appraisal 5023.pdf
Caleb Taylor Petitioner V City Of Portage Respondent · 26-002829-TT
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File No. APPRAISAL OF LOCATED AT: FOR: BORROWER: AS OF: BY: 202500164 10093797 Source One Appraisal Kevin Charles Molda February 3, 2025 Caleb & Abigail Taylor Sturgis, MI, 43866 113 E Chicago Rd #125 Sturgis Bank & Trust Company Portage, MI 49024 5023 Angling Rd 5468 Holiday Terrace, Kalamazoo, MI 49009 800-530-1552
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File No. File Number: In accordance with your request, I have appraised the real property at: The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the market value of the property as of is: The attached report contains the description, analysis and supportive data for the conclusions, final opinion of value, descriptive photographs, limiting conditions and appropriate certifications. 202500164 10093797 Source One Appraisal Kevin Charles Molda Four Hundred Thousand Dollars $400,000 February 3, 2025 Portage, MI 49024 5023 Angling Rd 202500164 Sturgis, MI, 43866 113 E Chicago Rd #125 Sturgis Bank & Trust Company Midwest Appraisal 5468 Holiday Terrace, Kalamazoo, MI 49009 800-530-1552
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Uniform Residential Appraisal Report File No. The purpose of this summary 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, offering 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 downpayment 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 Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use % Note: Race and the racial composition of the neighborhood are not appraisal factors. 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 the 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 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 Page 1 of 6 Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 202500164 10093797 Appraisal Report DOM 8;Per MichRIC #25002084 the subject was listed for sale on 01/17/2025 for $395,000 and pending sale 01/25/2025. X 113 E Chicago Rd #125, Sturgis, MI 43866 Sturgis Bank & Trust Company X X 0 0 X 0020.03 077-26 Northwest Portage 6,217 2024 03580-052-O HILL N BROOK VILLAGE LOT 52 Kalamazoo Richard Sr. & Mary White Caleb & Abigail Taylor 49024 MI Portage 5023 Angling Rd $0;;No financial assistance provided. X Tax Records X 01/25/2025 360,000 Arms length sale;I have reviewed the sales contract provided by the client and found it to be a standard agreement 8 pages in length. Seller to pay buyers broker 3% of contract price. X See Attached Addendum. The subject is located in the Hill N Brook Village plat in the northwestern section of the City of Portage. The neighborhood is comprised primarily of single family homes of varying age, design and quality. Places of employment, schools, shopping and recreational activities are typically within 5-10 miles with primary roadways and public transportation less than 1 mile. 13 1 1 85 55 165 0 275 1,800 60 Bounded on the north by Parkview Avenue, on the east by Westnedge Avenue, on the south by Milham Avenue and on the west by 12th Street. X X X X X X No adverse site conditions were noted at the time of the inspection. X X 02/17/2010 26077C0301D X X None X Paved Asphalt X X X X See Attached Addendum. X X Single Family Residential R-1C N;Res; Rectangular 1.06 ac 125x368 X Please see attached additional limiting conditions. X C4;Kitchen-updated-timeframe unknown;Bathrooms- updated-timeframe unknown;Physical depreciation appears consistent with the effective age and style of the home. No significant deferred maintenance and/or neglect was observed. No functional or external depreciation was observed that would negatively adjust value. The appraiser measured in compliance with ANSI Z765-2021 standard. 3,055 3.0 4 8 X X X X X X X 0 2 X Asphalt 2 X Tile/Fibrgl/Avg Tile/Average Wood/Average Plaster/Avg. LVP/Crpt/Avg. None None Covered X Dk X Vinyl X 2 X 0 Aluminum/Avg. Thermal Pane/Avg Casement/Avg. Aluminum/Avg. Asph. Shingle/Avg Alum/Stone/Avg. Concrete/Average X N. Gas X X 60 1550 X X X 30 1955 Ranch X X 1 X
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Uniform Residential Appraisal Report File No. 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 Address Proximity to Subject Sale Price $ Sale Price/Gross Liv. Area $ sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION 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 Room Count Gross Living Area 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 COMPARABLE SALE NO. 1 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 2 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 3 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ 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 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 Analysis of prior sale or transfer history of the subject property and comparable sales Summary of Sales Comparison Approach. Indicated Value by Sales Comparison Approach $ 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 $ as of , which is the date of inspection and the effective date of this appraisal. RECONCILIATION Page 2 of 6 Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 202500164 10093797 Appraisal Report 480,000 312,000 42 0 0 0 IG Pool Other Fence Addt'l