HomeMy WebLinkAboutSurbordination Agreement Dina M. Abraham
Augusta Richmond GA
DOCUMENT NAME: 50 ~OR t) \ t\I WfION A C) I/.f,h/'tl fVJ r 1); f1I A rn. (.tIS R A Hfll1
DOCUMENT TYPE: A ~ gG~ t{) ~T
YEAR: rJ6D ~
BOX NUMBER: ) lo
Fll..E NUMBER: ) lP "60 3
NUMBER OF PAGES: I ~
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.~ RETURN TO:
H. Wilson Haynes, Jr.
Wilhelmi Haynes, LLC
237 Davis Road
Augusta, GA 30907
Our File No. 02-1108CRE
E ~A : L :1 "IJ r.
STATE OF GEORGIA )
)
COUNTY OF RICHMOND)
CROSS REFERENCE TO:
BOOK 593, PAGE 486
RICHMOND COUNTY, GA
, .
SUBORDINATION AGREEMENT
The Undersigned, AUGUSTA-RICHMOND COUNTY HOUSING AND
NEIGHBORHOOD DEVELOPMENT DEPARTMENT HOUSING REHABiliTATION
PROGRAM, is the holder and owner of that certain Security Deed dated April 8, 1998 (the
"Security Deed") made by DINA M. ABRAHAM (as Grantor therein) ("Borrower") to the
Undersigned (as Grantee therein), recorded in the Office of the Clerk of Superior Court of
Ri?hmond County in Reel 593, page 486, secu~ing at:1 indebtedness in the original principal
amount of $26,089.00, which Security Deed conveys the property described on Exhibit "A"
attached hereto and made a part hereof (the "Property").
Borrower has applied for a loan from Usher Paint and Supply Co., Inc. ("Lender")
in the amount of $38,000.00 to be secured by a first priority Deed to Secure Debt
conveying the Property to Lender dated July 15, 2002 and recorded in said Clerk's office
at Book , page (the "Lender's Security Deed"). Lender has
agreed to make such loan conditional upon the agreement of the undersigned to
subordinate the Security Deed to the Lender's Security Deed such that the Lender's
Security Deed has first priority status.
THEREFORE, in consideration ofTen and No/1 00 ($10.00) Dollars and other good
and valuable consideration, and in reliance upon this instrument, the receipt and
sufficiency of which are hereby acknowledged, the Undersigned does hereby subordinate
all of its right, title or interest under the Security Deed, or otherwise, in and to the Property,
as againstthe Lender's Security Deed, provided, however, that the subordination provided
for herein shall only be applicable to the Lender's Security Deed securing the loan to be
~, ,
made by Lender to Borrower in a principal amount not to exceed $38,000.00, plus all
interest accrued thereon, all costs of collection and any advances made by Lender to pay
taxes, assessments, insurance or to repair, maintain or preserve the Property. This
Subordination Agreement shall be binding upon the successors and assigns of the
Undersigned, and shall operate to the benefit of the holder of Lender's deed to secure
debt, the successors and assigns of said holder, and any purchaser at any foreclosure sale
thereunder, and shall apply with like force and effect to any renewal thereof.
The Security Deed shall remain otherwise in full force and effect.
Witness the hand and seal of the undersigned ~his ~y of fl!ktGt/S T
2002.
Signed, sealed and delivered in the
presence of:
~a~tU ?n~
Unofficial I ness 4
~~,~
My commission expires:'
NetBrr PubIc. RIchmond COunty, '~a
, My COrn1'nII8IOfI.ExpIreI Jan. 4, 2OO1~
AUGUSTA-RICHMOND COUNTY HOUSING AND
~R~~D DEVELOPMENT DEPARTMENT
_ OU~BILI ATION PROGRAM
~BY:
As Its:
fJl &., O'V
(CORPORATE SEAL)
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EXHIBIT "A"
All that parcel, piece or lot of land, together with improvements thereon, situate,
lying and being in the City of Augusta, Richmond County, Georgia, fronting a
distance of 40.0 feet on the south side of Ellis Street and extending back
between parallel lines a distance of 161.33 feet and being more particularly
shown and designated as Lot 10, Block F, on a plat of Augusta Land Company
which is recorded in the Office of the Clerk of Superior Court of Richmond
County, Georgia, in Realty Book 7E, pages 40-41, and as also shown on a
more recent plat dated July 3, 1994, prepared for Dina M. Abraham by Larry A.
Godfrey, Sr., which is recorded in said Clerk's Office in Reel 464, Page 427.
Reference is hereby made to said plats for a more complete and accurate
description as to the metes, bounds and location of said property.
