6106 Rev. 6-1-16 ALTA Commilmenl for Title #nsurance Page 2 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT (a) Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment. (b) Any claim must be based in contract and must be restricted solely to the terms and provisions of this Commitment. (c) Until the Policy is issued, this Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations, representations, and proposals of any kind, whether written or oral, express or implied, relating to the subject matter of this Commitment. (d) The deletion or modification of any Schedule B, Part II - Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy. (e) Any amendment or endorsement to this Commitment must be in writing and authenticated by a person authorized by the Company. (f) When the Policy is issued, all liability and obligation under this Commitment will end and the Company's only liability will be under the Policy. 7. IF THIS COMMITMENT HAS BEEN ISSUED BY AN ISSUING AGENT The issuing agent is the Company's agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is not the Company's agent for the purpose of providing closing or settlement services. 8. PRO -FORMA POLICY The Company may provide, at the request of a Proposed Insured, a pro -forma policy illustrating the coverage that the Company may provide. A pro -forma policy neither reflects the status of Title at the time that the pro -forma policy is delivered to a Proposed Insured, nor is it a commitment to insure, 9. ARBITRATION The Policy contains an arbitration clause. All arbitrable matters when the Proposed Policy Amount is $2,000,000 or less shall be arbitrated at the option of either the Company or the Proposed Insured as the exclusive remedy of the parties. A Proposed Insured may review a copy of the arbitration rules at http://www.alia.org/arbitratson. This page is only a part of a 2096 ALTA Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions, Schedule A, Schedule e, Part I - Requirements, and Schedule B, Pari Il - Exceptions. ORT Form 4590 6106 Rev, B-1-16 ALTA Commitment for Title Insurance Page 3 Filc No: 2020-450 Transaction Identification Data for reference only: Issuing Agent: Sherburne County Abstract & Title Co. ALTA Universal ID: 0001602 Loan ID Number: 1012000110 Issuing Office File Number: 2020-450 Property Address: 1420 5th St NW Elk River, MN 55330 Commitment for Title Insurance Issued by Old Republic National Title Insurance Company SCHEDULE A 1. Commitment Date: July 29, 2020, at 8:00 am 2. Policy to be Issued: (a) 2006 ALTA Owner's Policy Proposed Insured: Proposed Policy Amount: (b) 2006 ALTA Loan Poiicy Proposed Insured: The Bank of Elk River, its successors and/or assigns, as their interests may appear. (c) Proposed Policy Amount: $136,000.00 Proposed Insured.- Proposed nsured:Proposed Policy Amount: 3. The estate or interest in the Land described or referred to in this Commitment is: Fee Simple 4. Title to the Fee Simple estate or interest in the land is at the Commitment Date vested in: Erin Thomas Cunningham and Tracy Lorraine Cunningham 5. The Land is described as follows: Lot a, Biock 5, W.H. Houlton`s Addition to the Village of Elk River, according to the plat thereof on file and of record in the office of the County Recorder of Sherburne County, Minnesota, Abstract Property This page is only a part of a 2016 ALTA Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy. the Commitment Conditions; Schedule A, Schedule 8, Part t - Requirements; and Schedule B, Part !! -Exceptions, Old Republic National Title Insurance Company Sherburne County Abstract & Title Co. 351 Main Street Elk River, MN 55330 Authorized Signatory ORT Form 4690 A 6166 Rev. 8-1-16 Schedule A ALTA Commitment for Title Insurance Schedule B-1 ALTA Commitment Requirements All of the following Requirements must be met: File No: 2020-450 1. The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land, The Company may then make additional Requirements or Exceptions. 2. Pay the agreed amount for the estate or interest to be insured. 3. Pay the premiums, fees, and charges for the Policy to the Company. 4. Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records. 5. A properly executed mortgage from Erin Thomas Cunningham and Tracy Lorraine Cunningham, married to each other to The Bank of Elk River. 6. Mortgage dated 02123116, filed 02125116, as Document No. 816799, Mortgagor: Erin Thomas Cunningham and Tracy Lorraine Cunningham, spouses married to each other, Mortgagee: Mortgage Electronic Registration Systems, Inc. as nominee for Bank of England, to secure an indebtedness of $127,645,00. Release or Subordination Agreement required. 7. Mortgage dated 09116116, filed 01130117, as Document No. 833750, Mortgagor: Erin Thomas Cunningham and Tracy Lorraine Cunningham, a married couple, Mortgagee: the Housing and Redevelopment Authority in and for the City of Elk River, to secure an indebtedness of $22,069.00. Release or Subordination Agreement required. 8. Mortgage dated 09126118, filed 10104118, as Document No. 863081, Mortgagor: Erin T. Cunningham and Tracy L. Cunningham, spouses married to each other, Mortgagee: The Bank of Elk River, to secure an indebtedness of $30,000.00. Release or Subordination Agreement required. 9. If the purpose of this financing is for remodeling or improvement of premises, we should be furnished evidence prior to closing, that bills for labor and material have been paid or an affidavit stating that improvements have not begun. if this financing is not for remodeling or improvements, a letter to that effect should be submitted. 10, Standard Exception D (Gap in Recording Exception). This exception can be waived at closing only if this transaction is closed by Old Republic National Title Insurance Company or one of its policy -issuing agents. Old Republic National Title Insurance Company will provide insurance coverage, subject to terms of the title insurance policy, for any documents recorded with the County Recorder or Registrar of Titles for the period of time between the effective date of the title insurance commitment and the date of recording of the closing documents provided the closing occurs with Old Republic National Title Insurance Company or one of its policy issuing agents. 11. Identification will be required from all parties required to sign documents at closing. 12. Title is vested in Erin Thomas Cunningham and Tracy Lorraine Cunningham, who acquired title from Thomas Martin Cunningham, a single person by Warranty Deed dated 02123116, filed 02125116, as Document No. 816798. This page is only a part of a 2416 ALTA Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part 11 - Exceptions. ORT Form 4690 B 16)06 Rev, &1-16 Schedule & 1 ALTA COMMOmenl for T1fle Insurance Fite No: 2020-450 Schedule B -II ALTA Commitment Exceptions THIS COMMITMENT DOES NOT REPUBLISH ANY COVENANT, CONDITION, RESTRICTION, OR LIMITATION CONTAINED IN ANY DOCUMENT REFERRED TO IN THIS COMMITMENT TO THE EXTENT THAT THE SPECIFIC COVENANT, CONDITION, RESTRICTION, OR LIMITATION VIOLATES STATE OR FEDERAL LAW BASED ON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, HANDICAP, FAMILIAL STATUS, OR NATIONAL ORIGIN. The Policy will not insure against loss or damage resulting from the terms and provisions of any lease or easement identified in Schedule A, and will include the following Exceptions unless cleared to the satisfaction of the Company: 1. Any defect, lien, encumbrance, adverse claim, or other matter that appears for the first time in the Public Records or is created, attaches, or is disclosed between the Commitment Date and the date on which all cf the Schedule 8, Part I -Requirements are met. 2. Any discrepancies, conflicts, easements, boundary line disputes, encroachments or protusions, or overlapping of improvements which would be disclosed by an inspection and accurate survey of the premises. 3. Rights and claims of parties in possession. 4. Mechanics', Contractors', or Materialmen's liens and lien claims, if any, where no notice thereof appears of record. 5. Any facts, rights interests or claims which are not shown by the public record, but which could be ascertained by making inquiry of person(s) in possession thereof. 6. Liens, encumbrances, or claims thereof, which are not shown by the public record. 7. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the Effective Date but prior to the date the proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this commitment. 8. NOTE: There are no levied or pending special assessments. 9. Taxes for the year 2020 in the amount of $2,220.00 are 112 paid, 112 unpaid. (Base Tax $2,220.00). (Tax No. 75-410-0540). 10. NOTE: Sherburne County tax records indicate property is Homestead for taxes payable in the year 2020. 11. For plat drawing, see attached Exhibit A. 12. Abstract Property. This page is only a part of a 2098 ALTA Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements: and Schedule B, Part lI - Exceptions. ORT Form 4690 B 11 6106 Rev. 8-1-16 Schedule B II ALTA Commitment for Title Insurance SHERBURNE COUNTY ABSTRACT & TITLE CO. FILE # 2020-450 1420 5TH STREET NORTHWEST, ELK RIVER LOT 4, BLOCK 5, W.H. HOULTON'S ADDITION, SHERBURNE COUNTY 1" = 40' 183 HIGHWAY 10 60 1a0 SPLIT ZCAR LEVEL 6 FRAME 35 60 183 5TH STREET NORTHWEST Accommodation sketch; plat drawing not a survey. "The location of the improvements shown on this drawing are approximate and are based on a visual inspection of the premises, The lot dimensions are taken from the recoM plat drawings or county records. This drawlrg is for informational purposes and shou€d not he used as a surrey. I does not constitute a Nabi€ity of the company and Is intended for mortgage purposes on#y." The Bank of Elk River LOAN #: 1012000110 Uniform Residential Loan Application This application is designed to be completed by the applicant(s) with the Lender's assistance. Applicants should complete this form as "Borrower" or "Co -Borrower;' as applicable. Co -Borrower iniormation must also be provided (and thea ropriate box checked) when 0 the income or assets of a person other than the Borrower (including the Borrower's spouse) will be used as a basis for loan qualification or [the income or assets of the Borrower's spouse or other person who has community property rights pursuant to state law will not be used as a basis for loan qualification, but his or her liabilities must be considered because the spouse or other person has community property rights pursuant to applicable law and Borrower resides in a community property state, the security property is located in a community property state, or the Borrower is relying on other property located in a community property state as a basis for repayment of the loan. If this is an application for joint credit, Borrower and Go -Borrower each agree that we intend to apply for joint credit (sign below): omueIa�ea er: V, 7/22/2020 1112:19:22 PDT 8TTfflWWAA40A4E5_ Go -Borrower LTYPE OF MORTGAGE ANDTERMS OF LOAN Mortgage 0 VA 0 Conventional 0 Other (explain): Agency Case Number Lender Case Number Applied for: Q FHA 0 USDA/Rural Housing Service 1012000110 Amount Interest Rate No. of Months Amortization Q Fixed Rate 0 Other (explain): $ 122,500.00 2.875 % 180 Type: D GPM D ARM (type): It. PROPERTY INFORMATION AND PURPOSE OF LOAN Subject Property Address (street, city, state, & ZIP) No. of Units 1420 5th St NW, Elk River, MN 55330 County: Sherburne 1 Legal Description of Subject Property (attach description if necessary) Year Built 1986 Purpose of Loan 0 Purchase 0 Construction 0 Other (explain): Property will be: 0 Refinance 0 Construction -Permanent Q Primary Q Secondary 0 Investment Residence Residence Complete this line if construction or construction -permanent loan. Year Lot Acquired Original Cost Amount Existing Liens (a) Present Value of Lot (b) Cost of Improvements Total (a + b) Complete this line if this is a refinance loan. Year Acquired I Original Cost I Amount Existing Liens Purpose of Refinance Describe Improvements 0 made 0 to be made 2007 I $145,000.00 I $ 114,917.00 Title will be held in what Name(s) Erin T. Cunningham, Tracy L. Cunningham Cost: $ Manner in which Title will be held Husband And Wife as Joint Tenants With Right of Survivorship Source of Down Payment, Settlement Charges, and/or Subordinate Financing (explain) Borrower III. BORROWER INFORMATION Co -Borrower Estate will be held in: © Fee Simple 0 Leasehold (show expiration date) Borrower's Name (include Jr. or Sr. if applicable) Co -Borrower's Name (include Jr. or Sr. if applicable) Erin Cunningham Yrs. on this job Social Security Number Home Phone (incl. area code) DOB (mm/dd/yyyy) Yrs. School Social Security Number Home Phone (ind. area code) DOB (mm/dd/yyyy) Yrs. School 477-84-4977 612-306-6840 12/20/1969 16 Position/Title/Type of Business Business Phone (incl. area code) Engineer 215-322-4044 0 Married 0 Unmarried (include single, Dependents (not listed by Co -Borrower) Q Married 0 Unmarried (include single, Dependents (not listed by Borrower) divorced, widowed) Q Separated no. ages divorced, widowed) 0 Separated no. ages 2 17 21 Present Address (street, city, state, ZIP) 0 Own =Rent No. Yrs. Present Address (street, city, state, ZIP) 0 Own 0 Rent No. Yrs. 1420 5th St NW 13Y Elk River, MN 55330 Mailing Address, if different from Present Address Mailing Address, if different from Present Address 1420 5th St NW Elk River, MN 55330 If residing at present address for less than two years, complete the following: Former Address (street, city, state, ZIP) =Own =Rent No. Yrs. Former Address (street, city, state, ZIP) =Own =Rent No. Yrs. Borrower IV. EMPLOYMENT INFORMATION Co -Borrower Name & Address of Employer Q Self Employed KVI Group 1458 County Line Rd Yrs. on this job 3Y SM Name & Address of Employer Q Self Employed Yrs. on this job Yrs. employed in Yrs. employed in Huntingdon Valley, PA 19006 this line of work/ profession this line of work/profession 3 Position/Title/Type of Business Business Phone (incl. area code) Position/Title/Type of Business Business Phone (incl. area code) Engineer 215-322-4044 If employed in current position for less than two years or if currently employed in more than one position, complete the following: Uniform Residential Loan Application % Fannie Mae Form 1003 7105 (rev.6109) Freddie Mac Form 65 7105 (rev.6109) Page 1 of 5 wj GURLA09 S 0320 Ellie Mae, Inc. GURLA09S (POD) r 07/22/2020 11:25 AM PST The Bank of Elk River LOAN #: 1012000110 Borrower IV. EMPLOYMENT INFORMATION Co -Borrower Name & Address of Employer 0 Self Employed Dates (from—to) Name & Address of Employer 0 Self Employed Dates (from—to) Monthly Income Monthly Income Position/Title/Type of Business Business Phone (incl. area code) Position/Title/Type of Business Business Phone (incl. area code) Name & Address of Employer 0 Self Employed Dates (from—to) Name & Address of Employer 0 Self Employed Dates (from—to) Monthly Income Monthly Income Position/Title/Type of Business Business Phone (incl. area code) Position/Title/Type of Business Business Phone (incl. area code) V. MONTHLY INCOME AND COMBINED HOUSING EXPENSE INFORMATION Gross Combined Monthly Monthly Income Borrower Co -Borrower Total Housing Expense Present Proposed Base Empl. Income* $ 8,333.33 $ $ 8,333.33 Rent $ Overtime First Mortgage (P&I) 1,064.00 $ 838.62 Bonuses Other Financing (P&I) 68.00 68.00 Commissions Hazard Insurance 137.62 Dividends/Interest Real Estate Taxes 185.00 Net Rental Income Mortgage Insurance Other tbeiore completing, Homeowner Assn. Dues see the notice in "describe other income;' below) Other: 1 0.00 Total Is 8,333.331$ Is 8,333.33 1 Total Is 1,132.001$ 1,229.24 " Self Employed Borrower($) may be required to provide additional documentation such as tax returns and financial statements. Describe Other Income Notice: Alimony, child support, or separate maintenance income need not be revealed if the Borrower (B) or Co -Borrower (C) does not choose to have it considered for repaying this loan. This Statement and any applicable supporting schedules maybe completed jointly by both married and unmarried Co -Borrowers if their assets and liabilities are sufficiently joined so that the Statement can be meaningfully and fairly presented on a combined basis; otherwise, separate Statements and Schedules are required. lithe Co -Borrower section was completed about a non -applicant spouse or other person, this Statement and supporting schedules must be completed about that spouse or other person also. Completed 0 Jointly 0 Not Jointly ASSETS Cash or Liabilities and Pledged Assets. List the creditor's name, address, and account numberior all outstanding Description Market Value debts, including automobile loans, revolving charge accounts, real estate loans, alimony, child support, stock pledges, etc. Use continuation sheet, if necessary. Indicate by(*) those liabilities, which will be satisfied upon sale of real estate owned or upon refinancing of the subject property. Cash deposit toward purchase held by: $ Borrower (B), Co -Borrower (C), Joint (J) Monthly Payment & LIABILITIES Months Left to Pay Unpaid Balance List checking and savings accounts below Name and address of Company (B) M &T BANK $ Payment/Months *1,064.00 $ "114,917.00 Name and address of Bank, S&L, or Credit Union 309 POB 767-8 BUFFALO, NY 1424D Acct. no. 7380103480893 Acct. no. $ Name and address of Company (B) BK OF ELK $ Payment/Months 68.00 $ 14,351.00 Name and address of Bank, 5&L, or Credit Union 0 630 MAIN STREET ELK RIVER, MN 55330 Acct. no. 163952831 Acct. no. Is Name and address of Company (B) BARCLAYSBK $ Payment/Months 229.00 $ 8,046.00 Name and address of Bank, S&L, or Credit Union 36 1007 ORANGE STREET SUITE 1541 PO BOX 26182 WILMINGTON, DE 19801 Acct. no. 000301..