Features 2 F/P Fireplaces Dk; CP 2gbi2dw None HWBB C/Air Average 1rr0br0.1ba0o 1550sf930sfwo 3,055 50 3.0 4 8 C4 70 Q3 DT1;Ranch N;Res; 1.06 ac Fee Simple N;Res; 117.84 360,000 Portage, MI 49024 5023 Angling Rd 390,000 28.0 -7.1 30,000 X 0 None 0 UGS 0 1 F/P Dk; CP -10,000 3ga3dw None 0 FWA C/Air Average 5,800 23,300 1504sf0sfin -7,400 3,202 7,500 2.1 4 8 -50,000 C3 -6,400 38 Q3 0 DT2;Traditional N;Res; 7,200 14723 sf Fee Simple N;Res; s12/24;c11/24 VA;0 ArmLth BSA/Assessment Records MichRIC #24034771;DOM 133 131.17 420,000 0.32 miles SW Portage, MI 49024 3197 Bryn Mawr Dr 411,600 33.9 6.9 26,600 X 0 None 2,500 None 2 F/P 0 Pt; CP 0 2ga2dw None HWBB C/Air Average 5,800 1rr1br0.0ba1o 1,800 1302sf1107sfin 46,700 2,121 15,000 2.1 3 7 -50,000 C3 -2,000 60 Q3 DT1;Ranch N;Res; 6,800 16553 sf Fee Simple N;Res; s07/24;c06/24 Conv;0 ArmLth BSA/Assessment Records MichRIC #24027484;DOM 15 181.52 385,000 0.52 miles SW Portage, MI 49024 3617 Wedgewood Dr 470,300 22.8 4.5 20,300 X IG Pool -2,500 Fence; UGS 0 3 F/P 0 Dk; Pt 0 2ga2dw None 0 FWA C/Air Average -5,800 1rr2br1.0ba0o -27,800 2490sf1100sfwo 28,300 2,490 30,000 2.1 1 5 C4 0 68 Q3 DT1;Ranch N;Res; 3,100 32670 sf Fee Simple N;Res; s05/24;c04/24 -5,000 Conv;5000 ArmLth BSA/Assessment Records MichRIC #24017393;DOM 134 180.72 450,000 0.31 miles NW Kalamazoo, MI 49008 4225 Lake Forest Dr MichRIC/Assessor X MichRIC/Assessor X X 02/03/2025 MichRIC/Assessor 02/03/2025 MichRIC/Assessor 02/03/2025 MichRIC/Assessor 02/03/2025 Assessment Records $0 08/09/2023 400,000 See Attached Addendum. See Attached Addendum. 02/03/2025 400,000 X See Attached Addendum. 0 0 400,000 Source One Appraisal
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Uniform Residential Appraisal Report File No. ADDITIONAL COMMENTS COST APPROACH TO VALUE (not required by Fannie Mae) Provide adequate information for the lender/client to replicate the below 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 Source of cost data Quality rating from cost service Effective date of cost data Comments on Cost Approach (gross living area calculations, depreciation, etc.) Estimated Remaining Economic Life (HUD and VA only) Years OPINION OF SITE VALUE . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .= $ Dwelling Sq. Ft. @ $ .. .. .. .. .. .. = $ Sq. Ft. @ $ .. .. .. .. .. .. = $ Garage/Carport Sq. Ft. @ $ .. .. .. .. .. .. = $ Total Estimate of Cost-New . .. .. .. .. .. . = $ Less Physical Functional External Depreciation = $ ( ) Depreciated Cost of Improvements .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. = $ "As-is" Value of Site Improvements . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . = $ INDICATED VALUE BY COST APPROACH . .. .. .. .. .. .. .. .. .. .. . = $ COST APPROACH INCOME APPROACH TO VALUE (not required by Fannie Mae) Estimated Monthly Market Rent $ X Gross Rent 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 Homeowners' 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 an 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(s) 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 Homeowners' Association? Yes No If Yes, describe the rental terms and options. Describe common elements and recreational facilities. PUD INFORMATION Page 3 of 6 Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 202500164 10093797 Appraisal Report 0 70 75,000 40 The cost approach has been considered but not completed due to it's lack of necessity to arrive at a credible opinion of value for the intended use of the client, lack of relevance and lack of support in the current market. Due to the lack of unimproved land sales in the subject neighborhood the allocation method has been utilized to estimate the site value. The Income Approach Method has been considered is not generally applied to single family residences due to its lack of appropriateness and insufficient data. 0 0 0
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Uniform Residential Appraisal Report File No. 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. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. 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. Page 4 of 6 Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 202500164 10093797 Appraisal Report
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Uniform Residential Appraisal Report File No. 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. 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). Page 5 of 6 Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 202500164 10093797 Appraisal Report
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Uniform Residential Appraisal Report File No. 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 Signature Name Company Name Company Address Telephone Number Email Address Date of Signature and Report Effective Date of Appraisal State Certification # or State License # or Other (describe) State # State Expiration Date of Certification or License ADDRESS OF PROPERTY APPRAISED APPRAISED VALUE OF SUBJECT PROPERTY $ LENDER/CLIENT Name Company Name Company Address Email Address SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY Did not inspect subject property Did inspect exterior of subject property from street Date of Inspection Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street Date of Inspection Page 6 of 6 Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 202500164 10093797 Appraisal Report Sturgis, MI 43866 113 E Chicago Rd #125 Sturgis Bank & Trust Company Midwest Appraisal 400,000 Portage, MI 49024 5023 Angling Rd 07/31/2026 MI 1204004080 02/03/2025 02/06/2025 orders@sourceoneappraisal.com (269) 377-9224 Kalamazoo, MI 49009 5464 Holiday Terrace Source One Appraisal Kevin Charles Molda Source One Appraisal
