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Home My WebLink AboutBank of America Augusta Richmond GA DOCUMENT NAME: ~\'t~ o-Y A\,<\eX\c..Gl DOCUMENT TYPE: DB'(eerY\ef\\- YEAR: C() BOX NUMBER: \ \ F~ENUMBER:\~t5~ NUMBER OF PAGES: cXJ " After recording return to: Vincent M. Davison, Jr. Attorney at .Law P.O. Box 211065 Augusta, GA 30917 ~ SUBORDINATION AGREEMENT This Subordination Agreement is made by Augusta, Georgia, a political subdivision of the State ofGeorgja, by and on behalf of the Housing and Neighborhood Development Department, Housing Rehabilitation Program, in favor of BANK OF AMERICA, a national banking association existing under the laws of the United States of America RECIT ALS: 1. LOLETHA GREEN has executed a Security Deed in favor of Augusta, Georgia, a political subdivision of the State of Georgia, by and on behalf of the Housing and Neighborhood Development Department, Housing Rehabilitation Program, dated August 16, 2000 and recorded in Realty Reel 697, page 2206 of the Office of the Clerk of Superior Court of Richmond County, Georgia, covering the property described therein (the "Property'1. 2. Borrower has asked Augusta, Georgia, a political subdivision. of the State of Georgia, by and on behalf of the Housing and Neighborhood Development Department, Housing Rehabilitation Program to subordinate their Security Deed to the lien created by that certain Security Deed executed by the Borrower in favor of BANK OF AMERICA, N.A., dated covering the property and securing the payment of a note of the same date in the original total principal amount of$51.000.00. NOW THEREFORE, for valuable consideration, Augusta, Georgia, a political subdivision of the State of Georgia, by and on behalf of the Housing and Neighborhood Development .Department, Housing Rehabilitation Program hereby subordinates the lien ofbis Security Deed to the lien of BANK OF AMERICA, N.A. ,subject to the terms of this Agreement, so that BANK OF AMERICA, N.A will have a first Security Deed lien on the property described in the above.referenced Security Deed. The lien of Augusta, Georgia, a political subdivision of the State of Georgia, by and on behalf of the Housing and Neighborhood Development Department, Housing Rehabilitation Program's Security Deed is subordinated to the lien of the BANK. OF AMERICA, N.A. only to! the extent of the original principal amount of the note and any amounts advanced pursuant to the terms of the Security Deed fOT the payment of insurance premiums, taxes, costs of collection Or protection of the value of the Property. This Agreement shall inure to the benefit of BANK OF AMERlCA, N.A.. and its successorS and assigns and shall be binding on Augusta, Georgia, a ~.d 690<: ~ gel. 6902 ~ 90l. 8V:~1 000G-~lJO , . rn . d ltll0l 7 political subdivision of the State of Georgia, by and on behalf of the Housing and Neighborhood Development Department. Housing Rehabilitation Program, its successors and assigns. Executed this -1- day Of~ AUGUSTA. GEORGIA. A POLITICAL SUBDIVISION OF THE STATE OF , GEORGIA,BY AND ON BEHALF OF THE HOUSIN'G AND NEIGHBORHOOD DEVELOPMENT DEPARTMENT, HQUS ILITATION PR . .~ ~BY: ~ct ~'d 690G ~ 90l. 6geG [98 gel. 8t? : vi ooec-rn-l.JO NACA. 7 ~dghlwrhood Assislancr Corporal ion of ...\mrrica Bruce Marks Chief Executive Officer OFFICES: Atlanta, GA (404) 377-4545 Augusta,GA (706) 855-7464 Baltimore, MD (410) 783-0465 Bay Area, CA (510) 652-6622 Birmingham, AL (205) 322-6228 Boston, MA (617) 250-6222 Buffalo, NY (716) 834-6222 Charleston, SC (843) 556-0497 Charlotte, NC (704) 536-7676 Columbia, SC (803) 255-0223 DallaslFt. Worth, TX (817) 608-9610 Houston, TX (713) 706-3400 Jacksonville, FL (904) 725-8700 Lawrence, MA (978) 687-3993 Los Angeles, CA (310) 412-2600 Memphis, TN (90 I) 396-3366 Sacramento, CA (916) 427-8000 San Antonio, TX (210) 224-5900 Washington, D.C. (202) 328-6333 www.naca.com ~u Tuesday, October 03,2000 Housing and Neighborhood Development Department 1 10th Street, Suite 430 Augusta,GA 30901 Attention: Ms. Franceine Parham Cc: Administrator, Director, & Mayor My name is Melissa Thornton, Director ofNACA (Neighborhood Assistance Corporation of America) here in Augusta. Weare a non-profit community advocacy and housing services organization. We began in 1988 and have been the driving force behind the research, advocacy and exposure of the second mortgage scams in which financial institutions targeted longtime homeowners who were predominately elderly, poor and_ minority. We continue to advocate and organize nationally to attack predatory lending practices, as well as to research and confront lenders, finance companies, insurance companies and government entities engaged in discriminatory and predatory lending practices. Ms. Loletha Green, who is currently disabled and on a fixed income came through our program in July for some assistance. At the time she had two mortgages on her home which totaled $710 per month. Her monthly income is ~nly $800 and it is a struggle for her to make ends meat each month. Ms. Green is a prime candidate for our program and she has a predatory 2nd mortgage on her home with an interest rate of 19%. We, NACA, were able to both her mortgages with a consolidation loan and giver her an interest rate of7.25%. This makes her monthly payment $476 and it is a 30 year fixed mortgage, taxes and insurance included. We have succeeded in almost cutting her mortgage in half. The only problem is we cannot get clear title because your organization will not subordinate the lien that you have on her property. To my understanding you currently hold 3rd position. With the buyer's new loan you will move to second position. Her loan amount is $49,386 and her National Headquarters (Boston): 3607 Washington St., Jamaica Plain MA 02130 Phone: 617-250-NACA (6222) · Fax: 617-250-6262 Unfair LendIng: 1-800-98-SHARK · Housing ServIces : 1-888-302-NACA (6222) NACA :\righhurllllud :\ssist:IIH.'C Cllrpuratillll Ill' ,\llIcrica Bruce Marks Chief Executive Officer omCES: home appraised at $49,000 which I have included a copy of with this letter. In reading the agreement supplied by your department it mandates the buyer live in the home for 5 years. Doesn't this loan increase those chances by helping her financial situation? Atlanta. GA (404) 377-4545 Augusta,GA (706) 855-7464 It seems that both our organizations are striving for the same goal. We assist those that need us and we offer comfort and a peace of mind. I sincerely hope that you review the documentation provided and help us to help Ms. Green make her homeownership dreams come true. Help give us a chance to strengthen Ms. Green's financial situation and bring her peace of mind once again. Baltimore, MD (410) 783-0465 Bay Area, CA (510) 652-6622 Birmingham, AL (205) 322-6228 Boston, MA (617) 250-6222 If you have any questions or concerns on this matter or the services our program has to offer, please feel free to contact me at 706-855-7464. You can also find general information about our services at www.naca.com. Buffalo, NY (716) 834-6222 Charleston, SC (843) 556-0497 a Melissa Thornton Charlotte, NC (704) 536-7676 Columbia, SC (803) 255-0223 DallaslFt. Worth, TX (817) 608-9610 Houston, TX (713) 706-3400 Jacksonville, FL (904) 725-8700 Lawrence, MA (978) 687-3993 Los Angeles, CA (310) 412-2600 Memphis, TN (901) 396-3366 Sacramento, CA (916) 427-8000 San Antonio, TX (210) 224-5900 Washington, D.C. (202) 328-6333 www.naca.com ~11 National Headquarters (Boston): 3607 Washington St., Jamaica P1~ln MA 02130 Phone: 617-250-NACA (6222) · Fax: 617-250-6262 Unfair lending: 1-800-98-SHARK · HousIng ServIces: 1-888-302-NACA (8222) . . " 6441628226 PrODenv Ouctlnllnn UNIFt M RESIDENTIAL APPRAISAL RE: JRT File No. 73058331 I ~ Addrou 1224 Summer Street ~ AUausta Sill. GA 7hr.lldlo- 30901.3357 l Lot 16 Block B SummerliBld Subdivision r"""", Richmond AsIts$o(J PII'CtI No. 867 TuY.. 2000 RE. T....S IfllSOO.OO ~IAutumtnlII N1A ~."er LolBlha Green r,~ontOwner Loletha Gr8&l Orrnnonl' rX10wner r I Tenonl I 1 Vacant . h1a.