Michigan Tax Tribunal.pdf
Robert Haskins, Keri Haskins Petitioners V Township Of Lake Respondent · 26-000400-TT
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F rm e a, P 2 F I u LY I S R C JO S: I cor;porate a co •Y oft is fo-- and he assi ne , umber in he oa d of Rev·e ·nute . Parcel Code 1. SSESS u Disposition by Board of Revi w. The Board of evl w mu -t tat - t e rea o • enied l,,A..; Assesse V lu Chan ed From: ( - Record of Vote - Board or Chai per on: ~ YES Re son for oard Act on: member co mitte of board Me ber: y s for its action below - 265 )To. 0 1 Member: 97 I YES □ 0 ff you d1 ""'ll'IO.le> th t d PO. o 30232, L n n M1 j Sst!IS~CM] V yo ucul th t d C on y 11 n 1ch,uon )( bun \ a p r d by y C t I Keol, I, m n I ,uu ....... &;;Pa,-on I, I u t 1 n I n hty P r ona\ Property may be a ich1gan Ta Tn una\ for or rm pprov y th ichig n • c t av r l, n A r cul u al erson I Prop rty may be appealed by July 31. The petition must be filed on ribunal. M ch1gan ax ribunal rorm ar avaiJabfe a www mich gan.govl axtrib. 2. po ,tion o rd o evie . he oa of .-evlew must tate the reason for it ac ion below. D Deni O Tentative axable Valu Changed From: To: ---------- o rd or three me ber committee of board. y s □ Member: D v s Member: 0 YES 0 Actio : /. l ,~v-1.. --r(, 5 ,s d ~ ... ree ·th t e deets1on of the Board of Review regarding tentative taxable value, you may appeal that decision by filing a petition with the Mich·gan Tax Tnbunal at • .Bo 302 2, Lans,n . i 48909. Commercial Real, lndustnal Real, Developmental Real, Commercial Personal, Industrial Personal and U ·Iity Personal Property may be ap led b ay 31 Agricultural Real. Residential Real, limber - Cut Over Real, and Agricultural Personal Property may be appealed by July 31. The petition mus be filed on ich"gan Tax Tnbunal for or a form appro ed by the ich gan Tax Tribunal. Michigan Tax Tr bunal forms are available at www.michigan.gov/taxt!ib. IFICAT 0 Disposition y Board of Review. The Board of Review must state the reason for its action below. D Denied □ Class·fication Changed From: To: --------- ·---------- 401 ecord of Vote - Board or three member committee of board. YES □ ember: D YES D NO lni ,ats Member: □ YES 0 0 \n, ·a\s. Reason for Board ction: th he deci ,on of the Board of Re Iew r garding etas 1f1cation, app al 1s made by sending Form 2167 to the State Tax Comm,ss1on, PO Box 30471, Lansing, Mi. 48909 by June 30 o·sposition by Board of Review. The Board of Review must state the reason for its action below. 0 Exemptio Request Denied D Exemption percent modified from _________ % To:. __________ % Record of Vote - Board or hree member •committee of board. Chairperson: D YES □ 0 Member: □ YES QJ NO Member: D YES • Reason for Board Action. If ou di a ree he deasion of the Board of Review regarding tentative taxable value, you mus appeal t~at dec,s,o~ by II,ng_ a eti 10n with the Michigan t Tribu al, PO Box 30232, ans1n , i 4J909 by ]uly 31 The petition mus ,le on 8 Michigan Tax Tribunal form or a form approved by the M1ch1gan Tax Tnbuna. M1ch1gan Tax Tnbunal forms ar a a1lable at www.m1ch,gan.gov a rib oa e of Final adjournment of Board of Review • Date
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le_ 12. l a 2 o 1 93. y ( a Co. p\e· e Sec io 1 if the of c .anges Cap ed Valu . ·2025 Final Taxable Val ·ea e· y A ses or Boar of ev·e or - 1chigan .·-a T al ( • er nu .. ,,""~r in o colu n I ere r• y As - o ." ..................... = A •O nt of Lo _ es . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... . (: ee age 1 · an • 2 10 -• B ,11e· i 3 of 1995 fo .• r , • as) Amo.un of Additions........... . . . . . . . . . . . . . . . ..................... _ .............. . "" - • - . ,. .......... . • e • ,4 (See pages 6 11 of C • ulletin # 3 of 995 fo fo~mu as. IMPO : See S C B I let. o. 3 o 1997 or change to torn, l to • e lacement Construe ion). 202 - Losse X p + - ( ___ 154 ____ ,5_1_4 __ ~ ____ 0 ___ ~}X __ 1_0_2_7 __ + ___ :.- __ _ -- 158,685 By Bo 2 lue - 58,68 le-~-Section 2 if the B of R changes Assessed Value. - . --- 2 2026 Assessed Value .................... . ·········••1••· .. •· ................... ,.. ......................... ~ ... -., ....... - 265,,100 2026 Tentative S,EV = 2026 Assessed Vafu.e X 2026 Tentative Equalization Facto.r • = ___ 2_so~,_oo_o_· __ x ___ 1_.o_o_o __ _ - 250,000 By B ofR 20.2·6 Tentative SEV = ____ 2_5_0~,o_o_o ___ _ 2026 Tentat·ve Taxable Val,ue is the lesser of the 2026 Capped ·value or the 2026 Tentativ·e 'S'EV. 2026 Tentative axable· Valu,e = ___ 2_5_-0....;..,_o_oo ___ _ Date WNW.michigan.gov/treasury ' • ~- (·- / , ' •
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American Land Title Association Fi_nal ALTA Settlement Statement - Borrower/Buyer Adopted 05-01-2015 Chicago Title of Michigan, Inc. File No./Escrow No.: 111260364CTM ALTA Universal ID: 311 W. Buffalo Street New Buffalo, Ml 49117 Print Date & Time: Officer/Escrow Officer: August 15, 2025 12: 13 pm Rickie Lehman Settlement Location: Property Address: 311 W. Buffalo Street New Buffalo, Ml 49117 3025 Shawnee Road Bridgman, Ml 49106 Borrower: Robert Haskins and Keri Haskins 11256 Snow Rd Seller: Bridgman, Ml 49106 David Hays 3025 Shawnee Road Bridgman, Ml 49106 Lender: Settlement Date : United Federal Credit Union ISAONATIMA August 15, 2025 Disbursement Date : August15,2025 Financial Lender Credits from United Federal Credit Union ISAONATIMA Sale Price of Property Deposit Loan Amount Pro rations/ Adjustments City/Town Taxes 0 8/ 15/25-12/31 /25 County Taxes 01/01 /25-08/ 14/25 Loan Charges to United Federal Credit Union ISAOAJATIMA .25% of Loan Amount (Points) Loan Origination Fee Appraisal Fee to Nadeau Appraisal Service $525.00 paid out~ide closing by Borrower Credit Report to Factual Data Credit Report (Soft Pull) to Factual Data Copyright 2015 American Land Title Association All rights reserved Page 1 of 3 450.00 430,000.00 5,000.00 180,000.00 881.92 662.32 450.00 975.00 125.00 196.90 86.20 File # 111260364CTM/63 Printed on 08/15/25 at 12:13:41 PM by Rickie Lehman
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Loan Charges to United Federal Credit Union ISAOA/ATIMA (continued) Flood Certification to DataVerify Flood Services Insurance Tracking to Allied Solutions Tax Service to Corelogic Tax Services LLC Prepaid Interest $28.97 per day from 08/15/25 to 09/01/25 United Federal Credit Union ISAOA/ATIMA Impounds City/Town Taxes to United Federal Credit Union ISAOA/ATIMA 4.000 Months at $192.99/month 6.00 54.00 81.00 492.49 771.96 County Taxes to United Federal Credit Union ISAOA/ATIMA 11.000 Months at $86.46/ month 951.06 Aggregate Adjustment to United Federal Credit Union ISAOA/ATIMA Title Charges and Escrow/Settlement Charges Closing Fee to Chicago Title of Michigan, Inc. Lender's Title Insurance to Chicago Title of Michigan, Inc. Coverage: $180,000.00 Premium: $890.00 Version: ALTA Short Form Residential Loan Policy-Assessments Priority 2021 Recording Processing Fee (Buyer) to Chicago Title of Michigan, Inc. Government Recording and Transfer Charges Recording Fees to Chicago Title of Michigan, Inc. Subtotals Due from Borrower Totals Copyright 2015 American Land Title Association All rights reserved Page 2 of 3 605.22 500.00 890.00 35.00 65.00 436,561.53 186,717.54 249,843.99 436,561.53 436,561.53 File # 111260364CTM/63 Printed on 08/15/25 at 12:13:41 PM by Rickie Lehman
