Chartier Appraisal for MTT filing.pdf
Maxwell A. And Aubrey L. Chartier Petitioner Vs. Township Of Wheatfield Respondent · 26-002309-TT
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APPRAISAL REPORT OF PREPARED FOR AS OF PREPARED BY 1785 N Williamston Rd Williamston, MI 48895-9697 No AMC Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100 San Diego, CA 92108-1633 07/02/2025 Robert R. Davis, SRA 517 351-0015 10575 Hart Hwy Dimondale, MI 48821-9585 LAPP 29-29-6-0915724
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Uniform Residential Appraisal Report The purpose of this appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address City State Zip Code Borrower Owner of Public Record County Legal Description Assessor's Parcel # Tax Year R.E. Taxes $ Neighborhood Name Map Reference Census Tract Occupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month Property Rights Appraised Fee Simple Leasehold Other (describe) Assignment Type Purchase Transaction Refinance Transaction Other (describe) Lender/Client Address Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No Report data source(s) used, offerings price(s), and date(s). SUBJECT I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s) Is there any financial assistance (loan charges, sale concessions, gift or down payment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No If Yes, report the total dollar amount and describe the items to be paid. CONTRACT Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use % Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit % Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $ (000) (yrs) 2-4 Unit % Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths Low Multi-Family % Neighborhood Boundaries High Commercial % Pred. Other % Neighborhood Description Market Conditions (including support for the above conclusions) NEIGHBORHOOD Dimensions Area Shape View Specific Zoning Classification Zoning Description Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe) Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe. Utilities Public Other (describe) Public Other (describe) Off-site Improvements--Type Public Private Electricity Water Street Gas Sanitary Sewer Alley FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date Are the utilities and/or off-site improvements typical for the market area? Yes No If No, describe. Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe. SITE General Description Foundation Exterior Description materials/condition Interior materials/condition Units One One with Accessory Unit Concrete Slab Crawl Space Foundation Walls Floors # of Stories Full Basement Partial Basement Exterior Walls Walls Type Det. Att. S-Det./End Unit Basement Area sq. ft. Roof Surface Trim/Finish Existing Proposed Under Const. Basement Finish % Gutters & Downspouts Bath Floor Design (Style) Outside Entry/Exit Sump Pump Window Type Bath Wainscot Year Built Evidence of Infestation Storm Sash/Insulated Car Storage None Effective Age (Yrs) Dampness Settlement Screens Driveway # of Cars Attic None Heating FWA HWBB Radiant Amenities Woodstove(s) # Driveway Surface Drop Stair Stairs Other Fuel Fireplace(s) # Fence Garage # of Cars Floor Scuttle Cooling Central Air Conditioning Patio/Deck Porch Carport # of Cars Finished Heated Individual Other Pool Other Att. Det. Built-in Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe) Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade Additional features (special energy efficient items, etc.) Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe IMPROVEMENTS Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Page of Cornerstone First Mortgage LLC Loan #: 2505108063 UAD16848CornerStoneLapp Case No. 29-29-6-0915724 1785 N Williamston Rd Williamston MI 48895-9697 Maxwell A Chartier Nathan & Rahel Jones Ingham M&B, Part of Section 23, Wheatfield Township (See page 3 this report for more complete legal description) 33-07-07-23-200-026 2024 21,373 Wheatfield Township 26-065 0057.00 X 0 0 X X Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 X DOM 67;Subject property was offered for sale.;Original Price $1,350,000;Original Date 04/25/2025 X Arms length sale;Mortgage collateral here is limited to real estate only. Other items considered to have no value. No undue influence was made to supply a predetermined value. 