~ IXI FeeS""'" rlltt$8holdT Pro!;;dTvo. r I PUO r I CondotrritmlHUlWAMlYI HOAI N1A /Mo. ~ ProIOd Name Auausla .... R.hnnce 59-2 MSA#0600 Canaua Tred 108 SUPrice$ N1A o.lt of Salt N1A ~non'U.mounlofloon Iobe........_ N1A lendllflC1lent Bank af America Mortm.;;o AddmI 200 South CoIl908 Slreet Charlo"e NC 28202-1 ~ 00 Alllnl$er SiAn en L Cook AddmI 1658 Central Road Extension Thom6Oll GA 308b4 I.ocal.On _ lktlan ~ Subu1lan Rural Predominant 81n~" family houalng ""-Iond IDe % lancI .... aw.g. BuI:I up X Over 75~ 25-75% _ lJn4er 25~ DCCUpMcy rnx. E ~ One WnIIy ~ 00 Nolllaly 0 llUlr Gnr.th ..... _ Rapid ~ Slablo Slow r.g Owner ~ low ~ 2~ tarnIy _ 0 In plDC8JI PnlpertyvWol _ lnatulng X S_ l- DdUng ~ TlIIIIIIt 500 Hlnh 100 ~ _ To: 0enIand/auppIy \- SboItage ~.,-.:.!= o.awlf ~ ~~) -..........~. C4mnwdal _iM.... UncItr311101. X J-amlu. InvllfSITlllII. __... 180 I 15 Vacant 20% Nola: Race and the racial compoaltJon 01 th. ntlllhborhood ... not eppralaal fKtorL Ntlghborhood bOUnd..le. end chat.ctwllcs The subiect neiahbortJaod is the residential oortion of central Auausta-Rlchmond Countv : Georola. . o FKIot. IIIaI etltctth.llIIIUtabWy 01 Ih. proporllts In ilia ntlghbortlood (prollmily 10 empIoymenl.nd emtlllllt.. employment .Iabllity. app.ollo ""'.1. .Ic.): ~ The subiect is located on Summer Slreet in Ihe central nnnlon of Auausta-Rlchmond Countv Georaia. AU of Ihe services and facilities .. of melrooolllan Auausta are nearbll. Churches ""rlcs and schools are aU within a short drive. Pollce and fire orotadlon are assumed 10 be adeouate, Uatk.t ""ndlUon. In th. subJ.ct n.lghbOlllOOCl (including .upport for Ih. ebo.. ""nclullo.. r.laled 10 th. ~end 01 property vUItI. dtnW1dlsul'Pll', and ~ tme .. .uch to do" on COIIIpelltlv. propertle.l", "olt In Ih. n.lghborhood, description olthe pr..el.nc. of so'es .nd nnlnclng conc.sslon.. .Ic.): Subiecl nBlahborhood is an active m,.rXet. Financial incentives and seller concessions have been considered and adjustments made where aaaroanate. . ProJ.cllnlonnatJon for PUO. (II .pplicab,d) -. I.th. de..loplltllluilder In ""n~ol of Ih. Home Owner.' A.soclatlon (Halo)? 0 YES 0 NO Appro.;,nalt IoIaJ IUUIllIer 01 unU. In th. ,ubltel proJ.cl N1A Approxinslt IoIaJ nu_ of unU. lor '"It In th. .ubject project N1A O.'cribe ""mmon t1t1lltll1. .nd rea.alionall..cUilleo: N1A DintnsionI To be determined by SUIVIl\ . Topoc,aphy Baslcallv level su...... @ 0.20 Acre _ Comllf lot U Yes 00 No SIze Tvolcal for area Specinc zoning clauillcalion an"~d do. :tipllon ;innle Familll Residential Shape Ractanaular zoning c:ompiance 00 l. legal no .ari:nnilg (Gi8ndtaItond UIt) 0 lItgal U No mnIlg lninage AnnAArs a<1Muate H"""''' & btsIllIt es Irnnm.ed: X Pr."",1 USd -Fi" Dill<< u../..""'In\ VIew Averane UlIIIU.. ~ic Olll<< otf-oIl.lmprov.....n.. Type ~ Priv.'e LrodoctpIng Averane EItclricity X Streel Asphalt ~ ~ DrIv.way S..tace Conaete au X CurtlIgutt... Concrete ~ i- Apparent _Is None aooarent Waler X Sldawalll Concrete - X i- FEW. Spec:ioJ Fklod Hazard Area 00 Yes IT No Sanillwy se_ X Slr1I.tlig/lls Electric 8: _ FEI.IA Zone A3 I.tap Date 214/87 Slonn sewer X u... None FEMA Mao No. 130158 0060 B Cornm.nl. (apparent .d...... ....m.nl., enaoachmllllll. .p.cIal.....sm.nla. IUd. ......IIJeg., Of 1eg.1 nonconlorming zoning. UI.. .Ic.): No 8DIlarenl adverse easements or ""r.roachmenls were noted lhal would affect the mmet value. The nrnnAl1v Is identified as beinn In the FEMA flood hazard area. Site is tVI ieal of area. GENERAl. DESCRIPTION EXTERIOR DESCRIPTION No. 01 Unils One Foundation Cana-ete No. 01 Slories One E:dorior Walls BV & MA Type (DeUAlI.) Detached Roo'Surlaco Como. Sha. Design (Slylt) 1 Struv Gutters & Dwnspt,. None E.<isIIngIPropostd Existlna WIndow Type S1H Alumn. A~. (VB.) 14 SlormISaee.. None/Half ENectfve ,1,0. IV". \ 6 Manulectl6ed House No o ROOI.IS Fov", Uvino Din"'" Kllchtn Ilastmsn, l.v.11 o l.val 2 FOUNDATION Slab Yes Owl Space No Ilastmlllll None &It1> Purrc> None noted OImpness None noted SotIltment None noled Inftlf.,1on None noted Fom... Rm. Rae. Rm. 8tctooms IlASEWENT Area Sq.Fl N1A " fMhtd NJA CoIi1g N1A Web NJA Fbar N1 A Ouls... Enby N1A ~B.lIIs INSULATION Roof _~ CtlIng - :: ==X Non. _ -- Insulated Glass Other .......S;;.F1. Den l.';';;;;- 3 2.00 X 1032 Fmishtd area above orBd. cnnlein.: 6 Rooms. 3 Bedroom." 2.00 Ba;;;;;; 1 032~Ut18 Feel oIGross-'''''''; N.e INTERIOR MatIlialslConclill HEATING KITCHEN EQUIP. AmC t AWENJIIES CAR STORAGE: FIxn VinyVAverage Type FWA R.lrigeralor ~ llone Freploc:u/.). __ ~ None 00 . WIllls ~VeralJd Fuel Gas __ Rsngolllvllll ~ ~tan P.lIo Cuncl Lie .i Gng. . of cat. Trinu'FiIi>; I WOOOJAveraae ~veraoe DioposaJ ~ lXop Slai' ~ Oedl - AIIlIched Bath Fb<.: VinllVAveraae COOLING DIshwasher - SculUt l Porch Sloop E Delached B8Ih WalUSQlI FOIAverane C<lnlr1ll Yes FIUlIHood l Floor = fence Chain link BuI.1n Doors MetlWoodJAverage Other No ~.... l- Heated ~ Pool l- Cwpon CordlbnAveraae W.Ihtt"'"'- FnIshtd Driv.wav Canaete Addrtionalr.ah.... ($p.c/al.nlltgy effich.nIU.m.. .Ic.): Addil/onal fealures Include: Stoop, Palio Fence and Insulaled Glass. Condilion ulthd imp.ov.m.nl., d.p,.crJtlon (physical. funcllon.l, and ....mal), r.pa.. ne.ded. quality of ""n'!Tuctlan r.mod.ling/additlon., etc.: The subiect aaaear~ 10 be in average condilion for ils' age and construel/on. There were no functional or ex1ernal inaa""uaeies noled. The subject orooer1\ has nol sold within the oasllwefve monlhs. Adven. ',Ivironm.n,al C()ndillon. (.uch a.. but nol Umll.d 10, hazard~ul '..II... lotic 'Ublt.~~.., .tc.) pr~..nl'n Ih. Impro..m.nl., on Ih. IlIe, or In th. 'mm.dl.lu vicinity ot the ,ubj.ct prop.rly: No hazardous matenals were noted on sublact nrooenv nor does the aooraJser have any reason to believe ,;uch ronc1il/ons exisl. . FraIe t.W Fcru J\.l 6-'0 PAGE 1 OF 2 n..a._~CIlI"ACI~~.....~ ........ r- tCI:M I-D :'l. Valua"ofl Sacllo" FIlA..... 73058331 ESTUlATED SITE VAlUE. . . . . . . . . , . . . . . . . . . . , . . , , . = , 6000 Commantl on COil Approaell (Iuch II, IOWC, 01 coli ..Urul.. ESTUlATED REPROOUCTION COST.NEWOF IMPROVEWEHTS: .ij. vaile,llluar.1oo1 CI\cu1i11on .nd lor HUD, VA Ind flllHA, lb. ~ 1,032 Sq. fL 9' 40.00 = , 41.280 .stImaIO<lr....kIil8 ICOfIOmlc lit. 01 1M propllty~ Sq.FI. 0'_ = Cllstestlmated usina coat manuals local bulldera and . PI StoFe InsGI KllADo.elc. = 5,000 Q lIllosny files. Site valued uafno allocation method. ~Apat _Sq.FI.O'_ = D.mreciation based on 8O&-llfe melhod. Estimated remalnlna Total E.lin&locl Coll_ ... . . . . . . . . . . . .. = , 46.280 91:onomic life of the om.