3520 Lazy Ln Appraisal

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~:ile No.3520lazvlPace 2

..

APPRAISAL OF REAL PROPE~ITY

LOCATED AT:3520 Lazy Ln

Lot 9, Block 43, Calder Place

Beaumont. TX 77706

FOR:Beaumont ISO c/o Melody Chappell, At y50 Fannin, Suite 600

Beaumont, TX 77701 ;;,;

AS OF:09/30/2011

BY:Robert L. Gautreaux

Cook & Associates

2640 McFaddin

Beaumont, TX 77702



Cook& Associates lMm£~IJ. 3520LazvlPaGe 31

Uniform Residential Appraisal Report File# 520La:zy-summaryaDDraisaleoort s to provide he lender/client ith an accurate.. nd adeouatei.vuo[)orted..pinion of the market alue of the subjectDroperty

_3!;?:lJ)zv J,J:J State TX ZiDCode 77706-

Owner f PublicRecord Dr. Ka Fowler Coun Je1~on

MapReference 3140

Sp~~~s~ments $ 0

0 Purchaseransaction

ial

PurchaseB~~umont ISO c/o Melody ChaDDell, Attv Address

Beaumont MLS

0 did J did notanalyzehe contractor sale or the subject urchaseransaction. xplainhe resultsof heanalysis f heconlract or saleor why ile analysiswas not

Dateof Contract Is he DrODertvellerhe ownerofpublicjecQr!!l D~~nNo DataSource(s)0 Yes 0 N

N/A

PRIGE AGE .I One-Unit 65%

t;ommercial 20%00 High 9(1-

200 Pred. 50 Other

Accordina to Beaumont MLS in the Dast 12 months there have been 90 sales in the $50.000

Area1~~~§§f

If No,desl:ribe

If No.describe

If Yes. describe

0 Crawlpace---:

O~rtia! ~a~e~-

FoundationWalls ConcSlab/Av .Floors -CpUTile/AvQ.iExterio!

Y'!a~___es~KV/Wood/AvQ. Walls Dwali/Panel/AvQ.

0 SQ.ft.IRoofurface Wood/Ava.

Traditional

ill§1---

n Heated

6 Rooms 3 Bedrooms 2.0 Balhls) 1.875 Square eet f GrossLivinoAr~a- boy~

Ceilina Fans



~~J. 3520Lazvl aae 41

UniformResidential ReDort # 3521~la;~y

to $0,00090

FEATURE

3520 Lazy Ln

Beaumont, TX 77706

2160 21st St

Beaumont, TX 77706

14765 Baywood Ln

IBeaumont. TX 77706

2040 Hanover Cir

Beaumon~( 777069.89 mile!. W

133.00i$ sq.ft.l$

LS#148325"DOM 67

JCAD" Deed Records

DESCRIPTION +(-) $ Adjustment

M!,.S#144528: DOM 110

JCAD; DE~RecorDESCRIPTIO~IESCRIPTION DESCRIPTION

Mius!~

ArmLthIWA:78s,r-4 000

0

-7857:-'-'="

i_' °1~~~~;:~~~L"Res'

FeeSi

15936 sf

N'Res"

Traditional04

60

C4

Total

6

Osf

I Fee Siml;,le

+4000 13500 f -4--N'Res' --

~--- Traditiornil

+2,000

-7;500 -7,500

..an

Ie

10400 sf

IN:Res.I

Traditional r

Q4

60

Bdrms.Baths

3 2.01.758 sq.ft.

ArmLth

FHA'O

8/11

an

Ie+4

Traditional

04

60

C3

Total

6

1.645 sq.ft.2.925 +5.750

04

60

C4

TotalBdrminialhs

6 3~.02.1 23SQ.ft. -6.200

Osf Osf Osf

CH/CA

I Good

I CH/CA

I AveraQe i

+8.0001Gar2/Att. L

I AveraQe

-2..0001 CDt2/Str(~-

Good

Porch/Patio

NoneFence

Good (

CH/CA

Averaae

None

Porch/C. Patio

None

Fence

-2.0001 POLGh/C,Patio -2..QQQlEQrGhfP~t.io

Fir -1000 Fire lacef11 -1,000

DSt -2.000 Fence .I..

0 0+ ~-Net dj. 3.7%

19.1%

0 + JZ1-=-~~t9.8%IG;~~~-Adj.