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Acknowledgement We/I have carefully reviewed the ALTA Settlement Statement and find it to be a true and accurate statement of all receipts and disbursements made on my account or by me in this transaction and further certify that I have received a copy of the AL TA Settlement Statement. We/I authorize Chicago Title of Michigan, Inc. to cause the funds to be disbursed in accordance with this statement. Copyright 2015 American Land Title Association All rights reserved Page 3 of 3 File # 111260364CTM/63 Printed on 08/15/25 at 12:13:41 PM by Rickie Lehman
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United FEDERAL CREDIT UNION Reconsideration of Value Disclosure You may request a Reconsideration ofValue (ROV) if you believe an appraisal report is unsupported, inaccurate, deficient, or reflects prohibited discriminatory practices. This process is referred to as a "Reconsideration of Value" or "ROV". To request an ROV, please contact your Mortgage Advisor and complete our Reconsideration of Value Request Form. You'll need to provide a brief description of unsupported, inaccurate, or deficient areas in the appraisal report or areas reflecting prohibited discriminatory practices. You may submit additional information or documents along with a completed ROV Request Form. Once you return a completed ROV Request Form, your Mortgage Advisor may contact you for clarification or more information. Once we determine your ROV request complies with all general ROV requirements, United will submit it to the appraiser within l business day. Your Mortgage Advisor will let you know once we receive a response. The following apply to ROV requests: • Only one ( l) ROV request is permitted per appraisal. • You may only propose up to five ( 5) alternative comparable sales ( each, a "Comp") for consideration. • You may not submit an ROV request for an appraisal after a loan is closed for which the appraisal was used. • Your request must be compliant with applicable appraisal independence requirements, which, for example, prohibit making threats, offering incentives to change an opinion of value, or providing a proposed, estimated, or requested value. • The information or data provided for reconsideration must be based on relevant property sales, conditions, or market trend data that was available on or before the appraisal's effective date. • Do not provide Comps that are already included in appraisal report • Do not use Comps that have closed after the effective date of the appraisal • Do not use a price-per-square foot methodology; this is not an approved valuation method • Do no submit a prior appraisal or A VM completed on the property • Avoid Comps that are significantly larger or smaller than the subject • Avoid using dissimilar Comps (location, condition, utility, etc.) • All ROV requests are subject to review for applicability of an ROV, relevance, and appropriateness of information. Any ROV request that does not meet applicable ROV requirements may not be submitted to an appraiser. • If an ROV request is submitted by United to the appraiser, the appraiser is only permitted to respond to United on an ROV request. Please note this notification is a separate document from the appraisal report. It is included with any version of the appraisal report that has been completed and delivered to an applicant and may include a version of the appraisal containing the results of an ROV request. (888) 982-1400 UnitedFCU.com
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Appraiser and/or Data Collector Independence Certification The Lender certifies that the above referenced appraisal has been completed in compliance with all current appraisal independence requirements as defined by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the lnteragency Appraisal and Evaluation Guidelines, Fannie Mae, Freddie Mac and the Federal Housing Administration, in strict adherence to our non-influence policy and process: Borrower Name: Robert Haskins Property Address: 3025 Shawnee Rd Bridgman Ml 49106 Loan number: 57803294070 Date: 2025-07-21 • No employee, director, officer or agent of the lender or any other third party acting as joint venture partner, independent contractor, appraisal company, appraisal management company or partner on behalf of the lender has influenced or attempted to influence the development, reporting, result, or review of the appraisal in any manner. • The Lender/Client named on the appraisal report submitted the appraisal order through a secure self-managed appraisal software platform, or through approved and compliant 3rd party integration. • Appraiser selection was performed by a non-compensated member of the Lender. Appraiser selection was performed utilizing a selection methodology of management- approved policies based on the location of the subject property, appraiser availability and historical quality and performance metrics. • The appraiser's compensation was not in any way dependent on the value arrived at or the closing of the loan. The appraiser was compensated directly by the Lender and not by a Lender staff member that receives compensation based on loan sales. • The terms and conditions of the engagement contract between the Lender and the appraiser prohibit the appraiser from inappropriate communication with the Lender origination staff or attempting to obtain value/loan information from the borrower/property owner. • No estimate regarding the Subject Property's value, proposed loan amount or proposed loan-to-value ratio was provided or communicated by the Lender to the appraiser. • For all transactions: By proper use of a secure self-managed appraisal software platform, the Lender's loan production staff is unaware of the identity of the appraiser until the final appraisal report is delivered. Likewise the appraiser is provided with only the Lender's company name and address for inclusion in the appraisal report and is never provided with the identity or contact information of the originator of the loan. For purchase transactions, the purchase agreement was provided to the appraiser as required by USPAP Standards Rule 1-5(a). • All communication between the selected appraiser and The Lender was conducted through the Lender's Appraisal Department. The Lender is unaware of any communication to the appraiser for this appraisal assignment made by anyone that is in violation of the terms of current Appraiser Independence Requirements.