-tv la 54 V88CS. Lisa $4~YIIcaI I FuncllonaIl E.d8maI Esl. Ramalning Eoon.l.h: I . - I ~ 600 = , 4,600 OIpred;JlocI VIIulI oIlrnj1r1Mm1nll . . . . . . . . . . . . . . . . . . . . , 41680 I 'Aa-!so'/uofSIl.lmprovemlllla. .............'..., . . , 2000 INDICA TED VALU!! BY COST APPROACH. . . . . . . . . . . . I 49 700 IlEW I SUBJECT COllPARABI.E NO, 1 COllPARA8I.E NO. 2 COlIPARABLE NO. S 1224 :>ummer Street 2010 Highland Avenue 3203 Alpine Road 2335 loJy Court Addnlsa Auousta AuoUSla Auousla Auouste to Subiect lIB! 0.50 Mile West @ 0.50 Mile West . @ 0.50 Mile South Salls PrICe II NJA I 50 000 I 51 500 I 49 900 ~..Uw.Mla I 0.00 III I . 44.92 III , 43.79 III , 46.46 III Oala 1lIl1l,,"" Public RecordlMLSlReaJIor Public RecordIMLSlReeltor Public RecordIMLSlRealtor VlriIcabon Sources Pars. lnspec. ExtemallnSDeCtion External Ins~lon Externallnsoedlon VAI.I.E AlU.lSTloEHTS DESCRIPTION OESCR/PooN I ".11-. DESCRIPTION I 0'.11- DESCRIPTION 1.,..._ Salls 01 FIl\IlICing Conv. - Seller Conv. . Seller FHA - Seller Conl:usiona Peld No CC Paid No CC Paid No CC ~I. 01 ~:a1aITlme NJA 4/28100 : 5/24/00 : 6/28100 : l.ocIIbn AY9laOe AY8lllQe Averaoe Avera08 I.aiI5ot<lnfet snn. Fee Simole Fee SlmnJe : Fee SimDle : Fee SlmDle : Sil. @ 0.20 Acr.l @ 0.30 Acre : tBl 0.20 Acre : tBl 0.16 Acre : v.... AVllralle Averaoe Averalle Ayeraoe I o...Jon .nd An....1 1 Storv BV/IAA 1 SIaN f1VNl : 1 Storv 8IINl : 1 StaN MA : 500 Io._ci.~ Averalle Ayeraoe : Averaoe : Avemoe : IAn. 1986 @1975 1958 1983 CollltilioH Ayeraae Ayeraaa : Ayeraae : Averaae : Aba.. G,alI. TCCII . eon. . ..... TCIllI'DG1III~ TCCIII ' &i,~' tWII : TCIllI I fkta I ..... : ~C.'UIIl 6: 3: 2.00 6: 3: 100' 1,000 ~ L 1.50; 500 6: 3: 2.00' (l{OSl 1...,0 Ar.. 1 032 So.A. 1113So.F;. : -BOO 1176:~ -1400 1 074 So.ft. : . IIas.m....1 & Fhi:IhocI Rooms E dlo. (l{alI. None None Nona : None Funl:tlon ~ Utility Averaae Averaoe : Averae d AVAnlOe : Hoatlnn~ :""'"'" Central Central : Central : Central : . ~,tOtwIIlt8ms Insulated Glass None Noted 1000 None ~Joted : 1000 Insulated Glaas GatMo/l'''''''''' None 1 CP Atcn : -1500 1 CP Alch -1500 None : POIcI1. P"lIo. D~ Stoop, Patio Stoop, P.ltio Stoop. Patlr. : Porch 500 n.....,. sl .Ie. No F1r8lllace No FI11lO1 ace 1 Fireo ace ~ -2000 1 Flreo/ace -2 000 Fonoo P 101 ole. Fence Fence : Fence _ ~ None : 1000 Standard Kitchen Standard KItchen : Standa d Kil~ Modem KItchen : -500 N.t Ad!. 1101." I I. IXI. :1 300 I I. IXI. 'S 3400 ! I I. IXI. : s 500 ~ ;_PIU . Grooo: 8.6% Gro..: 124% Grooo: 9.0'l6 01 {"~m". ,oblo N.I: ~.6% I 49 700 Not -6.6'l(, 1 48 100 NIl: -1.O'l6 I 49.400 Commerls on S.IOI eolllplflson (lndudlng th. subJocl plOpOlly'. colllp.llbiJJly 10 Ih. n.lghbofhoo<l. ole. ): Comoarables renae from 148 100 to $49 700. The aD ~raiser feels that the subject falls within Ihls range. A complete search of all available sources did not reveal a slmUar recant sale wi h a smaller grass IIvino area than the subject, even though such properties are nol conslde1 ad uncommon within the subject's ~el area. - ITIII SUBJECT COMPARABLE NO. 1 COWl'I WILE NO. 2 COllPARA8I.E NO. S Oat.. Pn. . end Dala - ~ b i>V aaIos None None None None .......... 0/ 8IlOrllisaI Ana/tIiS' f IlIlY WlIIlI.grHmlllt o'ub. option. 0I1iIlilg oIl".lUbject ptopotty end II\I1ysla of anyi>VuiBsollllbjod n1axqaabloa....OI1I_oIlho<lalaol8pfRlmt ~ ,raiser knows of no agreement of sale or oplion on the subject property at the present time. Prior sales of comoarable orODei1 as closed over a year ago. INDICA', ED VALUE BY SALES COMPARISON APPROACH, . . .. . , . . . . . .. . . . . . . . . .. .. . . . . . . .. 00 . . . . , .. . . .. . . . .. . , 49 000 INDlCAl ED VAlUE BY INCOME APPROACHIW _', E.llmalocl ......1 Rant t N/A Mo. . GmsIllont ....- NJA = I N/A ThIs IjlpraisaJ b IlIlIdd 110 'u iI' LJ subjocIto lho "".an. IlntIona, ilIpecIIons Of 0JI10UIJns i>lod bob1 LJ adlj.<d 10 ~Dn 1* pions am aper:talklna. Condalns 0/ ~ This appraisal Is made on an 'as is" banis. It han be.1fl assumed that there <Mil "'. hidden 0" unaDoarent conditions that would alter Ihe subject's value. fNI Raallldllatlon: Cost approach indicates a valul1 of $49700. Markel aooroach indicates a valUd of 149 000. The markel aDDroach was used as it is the mOSI reliable. The aODraiser assumes that all mechanical electrical and Dlumblnll systems are In oood worklno order. . Tho plqIO" of lhls appralsalls 10 oatinal. th. rruwt.l nkJ. ollhl ruJ pRlperty !bills th. lubjocl of lhls roport. baull on !be Ibove OOIldillons and Iho ClI16:BIIon, conlivont end imiDlg aln<litlona, oncl maRelnlu. doftnillon lbaIlI1l$laldd illbo aIlacI10cI FroclclIa MacF0/IlI439tfannl8lo1ao Fam IlXMB(RoWIocI 6/93 ~ I (WE) ESTIMATE THE IoIARKET VAlUE, AS DEFINED, OF THE REAL PROPERlY THAT IS THE SUBJECT OF TIt:; RfI'ORT. AS OF Seotember 7 2000 . (VtHlCHISTHE~I:l~.~lEFfTOATEOFTHlSREPORT)TOBE$ 49,000 . APPRAISER: ~ Pa-dJ1 SUPERVISORY APPRAISER (OrlL Y If RfClUlRED): ODk! 000 NoI SlgnallJro , Slgnalur. Nama SI BDhen L. CoOk Namo Inoped Property Dala Roouft Sianocl Selllember 8 2000 Oalo Raport Slgnld - SIalo Cor1d\calion , Slat. Stili Cor1kalian , Stata Or Sial. L "","so f LOOO968 S1.t. GA Or Slit. 1.1cen.. , SIlt. UNIF( ~ RESIDENTIAL APPRAISAL RE JRT 6441628226 ".....-......" .... I:XJrauon: :!I'JlIUl PAGE 2 OF 2 f_"'__ aa fl. a._~."AQ~,...,.......l&01I)f lID S1ephen L Cook &J 1628228 fie No. 73058331 DEFINITION OF MARKET VALUE: The mast probable prlca which a proparty should bring In e compallllve and open markat undar all condillons requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and ellumlnlllho price Is not affected by undue sllmulus. Implicit In this detinilion ia the consummation at a sale as at a specitied dete and the paaalng at IlIIe tram seller 10 buyer under condlllona whereby: (1) buyer and seller are typically mollvated; (2) both parties are weIIlnformad Dl' wen advlaad, and each acllng In what he consldera his awn besllntarest; (3) a reasonable tlma Is aUowad lor BXpDaura In the apen marItet; (4) payment ia made In terms of cash In U.S. dollara or in terms of financial arrangementa comparable lhBreto; and (5) Iha price reprBMnta the normal conslderallon far the proparly said unaffBCIed by spacial or aeatlve financing or salas COIlCBaslana' granlad by anYone 811DC1ated with the saIa. J I 'AdJuatments to the camparablea must be mads lor spacial Dl' aoatlve financing or Il8IBa cancellkma. No adJlI8tmenta are IIBC8IIlIIY for those casts which ere normaUy paid by sellers a: a result at tradijian or law in a market area; these caaIa are raadIly ldentltlabla alnce the II8lJer pays IhBM coals in virtually aU sales Iransaclions. Spacial or aeatlve financing edjuslmtinls can ba made to the comparable property by comparisons to flnencing terms offered by a thil J party Inalltutlonallender that la not ahady Involvad In the property or Iranaactlan. Any adjustment should not ba calculated on a macha.lIcal dollar tar dollar cost ot the financing or concaasJan but the dollar amount at any adjuslmanl should apprOJdmate the marXat's roadion II, lhB Mandng or ooncasslona baaed 0l11hB Appraisa(s ludgmanl. STATEMENT OF UMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appralsar's carlificallan that appears In IhB appraisal report is aubjactto the loJJowing alOdWans: 1. The apprelser will not be responsIble tor mailers of e legal nature that affect elthar IhB prop8lly being appralsad or tha lltle to II The appralsar assumasthet the lItle Is good and marketable and, tharalore. wiU not render any opinions &boutthe 1I1lB. The property Is appraised on the baals at n bailg under rasponsibla o_shlp. 2. The appraiser has provided a sketch In the appraise I repDrtto show approxlmete dlmenaions of the Improvemants and the Gketch Is inclUded onJy to assist 1hB reader ollha report In visuallzJng the properly and undarslanding the appraiser's determlnallan ollis sIz8. 