12.8%

$ 1,425 $ -4,750 i -13,0571.2 %

1m~1. $ 150 $ 119.9ies

Beaumont MLS

Beaumont MLS

"---

SUBJECT COMPARABLEALE 1 COMPARABLEALE 2 COMPARABLEALE 3TEM

Beaumont MLS i IBeaumont MLS ;,;,..



~~). 3520lazvlPage 51

UniflormResidential Renort File# 3520La,~v

=$ 32.000

Local Supplier; M&S

,tservice Avq.

IDWELLlNG-- 1,875 Sq.Ft.@ $ 84.54 -:::J;::;' :$ 158,51

I 0 SQ:Fl@$ =$ ffective ateof costdata 06/2011

=$Qf~!1j~~1iQfStra 2.87

Phvsical Functional I Externaless

Depreciation 83.927 it 83.92; -~~.~-

=,-~-,=!

~-~--- ~

Depreciated ostof Improvements "

I "As-is" Value of Site ImDrovements

40 YearsNDICATEDALUE YCOSTPPROACH--,-., ,+ =$

X GrossRentMultiDlier =$ 0 Indic,ued {alue y Income ooroa



.

3520LazvlPace#61

Uni1:ormResidential

!!

File 352~~y

is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a

nium or cooperative project.

report is subject to the following scope of work, intended use, intended user, definition of market value,

assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended

intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may

scope of work to include any additional research or analysis necessary based on the complexi'ty of this appraisal

Modifications or deletions to the certifications are also not permitted. However, additional certifications that do

constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's

education or membership in an appraisal organization, are permitted.

OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the

requirements of this appraisal report form, including the following definition of market value, statement of

and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual

of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspe(~t each of the

sales from at least the street, (4) research, verify, and analyze data from reliable public and/or plrivate sources,

report his or her analysis, opinions, and conclusions in this appraisal report.

USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the

ubject of this appraisal for a mortgage finance transaction.

The intended user of this appraisal report is the lender/client.

MARKET VALUE: The most probable price which a property should bring in a competitive and open

market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming

affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and

ing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both

or well advised, and each acting in what he or she considers his or her own best interest; (3) a

time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms

of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold

by special or creative financing or sales concessions* granted by anyone associated with the sale.

* Adjustments to the comparables must be made for special or creative financing or sales concessions. NIJ adjustments are

for those costs which are normally paid by sellers as a result of tradition or law in a market area; 1:hese costs are

since the seller pays these costs in virtually all sales transactior)s. Special or creative 1'inancingcan be made to the comparable property by comparisons to financing terms offered by a third party institutional

already involved in the property or transaction. Any adjustment should not be calculated on a mechanical

of the financing or concession but the dollar amount of any adjustment should appro)dmate the market's

the financing or concessions based on the appraiser's judgment.

STATEMENTOF ASSUMPTIONSAND LIMITING CONDITIONS:subject to the following assumptions and limiting conditions:

The appraiser's certification in this report is

The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title

it, except for information that he or she became aware of during the research involved in performing this appraisal. The

assumes that the title is good and marketable and will not render any opinions about the title.

The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.

included only to assist the reader in visualizing the property and understanding the apprais,er's determinationof its size.

appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency

(or other data sources) and has noted in this appraisal report whether any portion of the subject site is loc;ated in an

dentified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantlees, express or

implied, regarding this determination.

will not give testimony or appear in court because he or she made an appraisal of the property in question,

unless specific arrangements, to do so have been made beforehand, or as otherwise required by law.

appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, detelrioration, the

resence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or

he became aware of during the research involved in performing the appraisal. Unless otherwise stated in tlhis appraisal

has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the

pr.operty (su.ch as, but not ..I~mited to" n~eded repairs, deterioration, the presence of hazardous wastes, toxic substances,



!M!!!!lEi!ft-N!J.3520Lazvlace 71

UniflormResidential Report File# 3521~~

he Appraisercertifies and agrees hat:

I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in

performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition

the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the

soundness, or structural integrity of the property.

performed this appraisal in accordance with the requirements of the Uniform" Standards of Professional Appraisal

that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in

the time this appraisal report was prepared.

I developed my opinion of the market value of the real property that is the subject of this report based on the sales

approach to value. I have adequate comparable market data to develop a reliable sales comparison approachappraisal assignment. I further certify that I considered the cost and income approaches to value blJt did not develop

unless otherwise indicated in this report.