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Uniform Residential Appraisal Report File No. FEATURE SUBJECT Address Proximity to Subject Sale Price $ Sale Price/Gross Liv. Area $ sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION 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 Room Count Gross Living Area 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 COMPARABLE SALE NO. 4 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 5 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 6 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ ITEM SUBJECT Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) COMPARABLE SALE NO. 4 COMPARABLE SALE NO. 5 COMPARABLE SALE NO. 6 Summary of Sales Comparison Approach SALES COMPARISON APPROACH Fannie Mae Form 1004 March 2005 Freddie Mac Form 70 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 202500164 10093797 Appraisal Report IG Pool Other Fence Addt'l Features 2 F/P Fireplaces Dk; CP 2gbi2dw None HWBB C/Air Average 1rr0br0.1ba0o 1550sf930sfwo 3,055 50 3.0 4 8 C4 70 Q3 DT1;Ranch N;Res; 1.06 ac Fee Simple N;Res; 117.84 360,000 Portage, MI 49024 5023 Angling Rd 414,400 11.5 10.5 39,400 X 0 None 2,500 None 0 1 F/P 0 Pt; CP 0 2ga2dw None 0 FWA C/Air Average 5,800 1rr0br0.0ba0o 14,800 1438sf450sfin 12,900 2,798 0 2.1 5 8 C4 -1,800 61 Q3 0 DT2;Traditional N;Res; 5,200 23305 sf Fee Simple N;Res; s01/25;c11/24 Conv;0 ArmLth BSA/Assessment Records MichRIC #24039775;DOM 107 134.02 375,000 1.12 miles SE Portage, MI 49024 5116 Mapleridge Dr 397,800 25.8 -6.4 27,200 X 0 None Fence 0 1 F/P 0 Pt; CP 0 2ga2dw None 0 FWA C/Air Average 5,800 1rr0br0.0ba0o 11,400 1404sf621sfin 9,500 2,866 7,500 2.1 4 8 -50,000 C3 -6,000 40 Q3 0 DT2;Traditional N;Res; 7,100 15115 sf Fee Simple N;Res; s01/25;c11/24 -12,500 Conv;12500 ArmLth BSA/Assessment Records MichRIC #24048741;DOM 61 148.29 425,000 0.47 miles SW Portage, MI 49024 3621 Fleetwood Dr 460,300 38.3 13.7 55,300 X 0 None 0 UGS 2 F/P 0 Pt; CP 0 2ga2dw None HWBB C/Air Average 5,800 1rr0br0.0ba0o 27,100 800sf600sfin 44,300 2,169 22,500 2.0 3 6 -50,000 C3 0 69 Q3 DT1;Ranch N;Res; 5,600 21780 sf Fee Simple N;Res; s06/24;c05/24 Cash;0 ArmLth BSA/Public Records MichRIC #24020430;DOM 4 186.72 405,000 1.39 miles NE Kalamazoo, MI 49008 1229 Parker Ave 02/03/2025 MichRIC/Assessor 02/03/2025 MichRIC/Assessor 02/03/2025 Assessment Records $0 08/07/2024 02/03/2025 MichRIC/Assessor See Attached Addendum.
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Uniform Residential Appraisal Report File No. FEATURE SUBJECT Address Proximity to Subject Sale Price $ Sale Price/Gross Liv. Area $ sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION 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 Room Count Gross Living Area 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 COMPARABLE SALE NO. 7 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 8 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 9 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ ITEM SUBJECT Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) COMPARABLE SALE NO. 7 COMPARABLE SALE NO. 8 COMPARABLE SALE NO. 9 Summary of Sales Comparison Approach SALES COMPARISON APPROACH Fannie Mae Form 1004 March 2005 Freddie Mac Form 70 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 202500164 10093797 Appraisal Report IG Pool Other Fence Addt'l Features 2 F/P Fireplaces Dk; CP 2gbi2dw None HWBB C/Air Average 1rr0br0.1ba0o 1550sf930sfwo 3,055 50 3.0 4 8 C4 70 Q3 DT1;Ranch N;Res; 1.06 ac Fee Simple N;Res; 117.84 360,000 Portage, MI 49024 5023 Angling Rd 361,400 24.8 -19.7 88,600 X 0 None 2,500 None 0 1 F/P 0 Pt; CP 0 2ga8dw None 0 FWA C/Air Average 5,800 1rr0br0.0ba1o 3,200 1206sf1145sfwo -10,100 3,257 3.0 4 8 -50,000 C3 0 74 -40,000 Q2 DT1;Ranch 0 N;Res;School 0 36808 sf Fee Simple N;Res; s03/24;c11/23 Cash;0 ArmLth BSA/Assessment Records MichRIC #23012632;DOM 190 138.16 450,000 2.09 miles NE Kalamazoo, MI 49008 2007 Saxonia Ln 376,000 46.2 13.9 46,000 X 0 None 2,500 None 2 F/P 0 Dk; Pt; CP 0 2ga2dw None 0 FWA C/Air Average -5,800 1rr1br1.0ba1o -13,300 1720sf1290sfwo 66,800 1,720 30,000 1.1 3 6 C4 -5,000 45 Q3 DT1;Ranch 0 N;Res;Woods -29,200 3.98 ac Fee Simple N;Res; s11/24;c11/24 VA;0 ArmLth BSA/Assessment Records MichRIC #24057998;DOM 6 191.86 330,000 1.90 miles SW Portage, MI 49024 6427 S 12th St 493,518 41.9 26.3 102,900 X 0 None 2,500 None 0 1 F/P 0 Dk; Pt 0 2gd2dw None 0 FWA C/Air Average 5,800 1rr0br0.0ba0o 24,000 989sf530sfin 57,600 1,904 30,000 1.1 3 7 C4 3,400 87 Q3 0 DT2;Colonial -25,000 B;Woods;Wtr -5,400 1.60 ac Fee Simple 10,000 A;BsyRd; s04/24;c04/24 Cash;0 ArmLth BSA/Assessment Records MichRIC #24007731;DOM 3 205.16 390,618 1.52 miles NE Kalamazoo, MI 49008 2626 Oakland Dr 02/03/2025 MichRIC/Assessor 02/03/2025 MichRIC/Assessor 02/03/2025 MichRIC/Assessor 02/03/2025 MichRIC/Assessor See Attached Addendum.