3. Tha appraiser hiS examined the available tiood mapa that are pravlclad by the Faderal Emergency Management Agency (or olhBr dela sources) end has noted In the a~pralsal report whelhar the subject site Is IocLted ;'1 an ldentJtied Special Flood Hazard Area. Because the appraiser Is not e SlIVe)'lll'. he or she ~ no guarantees, expres.s or ImplJad, raga/(Ilng Ihb dalennlnation. 4. The appraiser will not gJve testimony or appaar In court because he or she made an appraisal of the property In question, unless apecIflc arrangamanla la do so have been made beIorehand. 5. The appralsar has esllmaled the value 01 the land In Ihe cost approach at Its highest and bast use and the Improvements al their contributory value. These separala valuations of the land and Improvements must not be used In conjuncllan with any other appraisal arid are Invalkl ~ they are so used. 6. The appraiser hll noted in the appralsel reporl any adverse condlllons (such as, needed repairs, depreclaliDn, the prBMnce of hazardous wasles, loxic substances, ete. ) obS8lVed during the inspection 01 the subject property ar Ihat he or sha became aware at dW'lng lhe normal research Involved In parformillg the appraisal. Unless atharwise statad In the appraisal report. the appraiser has no knowledge 0' any hidden or unapparenl condltions of the property or advarse environmental condlllons (InCluding Ihe presenca 01 hazardoua wastes. toxlc substances, atc. ) thai would make the proparly mare or less valuable, and has assumed thalthare are no such condlllons and makes no guarantees or warranties, express or Implied, regarding the condlllon 01 the property. The appraiser wW not be responsible fDl' any such condillons Ihat do exlsl or lor any engineering or tea ling lhat might be required to discover whether such condJtlans exist. Because the eppraiser is not an expert in .he (wid of environmental hazards, the appraisal report must not be considered as an anwonmantal aasaasmant of Iha property. 7. The appraiser obtained the Informallon, estlmalal, and oplnlona that were exprassad In the appraisal report tram SDurC8lthat he Dl' she considers 10 be rellable and believes them to be true and correct. The appraiser does nol all$Ume respanslbllily lor the lICCIIracy 01 such llama thai ware fImJahad by other parties. 8. The appraiser will not disclose the cantents 01 the appraise I report except as provided lor in the Unllorm Standards of Praleaslanal Appraisal Pradlce. g. The appraiser has based his or her appraisal report and valuation conclusion lor an appraisal lhat Is subjactto satisfactory completion, rapan, or alterations on the a:.SUll1plion that completion o1lha Improvements will be performed In a workmanlilut manner. tOo The Jppr;;iser must prvvide his or her prior wnllan consent balore Ihe lender/client specified In the appraisal report can dlslrJbutllhe appraisal repart (Including conclu .ions about the property value, the appralser'e Idenlily and prolasslonal designations, and relarences to any prolesslonal appraisal orga. izallons or the firm with which the apprelser Is aasoclated ) to anyone othar than the borrower; the mortgagee or Ita succaasors and .lsslgns; lha mortgage Insurer; consultents: proleaalanel appralsel organlzatlanl; any state or federally approved ffnanciallnstilullon; or <.ny departmenl, agency, or Instrumentality 01 the United States or any state or the District of Columbia; excapt that Ihe lender/client may Jistrlbute the proparty desalption secllon olthe report only to data collection or reporting Il8fYlca(s) without having to obtain thu appri,iser's prior wrlttan cansenl. The appraiser's written consent and approval must also be obtained before lhe appraisal can be conveyed by a,'yone to lhe public through edvertlslng, public relations, lIews. sales, or other medle. Freddie Mac Form 439 6-93 Page 1012 Fannia Mae Form 10018 6-93 ',~. . ..;. 6441828228 FII No. 73058331 APPRAISERS CERTIFICATION: The ~ cer1llIe8 and._ that 1. I have r.searched the subject market area and have aelecled a minimum ot (hr" 'dCIIllt ..lea at propertlea mo8t almllw and proxlmat. 10 the aubjld property lor consideration In lha aaIe, comparison analysl, and hava mad a I dollar adjualment wilen approprtalelo raIIacIlht market reaction to tho,e Item, 01 slgnlllcant 'I8rietIon. Ila algnlllcanl item In a compa, able property Ia auper!or 10 , or more favorable IlIan, thl subjecl property. I heve mede e nllQ8tlva adjuatmentto reduce the edJusted :l8lee prtce ot IIIe comparable anct. If a slgnlIIcant item In e comparable property Is inlarlor 10, or lass lavorabll than the subjeel properly. I have tlllIda e positlve edjuatmentlo lnae8M the adjuated salea pice It the QlIIlp&f8ble. I , 2. I have takan Into conaldaratlon th. lactor, that have an Impael on valu. In my d Ivalopmant of tha .allmata of market value In tile appraisal raport. I have not knowingly withhald any sJgnillcant Inlormatlon trClm th., appraisal report end I believe; to the best 01 my knowledge, that aI ~b and Informallon In the appraisal report ere true and lXllTec/. 3. I atatld In the apprliaal rlport only my own paraonal, unblaud, and profeaalonala.'aIyala, oplnJona. anct CllIIl:lualona. which.. subject only to !he contingent IIId IImilfng CXltldilloRs IIjIICitIad In lhls form. 4. I have no pr.sent or prospectlva inleraat In the property thaI Is the subjllclto thla ruport. and I haYa no pre""t or prospactIft peraoI\Il Intarest or biaa wllh respect to tha participants in the lranaaclion. I did not baSI, either partially or complela/y, my ana/yIIs and/or thl esllmate ot matket value In tha appraiaal report on the race, color, religion. asx, handlcap, tamlJlal status. or national orlgln at eJlher the prospective ownars or occupante of thl subject property 01 ot the present ownllr. 01 occupant. 01 th. properties In the vicinity of th. subject 1lfIlP8rlY. 5. I hava no presant or contlmpl.ted tutura Intarestln the subject properly, and nallher'my currant or Mura Imployment nOl my oompansalion for parfomting tills appralsaf Is conlingenl on tile ePll'8isad valua oltha property. 6. t WIS nol r.qulrld 10 raporl a pradelermlnld vatue or dlrecllon In value Ihat tavor. Ihl caUII of Ihe elllnl or Iny r,'alld party, the amount ot Ihl valua ealimale, Ihe allalnmanl ot a speclllc rasult, or the occurrellce 01 a subaequenl I..nl in ordar 10 receiva my compansation and/or amploymenl ror performing the appraisal. I did nol base Ihe a/,pralsal report on I raquaated mJnlmum valuallon, a spacific valuallon, or tile need ~I approve a spdIc IIlIlI1gage loan. 7. I perlormed Ihls appreisalln conlormlly with Ihe Unllorm Slenderds 01 Professional Appralsel Praellce Ihat were .dopted end promulgalad by Ihe Appraisal Standards Board 01 The Appralsel Foundation and thaI we, e In place as oIthl effecttve dat. 01 thls appralaal, with the axceptlon ot IhH de"arture provision olllio$8 Standsrds, which dolS nlll applY. I acknowllldgelhat an estimate oil reasonable time lor exposure In tha ope" markells a condition In tlie dalln/lion 01 markel vulul "nd Iha Istlmata I devaloped Ia oonslatanl with the mnetIng lime noted In th& neighballood sectlon oIl1,is raport, lUllasIl have oIharwise &laled i" tha reconclllallon eactIon. 