1,200,000 05/31/2025 X MLS, Pub Rec X $0;;Livingston County Association of Realtors Standard Purchase Agreement. No concessions found. X X X X X X 200 1,306 1,200 2 120 20 70 Vac 30 Neighborhood extended for lack of similar sales. Immediate area has Holt Rd N'ly, Frost Rd S'ly & Meech Rd E'ly. Zimmer Rd is W'ly. Township residential site S'ly of Williamston in Wheatfield Township, Ingham County, Michigan. Subject & surrounding dwellings enjoy same or superior general construction, condition & quality. Area has close proximity to schools and shopping. Major employment centers are W'ly in Lansing. Marketability is considered typical. Neighborhood sales considered typical. Few concessions found. Sales here are considered current. Sales have a current average days on market of 72 days with median DOM of 19 to 160 days/period. Median Sales are 97.44% to 99.03% of last list per period. Irregular 34.17 Ac Irregular N;Res; A-1 Single family is permitted X X Subject is residentially zoned, used as residential and considered a proper improvement & maximally productive therefore highest & best use is considered as improved. X X LP X Well: Typ, no effect on value X Sept: Typ,no effct on value Asphalt X None X X 26 065 C 01 93 D 08/16/2011 X X Zoning provides for residential use which is typical. Lot size from MLS and public record. Subject is not considered to be within any airport noise zone or safety-related zone. Township location, public water or sewer not available. Farming is nearby, but not an adverse influence. Little, to no value given to the pond here. X 2.00 X X Traditional ~1993 20 X 3068 0 X X P Conc/Good Vinyl/Good Asphalt Sh/Good Alum/Good DH, Case/Good Yes/Good Yes/Good HW,Cpt,Cer,Vinyl/G Drywall/Good Wood/Good Cer,HW/Good Cer,Fiber/Good X X Geo Elec X X 2 None None X 1 None X Ft,Side,Rear X Enc R 2nd Flr X 6 Gravel, Conc Pad X 3 0 X X X X X X HF 14 6 5.3 6,016 Living Room & large bedroom fireplaces with woodstove in kitchen. Covered front, rear and side porches with enclosed rear second floor porch pus a 3-car attacched garage with game room above. The 36 x 64 pole barn has a 9 x 64 covered side porch. C3;Kitchen-updated-one to five years ago;Bathrooms-updated-one to five years ago;Subject neat and clean plus appears to have been recently redecorated. Kitchen updated with stone counter tops in 2017 and the appliances appear somewhat new. Bedroom bath down appears to have new fixtures. All work blends well and conforms. X Any hazardous waste, property contamination, mold, biological or insect infestation condition is beyond the scope of this appraisal assignment. All utilities were "on" and functioning at time of inspection. Sauna off large bath up considered to contribute little to no value to the overall value. X The Assessor has 5,672 and the MLS 7,039 with this report having 6,016 square feet of living area. The attached sketch with dimensions estimated by the appraiser is considered to best depict the living area of subject. 1 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 Net Adj: 0% Gross Adj : 12% Net Adj: 4% Gross Adj: 11% Net Adj: 5% Gross Adj: 7% File No. Uniform Residential Appraisal Report There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ . There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ . FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address Proximity to Subject Sale Price $ $ $ $ Sale Price/Gross Liv. Area $ sq. ft. $ sq. ft. $ sq. ft. $ sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count Gross Living Area sq. ft. sq. ft. sq. ft. sq. ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total) + - $ + - $ + - $ Adjusted Sale Price of Comparables $ $ $ I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data source(s) My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data source(s) Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) Analysis of prior sale or transfer history of the subject property and comparable sales Summary of Sales Comparison Approach SALES COMPARISON ANALYSIS Indicated Value by Sales Comparison Approach $ Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $ This appraisal is made "as is," subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is RECONCILIATION $ , as of , which is the date of inspection and the effective date of this appraisal. Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 5 714,900 1,350,000 15 754,000 1,399,000 1785 N Williamston Rd Williamston, MI 48895-9697 1,200,000 199.47 N;Res; Fee Simple 34.17 Ac N;Res; DT2.00;Traditional Q2 ~32 C3 14 6 5.3 6,016 3068sf1sfwo 0rr0br0.0ba1o Typical Geo/CA None 3ga6dw Ft,Side,Rear+Enc R 2nd Flr Fireplace 2-Fireplaces,1-WS Other Barn 529 W Grand River Ave Williamston, MI 48864-3109 3.36 miles N 962,500 122.99 279418#;DOM 75 MLS/Assessor ArmLth Cash;0 s07/24;c07/24 N;Res; Fee Simple 12.00 ac +45,000 N;Res; DT2.00;Traditional Q2 ~29 0 C3 0 14 4 4.1 +2,000 7,826 -54,500 1500sf1sfin 0 0rr0br0.0ba1o Similar 0 Geo/CA None 2ga4dw +6,000 Similar 0 1-Fireplace +4,500 Barn X 3,000 965,500 40 Monarch Ln Okemos, MI 48864-3191 5.00 miles NW 1,050,000 164.96 274241#;DOM 326 MLS/Assessor ArmLth Conv;0 s07/24;c05/24 N;Res; Fee Simple 1.26 ac +66,000 N;Res; DT1.50;Traditional 0 Q2 ~28 0 C3 9 3 3.1 +3,000 6,365 -10,500 2689sf2389sfin -24,000 1rr0br0.0ba1o 0 Similar 0 GFWA/CA 0 None 3gd6dw 0 Similar 0 2-Fireplaces +500 0 +10,000 X 45,000 1,095,000 1625 Willoughby Rd Mason, MI 48854-9435 6.13 miles W 1,200,000 280.11 282880#;DOM 137 MLS/Assessor