I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for

the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject

for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.

I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year priorof sale of the comparable sale, unless otherwise indicated in this report.

selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.

I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that

be built on the land.

I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject

I verified, from a disinterested source, all information in this report that was provided by parties who have al financial interest in

or financing of the subject property.

have knowledge and experience in appraising this type of property in this market area.

I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing

tax assessment records, public land records and other such data sources for 1he area in which the property is located.

I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report fromthat I believe to be true and correct.

have taken into consideration the factors that have an impact on value with respect to the subject neightlorhood, subject

and the proximity of the subject property to adverse influences in the development of my opinion of market value. I

noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the

of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during thE! in:spection of the

property or that I became aware of during the research involved in performing this appraisal. I have considered these

in my analysis of the property value, and have reported on the effect of the conditions on tile value and

of the subject property.

I have not knowingly withheld any significant information from this appraisal report and, to the best of my klnowledge, allion in this appraisal report are true and correct.

I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions" whichand limiting conditions in this appraisal report.

I have no present or prospective interest in the property that is the subject of this report, and I have no present orpersonal interest or bias with respect to the participants in the transaction. I did not base, either parti;~lIy or

analysis and/or opinion of market value in this appraisal report on the race, color, religion, se:(, age, maritalamilial status, or national origin of either the prospective owners or occupants of the subject property or of the

owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.

ent and/or compensation for performing this appraisal or any future or anticipated appraisals was not

on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) aspecific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of

party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending~~- -"-



lM!!jJ1!~G. 3520LazvlPaGe 81

UniformResidential Report File# 3520Lazv

The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the reqlJest of theits successors and assigns; mortgage insurers; government sponsored enterprise~:; other

market participants; data collection or reporting services; professional appraisal organizations; any' department,of the United States; and any state, the District of Columbia, or other jurisdictions; 'vI/ithout having to

or supervisory appraiser's (if applicable) consent. Such consent must be obtained beforlB this appraisalbe disclosed or distributed to any other party (including, but not limited to, the public through advBrti~;ing, public

news, sales, or other media).

I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certainregulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice

pertain to disclosure or distribution by me.

The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage

government sponsored enterprises, and other secondary market participants may rely on this appraisal report as partany mortgaQe finance transaction that involves anyone or more of these parties.

If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as tholse terms are

in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmi~~sion of this

report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable anda paper version of this appraisal report were delivered containing my original hand written signature.

Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or

penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United StatesSection 1001, et seq., or similar state laws.

PPRAISER'S CERTIFICATION: The SupervisoryAppraiser certifies and agrees hat:

I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's

statements, conclusions, and the appraiser's certification.

I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions

conclusions, and the appraiser's certification.

The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or thefirm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.

aisal report complies with the Uniform Standards of Professional Appraisal Practice that were atjopted and

by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal

If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are

applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this

report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable anda paper version of this appraisal report were delivered containing my original hand written signature.

SUPERVISORY

a c:~c!/Uignature

~:=ame W. Burnell Cook. MAl '

Company Name Cook & Associates. Inc.

Company Address ~f?40 McFaddin St. 1 ---

L. Gautreaux ,/ j

Cook & AssoVates, Inf~

];§40 McFaddin Ave.

State #

Beaumont. TX 77702F '

T leph one Num er ( 09) 83 5- 430'

Email Address [email protected] i

Date of Signature jQ/05/2011 ~_i

State Certification # TX-132828-G-ii--

or State License # i

State TX

Expiration Date of Certification or License s,)~1/2013

!Beaumont. TX 77I02 !

Number 409-835-143~_, -

Address [email protected] ,~::

of Signature and Report 10/05/2011 ---~-

Date of Appraisal 09/30/2011 i

Certification # TX-1326213-R-

State License #

Other (describe) -

Date of Certification or License SUBJECT ROPERTY5/31/2012 i !

OF PROPERTYAPPRAISED



FileNo. 3520La;~y

UNIFORM PPRAISALDATASET UAD)DEFINITIONSDDENDUM(Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)

Condition Ratings and Definitions

C1

The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new

and the dwelling features no physical depreciation. *

*Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellin{"s provided that the

dwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitatt'd/re-manufactured

into like-new condition. Recently constructed improvements that have not been previously occupied are not considered "nel1'" f ,they ave any

significant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extended period of time without adequate

maintenance or upkeep).

