Interior, Commercial Real Estate Evaluation1503 Grace Street, Lynchburg, VA 24501

Please Note: This report was completed with the following assumptions: Market Approach: Market Value, Exposure Time: Typical. Importantadditional information relating to this report, including use and restrictions, is contained in an attached addendum which is an integral part ofthis report.

Address 1503 Grace Street, Lynchburg, VA 24501 Order ID 4796719Borrower Name Antonio Rose Inspection Date 06/25/2015 Effective Date 06/25/2015 Property ID 19986503Loan Number rcn 6180 Date of Report 07/02/2015 APN 02531001

Tracking IDsOrder Tracking ID Rose, Antonio Tracking ID 2 --

Tracking ID 1 Rose, AntonioTracking ID 3 --

Subject Photo Value Conclusions

Final As-Is Market Value

$1,500,000

Sales Comparison Value $1,500,000Income Capitalization Value $1,055,000

Subject & Comparables Map Subject Aerial View

I. Property OverviewProperty Type Commercial-Other Gross Building Area (GBA) 50,140 SF Current Use Special Purpose Property Condition Good Projected Use Special Purpose Estimated Exterior Repair Cost $25,000 Occupancy Vacant Estimated Interior Repair Cost $50,000 # of Buildings / Units 1 / 79 Total Estimated Repair $75,000 Average Unit Size -- Extent of Inspection Exterior & Interior Year Built 1883

Condition/Property CommentsSubject appears to be in fair to average condition for year built. Defects include cosmetics based on normal wear and tear,with deferred maintenance evident at interior inspection.

II. Subject 3 Year Sales History & Listing ActivityCurrent Listing Status Subject is currently listed. Source LoopnetDate Listed Date Sold List Price Sale Price Notes06/28/2015 -- $1,495,000 -- NAI Liberty Commercial Edward Koepenick Property Listings -- 12/22/2014 $0 $183,750 Auction

III. Assessed Value & TaxesAssessor's ID/Parcel Number 02531001 Data Source Public Records Land $94,000 Improvements $318,200 Total $412,200 Taxes $8,277 Special Assessments $0 Tax Year 2013

IV. Neighborhood & Market DataLocation Type Suburban Predominant Property Type in Area Residential Typical Property Condition in Area Good Predominant Occupancy Owner Occupancy Rate Stable Current Market Vacancy Rate 0-5% Overall Real Estate Values Stable Market for this property type Stable over the past 6 months

Neighborhood CommentsNeighborhood is located in semi - urban area within small city that is surrounded by rural acreage properties in neighboringcounties. Convenient to commerce, education, etc.

V. Site DescriptionZoning B-1 Accessibility/Visibility Good Data Source Public Records Parking Insufficient Zoning Description Limited Business Subject Use Legal

Conclusion of Highest and Best UseSpecial Purpose

Site CommentsSubject is essentially located on a corner lot. Highly visible from the road. Great location just off the Grace Street exit onRoute 29.

Subject is currently vacant. The highest and best use for the property would be dormitory, loft apartment, elderly housing orboutique hotel. Its prior use as a hospital and elderly housing makes it an easy transition back to that purpose. Based onroom sizes and community baths as well as suite style rooms also make ideal for a dormitory.

VI. Comparable Listings Subject List Comp 1 List Comp 2 List Comp 3 *

Street Address 1503 Grace Street 815 S Crater Rd 1000 Villa Rd 2244 RivermontAvenue

City, State Lynchburg, VA Petersburg, VA Lynchburg, VA Lynchburg, VA Zip Code 24501 23803 24503 24503 Miles to Subj. -- 97.52 ¹ 2.89 ¹ 2.46 ¹ Property Type Commercial-Other:

Vacant Special Purp Hotel Commercial-Other:

School Commercial-Other:School

Property Use Special Purpose Hotel Economy Special Purpose Special Purpose

Transaction DetailsDatasource Loopnet Costar Loopnet Loopnet List Price $ $1,495,000 $2,000,000 $850,000 $699,000 Sales Type -- Standard Standard Standard Financing Terms -- Conventional Conventional Conventional Days on Market -- 513 19 437 Gross Building Area (Sq.Ft.) 50,140 49,700 30,600 37,146 List Price / GBA $29.82 / GBA $40.24 / GBA $27.78 / GBA $18.82 / GBA Occupancy % (ATOS) -- 60.00% 0% 0% NOI (if leased at market) -- $0 $0 $0 Capitalization Rate -- 0% 0% 0%