:. f::RcJM":USHER FAX NO. :912-897-9419 ~ .. .16 2l1lB2 B6:24PM P2
JUL-16-02 93:85 PM CROWN MDRT~AGE IHC 7068699880 P.B2
BAXLEY CHEW, ESQUIRE
7 DAVIS ROAD
7lNEZt GA 30M7
RI: DINA CRAWfORD fit. DINA ABRAHAM
CHEW AND OTHERS THIS MAY CONCERN,
WALTON' VSJBa. ftESmENT or USBEl\ PAINT AND SVPPLY CO. INC., AND
ENDER OF RECORD FOR DIE AFORE MENTIONED TRANSAC110N. DO
~REBY ACKNOWL!DCI AND ACC!PT THE TERMS OF THE ESCROW
GUEMlNT, ALLOWINC UNTJ1. SUTEMBU. 25, 2002 IN LIEU 011' Rl.Cl.IPl' 0.,
RDINATION AGREEMENT PROM AUGUSTA HOUSlNC A.,-G)
D..lTAnON.
Lawrence Ap~raising Co., Inc.
"1.. UNIFORM RESI~ENTIAL APPRAISAL REPORT File No. 2042elli.O?g
, ~r.Q~e!~~ Addrc5s __2042 El,lis StJ:eet__ . _ __ _._. . __ . ~ _~_ ~ity~ Augu~s~____ _ __ ~Iate GA LIII Cu~e 30904
:: .~gal Descr,ip!i~0!1__D..ee(t~ok_491,.-eage_425___ c;.o.!!.!!\LBidlmond __ ~~~ .__ _. ~ ,
:A~e~s_~r:~par.~el~p:. 35-1:28 ______________.. . .TaxVear_.2001__,~tTax~L440.00 ~ Speci:JIAssr.ssmcnts$ N/A
;,' Borrower i a CUllent pwner Dina Crawford. ,_, ____~. Occupanl ~ Owner L J ~Ien;ml U V:JCo1nl
~. Propert ri hlsap raised ,I FeeSimple U Leasehold __.__~roie~t..!y!!!..-.l.:~D 0 Condom_inium,(H.~DN~OI~.'Y)~_ ~_ HgA~~ N/A ~__~. /MfJ
.. Neig,'!.I!.~h.!!..o~!..~'Ete..c.!. ~a!!l.e...__EIJi$, Sn:ee.t__ __ __~__~~p Rel.crence 3_5~:,l:28___ .__Gen~u$lra~1 ~ 060.0~..03_ _
'" Salesl~ce ~_ N/~__~_ __~te 01 Sale J~~l~__ .__Des~ll~ion a!1~_'!~l!u.nt olloa~. charg~conc~!io!!~l!Ee paid ~y sell~r _ ~ NJ A _ .
~!i ~end~!!.q~~nl__O:'.Q.W('I~Mortgage,.Jnc ~ddr~r~U9 P!lvis-RQap,_5.uite 8A-11art~in.e~,._Ge.Clr:gia_~ 309.oZ."
~" Appraiser awre c Address 0 6 Ev 'a 080
Location t><J Urban 1.:'= 1 Suburban LJ Rural Predominant Single family housing Present land use % Land use change
It, r01 D D occupancy PRICE AGE vI N tl" Ii; L'k I
~W: Buill up I6l Over 75% 25-75% Under 25% $(000) (yrs) One lamily .99 . _:0) 0 Ire Y.L..J ley
of, Growth rale [J Rapid rRI Stable 0 Slow lXl Owner _ ~.5_ Low _25_ 2-4 lamily .___t _ I In pror.es~
: Properly values 0 Increasing ~ Stable 0 Declining 0 Tenant 85 High 90 Multi-family To:
,Demand/supply 0 Shortage ~ In balance 0 Over supply , ~ Vacant (0-5%) Predominant C ' 1.---- - --
;ii Marketing time 1-:;=1 Under 3 mos. IXl 3.~ m_~~. [J ~er 6 mos: I~ Vacant ~Over 5%) 65 ~ __ 65 (ommercla ) .~ ,. O' -- ~,------
-f,> ~ Note: Race and the racial camposlllon of the neighborhood are not appraisal factors.
~ Neighborhood boundaries and characleristics: Th~_oelgbQoctJoodjs...(lefj!le.(L~s_a_o.o.eJojJ~.J:qd.ius of ltle_s..ubjectpr~QpertY..,- _, ~., _ ~ ___ _,
:. Factors thaI alfeclthe marketability 01 the properlles in the neighborhood (pro~imity to employment and amenities, employment stability, appealt'J market, elc,):
.. ~JJJ~_are_l1o_ap-p-a,=en!.ad~erse factors wl]ig, woul(L~tfect th~..!Jb.iects's Marketability. The Sypjg(;.t.I:!.~!Lacces..sJo~.aIL._ _.~_.._
necessary supporting facilities including schools, shopping, recreation and emplQyrnent centers. l1le improvements conform
.with.the surr..ounding-'Jouses.._ ,__~_, _ __ __.~__ ~_. ~_._ __ ~___'. ~_ __ _~ ,'. _ ~ ___
':~'
.':'.
,~. Market conditions in the subi~ct neighborhood (including support for the above conclusions related 10 Ihe Irend 01 property values~ d~mand/.~l;ppiy ~~~d markelhl!1 i;;r.- .-- ~ - -.- .
