Oswego County Appraisals INVOICE 08-04-2004 · PDF fileOswego County Appraisals P. O. Box 920 Oswego, NY 13126 315-342-6184 August 4, 2004 Centex Home Equity 397 South S. H. 121 Bypass

INVOICEDATE NUMBER

Lender or Client:

Item Total

$

$Total:

Thank you

Oswego County Appraisals 08-04-2004 04040073P. O. Box 920Oswego, NY 13126315-342-618416-1351902

Centex Home Equity397 South S. H. 121 BypassLewisvile, TX75067

APPRAISAL FEE FOR SERVICES RENDERED 275.00

Borrower: Edick, Michael4 Henderson RoadSandy Creek, NY 13145DEED BOOK 1272 PAGE 151

Paid 08/04/04

275.00

Oswego County Appraisals

File No. 04040073

COMPLETE SUMMARY APPRAISAL REPORT OF

THE PROPERTY LOCATED AT

4 Henderson Road

Sandy Creek, NY 13145

as of

April 23, 2004

for


by


P. O. Box 920Oswego, NY 13126

Oswego County AppraisalsP. O. Box 920Oswego, NY 13126315-342-6184

August 4, 2004


Property - 4 Henderson RoadSandy Creek, NY 13145

Borrower - Edick, MichaelFile No. - 04040073Case No. -

Dear :

In accordance with your request, I have made a Complete Appraisal and prepared a Summary Appraisal Report of the real property located at 4 Henderson Road, Sandy Creek, NY.

The purpose of the Summary Appraisal is to estimate the market value of the property described in the body of this report.

Enclosed, please find the Summary Appraisal which describes certain data gathered during our investigation of the property. The methods of approach and reasoning in the valuation of the various physical and economic factors of the subject property are contained in this report.

An inspection of the property and a study of pertinent factors, including valuation trends and an analysis of neighborhood data, led the appraiser to the conclusion that the market value, as of April 23, 2004 is :

$152,000

The opinion of value expressed in this report is contingent upon the Limiting Conditions attached to this report.

It has been a pleasure to assist you. If I may be of further service to you in the future, please let me know.

Respectfully submitted,


K. Michael LaFurneyNY Certification #45-000006502

SUBJECT

NEIGHBORHOOD

PUD

SITE

DESCRIPTION OF IMPROVEMENTS

COMMENTS

UNIFORM RESIDENTIAL APPRAISAL REPORT File No.Property DescriptionProperty Address City State Zip Code

Legal Description County

Assessor's Parcel No. Tax Year R.E. Taxes $ Special Assessments $

Borrower Current Owner Occupant: Owner Tenant Vacant

Property rights appraised Fee Simple Leasehold Project Type PUD Condominium (HUD/VA only) HOA$ /Mo.

Neighborhood or Project Name Map Reference Census Tract

Sale Price $ Date of Sale Description and $ amount of loan charges/concessions to be paid by seller

Lender/Client Address

Appraiser Address

Location Urban Suburban Rural Predominant Single family housing Present land use % Land use change

Built up Over 75% 25-75% Under 25% occupancy PRICE$ (000)

AGE(yrs) One Family Not Likely Likely

Growth rate Rapid Stable Slow Owner Low 2-4 fam In process

Property values Increasing Stable Declining Tenant High Multi-family To:

Demand/supply Shortage In balance Over supply Vacant (0-5%) CommercialPredominant

Marketing time Under 3 mos. 3-6 mos. Over 6 mos. Vacant (over 5%)

Note: Race and the racial composition of the neighborhood are not appraisal factors.

Neighborhood boundaries and characteristics:

Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.):

Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time

-- such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.):

Project Information for PUDs (If applicable) -- Is the developer/builder in control of the Home Owners' Association (HOA)? Yes No

Approximate total number of units in the subject project Approximate total number of units for sale in the subject project

Describe common elements and recreational facilities:

Dimensions Topography

Site area Corner Lot Yes No Size

Specific zoning classification and description Shape

Zoning compliance Legal Legal nonconforming (Grandfathered use) Illegal No zoning Drainage

Highest & best use as improved: Present use Other use (explain) View

Utilities Public Other Off-site Improvements Type Public Private Landscaping

Electricity Street Driveway Surface

Gas Curb/gutter Apparent easements

Water Sidewalk FEMA Special Flood Hazard Area Yes No

Sanitary sewer Street lights FEMA Zone Map Date

Storm sewer Alley FEMA Map No.

Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc.):

GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION

No. of Units Foundation Slab Area Sq. Ft. Roof

No. of Stories Exterior Walls Crawl Space % Finished Ceiling

Type (Det./Att.) Roof Surface Basement Ceiling Walls

Design (Style) Gutters & Dwnspts. Sump Pump Walls Floor

Existing/Proposed Window Type Dampness Floor None

Age (Yrs.) Storm/Screens Settlement Outside Entry Unknown

Effective Age (Yrs.) Manufactured House Infestation

ROOMS Foyer Living Dining Kitchen Den Family Rm. Rec. Rm. Bedrooms # Baths Laundry Other Area Sq. Ft.

Basement

Level 1

Level 2

Finished area above grade contains: Rooms; Bedroom(s); Bath(s); Square Feet of Gross Living Area

INTERIOR Materials/Condition HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE:

Floors Type Refrigerator None Fireplace(s) # None

Walls Fuel Range/oven Stairs Patio Garage # of cars

Trim/Finish Condition Disposal Drop Stair Deck Attached

Bath Floor COOLING Dishwasher Scuttle Porch Detached

Bath Wainscot Central Fan/Hood Floor Fence Built-In

Doors Other Microwave Heated Pool Carport

Condition Washer/Dryer Finished Driveway

Additional features (special energy efficient items, etc.):

Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction, remodeling/additions, etc.:

Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the

immediate vicinity of the subject property.:

Freddie Mac Form 70 6-93 12 CH. Fannie Mae Form 1004 6-93PAGE 1 OF 2

Complete Appraisal Analysis - Summary Appraisal Report04040073

4 Henderson Road Sandy Creek NY 13145DEED BOOK 1272 PAGE 151 Oswego

007.00-03-04-01 03/04 3,025+- NoneEdick, Michael Edick X

X NoneTown of Sandy Creek 8160/202

N/A N/A RefinanceCentex Home Equity 397 South S. H. 121 Bypass, Lewisvile, TX, 75067K. Michael LaFurney PO Box 920, Oswego, New York, 13126

XX 50 XX X 20 New 5X 250 125X X 5X 80 20-30 Vacant 40

The subject property is bordered on all sides by the Town of Sandy Creek Corporate limits.

Town of Sandy Creek, Sandy Creek School district. The subject property is located in a rural area in northern Oswego County. Access to the conveniences of the area is considered average. No factors are noted or observed in the area that would have a negative effect on the value or the marketing of the subject property. There are several villages and hamlets in the area that provide conveniences. Interstate 81 provides access to the Cities of Syracuse and Watertown, both of which are within a 30 mile radius. Home borders a public golf course. Scenic views from several rooms in the home.

The market conditions in the subjects neighborhood are typical of the residential real estate market for the last 12 months. Property values are considered to be stable. The marketing time in this area is typical of the current market. Supply and demand are considered to be in balance. The use of sales concessions is minimal. Mortgage availability does not appear to be a problem. Interest rates are considered favorable.

X

145.33 x 199 as per tax office Street Level/Typical.66 Acres X Adequate/Typical

No Zoning in Township RectangularX Appears Adequate

X ResidentialYes/Typical

X Paved/Typical X Stone/GravelBottled/Typical None/Typical None Apparent

Well/Typical None/Typical XSeptic/Typical None/Typical Zone C 5/18/92None/Typical None/Typical 360661

This site data is typical to the area and acceptable to the marketplace. There are no apparent adverse easements or encroachments.

One Block 938Two Wood -0-Detached Shingle Full JoistContemp. None None BlockExisting Crank Out None Cement19+-Yrs Thermo None Yes X8-10Yrs No None

9381 1 Area 1 1 .5 938

2 1 812

5 3 1.50 1,750

Tile/Hwd/Crpt/Good HWBB X One X XDrywall/Ave/Good Propane NoneWood/Good Average Decking XTile/Ave/good NoneTile/Ave/good None None6 Panel/Good None

4 CarThe living room has a vaulted tongue and groove ceiling along with a stone wood

burning fireplace. First and second level rear decks. Quality built home in good condition. Storage building on site.Physical

depreciation is used because of the actual and effective age of the subject property. No other forms of depreciation are noted or observed.

No adverse environmental conditions are noted. See paragraph six limited conditions.