Comparison FactorsLocation Good Similar Superior Superior Accessibility / Visibility Good Similar Similar Similar Lot Size .94 Ac. 3.45 Ac. 8.66 Ac. 2.6 Ac. Overall Site Utility Good Similar Similar Similar # of Units 79 135 188 30 Average Unit Size (Sq.Ft.) -- -- -- -- Year Built / Effective Age 1883 / 132 1972 / 42 1971 / 44 1921 / 94 Construction Quality Good Superior Similar Similar Property Condition Good Similar Similar Inferior Property Amenities Fair Similar Similar Inferior Site Coverage Ratio 22.00% 17.00% 8.00% 33.00% Parking Insufficient Similar Similar Similar Parking Type Open Similar Similar Similar Adjustments -- - $100,000 - $42,500 + $244,650 Adjusted Value -- $1,900,000 $807,500 $943,650 Adjusted Value / GBA -- $38.23 / GBA $26.39 / GBA $25.40 / GBA

Comments Why the comparable is superior or inferior to the subject.

Listing 1135 bed hotel complex in 3 buildings, masonry construction, zoned B-2. INcluded as listing to show potential alternative use asmotel or SRO. Laundry facilities, staff apartments. Adjusted -5% superior effective age.

Listing 2Facility could be used as school or converted to an assisted living/nursing adult care facility or multi-family use. Excellentgeographic location - at the intersection of Langhorne Rd. (US Rt. 501B) and Villa Rd. Convenient to Virginia Baptist HospitalComplex, Randolph College and Oakwood Country Club. Adjusted -5% superior effective age.

Listing 3Historic (built in 1921) 37,146 square foot building in 2.6 prime acres with great potential for around 30 apartments, boutiquehotel or private school. Was used most recently as Virginia School of the Arts school building. Adjacent to Riverside Park. It issolid masonry and has lots of parking. Zoned R-3. Property is vacant and needs complete restoration but, could be eligible forHistoric tax credits of 45% Prime location a couple of blocks from Randolph College, on beautiful Rivermont Avenueshoppingand restaurants and is adjacent to Riverside Park and the Historic Miller Claytor House. Highly comparable in potential use,location, and current condition of property. Adjusted +15% inferior condition, +20% inferior amenities.

* Listing 3 is the most comparable listing to the subject.¹ Comp's "Miles to Subject" was calculated by the system.² Comp's "Miles to Subject" provided by Real Estate Professional.

VII. Comparable Sales Subject Sold Comp 1 * Sold Comp 2 Sold Comp 3

Street Address 1503 Grace Street 220 Rainbow Ln 501 N Allen Ave 4931 Ridgedale Pkwy City, State Lynchburg, VA Chesapeake, VA Richmond, VA Richmond, VA Zip Code 24501 23320 23220 23234 Miles to Subj. -- 164.21 ¹ 93.04 ¹ 90.86 ¹ Property Type Commercial-Other:

Vacant Special Purp Commercial-Other:Asst Living

Commercial-Other:Asst Living

Commercial-Other:Asst Living

Property Use Special Purpose Special Purpose Special Purpose Special Purpose

Transaction DetailsDatasource Loopnet Costar Costar Costar Sale Price $ -- $1,750,000 $2,850,000 $2,750,000 Sale Date -- 08/06/2013 10/01/2014 04/09/2014 Sale Type -- Standard Standard Standard Financing Terms -- Conventional Conventional Conventional Days on Market -- -- 155 525 Gross Building Area (Sq.Ft.) 50,140 48,222 35,335 32,018 Sale Price / GBA -- $36.29 / GBA $80.66 / GBA $85.89 / GBA Occupancy % (ATOS) -- 0% 90.00% 0% NOI (if leased at market) -- $0 $0 -- Capitalization Rate -- 0% 0% 0%