~ ~. .- such as data on competitive properties lor sale in the neighborhood, descrhltion 01 the prevalence 01 sales and financing concessions, elc,):
;' JJJ$l\!.e_c_o.lJslqer.g~tr:e~le.o.tJ;~Q!lJP-etitive listings aopLor cootr.i1.ct of[eringsJoJtle prefonn~nc~9Ltbis_appr.aisaLaod in t1J~___._ _ _ _
I : bJ!oding ilJJormation r:eporte.d~ iOJhis_s_~tioo~. ILaJrendis indicated, I.bave~a~ttacbe(tao addendum providing revelent
'" competitiveJisting/cOl)tract~offer:inQ..data...1be avecage length ofJistiog/salesJimeJs_3_to_6~montl:1s. The.Average_ _, _ ~ _ ~
i Jjs.tiogLpr:i~e_,=a..tiojs_9Zo/.Q:t:.2.?LQ. ________ __~______
.
.r ProJect Information for PUDs (If applicable) - -Is Ihe developer/huilder in control of the Home Owners' Association (HOA)? 0 Yes 1X1 No
.- Approximate total number 01 units in the subject project ~J.A__ Approximate tolal number 01 units lor sale in Ihe subject project ,__.~1~__.
Describe common elements and recreationallacilities: N A
I' Dimensions ~5.lJl6..0 ~ Topography J~~.t.IY~B9.lJjQg________
:t Site area _.l5...:t..:Ac.re Corner Lot 0 Ves _ No Size J::y.p-tGJLEQLAr:~a
" Specilic zoning classHication and deOlion Resldmtial Shape .Mostly_ r:e.cJ:aogular:. __ _ ._
I" Zoning compliance i>-<Ilegal ciegal nonconlormoing (Grandlathered use) 0 Illegal [] No zoning Drainage _Appe$lr.:s..Ad_equa~te_ ~___~
':, Highest & best use as improved ~ Present use Other use (explain) View _O~er.J:lQIJJ~ _ ~_..~ __~__ __._..
:".: Utllllles ~c Other Off-site Improvements Type P~c POrivale landscaping _CQf.lf:Q[I!1if')g____, ~_.___
Electricity ~ Street Asp.t1.i..I~lt 161 Driveway Surface D..irt__ ______~
. ~ ------.--- Curb/Guller Conaete ~ DO Apparent Easemenls Iypic;i;lIJ.ltUity____~...
l~~ Waler I6l Sidewalk Concrete 161 FEMA Special Flood H373rd Area [J Yes lX'i No
, ~. Sanitary Sewer ~ ____ ___ Streetlights incandegj!lt ~ 0 FEMA Zone _C~_._ Map Dale 11118.2__.
n' StonnSewer ~ Alley Yes ~ 0 FEMA~~~~_1.3.0!5~9J).Q01_C~_~__.__ ___
Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconlorming zoning use, etc.); tla.v_e_.5UOfey make____~ ___ ~
;'~ 1.i1'J~Ld~t~i(1~tionJf_'tl~_s!l~j~t is iO....CLfjQ.Od ha.~i1lJll..one. No Adverse eC!sements or enaoa~l]melJ.ts__ ___ ~ __ __.
" were found.
, , GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION
I No. 01 Units 1--_ Foundation .!3riC;~_,_ Slab ~Q.. Area Sq. FI. N/f!.____ Roof _._ Cj
..~ No. 01 Stories 1..0_ __. Exterior Walls ASQIIJv.__ Crawl Space X~ % Finished N!.A__ ~_~, ~_ Ceiling ~v.er_ ~ iXI
i Type (Det/AII,) Pe~meP_ Rool Surface Fibergl$JssSb.i!:. Basement NM. Ceiling fj,/tJ._, Walls _~ .__ L_!
Design (Style) R,anch.., _ _. Gullers & Dwnspls. ~one_ ~ _, ..' Sump Pump N/A Walls N/A ~ Floor, __ _ _ . [.1
: Exlsling/Proposed ~!stiog_ Window Type WOC>(lP......H. Dampness NlA Floor fj~_ None ___ LJ
Age (Vrs.) 8_6 ,_... Storm!Screens Yes _ _ _ ..~ _. ~ Selltement N/ A _.. ___ Outside Entry N/ A Unknown _ ~ . rl
Effective A e VIS. Manulaclured House Inleslalion N . W & 0
/lOOMS ,~~ lM~g~ .~.Q...g - ""'-"!- _~D~~ _1,~!lJl~ ~ Roc. i!<'. ....... #D,.. l!~"_ ___""-ou t"!~~,. 'L_
Basement f!jJA_
Levelt x 1 1 1 CQmp-l:!: 1 !<__._ ~___..... _1~6a.
= Level2 _~_ - _t --~..- ---~-~ ---- --- ---.. =.: ~ _~_~.-. _ ~ ~==. ~~ ~ __=~ =~~ .