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I EAU APPRAISAL SERVICE www. nadeauappra is al .com Subject Property at: 3025 Shawnee Road Bridgman, MI 49106 For: United Federal Credit Union 150 Hilltop Road St. Joseph,MI 49085 By: Catherine M. Maczala State Licensed Real Estate Appraiser TM Benton Harbor Office: 269.849. 1818 Fax: 269.849.0734 3310 Coloma Road, Benton Harbor, MI 49022 Grand Haven Office: 616.847.2737 717 S Despelder St A27, Grand Haven, Ml 49417
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I E / APPRAISAL SERVICE www.nadeauappraisal.com July 27, 2025 Appraisal Department United Federal Credit Union 150 Hilltop Road St. Joseph, MI 49085 TM Subject Address: 3025 Shawnee Road, Bridgman, MI 49106 Dear Sir/Madam, In accordance with your request, I have appraised the real property located at the address above. The purpose of this appraisal is to estimate the market value of the Subject. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the estimated market value of the Subject as of July 21, 2025 is: $438,000 (four hundred thirty-eight thousand dollars) The attached report includes an analysis, supportive data for the conclusions, photographs, limiting conditions, and the appropriate certifications. Sincerely, ~~ <= Catherine M. Maczala State Licensed Real Estate Appraiser Benton Harbor Office: 269.849.1818 Fax: 269.849.0734 3310 Coloma Road, Benton Harbor, MI 49022 Grand Haven Office: 616.847.2737 717 S Despelder St A27, Grand Haven, MI 49417
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Appraisal Report Uniform Residential Appraisal Report 57803294070 File No. BH-33544-25 The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Propertv Address 3025 Shawnee Rd Citv Bridqman State Ml Zip Code 49106 Borrower Robert & Keri Haskins owner of Public Record David & Terri Hays County Berrien Leoal Description See Attached Addendum for the ABBREVIATED LEGAL DESCRIPTION (from the countv tax records): Assessors Parcel# 11-11-0016-0019-09-7 Tax Year 2024 RE. Taxes$ 3,284 Neiqhborhood Name Rural Lake Township Map Reference County Census Tract 260210111.01 Occupant I I Owner Tenant IX I Vacant Special Assessments$ 0 I IPUD HOA $ 0 I I per year I I per month 11 Propertv Riohts Appraised XI Fee Simple I I Leasehold I I Other (describe) Assiqnment Tvpe IX I Purchase Transaction I Refinance Transaction Other (describe) Lender/Client United Federal Credit Union Address 150 Hilltop Rd, Saint Joseph, Ml 49085 Is the subiect propertv currentlv offered for sale or has it been offered for sale in the twelve months orior to the effective date of this appraisal? IX I Yes I No Report data source(s) used, offering price(s), and date(s). DOM UnkAccordinQ to our data source (SWMLS records), the Subject has not been sold within the past twelve months. It is currently under contract to ourchase at $430,000 after beina listed for sale at $499,000 on 05/28/2025, #25024575. I lXJ did LJ did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. Arms lenqth sale;The purchase aqreement was reviewed (eiqht paqes plus a one paqe broker addendum siqned 07/10/2025) and the terms of the purchase aareement aooear to be tyoical for the marketina area. Purchase Aareement Offer Date: 07/09/2025 and Date of Seller & Buyer Resoonse: 07/10/2025. - Contract Price$ 430,000 Date of Contract 07/09/2025 Is the property sellerthe owner of public record? IX I Yes I I No Data Source(s) County Records :; 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? LJ Yes lXJ No If Yes, report the total dollar amount and describe the items to be paid. $0;;No financial assistance provided. Note: Race and the racial composition of the neiqhborhood are not appraisal factors. Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use% Location Urban Suburban X Rural Property Values lncreasinq X Stable Declininq • Built-Up Over 75% X 25-75% Under 25% Demand/Supplv Shortaqe X In Balance Over Supplv : Growth Rapid X Stable Slow Marketinq Time X Under 3 mths 3-6 mths Over 6 mths " Neighborhood Boundaries The Subject's immediate neiqhborhood is bounded by Linea Road to the ~ north, Browntown Road to the south, Cleveland Avenue to the east, and 1-94 to the west. Neighborhood Description See Attached Addendum PRICE $(000) 50 Low 775 Hiqh 300 Pred. AGE One-Unit 65 % (vrs) 2-4 Unit 5% 0 Multi-Family % 135 Commercial 5% 40 Other Vaci AQ 25 % Market Conditions (including support for the above conclusions) _S_e_e_A_tt_a_c_h_e_d_A_d_d_e_n_d_u_m _________________________ --1 Dimensions 300' x 756.75' Area 5.21 ac Shape Rectangular View A;PwrLn;OpenField Specific Zoninq Classification R-AG Zoninq Description Aciricultural - Residential (the Subject is not a farm) Zoninq Compliance IX Leqal I I Leoal Nonconforminq (Grandfathered Use) I I No Zoninq I I Illeqal (describe) Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? lXJ Yes LJ No If No, describe. See Attached Addendum Utilities Public Other (describe) Public Other (describe) Off-site Improvements-Type Public Private Electricitv IXI I I Water IXI Street Asphalt IXI I I Gas IXI I I Sanitary Sewer IXI Alley None I I I I FEMA Special Flood Hazard Area I Ives IXINo FEMA Flood Zone Zone X FEMA Map# 26021C0210D FEMA Map Date 04/25/2024 Are the utilities and off-site improvements tvpical for the market area? IXlves I !No If No, describe. Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? lXJ Yes LJ No If Yes, describe. The Subject is located alonci a somewhat busv road, which creates excessive noise and is considered to have an adverse impact on the overall marketability. In addition, the Subject's view of power tower lines to the north, south, & west is considered adverse and to impact the overall marketability (see photos). GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials/condition INTERIOR materials/condition Units IX I One I I One with Accessory Unit I Concrete Slab I crawl Space Foundation Walls PouredConc/Avq Floors LmWd+Crpt+VT / A # of Stories 1 XI Full Basement I Partial Basement Exterior Walls Vinyl/ Averaqe Walls Drvwall/ Averaqe Type IXIDet. I IAtt. I ls-Det./EndUnit Basement Area 2083 SQ.ft. Roof Surface CompShinqle/Avq Trim/Finish StainedWd/Avq IX Existinq I I Prooosed I I Under Const. Basement Finish 67 % Gutters & Downsoouts Aluminum/Avci Bath Floor LamWood/Avci Desiqn (Style) Ranch XI Outside Entry/Exit IX I sump Pump Window Type DoubleHunq/Avq Bath Wainscot Fibernlass/Ava Year Built 2003 Evidence of I I Infestation Storm Sash/Insulated Thermal/Averaqe Car Storaqe I I None Effective Aae (Yrs) 15 I Dampness I I Settlement Screens Built-in/Averaqe X Driveway # of Cars 6 Attic None Heatinq IX I FWA II I HWBB 11 I Radiant Amenities WoodStove(s) #0 Driveway Surface Gravel Drop Stair Stairs I Other I Fuel Gas Fireplace(s) # 0 Fence None X Garaqe # of Cars 2 Floor X Scuttle Coolinq IX I Central Air Conditioninq X Patio/Deck Patio Porch None X Carport # of Cars 1 Finished Heated I Individual I I I Other Pool None X Other FirePit/St X Alt. IX I Det. I I Built-in APPiiances IP I Refriaerator IP I Ranae/Oven XI Dishwasher I I DisPosal IX I Microwave IP I Washer/Drver I I Other fdescribel Finished area above qrade contains: 8 Rooms 3 Bedrooms 2.0 Bath(s) 2,083 Square Feet of Gross Livinq Area Above Grade Additional features (special energy efficient items, etc). The above qround pool and items marked with a "P" under Aooliances are considered "personal ~ property" and not included in this aooraisal. See Attached Addendum for Additional Features & Statement of Finished Square Footaae. Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). C4;No updates in the prior 15 years;The home projects averaqe interior & exterior eye aooeal. The followinq items aooear to have been updated: Furnace; Water heater. The followinq items were observed: Interior rooms would benefit from paint fresheninci; Most floor cover would benefit from updatinci. The utilities were on and functioninq at the time of the inspection. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? LJ Yes lXJ No If Yes, describe. Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? lXJ Yes LJ No If No, describe. Fred<le Mac Fam 70 March 2005 UAD VerSIOn 912011 Produced USlrYJ ACI scttwil"e, 000.234.8727 www.ociw€t:l.com Pagel d6 Fame Mae Fam 1004 March 2005 100I_05UAD 121112015