Comparison FactorsMarket Conditions Current Similar Similar Similar Location Good Similar Similar Similar Accessibility / Visibility Good Similar Similar Similar Lot Size .94 Ac. 8.3 Ac. .45 Ac. 2.94 Ac. Overall Site Utility Good Similar Similar Similar # of Units 79 72 70 39 Average Unit Size (Sq.Ft.) -- -- -- -- Year Built / Effective Age 1883 / 132 1985 / 30 1924 / 91 1996 / 19 Construction Quality Good Similar Similar Similar Property Condition Good Superior Superior Superior Property Amenities Fair Superior Superior Superior Site Coverage Ratio 22.00% 13.00% 26.00% 25.00% Parking Insufficient Similar Similar Similar Parking Type Open Similar Similar Similar Adjustments -- - $350,000 - $855,000 - $550,000 Adjusted Value -- $1,400,000 $1,995,000 $2,200,000 Adjusted Value / GBA -- $29.03 / GBA $56.46 / GBA $68.71 / GBA

Comments Why the comparable is superior or inferior to the subject.

Sold 1Assisted living center, masonry construction. Single story build in two buildings; 66 rooms in primary building, 6 additionalapartment style units in secondary building. Adjusted -5% superior effective age, -5% superior condition, -10% superior amenities.

Sold 2Assisted living center, fair market sale to investment group, part of portfolio sale of 6 properties in MD, NJ, PA and VA, allassisted living facilities. Masonry construction, superior amenities and condition to subject. Adjusted -20% superior condition,-10% superior amenities.

Sold 3Assisted living center, vacant ATOS, zoned O-2, masonry construction. 96 licensed beds in 48 rooms according to listing data.100% vacancy required as a condition of sale. Adjusted -5% superior effective age, -5% superior condition, -10% superioramenities.

* Sold 1 is the most comparable sale to the subject.¹ Comp's "Miles to Subject" was calculated by the system.² Comp's "Miles to Subject" provided by Real Estate Professional.

VIII. Income Capitalization Approach

Subject OccupancyTenant/Owner Occupied Vacant Leased at Market? Not Applicable

Tenant Name Lease Expires GBA (Sq.Ft.) Lease Rate Lease Terms-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- --

Comparable Rent Summary Subject Rent Comp 1 Rent Comp 2 * Rent Comp 3 Rent List Comp 1

Tenant Name -- Riverviews Allied ArtsBuilding

Riverfront MixedUse Project

Listing

Street Address 1503 GRACESTREET

901 JeffersonStreet

725 ChurchStreet

1016 JeffersonStreet

828 Main Street

City, State LYNCHBURG, VA LYNCHBURG,VA

LYNCHBURG,VA

LYNCHBURG,VA

LYNCHBURG,VA

Zip Code 24501 24504 24504 24504 24504 Miles to Subject -- 0.65 ¹ 0.61 ¹ 0.62 ¹ 0.63 ¹ Property Type Commercial-Other:

Vacant SpecialPurp

Mixed Use -Res/Com

Office Mixed Use -Res/Com

Office

Property Use Special Purpose Mixed UseRes/Com

Office General Special Purpose Office General

Transaction DetailsData Source Loopnet Loopnet Loopnet Loopnet Loopnet Lease Rate ($/GBA/Month) $0.38

psf/month $1.02 psf/month

$0.47 psf/month

$1.25 psf/month

$0.65 psf/month

Lease Type Full Service Full Service Full Service Full Service Full Service Commencement Date -- 06/28/2015 06/28/2015 09/01/2014 Listing Lease Term -- 12 36 12 24 Gross Building Area (GBA) 50,140 1,151 19,400 5,097 23,247 Average Unit Size (Sq.Ft.) -- -- -- -- --

Comparison FactorsMarket Conditions Current Similar Similar Similar Similar Location Good Similar Similar Similar Similar Construction Quality Good Similar Similar Superior Similar Year Built / Effective Age 1883 / 132 1898 / 117 1930 / 85 1900 / 115 1972 / 43 Overall Quality Good Similar Similar Superior Similar Property Condition Good Superior Superior Superior Superior Parking Insufficient Similar Superior Similar Similar Parking Type Open Similar Superior Similar Similar Adjustments -- $-0.10 $-0.09 $-0.25 $-0.07 Adjusted Lease Rate ($/GBA/Month)

-- $0.92 $0.38 $1.00 $0.58

Comments Why the comparable is superior or inferior to the subject.

Rent Comp 1Large mixed use building with various arts and cultural based commercial tenants including studios and galleries. Upper floorsinclude residential condominiums. Located in historic downtown Lynchburg. Within walking distance of Riverfront Park,restaurants and other attractions. Adjusted -10% superior condition. 60000sqft overall Demonstrates potential rent for subjectas mixed use building.