**. Uniform Residential Loan Application Erin Cunningham % Fannie Mae Form 1003 7105 (rev.6109) Freddie Mac Form 65 7105 (rev.6109) Page 2 of 5 wj GURLA09 S 0320 Ellie Mae, Inc. GURLA09S (POD) 07/22/2020 11:25 AM PST The Bank of Elk River LOAN #: 1012000110 VI. ASSETS AND LIABILITIES (corl I Acct. no. Is Name and address of Company (B) KIA MTR FIN $ Payment/Months 285.00 28 $ 7,994.00 Name and address of Bank, S&L, or Credit Union Acct. no. 1914402786 Acct. no. $ Name and address of Company (B) CAPITAL ONE 11013W BROAD ST GLEN ALLEN, VA 23060 $ Payment/Months 159.00 27 $ 4,235.00 Stocks & Bonds (Company name/number & description) $ Acct. no. 517805"" ' Name and address of Company (B) CREDITONEBNK POB 98872 LAS VEGAS, NV 89193 $ Payment/Months 52.00 20 $ 1,036.00 Life insurance net cash value Face amount: $ $ Subtotal Liquid Assets $ Real estate owned (enter market value from schedule of real estate owned) $ Acct. no. 444796---5661 Name and address of Company 'See Sch Of Liabilities $ Payment/Months 27.00 $ 652.00 Vested interest in retirement fund $ Net worth of business(es) owned (attach financial statement) $ Automobiles owned (make and year) $ Acct. no. Alimony/Child Support/Separate Maintenance Payments Owed to: $ Totals Other Assets (itemize) $ Job -Related Expense (child care, union dues, etc.) $ Total Monthly Payments $ 820.00 Total Assets a. $ Net Worth (a minus b) $ (151,231.00) Total Liabilities b. $ 151,231.00 SCheoUl of Real Estate owned Ilt additional nrnnortIP.S are nwnen. uSP. contlnuatlnn Sr1P.P.t.l Property Address (enter S if sold, PS if pending sale or R if rental being held for income) Type of Property Present Market Value Amount of Mortgages & Dens Grass Rental Income Mortgage Payments Insurance, Maintenance, Taxes & Misc. Net Rental Income 1420 5th St NW Elk River, MN 55330 SFR $ $ 129,268.00 $ $ 1,132.00 $ 0.00 $ e. Estimated prepaid items 2,041.80 f. Estimated closing costs 4,748.75 g. PMI, MIP, Funding Fee It. Discount (if Borrower will pay) i. Total costs (add items a through h) 121,707.55 j. Subordinate financing k. Borrower's closing costs paid by Seller Uniform Residential Loan Application Freddie Mac Form 65 7105 (rev.6109) Ellie Mae, Inc. Fannie Mae Form 1003 7105(rev.6/09) Page 3 of 5 Erin Cunningham K&y G GURLAO S (POD) Totals $ $ 129,268.00 $ $ 1,132.00 $ $ List any additional names under which credit has previously been received and indicate appropriate creditor names) and account number(s): Alternate Name Creditor Name Account Number 07/22/2020 11:25 AM PST VII. DETAILS OFTRANSACTION VIII. DECLARATIONS a. Purchase Price $ If you answer"Yes"to any questions a through i, please use Borrower continuation sheet for explanation. Yes No a. Are there any outstanding judgments against you? 0 0 b. Have you been declared bankrupt within the past 7 years? 0 0 c. Have you had property foreclosed upon or given title or deed in lieu thereof 0 0 in the last 7 years? d. Are you a party to a lawsuit? 0 0 e. Have you directly or indirectly been obligated on any loan which resulted in 0 0 foreclosure, transfer of title in lieu of foreclosure, or judgment? (This would include such loans as home mortgage loans, SBA loans, home improvement loans, educational loans, manufactured (mobile) home loans, any mortgage, financial obligation, bond, or loan guarantee. If 'Yes;' provide details, including date, name and address of Lender, FHA or VA case number, if any, and reasons for the action.) Co -Borrower Yes No 0 0 0 0 0 0 0 0 0 0 b. Alterations, improvements, repairs c. Land (if acquired separately) d. Refinance (incl. debts to be paid off) 114,917.00 e. Estimated prepaid items 2,041.80 f. Estimated closing costs 4,748.75 g. PMI, MIP, Funding Fee It. Discount (if Borrower will pay) i. Total costs (add items a through h) 121,707.55 j. Subordinate financing k. Borrower's closing costs paid by Seller Uniform Residential Loan Application Freddie Mac Form 65 7105 (rev.6109) Ellie Mae, Inc. Fannie Mae Form 1003 7105(rev.6/09) Page 3 of 5 Erin Cunningham K&y G GURLAO S (POD) 07/22/2020 11:25 AM PST The Bank of Elk River LOAN #: 1012000110 VII. DETAILS OF TRANSACTION VIII. DECLARATIONS I. Other Credits (explain) fair rid home mortgage disclosure laws. You are not required tv furnish this iniormativn, but are encouraged tv dv so. The law at a lender ma If you answer "Yes" to any questions a through i, please use Borrower Co -Borrower Yes No to assure that the disclosures satisfy a ents to which the lender is subject under applicable state law rticular type of loan applied for.) ORROWER 0 I do not wish to furnish this into CO -BOR ROW E o not wish to iurnish this information. continuation sheet for explanation. Yes No Race: Q American Indian or Q Asian 0 Black orQ American Indian or Q Asian Q Black or Alaska Native African A Alaska Native African America f. Are you presently delinquent or in default on any Federal debt or arty other 0 ® 0 0 ex: [] Female Sex: Q Male To be Completed by Loan Originator: loan, mortgage, financial obligation, bond, or loan guarantee? Q In a face -to -fa w Q In a t2l@@OWinterview applicant and submitted by tax or mail g. Are you obligated to pay alimony, child support, or separate maintenance? 0 [XI 0 0 Vv(. h. Is any part of the down payment borrowed? 0 ® 0 0 Loan Originator Identifier Loan Originator's Phone Number (including area code) i. Are you a co -maker or endorser on a note? 0 © 0 EJ 763-274-6890 Loan Origination Company's Name --------------------------------------------------------------- j. Are you a U.S. citizen? ® 0 E] EJ The Bank of Elk River 495076 1 State License # - 495076 k. Are you a permanent resident alien? 0 0 1. Do you intend to occupy the property as your primary residence? ® Q If "Yes;' complete question m detour. m. Have you had an ownership interest in a property in the last three years? © EJ (1) What type of property did you own — principal residence (PR), second home (SH), or investment property (I P)? PR 0 0 0 0 0 0 m. Loan amount (exclude PMI, MIP, Funding Fee financed) 122,500.00 n. PMI, MIP, Funding Fee financed o. Loan amount (add m& n) 122,500.00 p. Cash from/to Borrower (792,45) (subtract j, k, I & o from i) you hold title to the home — b (2} How did y y yourself (S), jointly with your spouse (SP), orjointly with another person (0)? SP IX. ACKNOWLEDGEMENT AND AGREEMENT Each of the undersigned specifically represents to Lender and to Lender's actual or potential agents, brokers, processors, attorneys, insurers, servicers, successors and assigns and agrees and acknowledges that: (1) the information provided in this application is true and correct as of the date set forth opposite my signature and that any intentional or negligent misrepresentation of this information contained in this application may result in civil liability, including monetary damages, to any person who may suffer any loss due to reliance upon any misrepresentation that I have made on this application, and/or in criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Sec. 1001, e1 seq.; (2) the loan requested pursuant to this application (the "Loan") will be secured by a mortgage or deed of trust on the property described in this application; (3) the property will not be used for any illegal or prohibited purpose or use; (4) all statements made in this application are made for the purpose of obtaining a residential mortgage loan; (5) the property will be occupied as indicated in this application; (6) the Lender, its servicers, successors or assigns may retain the original and/or an electronic record of this application, whether or not the Loan is approved; (7) the Lender and its agents, brokers, insurers, servicers, successors, and assigns may continuously rely on the information contained in the application, and I am obligated to amend and/or supplement the information provided in this application it any of the material facts that I have represented herein should change prior to closing of the Loan; (8) in the event that my payments on the Loan become delinquent, the Lender, its servicers, successors or assigns may, in addition to any other rights and remedies that it may have relating to such delinquency, report my name and account information to one or more consumer reporting agencies; (9) ownership of the Loan and/or administration of the Loan account may be transferred with such notice as may be required by law; (10) neither Lender nor its agents, brokers, insurers, servicers, successors or assigns has made any representation or warranty, express or implied, to me regarding the property or the condition or value of the property; and (11) my transmission of this application 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 my facsimile transmission of this application containing a facsimile of my signature, shall be as effective, enforceable and valid as if a paper version of this application were delivered containing my original written signature. Acknowledgement. Each of the undersigned hereby acknowledges that any owner of the Loan, its servicers, successors and assigns, may verify or reverify any information contained int Is app] or obtain any information or data relating to the Loan, for any legitimate business purpose through any source, including a source named in this application or a consumer reporting agency. B 95GrgPlature Date Co -Borrower's Signature Date X �Y1bt 7122/2020 J 12:19:22 PDT X Uniform Residential Loan Application % Fannie Mae Farm 1003 7105 (rev.6109) Freddie Mac Form 65 7105 (rev.6109) Page 4 Of 5 C GURLA09DI_S 0320 Ellie Mae, Inc. GURLA09S (POD) 07/22/2020 11:25 AM PST rmation is requested by the Federal Government for certain types of loans rela#ed to a dwelling in order to monitor the lender's complianc al credirtunity, fair rid home mortgage disclosure laws. You are not required tv furnish this iniormativn, but are encouraged tv dv so. The law at a lender ma rhev scriminate either is of this information, or on whether you choose to furnish it. It you furnish the information, please provide bot and race. For race, yv heck more than onedes/ ou do not furnish ethnicity, race, or sex, under Federal regulations, this lender is required to ormation on the basis of visuva#ion and surname if you have a plica#ion in person. If you do not wish to furnish the information,please the x below. (Lender must review the abovdal to assure that the disclosures satisfy a ents to which the lender is subject under applicable state law rticular type of loan applied for.) ORROWER 0 I do not wish to furnish this into CO -BOR ROW E o not wish to iurnish this information. thnlcity: 0 Hispanic or Latino 0 Not Hispanic or Ethril 0 Hispanic or Latino Q Not Hispanic or Latino Race: Q American Indian or Q Asian 0 Black orQ American Indian or Q Asian Q Black or Alaska Native African A Alaska Native African America Q Native Hawaiian or Q WhiteQ Native Hawaiian or Q White Other Pacific Islander Other Pacific Islander ex: [] Female Sex: Q Male To be Completed by Loan Originator: This information was provided: Q In a face -to -fa w Q In a t2l@@OWinterview applicant and submitted by tax or mail gO By the applicant and submitted via e-mail or the Internet Lree IiDciQiano s Signatu Vv(. Date 712412020 107:53: 50 PDT L ®' eNt 4slame (print or type) Loan Originator Identifier Loan Originator's Phone Number (including area code) Corey Wempie 956625 763-274-6890 Loan Origination Company's Name Loan Origination Company Identifier Loan Origination Company's Address The Bank of Elk River 495076 1 State License # - 495076 630 Main Street Elk Rivet-, MN 55330 Uniform Residential Loan Application % Fannie Mae Farm 1003 7105 (rev.6109) Freddie Mac Form 65 7105 (rev.6109) Page 4 Of 5 C GURLA09DI_S 0320 Ellie Mae, Inc. GURLA09S (POD) 07/22/2020 11:25 AM PST Use this continuation sheet if you need more space to complete the Residential Loan Application. The Bank of Elk River Continuation Sheet/Residential Loan Application Borrower: ErinT Cunningham Co -Borrower: VI. ASSETS AND LIABILITIES LOAN #: 1012000110 Agency Case Number: Lender Case Number: 1012000110 Assets Gash or Market Value Borrower (B), Co -Borrower (C), Joint (J) Liabilities Monthly Payment & Months Left to Pay Unpaid Balance Name and address of Bank, S&L, or Credit Union Name and address of Company (B) CAP1IMNRDS $ Payment/Months 27.00 23 $ 600.00 Acct. No. $ Acct. No. 600430******8224 Name and address of Bank, S&L, or Credit Union Name and address of Company (B) $ Payment/Months 0.00 0 $ 52.00 Acct. No. $ Acct. No. 302235* Name and address of Bank, S&L, or Credit Union Name and address of Company $ Payment/Months $ Acct. No. Is Acct. No. Name and address of Bank, S&L, or Credit Union Name and address of Company $ Payment/Months $ Acct. No. $ Acct. No. Name and address of Bank, S&L, or Credit Union Name and address of Company $ Payment/Months $ Acct. No. Is Acct. No. Name and address of Bank, S&L, or Credit Union Name and address of Company $ Payment/Months $ Acct. No. $ Acct. No. Name and address of Bank, S&L, or Credit Union Name and address of Company $ Payment/Months $ Acct. No. Is Acct. No. INde fully understand that it is a Federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements concerning any of the above facts as applicable under the provisions of Title 18, United States Code, Section 1001, et seq. Borrower's Signature: Date Co -Borrower's Signature: Date ;OWUfined Dy: VS -r 6g ai"Am 7/22/2020 112:19:22 PD Uniform Residential Loan Application % Fannie Mae Form 1003 7105 (rev.6109) Freddie Mac Form 65 7105 (rev.6109) Ellie Mae, Inc. Page 5 of 5 GURLA LAL_S 0817 GURA49S (POD) 07/22/2020 11:25 AM PST Demographic information Addendum. This section asks about your ethnicity, sex and race. 1pmnnranhic Infnrmatinn of Bnrrr, The purpose of collecting this information is to help ensure khat all the applicants are treated fairly and that the housing needs of communities and neighborhoods are being fulfilled. For residential mortgage lending. Federal law requires that we ask applicants for their demographic information (ethnicity, sex, and race) in order to monitor our compliance with equal credit opportunity, fair housing, and home mortgage disclosure laws. You are not required to provide this information, but are encouraged to do so. You may select one or more designations for "Ethnicity" and one or more designations for "Race." The law providesthatwe may not discriminate on the basis of this information, or on whether you choose to provide it. However, if you choose not to provide the information and you have made this application in person, Federal regulations require us to note your ethnicity, sex, and race on the basis of visual observation or surname. The law also provides that we may not discriminate on the basis of age or marital status information you provide in this application. If you do not wish to provide some or all of this information, please check below. Ethnicity: Check one or more ❑ Hispanic Or Latino ❑ Mexican ❑ Puerto Rican ❑ Cuban ❑ Other Hispanic or Latino - Printorigin: For example: Argentinean, Colombian, Dominican, Nicaraguan, Salvadoran, Spaniard, and soon. K] Not Hispanic or Latino ❑ I do not wish to provide this information Sex ❑ Female x❑ Male ❑ I do not wish to provide this information Race: Check one or more ❑ American Indian or Alaska Native - Print name of enrolled or principal tribe: ❑ Asian ❑ Asian Indian ❑ Chinese ❑ Filipino ❑ Japanese ❑ Korean ❑ Vietnamese ❑ Other Asian - Print Race: For example: Hmong, Laotian, Thai, Pakistani, Cambodian, and so on. ❑ Black or African American ❑ Native Hawaiian or Other Pacific Islander ❑ Native Hawaiian ❑ Guamanian or Chamorro E --]Samoan ❑OtherPacificIslander- Printrace: For example: Fijian, Tongan, and soon. ® White ❑ I do not wish to provide this information To Be Completed by