COST APPROACH

SALES COMPARISON ANALYSIS

RECONCILIATION

UNIFORM RESIDENTIAL APPRAISAL REPORT File No.Valuation SectionESTIMATED SITE VALUE Comments on Cost Approach (such as, source of cost estimate,= $ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

site value, square foot calculation and for HUD, VA and FmHA, theESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS:

estimated remaining economic life of the property):Dwelling Sq. Ft @ $ = $

Sq. Ft @ $ =

=

Garage/Carport Sq. Ft @ $ =

Total Estimated Cost New . . . . . . . . . . . . . . . . . . . . . . . . . = $

Less Physical Functional External

Depreciation = $

= $Depreciated Value of Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

= $"As-is" Value of Site Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

= $INDICATED VALUE BY COST APPROACH

ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3

Address

Proximity to Subject

Sales Price $ $ $ $

Price/Gross Liv. Area $ $ $ $/ / / /Data and/orVerification Source

VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION + (-) $ Adjustment DESCRIPTION + (-) $ Adjustment DESCRIPTION + (-) $ Adjustment

Sales or FinancingConcessions

Date of Sale/Time

Location

Leasehold/Fee Simple

Site

View

Design and Appeal

Quality of Construction

Age

Condition

Above Grade Total Bdms Baths Total Bdms Baths Total Bdms Baths Total Bdms Baths

Room CountGross Living Area Sq. Ft. Sq. Ft. Sq. Ft. Sq. Ft.

Basement & FinishedRooms Below Grade

Functional Utility

Heating/Cooling

Energy Efficient Items

Garage/Carport

Porch, Patio, Deck,Fireplace(s), etc.

Fence, Pool, etc.

Net Adj. (total) + - $ + - $ + - $

Adjusted Sales Priceof Comparable $ $ $

Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc.):

ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3

Date, Price and Data

Source, for prior sales

within year of appraisal

Analysis of any current agreement of sale, option, or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .INDICATED VALUE BY SALES COMPARISON APPROACH $

INDICATED VALUE BY INCOME APPROACH (If Applicable) Estimated Market Rent $ /Mo. x Gross Rent Multiplier = $

subject to completion per plans and specifications.This appraisal is made "as is" subject to the repairs, alterations, inspections or conditions listed below

Conditions of Appraisal:

Final Reconciliation:

The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingent

and limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/Fannie Mae Form 1004B (Revised ).

I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF

(WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $

APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED):

Signature Signature Did Did Not

Name Name Inspect Property

Date Report Signed Date Report Signed

State Certification # State Certification #State State

Or State License # Or State License #State State

Freddie Mac Form 70 6-93 12 CH. Fannie Mae Form 1004 6-93PAGE 2 OF 2

Complete Appraisal Analysis - Summary Appraisal Report04040073

15,000

1,750 71.75 125,563 The remaining life of the subject property is between 30 and 35 years.BSMT 938 16.75 15,712

Fireplace/Deck/Storage Building 17,000

158,27513.0

20,576 20,576137,699

7,500160,199 160,199

4 Henderson Road 23 Clarence Avenue 103 Kehoe Road 84 Bidwell RoadSandy Creek Village of Pulaski Town of Sandy Creek Town of Parish

Within 7 Miles Within 2 Miles Within 16 MilesN/A 185,000 145,000 152,000

79.33 82.39 104.90Personal Inspec. MLS Records MLS Records MLS RecordsTax Records Listing Agent Listing Agent Listing Agent

Conv. Conv. Conv.None None None06/30/2003 03/12/2003 06/30/2003

Rural Suburban -2,000Rural RuralFee Simple Fee Simple Fee Simple Fee Simple.66+-Acres 1.50 Acres -1,00017.7 Acres -4,0003.29 Acres -1,500Residential Residential Residential ResidentialContemporary Contemporary Cape Cod ContemporaryAve/good Good -5,000Average+ +3,500Ave/good19+-Years 13+-Years 1 Year 11+- YearsGood Good Good Ave/good +3,000

5 3 1.50 7 3 2.50 -1,500 5 3 2.5 -1,500 5 2 2 -5001,750 2,332 -5,800 1,760 1,449 +3,000

Full/W.Out Full +1,500Full/W.Out Full +1,500None Finished -2,000None Partially Finished -1,000Average Average Average AverageHWBB / None Force Air/C-Air -500HWBB / None Force Air/C-Air -500Average Average Average AverageNone 2 Car Garage -5,000None 4 Car Garage -6,000Decks Decks Deck +1,000Deck/ PatioFireplace 2 Fireplace -500Fireplace FireplaceStorage Building Inground Pool EqualNone +2,000None +2,000