Rent Comp 2An Art Deco Masterpiece that is on the National register of Historic buildings. RECENTLY REMODELED WITH 2 NEW HIGHSPEED ELEVATORS. NEW LOBBIES, LIGHTING BATHROOMS, A MUST TO SEE. One of the first skyscrapers ( 17 Stories)in Lynchburg built in 1930. It is Lynchburg's answer to the Chrysler Building in New York. Adjacent PARKING GARAGE with100 spaces. Adjusted -10% superior condition, -5% superior parking, -5% superior parking type. 58,000 Sqft building.Demonstrates potential rent for subject as office building.

Rent Comp 3New mixed-use project under construction. A very unique building renovation on the historic riverfront in DowntownLynchburg. Space would be ideal for a one-of-a-kind restaurant location or truly unique office space. Building is beingrenovated into a few high-end loft style apartments with main level commercial space available. Adjusted -10% superiorconstruction quality/amenities, -10% superior condition. Property is located on Historic Jefferson Street in the midst of largeresidential development and near many popular restaurants, microbrewery, and boutique lodging. Located beside theRiverfront Park overlooking the James River with walking/biking trails, splash park, stage/festival area. Property is 13000sqftoverall Demonstrates potential rent for subject.

Rent List Comp 1Great office space in downtown Lynchburg with panoramic views of the riverfront and historic downtown Lynchburg. Coveredvisitor parking in the building as well as adjacent parking lots and parking decks with available space. Permit parking isavailable for tenants. A variety of floorplans available on several floors. Professional co-tenants. Building amenities include

available for tenants. A variety of floorplans available on several floors. Professional co-tenants. Building amenities includeafter-hours security guards, banquet facilities, storage areas and large meeting rooms. Excellent location on the corner of MainStreet and Ninth Street in the most recognizable building in the downtown streetscape. Close to City Hall, restaurants,parking, and shopping. Excellent views from the office space. 247,280 SF Overall. Demonstrates potential rent for subject asoffice building. Adjusted -10% superior condition.

Market Rent Conclusion: $0.38 psf/month

* Rent Comp 2 is the most comparable rent to the subject.¹ Comp's "Miles to Subject" was calculated by the system.² Comp's "Miles to Subject" provided by Real Estate Professional.

Direct Capitalization Summary Amount ($/Year) CommentsPotential Gross Income (PGI)

Building Rent $228,638 Building rent based on interview with listing agentindicating a rental proposal for the upper twofloors at stated rate/sf/mo.

Other Income $0 No other income available from property. Roomrents are sole source of cash flow.

Total PGI $228,638 n/aVacancy Allowance (% of PGI) 15% Vacancy rate determined using REIS 2013 office

vacancy data in comparison to multi familyproperties

Vacancy Allowance ($) $34,296 n/aEffective Gross Income (EGI) $194,343 n/aExpenses Paid by Owner (% of EGI) 35% Expenses under gross lease include taxes,

insurance, utilities, maintenance, propertymanagement and reserves.

Expenses Paid by Owner ($) $68,020 n/aNet Operating Income (NOI) $126,323 n/aDirect Capitalization Rate 12.00% Direct capitalization rates in market range from

9-13% depending on building location, style,amenities and market appeal. Set near upper endof range recognizing unique nature of subject andspecialized build type.

Market Value Conclusion (Rd.) $1,055,000

IX. Value Conclusion As-Is Market Value

Market Value - Sales Comparison $1,500,000 Market Value - Income Capitalization $1,055,000 Final Value Conclusion $1,500,000 Final Value Conclusion PSF $29.92 / PSF Probable Buyer Investor Estimated Exposure Time >12 Months Property Interest Fee Simple

Conclusion Comments / Summary of AnalysisMost probable purchaser investor with plan to renovate property for use as assisted living center, dormitory, or SRO hotel.Most recent prior use was as an assisted living center; thus, sold comps selected consist of assisted living centers with similarcharacteristics. Comp search extended statewide to provide sufficient properties for this report. Unable to bracket subject GBAbecause of a limited number of properties with similar characteristics. Exposure time estimated at more than 12 monthsbecause of the special purpose nature of subject.