Financial Institution (for application taken in person): Was the ethnicity of the Borrower collected on the basis of visual observation or surname? Q NO O YES Was the sex of the Borrower collected on the basis of visual observation or surname? Q NO O YES Was the race of the Borrower collected on the basis of visual observation or surname? Q NO O YES The Demographic Information was provided through: O Face -to -Face Interview (includes Electronic Media wl Video Component) O Telephone Interview O Fax or Mail O Email or Internet Borrower Name: Erin T Cunningham Uniform Residential Loan Application % Freddie Mac Form 65 • Fannie Mae Form 1003 Revised 09/2017 GURLADI_S 1017 The Bank of Elk River 630 Main Street • Elk River, MN 55330 Save this Loan Estimate to compare with your Closing Disclosure. Loan Estimate Principal & Interest $931.04 Mortgage Insurance + 0 Estimated Escrow LOAN TERM 15 years Estimated Total PURPOSE Refinance DATE ISSUED 7/29/2020 PRODUCT Fixed Rate APPLICANTS Erin TCunningham LOAN TYPE Ali Conventional ❑ FHA OVA ❑ 1420 5th St NW Monthly F1 Other: LOAN ID # 1012000110 Elk River, MN 55330 RATE LOCK ®NO C YES, until PROPERTY 1420 5th St NW Before closing, your interest rate, poin ts, and lender credits Elk River, MN 55330 can change unless you lock the interest rate. All other estimated closing costs expire on EST. PROP. VALUE $210,000 • . Can this amount increase after closing? Loan Amount $136,000 NO Interest Rate 2.875% NO Monthly Principal & Interest $931.04 NO See Projected Payments below for your! Estimated Total Monthly Payment Does the loan have these features? Prepayment Penalty NO Balloon Payment NO Projected Payment Calculation Years 1-15 Principal & Interest $931.04 Mortgage Insurance + 0 Estimated Escrow + 249 Amount can increase overtime Estimated Total $1,180 Monthly Payment This estimate includes In escrow? Estimated Taxes, Insurance ❑x Property Taxes YES &Assessments $249 ❑x Homeowner's Insurance YES Amountcan increase over time Monthly F1 Other: See Section G on page 2 for escrowed property costs. You must pay for other property costs separately, Estimated Closing Costs $6,989 Includes $4,356 in Loan Costs + $2,633 in Other Costs - $0 in Lender Credits. Seepage 2 for details. Estimated Cash to Close $o Includes Closing Costs. See Calculating Cash to Close on page for details. ❑ From fi To Borrower Visit www.consumerfinYance.gov/mortgage-estimate for clenerai information and tools. LOAN ESTIMATE • GTRIDLENSJ_S 0720 r�Page 1 of 3 - LOAN ID # 1012000110 07/291202010,31 AM PST GTRIDLEJ (INI) Closing Cost Details Loan Costs Other Costs A. Origination Charges $2,348 % of Loan Amount (Points) $750 Origination Fee $1,000 Processing Fees $799 Underwriting Fees $549 B. Services You Cannot Shop For $941 Appraisal Fee $750 Credit Report $84 Flood Certification $13 Flood Monitoring Fee $2 IRS Tax Transcript $13 Tax Service $79 C. Services You Can Shop For $1,067 Title - Closing Fee $250 Title - Lender's Title Insurance $272 Title - Title Search & Exam Fees $300 Title - Title Services $245 D. TOTAL LOAN COSTS (A + B + Q LOAN ESTIMATE • GTRIDLENSJ_S 0720 07/29/2020 10:31 AM PST $4,356 E. Taxes and Other Government Fees $451 Recording Fees and Other Taxes $138 Transfer Taxes $313 F. Prepaids $1,175 Homeowner's Insurance Premium ( months) Mortgage Insurance Premium ( months) Prepaid Interest ($10.8611 per day for 6 days @2.875 %) $65 Property Taxes (6 months) $1,110 G. Initial Escrow Payment at Closing $1,007 Homeowner's Insurance $63.71 per month for 10 mo. $637 Mortgage Insurance per month for mo. Property Taxes $185.00 per month for 2 mo. $370 H. Other $0 I. TOTAL OTHER COSTS (E + F + G + H) $2,633 J. TOTAL CLOSING COSTS $6,989 D + 1 $6,989 Lender Credits Calculating Cash to Close Loan Amount $136,000 Total Closing Costs (J) -$6,989 Estimated Total Payoffs and Payments -$129,011 Estimated Cash to Close ❑ From ❑x To Borrower $0 Estimated Closing Costs Financed (Paid from your Loan Amount) $6,989 •r�. Page 2 of 3 - LOAN ID # 1012000110 GTRIDLEJ (INI) Additional Information About This Loan LENDER The Bank of Elk River MORTGAGE BROKER NMLS1_ LICENSE ID 495076 / 495076 NMLS1 —LICENSE ID LOAN OFFICER Corey Wemple LOAN OFFICER NMLS1 LICENSE ID 956625 NMLS1 LICENSE ID EMAIL cwemple@thebankofelkriver.com EMAIL PHONE 763-274-6$90 PHONE • Use these measures to compare this loan with other loans. In 5 Years $60,283 Total you will have paid in principal, interest, mortgage insurance, and loan costs. $39,002 Principal you will have paid off. Annual Percentage Rate (APR) 3.1 69 % Your costs over the loan term expressed as a rate. This is not your interest rate. Total Interest Percentage (TIP) 23,273 % The total amount of interest that you will pay over the loan term as a percentage of your loan amount. Appraisal We may order an appraisal to determine the property's value and charge you forthis appraisal. We will promptly give you a copy of any appraisal, even if your loan does not close. You can pay for an additional appraisal for your own use at your own cost. Assumption If you sell ortransferthis property to another person, we ❑ will allow, under certain conditions, this person to assume this loan on the original terms. ❑x will not allow assumption of this loan on the original terms. Homeowner's This loan requires homeowner's insurance on the property, which you may obtain from a Insurance company of your choice that we find acceptable. Late Payment If your payment is more than 95days late, we will charge a late fee of 5% of the principal and interest overdue. Liability after Taking this loan could end any state law protection you may currently have against liability for Foreclosure unpaid debt if your lender forecloses on your home. If you lose this protection, you may have to pay any debt remaining even after foreclosure. You may want to consult a Iawyerfor more information. Refinance Refinancing this loan will depend on yourfuture financial situation, the property value, and market conditions. You may not be able to refinance this loan. Servicing We intend ❑ to service your loan. If so, you will make your payments to us. ❑x to transfer servicing of your loan. ReceiptF, Confirm By signing, you are only confirming that you have received this form. You do not have to accept this loan because you have signed or received this form. D—Signed by: f2iIn 1 (w W 7/29/2020 110:53:39 PDT Apff6'P Ignature Date LOAN ESTIMATE • GTRIDLENSJ_S 0720 Page 3 of 3 - LOAN ID # 1012000110 071291202010:31 AM PST GTRIDLEJ (IN I) Watkins Apptaisaks. LLC 2516 119th Ln NW Coon Rapids, MN 55433 763.567.3344 08f12{2p20 The Bank of Elk River 930 Main St NW Elk River. MN 55334 Re. Properly. 1429 5th Sl NW Elk River, MN 55330 Borrower Erin Cunningham Pile No: 5132175-1 Opinion of Vakee: $ 227,5W ElfecOve Data: =1112020 This Aopraie-41 Report has been ppmpk ted for The Bank pf Elk River, TJm intended user of this appraisa3 reporl is The Bank of Elk River 11 has been compleled todevelap en oonkin M marital value on the above elated property Fare mortgage finance trarrjaOhpn The upirimF50 r DuM vfe5 WtnphU:ed in full Cor pliax* witlT Appraiw IndePnndence Regulations. The report of Mt apprasal is attached_ Thls mpoR is not Inlended for any ethar use or users_ The subject prpperlyrs de54;r pbon. de;ta and firM108 are a31 conleined in lila tollowing ropwt This report is based on a physical analysis of the site and xnproverlunts. a lomMonal analyses of the rrerghboMrood and city, and an eConorniC analps pi line marisgt lot prppmetwin such as the sugjarct. Thij appmIsral way developed and the report was prepared in accordance mjh the Unilatm Standards cf Professional Appraisal Practice, Careful cunsederateon has bean liven 10 the valuatlon maifeods employed and I an accurate analysis of line subject property and Bs mlatad markel This lo Mar of transmittal does not raprasatnt the Cully deaemnnted appraisal of the suplett property. Sale reliance dy Che rrltended wertsj on the letter without considenntf the entire appraisal revvrt couid load tv erroneous condusions It has been a pleaswe Co ass+st you. Please do not hesitate to contact me 0 Iran be of additional service to you Sincerely, /� s•il+w Rase woodna tJcense or CeriifxaTan P 44454519 $tats: UN Explres: OW31=1 waltilnap iiia i as i s � P retia A. atim PFqp�4 A&IM5 .1420 6th St NW -,ftv ENC Pjvw Sm MN ZO CAM 553M TABLE OF CONTENTS bmmnomNeal' __-_' ...... ...... 1 LEM- -- '--_--__-.... ... -- -'-_-x mMtmrw......... ............ ......... .......... ... .... ........... -......... ......... ................... _... .................... ....................... o m"mWuump 1.3 .... o MiAdfkniftmsmKmmmthe Appmul ......... mxwvomdmmmwr4m"... .... --_----_-_.---__-_-_--.---__------__-__---_--_ v Sm*=rrWWman W0mW............... _......... ............... ..... ......... -____... ........... ........ ... ..................... ____-u omjwxnxm" -........ ...................... ............................................. .................. .............. .... -_--__--_-___m utewmift................................................. ................. ................. .......... .... ....... ...... ......................... ..... ...................... ............................. a mbRmmmW_-__--_-_-__-__--___--_-___--_----_-_---_--_--___-__n uMmww....... --_'_.................... .... .......... ..... ....... .......... __-'_'__-_-_-... ............ 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Properly Address i4n.5Cs St NW Coy Ek Raver _ Sale 6,1N- zRa—O 9angwer ErinCur"agam Oewer(l PWaG R9cad _CUNNINGHAM, ERIN T A TRAGY L Courcy ShetUM Lupal DMOVUOn Lal O04 Block 005 W H Houibons Addllion - — —T- -- assesau+IP401_1P75-410-4540 T&Ysi 2o2a R.E.TwtI 2, lrelghn etmd Name W H iioullons Addllion UIRReW— 33469 Om=Trost p3M,03 occuural x owns 1 Yemen vecanl w� �G M ASMriltnM i p — " mks o Pea r7wifice PrMerh' Rlplis AAPrarBtd ® Feu Simple _ II tusibW MW nrnenti?pe.l�Rrefr�eTrarnarbon��AdtarmaTrsrsarffin Ldnder,'pehl Thcftnk al File River T_Cott� 6¢ Malo t NW. FJk Ri+,er, MN 5333-- h M s �rry ratreNlf altered for sale ar has It hem dWW far Sap In the helve moitz w er to ft dkc*a date d 1Ms..apprti:al7 F1Yas Ho Reprrt Lim Sbemge ) Am. o rerIN wicta Inadate{q Minneapolis Nodhsrar MLS.was searched and shows. the subyect pmperty has npr been feted Ihrou h Itul MLS in the pflsl lwalve months. F5130 reseaueh Showed no rasults 1 Li dA ,_; dd not an>eyn the cw=for sale far re &AktL1 pucaa- rbrcs+c�n Explain are res Jas of me aralysa a0 the carmaea iOr ule w 1Ntiy the a xrsis swas na pariamed. C*V'ractP60S Rale or Corlact Isms properly seller Cie 00-M Of pAhc record? L] Yes NO Cali Sarceml is VrOM" inarCW assaMUT llnia clurgn. SAN COdcessars Pdrdt+wrpiyrrrent aser%wa etc I no be pard hg any paitr an Whiff 0 I boaolraT7 ❑ Yea ❑ No- Ir Yes, aspaR the Iolal doltr anoar4 and 9estrt t ft km tate pit. Noir hip E thea aralld art al dws in nm a - coda Cub-" NUNN Tfnldi M wlildl Hawing LaC&M WMa l • 5uhretian r Rlyd Prt er VAMS ;_; Inc" -� Sbb1e kdiriapT'_ PRI � y but Up OrrYSX 26-75% —,�ra#er 8% Dorrat"pply 0-Shutspe®In 6sprg 20—W s SPR W4 Pnnld UW Un % #ri•Udt d09i 12-4 tMi % Crawth X Road [—I SOW ❑ Stir 164dsthp TkM X urtlw 3 rots ❑ 34 nd" '1 4mr 6 rrmw 125 Lax p ;W* W* 5 % _[!W I*!n 4fx`salfla�d 8 ^y mod_rwmbanoaalaeandatltovrNorvrrX,22lwAarNW.S&La "Mrrt 25'R i U9 An NW. 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USkW Addi It _:11 Santry $eruer AIMy None p [] FEI`MSpotsFix Huaii$Aaed 19p No FEMA Raodtore X MUM@ 141 Fr FiAlil Dams 11 1 11 --- —_ Ali&U UMESnd odsl l h@M MftVW_ FtW MYk MU? ® Yea ❑ -No nNa. deste Are alert any Mona slit mr>dlIlloq of a** Won Lwwrortts, andairNro fa, 6wkf ne W r mill am, hM dw, &47 ❑ Yes X No II Yes descrMa GOMM0escri rl Fpwwwmn Unl[3 X I]P9II h kLCES:�yy� Uel_j Concrete Slam ;;ri+d $pica 1k of SCeeiet t_ Full Basdrerk PanialBaswwt Ex1t6ot0tgCzlplia?n rMal"i8bfw4wan WWIDf maletiajd}pWdllldn Fa1rAl llcn voli";G uiu�[a Biu x r C oa 6 8 ca L Vali Guotl Ext"r Waf V,rrvr r Gana D�weeNrtlpnxla r['ia Type 2;_M All -Oe EW Unit BaS4n eM Area 645 i Ft FxLsnp 0 PewnsW Ej Ileder0m iner oe[ Ansh W % _wab Roar SLOWe Composde 5n-jie+ Goo TrIrAR0woeelqM& Cwtlers 3 Downspouts tlbmxrurnl Caod Dam rw IGOod i1o8r`1n ,�0e} —SAT &tt" W 5unnp? y Kebr911N .. 1906 fxldrM74Y0i h 51aiQl T E ftMvcApe tYny 15 SeMdMdnt Window Typo .�V ^Ylv G004 _ BaQi WPMC49 f� SbnmS�hlrsulafed aam�num+C� ,t _arSta NpFq Seroma FArT icw r Gnaw DrIMMY 4 d Gan 2 at11c Npne FWA i 111VEQ Radian - Arnie iJ MbodswWUS d 0 DdrnrrXa sudtq +r,rwlwcme nueen T Stair mfrs Ghff Fred Care �i$l 0 0 VCHM - GN46 4 d cars 2 J Roy Stad4 Cualrllldr PatlOS d Dock r ftr9h Nana caw r Olcwt g Flnls:w Healed Irdhndlaa 17. 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Exterxx updates noted Intrude vin I sxfing, 001 vin w>nd soffit $ Wscia, and deck 11yWor upd0n WK Wda weral paint S fixtures4reelmenis, idlahan appkarvoe8 $1 faucet balhmorn Rber Sll_y��1d Wl a-J"A $I Llp2rade-t4 2 �D..Include panel and �fpllnd Ilil@�_ i110_�Br4rrW—iTrton3rfCR �1Rt�,d a ti!jq QIfIn R_ Are iwrt an rialdandlas & aMm amdcvd M aired Ile try , SUM*M, Or MCIft ai a! IN U165 x No II Yis. bwma Doesllveproper'yOerrerrilycmlrarertlINrei4KaadoodIlrmctonarutatystyle.aMUDrruse. evalrcSon.etch Yee ❑No If No.dercrrt FrWic Mao Farm 70 March 2005 JAID vars+M W2011 Page 1 of 6 Fannie Marl Form 1004 With 2M Fon I OOd h -'TOTAL' appralsai sdl*am by a i ma&. Inc. • 1-OZALATADDE Appraisal Report Uniform Residential Appraisal Report Filet 5132175 -1 Thele nit 2 comparable prgpaNa zorerd offNed br rrafe 10 ft ssj�ct radrd XMW ragnp n &C Iron 5 262,000 m $ 284,900 Si vac are corn arable sales ti tha C sd aNI n Men rav#ra norffi6 k1 syr! price Sam S 205 fay 27 IEAIURE SLfBIECi GUIdPANAELE SALE# 1 8@APAWLE SALE # 2 LUMPARASU SALE # 3 adda±ss 1420 5th St NYU 11962 191st Ave NW 1 &SIO 0ueen Car NW 828 Watson Ave NW Elk 1�", MN 5 0, ©k_RiM�r..MN 55�.w Elk Rwr, MN 55330. �lk,}iiuer, h1H.5¢33p _ Promdy m Srhjeat 8.79 mires NE 190 miles VY [0.48 mikes NW SafeP ice ;$_ S 240,W0, S 242 U S 248,500 Sok M G 48s LK. Area ;y AIL .`.`-S_ 317.78 Si_R. 5 _ 237.72 =q Ma SOldtelsj Nonhaur MLS#52515M3 CKW 35 :Narftur MLS95496022:00M 18?Northatar MLS05510D4•b0M 9 vcuritallm Soapoe s] �AgentlExt,I�splSf grburA OT,aA..A entfEast I.rrrp!$ umeCoTax_.Agarll+Ex! InspShar u .Cpi�x_ VALUE 70.1L3SNENTS DESMIRT10N EIFS91PTrCN +T. -I S Adpmem GE5Cfi TSNAqEMW DESCMT[DI + • 5 tGGaare _ Sans Of Fria ing ArnWi ArmL1h Arrrrl.th Emcp.5a sIE FHA;27,90 ,GarK88pp ,Cam 4470 Dale 0l 5axftria s09119Lc0BF19 _sU4124 31217. sLi5l24;c04l24 0 botilloa N:Rd1NslPMLV. N•Res D N.R.- 0W—N R Kr.Z". . Leasei4QF"STV2 .FPa6imp1e. FR4.8imple F(mSimprqp Fee Simple SRe 113203f 22276 3f -5,500 14375 sf 0 8276 sf 0 Vlerr _ 14. R"..L. N• sL_ Desi __ DT1 1: DTi Ct E f]T1 5 a E DTI SnIaL Entry . d 0aalnrcllpn 04 04 Q4 04 Acbal 34 43 21 033 0 Gmdtidl iy;i _ _ ' Ahore Grad? 70 f XW Bas ria Teal I tldmn. Ban AParna aalra Pam CWW5 2 1:4 5 2 1.p 3 2_ 1.0 Gross umq Area 867 M.P. SM—4-1 is 1 -7'600 1.,065 sik8- . - q,Opa 8atwn r't & Aniumd $45e676slin E&1sF752s1Ln tG18 SOsftra a 106509mis in 0 Raans9elo-wGrade 1 -_rM ba10 1rr1br1.4ba1q 7fr•Ibr•1.0ba10 0 2rr2br1.0ba10 0 Funt11oW AMY Asara Ave Awes -- Average -- "e�4JCAC GFAI IQF.. GFAGAC �"$!V! #lrtlaNrlhrtte wn None =Norte None r;arARk+GVpaR s2pa2dw 2saa2dw 2 at w 2 a2dw Pah9aisrlleck ipedE DurklPotro • $QQ,peak OeGk 'Shed-2,5W.SW AddiiorSJ Artr$r>Mlae---700M VVgra ,? 5gQFence -SOD FirzLNd-9 d.r 6T1ktf_ 752 858- -5,000,900st OQ . kef AdJre 01 JCA+ 5 -10 + : -15 806! �! + Q 5 -117,000 AdhiM Sas PrimNal 04 4-4 % WP4 62% � hot m. "% of dei Bror 3 . 4-4%1$ 2296rp6s 6.2 4 9 227 800! 