X -21,800 X 1,000Gross 13.4% Gross 8.3% Gross 12.5%

Net -11.8% 163,200 Net 0.7% 146,000 Net 0.0% 152,000Comparable No. 1 listed for $199,900 and sold

for $185,000 in 671 days. Comparable No. 2 listed for$165,000 and sold for $145,000 in 64 days. Comparable No. 3 listed for $164,900 and sold for $152,000 in 239 days. Time and distance adjustments are not necessary on the comparables used in this report. It is typical in this market place to consider comparable sales that are over 1 mile from the subject property. All three sales comparables are in the same general market area as the subject property.

See Below Not Applicable Not Applicable Not Applicable

The subject property has not been publicly offered for sale within the last 36 months. The applicants have owned the property for over 3 years.

152,000N/A

XThis report is limited to the conditions it was intended for.

The market data approach to value is given the most consideration in this report. This shows the actions of buyers and sellers in the market place. The cost approach strongly supports the market data. The income approach is not applicable.

6-93April 23, 2004

152,000

K. Michael LaFurneyAugust 4, 2004

45-000006502 NY


File No.

Borrower or Owner

Property Address

City County State Zip Code

Lender or Client

04040073

PHOTOGRAPH ADDENDUMEdick, Michael4 Henderson Road

Sandy Creek Oswego NY 13145Centex Home Equity

FRONT VIEW OFSUBJECT PROPERTY

REAR VIEW OFSUBJECT PROPERTY

STREET SCENE OFSUBJECT PROPERTY


File No.

Borrower or Owner

Property Address


Lender or Client

04040073

PHOTOGRAPH ADDENDUMEdick, Michael4 Henderson Road


COMPARABLE #1

23 Clarence AvenueVillage of Pulaski

Price $185,000Price/SF 79.33Date 06/30/2003Age 13+-YearsRoom Count 7-3-2.50Living Area 2,332

Value Indication $163,200

COMPARABLE #2

103 Kehoe RoadTown of Sandy Creek

Price $145,000Price/SF 82.39Date 03/12/2003Age 1 YearRoom Count 5-3-2.5Living Area 1,760


COMPARABLE #3

84 Bidwell RoadTown of Parish

Price $152,000Price/SF 104.90Date 06/30/2003Age 11+- YearsRoom Count 5-2-2Living Area 1,449



SUMMARY SQ FT AREA PERIMETER AREA CALCULATION DETAILS

Oswego County AppraisalsSKETCH-IT 1-800-523-0872

Kitchen

Foyer

DiningArea

BedR

mBath1/2

Bath

BedR

m

BedroomMaster

Living Room

Living AreaFirst Floor 938 136Second Floor 812 120

Total 1750 256

First Floor21.0 X 34.0 = 714.012.0 X 18.0 = 216.08.0 X 1.0 = 8.0

Total 938.0Second Floor

12.0 X 20.0 = 240.022.0 X 26.0 = 572.0

Total 812.0

File No.

Borrower or Owner

Property Address


Lender or Client

04040073

SKETCH ADDENDUMEdick, Michael4 Henderson Road



File No.

Borrower or Owner

Property Address


Lender or Client

04040073

LOCATION MAPEdick, Michael4 Henderson Road



File No.DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive andopen market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeablyand assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a saleas of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller

are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers hisown best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in termsof cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents thenormal consideration for the property sold unaffected by special or creative financing or sales concessions* granted

by anyone associated with the sale.

*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustmentsare necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area;these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or

creative financing adjustments can be made to the comparable property by comparisons to financing terms offeredby a third party institutional lender that is not already involved in the property or transaction. Any adjustmentshould not be calculated on a mechanical dollar for dollar cost of the financing or concessions but the dollaramount of any adjustment should approximate the market's reaction to the financing or concessions based on theappraiser's judgment.

STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION

CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report

is subject to the following conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraisedor the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render anyopinions about the title. The property is appraised on the basis of it being under responsible ownership.

2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvementsand the sketch is included only to assist the reader of the report in visualizing the property and understanding theappraiser's determination of its size.