C2The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components

are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced

with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and

are similar in condition to new construction.

C3The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components. but not every

major building component, may be updated or recently rehabilitated. The structure has been well maintained.

C4The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been

adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building

components have been adequately maintained and are functionally adequate.

C5The improvements feature obvious deferred maintenance and are n need of some significant repairs. Some building components need repairs,

rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwellin';J emains

useable and functional as a residence.

C6The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,

soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many

or most major components.

Quality Ratings and Definitions

Q1

Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Suchresidences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship

and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality

exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes

throughout the dwelling are of exceptionally high quality.

Q2Dwellings with this quality rating are often custom designed for construction on an individual property owner's site. However, dwellings in

this quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highly

modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. The

workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.

Q3Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard

residential tract developments or on an individual property owner's site. The design includes significant exterior ornamentatio,n and interiors'I.~' ~.~ ,.._II';-'-I.~" TI.- 1 1.'- ,,- '_'-1- -'--"---'- ---' ,-_:_,- ---' ':_:_L --'L__L -", .,,' .



!Mi!!!LElliLNQ,520LazvlPace#101

UNIFORM PPRAISALDATASET UAD)DEFINITIONSDDENDUM(Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)

Quality Ratings and Definitions (continued)

a5

Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a

plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterio;rornamentationand limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive. stock materials

with limited refinements and upgrades.

06

Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings

are often built with simple plans or without plans, often utilizing the lowest qualitY building materials. Such dwellings are ofter! built or

expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and oth'~r mechanical

systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conformil1g additions

to the original structure

Definitions of Not Updated, Updated, and Remodeled

Not Updated

Little or no updating or modernization. This description includes, but is not limited to, new homes.

Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major

components have been replaced or updated. Those over fifteen years of age are also considered not updated if the

appliances, fixtures, and finishes are predominantly dated. An area that is 'Not Updated' may still be well maintained

and fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration

Updated

The area of the home has been modified to meet current market expectations. These modifications

are limited in terms of both scope and cost.

An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute

updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not

include significant alterations to the existing structure.

Remodeled

Significant finish and/or structural changes have been made that increase utility and appeal through

complete replacement and/or expansion.

A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include

some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation

of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of)

square footage). This would include a complete gutting and rebuild.

Explanation of Bathroom Count

Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not

included in the bathroom count. The number of full and half baths is reported by separating the two values using a

period, where the full bath count is represented to the left of the period and the half bath count is represented to the

right of the period.

Example:3.2 indicates three full baths and two half baths.



lMi!jn£~J. 3520Lazvl age 1.1

UNIFORM PPRAISALDATASET UAD)DEFINITIONSDDENDUM(Source: Fannie Mae UAD Appendix 0: UAD Field-Specific Standardization Requirements)

AbbreviationsUsed n DataStandardization ext

I ac~- Area, Site

Location

Location

Location & View

~g~:~--,- ;:;;-~.i Adjacent to Park,

Adjacent to Power Lines,

AdverseI

Arms Lenath Sale or Financing CQncessions

I Location& View

I Sale or Financi!!gConcessions

I B

View

View

Location

Cash

City View SkylineView

City StreetView

Commercial Influence

Contracted Date

ConventionalI Date of Sale/Time

I Saleo!Financing ConcessionsI Court OrderedSale I Sale or Financina Concessions

GolfCourse

GolfCourseViewI Location

I Y!9W

I Location & View

I Basement & Finished_Rooms Below (,rade

, Location ~

I Basement FinishedRooms Below ]rade

ViewViewView

I LocationI Basement & Finished Rooms Below (,rade

I. Industrial

I Sale or Financina Concessions

m

S uare Feet

S uare Meters

Unknown

Veterans Administration

Withdrawn Date

Walk Out Basement

Walk U Basement

Water Fronta e

Water View

Woods View

Area,Site, BasementArea,Site

Dateof SalefTimeUnk

I Saleor FinancingConcessions

I, Date of Sale/Time

[]~sement & FinishedRooms BeJQw,rade

I Basement & Finished Rooms Below_(]radeI WtrFr ~cationiew

View

Dther Appraiser-DefinedAbbreviations



lM.!!InB!eo.3520Lazvl ace 121

City County efferson StateTX ZipGode 7~r706-~

Lender Beaumont ISO c/o Melody Chappell. Ally

USPAPCOMPLIANCEADDENDUM

APPRAISER'S CERTIFICATION:The following Certification statements are in addition to and may supercede the signed Appraiser's Certification attached to this

appraisal report. The signature of the attached Certification is also applicable to the updated Certification included below. This

Appraiser's Certification is compliant with the current edition of the Uniform Standards of Professional Apprais;al F)ractice.