6+oas A4. &6 % 5 2315100 I IN aid L dd hd much Ps sale w tren3tar hst6ry rA ttm suNed pop" atia ompua* sales M not qun lA rearaarsh EjcW did r 01 rhE81 a7 prim sales pax !d art GI Vu 5egep arpitlFY 1Cr Ura tlsaq rears pa0a tip lha Afxlrm dila d (1r4 Dal' S l"q.. . -A§:P NLS = .T AWA-woel.Oft& Rowr¢s I4y resear0�] did X ON not [NM wy �rar sales or han�ors M the r ginfor Ad ti� pfid to Ise a* d sale d Are Sale. Dau 5011511 bj MSP h" • T"Assessoes C'lffr¢e ftoori tl Report Ida fuunwIire rewid and a s 1f fia rlorsafe rx dilsiE or Ike slaGfara opar fano caalaAft sale3 Uwurt iddltoita priorsales on M. _ �ITEW Slf81ECT (WW RA u SALE #I CoiPAWLF SI4 E � C8b1pAAAlILE SAIF Ata Dale 0f P4W S&1Tru61ar Prim oftilprSAlaTf:6f� Dale Surra s) Noathatar IA_ DeeaFS ,ch Norlhom TNLS100edSaarch .'WOrlTrsiat MLSfDeedSearch Nwt iStar MLSA)eadSemrCh FilrKgi tCMI0100SMU 08l1if2020 Dif2772029 DWI V2020 !08711f2028 Am"0lrsrsaitortamlerhog orft!!JxCpmperyand commalMsales The suhjactpra�eray.has.nolfreviouW sold wMhlnthe past gxee of-HiQ—ef�{yg..d��7nlRrL �mpsra�lH.s hard not sQ?d_w,atFun twelve m�nglti¢.q! e�elr.r�l�.9@SR6_ Summary ar SM Ccrn[aitisan AMmm sea atfacWsagas conywisoo addandum- lmk&dVADby56--CDnpais4nalppraachS 227.500 InMOM! d_ftwby:SelnCge plrAWmxh$ 227,500 Coss Approah(6drvelopaafj3 227,626 IncomsAppirmholdw4Loped)$ The must weight was green to Bre Sores Comparison &Drobch as kk$wedicsled on direct market evidence Thi± Cost approach was Inelwied dna given Ctlnslderdli0n The lncome AppaOach was riot appn*date f0r this aSSrgnmanl rnisappralsal is rate j( `as is' autlecl 10 carrple`rsn yw PUM sed .spedk9 bas W tlw oasis of a hlpUMCA PMdUDrr that die srp mmiarb lure been —00w, 0w, L suoocl Eo- W 'Mluuuri repos u aP.Eralcas an the brit d s MWothv Cal imnift0n Thal ft tegsks or ganibrm5 have brae ammooK or ❑ u6jad 10 Ale ;riiimlN Intp"n Ws, -d on ;he otraorimmy assurpllaa 19 Ie raOKO u vlicimry rues not ir-i lire nftoit P rivlr t of assumptions will ftirflfop basad ons cornpNls vEmol lnspimtkiri cA the hrLmim and wzWkr rasa of the subject prope". defined wqx of work, sWarnenss condirdm, and aWMsem my �aurj opkahoe of the agtket value. as defined. of the real properly to Is Ura sub�eet al Ihls report is S 227 500 Mal QEV11!2020 . whkh Is 0* do of bn glnn Arra the efteli a Me 01 INS AppirOUP. Freddie Mac Farm 70 March 20M UAC Version 9.2011 Pago 2 of G Fannia! M;r! Foam 100.1 With 2M Form 1dU4W -'TOTAL' appraisai sdlwam by a 4 ma&. Inc. • 1-800•ALA1 MDF Appraisal Report Uniform Residential Appraisal Report Filet 5132175- 1 PURPOSE T4}?.r!qqIdr'_t e_ap27F� ate 9V .!4n 4�!r! 6t yaS14 iGr.C74 Syr7Wtt DiLGertY as oT �hq pA4 i Y� l"a rA ti n n -AWN FFedd19 Mao Fprrn 70 3-45 Fannl9 Mee. F4rrn 1904 3-05 .14TENP3 ip QS. E; The Intended use oT tflis epprsissd report is spacifled to Ota needsaf the IerTderldienl and was ripe ared for the sole purpom and latent at a irrimtoage finance Vansarin. Thlea mpW wan not Intended Tor ihR needs ar uses of oadma Cher the IdenE6ed intended user. The a raiser is not res nsible far unaulborw-ed use of this 3!ko1. This apart should be read in iw emirety to kwludeall aRechmeills and addenda. ,tP OF WCRK;i The 5..4wpq of this residenttat appraiWl assignment i6.19 irrspewl "*tj4ecG p.!pp", GpTp.lete th—ge i—r,5 gad9n and an8Ty8is of relevant dales define and arrive ok an estimate of H19r�est 8 Best Use. uUgxe spyNcabIa valuation process, Teeoncae valuallan dale. and pr'senl imdin s In a man0F That is c+eaF, rneaningiuI rind not mrsleading W the intended users idenplled In the report, subFad only in Urn diO oandiIIon3 _ HIGHEST 3 BEST USE: The use,ttiaf is (1) Legally parmtssible, (2) Physically Possible, [3) Econoua tally Feasible, and (4) Maximally) Productive (Pcdf table) Propuaad uses that fait any of the four teals are discarded and snottier use is revdeytrod- The highest and bast use of the suhiecl party Ls a sin le faint residence based on the Follawmg__—___ * t The use.is kWllypermissihle Ilxyu9h its zpnkT4 2 The use u, wwsI.Ity Psw. Z ThB use h finenr-istl fwmtWa 4 Thegp2_LS alit kwllly 2*- lCl W- COs1aIT1r]NS DF THE RFFRI4kSA_L Nu warrant g�uaramee,a[ [he appre sed,praaerty is alien aimplied.-p14l la6il ily, Is assumed far The struglural or rnediarucad eiements of the properly. Thin axialaet do bnned on The nublacr propert7ibehtg.Toceted within the daNnad boundaries and beirsg Tree and dear of alt rtnrurrwranc&s._Encu_mhgun _cpuld md_ude, hu1 are not IfmfRad to: leasesdelinquent laxsa, mortgages, outstanding special _ess_essment fiend_ other liens. The appraimr is not a ham@ inspecler and the appraiser is nat actaig as a home inspector when proparkrig the Wom The harrower rias ilia nghl W have tho f urrio inspected tlyg iFP%.gOgW horne arksp%cor When Woffung the inapedion of the propoFry, lila apprstiser visually observetl areas. that were readily accessible, Tits appraiser is not required to distort or move anyth ng that o4structs access or visibilrty,. When cn i euna the appraksal. a visual inspad n was dorsa. The ospedlon is no4 tachnlcally exhaustive. The inspection does not oiler -- - - w.irranires ar quaranlues oi.any knd. Nn warr2u71y QT I�¢i _ppy►aiSpd p� i¢�I,ypn,pj,�7ph9d. AFI Sala, .$re 4enti ¢ elnp �!p@ed. transactions. All daW are dwsing r3atg5 unilm oftirpiee sbWd No pergwnaE properly or c: wgel was Inc] udeif in thiB re=rt- CgMlnuing8nd_a Sl. rtigrtal. exptanonan Caa_kq.T¢unO. in.Ih6 G .Tf t. r1endtim.. CM i1saPAUCH TO YAM OW nq*W by Euida Prgdde afJMW! ref Wrow to I* lm*syryrt 10 ryltlfa Ift 4RFOn nasi npu2S M4 C*Ulaian5 LpyTartkxy%iplltlrlulskioaeiaurrirnrgafmmWAltladssbLCrallermenadsloresllrrizinire aadixe Larldsatmwmareviewed usingthe himthatar MLS. Limed ham are fins or them [and I lot companAilas ravlswed to detemtine lot value, Prices Tanga betwaan 2"8,500 erg $105 d.1_ _I SM§?7629¢I?Ot �>�k+tLSlFa(4 �9f.10St140] R3 ML 143 37��1& �r+4.hitSRS10!?7{#e1B4061 M6.M4$ $TL1437 DwO The subleet'i 10) VaWa ■hould by! W:Btiti E5t161ATM L REPHIRI MOR N FEPIACEM E OUST I EW CIMOV 4F SiTF VALUE ..... .... .... .. . ..... . .. , . ,...... .5 94400 50uma ut costdala Marshall and Swifts Local builders OWalm _ 867 8q F1 @S 130.08 ----- =S 112,710 4uaKy ratl y ham Co5t9hrlcc AvGd inadhe date of tail dam f� 845 5q R CEJ S 90,00 ...-.. -3 79 050 Cglttraenn on OouApprdxh +4 ass:xmv area wlraat4nt drAratadon elt,l Sae sketch addendum fpr gross INwa area caWabiarm. ,A 1 .std a =S. I GUIDLEWPOCt 4$0 Sq R L7 i 40,00 ------- -0 400 Replacement assts obtained from Marsball and Swift cominiction costs handboah and Iacat supphers The sale value in the oust aipwyach t5 TYWEsfirnrlratCOrC41]1w =lti 210160 LM .. _ . __- R%*R ad E41w1tr �epreclaien 52.50 525401 dnnvadusing1sn¢sales ppw p rlson.mothods.. ew40 CMafYrgr?RpritYge ___..........__........_ =ti 167$ZO 'itSaS' V" 131 91111 -S 14 000 MM'"W-—4vOffimwia.R-r+WnasyNilLY.rrlarDFA+ierO"I Es6rnatadllanawig itawri we Life (HE aPA VA o*1 45 Yeas ;llOH'ATEDYAL1tEBYCWAAPFKM • t 227.6F0 —_ 09Cd1E aIiPPROACH TG VALUE F�Ir1if -- r EstrnatedlAmddp larkm Rom 5 k Orme pant MWpLu a 5 IndraEyd Yriie dY IrcrtrniApprparh Suntniory of 1Ttomd JpyrOaztl�andudllt� rlfarmedat rail orad F�iMj f'pbiEC# �'4E�IIlLTIak FGfl PttBs opp�oYlly IS the deeelc>falhulldor Ira tartrCl d the iWrasairaws' Asswcla00Fi_� I7 L_; Yrs ❑. Ma lend ippe{s] _❑ 6garhsd ^ ARxiied Proem diem rgWaudwfor ROsOLYdfdto- dinielopwAulli Is tomilitilofOnWAandtds aananndmdtial aQolt. l jilYmewfP;Tcl Tate nuiruei vT ptr,!5es TOW natrfis of lipids Total rimber of urds add rolal nuaner al unU ron�rd TOW 111rdw of mIU Tar Salo D* IVaS the prwkct rit8ltd bX ole sulvereifn h IrdO TI Ptl04 Ya 0 16D i YK 41M of Swrwaft. Goes ttie t coiaa n any nxg-*F Iatis�-- ❑. Yes-- Quo-. Da Saxes are* tom„caaWM4leW11,andWil" fsd"oO "D? ll YO Qiso INs.diiiIMTtt AalteoltpifldlL arethe COMnxn ftwits ti aW Ill or by Ile Hxmm W AfazhW -ft No "Y2L deswtbs ths tell! iffn old OM 005UI@C Gorman eiemrts aro r milional rachis Freddie Eutaw farm 70 March 2005 JAC Vers+m %2011 Page 3 of G Fannle Mar! Form 1004 With 2f105 FoFm 104 IM - TOTAL' aperalsai software by a 4 ma&. Inc. • 1-OZALAIADDE Unitorm ReSlaentlal Ap pralSal Keport fie# 5132115 - 1 This report +arm is dat:tred td FOW an appraa" of a WO -Wo property or a a,$ -unit property wlm an accessory un+l: including a lint in a planned tint de MXTterR (PUD) This report form is not desigmid to reprxl an appraisal of a mmnufa tired hone or a unll In a conrlaninkmn or cooperative pm*t This appraisal report is subject to the Wowing scope of worts. Intendad use. kttentied use. dffliNtion of market value, slatenmrit of assuniptions and limping condtllons, and cediricatlnns_ Madillcatlons, additions, or deletlons to she irl;ended use, intended user, defriftlOn of market value. or asSumprions and firnittng conditions are nor pemirled. The appraiser may Pxpand rima scrape of work to include any additional research or analysis necessary based on the contpleft of ttils appralsal assignment. MoafAcatices. or deletions to the certllications are also rtol pemlltted. However, additional certificalions that do rnl CMIWIe 11140ial atterationS In this appraII0 report. Stich as these required by taw or these related to the appraIWs continuing educatial or menwership In an appralsal orgarriration. are permined SCOPE OF WORK: The scope of work for this appraisal is definrad ray Ilio cnrrrptoxfty of this aWalsai asslaxwt and the reportfrtl; requirements of this appraisal report lawn, including the lollawlnp definllion of manaet value. statement of assunptlons and YnWrIg wditldns. and certifications. The appraiser roust, at a minlrrium. (1) perfem a ornplele visual incl ectlon of the Interior and eklerlor areas al the subject prnpeny, (2) Inspect Ilia nelgFtwrhood. (3) ktsWi: each of the r,nn parablee sales from at ioasl tNe streoT, (4) research, verify, and analyte data Mani re WI& public arillor private snurcr..; -rad (5) report hie or her analysis_ npanirxrs, and oonclusi8ns in this appralsal reprio IhlTENOED USE: The Intended use of dthls appraisal report Is for the ienderrcll nt t4 evaluate the property that is the subjeel of Oils appraisal for a mortgage finance ii-ansardoh. INTENDED USER: The krtended user of Ills appralsal report is the lendeocliem. GEFINITION OF MARKET VALUE: The most pmbable price which a property should bring n a compathive and open r*rarket under all conditions requisite to a lair sale, the buyer and seller each acting prudently, knawtedgeady and assuming rhe price Is not affected by undue stlinulus hmplicil In this delinftion is the censumrnatlori of a sale as of a sp ailed date and the passing of UW nom seHM to buyer under conditions wheralry: (f) buyer and seller are typically motivated; (2) both parties are well inlINmed or vrell advised, and each acting In what he or she considers his or her own best interest. (a) a reasonable We is allowed for Wosure rn the open market; (4) payment is made in terms a1 cash In U 5 dollars or In terms of financial arrangements tamparable rhereto. and (5) me price represents the normal co+nsiaeration for the properly sM unatleeted ny spacial or aamide financing or sales concessions' granled ray arlyiJne associated with the sate_ 'Adjusninents w the cnrnlparables muss he made for speGaf ar creative financing or sofas oanceaslons NO adjustmerns are Fecessary fpr those rxtsts which aro normally paid by sailers 25 a MUM OI IMiJWn of taw In a m8rkiA area: these Casts are rvadlly ideroatrae since the seller pays mese casts in virtually all safes transactions. Special or creative firtandng adtusurlents cart he made to the conparabie property by comparisons to financing le(n)s offered by a gird party instjtudonai lender that 15 not already Involved in the p icperty or transaction_ Any 3ftSprrlert Shot4d flat be Catcutafed on a n*Qhanical dollar for dntlar cost of the financing or concession but Ilia dollar amount of any adlummerrt should aw4rnaAe the marw's reactkrn to the financing or eoncesslons based on the appralsev's judgment STATEMENT OF ASSUMPTIONS ANI7 LIMITING CONDITIONS: Ting appralser'S certlficatien In this rtperl is subject to to following assuniptfons and "ting eanditlois: I The appraiser will not be responsible far matters nt it legal nature Vial aflml either the property being appraksea Qr tha tille rn It, RXG(lpt far mferrttatran that he or she became aware of during the reseanrO lnwolved at parfrxmirrg this appraisal. The appraiser assdmes (hat the title Is good and markable and will net render airy Opinions. ahobt Ute title_ 2 The appraiser has provided a sketch lir this appralsal report to show the approximate dlmensions of the Improvements. Thr; skalch is inducted only to arslSl tl:e reader in v"ak2ing the prnperly and Understanding the dppr4$M'S detrrrrrinatl@Im (Ifi its size. 3 The appralser has exarnined the available Ill maps that are provided by dm kderai Emergency I'Aarragerhent Agency {or wirer data sourCes) and has rxlted in this appraisal report whether arty poninn of the subject site Is to led In an Identified Special Flood Hazard Area gecausa the appraiser Is not a surveyor, he or she makes no guarantees, express or 1111plic-3. rergardlnq this delerninatlon. 4 The appraiser will not give tes"nrerly or appear lr court because he Or she made an appraisal of die property In question. unlass sgo0lt. an(alrgrments to do So hie been made beforehand, or as otharwlso regdlred by low - 5 The appraiser has nates in this appraisal report any adverse "MiJons (sbch as needed repairs, daterioratian, the presence of hatdrdous wades_ Tacdc substances, eac.) observed during the inspe,ciitm of the 5ubjeCt pmoparty or that he or she became aware of during the research involved in parforming The appraisal. Unless attrervyise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physlcal defidendes or adverse conditions at the prnperty (such as, but W Yrmnid to, needed repairs, detarincrMon, the presence of hazardous wastes, InAc substances. adverse anvirnnrrrentai condillans, etc) mai would rake the properly less valuable, and has assumed that here azo na such condliinns and makes no guaran;w Dr warrantim express ur implied. The appraiser writ nol be responsible fix arty such mnditl+ins that do e4st or fpr any engineering or testing Thal might W required to discover whether Such cenditlrxtS ehdst. Because the appralser is not an Merl in the field of environmental hazards. this appraisal report must not be considered as an environrr won assessment of the property. U The aplaralser has based lits or her appraisal repent and vakiallon conclusion for an appraisal fiat is subject IQ satisintory completion. repairs. OF atterattons on the assumptkrn that fine completion. repairs. or aherattrxts of the subject propertli writ be pWarrsed in a pmtessional manner. Freddie Mac Folm 70 March 20(15 LIM)Version 912011 Rage 4 of G FwAe Mae form ION MOICIP 20fib form I0NI.M • TUT AL' appraul; s&%are by a la rnede. inr. • 1.&M-AJ..mM Uniform Residential Appraisal Report APPRAISER'S CERTIFICATION: The Appraiser certittes and agraes that 1. 1 have, at a minimum, devekipdd and reported Ihls appraisal it acedrdance WM the scope tit work requirernent5 slated in thin, appraisal report. 2. I performed a complete visual inspection al the Interior and axistorr areas of the subject property. I reported the condition of Ilia irnPrnvWV rtg in factual, specitic terms I Iaendtied and reported the physical deficleordes that could allect the livability, soundness. or sVuG[ural intC'!',rTty of the property 3. I perlorried Tis appraisal In accordance whh the requkrerliams of the unclonii Standards of Prolesswal Appmk%al 'raOce thal wom adopted and Pranwigated by the Appraisal Standards Bard of The Appraisal Foundadon and TV were in place at the tune itis appraisal report was prepared a. I davalopea my opinwn of the market value of die real property that Is ft subject of this reparz bases m the sales comparison of"aach to value. I have adequala eMparalia market data 10 devaw a Teaade sales comparison approach Inr this appraisal asslgrirnrint, I further certify that I considered the cosT and income approaches m value bul did not develop them, tmfess otherwlse indicated In this report. 5_ I resAarched, vrenlled. M42ed, and repadHd fin any currant agreeh*m fir Sale Tar 111E subject Property, arty drferiig Trk sale of To subject property In th9 twelve months prior to the VecthV dot$ of This appraisal, and rhe prior saws it the Suibiac'. properly Jnr a minimum nl three years prior to the etrective data of this appraisal, unless otherwise Indicated In this reWIT B 1 researched, verMed. analyzed, and rigiarted on the prior sales of The comparable sales Idr a minimum of ane year prloc re the dale of sala of the conyiarable sale, Unless mlierwise indicated In this report - 7 1 selected and used comparable sales that are locatldnatfy, physically, and ftiri morally the most slrnllar 1e the subject properly. S. 1 have not used comparable sales that were the resuA of combining a lana sale With the contract purchase price of a home drat i+a5 been bug[ of will be We on die land. 9 1 have rep"d Adptrsbl'Wt5 t4 the cnmparahfe Sales that reflect Me marl<K's reaction to the miferencas between the Suhint property and the comparable sales. 10, I verified, fmrn a dislnterested source, all inlomiallan In this report tfiat was provided by parties who have a ilnanctad Interest In the sale or flaming of The subject property. 11. I have knowledge and w*erienca In appraising thls type of property in this in uw area. 12. 1 an aware of, and have access in. the necessary and appropriate public and private data srwrces, such as mullipte Ilsfing services, tax assessment records, public land McCords and ogler such data sources Idr me area in which tfie property is lou.&d_ 13. I obtained lie In1NrnatIon. estlmales. and dpirk" luitYShed by other parties and expressea In dos appraisal fepan hint rellabW sources that I Move to he We and Corract. 