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Uniform Appraisal Dataset Definitions File No. Condition Ratings and Definitions C1 The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling features no physical depreciation.* *Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Recently constructed improvements that have not been previously occupied are not considered "new" if they have any significant physical depreciation (i.e., 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 either are 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. Its 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 is 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. 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 of 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. Definitions of Not Updated, Updated, and Remodeled Not Updated Little or no updating or modernization. This description includes, but is not limited to, new homes. Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced or updated. Those over fifteen years of age are also considered not updated if the appliances, fixtures, and finishes are predominantly dated. An area that is 'Not Updated' may still be well maintained and fully functional, and this rating does not necessarily imply deferred maintenance or physical /functional deterioration. Updated The area of the home has been modified to meet current market expectations. These modifications are limited in terms of both scope and cost. An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not include significant alterations to the existing structure. Remodeled Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/ or expansion. A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of square footage). This would include a complete gutting and rebuild. Explanation of Bathroom Count The number of full and half baths is reported by separating the two values by a period. The full bath is represented to the left of the period. The half bath count is represented to the right of the period. Three-quarter baths are to be counted as a full bath in all cases. Quarter baths (baths that feature only toilet) are not to be included in the bathroom count. Uniform Appraisal Dataset Definitions Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 202500164 10093797 Appraisal Report
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Uniform Appraisal Dataset Definitions File No. Abbreviations Used in Data Standardization Text Abbrev. Full Name Appropriate Fields ac Acres Area, Site AdjPrk Adjacent to Park Location AdjPwr Adjacent to Power Lines Location A Adverse Location & View ArmLth Arms Length Sale Sale or Financing Concessions AT Attached Structure Design(Style) ba Bathroom(s) Basement & Finished Rooms Below Grade br Bedroom Basement & Finished Rooms Below Grade B Beneficial Location & View BsyRd Busy Road Location cp Carport Garage/Carport Cash Cash Sale or Financing Concessions CtySky City View Skyline View View CtyStr City Street View View Comm Commercial Influence Location c Contracted Date Date of Sale/Time Conv Conventional Sale or Financing Concessions cv Covered Garage/Carport CrtOrd Court Ordered Sale Sale or Financing Concessions DOM Days On Market Data Sources DT Detached Structure Design(Style) dw Driveway Garage/Carport Estate Estate Sale Sale or Financing Concessions e Expiration Date Date of Sale/Time FHA Federal Housing Authority Sale or Financing Concessions g Garage Garage/Carport ga Garage - Attached Garage/Carport gbi Garage - Built-in Garage/Carport gd Garage - Detached Garage/Carport GR Garden Structure Design(Style) GlfCse Golf Course Location Glfvw Golf Course View View HR High Rise Structure Design(Style) Ind Industrial Location & View Abbrev. Full Name Appropriate Fields in Interior Only Stairs Basement & Finished Rooms Below Grade Lndfl Landfill Location LtdSght Limited Sight View Listing Listing Sale or Financing Concessions MR Mid-Rise Structure Design(Style) Mtn Mountain View View N Neutral Location & View NonArm Non-Arms Length Sale Sale or Financing Concessions op Open Garage/Carport o Other Basement & Finished Rooms Below Grade O Other Design(Style) Prk Park View View Pstrl Pastoral View View PwrLn Power Lines View PubTrn Public Transportation Location rr Recreational (Rec) Room Basement & Finished Rooms Below Grade Relo Relocation Sale Sale or Financing Concessions REO REO Sale Sale or Financing Concessions Res Residential Location & View RT Row or Townhouse Design(Style) RH Rural Housing - USDA Sale or Financing Concessions SD Semi-detached Structure Design(Style) s Settlement Date Date of Sale/Time Short Short Sale Sale or Financing Concessions sf Square Feet Area, Site, Basement sqm Square Meters Area, Site, Basement Unk Unknown Date of Sale/Time VA Veterans Administration Sale or Financing Concessions wo Walk Out Basement Basement & Finished Rooms Below Grade wu Walk Up Basement Basement & Finished Rooms Below Grade WtrFr Water Frontage Location Wtr Water View View w Withdrawn Date Date of Sale/Time Woods Woods View View Other Appraiser-Defined Abbreviations Abbrev. Full Name Appropriate Fields Abbrev. Full Name Appropriate Fields Uniform Appraisal Dataset Definitions Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 202500164 10093797 Appraisal Report