6. I have personally Inspected Ihll inlllllor and exterior 8I'ea8 01 the subject property and the axtarlof at III propartlaa Ualed as comparables in the apprelaal reporl. Ilurther certlly Ihat I hlVa nolad any Ipparenl or known advLr.. condJlIona In IIIe subjeel Improvemenla. on the subJec:l sila, or on any sile wilhln the Immadlelll vlcfnity oIlhl subjecl prop~rty of which I am aware and hive made edjuatmanls far theao adversa condillons in my analysis ot lhe property valua to the extenllhelI Ilad markat avldanceto support them. I have aIao commented aboullhe eIfect of the adverse CXlndIIlons on the mar1lalablly of the subject property. 9. I pereonally prepared all conclusion. and opinions about the real eslele thai weo'a sat torth In the eppralaal report. III relied on slgniftcanl prolesBlonal asslstanca trom any individual or IndJvlduals in thl porlormance ollhe appraIaaJ or tha preparation 0111I1 Ipprelaal report, I have named such Indlvldua~s) and disdosed Ihe apecillc tasks parformdd by them In the reconclllatlon sectlon 0111I18 appraisal report. I certify thaI any Individual so nemed Is qualilied to perform the laUs. I have not authorized anyone 10 make a change 10 eny lIem In the report; lharafora, if I" unaulhMzed ctlange is made to the appraisal raport, I will take no responsilUlly for It. SUPERVISORY APPRAISER'S CERTIFICA liON: 1/ a supervlaory appralsar signed the appralaal report, he or she certlIIe. and 8gre81 Ihal: I direelly supJrvlse Ihe appralaar who prep.red Ihe appraiaeJ report, have ravlewed th. eppralsal report, agree with the sl.temanls and oone/usians or I,e.ppraiaar, agree 10 be boWld by Ihe appraiser's certiflcelions numbeled 4 through 7 abovI, and am laking IuI rasponsibiIiIy for the appraisal and the appraisal report. ADDRESS OF PROPERT' APPRAISED: 12204 Summer Street, Auausla. GJl. 30901-3357 =~~i ~ Nama: 51 . C Dale Signed: 8 2000 SIaIa C<<tIftcation I: or SIal.1..Icensa I: ~ S1ale: GA Expi'aUon Date 01 Certification or License: 5/31/0 1 SUPERVISORY APPRAISER (only If required) SignatIn: - Name: Dale Signed: Stata Cartifk:ation I: or S1ale I..Icensa I: Slale: Expration Dale of Ce.liticalioo or License: o Old 0 Old NI,t In3jled Property Page 2 0'2 Fannia Mae Form 1004B &-113 FraddIa Mac Form 439 &-93 FLOORPlAN 8omIwer: LoIeIha Gr8llll Property Addresa: 1224 Summer SlreeC CIty: AullUlta 'A_ "- Ale No.: 73058331 Casa No.: 8441828228 Stale: GA ZID: 30801-3357 - Patio 43.0' . Bath Bedroom Kitchen Dining Bath Laundry .0 C:! ~ -.r N Bedroom Bedroom Uving Room 43.0' Stoop , Skeldl ~ ~ IV v.bllMs'" AREA CALCULATIONS SUMMARY -rtpIoa lID ToIIlo l'ir.t 1'100.r 1032.00 10]2.00 ~ <ILA1 LIVING AREA BREAKDOWN --- -- I'1cat Vloor 2'.0:1; 'J.O !.On. co , , '. , , i I ; .. f " I : I i , .. , , ; TOTAL LIVABLE . (rounded) 1032 ;i 1 Ares Total :roullded) .. 00_...... : 1032 ,..-. ~. _. - . .g.,.." I I'""u"c:~ I , ,"ny t y AUUCNLlu Borrower: Lolelha Green . Property Address: 1224 Sumn Jr Street City: Auousta lender: Bank of America Molt. ane State: GA ~'J I ~ "!' ,;j.: ;':. ~. t l~ FIle No.: 73058331 Case No.; 6441828228 Z1D: 30901-3357 FRONT VIE~~F SUBJECT PIWPERTY Appraised Oate:Seplember 7. 2000 Appraised Value: $ 49,000 ~EAR VIEW OF SUBJECT PROPERTY STREET SCENE BOITower: Loletha Green ProPerty Address: 1224 Summer Street City: AUQusta Lender: Bank of America Mort a e ..V-....",.UILc: ,.~Ut"c" t T t"lIU I U AU<Jt:NI . 'R I No.: 73~:;r Cl iG No.: 84-i1628226 Slale: ~ _ --1!!!: 30901-3357 ~; '~~;l!' ,:'\oL '::ii\ ,,~. _.;.~+...':'..~. f ; l'~ .....!t,J '. ;.: I (;OMPARAB~E SALE 11 : .)10 Highland Avenue , ugusta ~ J Ie Dale: 4/28100 ~ ,Ie PrIce: S 50.000 COMPARABLE SALE 12 3: '03 A~ine Road A IgUsta 5. ile Dale: 5/24/00 5..1& Price: S 51,500 CI,MPARABLE SALE .3 23'15 Lory Court Au~usta Sala Dale: 6/28/00 Sua Price: S 49,900 LOCATION MAP Borrower: Loletha G,.,.. ProoertY Adli'ess: 1224. Summer SIr8llC CIly: AuauaI8 Bank Am a 8 SIBle: GA File No.: 730S8331 Case No.: 6441828226 Zip: 30901-3357 . 1M Do~. sa.._ UJ4 6441628226 PrODertv Dll8crlDtlon UNIF( M RESIDENTIAL APPRAISAL RE:. JRT File No. 73058331 I Pmoertv Address 1224 Summer Street CitY Auousta Stale GA ZIl Code 30901-3357 Leaal DesaiDtlon Lot 16 Block B Summerfield Subdivision County Richmond Ass8ssor's P8I'C81 No. 867 Tax Year 2000 R.E. Taxes S ail 500. 00 Soeclal Assessmenla S N1A Borrower Loletha Green Current Ownar Loletha Green OccuDant: I X I Owner . r 1 Tenant r Vacant .. Proll8tlv riahtsaDD/'alsed fxl Fee SimDIe I I Leasehold I Prolect Tvoe I 1 pu~ r 1 Condominium lHUONA onM HOAS N1A /Mo. Neiohborhood or Prolacl Name AUQusta MaD Reference 59-2 MSA#0600 Census Tract 106 Sale Price S NJA Date of Sale NJA DesaiDtion and S amount of loan charoesJcoRC8sslonsto be pakj by seier NJA Lender/CUent Bank of America MortQaqe Address 200 South Colleae Street Charlotte NC 28202-1~OO I Aooraiser Steohen L. Cook Address 1658 Central Road Extension Thomson GA 3Q8b4 Locallon )= Urban lS Suburban U Rural Predominant Slnte family houalng flre&ent land &1M % Land ua. change Bull up ~ Over 75% 25-75% 0 Under 25'11. ~cup'ancy r~) E ~~ One family 80% 00 Notllkely 0 LlkeIy Growth rale ~ Rapid :g Stable B Slow JS Owner 15 Low New 2... family 0 In process Property valullS '== Inaeaslng X Stable Declinlng)= Tenant 500 Hloh 100 Uramtj To: Demandisupptj 0 Shortage ~ ~baBlcu 0 ()attu.wtf ~ Vaan(G6%) Predominant Commercial MarIleiinatime n Under 3 mos. X 3-6 mos. n Over 6 mos. Va:lIll'aowMlI 180 I 15 Vacant I 20% Note: Race ~d the racfal compoaltlon or the neighborhood are not apprallal factors. Neighborhood boundaries and characterlsllcs The subject nelohborhood is the residential oortion of central AUQusta-Rlchmond County. : Georola. ~ · Factors that affect the markelabllity of the properties In the neighborhood (proximity to employment and amenllles. employment stability, appeal to market, etc.): ~ The sub/ect is located on Summer Street In the central oortlon of Auausta-Rlchmond County. Georala. All of the services and facilities .. of metrooolitan Auausta are nearby. Churches. oarks and schools are all within a short drive. Police and fire orotection are assumed to be adeauate. Market condlllons In the subject neighborhood (Including support for the above conclusions related to the trend of property va~8I. demandlsupptj. and markelklg IlmlI - - such as data on competitive properties for :iale In the neighborhood. descrlpllon of the prevalence of sales and financing concessions, etc.): Subiect neiohborhood is an active mcirkel. Financial incentives and seller concessions have been considered and adlustments made where aoorooriate. . Project Information for PUOa (If appllcab:d) - - Is the devaloper/bulkler In control of the Home Owners' Assoclallon (HOA)? 