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-. . - • ~ ~ • '! ~ Appraisal Report Uniform Residential Appraisal Report There are 0 comparable properties currently offered for sale in the subject neiQhborhood ranQinQ in price from $ 0 There are 3 comparable sales in the subiect neiohborhood within the oast twelve months rancino in sale price from$ 348 000 to$ to$ 57803294070 File No. BH-33544-25 0 440 000 FEATURE SUBJECT COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 3025 Shawnee Rd 3316 W Lemon Creek Rd 11285 Gast Rd 3604 Shawnee Rd Address Bridgman, Ml 49106 Bridgman, Ml 49106 Bridgman, Ml 49106 Bridgman, Ml 49106 Proximity to Subject 0.55 miles NW 2.11 miles SW 0.51 miles SW Sale Price $ 430,000 $ 440,000 $ 410,000 $ 348,000 Sale Price/Gross Liv. Area $ 206.43 SQ. ft. $ 176.57 SQ. ft. $ 255.93 SQ. ft $ 200.00 SQ. ft. Data Source(s) SWMLS #25022002;DOM 9 SWMLS #25009061 ;DOM 2 SWMLS #25012414;DOM 51 Verification Source(s) NAS Database NAS Database NAS Database VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(·) S A<lustment DESCRIPTION +(·) SAdiustmert DESCRIPTION +(·) SAdiustment Sale or Financing Armlth Armlth Armlth Concessions Cash;0 Cash;2200 0 VA;5000 -5,000 Date of Sale/Time s06/25;c05/25 s04/25;c03/25 s06/25 ;c05/25 Location A;BsvRd;Res N;Rural;Res -5,000 N;Rural;Res -5,000 A;BsyRd;Res Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Site 5.21 ac 1.11 ac 5,000 5.08 ac 0 41818 sf 15,000 View A;Pwrln;OoenField B;Woods;Res -15,000 B;Woods;Pond -15,000 N;Res; -5,000 DesiQn (Style) DT1;Ranch DT1 .5;Traditional 0 DT1;Ranch DT1;Ranch Quality of Construction Q4 Q4 Q4 Q4 Actual Aqe 22 ~34 -7,500 ~30 0 ~70 -7,500 Condition C4 C3 -7,500 C4 C3 -7,500 Above Grade Total IB<l"ms.l Baths Total IB<l"ms.l Baths Total I Bdnnsl Baths Total BdrmsJ Baths Room Count 8 I 3 I 2.0 816 I 3.0 -3,000 10 I 3 I 2.1 -1,500 8 3 I 2.0 Gross Livina Area 2,083 SQ.ft. 2,492 SQ. ft. -8,200 1,602 so. ft 9,600 1,740 so. ft. 6,900 Basement & Finished 2083sf1389sfwu 0sf 36,200 0sf 36,200 17 40sf0sfin 15,600 Rooms Below Grade 1 rr0br0.1 ba3o 1,500 1,500 1,500 Functional Utility Average Average Average Average HeatinQ/CoolinQ Gas FA/Central PropFA/Central 0 PropFA/Central 0 GasHW/None 1,000 Enerov Efficient Items None None None None GaraQe/Carport 2ga1cp6dw 6dw 10,000 2.5ga2dw 0 2ga2dw 2,500 Porch/Patio/Deck Stoop/Fire Pit C.Stoop/Patio 0 E.Porch/Deck -2,000 C. Porch/Patio 0 Fireplace(s), etc. Very Large Patio Deck/Fence 0 1 Fireplace 1,500 Fence 2,500 Driveway Gravel Drive Paved Drive -1,000 Gravel Drive Paved Drive -1,000 Additional lmprov PoleBldq/Lean-to Shed 17,000 Outbuilding 2,500 None 17,500 Net Adjustment (Total) IXI+ I 1- $ 22,500 IXI+ I 1- $ 27,800 IX+ I 1- $ 36,500 Adjusted Sale Price Net Adj. 5.1% Net Adj. 6.8% Net Adj. 10.5% of Com parables Gross Adi. 26.6% $ 462 500 Gross Adi. 18.2% $ 437 800 Gross Adi. 25.4% $ 384 500 I lXJ did LJ did not research the sale or transfer history of the subject property and comparable sales. If not, explain My research I I did IX 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) SWMLS Mv research I I did IX did not reveal anv prior sales or transfers of the comparable sales for the vear prior to the date of sale of the comparable sale. Data source(s) SWMLS Report the results of the research and analvsis of the prior sale or transfer historv of the subject oropertv and comparable sales (report additional prior sales on paoe 3). ITEM SUBJECT COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 Date of Prior SalefTransfer Price of Prior Sale/Transfer Data Source(s) SWMLS SWMLS SWMLS SWMLS Effective Date of Data Source(s) 07/26/2025 07/26/2025 07/26/2025 07/26/2025 Analysis of prior sale or transfer history of the subject property and comparable sales According to SWMLS records, the Subject has not been sold in the three years prior to the effective date of this report. The comparables have not been sold in the twelve months prior to their sale dates. Summary of Sales Comparison Approach. See Attached Addendum Indicated Value by Sales Comparison Approach $ 438 000 Indicated Value bv: Sales Comparison Approach$ 438,000 Cost Approach (if developed)$ 439,100 Income Approach (if developed)$ 0 Homes in this price range & neighborhood are typically purchased for use and not income. Therefore, the Income Approach lacks rationale and is not used in this report. The Cost Approach and the Sales Comparison Analysis fall within a close supportive ranqe. After considering all of the pertinent data, I have formed my opinion that the value indicated below is reasonable for the Subject. - This appraisal is made lXJ ·as is,· LJ subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, 0 subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or O 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$ 438,000 asof 07/21/2025 , which is the date of insoection and the effective date of this aooraisal. Fred<le Mac Fam 70 March 2005 UAD VerSIOn 912011 Produced USlrYJ ACI scttwil"e, 000.234.8727 www.ociw€t:l.com Page2d6 Fan~e Mae Fam 1004 March 2005 100I_05UAD 121112015 Nadeau Appraisal Service
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• "' • . ~ ~ . . ; . • . ! • w . Appraisal Report Uniform Residential Appraisal Report 57803294070 File No. BH-33544-25 COST APPROACH TO VALUE (not required by Fannie Mae) Provide adequate information for the lender/client to replicate the below cost fiqures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) See Attached Addendum ESTIMATED I I REPRODUCTION OR IX I REPLACEMENT COST NEW OPINION OF SITE VALUE .300x7.56..7.5/.5.21 acre .t/s ....... . = $ 65,000 Source of cost data Marshall & Swift Res DwellinQ 2,083 SQ. Ft.@$ 136. ........... = $ 283,288 Quality ratinq from cost service Average Effective date of cost data 06/2025 %FinishedBsmt 2083 Sq. Ft.@$ 56. ... ........ = $ 116,648 Comments on Cost Approach (qross livinq area calculations, depreciation, etc.) Builtins/Patio/Stoop 15,680 See Attached Addendum GaraQe/Caroort 586FI SQ. Ft.@$ 45. .......... = $ 26,370 Total Estimate of Cost-New .. ..... ..... = $ 441,986 Less Phvsical I Functional I External Depreciation $66,295 I I $27,098 = $ ( 93,393) Depreciated Cost of Improvements . . . . . .. . .. . .. . . . . . . . . . . . . . .. . .. . = $ 348,593 "As-is" Value of Site Improvements. .See .Cost Appr. Addend. = $ 25,500 Estimated RemaininQ Economic Life (HUD and VA onlvl 50 Years INDICATED VALUE BY COST APPROACH. = $ 439 100 INCOME APPROACH TO VALUE (not required by Fannie Mae) Estimated Monthlv Market Rent$ 0 X Gross Rent Multiplier 0 =$ 0 Indicated Value bv Income Approach Summary of Income Approach (including support for market rent and GRM) Homes in this price range & neighborhood are typically purchased for use and not income. Therefore the Income Aooroach lacks rationale and is not used in this report. PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in control of the Homeowners' Association (HOA)? I Ives I I No Unit type(s) I I Detached I I Attached Provide the followinQ information for PUDs ONLY if the developer/builder is in control of the HOA and the subiect propertv is an attached dwellinq unit. Leqal 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 bv the conversion of an existinQ buildinQ(s) into a PUD? I Ives I No If Yes, date of conversion. • Does the project contain any multi-dwellinq units? I I Yes I I No Data source(s) Are the units, common elements, and recreation facilities complete? - Are the common elements leased to or by the Homeowners' Association? Describe common elements and recreational facilities. Fred<le Mac Fam 70 March 2005 UAD VerSIOn 912011 LJves lJNo If No, describe the status of completion. LJves lJNo If Yes, describe the rental terms and options. Produced USlrYJ ACI scttwil"e, 000.234.8727 www.ociw€t:l.com Page3d6 Fa111e Mae Fam 1004 March 2005 100I_05UAD 121112015