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ADDENDUM Borrower: Caleb & Abigail Taylor File No.: 202500164 Property Address: 5023 Angling Rd Case No.: 10093797 City: Portage State: MI Zip: 49024 Lender: Sturgis Bank & Trust Company SCOPE OF WORK At the request of the client, this appraisal report has been prepared in compliance with the Uniform Appraisal Dataset (UAD) from Fannie Mae and Freddie Mac. The UAD requires the appraiser to use standardized responses that included specific formats, definitions, abbreviations, and acronyms. In the normal course of business, the appraiser attempted to obtain an adequate amount of information regarding the subject and comparable properties. Some of the required UAD standardized response, especially those in which the appraiser has not had the opportunity to verify personally or measure, could 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. Consequently, this information should be considered an "estimate" unless otherwise noted by the appraiser. This report was prepared under the following USPAP reporting option, Appraisal Report, A written report prepared under Standards rule 2-2 (a). This report contains sufficient information to enable the client to understand the report. The Scope of Work Discussion continues throughout the report. INTENDED USER/INTENDED USE The intended user of this appraisal report is the Lender/Client as referenced on signature page (page 6). No additional intended users are identified by the appraiser. Any other party receiving a copy of this report for any reason is not an intended user, nor, does it result in a appraiser-client relationship. Use of this report by any other party(s) is not intended by the appraiser. The intended use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated scope of work, purpose, reporting requirements, and definition of market value. Neighborhood Market Conditions Interest rates have been fluctuating recently, however Conventional, F.H.A. and V.A. financing is readily available at rates and terms acceptable to the typical home buyer. Sales concessions and/or downpayment assistance is common and typically 3-6% of the sale price. Marketing times within the subject neighborhood are generally within 30 days, with sale prices at 99-100% of listing price. These current financing indicators are not considered to be significantly different than previous similar markets and the extended outlook for the subject's neighborhood and market area is estimated to be similar to present trends. Based on a review of the market data from the local MLS (MichRIC) of homes which closed in the previous 12 months sale prices have had little variance (1%) which is an indication of stable market conditions. Currently there is a shortage of homes for sale in the subject market. ***The above information includes market data from sales and listings of all single family properties within the defined neighborhood. See Attached MC form for market data pertaining to homes considered comparable to the subject. *** Highest and Best Use The subject is located within a single family residential zoning district and is a single family residence. As the existing improvements significantly contribute to the value of the subject, and no other use would be economically feasible, more profitable or legally permissible the highest and best use is its current use as a single family dwelling. PRIOR SALES COMMENTS There were no sales of the subject property that were discovered within the past 36 months either via the MLS or public records. As referenced on page two, the appraiser has searched the appropriate Multiple Listing Service and assessment records for prior sales of the comparables. This is considered to be the typical practice of the appraisers peer group in the market area. As public records are not always readily available in the normal course of business, or can be unreliable due to the timeliness of the information and/or the appraisers inability to confirm the terms and conditions of the transfer (i.e. transaction type, seller concessions, etc.) the MLS considered the most reliable data source. The prior transfer of comparable #3 and #5 was a quit claim deed. Per the Multiple Listing Service referenced and assessment records, no other prior sales or transfers of the comparables were discovered within the 12 months preceding the sale dates listed. Comments on Sales Comparison Comparable sales #2, #3, #6, #7 and #9 are older than 6 months and have been utilized due to their comparability to the subject and lack of more recent, more appropriate comparable sales available. The distance of over 1 mile between the subject and comparables is attributable to the need to expand the search parameters to include additional suitable comparable sales for bracketing and/or additional support. The sales utilized are believed to be the best available, at the present time, were selected from the same, or similar competing neighborhoods in the subject market area, and are good representations of the subject. Any difference due to location has been fully considered and no adjustment is supported. The subject has an inground pool, however based on a review of the market data there is no significant contributory value for the pool and therefore no adjustment is supported or applied. Gross, net and/or line adjustments are larger than typical for some sales, however all sales utilized are the most appropriate available as of the effective date of the appraisal. See Attached Addenda for additional comments on sales comparison and adjustments. FINAL RECONCILIATION The opinion of value is based on the Sales Comparison Approach. Comparables #1, #2, #4, #5, #7 and #8 have been given greatest weight and consideration due to overall similarity to the subject in design, living area, room count, utility and/or appeal.
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ADDENDUM
Borrower: Caleb & Abigail Taylor
File No.: 202500164
Property Address: 5023 Angling Rd
Case No.: 10093797
City: Portage
State: MI
Zip: 49024
Lender: Sturgis Bank & Trust Company
The final opinion of value is greater than the predominant price in the subject neighborhood. This is not uncommon due to the
overall make up of the subject neighborhood which has a greatly varied range of home values. This is consistent for the subject
area and other similar neighborhoods and is not considered to be adverse nor to have an adverse affect on the marketability for the
subject and other competing market places.