X. Property Images

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View Other

Comment "Floor PLan"

Subject 1503 Grace Street View Other

Comment "Floor PLan"

X. Property Images (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View Interior

Subject 1503 Grace Street View Interior

X. Property Images (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View Interior

Subject 1503 Grace Street View Interior

X. Property Images (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View Interior

Subject 1503 Grace Street View Interior

Comment "Large common area"

X. Property Images (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View Side

Subject 1503 Grace Street View Street

X. Property Images (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View Street

Subject 1503 Grace Street View Address Verification

X. Property Images (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View Front

Subject 1503 Grace Street View Address Verification

X. Property Images (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View Side

Subject 1503 Grace Street View Parking

X. Property Images (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View Parking

Subject 1503 Grace Street View Street

X. Property Images (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View Bathroom

Subject 1503 Grace Street View Bathroom

X. Property Images (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View Other

Comment "Floor PLan"

Subject 1503 Grace Street View Interior

X. Property Images (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View Interior

Subject 1503 Grace Street View Interior

X. Property Images (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View Bathroom

Subject 1503 Grace Street View Bathroom

X. Property Images (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View Bathroom

Listing Comp 1 815 S Crater Rd View Front

X. Property Images (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Listing Comp 2 1000 Villa Rd View Front

Listing Comp 3 2244 Rivermont Avenue View Front

X. Property Images (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Sold Comp 1 220 Rainbow Ln View Front

Sold Comp 2 501 N Allen Ave View Front

X. Property Images (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Sold Comp 3 4931 Ridgedale Pkwy View Front

Rent Comp 1 901 Jefferson Street View Front

X. Property Images (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Rent Comp 2 725 Church Street View Front

Rent Comp 3 1016 Jefferson Street View Front

X. Property Images (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Rent List Comp 1 828 Main Street View Front

Aerial Imagery Addendum

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View North* Date 2/25/2014

* The Licensed Imagery (or any portion of the Licensed Imagery) included in this product shall be used solely in conjunction with this product andmay not be copied, downloaded, published, transferred, or otherwise sold or distributed.

Aerial Imagery Addendum (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View South* Date 2/25/2014

* The Licensed Imagery (or any portion of the Licensed Imagery) included in this product shall be used solely in conjunction with this product andmay not be copied, downloaded, published, transferred, or otherwise sold or distributed.

Aerial Imagery Addendum (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View East* Date 2/25/2014

* The Licensed Imagery (or any portion of the Licensed Imagery) included in this product shall be used solely in conjunction with this product andmay not be copied, downloaded, published, transferred, or otherwise sold or distributed.

Aerial Imagery Addendum (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View West* Date 2/25/2014

* The Licensed Imagery (or any portion of the Licensed Imagery) included in this product shall be used solely in conjunction with this product andmay not be copied, downloaded, published, transferred, or otherwise sold or distributed.

Aerial Imagery Addendum (continued)

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Subject 1503 Grace Street View Satellite Date 7/2/2015

ClearMaps Addendum

Address 1503 Grace Street, Lynchburg, VA 24501Loan Number rcn 6180

Comparable Address Miles to Subject Mapping Accuracy

Subject 1503 Grace St, Lynchburg, VA -- Parcel Match Listing 1 815 S Crater Rd, Petersburg, VA 97.52 Miles ¹ Street Centerline Match Listing 2 1000 Villa Rd, Lynchburg, VA 2.89 Miles ¹ Parcel Match Listing 3 2244 Rivermont Avenue, Lynchburg, VA 2.46 Miles ¹ Parcel Match Sold 1 220 Rainbow Ln, Chesapeake, VA 164.21 Miles ¹ Parcel Match Sold 2 501 N Allen Ave, Richmond, VA 93.04 Miles ¹ Parcel Match Sold 3 4931 Ridgedale Pkwy, Richmond, VA 90.86 Miles ¹ Parcel Match Rent Comp 1 901 Jefferson Street, Lynchburg, VA 0.65 Miles ¹ Parcel Match Rent Comp 2 725 Church Street, Lynchburg, VA 0.61 Miles ¹ Parcel Match Rent Comp 3 1016 Jefferson Street, Lynchburg, VA 0.62 Miles ¹ Parcel Match Rent List Comp 1 828 Main Street, Lynchburg, VA 0.63 Miles ¹ Parcel Match

¹ The Comparable "Distance from Subject" value has been calculated by the Clear Capital system.² The Comparable "Distance from Subject" value has been provided by the Real Estate Professional.