ArmLth Conv;0 s01/25;c12/24 N;Res; Fee Simple 29.95 ac +8,500 N;Res; DT2.00;Traditional Q2 ~33 0 C3 0 10 4 3.1 +3,000 4,284 +52,000 2597sf1sfin 0 0rr0br0.0ba1o Similar 0 LPFWA,HW/CA 0 None 2gd4dw +6,000 Similar 0 5-Fireplaces -11,500 Barn X 58,000 1,258,000 X X MLS, Public Record X MLS, Public Record 03/30/2017 $1,100,000 MLS/Assessor 07/02/2025 08/16/2023 $0 MLS/Assessor 07/02/2025 07/19/1995 $325,000 MLS/Assessor 07/02/2025 07/19/2016 $0 MLS/Assessor 07/02/2025 Sale #1 & #3 were out of trust - no amounts given. Data search is considered current & complete. Comparables are also current and the best available plus enjoy similar, use and demand. Sale date and proximity extended for lack of reliable neighborhood sales and data search extended to other areas for distance of similar sites. Subject and all comparables enjoy similar school district, are competitive to each other and considered to best represent the value of the subject; no others found. Upper end of value range tempered slightly and a value estimate is best considered at say, $1,200,000. The provided sales are not ideal, but reflective of our current market. 1,200,000 1,200,000 0 0 Greatest consideration given towards the results of the Market Data Approach because it best reflects a direct comparison of the local market. The Cost and Income Approaches were not considered for reasons previously stated. X 1,200,000 07/02/2025 2 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Uniform Residential Appraisal Report ADDITIONAL COMMENTS COST APPROACH TO VALUE (not required by Fannie Mae.) Provide adequate information for the lender/client to replicate your cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE =$ Source of cost data Dwelling Sq. Ft. @ $ =$ Quality rating from cost service Effective date of cost data Sq. Ft. @ $ =$ Comments on Cost Approach (gross living area calculations, depreciation, etc.) Garage/Carport Sq. Ft. @ $ =$ Total Estimate of Cost-new =$ Less Physical Functional External Depreciation =$ ( ) Depreciated Cost of Improvements =$ "As-is" Value of Site Improvements =$ COST APPROACH Estimated Remaining Economic Life (HUD and VA only) Years Indicated Value By Cost Approach =$ INCOME APPROACH TO VALUE (not required by Fannie Mae.) Estimated Monthly Market Rent $ X Gross Multiplier =$ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) INCOME PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in control of the Homeowner's Association (HOA)? Yes No Unit type(s) Detached Attached Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit. Legal Name of Project Total number of phases Total number of units Total number of units sold Total number of units rented Total number of units for sale Data source(s) Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion. Does the project contain any multi-dwelling units? Yes No Data source. Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion. Are the common elements leased to or by the Homeowner's Association? Yes No If Yes, describe the rental terms and options. Describe common elements and recreational facilities. PUD INFORMATION Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Legal: BEG AT PT ON E SEC LN 1911.03 FT S01D 55'E FROM NE COR OF SEC 23 -S01D 55'E ALNG E SEC LN 225 FT -S89D 52' 32"W 65 FT -N01D 55'W 25 FT -S89D 52'32"W1440.18 FT -S01D 49' 05"E 524.73 FT TO EW 1/4 LN -S89D 51' 26"W 1139 FT ALNG EW 1/4 LN TO CEN OF SEC 23 -N01D 58' 02"W 1041.99 FT ALNG NS 1/4 LN TO PT 1600 FT S01D 58' 02"E FROM N 1/4 COR OF SEC 23 -E PLL WITH N SEC LN 1141.79 FT -S01D 49' 05"E 314.34 FT -N89D 52' 32"E 1504.83 FT TO POB ON NE 1/4 OF SEC 23, T3N R1E 34.17 A M/L Note: "I have considered relevant competitive listings and/or contract offerings in the performance of this appraisal and in the trending information reported in this section. If a trend is indicated, I have attached and addendum providing relevant competitive listing/contract offering data." The report is based on single family residential use plus the extraordinary assumption that the roof, foundation & mechanical systems including the electrical, heating, water & sewer systems meet or exceed code and are safe/sanitary plus reliable to adequately service the subject property and the roof does not leak. Also, any utility and their easement or any easement does not effect the overall value. No adjustment was made for room count since the room number is subjective and living area adjustment is considered to include room count. The UAD mistakenly implies precision and exactness in the appraisal of real estate. The appraisal of real estate is not an exact science, but subject to analysis and interpretations of the ever changing real estate market. Note: Subject and comparable lots vary in size and have been adjusted at $2,000 per acre. Age differences were considered nominal and no adjustment was indicated. Half bath was considered at $500 and full bath warranted $1,000. Dwelling size at $30.00 per square foot. Fireplace warranted $4,000, woodstove $500 and garage at $6,000 per bay. Pole barn warranted $10,000. Across the board adjustments are considered minor in nature or having scarcity and not considered to influence the overall value. Any other adjustment item was considered of an equalizing nature or less than $500 and did not warrant adjustment. Pond considered little to no value. Comparable sales & listings used to develop the value via the sales comparison approach may be different than those used to complete the Neighborhood Inventory Analysis. Sales comparison data cannot be merely transposed to the URAR One-Unit Housing Trends section. 