The Opinion of Value is higher than the contract price, however the asking price was 9% less than the listing price after just 8
days on market which would indicate a motivated seller.
ADDITIONAL LIMITING CONDITIONS
The appraiser utilized a digital camera for the photographs provided. The appraiser certifies that these images have not been
altered in any way.
This report is prepared for the benefit of the lender to assist in making loan disbursements. It is not prepared for the benefit of the
borrower.
The appraiser is not a contractor and does not have the expertise to evaluate the quality of construction, workmanship or
materials.
The appraiser is not a home or environmental inspector. The appraiser provides an opinion of value. The appraiser does not
guarantee that the property is free of defects or environmental problems. The appraiser performs an inspection of visible and
accessible areas only. Mold may be present in areas the appraiser cannot see. If the presence of mold is a concern, a professional
home inspection or environmental inspection is recommended.
In this appraisal assignment, the heating, electrical, plumbing, well and septic systems, if any, are assumed to be in working order
unless otherwise noted. Any structural or foundation defects which were noticed have been so noted in the appraisal report.
However, none of the appraisers at Source One Appraisal are qualified inspectors concerning mechanical, structural and
foundation systems and components. Source One Appraisal does not warrant the condition of these systems to any degree. If these
items are a concern to the client, inspection services dealing specifically with these items should be retained. If any defects in these
systems are subsequently found and determined to have existed at the time of appraisal, the indicated market value on this
appraisal is void and the appraise retains the right to adjust the market value of the property to reflect these defects.
Source One Appraisal does not do pest or infestation inspections. Any infestation observed has been so noted in this appraisal
report. If this area is a concern to the client, a qualified inspector should be retained to inspect the premises.
In Michigan, appraisers are required to be licensed and are regulated by the Michigan Department of Licensing and Regulatory
Affairs, P.O. Box 30018, Lansing, MI 48909
The appraiser acknowledges and certifies that the appraisal of the above referenced property may be used in a federally related
financial transaction subject to the requirements of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act
of 1989 ("FIRREA"). Also, the appraisal complies with FIRREA and the applicable regulations implementing Title XI of
FIRREA and the appraisal was completed in accordance with USPAP.Page 15
Market Conditions Addendum to the Appraisal Report File No. The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009. Property Address City State Zip Code Borrower Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the data in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc. Inventory Analysis Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Total # of Comparable Active Listings Months of Housing Supply (Total Listings/Ab.Rate) Median Sale & List Price, DOM, Sale/List % Median Comparable Sale Price Median Comparable Sales Days on Market Median Comparable List Price Median Comparable Listings Days on Market Median Sale Price as % of List Price Seller-(developer, builder, etc.)paid financial assistance prevalent? Increasing Increasing Declining Declining Increasing Declining Increasing Declining Increasing Declining Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Declining Declining Increasing Increasing Declining Increasing Declining Increasing Declining Increasing Yes No Prior 7-12 Months Prior 7-12 Months Prior 4-6 Months Prior 4-6 Months Current - 3 Months Current - 3 Months Overall Trend Overall Trend Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc.). Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties). Cite data sources for above information. Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. MARKET RESEARCH & ANALYSIS If the subject is a unit in a condominium or cooperative project , complete the following: Project Name: Subject Project Data Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Total # of Active Comparable Listings Months of Unit Supply (Total Listings/Ab. Rate) Increasing Increasing Declining Declining Stable Stable Stable Stable Declining Declining Increasing Increasing Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties. Summarize the above trends and address the impact on the subject unit and project. CONDO / CO-OP PROJECTS APPRAISER Signature Name Company Name Company Address State License/Certification # State Email Address SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address State License/Certification # State Email Address APPRAISER Page 1 of 1 Freddie Mac Form 71 March 2009 Fannie Mae Form 1004MC March 2009 Produced using ACI software, 800.234.8727 www.aciweb.com 1004MC_2009 090909 202500164 10093797 Appraisal Report Caleb & Abigail Taylor 49024 MI Portage 5023 Angling Rd X X X X X X X X X X X 97.00% 0 0 6 384,500 0.00 0 3.33 10 100.00% N/A N/A 21 400,000 N/A N/A 2.33 7 100.00% N/A N/A 8 390,000 N/A N/A 4.17 25 Based on the data of closed comparable sales in the previous 12 months median comparable sale prices have had a less than 1% variance which is an indication of stable market conditions. Median days on market are 15 with the typical listing/sale price ratio of 99-100%. Currently, there are no comparable homes for sale. MichRIC (Michigan Regional Information Center) X 3-6% seller paid costs are common and customary for the neighborhood. The amount of seller paid costs has remained stable. orders@sourceoneappraisal.com MI 1204004080 Kalamazoo, MI 49009 5464 Holiday Terrace Source One Appraisal Kevin Charles Molda