0 YES 0 NO . Approximate total number of unlls In the subject project NJA Approximate Iotal number of units for sale In the subject project NJA Desaibe common elements and reaeatlonal f"cllilles: N1A Dimensions To be deteon/ned by surve\. Topography Baslcallv Level Site area @ 0.20 Acre _ Comer Lot 0 Yes 00 No Size Tvo/cal for area Specific zoning classlficallon and des :rlpllon . iinale Familv Residential Shape Rectanoular Zonlng compliance 00 Legal - h Legal no"lXII1formilg (Grendfalhered use) 0 Illegal 0 No zoning Drainage Aonears ad90uate Hlohest & best use as Imoroved: rxlPresent USd n Other use lexolaln\ VIew Averaoe Ulllltle. P~1ic Other Off.alte Improvementa Type P~Uc Private Landscapilg Averaoe Electrk:ity ~ Street Asphalt ~ ~ DrIveway Surface Concrete Gas . ~ Curb/guner Concrete lS, Apparent easements None aooarent Water ~ Sidewalk Concrete ~ FEldA Special Fklod Hazard Area 00 YIIS 0 No Sanitary sewer 4 Slnietllghts Electric lS. 0 FEldA Zone A3 Map Date 214/87 Storm 86wer X Allev None n FEMA MaD No. 130158 0060 B Comments (apparent adverse easements, enaoachments, special assessments, slide areas, lllegel or legal nonconforming zoning. use, etc.): No aooarent adverse easements or encroachments were noted that would affect the market value. The orooertv is identified as beina In the FEMA flood hazard area. SlIe is tV[ ical of area. GENERAl DESCRIPTION EXTERIOR DESCRIPTION No. of Units One Foundation Concrete No. of Stories One Exterior Walls BV & MA Type (DaIJAtt.) Detached Roof Surfaca Como. Sho. Design (Style) 1 StOry Guners & Dwnspls. None Existing/Proposed Existino Wll1dow Type S/H Alumn. Age (Vrs.) 14 StormJScreens None/Half Effective Aae Yrs. \ 6 Manufactured House No . ROOMS Fover L1vlna Dlnlnll Kitchen : Basement Levell . Level2 FOUNDATION Slab Yas ~Splm No Basement None Sump PuIl1l None noted Dampness None noted Selllement None noted Infestation None noted Familv Rm. Rae. Rm. Bedrooms BASEMENT Area Sq.Fl N1A % Finished N1A CeIlIng NJ A Walls N1A Floor NJA Outsl,eErmy NJA INSULATION Roof CelUng WaUs Floor None .- i- l. X Den II Baths Laundrv ........ Insulated Glass Other Area So.FI. 1 1 3 2.00 X 1032 . Finished area abovll crade contains: 6 Rooms' 3 Bedroom s\: 2.00 Bslllls\: 1 032 Sauare Feet of Gross Llvtnll Area . INTERIOR MatertalslCondition HEATING KITCHEN EQUIP;- AlTlC AMENITIES CAR STORAGE: FWA rJ - 00 Floors VinyUAverage - Type Refrigerator ~ I~one Freplaculs)' __ X None . Walls ,Dry/Average Fuel Gas R~ng.;JOV611 ;i :.i1alfs LJ PlItlo CuncH:te Garage , of cars -' @ 0.= TrimlFinis.1 WoodJAveraoe CondfulAveraQe Disposal ~'S, Drop Slar Deck X Anached Bath FIoo,' Vinvl/Averaae COOLING Dishwasher <= Scuttle Porch Stoop Detached Bath Walllscot FQ/AveraQe ;== Fence Chain Link X Central Yes Fan/Hood lS Floor )= .. Buill-in Doors MetIWoodlAverage Other No Microwave "'" Healed ?= Pool ~ Carport Condti:lnAveraoe Washerlnnler Finished Drlvewav Concrete Additional iealures(speclal energy efficl"ntltems. etc.): Additional features Include: Stoop, Patio Fence and Insulated Glass. Condillon of the Improvements, depreciallon (physical, funcllonel, and external), repars needed, qualily of construcllon remodellng/addlllons. etc.: The subiect aooears .to be in average condition for its' age and construction. There were no functional or externallnadeauacies noted. The sublect orooertv has not sold within the cast twelve months. . 'Adverse e,lvironmenlal conditions (such as, but notllmiled to. hazardous wastes. toxic substances, elc.) presenlln Ihe Improvements, on the slle. or In the Immedlalu vicinity of the subject property: No hazardous materials were noted on sublect orooertv nor does the aooralser have anv reason to believe :iuch conditions exist. . ~_ ..... Fo:m 7U &-a3 PAGE 1 OF 2 n..__~on"N:l~Raji<Fama_(lIOll)Zl4~ FIIrio .. Fo:m 1IXl4 &-a3 Valuation Section 6441628226 UNIF( ,\I RESIDENTIAL APPRAISAL RE. .JRT . File No 73058331 ESTIMATED SITE VAlUE. . . .. . . . .. . . .... .. . . .. .. . . = $ 6000 Commentl all COlt Approach (Iuch ai, source of COlt ullma!e, ESTIMA TED REPRODUCTION COST.NEW OF IMPROVEMENTS: site value, Iquare loot calculation and for HUD. VA and FmHA, the 0weIing 1,032 Sq. Ft. @ $ 40.00 = $ 41.280 estimated remaining economic IIf. 01 the property): Sq. Ft. @ $ = Cost estimated usina cost manuals local builders and Pt Sto,Fe InaGl K1tAoD.etc. = 5.000 CllmDanv flIes, Site valued uslnQ allocation method. I . GanIg&Caport _ Sq. Ft. 0 $ = Daoreclatlon based on aa~lIf8 method. Estimated remalnlna , 46,280 economic life of the DroDertv Is 54 vears. . Total Estimated Cost New . . . . . . . . . . . . . . . . = $ . L8llI , Physical I Functional I Extamal Est. Remaining Econ. life: I DepaclaOOn $4,600 = $ 4,600 I OeprecIated Value of Improvementl . . . . . . . . . . . . . . . . . . . = $ 41 680 I 'As4s' Value 01 SlIe Improvements. . . . . . . . . . . . . . . . . . . = $ 2.000 INDICATED VALUE BY COST APPROACH. . . . . . . . . . . = S 49 700 nEM I SUBJECT COMPARABLE NO. 1 COMPARABLE NO.2 COMPARABLE NO.3 1224 Summer Street 2010 Highland Avenue 3203 Alpine Road 2335 Lory Court Address AUQusta Auausta Auausta Auausta . Proxlmllv to Sublect rial 0.50 Mile West @ 0.50 Mile West @ 0.50 Mile South Sales Price s N/A s 50 000 s 51 500 s 49 900 f'ri:8.Qoss LN./wa $ 0.00 tzl Is . 44.92 tzl I Is 43.79 tzl Is 46.46ulll- Dala and/or Public Record/MLS/Realtor Public RecordlMLS/Realtor Public RecordlMLSJRealtor Verification Sources Pers. Insoec. Exlernallnsoection Exlernallnsoedion Exlemallnsoection VAlLeAlllJSThEKTS DESCRIPTION DESCRIPTION I +1.1'_ DESCRIPTION T +/-1'_ DESCRIPTION T +1-1'- Sales IX Financing Conv. - Seller , Conv. - Seller , FHA - Seller , , , , Concessions Paid No CC , Paid No CC , Paid No CC , , , , Date of 8alefT1ma N1A 4/28/00 " 5/24/00 , 6/28/00 , , , , Locellon Averaae Averaae , Averane , Averaae , leaseh:ltifee SiTdl Fee Simple Fee SImole , Fee Simole , Fee Slmole :- , , . Site . (& 0.20 Acre @ 0.30 Acre , (& 0.20 Acre , @ 0.18 Acre , , , I Viaw Averaae Averaae , Averaae , Averaae , I Desian and ADDeal 1 StorY BV/IAA 1 StorY nVNI , 1 StorY BVNI , 1 StorY MA T 500 , , , icu.vd'~ Averaae Averaae , Averane , Averaae , , , , Aoe 1986 @-1975 , 1958 , 1983 , Conditloll Averaae Averaae , Averaae , Averaae , , , , Above Grade TaIIII ' 8am:I ' Balhs TaIIII' 8am:I : IlaIhs , ~~8ab : TaIIII ~ 8am:I ' IlaIhs , , , 6: 3: 6: 3: , I ,---' 6: 3: RD9m Count 2.00 1.00: 1,000 ~~ 1.50: 500 2.00' Gloss lil'ino Area 1,032 So.Fl. 1 113 So.Fl. , -800 1 176 ~ q.Ft. : -1 400 1.074 Sn.Fl. I . , , Basement & FiIished , , - , , , , Rooms Eelow Grade None None , None None , : FunctJon JI UtiUtv Averaae Averaae , Averac, a Averaae , , , HeallnaJ( :oolino Central Central . Central Central , , , -I Enerav EItX:ientllems Insulated Glass None Noted , 1000 None Noted 1000 Insulated Glass I Garaae/l 'amort None 1 CP Atch , -1 500 1 CP Atch -1 500 None , , , POI'Ch, Pallo. D~. Stoop. Patio Stoop. Patio Stoop, Patio Porch , 500 , , Freolace '51. elc. No FireDlace No FlreDI ace , 1 Fireo'ace -2 000 1 Fireolace , -2 000 , ! Fance P lOl elc. Fence Fence , Fence None , 1.000 , , - Standard Kitchen Standard Kitchen : Standa. d Kil chen Modem Kitchen . -500 , Net Adl. lIolall r 1 + rxl- ; s 300 1 + rxl- :s 3400 1+ IXI. :s 500 Ad,lls/8d 'iales PrJ:e , Gross: 8.6% Gross: 12.4% GIosa: 