06/12/2025 Received and called Broker, Missy Loard 06/18/2025 Permitted inspection on this date at Brokers request 06/19/2025 Federal Holiday 06/23/2025 Called VA to report subject was currently being used as a business (Air B&B) and asked for reassignment. 06/24/2025 Received call from VA and told to disreguard current use and appraise as a single family property with report due on 07/07/2025 or before. 07/06/2025 Report submitted to VA na na na na Cost Approach not considered applicable for difficulty in estimating accrued depreciation. 40 0 6,016 0 Bsmt. 3,068 0 0 0 33 0 0 0 0 0 0 0 0 0 na 3 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Uniform Residential Appraisal Report This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. The intended user of this appraisal report is the lender/client. INTENDED USER: DEFINITION OF MARKET VALUE:The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 4 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Uniform Residential Appraisal Report APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 5 29 The appraiser has not provided real estate services of the subject within the last three years nor has any current or prospective interest regarding the subject of the parties involved.
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Uniform Residential Appraisal Report 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Signature Name Name Company Name Company Name Company Address Company Address Telephone Number Telephone Number Email Address Email Address Date of Signature and Report Date of Signature Effective Date of Appraisal State Certification # State Certification # or State License # or State License # State or Other (describe) State # Expiration Date of Certification or License State Expiration Date of Certification or License SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED Did not inspect subject property Did inspect exterior of subject property from street Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY $ Did inspect interior and exterior of subject property LENDER/CLIENT Date of Inspection Name Company Name COMPARABLE SALES Company Address Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street Email Address Date of Inspection Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Robert R. Davis Robert R. Davis, SRA 10575 Hart Hwy Dimondale, MI 48821-9585 571 351-0015 Robertdsra@aol.com 07/06/2025 07/02/2025 1205001009 VA: 329-0020 MI 07/31/2026 1785 N Williamston Rd Williamston, MI 48895-9697 1,200,000 No AMC Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100 San Diego, CA 92108-1633 hwalker@cfmtg.com 6 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 SKETCH ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 7 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 SKETCH ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 8 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 SKETCH ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 9 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. LOCATION MAP ADDENDUM Borrower Property Address City County State Zip Code Lender/Client Address Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 10 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. SUBJECT PHOTO ADDENDUM Borrower Property Address City County State Zip Code Lender/Client Address FRONT OF SUBJECT PROPERTY REAR OF SUBJECT PROPERTY STREET SCENE Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 1785 N Williamston Rd Williamston, MI 48895-9697 Viewing N'ly along N Williamston Rd Subject is on the left 11 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. SUBJECT PHOTO ADDENDUM Borrower Property Address City County State Zip Code Lender/Client Address Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 Front & E'ly Side Front and W'ly Side S'ly & E'ly Side of the Garage 12 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. SUBJECT PHOTO ADDENDUM Borrower Property Address City County State Zip Code Lender/Client Address Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 E'ly Side View Front & W'ly side of the Pole Barn Rear & E'ly side of the Pole Barn. Yard building at 13 29 left foreground of no value.