I certify that, to the best of my knowledge and belief:

The statements of fact contained this report are true and correct.

The report analyses, opinions, and conclusions are limited only by the reported assumptions and limiting corn1itions, and are my

personal, impartial, and unbiased professional analyses, opinions, and conclusions.

I have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to

the parties involved.

I have no bias with respect to the property that is the subject of this report or the parties involved with this assignrnent.

My engagement is this assignment is not contingent upon the development or reporting of a predetermined value or direction in

value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence

of a subsequent event directly related to the intended use of this appraisal.

My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with Uniform

Standards of Professional Appraisal Practice.

Robert L. Gautreaux. have made a personal viewing of the property that is the subject of this report.

No one provided significant real property appraisal assistance to the persons signing this report.

I certify that the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized

representatives.

The contents of this report and the analysis presented herein comply wi th and meet all applicable FIRREA regulations and

guidelines.

PURPOSE, INTENDED USE, AND INTENDED USER OF THE APPRAISAL:

The purpose of the appraisal is to develop an opinion of market value for the Subject property, as defined in this report. as of

the effective date of this report. The intended user of this appraisal report is Beaumont ISO and Melody Chappel, Attorney. The

Intended Use is to evaluate the property that is the subject of this appraisal for the potential purchase, subject to the statedScope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value.

No additional Intended Users are identified by the appraiser.

ANALYSIS AND REPORT FORM:

The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection ofthe Subject property and neighborhood, and selection of comparable sales, listings, and/or rentals within the Subject marketing

area.

The original source of the comparables described in the Data Source section of the market grid along with thE~ ource of

confirmation, if available. The original source is presented first. The sources and data are considered reliable. Whenconflicting information was provided, the source deemed most reliable has been used. Data believed to be unreliable was notincluded in the report or used as a basis for the value conclusion. The extent of the analysis to this assignme!nt is stated in the

Appraiser's Certification included above and attached to this report.

DEFINITION OF INSPECTION:The term "Inspection", as used in this report, is not the same level of inspection that is for a "Professional Hol1;1e nspection".

The appraiser does not fully inspect the electrical system, plumbing system, mechanical system, foundation ~;ystem, floor

structure, or subfloor. The appraiser is not an expert in construction materials and the purpose of the appraisal is to make aneconomic evaluation of the Subject property. If the client needs a more detailed inspection of the Subject property, a home

inspection, by a Professional Home Inspector, is suggested.



lM;JjJ1E!!~ 3520LazvlPaGe 131

Supplemental Addendum FileNo. 520Li3~~Client -55 3520 L Ln

Beaumont TX Zi Code 77706 '

Beaumont ISO c/o Melod

DIGITAL SIGNATURES:

The signature affixed to this report, and certification, were applied by the original appraiser or supervisory appraiser and

represent their acknowledgements of the facts, opinions and conclusions found in the report. Each appraiser applied his or her

signature electronically using a password encrypted method. Hence these signatures have more safeguards and carry the

same validity as the individual's hand applied signature. If the report has a hand-applied signature, this comment does not

apply.

OPINION OF MARKET VALUE VERSUS ESTIMATE OF MARKET VALUE:

The current Uniform Standards of Professional Practice defines the market value conclusion as an opinion of market value and

not an estimate of market value.

SCOPE OF THE APPRAISAL:The Reproduction Cost is based on cost estimates from Marshal and Swift Residential Cost Handbook and supplemented by

the appraiser's knowledge of the local market. Physical depreciation is estimated utilizing the modified age/lit.~ method and an

estimated effective age for the Subject property. Functional and/or external obsolescence, if present, is specifically addressedin the appraisal report or addenda.

In estimating this site value, the appraiser has relied on personal knowledge of the local market. The knowledge is based on

prior and/or current analysis of vacant site sales and/or abstraction of site values from sales of improved properties.