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Appraisal Report Uniform Residential Appraisal Report 57803294070 File No. BH-33544-25 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. Fredcle Mac fc,:m 70 March 2005 IJAD VerS10n 9/2011 Produced usi~ ACI sdtw.re, 000.234.8727 www.aciwro.com Page4ci6 Fanr,e Mae fc,:m 1004 March 2005 lOOU!;UAD 11181015
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Appraisal Report Uniform Residential Appraisal Report APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 57803294070 File No. BH-33544-25 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 orig in 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). Fredcle Mac fc,:m 70 March 2005 IJAD VerS10n 9/2011 Produced usi~ ACI sdtw.re, 000.234.8727 www.aciwro.com Page5ci6 Fanr,e Mae fc,:m 1004 March 2005 lOOU!;UAD 11181015
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Appraisal Report Uniform Residential Appraisal Report 57803294070 File No. BH-33544-25 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. 26. SEE THE ATTACHED STANDARD ADDENDUM FOR ADDITIONAL SIGNED APPRAISER'S CERTIFICATIONS. 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 Catherine M. Maczala, SLA Company Name Nadeau Appraisal Service Company Address 3310 Coloma Road Benton Harbor, Ml 49022 Telephone Number _26_9_-_8_49_-_1_8_18 _________ _ Email Address info@nadeauappraisal.com Date of Signature and Report _0_7/-'2_7_/2'-0--'2'-5 _______ _ Effective Date of Appraisal _07_/_2_1/_2_0_2_5 _______ _ State Certification # ---------------- 0 r State License # 1203004844 ----------------- or Other (describe) _____ _ State# State Ml ---------------------- Expiration Date of Certification or License 07/31/2025 State Licensed Appraiser ADDRESS OF PROPERTY APPRAISED 3025 Shawnee Rd Bridgman, Ml 49106 APPRAISED VALUE OF SUBJECT PROPERTY$ 438,000 LEN DER/CLIENT Name Appraisal Marketplace, LLC Company Name United Federal Credit Union Company Address _15_0_H_il_lto~p_R_d _________ _ Saint Joseph, Ml 49085 Email Address AMC Compliance@reggora.com SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature ___________________ _ Name --------------------- Company Name ________________ _ Company Address _______________ _ Telephone Number _______________ _ Email Address ------------------ Date of Signature ________________ _ State Certification # ---------------- 0 r State License # ----------------- St ate ---------------------- Expiration Date of Certification or License _______ _ SUBJECT PROPERTY 0 Did not inspect subject property 0 Did inspect exterior of subject property from street Date of Inspection _______________ _ 0 Did inspect interior and exterior of subject property Date of Inspection _______________ _ COMPARABLE SALES 0 Did not inspect exterior of comparable sales from street 0 Did inspect exterior of comparable sales from street Date of Inspection _______________ _ F redcle Mac F c,m 70 March 2005 UAD VerSIOn 912011 Produced usi~ ACI sdtw.re, 000.234.8727 www.aciwro.com Page6ci6 Fanroe Mae fc,m 1004 March 2005 lOOU!;UAD 11181015 Nadeau Appraisal Service
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Appraisal Report Uniform Appraisal Dataset Definitions Condition Ratings and Definitions 57803294070 File No. BH-33544-25 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. cs 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. CG 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 Jack 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. QS 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. QG 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. UAO VerSIOn 911011 Produced usi~ ACI scttw~e. 000.234.8727 www.ociw€t:l.com Uniform A~ra1sal Dataset Definitions 1004_05UAD 12182015
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Appraisal Report Uniform Appraisal Dataset Definitions Abbreviations Used in Data Standardization Text Abbrev. Full Name Appropriate Fields Abbrev. Full Name ac Acres Area, Site in Interior Only Stairs AdjPrk Adjacent to Park Location Lndfl Landfill AdjPwr Adjacent to Power Lines Location LtdSght Limited Sight A Adverse Location & View Listing Listing Armlth Arms Length Sale Sale or Financing Concessions MR Mid-Rise Structure AT Attached Structure Design(Style) Min Mountain View ba Bathroom(s) Basement & Finished Rooms Below Grade N Neutral br Bedroom Basement & Finished Rooms Below Grade NonArm Non-Arms Length Sale B Beneficial Location & View op Open BsyRd Busy Road Location 0 Other cp Carport Garage/Carport 0 Other Cash Cash Sale or Financing Concessions Prk Park View CtySky City View Skyline View View Pstrl Pastoral View CtyStr City Street View View PwrLn Power Lines Comm Commercial Influence Location PubTrn Public Transportation C Contracted Date Date of Sale/Time rr Recreational (Rec) Room Conv Conventional Sale or Financing Concessions Reio Relocation Sale CV Covered Garage/Carport REO REO Sale CrtOrd Court Ordered Sale Sale or Financing Concessions Res Residential DOM Days On Market Data Sources RT Row or Townhouse OT Detached Structure Design(Style) RH Rural Housing • USDA dw Driveway Garage/Carport SD Semi-detached Structure Estate Estate Sale Sale or Financing Concessions s Settlement Date e Expiration Date Date of Sale/Time Short Short Sale FHA Federal Housing Authority Sale or Financing Concessions sf Square Feet g Garage Garage/Carport sqm Square Meters ga Garage • Attached Garage/Carport Unk Unknown gbi Garage • Built-in Garage/Carport VA Veterans Administration gd Garage • Detached Garage/Carport WO Walk Out Basement GR Garden Structure Design(Style) WU Walk Up Basement GlfCse Golf Course Location WtrFr Water Frontage Glfvw Golf Course View View Wtr Water View HR High Rise Structure Design(Style) w Withdrawn Date Ind Industrial Location & View Woods Woods View Other Appraiser-Defined Abbreviations Abbrev. Full Name Appropriate Fields UAD VerSIOn 911011 Abbrev. Full Name Produced usi~ ACI scttw~e. 000.234.8727 www.ociw€t:l.com Uniform A~ra1sal Dataset Definitions 57803294070 File No. BH-33544-25 Appropriate Fields Basement & Finished Rooms Below Grade Location View Sale or Financing Concessions Design(Style) View Location & View Sale or Financing Concessions Garage/Carport Basement & Finished Rooms Below Grade Design(Style) View View View Location Basement & Finished Rooms Below Grade Sale or Financing Concessions Sale or Financing Concessions Location & View Design(Style) Sale or Financing Concessions Design(Style) Date of Sale/Time Sale or Financing Concessions Area, Site, Basement Area, Site, Basement Date of Sale/Time Sale or Financing Concessions Basement & Finished Rooms Below Grade Basement & Finished Rooms Below Grade Location View Date of Sale/Time View Appropriate Fields 1004_05UAD 12182015