FInished area above rade contains: Rooms; Bedroom s); Square Feel of Gross Livin Area
INTERIOR Materials/Condition HEATING KITCHEN EQUIP, ATIlC CAR STORAGE:
o
Cpt/Wood/Av. ., _ _ Type fY'IA____ :efrige~Or Nonc 0 None i. i
Dr.-nY$lIV.Av Fuel G_aL-_ ~nge/ en X Stairs Garage
WoodL~v~_._ Condition Aver___. Disposal Drop Stair g A\lached
VinylfAv .' COOliNG ~ Dishwasher Scultlc 0 Dclachrd ------ -. ~ ~
flb.erglasslAy___. Cenlral y~___. ~,n/l'tood X Floor 0 Buill-In
H~ol::.Cor:e/Ay. _, __. Other N/PJ._____, Icrowave Heated 0 ---~--- Carport
Condition WasherlDryer Finished Drivcw:1 '
It Additionalle.11ules (special energy efficienl items, ctc,): StQlJ1LWil1dow_sjlnf:tdOPr:s~.J::r:Qo~_~nd.-B.ear:..p'orches.... _ _ ~ ____ _
,~) H_Q\J~e_has had~xtens.iyeJ:~.ro~ling_and mQderrli2;fttiQlJ. __ __, _ .~ ____ _ ~_
Condition 01 the improvements, depreciation (physical. functional, and external). repairs needed, quality 01 construction, remodeling/additions, ctc.: u __ ___ __ _ _~
_Th~e_ are 00_ apparentJunctiQnatQ,"-extemaUo~dequacies~,_lbe, coostr:!lctioo_qu.aJltyj,Uypic;a1 foe the area~._ Based on___ _ _ __. ,~
.Maintenance, condition and, compi;lrisQIJJo _comp~tjng areasJtle_~estimated~ e~ttiY~_age. is. reasonable for this property
- Floors
Walls
TrimlFinish
Balh Floor
Bath Wainscot
, Doors
# of cars
CarShed
Advmse environmental conditions (such as, but not limited to, hazardous wastes, loxic subst,1nces, elc.) present in the improvemenls. on Ihe site, or in Ihe
, , , immediate vicinity 01 the subjecl property: .Iher:e_ar..e_OO-'(JJo..w.n_apparentaoY..~toodU:iQl]sj:.baCWQuJd_ha)(.ena oegati~y.ejmpact_pn Joe_ _ ~__
val e
f'1!ddie Mac Form 70 6.93 This lorm was reproduced by United Systems Softw31e Company {ROOI 969-8727 - Page 1 Fannie Mae Forll1 1004 6-93
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~awr~nce Appraisi!!.g Co,.lnc, __ _ _~_ __~_ .
Va!uaflon SectlDn UNIFORM RESIDENTIAL APPRAISAL REPORT File ND. __-1942eIlL02g
; ESTIMATED SITE VALUE . , . . . . . . . . . . . . , . . . . . . . .. ,... $ 6,500. Commenls on Cosl Allproach (such as, :;OUlCC 01 (:osl cstllllJlc.
,j : ESTIMATED REPRODUCTION COST-NEW OF IMPROVEMENTS: site value. square foot calculalion and, lor HUD. VA and FmHA. Ihe
, Dwelling ___1,.268_~ Sq. Ft. @ $ ~.3.,_0.0_ =$ ____-5i,S.21. eslimated remaining economic life ollhe properly):
. ------. ..-.. Sq. Ft, fC,) $ ._ __ '" __. ...... _ 0.00 .See AttadJed_S~etch _ _,
~ .wmp_S1Jm ___.1,~5..PO __~_ _~_.. ~ ~ _______~_
GarageICarport . ___200 Sq. FI, ((jl $ ~ ~..~.OO ~ = -.__ --.~ _ BOO JJJe_Marsba.Land s.wJft Residential CosL,
fotal Eslimaled Cosl-New..,...,....... ,., , ,,,,$ 59. B24 Handb.oo...., as_w, ell_as.I'nformatlon
_ less PhYSliScal I Funclional I External ---- - .1, . -- ~ ~
obtalnedJtomJor.a1 builders was used
'. ' Depreciation B,974 , _..$ B,974 to calOJlate.tfle Cost Approach
'.. $ 08
i~ ?ep~e~lated Valu~ oflmplovemenls . . .. . . . . .. , . . .. , . . . . . . . . . . ': 5_",_.5...0. ~_____ ~___. _ ~._ _ ~ uu _ __ ~_
,~ AS-IS Value 01 Slle Improvements .......,............"..,....,. $ ~,_O.oQ EstiIDa.te~tf.t.QOPnJiC.Lif.e_Is_6Q ,Years_
!i' INDICATED VALUE BY COST APPROACH. . . . . . . . . . . . . . . . . , . , l'" $ 61 350
ITEM__._~L ___SUBJECT C~~~A!:IA~~ ~~O.!.L-_~_ C~~~~BLE NO. 2__. _ _ _~ COMPARABLE NO, ~~ ..~_
, 2042 Ellis Street 1129 Meny Street 509 Beaufort Drive 1120 Adrian Street
t;~i~.!Ires~..August.aI-G~____ _____~____ _.~__~ .. ~ ~ .