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SUBJECT PROPERTY PHOTO ADDENDUM Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: FRONT VIEW OF SUBJECT PROPERTY Appraised Date: REAR VIEW OF SUBJECT PROPERTY STREET SCENE Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor February 3, 2025
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor ADDITIONAL STREET VIEW FRONT RIGHT SIDE FRONT LEFT SIDE REAR/LEFT SIDE
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor REAR/STORAGE STORAGE INTERIOR INGROUND POOL REAR REAR REAR
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor BACK YARD VIEW LIVING ROOM DINING ROOM KITCHEN FAMILY ROOM MUD ROOM
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor BEDROOM BATH BEDROOM LAUNDRY BATH BEDROOM
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor BEDROOM BATH ADDITIONAL VIEW OF BATH GARAGE INTERIOR BASEMENT RECREATION ROOM BASEMENT HALF BATH
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor MECHANICALS ELECTRICAL
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COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: COMPARABLE SALE #1 Sale Date: Sale Price: $ COMPARABLE SALE #2 Sale Date: Sale Price: $ COMPARABLE SALE #3 Sale Date: Sale Price: $ Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor 420,000 s12/24;c11/24 Portage, MI 49024 3197 Bryn Mawr Dr 385,000 s07/24;c06/24 Portage, MI 49024 3617 Wedgewood Dr 450,000 s05/24;c04/24 Kalamazoo, MI 49008 4225 Lake Forest Dr
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COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: COMPARABLE SALE #4 Sale Date: Sale Price: $ COMPARABLE SALE #5 Sale Date: Sale Price: $ COMPARABLE SALE #6 Sale Date: Sale Price: $ Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor 375,000 s01/25;c11/24 Portage, MI 49024 5116 Mapleridge Dr 425,000 s01/25;c11/24 Portage, MI 49024 3621 Fleetwood Dr 405,000 s06/24;c05/24 Kalamazoo, MI 49008 1229 Parker Ave
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COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: COMPARABLE SALE #7 Sale Date: Sale Price: $ COMPARABLE SALE #8 Sale Date: Sale Price: $ COMPARABLE SALE #9 Sale Date: Sale Price: $ Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor 450,000 s03/24;c11/23 Kalamazoo, MI 49008 2007 Saxonia Ln 330,000 s11/24;c11/24 Portage, MI 49024 6427 S 12th St 390,618 s04/24;c04/24 Kalamazoo, MI 49008 2626 Oakland Dr
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FLOORPLAN SKETCH Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor 5468 Holiday Terrace, Kalamazoo, MI 49009 800-530-1552
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DIMENSION LIST ADDENDUM Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: GROSS BUILDING AREA (GBA) GROSS LIVING AREA (GLA) Area(s) Area % of GLA % of GBA Living Level 1 Level 2 Level 3 Other GBA Basement Garage Area Measurements Area Type Measurements Factor Total Level 1 Level 2 Level 3 Other Bsmt. Garage x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = x x = Produced using ACI software, 800.234.8727 www.aciweb.com DIM 10072013 Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor 567 Other 506 1,550 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 100.00 100.00 3,055 100.00 3,055 3,055 3,055 X 506.00 1.00 22.00 23.00 X 240.00 1.00 20.00 12.00 X 1,080.00 1.00 30.00 36.00 X 230.00 1.00 23.00 10.00 X 367.84 0.39 24.20 38.90 X 367.84 0.31 38.90 30.40 X 978.88 1.00 30.40 32.20 X 331.54 1.00 24.20 13.70 X 256.54 1.00 20.20 12.70 X 752.59 1.00 23.30 32.30
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LOCATION MAP Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor 5468 Holiday Terrace, Kalamazoo, MI 49009 800-530-1552
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AERIAL MAP Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor 5468 Holiday Terrace, Kalamazoo, MI 49009 800-530-1552
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FLOOD MAP Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor 5468 Holiday Terrace, Kalamazoo, MI 49009 800-530-1552
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor License 5468 Holiday Terrace, Kalamazoo, MI 49009 800-530-1552
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor E&O Insurance 5468 Holiday Terrace, Kalamazoo, MI 49009 800-530-1552
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor SALES COMPARISON ADJUSTMENTS 5468 Holiday Terrace, Kalamazoo, MI 49009 800-530-1552
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor SALES COMPARISON ADJUSTMENTS PAGE 2 5468 Holiday Terrace, Kalamazoo, MI 49009 800-530-1552
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor COMMENTS ON SALES COMPARISON 5468 Holiday Terrace, Kalamazoo, MI 49009 800-530-1552
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Sturgis Bank & Trust Company 49024 MI Portage 10093797 5023 Angling Rd 202500164 Caleb & Abigail Taylor METHODS 5468 Holiday Terrace, Kalamazoo, MI 49009 800-530-1552
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Appraiser Independence Certification File No.: Borrower: Property Address: City: County: State: Zip Code: Lender/Client: I do hereby certify, I have followed the appraiser independence safeguards in compliance with Appraisal Independence and any applicable state laws I may be required to comply with. This includes but is not limited to the following: I am currently licensed and/or certified by the state in which the property to be appraised is located. My license is the appropriate license for the appraisal assignment(s) and is reflected on the appraisal report. I certify that there have been no sanctions against me for any reason that would impair my ability to perform appraisals pursuant to the required guidelines. I assert that no employee, director, officer, or agent of the Lender/Client, or any other third party acting as joint venture partner, independent contractor, appraisal company, appraisal management company, or partner on behalf of the Lender/Client, influenced or attempted to influence the development, reporting, result, or review of the appraisal through coercion, extortion, collusion, compensation, inducement, intimidation, bribery, or