Addendum: Report Purpose

Market Approach and Exposure TimeThe Market Approach of this report, as established by the customer, is: Market Value. (See definition below.)

The Exposure Time as specified by the customer is Typical. (See definition below.)

Definitions: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 and knowledgeably, andassuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of asale as of a specified date and the passing of title from seller to buyer under conditions whereby:

Buyer and seller are typically motivated;Both parties are well informed or well advised, and acting in what they consider their own bestinterests;A reasonable time is allowed for exposure in the open market;Payment is made in terms of cash in U.S. dollars or in terms of financial arrangementscomparable thereto; andThe price represents the normal consideration for the property sold unaffected by special orcreative financing or sales concessions granted by anyone associated with the sale.

Distressed Value A price at which the property would sell between a willing buyer and a seller acting under duress. Exposure Time The amount of time the property is exposed to a pool of prospective buyers before going into contract.

The customer either specifies the number of days, requests a marketing time that is typical to thesubject's market area and/or requests an abbreviated marketing time.

Typical for Local Market The estimated time required to adequately expose the subject property to the market resulting in acontract of sale.

Report InstructionsThis section shows the instructions that were approved by the customer and provided to the Real Estate Professional prior tocompleting the report.

This is a Commercial Evaluation. Do not accept this report unless you have prior commercial sales, leasing, or valuationexperience. Make sure you have access to commercial sales and rental comp data. If you determine the property is residentialrather than commercial, contact Clear Capital before proceeding.

Proximate Comparables RequiredPlease use the closest comps possible that have similar use to the subject. This customer would prefer to use closer compsfrom the subject's immediate market area and adjust for any differences in characteristics (age, condition, etc) between thesecomps and the subject. If comps are not available from the subject's immediate market area, please discuss your specific searchparameters (data sources, time frame, property type, geographic range) and explain why your search radius needed to beexpanded. Additionally, please make adjustments for any differences in location between the subject and the comps or providecommentary explaining why no adjustments for location are necessary.

About the Subject PropertyWe kindly ask that you use commercial MLS resources (LoopNet, CoStar, etc.) in conjunction with local assessment data toobtain information necessary to complete the report. If you are unable to locate subject characteristics or other information forthe property using MLS or assessment data, please give us a call as we may have information readily available.

In the event an address discrepancy exists or multiple parcels, lots, or buildings are tied to this property or borrower, pleasegive us a call at 530.582.5011 so we may dig into the issue to determine what is needed for this report.

Interior Access and Inspection Information:This assignment requires an interior inspection of the property. To schedule an inspection, please contact the interior accessname and number within four hours of accepting this report.

If incorrect information is provided or there is no access information, please check your local MLS (or other paid commercialresources) and contact the listing agent for this property if applicable. If you experience any of the below issues, contact ClearCapital Broker Support within 24 hours so we can assist you with the completion of this report:

Unable to reach the Point of Contact (POC) - please reach out to the POC a minimum of 2 times before contacting ClearCapitalDifficulties scheduling an appointmentAn appointment has been made but it is past your due date and timeAccess is denied because of hazardous condition

Due to the importance of an independent opinion of value, please do not discuss your value with anyone or be influenced by listprice, a purchase agreement, comp packets, repair estimates or the listing agent's opinon.

Purpose: Market ValueA market value assumes a willing buyer/seller and a typical marketing time for the property type and area.

Customer Specific Requirements 1. Be sure to comment on the local economy and any issues that might be affecting the local real estate market of this propertyin particular.2. Please reference all attached documentation located in the Docs & Data tab. This information should be relied upon whencompleting the report. If a partial origination appraisal is provided, this document must be relied upon for subject information. Ifthis information is inaccurate or you have questions regarding the use of supplied documenation, please call the QualityAssurance support team.

Comparable Requirements:1. All comps must be the same property type/use as the subject property.2. Unit of Comparison - Please consider the unit of comparison (e.g. price/GBA, price/unit, etc) when searching for comps.Attempt to bracket the subject on this basis.3. Date of Sale - Please use the most recent comps available. The search can be extended back 3 year in order to provideproximate comps of the same property type.4. Gross Building Area - Please provide comps that bracket the subject Gross Building Area. If the subject is a multifamilyproperty, please comment on the average unit size for the subject and all comps.5. Lot - Please provide comps with similar lot sizes and site coverage ratios.6. Office/Retail Buildout - When applicable (e.g. industrial properties), please comment on office/retail buildout for the subject

and comps. Please estimate if this information is unavailable.