9.0% 01 Como, rable Net: ..Q.6% S 49 700 Nel: -6.6% S 48 100 INtI: -1.0% S 49 400 CommellS on Sales Comparison (Including Ihe subject property's compaliblllty 10 the neighborhood, elc.): Coml)arables ranae from $48.100 to $49 700. The aOllraiser feels that the subject falls within this range. A complete search of all available sources did not reveal a similar recent ~ h a smaller gross living area than the subject, even though such properties are not considered uncommon within the subject's ~ area. f--- -.ill M SUBJECT COMPARABLE NO.1 COMPf. lABLE NO.2 COMPARABLE NO.3 Date, PO< a and Dala Solfc8 b Jrt;tr 6aIes None l t'lone None None Mhi'l VAll> ol8llDrlllsal Analysis l 1 any CUlTent agreement 01 sala, option, IX IIsling 01 IlIe subject property and analysis 01 any Jrt;tr sales of subject and ~abIes wIhiI one )'811' of the dale of appraisal: The aOllraiser knows of no agreement of sale or option on the sublect property at the present time. Prior sales of comoarable DrODert as closed over a year ago. INDICA', ED VALUE BY SALES COMPARISON APPROACH. . . . . . . . . . . . . . . , . . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 49 000 INDICATED VALUE BY INCOME APPROACH III Annlicable') Estimated Mar1let Rent S NiA /Mo. x Gross Hent Mufilllr N/A d NiA This appraisalls mada 00 "as is' 0 subject to the r81'ats, abfllilns, nspeclXlns IX condilions isloo bekl1v 0 subji>Ct to ~liln per plans aml spe::itlcalkllls. CoodIilns 01 ApJT8bal: This appraisal Is made on an "as Is'. basis, It hafl betlO aSGumtKi that there ur-:: no hidden Of unaooarent conditions that would all8l' the subiect's value. FInal RlICllOciJlallon: Cost aODroach indicates a valut: 0{'$49 700. Market aooroach indicates a value of $49 000. The market aDoroach was used as it Is the most reliable. The aooraiser assumes that all mechanical electrical and olumbina svstems are In aood workinll order. . . The purpose 01 this aPJllll1sa11s to aslinate the market value 01 lhe real property that Is the 8ubject of this report. based on the above condition. and the alItIk:aliln.lXlnIilgent and Iimltlng conditions, and market value definition Ihatll'8 slated illhe atIad1ed Freddie r.'ac Form 439JFannle Mae Form 1004B (Revised 6/93 ). J (WE) ESTIMATE THE MARKET VALUE, AI!. DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OFlltS REPORT, AS OF Sentember 7. 2000 - CWHJCH IS lliE ~OF '~~if EFFEC,rnIEDATE OF_REI'ORJ)TOBE, 49.000 . . APPRAISER: 'tJ ~ ' (" JT) j, SUPERVISORY APPRAISER (OhlL Y IF REQUIRED): SlQnature , Signature DOJd DDId Not Name Sleohen l. Cabk woo Nama lnapect Property Dale Renort Slaned sJJ tem ber 8 2000 Date Report Signed State Certification' Slate Slate Certlllcallon , State Or Slate license' L000988 State GA Or Slate License' . State f"Al......F1:nul~ ~ t:xJralion: 5/31/01 f...1otiot 11m 1CIM ~ PAGE20F2 Tlio b1w _ polI.ood ",,,1>0 llooooqmn RIpF<mlo..... (1lXl)ZW.jjj'27 Stephen l. Cook 6441628226 . fie No. 73058331 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 tha 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 considers his 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 antone associated with the sale. I .AdJustments to the comparables must be mede for special or creative flnanclng or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers a:. a result of tradition or law In a market araa; these costs are readily Identiflabla since the seller pays these costs in virtually all salas transaclions. Special or creativa 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. Ally adjustment should not be calculllted on a mecha,llcal dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the markers reaction to the financing or concessions based on the Appraiser's judgment. . STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears In the eppralsal report Is subject to the following condilions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the propefly being appraised or the title to It. The appraiser assumes that the title Is good and marketable and, therefore, will not render any opinions about tha title. The property Is appraised on the basis of It being under responsible ownership. 2. The appraiser has provided a sketch In the appraisal report to show approximate dimensions of the Improvements and the sketch Is inclUded only to assist the reader of the report in visualizing the property and understanding the appraiser's detilrmlnatlon 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 the a~pralsal report whether the subject site Is loc<.ted ill 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. !he appraisar will not give tastlmony or appear In court because he or she made an appraisal of the property In question, unlass speCific arrangements to do so have bean made beforehand. 5. The appraiser has estimated the value of the land In the cost approach at Its highest and best use and the Improvements at their contributory value. These separate valuations of the land and Improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreclation, 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 normal research Involved in performiflg the appraisal. Unless otherwlsa stated In the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (Including the presence of hazardous wastes, toxic substances, etc. ) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or Implied, regarding the condition of the property. The appraiser will not be responslbla 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, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the Information, estimates, and opinions that were expressed In the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for In the Uniform Standards of Professional Appraisal Practice. / 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to setlsfactory completion, repai's, or alterations on the a~sumptlon that completion of the Improvements wiU be performed In a workmanlike manner. 10. The appr&ilier must provide his or her prior written consent before the lender/client specified In the appraisal report can distribute the appraisal report (including conclu:ions about the property value, the appraiser's Identity and professional designations, and references to any professional appraisal orgal izallons or the firm with which the appraiser Is essociated ) to anyone other than the borrower; the mortgagee or Its successors and <lsslgns; the mortgage Insurer; consultants; professional appraisal organizations; any state or federally approved financial Institution; or <.ny department, agency, or Instrumentality of the United States or any state or the District of Columbia; except that the lender/client may ,jistribute the property description section of the report only to data collection or reporting servlca(s) without having to obtain the appri/iser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by allyone to the public through advertising, public relations. news, sales, or other media. .'r, Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 100486-93 64041628226 . Fie No. 73058331 APPRAISERS CERnFICA nON: Tho Appraiser certIlI88 and agrees that I ,. I have researched the subject market area and have Hlacted q minimum of three lacent sales ot propertlea most similar Ind proxImate to the subject property for consideration In the sales comparison analysis and have mada a dollar adjustment when epproprlate to reflect the market reaction to those Items of significant variation. It a Significant Item in a compal able property Is superior to , or more favorable than, the subject property. I have made a negative adjustment to reduce the adjusted salas prIce of the comparable and, If a significant 1t8m In a comparable property is Inferior to, or less favorable than the subject property, I have made a positive adjustment to Increase the adjusted salas price at the comparable. I I 2. I have taken Into consideration the factora that have In Impact on value In my d )velopment of the estimate of market value In the appraIsal report. I have not knowIngly withheld any significant Information from th., eppralsal report and I believe. to the best of my knowledge, that all statements and InfMTl8llon In the appraisal report are true and correct. 