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ADDENDUM STANDARD ADDENDUM ENVIRONMENTAL STATEMENT 57803294070 File No. BH-33544-25 Please read carefully the attached Limiting Condition #5. We urge the client to retain an expert in this field if a determination is desired. The existence of adverse environmental conditions may have a negative effect on the estimated value of the Subject. PROFESSIONAL INSPECTIONS The purpose of our inspection is to gather basic information about the Subject, such as design, size, and layout. Attics and crawl spaces are not generally accessed in the normal course of our inspection. Since we are not qualified experts in the areas of mechanical components, infestation, or structural condition, we can only make notations of apparent conditions based upon our inspection. We urge the client to retain an expert in these areas if a determination is desired. The existence of adverse physical conditions may have a negative effect on the estimated value of the Subject. APPRAISER'S CERTIFICATION (CONTINUED) The Appraiser further certifies and agrees that: 1. Appraisers are required to be licensed and are regulated by the State of Michigan, Department of Licensing and Regulatory Affairs (LARA), P.O. Box 30670, Lansing, Michigan 48909. 2. Appraisers are required by the State of Michigan to attend an annual continuing education course in order to renew their license. 3. The appraisal was prepared in accordance with the requirements of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended (12 U.S.C 3331 et seq.) and any implementing regulations. 4. I have not performed any services, as an appraiser or in any other capacity, on the subject property within the three-year period immediately preceding acceptance of this assignment. 5. The appraiser has prepared this appraisal in full compliance with the Appraisal Independence Requirements and has not performed, participated in, or been associated with any activity in violation of AIR. These additional certifications are considered to be signed as part of the "Appraiser's Certification". TYPE OF APPRAISAL REPORT There are two types of appraisal reports: 1) "Appraisal Report" 2) "Restricted Appraisal Report" This appraisal is considered to be an "Appraisal Report". Addendum Page 1 of 4
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ADDENDUM LEGAL DESCRIPTION 57803294070 File No. BH-33544-25 Beg 675.48' N89Oeg39'02"W Of S1/4 Pst Sec 16 T6S R19W Th N89Oeg39'02"W 300' Th N00Oeg06'26"W 756.75' Th S89Deg39'02"E 300' Th S00Deg06'26"E 756.75' To Pob NEIGHBORHOOD DESCRIPTION The community of Bridgman makes up the general marketing area, including portions of Baroda and Lake townships. The Subject is located in Lake Township and is part of the Bridgman school system. Bus transportation is provided to & from schools. The area is made up of homes on large & small tracts of land and vacant & agricultural land. Although a somewhat rural "location", shopping, employment, and freeway access are located within ten miles on paved roads. Surrounding homes range in design & appeal and project average to good exterior maintenance. Homes with lake and or river frontage were excluded from the neighborhood price and age ranges. The Subject is located along a somewhat busy road, which creates excessive noise and is considered to have an adverse impact on the overall marketability. In addition, the Subject's view of power tower lines to the north, south, & west is considered adverse and to impact the overall marketability (see photos). The Subject's estimated value is higher than the "predominant" value for the neighborhood, however it is well within the defined range of values and was not considered to be an over improvement and is not considered to have a negative impact on marketability. Employment has been stable overall. Proximity to employment, shopping, schools, and freeway access are considered typical for the marketing area. Recreation facilities, utilities, protection from detrimental conditions, and police & fire protection are average for the area. NEIGHBORHOOD MARKET CONDITIONS To analyze market trends, we've conducted a ten-year study of residential sales in the greater Bridgman marketing area. See the attached Market Averages Report & Graph. Sales with lake & river frontage, views, and access were excluded from the analysis to arrive at a more meaningful indication of overall trends of typical residential homes (as lake & river homes are generally considered to be in a different segment of the market and can significantly skew the averages from year-to-year). More emphasis is placed on the "Average Price Per Square Foot" shown in the attached Market Averages Report & Graph (rather than the "Average Sales Price"). Breaking sales down into the Average Price Per Square Foot results in a much more meaningful comparison as it accounts for differences in the size of homes. In markets where there are small numbers of sales each year, this method of comparison becomes even more important as one or two high/low sales can skew the Average Sale Price significantly. Market trends are projected to be consistent with historical data illustrated in the attached Market Averages Report & Graph. Concern over rapid depreciation in home values is minimal since this marketing area has enjoyed slow, steady growth over the years (rather than accelerated, unsustainable, sporadic growth as seen in some parts of the country). REASONABLE EXPOSURE TIME Exposure Time is the estimated length of time that the property would have been offered on the market prior to the effective date of the appraisal. Exposure Time is a retrospective opinion based on an analysis of past events assuming a competitive and open market. Based upon the historical data discussed above, my opinion of a reasonable Exposure Time for the Subject property at the Market Value stated within this report is the same as indicated on page 1 in the Neighborhood Section, under Marketing Time. NOTE REGARDING SUMMARY OF COMPARABLE LISTINGS/SALES AT TOP OF PAGE 2 OF APPRAISAL REPORT Because of the small individual neighborhoods in the Bridgman area (which in some cases include only one or two streets), buyers regularly seek homes from similar/competing neighborhoods within the same greater marketing area. To better represent this buyer behavior, competing listings and sales from the greater marketing area are being reported at the top of page two of the appraisal report, instead of only homes within the Subject's narrowly defined/immediate neighborhood. HIGHEST AND BEST USE Based upon an analysis of the economic, legal, and physical factors considered and summarized in the Subject, Neighborhood, Site, and Improvements sections of this report, the Subject's present use is considered to be its Highest & Best Use "as is" and "as if vacant". ADDITIONAL FEATURES The above ground pool and items marked with a "P" under Appliances are considered "personal property" and are not included in this appraisal. Items marked with an "X" under Appliances are physically attached to the home (i.e. "built-in"). No value was given for any personal property within this appraisal report. Dining Room Has: Single French rim door. First Bedroom Has: Sliding glass door. First Bathroom Has: Walk-in closet; Two sinks. Kitchen Has: Recessed-panel oak cabinets. Interior trim is stained wood. Basement Family Room Has: Wet bar area. Mechanical Systems Include: Four+/- ceiling fans. Garage Has: Electric garage door opener. Exterior Features Include: Average landscaping; Large paver block patio; Paver block patio fire pit area; 1,932sqft heated & cooled pole building with 520sqft Lean-to; 375sqft Carport. STATEMENT OF FINISHED SQUARE FOOTAGE AND OTHER CALCULATED AREAS The exterior and interior of the Subject was inspected in order to develop and report the finished and unfinished above and below grade areas according to ANSI Z765-2021. This standard is the American National Standard for calculating and reporting the square footage of single family residential buildings. Statement of Finished Square Footage: The design of the home, number of levels & finished above-and below-grade areas are reported on the form and dimension list. These areas meet the requirements for finished square footage according to ANSI Z765-2021 unless noted below. Addendum Page 2 of 4