Comparable rental data, from which a reliable estimate of market rent for the Subject could be extracted, was very limited. Nodata was available whereby the appraiser could extract a gross rent multiplier from the market. The Subject property is located

in an area of primarily owner-occupied single family residences and the Income Approach is not considered to be meaningful.For this reason, the Income Approach was not used.

EXPOSURE AND MARKETING PERIOD:

Based on sales analyzed in this report, a reasonable marketing period for the Subject property is 3.4 months or less given the

current market conditions.

Based on sales analyzed in this report, a reasonable exposure period for the Subject property is 3 to 6 month~; given the currentmarket conditions.

.URAR : Neiahborhood -DescrictioQ



[Mi!i~ No.3520lazvlPaGe

Subject Photo Page

I City County efferson State TX ZipC:ode77706I Lender Beaumont ISO c/o Melody Chappell, Atty -

Subjl~c1: Front

3520 Lazy LnSalesPrice (I

Gross ivingArea 1,875

TotalRooms Ei

TotalBedrooms ~I

TotalBathrooms 2:.0

Location fll;Res;Urban

View fll;Res;

Site 1593,6 sf

Quality ()4

Age EiO

Subjec1t Rear

Subject ~;treet



Subjec1: Siildle "iew

3520 Lazy Ln

Subject Sillie View



Subject Interior Photo PageI Borrower/Client

Ci Beaumont Jefferson State TX Zi Code 77706

-Lender Beaumont ISO c/o Melod I

Subject Living/Dining

3520 Lazy LnSalesPrice 0


TotalRooms 6

TotalBedrooms 3

Total athrooms 2.0

Location N;Res;Urban

View N;Res;

Site 1 j936 sf

Quality Q4

Age 60

Subjec:t IC:itchen

Subject l:al1nily Room



[Miiil~No. 3520Lazvl ace 1

Subject Interior Photo Page

Subject B:ledroom

3520 Lazy LnSales rice 0

Gross iving rea 1 875

TotalRooms 6Total edrooms 3

Total athrooms 2.0Location N;Rei.;UrbanView N;Rei.;

Site 1 !59315sf

Quality 04Age 60

Subjec!t BI!droom

Subjec't BII~droom



Subjec1t Bath3520 Lazy Ln

SalesPrice a

Gross ivingArea 1,871;

TotalRooms 6

TotalBedrooms 3

TotalBathrooms 2.0

Location I\I;Res;Urban

View I\I;Res;

Site 15936 sf

Quality 04

Age 60

Subjl~ct: Bath



Compalralble 1

2160 21st StProx. o Subject 0.11 Imiles W

SalePrice 114,::100

Gross ivingArea 1 75e:

TotalRooms 6

TotalBedrooms 3

TotalBathrooms 2..0

Location N;Re:s;Urban

View N;Re:s;

Site 10400 sf

Quality 04

Age 60

Comparalclile 24765 Baywood Ln

Prox. o Subject 1.01 miles SW

SalePrice 1 ?6,900

Gross ivingArea 1,645TotalRooms 6

TotalBedrooms 3

TotalBathrooms 2.0

Location N;Re:;;Urban

View N;Re:;;

Site 9030 sf

Quality 04

Age 60

Comparal~lle 32040 Hanover Cir

Prox. o Subject 0.89 miles W

SalePrice 1:33,000


TotalRooms 6

TotalBedrooms 3

TotalBathrooms 20Location N;Re:3;Urban

View N;Re:3;



~@No. 3520Lazvl aoe 1

Building SketchI Borrower/ClientPro e Address 3520 La Ln ~-

Ci Beaumont Jefferson State TX Zi (:ode 77706Lender Beaumont ISD c/o Melod -

-

20'

37'

S'.t'" byApex e- ~

Comments:

LIVING AREA BREAKDO\f'/NBreakdown ~~IIJIJtotals

AREA CALCULATIQrlJS SUMMARY

~ Description N&tSize NetT~I.$

GLA1 First Floor 1875.0 1875.0GAR Carport 430.5 430.5pip Open Patio 200.0 200.0OTH Storage 65.0 65.0

First6.5

14.517.029.028.561.5

471.387.068.087.085.5

1076.3

Floor72.5 x

6.0 x4.0 x3.0 x3.0 x

17.5 x





Documents

3520 Lazy Ln Appraisal