in any other manner. I further assert that the Lender/Client has never participated in any of the following prohibited behavior in our business relationship: 1. Withholding or threatening to withhold timely payment or partial payment for the appraisal report; 2. Withholding or threatening to withhold future business, or demoting or terminating, or threatening to demote or terminate my services; 3. Expressly or implicitly promising future business, promotions, or increased compensation for my services; 4. Conditioning the ordering of the appraisal report or the payment of the appraisal fee or salary or bonus on my opinion, conclusion or valuation reached, or on a preliminary value estimate requested; 5. Requesting an estimated, predetermined, or desired valuation in the appraisal report, prior to the completion of the appraisal report, or requesting estimated values or comparable sales at any time prior to the completion of the appraisal report; 6. Providing an anticipated, estimated, encouraged or desired value for the subject property, or a proposed or target amount to be loaned to the Borrower, except that a copy of the sales contract may have been provided if the assignment was for a purchase transaction; 7. Providing stock or other financial or non-financial benefits to me or any entity or person related to me, my appraisal or appraisal management company, if applicable; 8. Any other act or practice that impairs or attempts to impair my independence, objectivity or impartiality, or violates law or regulation, including but not limited to, the Truth in Lending Act (TILA) and Regulation Z, or the Uniform Standards of Professional Appraisal Practice (USPAP). Additional Comments: APPRAISER: Signature: Name: Date Signed: State Certification #: or State License #: or Other (describe): State #: State: Expiration Date of Certification or License: SUPERVISORY APPRAISER (only if required): Signature: Name: Date Signed: State Certification #: or State License #: State: Expiration Date of Certification or License: Produced using ACI software, 800.234.8727 www.aciweb.com AIRCS_14 04082014 202500164 10093797 Sturgis Bank & Trust Company 49024 MI Kalamazoo Portage 5023 Angling Rd Caleb & Abigail Taylor 07/31/2026 MI 1204004080 02/06/2025 Kevin Charles Molda Source One Appraisal
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USPAP ADDENDUM File No. Borrower: Property Address: City: County: State: Zip Code: Lender/Client: APPRAISAL AND REPORT IDENTIFICATION This appraisal report is one of the following types: Appraisal Report This report was prepared in accordance with the requirements of the Appraisal Report option of USPAP Standards Rule 2-2(a). Restricted Appraisal Report This report was prepared in accordance with the requirements of the Restricted Appraisal Report option of USPAP Standards Rule 2-2(b). The intended user of this report is limited to the identified client. This is a Restricted Appraisal Report and the rationale for how the appraiser arrived at the opinions and conclusions set forth in the report may not be understood properly without the additional information in the appraiser's workfile. ADDITIONAL CERTIFICATIONS I certify that, to the best of my knowledge and belief: . The statements of fact contained in this report are true and correct. . The report analyses, opinions, and conclusions are limited only by the reported assumptions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. . I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or specified) personal interest with respect to the parties involved. . I have no bias with respect to the property or the parties involved with this assignment. . My engagement in this assignment was not contingent upon developing or reporting predetermined results. . My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. . My analyses, opinions, and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. . This appraisal report was prepared in accordance with the requirements of Title XI of FIRREA and any implementing regulations. PRIOR SERVICES I have NOT performed services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. I HAVE performed services, as an appraiser or in another capacity, regarding the property that is subject of this report within the three-year period immediately preceding acceptance of this assignment. Those services are described in the comments below. PROPERTY INSPECTION I have NOT made a personal inspection of the property that is the subject of this report. I HAVE made a personal inspection of the property that is the subject of this report. APPRAISAL ASSISTANCE Unless otherwise noted, no one provided significant real property appraisal assistance to the person signing this certification. If anyone did provide significant assistance, they are hereby identified along with a summary of the extent of the assistance provided in the report. ADDITIONAL COMMENTS Additional USPAP related issues requiring disclosure and/or any state mandated requirements: MARKETING TIME AND EXPOSURE TIME FOR THE SUBJECT PROPERTY A reasonable marketing time for the subject property is day(s) utilizing market conditions pertinent to the appraisal assignment. A reasonable exposure time for the subject property is day(s). APPRAISER: SUPERVISORY APPRAISER (only if required): Signature: Signature: Name: Name: Date Signed: Date Signed: State Certification #: State Certification #: or State License #: or State License #: or Other (describe): State #: State: State: Expiration Date of Certification or License: Expiration Date of Certification or License: Supervisory Appraiser inspection of Subject Property: Effective Date of Appraisal: Did Not Exterior-only from street Interior and Exterior Produced using ACI software, 800.234.8727 www.aciweb.com USPAP_14GP 05042020 202500164 10093797 Sturgis Bank & Trust Company 49024 MI Kalamazoo Portage 5023 Angling Rd Caleb & Abigail Taylor X X N/A None. X N/A 02/03/2025 07/31/2026 MI 1204004080 02/06/2025 Kevin Charles Molda