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ADDENDUM COMMENTS ON SALES COMPARISON 57803294070 File No. BH-33544-25 Comparables are inherently limited due to the Subject's location, acreage, view, age, size, pole building, and because of the very small number of sales to choose from each year with acreage in the Bridgman marketing area making it difficult to bracket the Subject's acreage, view, age, foundation, and basement finishing. Therefore, it was necessary to utilize sales from a farther distance, greater time period, and with a higher degree of adjustments to compensate. This is not uncommon when appraising in this marketing area and is not considered to have adverse effect on marketability. The three closed sales were considered the best available at the time of this appraisal. It should be noted, no active and or pending listings (other than the Subject) were found on the SWMLS system meeting the Subject's criteria. The sites were adjusted based upon their total contributing value, rather than simply on a "per-acre" OR "per-square-foot" basis, thus taking into consideration all factors that influence value (such as topography, view, set backs, etc.) Comparable #1 was chosen because of its recent time of sale, quality of construction (modular), size, and relatively low gross & net adjustments. However, this comparable benefits from more updating and was considered superior in age (effective age) and condition. Comparable #2 was selected because of its recent time of sale, acreage, ranch design, overall quality of construction, age (effective age), condition, bedroom count, size, and outbuilding. Comparable #3 was utilized because of its recent time of sale, location, ranch design, overall quality of construction, bedroom count, size, and foundation. However, this comparable benefits from more updating and was considered superior in age (effective age) and condition. All three sales also benefit from being located in the same general marketing area & school system as the Subject. Deviation from MLS Data: The comparable or Subject data presented herein, such as site size, gross living area, or basement size/finishing, may be different than what has been reported in the SWMLS (and/or other appraisal reports). If there is a difference, please be advised that we have ascertained said data through more reliable sources, such as office files, plat maps, or assessor records, and our data as reported herein should be used in lieu of SWMLS data to better represent the actual physical attributes of the comparable or Subject. Differences in Above Grade Living Area were adjusted for at $20 psf, while differences in unfinished basement were adjusted at $5 psf, and finished basement area was adjusted for at $10 psf. These amounts are based on cost figures found in the Marshall & Swift handbook, which were then tempered for the Subject's segment of the market. Finished rooms (above or below grade) were only adjusted for on a square foot basis, except for bathrooms, which were adjusted for at $3,000 for a full bath and $1,500 for a half bath (above and below grade). The comparables selected are considered the best available at the time of the report. The adjusted comparables provide an indication of the low and high ends of the Subject's range of estimated market value. The Sales Comparison was reconciled to the estimated value of the median comparable because it was considered (weighted) to be the most reasonable and supportable point in the developed range of values based on the market data available. Amenities have a wide range of contributing values based on the price-range of a home, location, and the amenity's features, such as: age; size; quality; finishing; condition; use; etc. We continually analyze the contributing values of amenities during our Cost Approach Analysis when appraising other sales, resulting in a general range of contributing values for amenities, such as: enclosed porches; screened porches; decks; patios; covered porches; hot tubs, etc. In our experience, very seldom does the "contributing value" of any given amenity contribute in direct proportion to its "actual cost new" because of all the variables stated. The adjustments made in the Sales Comparison are our estimate/opinion of the amenities approximate contributing value after weighing all of the variables. COMPARABLE PHOTOS AND MAPS The Comparable Photo Pages & Map Pages are intended to be read in the context of this entire report. The Comparable Photo & Map Pages are correctly labeled as "Comparable #1 ", Comparable #2", etc. and properly correspond to the Comparables shown on the Sales Comparison Page(s). For the complete address information, the reader is directed back to the Sales Comparison Pages. SUPPORT FOR THE OPINION OF SITE VALUE A search was made for vacant land sales within the past thirty-six months which bracket the Subject site's attributes (from 0.50 acre to 10 acres and excluding commercial and lake & river influenced sales). According to SWMLS records there were only 3 +/- sales meeting this criteria, ranging in price from $40,000 to $150,000 (sold with a pole building), with an average list price of $87,900, an average sale price of $81,000, and an average of 61 days on the market. After considering & weighing the differences, I've formed my opinion that $65,000 is reasonable for the Subject site. COST APPROACH COMMENTS The figures used in the Cost Approach are from the Marshall & Swift Residential Cost Handbook, using the average quality category. The Subject is a 2003 All American Homes Modular home (serial number 51248) constructed with materials & workmanship typical of site-built homes. It is NOT a double-wide manufactured/mobile home; It does NOT have a steel chassis; It does NOT have an axle or wheels. This type of home is generally received in the market like a "site-built" home. Physical Depreciation is being estimated on the basis of effective age using the tables provided in the Marshall & Swift Handbook. Functional utility is average overall with a layout & room count typical of homes this size. The site value is typical of acreage properties in this general market area. Since the purpose of this appraisal is to estimate "market value", sales in this area were studied to establish a relationship Addendum Page 3 of 4
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ADDENDUM 57803294070 File No. BH-33544-25 between market value and the Marshall & Swift figures. A difference of 5% was found to exist as a general market condition which has been stable over the past several years and is not due to any sudden downturn in the market. This difference is shown as External Depreciation in the Cost Approach. An additional $5,000 is being applied for the proximity of the busy road. In the Cost Approach, "as-is" values were given for the following Site Improvements: 1,932sqft Pole Building = $15,000; 520sqft Lean-to= $2,500; 375sqft Carport= $2,500; Landscaping; Driveway. Outbuildings have a wide range of contributing values based upon the price-range of a home, location, acreage, and the outbuilding's features, such as age, size, quality, finishing, condition, use, etc. We continually analyze outbuildings during our Cost Approach Analysis when appraising other sales with outbuildings, resulting in a general range of contributing values for outbuildings. In our experience, very seldom does the "contributing value" of any given outbuilding contribute in direct proportion to its "actual cost new" because of all the variables stated. The adjustments made in the Sales Comparison is our estimate/opinion of the outbuilding's approximate contributing value after weighing all of the variables. Addendum Page 4 of 4
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I Year Avg List$ 2014 $158,291 2015 $171,171 2016 $156,876 2017 $159,189 2018 $193,256 2019 $199,910 2020 $215,471 2021 $237,150 2022 $282,620 2023 $319,153 2024 $302,121 E / APPRAISAL SERVICE www.nadeauappraisal.com MARKET AVERAGES For: Area 01: Bridgman From: 01/01/14 To: 12/31/24 Avg Sale$ %LP-SP $ Per SqFt $151,094 95% $87 $164,629 96% $97 $151,003 96% $97 $155,744 98% $106 $186,377 96% $114 $194,451 97% $120 $210,357 98% $124 $235,709 99% $147 $282,135 100% $172 $308,774 97% $188 $292,305 97% $204 Avg DOM 128 79 91 51 52 40 40 21 30 26 24 # of Sales 34 34 54 46 56 51 52 54 55 37 33 s25o ~------~A~v_e_r-ag-e~P~r1~c-e~P~e-r~S~q-u-a-re~F-o-ot~------- $200 -1--------------------------ft--- $150 -t---------------------==-----1 $100 -t-----==------==------1 $50 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $87 $97 $97 $106 $114 $120 $124 $147 $172 $188 $204 Search Criteria: MLS Area 01, Exclude CO property type, School=Bridgman, Close Date is between 01/01/14 and 12/31/24, Exclude Water Influenced, Exclude Distressed Conditions, Exclude Atypical Sales Benton Harbor Office: 269.849.1818 Fax: 269.849.0734 3310 Coloma Road, Benton Harbor, MI 49022 Grand Haven Office: 616.847.2737 Fax: 616.846.4920 300 Washington, Ste 200, Grand Haven, MI 49417