14 1 have taken into consideration the facinm that have an impact on value with respect to the subject neighbciitlow. subject property, and the pmAnli[y of the subject property to adverse Influences In the develwnenT of my opirlan of nurxet value_ I i;ave noted In This appraisal report any adverse CafUTlons (such a$. but not Iimlted to. needed repairs. delerloratldrl, the presenco oT hazardous wA5tB5, anxic substances, adverse anvlranmental Gnndetons, etc.) observed during the inspactw of the subject property or that I became aware if during the msrarrh invdved in performing this appraisal. I flava considered (hese ailrerse conditions in my analysis til the property value, and have reported on the alfecl of The corldidom no the value and niaiketebdity til the Subject propeM. 15, 1 fiav9 oat k weirl9ty withheld any sipni►icant Information trout this aPPialsal sport and. 14 1110 be51 OT my WKIW%dge, AN statements and infprmaW In this appraisal report are lige and correct. 16 1 slated In this appraisal report my awn persmial, unbiased_ and pmSesslonel anatysis. opninns_ and conclusions_ whist, ore sbbfect Only to ft assumpdohs and Ilmhlrig coudltions In this appralsal report. 17. 1 Have no present it pmspeclive imerest In the property, thAl is the subject of this report_ and I have no present of prospective personal inlerest of blas with respect to the participants ki roll transacdan I did not base, dOw partially or completely, my analysls an&or rrpinine of Market value In INS appraLsal report of the race, Codon, religion, sex, age, madtal stats. h ndlcap. Tamil Status. it national rrdgln of edher the prospeedve owners or occupants oT the sublam Properly or of the prment rrwraers or occupants of tote properties in the violnity of the "Jwt property or nn any other basis pro it irted by law 18. My employment and/or ow3pensa9on for perlrarniing this appralsal ar any luture or anticipated appraisals was not r,nndttIoned or. any agreement or understanding, written or otherwise, That I would reporl (or prasom analysis supporllrg} a Pradetgmrgned specific VAU0. a pr94etl!�rrmined rrinimUm valve, a range or direction i1 value, a vAe that favors the cause at any parr• or the attainment at a specific result of POctlrr'ence of a spedflC submant event (LUdh as approval of a pending mortgage loan application). 19. 1 persrmally prnpared all comiusimns and apdnldns about itis real estate [hat were set forth In this appraisal report. it I relied on sigfl tCaM rgal property apparalsai assistance tram any individual or individuals in the pertormance of this appraisal Or the jxepwation of alis appraisal report. I have (lama Such Indivkiudl(s) and dlselosea the Specific tasks POUMM in this appralsal report I certlly Tat any Irrdhriduai so named Is quallded to Worm ttaa tasks. I have not authodz&d anyone to make a change to any Item in this appraisal report; therefore, any change mala to this appraisal Is unautlirrized and I will lake an rasponsibifity for h_ 20. I IdentMed Ilse lonrleviAenl In ihIs appraise/ report who Is the inalvidual. drgarrtxatidn, ar ftWt for the nrgantratlon tf1Pi orderer} and Will receive this appraisal report Freddie Mac Form 70 March 2005 LIM) Vmim 912011 page Sat G r•anrde Mae Form 1004 Merdh 20fib form 100 kM •' 0TAL' appralsat software by a la muda. Inc. • 1.600•Ad MM unitorm mesiaential AppCaisai Heport 5dl 5 9 37175-1 21. The Ienderfclierrt may disclose or dlsltlbLrle tttis appraisal feport to, the bort-ower. another lender at the request of the borrower: the mortgages, or ifs successors and assigns. mortgage insurers: guvemment sponsored i+9Tterprlses; other secondary market particlpants: dale collection or reportng services; professional appraisal organixatlons. any department, agency, or instrument3i ty at the Uniled Stales; and any stats, the DisMrt of Caiumbla, or other jvrisdletioris; without hawing la oblain the appraiser's or supariisofy appraisers (if applicable) consent. Such consent must he obtained befem this Wraital report may be dissiased or distributed to any other party {including. but not limited 1o, the pubic through adverRsfng, public relations, news. MISS, or other medial_ ?2. 1 am aware that any dsclosure or distribution of this appralsal report by me or the lenderldEnf may he subject to certaln laws end regulallons Further, I am also subjeCT to the provisions of the Uniform Standards of Pmfesslonal AWalsW Practice Mal pertain to disclosuia or diskibutmn Ly me_ 23. The borrower, another landar at I11e request of the borrower, the mortgagee or 112 successors and assigns, mortgage insurers, govo-mmenr sponsored enterprises, and other secondary market parit6pants may rely on this appraisal repair as pan of any inortgaga finance transaction that Involves any one or more of these parties. 24, 11 this appraisal report was Transmittea as an "eledrarnc record" containing my "electronic signaturo," as those terms arc deleted In applicable federal andlar skate ows (exchrdmlf audio and video mcardings). or a facsJmit Iransm"on of This appraisaf report containing a copy a representation of my signature, the appraisal report shall be as eflecitve, enterceabb and vafld as if a paper version of this appraisal report were delivered cordalnafg my orlginal hand wiltten signature 2$. Any intentional or n9gligenY mrSr@praSentagon(Sl contadned in this appraisal report niay reSull In civil liability arWor criminal pananias including, but not ginned (o, fine or i nprisonmenl Or Will under the provisions of Tdla 18. Urided Slates Code, Section IO{11, et seq_, or Similar skate laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser Certifies and agrees that 1 l drectly supervised the appraiser tot this aWalsal assrgnmenl, have read the appraisal reporl, and agFee wish the apptalsers analysis. opinions. sW&rnerns, conduslons. and the appraisers certification. 2- 1 accepk fug responsibility for the rpntmts of khas appraisal report including, gift not Limited to, the apprdlser's analysis. 4piniprks, statements, conclusions, and the appralm ws certiflcaucin 3 The appraiser Identified in this appraisal report is oafter a sub-contfactor or an omproyee or Me supemsory appraiser (or thr appraisat flrrn), is quallfled ro perform lbs appraisal, and is acceptable to perform thrs appraisal under Pte appticable state kow -t This appraisal report ccmplres with the Uniform Standards of Prafesslonal Appraism Practice Thal ware adopted and prutrWlgalad by the Appraisal Standards Board of The Appraisal Foundation and that were in place At the time this appraisal rpporl was prepared. 5 It thlS apof31S21 report waS transmuted 3S 30 'elelr wC record" Containing my 'eleutmnic sigrialkire," as those terms are delorind In applicable lederat andior slate laws jcxcfuding audlo and video recordings}, or a facslmne transmission of this :ipprai"f rWri Containing a copy or representation of my signalura, the appraisal report shag he as effective, enforceable and valld as d a paper version of this appraisal inpurt wars defivefed comalnuig my orlginal hand wrfuen signature APPRAISER +� } J e+-�>y G 5wJnature [dame Ross Watkins Company Name Walkins Appraisals 11C CQnipany Address 2516 11 &h Ln NW Telephone Number 763,567 3344 Etnall Address watxrrrsnpprsisalsQrnnu,cam Oats of Signature 9nd Report ,Q-i9m Elfective bate of Appraisal 081_i_I2a20 State Certification * 4046019 or state Llcense aY _ or Dlher (descrbe) Sial9 ilk State MN Expiration tlatte of Cereflcatian at Lica OW3112021 ADDRESS OF PROPERTY APPRALSED 1420 51h St NW Elk R�uer, ti1N_55330 APPRAISED VALUE OF SUBJECT PROPERTY s 227,508 LENDERICLIENT Nance .A�Curat Q-- ILAQQraical Wnsnemeni OrvYsfan CorTopany Narne Ti_ie Smite of Elk River Company Address BSO Main St Nyy, Elk Rover, MN 653M Email Address SUPERVISORY APPRAISER (ONLY IF REWIRED) signature Name Company Name Company AddrOSS Telephone Number Email Address Oate of SLgnatura State COUICal10n # or Skate License iv Stats _ _ '— FxpiraWn Date 4f CertifiW40n grliC9nse SUBJECT PROPERTY ❑ Old not inspect Subject property ❑ Did inspect exferiprpf subject pmperty from streel Date dl Inspection ❑ Old inspect interior and endeli r of subject larrapefty Datta of Inspection COMPARABLE SAi_ES ❑ Old not Inspect exterior of comparable sates from street ❑ Did Inspect exterioral cornparabtc sales tram street Data of Inspection Freddtc Mac Farm 70 March 2005 JAp Vm+m 5-2011 Page 6 of 6 Form I Of}Q1JAi} -'TOTAL' appralsai sdl*ae by a 4 mada. Inc. • 1-OZALAMODE Fannie Mar! FCim 1004 March 2iio Appraisal Report Uniform Residential Appraisal Report Fllg# 53132175 - I 1EATWE SLBJECT COrEPWASLE SALF v 4 At 5 OWPARABU SALE 40 6 ikd*m 1420 5M St NW E3k River MN 55330 Re** ID GWbX 829 Wa �on Ava NVY Elk RWerj MN 55339 1-0-40 rules NW 13500 163rd Awp NW Elk RNer, MN 55330 096 "WIDE SW Wrip i$— --- . . - 5 _230 -X 8* Ncetw LIV ku )1 94A I 248.75 sq.ILL- 'S 223.74 BOO: 5 54ILL Daw SWUN NOrftSUrMLS45555709NLK)fJ3 NorftlibrMLS#55SZ40aNDCM14- VALUEACU&MNX W&WIpt" WWI f its f Ag—VE4 lnsWSherhume P97g), A �d Wbvme.CRT"- O(SMIM" I +(-JSA"eW1t VFW". -)$A& 5ASoffinAmirg ArmUh ArmLlh LOU" LeaselydrpFet Sh" Feesimple Fee Simple Fee Sknole SILO I If view N: Res: ll, -W AAe} PT I SpW Entry. Ul- m Yof DN 6 lwm �1 - 12197jv . .N:Re_w_ DTJ..k EPIRY 1DT1;SW Elmdiv 104 _04 Ack ol Ago 34 34 corsnw C3 C4 • *M Grade Tow kwt& WM r IdW I k1rift WN low WN. "S TgW ftm. kh ROM CDA 5 7 7.0 5 2 to S. 1 .2 1-0 Nm " ka 867 nk 924 salt -3,000 1 A20 Iq X -8 501t SaiwvK & FhWW 845eSnshn A wars Wo Gran Ifr26rUbalo 912 Od1in 1p2bd.0bwio 0 1028517875fn a 2rrOb(I.011a10 0 FLr coot of Averwo Kaw rgJI!Q .fiMC_ ',rangy EftlnM flurs Narle None FA CAC None;�niar�'Girpnt_. PO10RxAftk ��Mrk .... ... . AmAlurW AiOEAW None Dei:WPafin F&rkc* -2 50 Na_ -60D. FPA 1 -2. Fn'shA 1676!sf .Wmiw Arem 824.s#f -4 7 RMAQW1100 OM 14--I GCO -36od El + El AdpFW Salo POD9N d COMPNOMM d A4 04 1, 8ross P4 96% NEt;4 1S lw)4 22UWGmsc.A4 I1i%11 228 600rrkumA4. %S Ripon UwOW5 N k mmarch mid anWVrgspt1hQ Wor WmorrAMWW3*v WWO Ida on pens 31 FTEIA SUBJEU ntffiAg �SALE 0 A GWARNU SALE 'r S CMPARABLE SALE# PrID: of Prior 5*Trar�Acr DOW 5auaoeEsl-- l4rgW1Rr_MLSgM rah E lvbva DrAt of OJOA Soun*(5j 08(1112020 NcqthsWM-VOe@dSexch 'Narfttar MLSM - --.- - - - r -..- -.- - --WSWO.. mllam .00!1112020 'n" of pWr 5a p of lraOS1EX> l dry of lie aonx and Conwrm Sales sold daWs- Comparahles have not 1wev"ly �cord within t"lviq months of their Freddie Vac Farm T) March 2005 UAB Vmion 9x2011 Farmle Mae Form ION March 2W5 Fan 1OU=.(AC) - TOTAV appmg soffarr by a [a mode, irK - I -W-ALAMODE Addi anal Listings Appraisal RWrt FN/ 5137175 -1 5EATURE LISTRi6 At 1 LIS TM + 2 ; LISIM • 3 AdCASS 1420 5th SI NV1i 113321 180 W2 Or NW Elk River. MN 55330 !Elk River MN 55330 17954 Mann 5f NW Elk River MN 55334 Rrdoall 18 StAiKt 1-30 miles SW $ 5 3 SqA 5 277,79 NOG 1.85 rrdlbs SW 270 $ Z9h S 303.7314M _ �5 s 41L Li81NCR LW Pdr Gr= LFe- A L#1 Rce flemlon Aga None Hone Oa1a 5rnree(s� - - YBrHrCiIIOR $drCE - _sem fyll°fi1�QQ3 [701Yi 1G _ ML��1` F5¢�4�1;p0�;111 Fwd Ibex t1Fxt hnvF6 me CaTax YALl1EADiT$1NOM �. _ — Sales orFdriaaelnp 1'af16 scans DESUFTM _ DESCRIPi1DN +�)_S der DESGRFT1171 + - 5 --.. �.. ----• ` - pending Q pending None NOW O.Nane Noted �N + - 8 A rg. d a US aM lkike LOC -10 16 'N•R• N:RdNs&PrAL es '11 ON Res; haldfxSaaolo y1r: rPx flr5ign TSO vu2-y--ie^st+tow Fps $rmp. �p�4imp1 11326 sf sf N; Rea; 'Rqo; ... DT1,Spm.EnPIT1.�kAP—M- -4TLSpl¢ Gi4 F9e suvio O 32570 sf -1 N:Res, . Mrt - Q4 We'alpr. C3 jc3 C3 AM ;lx+e Grade ipd 6rhnr, Baths irrtri Mm ads Tdf1 I ane agte fiahs NOM cwml 2 1 4 2 1 ta 6 1 2 1- 9rm I-maq Area d3Sf-1eA & FiMhM Rooms Halowfkade Farl[ti ml bo . Tieslm4cooleg $$7 .$9.A+ — - E W0676sfin 960sf418sfin 1ry$grl.%*io 'Qrr2brl 0b010 gvaragrt I. verage .. GFAICAC JGFAl= — — 939_. QI9438f8STsFn 4 T+r2brt q�lo Average GFNCAC 0. fnefu 9ardtNr GaO�zwdw r a3dw Dock piwo x 2 Noma -111 DOD 2ga2dw. 2 b04 [1EprX1PdU0 rror&P&VDeek Ad6tlpflpl AmmOm Rnished Basenerl Asa �Sonki we st. 1418 a1 f % "Zm�l % s 600 _- - -2%O. +S 1700 887 .5 .5 �7 500 + - $ - IN 16.8 IS - 232soti aroea 1G8 1G s 22S Net IG GFM x S "JIdJI!56n�t liuial Agm4d Lid tae NCom Report Ere remits of !fie remeefdr ard > of IIs tr Yalsler ' ol4le slEleat p and sales adddpna!ff_sales en ITEM_ SIIBJBGT 1J&111Bi1 WSM # 2 _ 1151816 / 3 DWO a Pnor SaIPjTransfLT "r+GeolPripr $aleTrdagfg !i.F.a 5rarrtn{s: — Northam ML8FDcodSe&rch Norfhatar ML.SMOO . [n°c'nk Odie of Bata &w0i M11f2Q20 0817112020 1 Voir ir.-rss Ac" cp ra Lm #lave not sold wiNn twel" morl>fisOMMr&2 dW& falarO 2005 Farm 1044UAQ.{Alf - 'TOTAL' appt&i aaltware by a IRMA. INC - 1.600-ALAMME Appraisal Report Market Condhions Addendum to the Appraisal Report ;J1 H& 51.17175 - 1 Ttlo prrp m of thisaddendnm 4 la protdila rhe Imdw:clierl AM aclear and accurate u!dentanding at to markd Inwds and candiaons pietealm indln wOlKt rpa .Dortvod lits is a regdredaMbillrnkrrall W*gii-epurls KWh an attache Erle an. ofallmApril 1. ZIM fiaporty A"M$ 1420 5M SI NW 01Y Efk River $a MN ZP CYlk 55334 AOrawer ErinCunnirgham 1aBwii1m: Tho appraser inushm the urlarmawn requind on this roan as the tzz lar W5 er Cmckw"_ rtd Irwl prw&. 5uppoRiOr llrbse Castl a57drL repardelg Wui q tmrldt drtd overasrnarkei eurrdllm as repmlad in Me. Nalyhbo+taod Se len of Mc 49ram;rl regal Finn Ti`r ippfa!ser miltfA In all Ihr inlurmifian b ft.9 4ent Ike avar7ableand r1�jh� dry rri51 Pr4�'- aNrl'� as Ind�[a1e34e1eis' If a!ry ra4e�ddata iS On8+8ii3Ge Orb GerrSrCRr9dUr. V'e alrvaisetrxal IarOvlde �! tiplitWm I is emog ad peal nol all data wwrcm A bt able to pmy4e bard for pie shaded am Wove. r It a available. %Dwm, fro appraars mot dints IN M n pit anlry I data sau)%S faorw ;m rrquntn okfi taban as s!`- a+ra4pe In5#ad d V4 meO ail dse Vpfa fie+ ShDulp rtpDrf The av3401O ilgue and Ide*N It ds an av rags_ Sales and IIsivo imM be prnptdas Its cnmpeta with :fie srbiatt properly dg!L mrsd by apgrfim rhe crusta NJ !e'ntld be used by a prrapar.6" tluMnf of IN s itecl pinoprly. Tho arpraser muM axplrn arty rartahes an Via dla, such aS Seasonal Iralt:ds. new [onsruclwr nrmlames, ate Ir!aa A Prigf 1-17 Abrins Prig 4-5 Mentha Current- 3 LIorrais Owmail 7ren- Foal d of coinv It Saks lel 19 8 7 kMmwg S� aeWrep Absoolin RIC! di! 5alatrlAdr!N1 3.57 2.67 2.33 5ndo OA Total * or CDrwAleklive Ltsdnprr 1 4 2 swk i f,ldrlhsalHoualrgSlp*(TnWLeongslAhAatil 0.3 0.4 a.8 SIYk � kK-11% 01*0IlhubriPrlal,L1aftwxW% Prim7-12WIN Prior "MOndu Curent-3 Morias t3m'ATrsnd Medan UffvuaW Sale Pride 235LW 255,450 237 000 Irvels!n X Skrble de IIAMan Samparabk Sales Dap on MAd 32 24 $4 St9k LIWg0wing rar�an Ca Lis! Pme 243 lrcreas sum ven{bngaraW LlsDngsOns co Ma" 3f 14 tS flsclnna Simla I ucreasing '.:71M S* price as Sol cis RICI 104.00 100.09 100:40 Lj ircre=g X SI3ble .1 pedrnry s Idesdnpe ,border, ex.luaid Grm[+al assista4ce prerllenl7 Yes ' No QecFtin ihhl? llxneasi ren o doW the Witr emcaWom trends for Me past 12 much Iv.g . 9*r aGnb"Drr9 Mr moll boat 3% to 5%. Yrraaling use of 111114dpxns, clpvrrg euaLs, wndu ' la,'ftj_ IS i6 cartmlenlblPrr�3 for Iha trailer t4AeY.1�P �S! 3% of The R��R�enif�4Y4fih9.JL4k1ik 32fd4 - ;c ..I,: Iveeddwre'sm W Hko a bft In r". rrxk+±i r Ye: X !io I >ba. e+pllYi Irick do dm Nerds h fetbml and sales Dt faedloeed pmpe6W data sources for andesnromn(an-`Tiro Q shown above was baged on rrtfvnnal!on $ dela obfarned from ills local MILS data $erwte and n tram the, Assessors 121th r„nays Me abvre fofdmllda n ergpat tri yea oorlriaitow b the Ne !gaMood scctldn of due ayprakaf rtport 1d!m I ydtr used any addAonM Nrfomlalon, s!ldh as 3=dlyY_5 bi pendeg sales arfdrdr Blplrod aed ir1{11�a'I,11 letlllg5, m idllrlrl� yleY C�rri,r51DOS pm!rlde haat rf 9itpllrrffiorf alltl sllpPnit is y!or[ Gdtttl�lorli j warty values within the market mgrhm !nt In Ute past twelve months are cpnerally =bin to !ncroasing Ssasonal Infrux irc-"s ary vrsrble moving through the 5Um mer market, hou,gver, -gr63in in relative l7@rp� W dile t0 healthy dema-nd.and, limited inventory m relalion 14 histr,rir Nyre3 DOM ark± iypicaNy under Ihree months with stanched prlCfn� , hgwwn r, do efcteW *Alit new construction vislb* len the ,i: -. i Aberve fi ores summil a heal market for vnfo family homes wBfrin the soblecik eoinnWiliwe market area Ithe =*diisatrillInscandoinhi rorcunpanknw4rid,comoviethefdltfmV ProjaaNm: 5iAptttpfap DM PW 7-12 htp!'pi1 Prw"Urrs CLoonl-3 htpn'?g r v4a!l lr^_iv Tota IF jr! dlpptfl4Sao&[Stlutili rrcreasrq S:zkt :idc: Ab Moa chdsalewmontiul C. Thal ai rill rtMa Cairnt a LMV LJ DWWV L sr>nle teen _ Mort!s Id udr 5Wpty finial Lies AL Ralai 8tahk IK':: AreTOredpstrr2 solei iHEO f a IaLhpr Intfrs POJed7 YB6 _: NO s yes. mikit 9io mmW # R1;4 4*0 and ftPL* 9e tr r M f9do and sai - -I 'an.Ylrt59d prGpaNes. Sunmarita the boleyerlill; andadders Mamodar Ee n&d unhand pojmt Si9naWrF sily in ppra er film Ross Wall Supumsoly apptnsr; flame WANI-pflme_ Wnik!r*Apirim Bele. LLG r. ir; Address 251$ 178th N1N Caen C Address ..:snl$tr KnitiOE P 413454919 S_de MN Sum L.i6X"Offuluko.I 51d'a Ernm Adsmu walkksSapprd+sais{tgTMd.Wnn Email Address -- --- Ft@dd a iM1$c Form 71 FAardr 2009 Page 1 d 1 Fannie Mag Form t0U4UC March 20Qg Farm 110NW2-'T4TM1L` appraisal sofhrare by a la mode, iqC - 1-9910-ALUBDE LDH -,V Anr k-1 Re—rr USPAP Compliance Addendum aYa 5132175-t Brynnvwer F�pin Cunningh�rT!. Pmlli"—s 14265th St NW Clry ElkRNer CM%* rtSU IE %ife LIN 49Codl 55330 W�WrMisnr Thr. Bank M Elk Rave* Y 1 ' f.is Appraisal Repo -.. . nr V". . . X vpwalsal Reptlrl . ':Wrl rrai prepared n lLeeretWo wlhltm regliwwm attte Appraisal lb w[ epwn al USPAP SWAM R" 2.2fak j NearrwtdAwrauaiRfflrt I:_Iecimlwasureparedwisawordarimvrrlleregiftwrbofft%mmcrealAzpwdmNew w1ceDIU5PAP5undrdlRAN 2-21bp.amki -heeded o* rw we VII of IM dic-0 end wty udrai nprTe0lr11rrf I wwj,{ l hv% V Sin rerx-ft m9l r:k" unh, ON OW ft reperl map nef soman supportrq r3donlle tar ad of the oprnlors and wimc€usians aer!ortnn the wUarL ADDITIONAL CERTIFICAYI()NS I Ldfllry tAr W U L'c.l in h`r kl.