3. I stated In the appraisal report only my own personel, unbiased, and professional allalysis, opinions. and conclusions, which are subject only to the contingent and Umltlng conditions apecIIIed In this form. 4. I have no present or prospective InaBreat In the property that Is the subject to this ruport, and I have no preNllt or prospective personal Interest or bias with respect to the partiCipants In the transaction. I did not base, either partlal/y or completely, my enalysls and/or the estimate of market value In the appraisal report on the race, color, rel/g/on. sex, handicap, famillalstatua. or nal/onal origin 01 either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties In the vicinity 01 the subject property. 5. I have no present or contemplated future Interest In the subject property. and neither my current or future emplovment nor my compensation for perlormlng this appralsalls contingent on the appraised value of the property. 6.' I was not required to report a predetermined value or direction In value that favors the cause of the cl/ent or any related party. the amount of the value estimate, the attainment of a specific result, or the occurrellco of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base Ihe appraisal report on a requested minimum valuation, a specilic valuation. or the need tll approve a specific mortgage loan. 7. I performed thla appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board at The Appraisal Foundation and that wele In place as 01 tho effective date of this appraisal, with the exception of Ihl) departure provision of those Standards, which does not apply. I acknowledge that en estimate of a reasonable time for exposure In the ope" market Is a condition In the definition of market \lulue llnd the estimate I developed Is consistent with the rilarketing time noted In thlt neighborhood section of this report. unlesal have otherwise slated III the reconclllatlon section. 8. I have personally Inspected the interior and exlerlor areas of the subject property and the exterior 0' all properties listed as comparables in the apprelsal report. I further certify that I have noted any apparent or known advuse conditions In the SUbject Improvements, on the subject site, or on any site within the Immediate vicinity 0' the subject property of whiCh I am &Ware and have made adjustments tor these adverse conditions In my analysis of the proper tv velue to the extent that I had market evidence to support them. I have also commented about the effect of the adverse condltlons on the /TI8r1(etablllty of the subject property. 9. I personally prepared all conClusions and opinions about tho real estete that were set forth In the appraisal report. If I relied on significant professional assistance from any individual or Individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such Indlvldual(s) and disclosed the specifk: tasks performad by th8m In the reconciliation section of this appraisal report. I certify that any Individual so named Is qualified to perform the tasks. I haVE! not authorized anyone to meke a change to any Item In the report; therefore. Ifl" unauthorized change Is made to the appraisal report, I willlakB no responsibility for It. SUPERVISORY APPRAISER'S CERTIFiCATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supdrvise the appraiser who prepared the appraisal report, have reviewed the eppralsal report, agree with the statements and conclusions of tile appraiser, agree to be bound by the appraiser's certifications numbered 4 through 1 above, and am teklng fuD f'88POIlSIbHity for. the appraisal and the appnilsel repOl1. ADDRESS OF PROPERTY APPRAISED: 1224 Summer Street. Auausta. GA 30901-3357 :~01i !aj Name: Sf h . C k Date Signed: Sa bar 8 2000 State CertIfication ... or State Ucense... LOOO98B State: GA Exphtion Date of Cef1ificatlon 0( License: 5131101 SUPERVISORY APPRAISER (only If reqUired) Signature: Name: Date Signed: State Certlf/cation ,.. or State License ... Slate: Expratlon Date of CeJ tilication 0( LIcenae: o Old 0 Old Nt,t In$pact Property ...... Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 1004B 8-83 FLOORPLAN Borrower: Loletha Green Property Address: 1224 Summer Street City: Augusta Lender: Bank of Ame1lca Mortaaae File No.: 73058331 Case No.: 6441628226 State: GA Zip: 30901-3357 -- Patio 43.0' - . Bath Bedroom Kitchen Dining Bath Laundry (:) (:) ~ ~ .N N Bedroom Bedroom Living Room . 43.0' Stoop . Sketch by Nw<< IV WIndows nt AREA CALCULATIONS SUMMARY O..crlpllon 81D T 01111 V!rat Floor 1032.00 1032.00 Coda 0IAl lNlNG AREA BREAKDOWN llrukdowa 8ul1tDIIII Firat Floor 2..0 z 0.0 1032.00 , I J I , I I I ~ i i ! ~ i I i f j I I 1 I i ; , i i , 1032 i . TOTAL LIVABLE (rounded) j l " ., 1 :1 ~ 1032 ,~ 1 Area Total :rounded) ...~-..... ..:t, ~'l.:. ,". ..:~ ;,,;..._ : J ~~. I' "'" ,.1;... ~...~,-:.d '. .,.o.....,......,\;..<.j. ...=.. " - . '~I;;'" t""V~C;r( I r t"nv I U AUUl:lIIlJu Borrower: Loletha Green Property Address: 1224 Summar Street City: AUQusta lender: Bank of America Mortdaae State: GA ~. .~ /~'~3i' . '1' J. I ,~~ f; . < "(R' ;) 1:~r~\'1 ~I . :jij . ; ~;iF . .- " j:i. tt.r~ . : '.iT. .l~' . ,~, . .:i~:>: ',1,' 1,,~~,1 . !~: " ' it~; ..r :l~ '; l~ ! ,;, ::1::t;\};~ ." n' t: 'j"- I\. I- ,i. ~I.', '!! :lfrL"i : ;:,~J;i;. ,',' ,c , I ~... ;!' <' ~ i ' File No.: .73058331 Case No.: 6441628226 Zip: 30901-3357 FRONT VIEW OF SUBJECT PROPERTY Appraised Date: September 7, 2000 Appraised Value: $ 49,000 F<EAR VIEW OF SUBJECT PROPERTY STREET SCENE Borrower: Loletha Green Property Address: 1224 Summer Street City: Augusta Lender: Bank of America Mort.Jaae \'V"''''I\''''dLC ",r(U~t:1'( I , t'rtU I U AUut:NI " "fii) No.: . 73058331 Cl:>e No.: 6441628226 State: GA Zip: 30901~357 C;OMPARAB~E SALE.1 ; ,)10 Highland Avenue I ugusta ~J1e Date: 4/28/00 ~ lie Price: $ 50,000 COMPARABLE SALE #2 3:"03 Alpine Road A Jgusta S,lle Date: 5/24/00 Sille Price: $ 51,500 COMPARABLE SALE #3 23'15 Lory Court AUlJUSIa Sala Date: 6/28/00 Sa~e Price: $ 49,900 .. ' LOCAnON MAP Borrower: Lotetha Green Property Address: 1224 Summer Street City: Augusta er: Bank of America Mort a 8 . FHe No.~ 73058331 Case No.: 6441628226 State: GA Zip: 30901-3357 . l$lldon' ',',ry::;~<.':,"': \<\ '~~::: ~>::::, - ': , .....""..~N . ~:~:~~'~,' " ',.. .. /",) I ' , -" . l\IP9 Do LCIIIlI. lllrut ~ USA ),