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. SUBJECT PHOTO ADDENDUM Borrower Property Address City County State Zip Code Lender/Client Address Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 Front Entry Loft above front Entry E'ly side Entry 14 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. SUBJECT PHOTO ADDENDUM Borrower Property Address City County State Zip Code Lender/Client Address Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 Living Room; Library in background right Dining; kitchen in background Kitchen 15 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. SUBJECT PHOTO ADDENDUM Borrower Property Address City County State Zip Code Lender/Client Address Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 Livinig Room Fireplace Kitchen Sitting Area Woodstove Large Bedroom Fireplace 16 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. SUBJECT PHOTO ADDENDUM Borrower Property Address City County State Zip Code Lender/Client Address Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 1/2 Bath off front Entry The 1/2 Bath off E'ly Side Entry 1/2 Bath off Game Room 17 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. SUBJECT PHOTO ADDENDUM Borrower Property Address City County State Zip Code Lender/Client Address Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 Bedroom down bath Large Bedroom Bath NE'ly Bedroom Up Bath 18 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. SUBJECT PHOTO ADDENDUM Borrower Property Address City County State Zip Code Lender/Client Address Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 SE'ly Bedroom Up Bath E'ly Bedroom Up Bath Bar off Living Room 19 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. SUBJECT PHOTO ADDENDUM Borrower Property Address City County State Zip Code Lender/Client Address Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 Electrical Service Electrical Circuits Well & Sump 20 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. SUBJECT PHOTO ADDENDUM Borrower Property Address City County State Zip Code Lender/Client Address Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 Furnace & water heater Additional furnace & water heater Furnace in garage for living area above 21 29 .
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address COMPARABLE # COMPARABLE # COMPARABLE # Page of COMPARABLES 1-2-3 UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 1 529 W Grand River Ave Williamston, MI 48864-3109 2 40 Monarch Ln Okemos, MI 48864-3191 3 1625 Willoughby Rd Mason, MI 48854-9435 22 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Statistics UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 Statistical Market Analysis Status # Listings List Volume Sold Volume List Price Sold Price Sale/List Price Building Area Total SqFt List Price Per Building Area Total SqFt Sold Price Per Building Area Total SqFt Days on Market Cumulativ e Days on Market Active 3 3,039,900 0 Low Avg Med High 714,900 1,013,300 975,000 1,350,000 0 0 0 0 0.00 0.00 0.00 0.00 4,340 6,460 6,261 8,778 111.07 178.77 114.18 311.06 0.00 0.00 0.00 0.00 8 54 19 135 8 216 19 622 Active Under Contract 1 1,350,000 0 Low Avg Med High 1,350,000 1,350,000 1,350,000 1,350,000 0 0 0 0 0.00 0.00 0.00 0.00 9,848 9,848 9,848 9,848 137.08 137.08 137.08 137.08 0.00 0.00 0.00 0.00 68 68 68 68 156 156 156 156 Pending 1 1,198,000 0 Low Avg Med High 1,198,000 1,198,000 1,198,000 1,198,000 0 0 0 0 0.00 0.00 0.00 0.00 7,656 7,656 7,656 7,656 156.48 156.48 156.48 156.48 0.00 0.00 0.00 0.00 175 175 175 175 175 175 175 175 Closed 15 15,533,900 14,845,100 Low Avg Med High 754,900 1,035,593 997,500 1,399,800 736,200 989,673 960,000 1,306,500 0.86 0.96 0.98 1.03 5,172 7,950 7,809 13,848 72.03 134.90 140.08 196.76 62.10 129.37 124.05 182.01 1 72 71 175 1 96 75 360 Selection Criteria for Comparable Properties Specified listings from the following search: Property type Residential; Inside 20.07 mi. radius search from 1834 Holt Rd, Williamston, MI 48895, USA; Status of 'Active', 'Closed', 'Coming Soon', 'Pending', 'Active Under Contract'; Above Grade Finished Area between 4000 and 9999999; Year Built between 1980 and 9999; Under Contract Date between '07/02/2024' and '07/02/2035'; Sold Date between '07/02/2024' and '07/02/2035'; or Levels of Two. Fannie Mae 1004MC Statistics Inventory Analysis Prior 7-12 Months 7/2/2024 - 1/1/2025 Prior 4-6 Months 1/2/2025 - 4/1/2025 Current - 3 Months 4/2/2025 - 7/2/2025 Total # of Comparable Sales (Settled) 8 3 4 Absorption Rate (Total Sales/Months) 1.33 1.00 1.33 Total # of Active Listings 5 (Active on 1/1/2025) 3 (Active on 4/1/2025) 3 (Active on 7/2/2025) Months of Housing Supply (Total Listings / Ab. Rate) 3.76 3 2.26 Median Sale & list Price, Dom, Sale/List % Prior 7-12 Months Prior 4-6 Months Current - 3 Months Median Comparable Sale Price 961,250 995,000 864,000 Median Comparable Sales DOM 46 137 54 Median Comparable List Price 995,000 995,000 975,000 Median Comparable Listings DOM 160 135 19 Median Sale Price as % of List Price 97.44 % 97.52 % 99.03 % 23 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Market Summary UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 24 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 UNIFORM APPRAISAL DATASET (UAD) File No. Property Condition and Quality Rating Definitions Requirements - Condition and Quality Ratings Usage Appraisers must utilize the following standardized condition and quality ratings within the appraisal report. Condition Ratings and Definitions C1 The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are new and the dwelling features no physical depreciation. Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been rehabilitated/remanufactured into like-new condition. Improvements that have not been previously occupied are not considered "new" if they have significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep). C2 The 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 are either almost new or have been recently completely renovated and are similar in condition to new construction. Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical depreciation, or an older property that has been recently completely renovated. C3 The 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. Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is being well maintained. It's estimated effective age is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of a complete renovation. C4 The 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. Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however, they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property. C5 The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability are somewhat diminished due to condition, but the dwelling remains useable and functional as a residence. Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional. C6 The 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. Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements. Page of (Updated 1/2014) UAD16848CornerStoneLapp Case No. 29-29-6-0915724 25 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 UNIFORM APPRAISAL DATASET (UAD) Property Condition and Quality Rating Definitions File No. 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. Such residences 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 exceptionally high quality. Q2 Dwellings 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 residences 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. Q3 Dwellings 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 ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from "stock" standards. Q4 Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades. Q5 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 exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades. Q6 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 often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions to the original structure. Page of Requirements - 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 meet existing market expectations. Updates do 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. (Updated 1/2014) not include significant alterations to the existing structure. UAD16848CornerStoneLapp Case No. 29-29-6-0915724 26 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 UNIFORM APPRAISAL DATASET (UAD) Property Description Abbreviations Used in This Report File No. Abbreviation Full Name May Appear in These Fields Page of A ac AdjPrk AdjPwr ArmLth AT B ba br BsyRd c Cash Comm Conv cp CrtOrd CtySky cv DOM DT dw e Estate FHA g ga gbi gd GlfCse Glfvw GR HR in Ind Listing Lndfl LtdSght MR Mtn N NonArm o O op Prk Adverse Acres Adjacent to Park Adjacent to Power Lines Arms Length Sale Attached Structure Beneficial Bathroom(s) Bedroom Busy Road Contracted Date Cash Commercial Influence Conventional Carport Court Ordered Sale City View Skyline View City Street View Covered Days On Market Detached Structure Driveway Expiration Date Estate Sale Federal Housing Administration Garage Attached Garage Built-In Garages Detached Garage Golf Course Golf Course View Garden High Rise Interior Only Stairs Industrial Listing Landfill Limited Sight Mid Rise Mountain View Neutral Non-Arms Length Sale Other Other Park View Location & View Area, Site Location Location Sales or Financing Concessions Design (Style) Location & View Basement & Finished Rooms Below Grade Basement & Finished Rooms Below Grade Location Date of Sale/Time Sale or Financing Concessions Location Sale or Financing Concessions View View Garage/Carport Data Sources Date of Sale/Time Garage/Carport Design (Style) Garage/Carport Garage/Carport Garage/Carport Sale or Financing Concessions Sale or Financing Concessions Sale or Financing Concessions Garage/Carport Garage/Carport Location View Design (Style) Design (Style) Basement & Finished Rooms Below Grade Location & View Sales or Financing Concessions Location View Design (Style) View Location & View Sale or Financing Concessions Basement & Finished Rooms Below Grade Design (Style) Garage/Carport View CtyStr Open Pstrl PwrLn PubTrn Relo REO Res RH rr RT s SD Short sf sqm Unk VA w wo Woods Wtr WtrFr wu Pastoral View Power Lines Public Transportation Relocation Sale REO Sale Residential USDA - Rural Housing Recreational (Rec) Room Row or Townhouse Settlement Date Semi-detached Structure Short Sale Square Feet Square Meters Unknown Veterans Administration Withdrawn Date Walk Out Basement Woods View Water View Water Frontage Walk Up Basement View View Location Sale or Financing Concessions Sale or Financing Concessions Location & View Sale or Financing Concessions Basement & Finished Rooms Below Grade Design (Style) Date of Sale/Time Design (Style) Sale or Financing Concessions Area, Site, Basement Area, Site Date of Sale/Time Sale or Financing Concessions Date of Sale/Time Basement & Finished Rooms Below Grade View View Location Basement & Finished Rooms Below Grade (Updated 1/2014) UAD16848CornerStoneLapp Case No. 29-29-6-0915724 27 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 COMMENT ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address APPRAISER: SUPERVISOR: 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: Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 SCOPE AND FUNCTION OF APPRAISAL The scope of the appraisal pertains to the estimation of the property value by means of comparison of other similar improved parcels which have sold or which have been offered for sale in this and similar neighborhoods. The comparison process is the application of the Market Data Approach. A Cost Approach was not provided for the difficulty in estimating accrued depreciation. The Income Approach has not been applied in the belief a credible results would not be produced. The appraiser has observed the Subject Property and neighborhood for the purpose of gathering specific data to use in the appraisal analysis. Subject observation consisted of viewing only the readily accessible living/storage areas not attics, crawl spaces or any other areas obstructed by furniture, area rugs or belongings. No appliances, heating or cooling systems were cycled nor insulation viewed. The appraiser viewed the roof from the ground if it was not obstructed at time of inspection. In addition, the market was researched for MLS sales of competing and comparable properties. The information obtained from this research was analyzed. Adjustments were made, when necessary, for differences in date of sale, location, physical condition and others. Based on the indications obtained from the market data method of valuation, a final estimate of value was concluded. Any hazardous waste, property contamination, mold, biological or insect infestation condition and/or easement investigation is beyond the scope of this appraisal assignment. Further "scope of work" elements can also be identified throughout this appraisal report. The appraiser holds a Michigan Certified General appraisers license. Appraisers are required to be licensed and are regulated by the Michigan Department of Licensing and Regulatory Affairs, Bureau of Professional Licensing, P. O. Box 30678, Lansing, MI 48909. Liability of the appraiser is limited to the fee collected. No responsibility is assumed for matters of legal nature that affects the title of the subject property nor is an opinion of title rendered. The value estimate is given without regard to questions of title, boundaries, encumbrances or encroachments. The appraisal is not a home inspection and should not be considered a report of the physical items that are a part of this property. The observed condition of the properties accessible areas is based on a casual inspection only and the information gathered is only used as a general guide for property valuation and not intended to be used to evaluated the condition or adequacy of the subject property nor relied upon to disclose conditions and/or defects in the property. Appraiser makes no guarantees about the structural integrity of the property and assumes no adverse conditions. An expert should be consulted and further inspection conducted if there are any concerns about structural integrity. This appraisal is considered an appraisal report according to the standards of the Uniform Standards of Professional Appraisal Practice. Any and all information about the Subject property that the lender is aware of must be disclosed to the appraiser. The appraiser must determine if the information could affect either the marketability of the property or the opinion of market value of the property. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. As of the date of this report, Robert Davis has completed the continuing education program of the Appraisal Institute. The appraiser has been engaged by the Department of Veterans Affairs (the client and intended user) through its client, Cornerstone First Mortgage LLC, to estimate the market value of subject for a federally related mortgage loan unless stated otherwise. The intended use of this appraisal is to assist the client in evaluating the subject property as collateral for lending decisions subject to the stated Scope of Work, appraisal purpose, reporting requirements of this appraisal report form and Definition of Market Value. The intended user of this report is any approved VA Lender. No additional Intended Users are identified by the appraiser. Because a borrower or third party may receive a copy of the appraisal, does not mean that the borrower or third party is an Intended User. Even if the borrower "may" rely on the appraisal report, they should not be relying on it to disclose conditions and defects. That is the job of the home inspector. Photos were taken between 6/19/2025 and 7/02/2025 observations. Robert R. Davis 07/06/2025 1205001009 MI 07/31/2026 28 29