3. The appraiser has examined the available flood maps that are provided by the Federal Emergency ManagementAgency (or other data sources) and has noted in the appraisal report whether the subject site is located in anidentified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees,express or implied, regarding this determination.

4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property inquestion, unless specific arrangements to do so have been made beforehand.

5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the

improvements at their contributory value. The separate valuations of the land and improvements must not beused in conjunction with any other appraisal and are invalid if they are so used.

6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, thepresence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that

he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise statedin the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property oradverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that wouldmake the property more or less valuable, and has assumed that there are no such conditions and makes no

guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not beresponsible for any such conditions that do exist or for any engineering or testing that might be required to discoverwhether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, theappraisal report must not be considered as an environmental assessment of the property.

7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report fromsources that he or she considers to be reliable and believes them to be true and correct. The appraiser does notassume responsibility for the accuracy of such items that were furnished by other parties.

8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform

Standards of Professional Appraisal Practice.

9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject tosatisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be

performed in a workmanlike manner.

10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisalreport can distribute the appraisal report (including conclusions about the property value, the appraiser's identityand professional designations, and references to any professional appraisal organizations or the firm with which the

appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgageinsurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or anydepartment, agency, or instrumentality of the United States or any state or the District of Columbia; except thatthe lender/client may distribute the property description section of the report only to data collection or reportingservice(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and

approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising,public relations, news, sales, or other media.

Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 1004B 6-93

04040073

File No.

APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:

1. I have researched the subject market area and have selected a minimum of three recent sales of properties most

similar and proximate to the subject property for consideration in the sales comparison analysis and have made adollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If asignificant item in a comparable property is superior to, or more favorable than, the subject property, I have madea negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable

property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase theadjusted sales price of the comparable.

2. I have taken into consideration the factors that have an impact on value in my development of the estimate ofmarket value in the appraisal report. I have not knowingly withheld any significant information from the appraisal

report and I believe, to the best of my knowledge, that all statements and information in the appraisal report aretrue and correct.

3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, andconclusions, which are subject only to the contingent and limiting conditions specified in this form.

4. I have no present or prospective interest in the property that is the subject to this report, and I have no presentor prospective personal interest or bias with respect to the participants in the transaction. I did not base, eitherpartially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color,

religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subjectproperty or of the present owners or occupants of the properties in the vicinity of the subject property.

5. I have no present or contemplated future interest in the subject property, and neither my current or futureemployment nor my compensation for performing this appraisal is contingent on the appraised value of the property.

6. I was not required to report a predetermined value or direction in value that favors the cause of the client orany related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of asubsequent event in order to receive my compensation and/or employment for performing the appraisal. I did notbase the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific

mortgage loan.

7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that wereadopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as

of the effective date of this appraisal, with the exception of the departure provision of those Standards, which doesnot apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition inthe definition of market value and the estimate I developed is consistent with the marketing time noted in theneighborhood section of this report, unless I have otherwise stated in the reconciliation section.

8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all propertieslisted as comparables in the appraisal report. I further certify that I have noted any apparent or known adverseconditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of thesubject property of which I am aware and have made adjustments for these adverse conditions in my analysis ofthe property value to the extent that I had market evidence to support them. I have also commented about the

effect of the adverse conditions on the marketability of the subject property.

9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report.If I relied on significant professional assistance from any individual or individuals in the performance of the

appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasksperformed by them in the reconciliation section of this appraisal report. I certify that any individual so named isqualified to perform the tasks. I have not authorized anyone to make a change to any item in the report; therefore,if an unauthorized change is made to the appraisal report, I will take no responsibility for it.

SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or shecertifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisalreport, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certificationsnumbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report.

ADDRESS OF PROPERTY APPRAISED:

APPRAISER: SUPERVISORY APPRAISER (only if required):

Signature: Signature:Name: Name:Date Signed: Date Signed:

State Certification #: State Certification #:or State License #: or State License #:State: State:Expiration Date of Certification or License: Expiration Date of Certification or License:

Did Did Not Inspect Property

Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 1004B 6-93

04040073

4 Henderson Road, Sandy Creek, NY 13145

K. Michael LaFurneyAugust 4, 2004

45-000006502

NY8-17-2004


Documents

Oswego County Appraisals INVOICE 08-04-2004 · PDF fileOswego County Appraisals P. O. Box 920 Oswego, NY 13126 315-342-6184 August 4, 2004 Centex Home Equity 397 South S. H. 121 Bypass