*ATrlddr.rld Wiief • nrt 8t311rnn1ffidfact Cartalnsd to tho rspvt err MA ana COMM • The mpwS wmlysss. upwk rrs and concusmyes ae limllerl ordy by pie-WwlmtaCMnpriori5 wW ;" me piwsurF;d. Irrlparthl. art{ ulblased PrCd=lwral W a7ysrs. eolle"M Inderintyrnenl • I herd m {pr 71n iipeen10] ptmhiil Ix ryvylattrre hAerestdl drll prapdrry OLd le ire &AW -i Ptlle repwtxnl WWI I tYatTas llrvelrb} • I ham ru biaa yell reeoetT od"prdporty List is frre wbJdd d1hi1 report tprft partlls Imiurwd wiUl Ris asaiplrlTM14, • Myen9 mw.nr in WkF 4mign-imm wEs m "Milnigreupvndevplpp ormpwifnpprellBemriledreuAs. " My vxvwrgallVn to, cunwlory drr K4ip.Wd is .0 wntkn rr'rim The gr reppraeq 4r x viudegemllmep nimur dlrecivn in "kg TmTia•wra She cause 01 tllecmnL dre enellm of Mo Yilr oven Tho rrtalxneitala moulrmd ri:40 or e1lotcumanoeel aauhsegmPl nan deeclr rolaTed tallm nmrdadtint of [hip 4WilwM • My xwlyddr Opinion}. xw f pathlS,rlrt•. were dlV dldpeq add dil repClrt Mai tMem. pripardd. Ht COIddrlMy Wh VW UIMlpfdl S"Wdl oa PfUgsl+wud Apprall$ Ptl0lC4 • Trris apf"aalrgKrtwae preprredar nocaraancewxnThe reglwemem of irtM%l Or RARER tad mylraplemerlanq repulnwv PRIOR x Darn NUI wanam'I"rden3. e{ on dpprw" rH M o1ry004r Cap-edy 140,0mg N4 wrppm^1 rhrte} it* adeted 01 dile lvppn wldun flinI"-ydm irVNW =1Irrsral V wOceMN necelrlanna fat On rsslgmnrt .J I HAVE pertu need sers2ces. ae aeappra wr a inanO]rai rarity. regarding the properly thazis the aulipwOtis repro w*m rhe throe -year pridd4nmedlauly precprng acenLance of Min u"lpnmml TTlnse en rviem are deecrMd.n The Gemrnenra Below _] Ihaw WIT maeeapusanW r1suecllonWlklepropelArtltldaoleawpectolrinle un 5[ IIirNF•^ait�aa^r:nrr:r-?^iirm ulgr pmgMy ma lc ere uublecl or airs report ..__......i.I�Is I..Ic.1r:-III r-l:^u,m*4 5hLurcnt real nrlrilnty mMmul sial a itefoJIM ple59n ylprding dim carfflcalrm 11 yTynnedid4mHdq argnlYrelrFmsIalanee,they I rr Ubmi; Idrrr dkd Illcrrq rrlrh IlUnihlKy Of U,e aiirr.1 of die IFR ir..im:a prwidn; hW4 r4pprl •YY i Y MARKETING TIME -:�ti6n�- Li4i+gF �[+a'id 'tuF' -0q��lnlrj ��CIOSWO gTtlrer 3pr SSo:9 n'xtla'2d reglA[AStlrIE 1 EXPOSLPRE TIME FDR THE SUBJECT PR OPERTY 5 .I.I,3- ': I.irhv!Ilp ;.r1• rar pie icy. ln,l..;r• '+yltr LMrVV,1t 44ilMW l cendlldrll pa9nw4 w tha IpprWsal aaLIQIm r X -tie wpalue Fra tur Ina 94=1 Vmx* N 90 "jrlsk MOMM s go-alrre Synaedc Nrde Ring walhlrm Not. [laad5rpgnee .1 6arnaf5xpreltre swC-lleadmr 40454919 atalEUredlcubm w $lay Lhmpa r W Stale tacdnle 0 Swu MN _ _ Sian _ ExpirATTwi[].de of CAMIrkillm er tkHMe O1011=1 Eaplrnm 112M OT CEfMLMA or LIG Md StWffflo'Y APW*Hrinlplc l0PUP Suhden Property Fled•e7aedA4pTsar 08111f2WO pidw Ertuior4,IrtwSwd Ir&kprw*Elter- USPAPCwnpkwij:eAddelldWrl7020 RffpG1 W I poem WDEC • "iOTM1L` appraiser wftw&e N a la m de hlc. • €40(O ALANNI Supplemental Addendum raaNO 5132175- 1 Bt] Wg__ .Erin_Cunningham Property Jdhess 1420 5th St NW _ -- C4 Elk Rarer rAWA' SNertrurne 5tate MN D6000 ssa3o limK ffo The $satkof Elk River Additional Comments on Report from URAR: I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Hypothetical Conditions: None Extra -Ordinary Assumptions, None 1. Appraisal Problem: • Standards and Cantract Requirements -Appraisals will conform to the requirements stated or referenced in this engagement letter, indudIng the applirable requirements in the Current ed Ition of the Uniform Standards of Professional Appraisal Practice (U5PAP)_ • Competency, - Engagement in this assignment is predicated on being able to personatly complete it in compliance with the assignment requirements, if at anytime in the course of this assignment I am not be able to comply with the Competency Rule in USPAP, the appraiser will identify steps taken to overcome. • Intended Users -The Bank of Elie River is the intended user of this appraisal report. This report should be read in its entirety to include all attachments and addenda. The Bank of Elk River may, without your prior authorization or a notice, provide the report or elements of it to other parties for their use In lending -related activities to this transaction only. • Intended Use -The Intended use of this appraisal report is specified to the needs of the stated fender/client and was prepared for the sole purpose and intent of a mortgage finance transaction. This report was not intended for the needs or uses of parties other than the identified intended user. The appraiser is not responsible for unauthorized use of this report. This report should be read in its entirety to include all attachments and addenda. • Purpose of Appraisal -To provide the appraiser's opinion of market value for the subject property as of the date of value. Market Value is defined in the attached Freddie Mac Form 70 3-05 Fannie Mae. Form IOD4 3-05. • Datelsl of Value - The date of value is the current date, typically this is the date of the last property inspection. Property was inspected on 08/11/2420. • Date of Report,- The pate of Report is the date signed in the appraisal report. it is concurrent with my signature in each instance. • Property Rights Appraised - Fee SEmple. • Subiect PropertyAdd ress - 14 20 5th St NW, Elk River. Minnesota. • Hypothetical Condition{sl - None • Extraordinary Assumption(s) - None • Assignment Conditions] - The appraisal is to be reported on FNIViA-100 3/FHLMC-70. Z. Scope of Work: The scope of this assignment is specific the to needs of the specif led lender/client. The appraiser; • Performed an inspection of the subject property to Include the interior, exterior, and grounds to identify relevant characteristics necessary for the valuation process. This inspection was completed an 08/11/2020. • Investigated and analyzed market data for utilization in the Sales Comparison Approach and Cost Approach. This data may include but is not limited to office files, Minneapolis Northstar MIS, City/County Assessor, City/County Tax records, building inspection information, real estate agents involved in the sale, owner{s} of public record, real estate professionals, and local builders. Set fd n-rliGJ�' $igrliWe NAme Rogg Wstking Scala C40kJ n r 40454919 UM MN Or 3* kkmw a 5m swan UK oak siw So cwlmm r Or srffb�, t�.�e r Fam TADD2 - TOTAL' appracsat soR*-m by a la mDk. ex - 1.ODO A AMWE stair star Supplemental Addendum NO NO 5132175- 1 BMWLF__ .Erin_CunNngham PrWp AdftS 1420 5th St NW Gh Elk PJvW Ginty SperLum6 $last MN Dp 000 ss3m LaM9riG " The $mk of Eik River search parameters to inc=lude date of sale, leases, location, size, type of property, and distance from subject. These parameters start with relatively narrow guidetines and were expanded until a credible opinion of market value could be reached. Verified researched sales data with persons directly involved in the transaction. Investigated and reviewed any pertinent easements or restrictions of the fee simple ownership of the subject property. A title report was not supplied to the appraiser by the client. The appraiser rel led on a visual inspection and retarded sale information to Identify any readily apparent easements or restrictions. Analyzed the data found to reach a conclusion regarding the opinion of market value (as defined in Fannie Mae form 1004 03/05: 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 the 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 considerers his or her own best interest; (3) a reasonable tune is allowed for exposure In the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions' granted by anyone associated with the sale) of the subject property as of the date of value in a manor that is clear, meaningful, and not misleading to the identified intended users subject only to limiting condirions. Prepared an appraisal report which included the following: 1, Descriptions of the subject neighborhood, site, site Improvements, and zoning 2. A highest and best use analysis 3. A summary of the most comparable sales 4. A reconciliation and cant#usion 5. Photographs of the subject property 6, Location/Aerial maps of the subject property relative to included sales. Pertinent data and analysis not included in the report are retained in the appraiser's workfile. 3. highest & Best Use: The use that Is (1) Legally Permissible, {2) Physically Passible, (3) Economically Feasible, and (4) Maximally Productive {Profitable}. Proposed uses that fail any of the four tests are discarded and another use Is reviewed. The highest and best use of the subject property is a single family resilience based on the following: I. The use is legally permissible through its zoning 2. The use is physically possible 3. The use is financially feasible 4. The use is maximally productive Highest and Best Use: (Vauantl: The appraiser has not been provlded with a soil or geological survey of the site. It is adequate for residential use (based on the appraiser's inspection). Site size, location, and off site infra -structure are also adequate. Based on a review of zoning regulation of Ric, single family usage appears to be the major permitted use. This residential use is also considered to be economically feasible given current market conditions and will return the maximum productivity to the site in the current market. Therefore, single family residential use is considered to be the "highest and best use" of this site. Highest and Best Use: (Improvedl- The subject improvements were designed with single family residential usage as the prlmary intended , n-rIs WJA;AW *nmaa Nine Rpgg )Y49tklne 4& SPW 0&120M Srata C40k9 n I 40454919 Wt MN Or Stria kkmw 0 SMO — UK a* siw — so Cer Cwm Or State !loose I Fam TADD2 - TOTAL' appraaat sd*-m by a la mDk. ex - I.ODO-WMWE Stzk Stela Supplemental Addendum FJn rfl 5132175-1 BMWLF__ .Erin_CunNngham PrWp AdftS 1420 5th Sl NW _ C4 Elk PJvW CaretY SperturrIC 5ta1! N1N zip {Ads 55330 Lardrl NKO The Swk of Elk Rwar use. This use is currently legally permitted and under current market conditions represents a financially feasible use which will return the maximum productivity to the improved property. Therefore, and in consideration of the above analysis, the "highest and best use" of the subject "as improved" is the current residential use. 4. Conditions of the Appraisal: No warranty or guarantee of the appraised property is given or implied. No liability is assumed for the structural or mechanical elements of the property. This appraisal is based on the subject property being located within the defined boundaries and being free and clear of all encumbrances. f: ncumbrances could include, but are not limited to: leases, delinquent taxes, mortgages, outstanding special assessments, and other liens. The appraiser is not a home inspector and the appraiser is not acting as a home inspector when preparing the report. The borrower has the right to have the horne inspected by a professional home inspector. When performing the inspection of the property, the appraiser visually observed areas that were readily accessible- The appraiser is not required to disturb or move anything that obstructs access or visibility. When completing the appraisal, a visual inspection was done. The inspection is not technically exhaustive. The inspection does not Offer warranties or guarantees of any kind. No warranty of the appraised property is given or implied. All safes are verified as being closed transactions. All dates are closing dates unless otherwise stated. No personal property or chattel was included in this report. 5. Comments on the Neighborhood/Market Area. The subject property is located in a residential area in Elk River, Minnesota. It is bounded to the north by 221st Ave NW, to the south by the t44ississippi River & 181st Ave NW, to the east by the Elk River & Anoka/Nowthen boundary, and to the west by Zebulon St NW. This area is comprised primarily by residential properties including single family horn es, town & twin homes, and condo/m ulti-fa mily residences. Commercial property includes office & retal, golf courses, places of worship, schools, city/governmental, and restaurant & entertainment. Other land is comprlsed of some non -improved areas as well as park & recreational space/bodies of water. The neighborhood's land uses are typical of the area and do not adversely impact the subject property or its marketability. A high level of employment stability exists the greater Minneapolis area. Elk River is a suburban city. Construction quality and condition ratings of homes in the area range between Q3 -Q4 and C2-cs, respectively. The local neighborhood is of good appeal to market, Marketing times for the area are impacted by price in relation to supply. Most homes sell within three months. Most homes have garages and basements. Some vacant lots do exist in the area. Transition from vacant to residential is taking place. The subject's appraised value is lower than the neighborhood's predominant value, however, is not under built or under improved for the area. 6. Exposure Time The marketing time for the subject neighborhood was based on the comparable sale information in the described neighborhood and price range of the subject. The estimated exposure time based on valuation is less than three months. *nLEa Name Rpgg;M1?8tkkte OA SPP =12t2M WiO C40k9 n I 40454919 Wt MN Or 3* kkmw 0 Sate swan UK o* siw — So Cerdtkattm r Or Sta6e r ease • Form TADD2 - TOTAL'appraaatsd*-m by a la mDk. tx - 1-BOo-A.tAMWE Stag Stela Supplemental Addendum r& fay; 5132175.