PrQxif!!i1y 10 Subjecl ~ . ~' OJ~IO$;ks_S.... ..' , ... .. ~ 2_B.I~QCks_W,_ ___ ~. ....~, .12_Bloc;~s, S._
~.. Sales Price $ N.A '$ 579_0_0 $ ~.-a.0 $_62.9.09_ ____
(~ PricelGr~s~liv. Area ~___~~___gLt~7.9_0___.~r[ !J~.1.5.1 IZJL ~ .1~,38 ,-, ._____.
Data and/or Appraiser MLS MLS MLS
~rili~!!.on ~o.u!ce~__ .Pub/icRcrd_ __ eub.licJ~ecor:(L_ ____.. ~blicJ~ecPI:d __ __ I:'ublic Record ._ _ _ __ _ ~
ii, VIllUE ADJU~~~~~ DESCRIPTION DESCRIPTl~QI:! _.__ ~ ~-) Adl~menl . __!!~C.!!L~ON +(-) ~djllst~e~l_ ._, . q~~~~lr!!OI'!.. _ _, : ~~H~~j~,~:I~ment
:' ': Sales or Financing NoConcessns NoConcessns NoConcessns
~'~,~~~::.s!~~s, ~____ .~EHA_._.__n__~ ~..____~..__~..~.~ ,(:onv,~ '__n_._._____ ~~., FHA
:'1' D3feo'-~'!.'~i"1~__~Q1J.O~_____ _ ~ _ _.____ ~.081.0L 08/01
;: I.~~~~ _. __. _ Aver, Aver .~ . Aver ~ ____ .. Aver
: ~~~s~h.oldJ!'~e_~i~IJI!L Fee_Slmple_~_ E.~_Slmple___.__~_____ Eee5irople_ . ____ ___ fee. Simple _ . !_~.... _ __
I:' Sile__~_____ Avec_._~___ Av.er __ ~v.er__~Yer______,_ _ ~l--~---~~
'View ~__ 9tfJer.ti9mgsQtfJ~!:lomes_.___._________9ther..l:to.roes__ ____~._ Qtt!E~LHonJes. _ ~j _ ~ __. _~ _
l?.e~ig~andApp~al__ Ran01/Aver_ '''_ ~RanchLAver~ ~.., ~ ~,.~__ ~ __ _.. Rancl:1/~Y~__~ ~_ .' .. ~anctJ/J\~~ ~ __ _,
, D!!3J;!Y~LC.onstnll:!ion_ ASBLAv _. ~ __ Sl\Jcco/Av____.. _____ ~__. .Vio.yI/AY. ... ._ ~"IStucCO/AV. I
~gL-_,_~ -- -.- A:86_E:20 _ _ A;~5z..e:.1.B____._____ __,_ ~:56_E:_l,O_ _ _._ -2QOO A:7B,E:22_ - . 1 ~
'". C~~lJ.it!~n - - Avjer, /- -- A.,v!!r. - .~.. ~-~~ ~ Aver, . ,-- - - -- lAver, t I
: AhoveGradr. _~~Ial__~drf!l~: Jl~~~ Total Bd~~_j1,~l.s_.T~~..!!d!!!!!. J!~lhs I!ol~! ~d!~!s_ O_alhr.~_1
RoomCounl _.6_2.__~J 5 2 .1_ 6 2 1 __6__2~_ _1___,
!iross livin_g Area 126B_ 2~llf!:. lOO_O_~l!:.~t. _ ___,_~3_B,OO_ 168__ Sq. FI. _t.ZO.oO_ ,1.3.QO.. __SgJI; __._-=40~0
Basement & Finished N/A N/A N/A N/A
Rooms Below Grade
. ----- --- -------. --_._-
Functional Utility Aver Aver Aver Aver
- HeatinglCooling_ GFWA-A/C_ JifWA:N.C___ _. _. __. __ __._ GFWA~Ns:.. __ ~ __~ GFWA-NC ~
!~~gy_~ff~ci~cnJ Jtc-'!'L- Storm.W &.D __Stonn.W_&...O,__. _ _. ~ _.. __ .StOI:m. W. &.D__ __~ __ ,Stol:m.,W &_D_~ ,_ ._. n __
G.!~ge/Carporl _ CarSfJed__ QSP ,___ _-=t.5.QO GaeDe_tacbed -3QO_Q 1..Cp.t_A.tt~dJe.c'- _.----.:2QOO
, Porch, Patio. Deck. Patio/Porch Deck/Porch Patio/Porch. I Patio/Porch
:" Fireplace(s)~.:t~ ___ .~~QFI~.Iac;e_ N.QEim>Jac.e_~__ .. .No8r:eplace _ .__.-_- iooo I.~_:~~a_c_e.__ ___~.. ... _~_ ~.15,OO
~ F~c:::!.ooJ.~~tc:____ Fence ~c;:e_____.~._ .,._____~___ _f:erJc;,e/Sp~ys., ~__ ~ . _____ ____..