Analysis Requirements:1. Adjustments - All differences between the subject and comps must be adjusted for. Please provide an itemized explaination ofall adjustments made in the "Overall Comparability Comments" section. For example, "-10% adjustment for superior location."Please ensure that all commentary, adjustments, and comp grid designations are consistent. 2. Unit of Comparison - When adjusting for the unit of comparison (e.g. GBA, unit, etc), only consider significant differencesbetween the subject and the comps. Apply adjustments based on economies of scale.3. Value - The subject should be valued based on the adjusted unit of comparison of the comps (e.g. price/GBA, price/unit, etc).Ensure that the subject valuation is consistent with the comps chosen as being most similar to the subject.

Income Approach Requirements: 1. Rent Comps - Signed and active rent comps are required.2. Lease Rates - Must be expressed on a monthly basis.3. Cap Rate - The cap rate used for the subject must be reasonable based on the property type and market conditions. Anexplanation should be provided to explain why a particular cap rate was chosen.4. Vacancy Allowance - Do not report the current vacancy rate. Rather, please report the typical vacancy rate over the lifetime ofthe property.5. Expenses Paid By Owner - Should reflect generally accepted expense rates based on the type of lease.6. Value Conclusion Consistency - The value conclusions for the sales comparison and income approach should be similar.While some variability is expected, major variance between the two approaches is unacceptable.

Standard Requirements:1. Clear Capital and our mutual customer greatly appreciate your expertise. If you cannot personally inspect the property, selectcomparables, and determine a value for the subject, please do not accept this report.2. Do not accept if you or your office have completed a report on the subject property in the last month, are currently listing thisproperty, or have any vested interest in this property.3. Please consider all supplemental documentation provided in the Upload Docs & Data tab.4. Use fair market comps of the same property type whenever possible.5. Only use REO comparables if they are comparable in property type, characteristics, location, and condition.

Training:For assistance with the completion of the report, please review our commercial training documents located on the Clear Capitalwebsite.

Photo Instructions:1. At least 3 current, original photos of the front and sides of the subject2. Interior photos of each subject suite (or a representative number of suites) and any common areas.3. One address verification photo4. One onsite parking photo (if applicable) 5. Three current, original street scene photos looking down the street (each direction) and across the street.6. Comparable photos are required. MLS/online photos are sufficient. Please comment if MLS/online photos are unavailable.

Broker Information

Broker Name Rory Lee-Washington Company/Brokerage RE/MAX Realty SpecialistsBroker Address 14, VISTA AVE Broker City/State LYNCHBURG VA, 24503 License No 0225198915 Electronic Signature /Rory Lee-Washington/

Disclaimer

This document is not an appraisal as defined by USPAP (Uniform Standards of Professional Appraisal Practice). It is not to beconstrued as an appraisal and may not be used as such for any purpose.

Unless otherwise specifically agreed to in writing:The intended purpose of this report is to assist the Clear Capital account holder in making decisions within the scope of applicablestatutory and regulatory requirements and performing required due diligence. This document is provided solely for the use of theClear Capital account holder and not any other party, is not intended as any guarantee of value and/or condition of the subjectproperty and should not be relied on as such. In the event that this document is found to be defective, incorrect, negligently preparedor unfit for its authorized use, Clear Capital's sole liability shall be to promptly refund the total fee expended by the account holderfor this report or to replace it at no charge to the account holder, but in no event shall Clear Capital be responsible to the accountholder for any indirect or consequential damages whatsoever. This warranty is in lieu of all other warranties, express or implied,except where otherwise required by law. The account holder shall notify Clear Capital within thirty (30) days of this report's delivery tothe account holder if it believes that this document is defective, incorrect, negligently prepared or unfit for its authorized use. Underno circumstances may Clear Capital forms or their contents be published, copied, replicated, or mimicked.

Addendum: Clear Capital Quality Assurance Reviewer SignatureQuality Assurance Reviewer Bill Penn Reviewer Address 10875 Pioneer Trail Reviewer City / State / Zip Truckee CA, 96161 Phone 530-550-2530 Electronic Signature /Bill Penn /