- BMWlg__ .Erin -Cunningham ftMr� AdftS 1420 5th St NW. - C4 Elk RNer rAWCY Spertum0 5tdk h1N Ib {Ade 55330 LiTdOTTIae The Sank of Eck River 7. Comments an the Site: The site description is based on a visual observation and referencing zoning Information, plat map, flood map and other Information gathered from the city. The site is improved with a single Family home zoned for residentlal use. A detailed comparison of every property characteristic relating to local zoning and building ordinances was not made. Similar single family properties are located throughout the neighborhood making it appear that the subject property's current use is its "Highest and Best Use." The site is serviced by public electricity, gas, water, and sewage system. All utilities were an and working at time of inspection. All systems within the property are assumed to be in working order and comply with all local codes. CO/ smoke detectors are required by code and noted to be present at time of inspection. Water heater straps are not required by code. No adverse site conditions or external factors were observed. Standard utility and right-of-way easements are insignificant to value. This community participates in the FEMA Flood program. The shape of the subject's lot +s rectangular with a total of 11,326 square feet, and is similar to other lots in the area. 8. Comments on the Subject Property/1 mprovements: The subject is a thirty-four year old split entry styled home. It is my opinion the effective age of the property should be fifteen years. The home features 867 sf above ground and a 845 5f basement. The main floor features a living room, dining roam, kitchen, two bedrooms, and bathroom. The basement area features a family room, two bedrooms, bathroom, and laundry/mechanical room. Other amenities noted include a two stall attached garage w/ asphalt driveway and wood deck. Photos of the property with respect to materials being used and condition have been entered into the report. The subject was given a construction quality rating of Q4 The subject was given a condition rating of CS 9. Comments on the Sales Comparison Approach: Market research was obtained from the Minneapolis Northstar NILS. Limited comparable sales were available for consideration attributed to the subject's location and design/size. It was necessary to expand location/distance guidelines within the defined market area, expand date of sale search criteria to twelve months, and exceed typical adjustment guidelines for some comparables and/or line items. Five properties were deemed the best market alternatives to the subject property and were included for review. Adjustments are based upon market extraction analysis (far condition, lot sire, design style, square footage, location, date of sale, and financing) and contributory value (far certain amenities). The amenity adjustments are dollar amounts based on market observations to include sales analysis, actual input by buyers, seller(s), realtors, and other market participants. All adjustments are rounded. In regards to search parameters for comparable sales, whenever possible, weight was given to the most recent sales within the stated neighborhood, being of similar age & effective age, featuring a gross living area within +/- ten percent of the subject's above ground square footage. Every effort was placed to retain this criteria, however, when comparable properties are limited, search parameters must be expanded. Comparables included in this report represent the best market alternatives available for the subject property. , 72,1. L 5prutua hive Rogg WaNt1; Oak Stied =12t2M Wi, C40k9 n I 40454919 Wt MN Or Strte tkmw 0 Sate — Form TAAD2 - TOTAL' appraaat sd*-m by a la mDk. ux - 1-BOO-WMWE Stale SL& Supplemental Addendum FdaNO 5132175- 1 BMWLF__ .Erin_CunNngham — Pr4perty AdftS 1420 5th St NW _ — C4 Elk RNer Gaknty SNertnune Stat h1N zip 000 s533o tarderANNO The $mk of Eik River The following is a detailed rational for significant adjustments: • Sales/Financing concessions adjustments relate to any concessions made by the seller. It is common/typical for the seller to pay up to 3% of the purchase price towards the Buyer's closing costs, points, prepaids, etc. Comparables were reviewed for discrepancies. Concessions were adjusted if noted to have impacted sate price. • Site adjustments are based on land sates comparison. • Age is not adjusted far as weight was given to eandition. • Above ground bedrooms were not adjusted for due to the lack of measurable difference extracted from the market for differences in room count. • GLA are market extracted and adjusted as a percentage of the more predominant overall price/square floor of GLA. The adjustment is applied anly if the comparable differs in Gi.A from the subject property by +/- 50 square feet. + Basement site and finished basement area are separately listed on the grid, Finished area is adjusted as a percentage of the comparable sale's price. Adjustments are market extracted and applied only if the comparable differs in s4e from the subject property by +/-100 square feet. • Garages are adjusted at $10,000 per stall based on market extraction, • Porch/Patio/Deck adjustments were derived by market extraction methods and were based on size and quality, Additional Amenities to include sprinklers, sheds, fences, detached garages/shops, and all other external amenittes are adjusted based on size and quality. Listings are being provided to show support of the current market conditions. No weight in determining value was given to these listings. 1004mc data and list price ratio data extracted from sold comparables were reviewed. It is the appraiser's opinion no list price ratio adjustment is necessary for active comparables. 10. Sales Comparison Reconciliation: RrlirkneapoI is Nort hstar MLS was reviewed far similar comparalble pro pe rt les. Flve sold comparables were deemed the best market alternatives to the subject property, and were included for comparison, Camp arable one is the best market alternative available given the highest consideration for its location, split entry design style, construction quality, age, condition, room configuration, very similar GLA, basement design/finish, and garage sire. Comparable two is an excellent madket alternative given consideration for its recent date of sale, location & lot size, split entry design style, construction quality, condition/effective age, GLA, basement design/finish, and garage size, however, required adjustment for its slightly larger sire & basement finish. Comparable three is a good market alternative given consideration for its recent date of sale, location & lot size, split entry design style, construction quality, age, condition}effective age, roam configuration, GLA, basement design/finish, and garage size, however, required adjustment due to its larger size and basement finish. Comparable four is included for its recent date of sale, location & lot size, split entry design style, construction quality, age, room configuration, GLA, basement design/finish, and garage size, but given less consideration due to its slightly larger size/basement finish and inferior condition. Comparable five is included for its recent date of sale, location, split entry design style, construction /F-". U 5prlttua etime Rpgg N+9tWn8 Oak SVW =1299 Stale CGNtUW I 40454919 SM MN Or stile kkmw 0 State Name O&e Siw Sark lerdtitattm r Or Staletiee+se • Fam rADD2 - TOTAL' appracsat so *-m by a la mDk. ex - 1.ODO-WMWE SW SL& Supplemental Addendum Ii:! N;: 5132175- t BMWlg__ .Erin -Cunningham PrWp AdftS 1420 51h St NW _ .- C4 Elk RNer CakelY Sftftrr>o Stat• MN Ib {Ads 55330 I-Nde ANK4 The Smk of Eik Rtvar quality, age, room configuration, GLA, basement design, and garage size, but ultimately given the least consideration due to its larger lot, inferior condition, and larger size. Listing one is superior in overall build quality with adjustment necessary. Listing two is superior in overall condition with adjustment necessary. These sales are a goad overall representation of homes that are most similar to the subject from the area. Comparables represent the best market alternatives available for the subject property. Comparable sales adjusted values range between $226,500 and $231,5pp. Most weight was given to comparable sale #1 as it is deemed the best market alternative to the subject property, however, all comparable sales used are given consideration in determining value in the Sales Comparison Approach, It is my opinion the value based on this information is $227,506. All comparables were visually inspected by the appraiser during a drive-hy inspection and photographed. Photographs of comparables used are included in this report. A prior original photo was used for comparable one due to people present at time of concurrent drive-by inspection 11. Comments on the Cost Approach. The Cost Approach is performed in this report for the intended use of providing additional support in determining market value in underwritingthe Ioan for mortgage financ}ng purposes. At the request of the client. development of the cost approach has been completed by the appraiser as an analysis to support their opinion of the property's market value. Use of this data, in whole or in part, for any other purposes, such as determining an insurance value, is not anticipated by the appraiser, nor is it an intended use. Site contributory value is determined through lot sales comparison. The replacement cost new was estimated using Marshall & Swift Cost Handbook and local builders. Most weight was given to data ol}tained from local builders as increasing costs of construction in Minnesota render cost handbook values less reliable. 12- Comments In the Income Approach: The I ncome Approach to value was not deemed necessary to achieve credible results, and therefore, not completed - 13. Comments on Final Reconciliation: As noted, the income Approach was not appropriate in this appraisal. The Cost Approach is most useful when an improvement is new or has minimal accrued depreciation inherent to the improvements. As age/depreciation increase, the reliability of this approach to value decreases. The most weight was given to the Sales Comparison Approach as it is predicated on direct market evidence. The data available in the appraisap was entirety appropriate to the assignment and resulted in a reliable market value range from which to reconcile to the final market value conclusion. It then produces the most reliable indication of mark tvaiue. 14. Lender/Client Statements; 5prutua Nim! Ro rP.)NpJWffl Oak Sued o1wimm Stale CG0k9W I 40454919 Wt MN Or Stria kkmw 0 Sols swan UK a* siw — So Cerdiitailm r Or Stabe, Ue. ase • Farm TADD2 - TpTAL' app 3" sA*-m by a la mDk. ux - 1-BDO-W WE SW Stale Supplemental Addendum Fk NO 5132175 - 1 BMW_lg___ .Erin Cunningham PrWp AMMO 1420 51h Sl NW C4 Elk RNer r -4 5"Ft urrv, Wk h1N bp CDde 55334 lefdUffliam The Sank of Eik River The subject property is located 14.83 miles from my office. This assignment requires geographic competency as part of the scope of work. I have spent sufficient time in the subjects market and understand the nuances of the local market and the supply and demand factors relating to the specific property type and the location involved. Such understanding will not be imparted solely from a consideration of specific data such as demographics, costs, sales and rentals. The necessary understanding of local market conditions provides the bridge between a sale and a comparable sale or a rental and a comparable rental. EMD OF COMMENTS *nLEa Him! Ro85.)NpJ M Oak SPW 01WI mm S1al0CGMkMW I 40454919 Skin MN Or 3* kkmw 0 Stale Farm 7ADD2 - TOTAL'appraaatsd*-m by a la mDk. kx - 1.ODO AtAMME Subject Photo Page BM"_ E- 1;uri ngham PrWe Jdhess 1420 Slh St NW C4 Eli ?Jvw C— y SNeft" 5ta1l MN I p Cade 55336 LaiderAlwo The Rank of Etk River Faroe p1C4Xfi.SR- MTC appraisal sdVam ty a io mode. na - 1-8 OAAMOGE Subject Front 1420 51h St NVV Salbs pkO GAA 867 TOL FDOM 5 Tim BUM 2 Tal BaariM 1 ❑ Lanae N.RdWPrviL1. View N;Rpa; me 11326 sf CA k 04 AIX 34 Subject (tear Subject Street Subject Photos ByMM- .Erin curl ngham PrWp AftwS 1420 5th St NW C4 Elk Rivw C -LY 5h4Ftwrrw $Ldk MN D6 Ow" 55334 larfW204 The Owk 2f M R Liv{nq Room Dining Room 1010en Bathroom Bedroom Bedroom Fomr PICIHT6 - IOTAL'apprkd sel omm by b mode. he_ - t -5O -k AMO E Subject Photos Byrgwr- .Erin Cunningham PrWp AdftsS 1420 5th St NW C4 Elk RNer C—U Sherburne Mak MN 24) 000 55334 Lander IMI The Rank a! Etc River. Front Entry Stairs Family Room - Basement Lau ndryiMechvwical - Basement 17 �y launtlrylMechanical - Basement Bathroom - Basement Fomr PICIHT6 - IOTAL'apprkd ad omm bra b mode. he_ - t -5O -k AMO E Subject Photos ByMM- .Erin curl ngham PrOe AftwS 1420 5th St NW C4 Elk RNer C -LY 5h4Ftwrrw $L& MN D6 Ow" 55334 Larder 204 The Rank at M River. Bedroom - Basement $edrgem - Basement Bunning Water Working Lights Functioning Bas Range Combination Smoke Detector & Carbon Monoxide Alarm Fmn PICIHT6 - IOTAL' apprkd sel omm by a b mode. he_ - t-NO-ALh DE dp - "I -"&- :- F - -p 44*1 - 6 , Subject Photos 9vmm_ Erin curl ngham PrWp AftwS 1420 5th St NW C4 Elk RNer C"LY 5h4Ftwrrw $Ldk MN D6 C 55334 Lander IM4 The Rank at Etk River. Side Rear Rear Side Front Entry Soffit & Fascia Fomr PICIHT6 - IOTAL'apprkd sel omm bra b mode. he_ - t -WO -k AMO E Subject Photos Bymm- Erin curl ngham PrWp AftwS 1420 5th St NW C4 Elk RNer C"LY 5h4FtMnu $(aL• MN DD Ow" 55334 Lander IM4 The Rank at Etk River. Window & Screen Driveway & Apron Deck Yard Air Conditioner Fomr PICIHT6 - IOTAL'apprkd sel omm bra b mode. he_ - t -MO -k AMO E Comparable Photo Page Borrower Erin Cunningham Property Address 1420 5th St NW City Elk River County Sherburne State MN Zip Code 55330 Lender/Client The Bank of Elk River Comparable 1 11962 191 st Ave NW Prox. to Subject 0.79 miles NE Sale Price 240,000 Gross Living Area 864 Total Roams 5 Total Bedrooms 2 Total Bathrooms 1.0 Location N;Res; View N;Res; Site 22216 sf Quality Q4 Age 43 Comparable 2 18610 Queen Cir NW Prox. to Subject 1.90 miles W Sale Price 242,000 Gross Living Area 1,018 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 1.0 Location N;Place of Worship; View N;Res; Site 14375 sf Quality Q4 Age 21 Comparable 3 828 Watson Ave NW Prox. to Subject 0.40 miles NW Sale Price 248,500 Gross Living Area 1,065 Total Roams 5 Total Bedrooms 2 Total Bathrooms 1.0 Location N;Res; View N;Res; Site 8276 sf Quality Q4 Age 33 Farm LPICPIX.DS%—LTR -"TOTAL" appraisal software by a la made, inc. -1.800-ALAMODE Comparable Photo Page Address State MN Zip Code Comparable 4 829 Watson Ave NW Prox. to Subject 0.40 miles NW Sale Price 228,000 Gross Living Area 924 Total Roams 5 Total Bedrooms 2 Total Bathrooms 1.0 Location N;Place of Worship; View N;Res; Site 12197 sf Quality Q4 Age 34 Comparable 5 13100 183rd Ave NW Prox. to Subject 0.96 miles SW Sale Price 230,000 Gross Living Area 1,028 Total Roams 5 Total Bedrooms 2 Total Bathrooms 1.0 Location N;Res; View N;Res; Site 20038 sf Quality Q4 Age 38 Comparable 6 Prox. to Subject Sale Price Gross Living Area Total Roams Total Bedrooms Total Bathrooms Location View Site Quality Age Form LPICPIX.DS%—LTR - "TOTAL" appraisal software by a la made, inc. -1.800-ALAMODE Listing Photo Page Address State MN Zip Code Listing 2 17954 Macon St NW Proximity to Subject 1.65 miles SW List Price Listing 1 13321 180 112 Cir NW Proximity to Subject 1.30 miles SW List Price 270,000 Days on Market 16 Gross Living Area 972 Total Rooms 5 Total Bedrooms 2 Total Bathrooms 1.0 AgelYear Built 24 Listing 2 17954 Macon St NW Proximity to Subject 1.65 miles SW List Price 284,900 Days on Market 11 Gross Living Area 938 Total Rooms 5 Total Bedrooms 2 Total Bathrooms 1.0 Age/Year Built 40 Listing 3 Proximity to Subject List Price Days on Market Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Age/Year Built Farm DLSTRNT.DS#_LTR -'TOTAL" appraisal software by a la mode, inc. -1.800-ALAMODE Appraisal Repan PAW 5132175.1 UNIFORM APPRAISAL DATASET JUAD) DEFINITIONS ADDENDUM {� 1rG6' �ahnl9 We LAD Adpen(V d- tJAb rrel pftiliti $lanforditahcn gFquimrmn sY Condition Ratings and Be in"s C1 The Improeemenrs have been recanity comhucled and have not beenpmNiously occupied. Theenike structure and all components are new and the ilwelirnr rc,gxes N physical deprecaation Note: NevAy cdnuiwcled improvements Thal feature rEGycled or peviov* Used materials andldr cemponurits on becdnsidergd new dwellings provided that die awellingis placed on a 1 d8 percent new foundation andthe racycied niatedalsand the recycM cnmpafiews have been rehahilhaledfrarrtanndacturad into fte-new candrtlon. Imprnwemems that have not teen previously accupled are nol considered new, it mey have any signitiicanl physical deprecialion ilhatis, newly consrucied dweAings rhat have been vacant for an exlenned penad d lima whhout adequate maintenance or upkaepj. t;F The inVrovermFns feature no deferred nialnienance. (live x no Awsical depreclmion. and require no repairs. Vcuky aH Iwllatngtamponenla are new or have been recently repalmd. refktlahed, or rehatlhared. An oxclared cdmpdnents and linishea have been updaled anrf dr replaces wtm Cornponenls trial meal c urmnt Stat mard6, Owel fts In 1hi5 t8'.Egdry are eoner aimpst r -M Or hAVe then Wendy CCrIV18%ly rerOvalert and are 5unlar in tand:lon to new construction. Note' The 4VF0%ernen15 reprerMI a F014WY newyrOmrty that is wetl maintained with n0 deferred mainterknKe and ii* or no phywN depreciation, cc an alder properly fta has been receudty completetir renovated- C:s The ittprovemenrs are welt mAntained and leature (mired phymcal deprectatWrr due to nonnal wear and tear. Some components, but nm every mater budding crxnponem. may be updated or raerntly rehabii assent, the structure Nu been we mainUomd Note: The improvement is in its fli9t•cyck1 vi r"c" shoe -lived bttildinpcvmpanch;s (appliances. fiovr coverings. HVAC, tic.) and is hehg well martlarwri- Itseswatad etfecllive age Is !essthan as actual age- It afsa may reflect a pmp" In Much the malOrily of shop -lived bulding components have peen replaced but net to the level of a cdmpleTe "Ovation. The knprowenretna %ittrre soma mkww Mffmmaniename and physical deieriorallan due la nantwi wear and tear The dwelling has bean adequately maintained and req xes Only minimal repairs Iobtliding Camporrml&'methaNcal systems and tvsmerk tepairs All major buddinq components have been adegaratery maintained and arefuncilooally adequate Note: The agtlmaled etfecOve age maybe close to or equal in a5 actin age. IT reflr0ls a property in which Some nl the Stnonahveo binldlrrg tompdnenl$ have been replaced, and game Shan -lived bVMrkg oarnpaneNS are at or near the end o! beats phyScal We 9xpaMnOy; hawever. they Sill iunOtlon ndequal0ly. Most minor repairs have been addressed on an ongoing basis resO Ing In an adequately maintained property. C5 The improvements feature obvious deterred maintemance and are n need of some sigrtifican? repairs. Some building conpanents need repairs mhadlhaum. or updafing- The funratonal unity and ovE rmlllivahlllly Is somewhat diminished due to condtion, tui ole dwelling rernaJns useable and funcknai as A reSidence. Note' Some signit-icanirepalrs we needed ry theimpmwernems due cry ihelac* of adequaTe m-dr"nance 11 reelects a progeny in which many of irs sWM41hred tuirdinp tornponenls arty al the end nT or have exceeded !heir physical ire expertancybuf remain runctiomal Cil The hTlpreYernerd8 have subslarrlual damage cr deterred makrtcnance wllh dericlenclea OF dele0ta ihat are severe enmUgh to,sited the solely. 