: WIIaoo:s RoHd R,pJjdDw - -3j)Jl JloHd.Dw ,Joo LBOJidDw_. I --
:", ,"!l AdlJ!o'..'L_ + D::. J______4000 -~,Q- -L-" 700 IND6!_a.. $ ,,_ _ ,3900
Y Adjusted Sales Price G: 7.94% G: 20.49% G: 6.20%
of Comparable 0 $ 6.1.9.0_0 " $ 6_5.6.0_0_ . 2~ s . _ __ _5.9..0_00_
~,' Comments on Sales Comparison (including the subject property's compatibility to Ihe neighborhood, etc.): .~_S..upp.lemeol._ __ . _ ____. __ ___. ~______
",
,.,
:~
,i _~__~____.
i == ""'-- - --:- - SU&IECT_ __Ml,lf, "lL' ,_ , , "___":: _~lf_I"" - 'j' _ .....WOlf ....----
:~ Date. Price and Data N/A N/A N/A N/A
i. Source lor prior sales
'fIilh\n yeal ot appraisal ~JB~dLMLS ~ R.tdLM~LS. PublR~LMLS .eubLR~.dLMLS___ __
Analysis 01 any current agreement 01 sale, option. or listing ot the subject pmperty and analysis ot any prior sales 01 subject and compamhles within one year ollhc date 01 apPr.lisal:
'; lhe Subject's_Value is consistent with the above sales analysis. lhe subject and. cOlT)parables do not have a prior sales or
,:' JlS~D9..hlstQrY-\YltbjI}J:fJ.eJj:lsty-ear. ._ __ ___~__. .____
., I.DleATED VALUE BY SALES COMPARISO. APPROACH................................................. S . _ _60,O~00
, IIIDICATED VALUE BY III COME APPROACH If Iicable Eslimated Markel Rent $.N L.. /Mo. x Gross Rent Multiplier ~ll!. = s ~_ . 0_
I,. The appraisal is made ~ 'as is' [J subject to the repairs, allerations, in~pections. or conditions Iisled below 0 subjecllo completion per plans and specifications.
" Conditions of Appraisal: See_Supplement _____
Final Reconcifiation: s.ee_SYp'plelJ1ent
-------..----- -.------- ---_.
The purpose 01 this appraisal is to eslimate the market value of the real properly that is the subject 01 this report. based on the above condilions and the cerlilicalion.
contingent and limiting condilions, and market value dellnition that are stated in the attached Freddie Mac Form 4391Fannie Mae Form 1004B (RL'Vised 6/93 ___ I.
- I (WE) EmMATE lHE MARKET VALUE, AS DEflllED, OF lHE REAL PROPERlY lHAT IS lHE SUBJECT OF lHlS REPORT, AS OF
fWHlCH IS lHE DATE OF l"sPEC'nON AND lHE EFFECnYE DATE OF lHlS REPORT) TO BE $ 60~~O.oO_ _
, Certified Residential Georgia # 000165,......South Carolina # CR-I099
. APPRAISER: - ~ - _ ., \-.. , " / A~' ~--- SUPERVISORY APPRAISER (ONLY IF REQUIRED):
,'" ///"
~: SiQnature __ _..:.~..? ' ~..' / ) il- .L Signature .___ __ _ __.. . _._
:. Name S9ndfJ.Awteoce Name
'~ ~ate Report Sig~:!!.__112102 ___..~ ___ ~~,:~!port Signed
I Sla!eJ;_ClUIlc.1linn_H_ _.CR 000165 Georgia_______..~lal~_.GA__ ~!l!!~~~lIIiC!1lion #
" Or State license H Stale Or State license If.
Freddie Mac Form 70 6-93 This torm was reproduced hy United Systems Software Company (800) 969-8727. Page 2
]):1L02_ __. ______ _
[J Did [J Did Not
Inspect Property
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Fannie Mae Form 1004 6-93
lawren~e Appraising Co., In_c.
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TEXT ADDENDUM
File No. 2042elli.02g
Borrower/Client .Dio.a_Crawford
Address 2JMLElI,iS-S~t
City Augusta__ ~ _ ._ County ~Richmond,. ._~_. Slate .G~_
Lender/CI ienl J:t:Q.wnJ"oct:gage,Joc
Zip Code 30904
COMMENTS ON SALES COMPARISON:
The Appraiser after checking with the local Court House, local MLS, and Real Estate Brokers in the area, found
it very difficult to locate current sales of this size, age and type construction in the subjects area, thus the use
of older sales on comparables number two and three. All sales, according to the data source, are closed sales.
No personal items were considered in the estimated value.
FINAL RECONCIUATION:
All three approaches to value were considered, but in the final analysiss the Market Approach was relied on as
it best reflects the actions of buyers and selleers in the market place. The Cost Approach and the Income
Approach both support the Market Approach.