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 COMMENT ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address APPRAISER: SUPERVISOR: 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: Page of UAD16848CornerStoneLapp Case No. 29-29-6-0915724 Maxwell A Chartier 1785 N Williamston Rd Williamston Ingham MI 48895-9697 Cornerstone First Mortgage LLC/VA 2655 Camino Del Rio N STE 100, San Diego, CA 92108-1633 The appraiser does not have any relationship with the property owners, homeowners, borrowers or third parties. The intended use, intended users and clients of this appraisal assignment have been clearly disclosed throughout this appraisal report. The appraiser is not responsible for any unauthorized use of this appraisal report. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value the 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. The appraiser has made an interior inspection of the subject and all utilities were "on" and functioning at time of inspection. Data sources, including, but not limited to, appraiser file data (including other appraisal reports), public records, MLS data and owner interviews were relied upon for information used to describe the subject of this report. Inspection and value estimate was made during the Covid-19 period of 2020-2024; value estimate is considered to comply with market value definition. The report is based on the extraordinary assumption that the roof, foundation and mechanical systems including the electrical, heating, water & sewer systems meet or exceed code & are safe and sanitary plus reliable to adequately service the subject property and the roof does not leak. Also, any utility and their easement or any easement does not effect the overall value. No adjustment was made for location of the comparables in relation to major road, street or highway since the market does not have a perception that prices are higher or lower for sales separated from subject by any major road, street or highway. Subject is not considered to be within any airport noise zone or safety-related zone unless addressed in the site section here. No adjustment was made for room or bedroom count since the room or bedroom number is subjective and living area adjustment is considered to include bedroom count. The exposure time for the subject, unless otherwise stated in the report, is the same as the Marketing Time indicated in the Neighborhood Section. Comparable sales & listings used to develop the value via the sales comparison approach may be different than those used to complete the Neighborhood Inventory Analysis. Sales comparison data cannot be merely transposed to the URAR One-Unit Housing Trends section. Subject area and neighborhood mix reflects a wide range of values and ages. Neither the wide ranges or the indicated predominate value of the neighborhood indicate that the subject is an under or over improvement. Either of these issues will be addressed only when the subject is a significant statistical outlier and where adverse marketability can be demonstrated with current sale data. The appraiser reserves the right to amend the opinion/conclusions or charge additional fee if any changes are requested or required or if new or revised information becomes available. In addition, the Appraiser reserves the right to inform any future or potential client of any prior appraisal or real estate services regarding the subject property. The appraiser has not provided real estate services/appraisal of the subject property within the last three years. The appraisers signature and provided photos are digitally produced. Market Value (Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: Appraisal Institute), 2010, peg 122): The most probable price that 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 and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and • 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. (12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994). At the request of the client, this appraisal report has been prepared in compliance with the Fannie Mae and Freddie Mac Uniform Appraisal Dataset (UAD). The UAD requires the appraiser to use standardized responses that include specific formats, definitions, abbreviations, and acronyms. The appraiser has attempted to obtain an adequate amount of information in the normal course of business regarding the subject and comparable properties. Some of the standardized responses required by the UAD, especially those in which the appraiser has not had the opportunity to verify personally or measure, should mistakenly imply greater precision and reliability in the data than is factually correct or typical in the normal course of business. Examples include condition and quality ratings as well as comparable sales and listing data. Not every element of the subject property was viewable and comparable property data was generally obtained from third-party sources (MLS, Public Records, etc). Consequently, this information should be considered an "estimate" unless otherwise noted by the appraiser. ACCEPTANCE AND USE STATEMENT: Acceptance and use of this Appraisal Report by the intended or foreseeable user is direct evidence that the user has exercised reasonable diligence in review and acceptance of the quality, completeness and accuracy of this report including the final opinion of value. Acceptance and use of this report is explicit and direct evidence establishing the date of the report as the accepted and agreed upon point of discovery for any and all subsequent legal proceedings. Robert R. Davis 07/06/2025 1205001009 MI 07/31/2026 29 29