5MMdmeSS, Or GMUral inteOMY 01 fho imprOvemeats. The inuprovorrwis are In nee¢ Ol stA*tantlal repairs ant rehatWlladgn. Inchulnrg many or most malar cdrripdrneMS. Mate: Substantial repairs are needed 'o the impravemenis out, to the lack of adequate mainienarce or property damage. 1! reflects a property whh condrlians severe enough to affectihe safe -,y. sduridrcess. or stnx-Ttrat Oteprhy of the Hal mernenis. 4uality Ratings and Dofinirons DwelkW with this quality rating are usually unique stnichwes that are iidvldualy desoied by ars archilem ire a sped(ked user. Such resldences typlcaly are ccrstructed from detailed orchAecturai plarrs and specill-Wz vrrs and feature an excepddnaly high levd of wvrgrtanship ane ocoplii)ON high-graite materials lhrpugnmt the ntedaranb elrterictr Of the VWLn. The desian leattr<es ocep&mlly higtl-mrdlity $k"FiCrrefigenienlS and arttdmentalion and excepMrialhr h1gh-gU0ey bnlgftr rellnerneNs, The warknwslalp, FnAarift and T"Sh" "iiLKIIrml the dwelbntt are of auteptinrW[y no ei"ity. 02 l3weNlro vAth Ihh quality rating ane arlen custom desupned tcrconstnicllan an m Individual property owner's she. However, dwelings In this quality grade are also loW in No -quaky tract developnrartts fealuring residence consrrucled from IndWldual plans or from higmy modYTled orupgradcdplans. The design leahres detailed, highquAlfly exterior amamentatlon. Ngh•quafny innerldr refnerricii9, and detail. The workmanshlp. maleness, ant# urrishes innoughout the *&aw U are wenerauy at hign or very No quawy JA0 Verslon 912411 (updated 112414) Farm UAUINI'M IA • '70TAt_' apprasal software by a la anode. enc. • t-MALAMME UNIFORM APPRAISAL DATASET ILIAD] DEFINITIONS ADDENDUM (Soured, Fannle Mae UAD Append M iJAD Rnld-Specific 5mridaMkatlan Requiremans) Quality Ratings and Gnlinilions (conlinued) 03 Dweings wilt this qunlhy razing are residences of higher quakty buTiframindiwidual or reai:14 avaiUbfe designer pians in above -standard residenhaI tract deval pmems oron an individual prop ady owner's site. The desiWn imludes significant exterior mnamenlation and interiors than are wed finished. The workmanship exceeds acceptable standards and many matenals and finishes ihraughdutthe dwelling have been upgraded Iram"stock' standards. 04 DweliN5 wnh Ihts quality rating meet ormeed the foqulremdnis or applicable bullding codes. Srandard Ofrrrddtrred standard bol ling plans ore kiti�w and the desio) includes adeiwte fenestfafion and Some exterior omamewarion a" inleript refimnrenis M�1FhafS. wdrkntxtiSntp Ilnlsh. an0 equipment are 9>` slack or btrkderordde andrnay feature Some upgrades. 05 Dwephrps with his qualty ralktg feature economy, of construction aria basic luncticnaldyas main conslderatlow. Such dwellings feature a plain design uslngfeadlly available or basic floor plans featuring minimal fenesiradan arw basic finn9hes with minimal emeddr ornamentation rind liriAW interlur detail These dweQritg rneet Mk*tWM buttons codes arid an: rVA31rutled wit kne>Pe14slve. aleckmhterhtis w Th limned w,inemems and upgrades. 05 Dwellings with this quality miff are of basic quality and lower eget: same may not he suitable for year-rawrd occupancy. Such dwallings are often bush with slmpo: plans or wrthdtll plans, allen[niYring the tmNesl quality binding maredalg_ Such dwelofys are often bulk or expanded by persons who aro prafesslomlly unskiled nr passess only n*Ornai tonslruaim sM Vedrical, plunt6Jrrp, and order mechanleal systems and equipment my be minimal ornon•ekdsteml Older dwellings may feature ome or mere substandard mr non-cmfoirning addhians 10 the 06Qkt20 Sir KNM Oolir0ons of Nol Updaled, Updated. and Remodeled Nal Updated thine or nuupdaling armodemlzadon. This desciigdan Includes, but is not limited to. new homes. qesicimlial properties all Arun years of age or less often reflect an oil* al conw!t Dn wllh no tlprfal lro. d no malar cornpments have been repimea or updated Those over fifteen years of age are also conslbefed nd1 upoated It the appliances, fixtures_ arra Inishes are predominantly dmocl. An area that is 'Nal Updaled' irfay sid be wA nlaiYflained 1n6 fully Tirritlitlnal, and kl�a tai trig Odes mai ner:eS6 xllyimpty delertrd mainienance6r phys�k aVhxutinnaf 4eieFlgFarJon Upd ated The area of the home has been modified to meet current market expectations. These moMcationg are iimiWd In WrmS of bath SCnpe and cost. An updaretl area of the home Shoidd have an improved look and feel, orfun urinal utYity_ Changes That constittAe updales tndtrde retrrrbIShmeM artrtror replattng ccfnpOnenrs ra meet exiSting ma*el ekpeclatidn3. UpVCS do nbl kxlude 9igpffiiWnt011efati4n9 to ureedsting shutture. Remndeled Significant Wish and;or stnrctufal chnr des have been made Ilial increase utility and appeal through complete reptacemem artdlor emansion A rernOdeled area i'dIrcis rundamenial cbarrges that Include multiple altoratlens, These all aflgng may int hide Sonne Of all or the 10116wAg: mplaxemenl0r a nmj(x cOfnpbmenl ItaWnel{S}, 4adilflb. of battVodnt 10), feloLalibn of plumtirWgras figtrraVappiances. slgrrlflcartt slnfctural Aeitalrons (relocai ng walls. WOF the addl1w al) square loolage). Thos world include a complete guning and rebuild. Explanotion of Bathroom Count Three -Waver paths are coursed as o ful bxh In all om. 0uarterh.TM {births that realest onty a mllerl are not included in the balhroerri cant. The number of full and half baths is reported by separaing to two vahtes using a perlad. vrhwe the full bath count is repremored to the left of the period and the half bath count is represented to the right at the period, Wmplw 3.2 irkfrtales three Ito baths and 7.v0 harr baths. uA0 Version 912411 (Updated 1!2414) Farm UADMI' EIA •' 0TAt_' apprasal saltware by a It rmde.Inr:. • 1-MALAMME UNIFORM APPRAISAL DATASET {UAD) DEFINITIONS ADDENDUM (Savrce: Fannie Mae UAD Appendix D_ UAD Fidd-SpeEft SW)dardi2atlon Rsgtdrementsj Abbreviations Used in Data Standafdiiabon Text Abhr"Van Full Name Flelds Whiwe This Abbreviation Ma pear A Adverse Wcabon S ftw W Acres Area, Site Ad Prk Ad' cent 17 Park Lntalion ACIPwr Adjacent ED POwer Lines LOCati011 Armlth AFrns L.CNth Sale Sale or 1`71nancing Concessions AT Attached Slructurs DuSi n Styw j 8 Beneiseiai LaLation & View ba Balhrmrn(s) Basa neat S FnlisW Raarnn; Below Grattu hr Bedroom Basement & Frtishad Raorns Below Grade 11SYRd Bug Road Localion C Conbxled Rare Dair, of SaleTlme Cash Cash Sale or Frnancing Concesswns Comm ICommor{lvinfluence Local," Cony Conventlonal Sale or Financing Concessions cp Carpan GaragaCaiporl GrIDW Cpurt Ordered $alg Sale or finaning CorvCeesions CE sky NY WW skyflnu VI¢W Viuw Ctyse City SI MIVWw View Cy Comrad GaragEVCarparl ROM Days & Marioet Data Sovress I77 Jxtacfiad 81Fuclure Bc-ion {S bmj dW DtwowaX GarapiCarpon C Expita9an Dale Date of Sale.Tlme E wo EStdie smp Salo ur Finantirry (;Orlc 5inni NA Federal Ilausing Auto'Autor4y Salo or FPrancin COncCSsi4ns g (iaragg Gtr aoutalm rl ga Anuchea G Drage GaragerC arpo n Buift•in GarageGar e1Ca rl go Detacru)e Clan ige Gar agaiCarpo H GafCsn Gall Couna Location Glrvw Goll CGVW View View 6f4 Garden Design i Style j HR High Rip Oas+ n t8 el in Imedor Drily Stairs Basement & Finished Roams Below Grads Ind ledustrlal LaCxpan & Yraw UStIng Li0flg Sale or Financinp CpnutSgigng Lnd11 LandM LpColpn I_td54hl Lrmlled 5laht View MR Mrd -nae Desl n Mtn MounEaln Vlew View N Nouint LocOun & View NopArm Nun•kM5 Leflp Sale Sale or FrnanG GunfWlons U DthGr Ba9elnprit &Finished Rooms BClow Grade U Dtlxer Deslon S ) 0 Dpen Garag&Carpart Prk Park Vlaw View PSM Pa$lpratl%IQw chow PwrLn PvwurLlnes View PubTm PuNle Trarl5pdrlitlnn LOCiaton Rale Retocatlon Safe Sale or Financing Concessions ITEC NEU Sale Sale, or Fk w(,.I 1p ConeessioFIS ACS Res+dentw LoCatlon d ylgw RH USDA - RufW Housing Sale or Fi wCing Concessions R Timmatlonal (Roe) Room 11:135emont S FiWllhed Rooms Eiclow Grade RT Rowor7uwnhouse design JSo� s Sealamant owe Date of Sals'Tlme SD semi•detached strw luno Ceslpn {Style] SlIon short Sale Sale or Fwanci ConGesslans si Sq yam FEpl Area- Sk 11305Cmurd m 5quaim lalolets Afea.5it Unk UrLknu +n Me of 5allerrlFne VA VoUfans Admini,baUon Sale or Financing Cante89bn3 W w0iftwn date pate of Sale 'Fltre wo Walk 01J1 Ban nWT Basement & Finished Roams Below Glade woods woods view View Mr wdtur Viuw Viuw Wtrfr Wster Franlage Lnmolon wu Walk Up Bamnwnl Baserrierit d Finishttd Roams Below EBrade UAD Versian Sin 11 tUpdated 1.12014 t Ferre UADDEFiNE1A -'TOTAL' appmsal selturare trF a la made Inc - I.800-ALAMODE Sherburne County Property Map Beacon Sherburne County, MN 1 a} OverAm © Na Cliss+rild p Gii�arpl arwHaamau ,�• _ � NaSur7lE+wrroarr�s '� '� ` Rrtrtalioavl y pe,rdppme+R ❑ piiq� ti SuaamF s I 71�i Parona 7S-4104-40 AhernatelDrva OwnerAd*ess IA205THSTNW S#4/TrOMAR 3331.26 Class 2?1•4psldrMml I LwO ELK RIVI: WN 35330 PrAmriyAd&ws I42W7,HSTW Avrage 026 ELX RIVER Maid EL K RM1IER CRY bWTmXDOr dPkion rtla [I+loa. r'k)t roial uMd yr k#a1 AO[ VR4�51 - --- f,aryarwye Ir aan nrw m aawr amr arawmm d.. eowpbw do wa rr � rrYar rr wnf�IMMIrr dArrrirCa�nr. rrrYw urryM m rnraaawlon�, drarrrlMwf*TKtOnrl-IF drasmdr�.cneereAdA14r�r.ae�meC drd uw>rr��1bM�1!f�rd.��l�wednahn� rn�+rra!adanna.�l e dlraawdr wd'm A mpor, *•! 1w 7WuM oFR6 lbmbmrr4 &w 4 Pmwa aMkdWg FOibropm mm Imf—wchm mirYir Ow6o w" cowdow"Wt MahowlrROPwditmlP 9"i�wCewvr iAmohm a6wr R CG�dpme+r w kWWwdvnrwo4 ar fix Arrow pew+ pigadAfarr►da•nvdl.n�:vrecen�n V.CWV.J 9 Ck.A. r.sra Of— i rr4rea: eff LF2®0 Lia para Uph,%*4 WlGr mFri 2725 PM 6erdeped *4-1 n r n'r a i Folin SD&GL-'TOTAL'appraaats k3m by a �s mode, m - I-800-kAMODEE �I Plat Wap Fm SD&GL-'TOTAL'VMW wkam by a �s mode, rc-1-800•ALAMOOE ANS ri.r up - i lir%. V4 lar - - -%I- , IL IA.452 q .44 MEN e!A Foal fi . . . . . . . . . . . . . . . . Building Sketch Erin Cunningham AditU 1420 51h Sl NW Elk RNer Iwo The Flank of Eelk F 5CA? MN D6 owe 55334 Form SKI.6LDSK1-'OTAL' ap mm1 saRwareby ala made. Inc.- 1-800-ALAJMDDE Deck Moln Level Dining [867 Sq ft] 2S' 5' Uving 22' - CrPSCt 10rhon SLairCas2 a w Famlly 41111 Illltl� Bath 5 _t '# 8edroarn Zk7' S@drnom v� Staircase Z Car Attached rn Bath [4Gl}Sq Ri g Searoam m Bedroom Flascmcnl EBaS Sq ft] zT Ar*A CAkurition• Summa "wi,q AMA Cslcvl.[ian �.raYF 5xr5 = TDMI LMna Area iRau dedl: 867 Sq ft NM-OWng Area Pax 137 Sq R 10 r iO - ]aa dxi n ] Cm AR[ i. 1 46Q 9q R 221-20 . MO sxi = m -7 r- 5455q It 35x22—?M 15A5 • 75 Form SKI.6LDSK1-'OTAL' ap mm1 saRwareby ala made. Inc.- 1-800-ALAJMDDE Location Map BMWlg___ .ErinCunNnghiiM ftWAdftU 1420 5th St NW C4 Elk Rtvw uwtf sftrblu" RAN MN zip 000 ssno LarderrayThe Bok of 15rk River a ta mode, inc- IA. -,lu LAUJI '0'"6 hLy CUMPARAME Mo, 2 L on 10 ou tLn or NW 1V 1.:4 mtlCs 1 :j 13321 lea 1)2 Clr NW 1-3n fniJR,. -jA- wow I isl INC; N P. 7 'l -v I k 'iL r. N'Wor i - , V-0vowao-W4 out Lim khw (�41 (IL'b COMPARAM 1F Un. I .4 . 4 11962 191%t Avoi 1%W 1 179 miles NE "Pa, -,, %r; LOMPAVANU 140, A 1129 w Ms Ave Nw as Knollpwk 0.4p Miks Nw 5UBACT iaao stn sr yw L (-IIMPARAIBtE 1`40.3 ------ 828 MILWn Ave -NW 4f." 0,40 milts NW ;Ar . S. Elk River "MPAI 28 W.. 0 0 4: COMPARADIR I Moo Inrd Me.: none 0,96 n -41M Sw I WK nil Ma bM Form WP.U)C - TOTAL` apValsq uftam by a ia mob. m. - I.00-ALAIPIDDE Location Map Bt Wlg__ .Erin -Cunningham PrWp AditU 1420 5th St NW C4 Elk Rtvw wwty sftrbu" RAN MN D6000 55334 Lar -9r ray The Bmk of Etk Rmw t B his i]lOL'R5. ";' n�rrnw•- � y • � . � f r :5 4, r SueIECT 7420 M 5t NW I Form WP.U)C - TOTAL` apVal q uftam by a la modB. m. • 1.301)•ALAMOQE Liceralse STATE OF MINNESOTA FLOSS EDWARD YYA3l41NS COto5N RAPlTH os. MN SU33 Department of Commerce The Under¢Igned COMMISSIONER OF COMMERCE for the State of MlnWPWte ham -by certifies that Ross Edward Walklns 2516118TH LN NW COON RAPIDS. NIN 55433 haswmplled w11h the laws of the Sta4ecf Minnesota anti i!i her8bylioensad to transaLl the business of Rnsident #Ppraleer, , Cortifiad Residential License Number: 40454919 unless his auftoly 16 5u%mnded, rtvmUked. or dhorwi%v legally le-Mnatod. f ills 1 !:en W shall be in a"UL1 In51 Augu st 31, 2021. IN TESTIMONY WHEREOF, I have hereUnlO set my hand tht6Juiy 14, 2019. COMMIS-540NER OF COMMERCE AUnnmete Rupar7nent d COrnn,6 rm Lrcohaing O,+�slan Els 71h Pince Iasl, Sudo 500 St Paul_ MN 55101-3t85 Tolophano {65tt539141iY Ema.l_ licarnsing-oommur>7riftileft m ur, Vlr&tWin 06mmrygAft*W 44W Frdd� IJaerlerna Cwrttrnrtrq Educaeran; 15 norF; i s ra¢lred In IM fist rirrlMrY pufod. whiclr includes a 7 how USphP coxae. �s a r.4.,66 rw each I Lt%e"rA r--&* l perm wtwch ndudee a 7 how USW 4'"m r..r.: You muni bald ■ 1ral40derf4l. CaViod ResdaftW, w Cerldbd CWWW N oder to rm aAWrrealai� r+d•rayrtrlrtaAIrWas Ucra. Trrp ma do not "Ify For twtrrer plena %W ao w000ue ;A VWF-WQV VON — Us Form SD&GL -'T0TAL'zMW wkare by a �a mode, Inc. • 1-S30.iYA1 BE E & Q Insurance DECLARATIONS GREAT tHERIC►41Y. REAL ESTATE APPRAISERS INSURANCE GROUP ERRORS& OMISSIONS INSURANCE POLICE' 3/I E iauHi WPO. I'lodmutl011 4s2101 THIS IS 130111A ['1,,11115 MADE AND RFPUR' D IE SLRANCE MACY. 141Is1111.1[ %PPLIk:ti 10 1 114)%F ( LAIMS TH A I 4kF k1ksI M%Mo.. WAIVA-1-HEIti+URLai A'%4)kEP0NIk.DI7%4AKfl1'%G f0THk.00%IPLNi [1f KING Ilit: P01.10'PERl11D. In.umm-c rs affovk 1 by dte company imlica xl ix' i u - I CApit71 ucwk ciwjmm-jIitxri IE (i=I Amt:r m Axs,uaact: C ompimr Nck' The Intiutumv [ utnpplty xekocd who%o Shell h tem fk Ivimud ro an the ( 4)mpalll Policy NumbW IIAP3dG 988-Iy kcneual„f RLhi'1ASYM-18 llnbp un AdannMramor Iterheri IL Ljmdy ImamnE Agency Inc. 1411 kl•reWdµe Itrixr, %ilt 301 Narwoad. Wk (OW Ii; ni i %armwd Insurrd kou FrIwird WAId tai %ddrm: 2516 11 Rll, Salm•. % Oh, Sr,lr.2tpIU&L,: L'aun Rids, 11` : +133 hcrn 1, Itoliq Period Flom 1W21.V19 T, 16"3312010 f.47N r, Oul. ).',IJ9 fMorM arr. 1V wy --- (Bulh dale 9 12111 dam. Smrrda d Tlftx al tic m loins of Ihr Named IFI urcd ms %kind iIi IUat 2.1 I imus of Litrhilil}: i 1 �DW,Oli4 WmaM Lmlil of UabW1) Cach Ualmt h % 1 A11U.UM ( Uim l:tpewraa 1. tWt oCL iuNltr� - Euh Claim I t __Mp.RK) Wnuges l mtl of Liv&ity - Pnhv�, Atzgup V. 5 2.0110.000 (-calm Eiprnacskrmilof I-Inhtlify - Pnitcy-AggrgzW hcrn5. TW wrilik, i l miusme of Claim Espenrin): A. S 11.06 Fxh Claim B. S 6AU Abgrrpate Item b. Prmlam S 70k M Ilan'. RedaoreiisrDarriifffmiscabkr: 10►331;01$ 11cm 9. Form•. NENrn mad Lmdorremewd ailachrd. 0421011103lM D4330011tiNIMS1 10324(0 Mf 042402 10d1k3} DU412 (031171 D42413 {06117} huffmLTd Reprc Cr,tati;e D42101 IMP Fm SD&GL-'TDTAL'appraisalsAwam by a la mode, ne. • F-WWLWt1DDE P41Wk„r1 E & Q Insurance DECLARATIONS GREAT tHERIC►41Y. REAL ESTATE APPRAISERS INSURANCE GROUP ERRO RS& OMISSIONS IMS URANCE POLICE' 3/I E isuHi WPO. I'lodmutl011 4s2101 THIS IS 130111A ['1,,11115 MADE AND RFPUR' D IE SLRANCE MACY. 141Is1111.1[ %PPLIF:ti 101M^F(LAIMSl•HAI 4kF F1ksI M%Mo.. WAINti'-M.Iti+URLai A'%4)kEP0MIM)I7%4ARfI1'%G f0THEC0%IPLNi 111 HINT. 1lit: P01.10'PER101). Insumm-crs affov d by dte company imlicawl bx'i,Iu- I CapiLit ucwk ciwr mm-jewrI IE (iMI American Axs,uaace C Ompmnr Nck' the Intiutumv i umllyhy xekctcd whoa Shell h tem hw ivimud ro an the ( 4mpalll Policy Numbw 1-40dG6988-211 kcncunl,-r FI hF'36M1t:ktll•I{7 lln,p un AdannMramor Iferherl FL LJmdy lmamw Agency Inc. loll kl•reWdltr Itrixr, %ilt 301 Narwoad. Wk U1163 Ii; ni i %armd Inrurrd kou FAwad ►4'gldm %ddrm: 251611 Sds I Altk NW Oh, Sr,lr•2tpCodc: Umooksp cks 11ti 55433 hcrn 1, Pnliq Period Flom 1OW3030 Tu I01221'20 -1I (liulh dale 9 12111 dam. Standard TImC aI the m ki cxs ofilk- Named Im.urad ms .%LiLd in ltLat =-1 tI; , a 1 imus of Litrhilil}: i 1 �600,0II1} WmaM Lmlil of Liahilil) Cach Claim H % 1 A110,0M ( Uim l:tpcarrss 1. tWt uCLiuNlt" - Euh Claim I t __Ip.RK) 1}ammt!cs Ixml of 1ANiity - Pnhv�, Augur V. 5 2.0110.0 04 (-Faim E ipraKs krmil of Llnhtliry - Poky AggrgzJr: hcrn5. TW wriM, i I miusme of Claim Espenin): A. S 11.04 Fxh Clsim B. 5 4A4 Awrg- Item 6, Prmidm S 744.94 Ilan'. kedaorr¢iisr Ilam iif gspliabk: I9i'23m15 11cm 9. Form•. NEelrt+ mad FadarwmM% stlsehrrl 0421011l011Si 1]4i!.UM NIN 10.111.51 IIt1.424(0101Z1 042402 1011131 04 413 1 004) [11241310&17] D42414 iW19) Rmlhanr;d Reprr.cnt1I1;e A42101 IMP Fm SCIIQ-'T0TAI'appraiW9Aware by a Ja mode, ne. • F -W ALh11DDE P41Wk„r1