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SUBJECT PHOTOGRAPH ADDENDUM
Borrower/Client: Dina Crawford
Address: 2042 Ellis Street
City: Augusta
Lender/Client:
County: Richmond
Crown Mortgage, Ine
State: GA
Zip Code: 30904
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COMPARABLE PHOTOGRAPH ADDENDUM
Borrower/Client: Dina Crawford
Address: 2042 Ellis Street
City: Augusta
Lender/Client:
County: Richmond
Crown Mortgage, Ine
State: GA
Zip Code: 30904
Sales Comparable 1
Front View
Address:
Prox. to Subject:
Sales Price: $
Gross Living Area:
Total Rooms:
Total Bedrooms:
T ota! Bathrooms:
Location:
Sales Comparable 2
Address:
Prox. to Subject:
Sales Price: $
Gross Living Area:
Total Rooms:
Total Bedrooms:
Total Bathrooms:
Location:
Sales Comparable 3
Address:
Prox. to Subject:
Sales Price: $
Gross Living Area:
Total Rooms:
Total Bedrooms:
Total Bathrooms:
Location:
This fonn was reproduced by United Systems Software Company (800) 969-8727
1129 Meny Street
10 Blocks S.
57900
1000
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509 Beaufort Drive
2 Blocks W.
64900
768
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1120 Adrian Street
12 Blocks S.
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1300
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"File No. 2042elli.02g
DEFINITION OF MARKET VALUE: The most Ilrobable price which a property should bring ill a comp()tilive and opell market
under all conditions requisite to a fair sale, the buyer amt 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 selle r 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 anyone associated with Ihe sale.
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* Adjustments to Ihe com parables must be made for special or creative financing or sales concessions. No adjuslments 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 instilutionallender Ihat is not
already involved in the property or transaction. Any adjuslment should nol be calculated on a mechanical dollar for dollar enst
of the financing or concession, but the dollar amount of any adjustment should approximate the market's reactioll 10 the financing
or concessions based on the appraise(s judgement.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS:
the following conditions:
The appraise(s certification Ihat appears in the aplJraisal report is suhjeGllo
1, The appraiser will nol he responsible for mailers of a legal nature that afl()cl either the property being appraised or Ihe tille
10 it. The appraiser assumes Ihalthe tille is good and marketable amI. therefore. will not rl!mler any opinions about III1! Iillc.
The propP-rty is appraised on fhe basis of it being under msponsible ownership.
I.. Thn i1pprnis!!r ha:; provided a sketch ill the i1ppltlir.al report In :;how Clllproxilllale dimen~ionr. III IIw illlllrovemellls anti 11m
skelch is included only 10 assist the reader of the report in visualizinnthe property and underslanding the i1flPlClisr,(s determillation
of its size.
3. The apllraiser has examirll!d the available 110011 maps Ihat are provided by the Federal Emergency ManagcIIllmt A~I(!IlCY (or
olher dala sourccs) and has noted in Ihe apprnisal report whcther Ihe subjccl site is located in an identified Special Flood H<tzard
Area. Because the appraiser is not a surveyor, he or she makes no guarantees, expressed or implied, regarding this determination.
4, The appraiser will not give teslimony 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.
5. The appraiser has estimaled the value of Ihe land in the cost approach at its highest and besl use and the improvements
at their contributory value. These separate valualions 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, depreciation. the present of
hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware
of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report. the appraiser
has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including Ihe
presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed
that Ihere are no such conditions and makes no guarantees or warranties. expressed or implied. regarding the condition of the
property. The appraiser will not be responsible for any such conditions Ihat do exist or for any engineering or tesling thai 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 musf not be considered as an environmental assessment of the property.
7. The appraiser obtained the information, estimates. and opinions Ihat were expressed in the appraisal report from sources thai
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 appraisallhat is subject to satisfactory
completion, repairs, or alterations on the assumption Ihat completion of the improvements will be performed in a workmanlike
manner.
10. The appraiser must provide his or her prior written consent before Ihe lender/client specified in Ihe C1ppraisal report can
distribute the appraisal report (including conclusions about the property value, the appraise(s idenlity and professional
designations. and references to any professional appraisal organizations or the firm with which the apprniser is associated)
to anyone olher than the borrower, the mortgagee or its successors and assigns; the mortgage insurer, consultanls: professional
appraisal organizations; any state or federally approved financial institution; or any department. agency. or instrumentality of
the United Slates or any state or the District of Columbia: except that the lender/client may dislribule the property description
section of the report only to data collection or reporting service(s) without having to obtain Ihe appraise(s prior wrillen consent.
The appraise(s wrillen consent and approval must also be obtained before the appraisal can be conveyed by anyone 10 Ihe
public through advertising, public relations, news, sales, or other media.
Freddie Mac Form 439 6.93
Page , 01 2
This form was reproduced by Unijed Systems Software Company (800) 969-8727
Fannie Mae Form 10048 6.93
fawr,~~.ce f\pP!al~llIg f~o,.Jnc. _. _~ _ _. ~ _~ .
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A'PPRAISER'S CERTIFICATION:
The Appraiser certifies and agrees Ihat:
File No. 2042elli.02g
1. I have researched the subject mar1<et area and havr. selected a minimum of three recent 5.11r.s of propr.r1ir.:; mo~1 similnr
and proximate 10 Ihe suhject property for consideralion inlhe sales comparison analysis and have made a dollar ad;ustnll!nl when
appropriate to reflect the market reaction to those items of significant variation. If a significant itr.m in a comparable property
is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price
of the comparable and, if a significant item in a comparable property is inferior to. or less favorable than the suhject. I have made
a positive adjustment to increase the adjusted sales price of the comparable.