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DIMENSION LIST ADDENDUM GROSS BUILDING AREA (GBA) GROSS LIVING AREA (GLA) Area(s) Area Living 2 083 Level 1 2 083 Level 2 Level 3 Other GBA Basement □ 2 083 Garage □ 586 □ Area Measurements Measurements Factor Total Level 1 27.5 X 40.3 X _1 = 1 108.25 [R] 14.1 X 6.2 X _1 = 87.42 [R] 32.2 X 28.0 X _1 = 901.60 [R] -6.8 X 2.1 X 1 = -14.28 [R] 24.1 X 24.3 X _1 = 585.63 □ 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 = □ % of GLA 100.00 -- -- -- 57803294070 File No. BH-33544-25 2 083 2 083 %of GBA 100.00 -- 100.00 -- -- -- -- -- Area Type Level2 Level3 Other Bsmt. Garage □ □ □ [R] □ □ □ □ [R] □ □ □ □ [R] □ □ □ □ [R] □ □ □ □ □ [R] □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □
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Front View Rear View Street Scene I DEAU / APPRAISAL SERVICE www.nadeauappraisal.com TM Front View Rear View Street Scene '"MNJADEAU /APPRAISAL SERVICE, www.nadeauappraisal.com
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Street Scene View to Front (South) View to Back (North) I DEAU f APPRAISAL SERVICE www.nadeauappraisal.com TM ADEAU /APPRAISAL SERVICE www.nadeauappraisal.com Street Scene View to Front (South) View to Back (North)
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I \ I DEAU / APPRAISAL SERVICE www.nadeauappraisal.com TM View to West Alternate Front View Alternate Rear View View to West Alternate Front View Alternate Rear View ‘'MNJADEAU /APPRAISAL SERVICE, www.nadeauappraisal.com
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View from Road Carport Pole Building I DEAU / APPRAISAL SERVICE www.nadeauappraisal.com TM View from Road Carport Pole Building u 2 ADEAU /APPRAISAL SERVICE, www.nadeauapprai
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Pole Building Lean-to Pole Building Interior Pole Building Interior I DEAU / APPRAISAL SERVICE www.nadeauappraisal.com TM Pole Building Lean-to | Pole Building Interior | Pole Building Interior | '"MNJADEAU /APPRAISAL SERVICE, www.nadeauappraisal.co
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I DEAU / APPRAISAL SERVICE www.nadeauappraisal.com TM Pole Building Interior Above Ground Pool (Personal PropertyL Garage Interior Pole Building Interior Above Ground Pool (Personal Property) Garage Interior '"MNJADEAU /APPRAISAL SERVICE, www.nadeauappraisal.com
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Foyer Living Room Dining Room I DEAU / APPRAISAL SERVICE www.nadeauappraisal.com TM Foyer Living Room Dining Room '"NJADEAU APPRAISAL SERVICE, www.nadeauappraisal.cor
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Kitchen Kitchen _(alt view) Laundry Room I DEAU / APPRAISAL SERVICE www.nadeauappraisal.com TM Kitchen Kitchen (alt view) Laundry Room '"MNJADEAU /APPRAISAL SERVICE, www.nadeauappraisal.co
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First Bedroom First Bedroom (alt view) First Bathroom I DEAU / APPRAISAL SERVICE www.nadeauappraisal.com TM First Bedroom (alt view) First Bathroom '"MNJADEAU /APPRAISAL SERVICE, www.nadeauappraisal.co
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First Bathroom (alt view) Second Bedroom Third Bedroom I DEAU / APPRAISAL SERVICE www.nadeauappraisal.com TM First Bathroom (alt view) | Second Bedroom | Third Bedroom | '"MNJADEAU /APPRAISAL SERVICE, www.nadeauappraisal.co
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I DEAU / APPRAISAL SERVICE www.nadeauappraisal.com TM Second Bathroom Basement Family Room Basement Family Room (alt view) Second Bathroom Basement Family Room Basement Family Room (alt view) '"MNJADEAU /APPRAISAL SERVICE, www.nadeauappraisal.com
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Basement Recreation Room Basement Room Bassement Room I DEAU / APPRAISAL SERVICE www.nadeauappraisal.com TM Basement Recreation Room | Basement Room | Bassement Room | '"MNJADEAU /APPRAISAL SERVICE, www.nadeauappraisal.com
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Basement 1/2 Bathroom Basement Utility Basement I DEAU / APPRAISAL SERVICE www.nadeauappraisal.com TM Basement Utility | '"MNJADEAU /APPRAISAL SERVICE, www.nadeauappraisal.co
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Basement Basement Modular Identification I DEAU f APPRAISAL SERVICE www.nadeauappraisal.com TM Basement Basement Modular Identification ‘'NJADEAU / APPRAISAL SERVICE, www.nadeauappraisal.com
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Comparable #1 Comparable #2 Comparable #3 I DEAU / APPRAISAL SERVICE www.nadeauappraisal.com TM Comparable #1 Comparable #2 Comparable #3 ‘"MNJADEAU /APPRAISAL SERVICE www.nadeauappraisal.com
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'"MNJADEAU / APPRAISAL SERVICE www.nadeauappraisal.com State Map ES An - [T Benton Harbor Office: 269.849.1818 Fax: 269.849.0734 3310 Coloma Road, Benton Harbor, MI 49022 Grand Haven Office: 616.847.2737 717 S Despelder St A27, Grand Haven, MI 49417
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I APPRAISAL SERVICE www. nadeauappraisa I .com TM Location Map Witi ®AN'( N . I 16 f 20 I 21 ~ Benton Harbor Office: 269.849.1818 Fax: 269.849.0734 3310 Coloma Road, Benton Harbor, MI 49022 Grand Haven Office: 616.847.2737 717 S Despelder St A27, Grand Haven, MI 494Vi
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I APPRAISAL SERVICE www. nadeauappraisa I .com TM Site Overview Map Benton Harbor Office: 269.849.1818 Fax: 269.849.0734 3310 Coloma Road, Benton Harbor, MI 49022 Grand Haven Office: 616.847.2737 717 S Despelder St A27, Grand Haven, MI 494Vi
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I E u / APPRAISAL SERVICE www.nadeauappraisal.com TM QUALIFICATIONS OF THE APPRAISER Catherine M. Maczala LICENSE INFORMATION: ♦ State Licensed Real Estate Appraiser (SLREA). State of Michigan, License #1203004844 ASSOCIATION MEMBERSHIPS: ♦ Member of the Southwestern Michigan Association of Realtors, Inc. ♦ Member of the Real Estate Information System of Southwestern Michigan, Inc. (MLS) RELATED EDUCATION: ♦ Uniform Standards of Professional Appraisal Practice, Holloway's Real Estate Institute, Lansing, Michigan, May 1994. ♦ Appraisal One, Holloway's Institute, Inc., Lansing, Michigan, May 1994. ♦ Appraisal Two, Holloway's Institute, Inc., Lansing, Michigan, June 1994. ♦ Appraising Manufactured Housing (APNC 220), Northern Michigan University, March 2001. ♦ USP AP Update/Review, Part A, Nmthem Michigan University, June 2001. RELATED EXPERIENCE: ♦ August 1993 - Present Real Estate Appraising with Nadeau Appraisal Service. TESTIMONY: ♦ Expert Witness, Van Buren County Circuit Comt, Michigan Benton Harbor Office: 269.849.1818 Fax: 269.849 .0734 3310 Coloma Road, Benton Har·bor, MI 49022 Grand Haven Office: 616.847 .2737 717 S Despelder St A27, Grand Haven, MI 49417
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I UCT<IC• VHlTflU UVDIIOI EAU APPRAISAL SERVICE www.nadeauappraisal.com TM APPRAISAL LICENSE For: Catherine M. Maczala STATE OF MICHIGAN DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS BUREAU OF PROFESSIONAL LICENSING STATE LICENSED REAL ESTATE APPRAISER LICENSE CATHERINE M MACZALA Ll(UU NO. CXPUAtlOH tAfC J.203004!144 07/31/2025 23136090521 ,...DOCl#llff.DUl-t __._,...LA_O, _n,.n:cw_...,... Benton Harbor Office: 269.849.1818 Fax: 269.849.0734 3310 Coloma Road, Benton Harbor, MI 49022 Grand Haven Office: 616.847.2737 717 S Despelder St A27, Grand Haven, MI 49417