2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in
the appraisal report. I have not knowingly withheld a~y significant information from the appraisal report and I believe. to the best
of my knowledge, that all statements and information in the appraisal report are true and correct.
3. I stated, in the appraisal report, only my own personal. unbiased, and professional analysis, opinion:;, and conclusions,
which are subject only to the contingent and limiting conditions specified in this form.
4. I have no present or prospective interest in the property Ihat is the subject of this report. and I have no present or prospective
personal interest or bias with respect to the participants in Ihe transaction. I did not base, either partially or completely, my
analysis and/or the estimate of mar1<et value in the appraisal report on the race, color, religion, sex, handicap. familial stalw;,
or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants
of the properties in the vicinity of the subject property.
5. I have no present or contemplated future interest in the subject properly, and neither my current or future employment
nor my compensation for performing this appraisal is contingent on the appraised value of the property,
6. I was not required to rp.port a predelermined value or direction in value thaI favors the cause of Ihe client or any relClted party,
the amount of Ihe value estimale, the attainment of a specific resun, or the occurrence of a subsequent event in order to receive
my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum
valuation, a specific valuation, or the need to approve a specific mortgage loan.
7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopled
and promulgated by Ihe Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of
this appraisal, with Ihe exception of the departure provi:;ion of Iho~;e Standards. which does nol :!pply. I :!cknowh!d~lr. Ih:!t .111
estimale of a reasonable time lor exposure in the open marker is a condition in the definition ot mar1<et value and Ihe estimate
I developed is consistent with the mar1<eting time noted in the neighborhood section of Ihis report, unless I have otherwi:je
stated in the reconciliation section.
8. I have personally inspected the interior and exterior areas of the subject properly and the exterior of all properties lisled as
comparables in the appraisal report, I further certify thaI 'have noted any apparent or known adverse conditions in the subject
improvements, on the subject site, or on any site within the immediate vicinity of the subjecl property of which I am aware
and have made adjuslments for these adverse conditions in my analysis of the property value to the extent thai I had market
evidence 10 support them. 'have also commented aboul the effect of the adverse conditions on the marketabilily of Ihe subject
property.
9. I personally prepared all conclusions and opinions about the real eslate that were set forth in the appraisal report. II I relied on
significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of
the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them 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 make a change to any item in the report; th'r.refore. if an unauthorized change is made to the appraisal mporl, I will lake
no responsibility for it.
SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report. he or she certifies
and agrees thaI: I directly supervise the appraiser who prepared the appraisal report. have reviewed the arpraisal report. agree with
the sfatements and conclusions of Ihe appraiser, a!)ree to be bound by Ihe appraise~s certificalion numbered 4 Ihrough 7 above. and
am taking full responSibility for the appraisal and the apprnisal report,
ADDRESS OF PROPERTY APPRAISED: 20~2_Ellis_Street,.Augusta,_GlUQ9_<M_ _
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Signature: ~~/~. ,-. ~__
Name: SondfUtwr:eoce_ ___
Date Signed: ])21Q'1.
State Certification #: .c.R_QO_Ql6..5...Ge.Qrg,la___,_
or State License #:
State: Ji~~gia
Expiration Date of Certification or License:
APPRAISER:
SUPERVISORY APPRAISER:
(only if required)
ll/:J_lIJl2_
Signalure:
Name:
Date Signed:
Stale Certification #:
or State License #:
State:
Expiration Date of Certification or License:
o Did [J Did Not Inspect Property
Freddie Mac Fonn 439 6-93
Page2of2 '
This fonn was reproduced by United Systems Software Company (800) 969-8727
Fannie Mae Fonn 10048 6-93
L~Tence ~P-rai~Ln9. 9~!l<,
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USPAP.COMPLlANT REPORT IDENTIFICATION
Borrower/Client ~Oio.a O"aV(fprd
Address }~~_E!lJs_St(~~
City .l\ugl.!s.ta__
Lender/Client ~Crowo_ Mortgage,_Io<:
County .lJJ.thmood_ State.G.A- Zip Code .30904. __~_ _ __ .. ._
This Appraisal conforms to one of the following definitions:
~ Complete Appraisal
The act or process of estimating value, or an estimate of value. performed without invoking the
Departure Provision.
D Limited Appraisal
The act or process of estimating value. or an eslimale of value, performed under and resulling
from invoking the Departure Provision.
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This Report is one of the following types:
o Self Contained Report
A wrillen report prepared under Standards Rule 2-2(A) of a complete or limited appraisal performed
under Slandard 1,
rxJ Summary Report
A written report prepared under Standards Rule 2-2(8) of a complete or Iimiled appraisal performed
under Standard 1.
LJ Reslricled Report
A wrillen report prepared under Slandards Rule 2-2(C) of a complete or limited appraisal performed
under Standard 1.
Comments on Appraisal and Report IdenUflcatlon
Note any departures from Standards Rules 1-2. 1-3. 1-4. plus any USPAP-relaled issues reqUiring disclosure:
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Sign,t1Jre: _~j'~~
Name: - -iOOdYJ..a~
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Dale: .112/02
Designed by United Systems Software Co, (800) 969-8727