FROM: INVOICE REFERENCE TO: Telephone Number: Fax …...Form TADD — "WinTOTAL" appraisal software...

INVOICEFROM:

Telephone Number: Fax Number:

TO:

Telephone Number: Fax Number:Alternate Number: E-Mail:

INVOICE NUMBER

DATE

REFERENCEInternal Order #:

Lender Case #:

Client File #:

Main File # on form:

Other File # on form:

Federal Tax ID:

Employer ID:

Lender: Client:Purchaser/Borrower:

Property Address:City:

County: State: Zip:Legal Description:

$

DESCRIPTION

FEES AMOUNT

SUBTOTAL

PAYMENTS AMOUNT

Check #: Date: Description:Check #: Date: Description:Check #: Date: Description:

SUBTOTAL

TOTAL DUE

Form NIV3 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Richard Moorefield, Inc.

Richard Moorefield, SRPA2B Bradley Park Ct.Columbus, GA 31904

706 576 4704

Kimberly A. WrightMuscogee County School District

,

07265408

08/09/2016

07265408

07265408

07265408

58 194 9310

Muscogee County School District Muscogee County School DistrictMuscogee County School District5408 Moon RdColumbusMuscogee GA 31909Part of Land lot 15 of the 8th Land District, Old Gentian Storage, Muscogee County Ga

Appraisal Fee 1,000.00

1,000.00

1,000.00

706 576 4705

Form NIV3 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


Richard Moorefield, SRPA2B Bradley Park Ct.Columbus, GA 31904

706 576 4704

Kimberly A. WrightMuscogee County School District

,

07265408

08/09/2016

07265408

07265408

07265408

58 194 9310

Muscogee County School District Muscogee County School DistrictMuscogee County School District5408 Moon RdColumbusMuscogee GA 31909Part of Land lot 15 of the 8th Land District, Old Gentian Storage, Muscogee County Ga

Appraisal Fee 1,000.00

1,000.00

1,000.00

706 576 4705

INVOICEFROM:

Telephone Number: Fax Number:

TO:

Telephone Number: Fax Number:Alternate Number: E-Mail:

INVOICE NUMBER

DATE

REFERENCEInternal Order #:

Lender Case #:

Client File #:

Main File # on form:

Other File # on form:

Federal Tax ID:

Employer ID:

Lender: Client:Purchaser/Borrower:

Property Address:City:

County: State: Zip:Legal Description:

$

DESCRIPTION

FEES AMOUNT

SUBTOTAL

PAYMENTS AMOUNT

Check #: Date: Description:Check #: Date: Description:Check #: Date: Description:

SUBTOTAL

TOTAL DUE

Page #1 of 12Main File No. 07265408

2B Bradley Park CtColumbus, GA 31904(706) 576-4704

August 09, 2016

Kimberly A. WrightMuscogee County School DistrictOperations & Facilities Division

Re: Property: 5408 Moon RdColumbus, GA 31909

Borrower: Muscogee County School DistrictFile No.: 07265408

Opinion of Value: $ 120,000Effective Date: 7/25/2016

In accordance with your request, we have appraised the above referenced property. The report of that appraisal isattached.

The purpose of the appraisal is to develop an opinion of market value for the property described in this appraisal report,as improved, in unencumbered fee simple title of ownership.

This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood andcity, and an economic analysis of the market for properties such as the subject. The appraisal was developed and thereport was prepared in accordance with the Uniform Standards of Professional Appraisal Practice.

The opinion of value reported above is as of the stated effective date and is contingent upon the certification and limitingconditions attached.

It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additionalservice to you.

Sincerely,

Richard MoorefieldLicense or Certification #: 00783State: GA Expires: 08/31/[email protected]

2B Bradley Park CtColumbus, GA 31904(706) 576-4704

August 09, 2016

Kimberly A. WrightMuscogee County School DistrictOperations & Facilities Division

Re: Property: 5408 Moon RdColumbus, GA 31909

Borrower: Muscogee County School DistrictFile No.: 07265408

Opinion of Value: $ 120,000Effective Date: 7/25/2016

In accordance with your request, we have appraised the above referenced property. The report of that appraisal isattached.

The purpose of the appraisal is to develop an opinion of market value for the property described in this appraisal report,as improved, in unencumbered fee simple title of ownership.

This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood andcity, and an economic analysis of the market for properties such as the subject. The appraisal was developed and thereport was prepared in accordance with the Uniform Standards of Professional Appraisal Practice.

The opinion of value reported above is as of the stated effective date and is contingent upon the certification and limitingconditions attached.

It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additionalservice to you.

Sincerely,

Richard MoorefieldLicense or Certification #: 00783State: GA Expires: 08/31/[email protected]


LAND APPRAISAL REPORTFile No.

IDEN

TIFI

CATI

ON

Borrower Census Tract Map ReferenceProperty AddressCity County State Zip CodeLegal DescriptionSale Price $ Date of Sale Loan Term yrs. Property Rights Appraised Fee Leasehold De Minimis PUDActual Real Estate Taxes $ (yr) Loan charges to be paid by seller $ Other sales concessionsLender/Client AddressOccupant Appraiser Instructions to Appraiser

NEIG

HBOR

HOOD

Location Urban Suburban RuralBuilt Up Over 75% 25% to 75% Under 25%Growth Rate Fully Dev. Rapid Steady SlowProperty Values Increasing Stable DecliningDemand/Supply Shortage In Balance OversupplyMarketing Time Under 3 Mos. 4-6 Mos. Over 6 Mos.Present Land Use % 1 Family % 2-4 Family % Apts. % Condo % Commercial

% Industrial % Vacant %Change in Present Land Use Not Likely Likely (*) Taking Place (*)

(*) From ToPredominant Occupancy Owner Tenant % VacantSingle Family Price Range $ to $ Predominant Value $Single Family Age yrs. to yrs. Predominant Age yrs.

Good Avg. Fair PoorEmployment StabilityConvenience to EmploymentConvenience to ShoppingConvenience to SchoolsAdequacy of Public TransportationRecreational FacilitiesAdequacy of UtilitiesProperty CompatibilityProtection from Detrimental ConditionsPolice and Fire ProtectionGeneral Appearance of PropertiesAppeal to Market

Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise):

SITE

Dimensions = Sq. Ft. or Acres Corner LotZoning classification Present Improvements do do not conform to zoning regulationsHighest and best use Present use Other (specify)

PublicElec.GasWaterSan. Sewer

Underground Elect. & Tel.

Other (Describe) OFF SITE IMPROVEMENTSStreet Access Public PrivateSurfaceMaintenance Public Private

Storm Sewer Curb/GutterSidewalk Street Lights

TopoSizeShapeViewDrainageIs the property located in a HUD Identified Special Flood Hazard Area? No Yes

Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions):

MAR

KET

DAT

A A

NALY

SIS

The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollaradjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superiorto or more favorable than the subject property, a minus (-) adjustment is made thus reducing the indicated value of subject; if a significant item in the comparable is inferior to or lessfavorable than the subject property, a plus (+) adjustment is made thus increasing the indicated value of the subject.

ITEM SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3Address

Proximity to SubjectSales Price $ $ $ $Price $ $ $ $Data SourceDate of Sale and DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION+( )$ Adjust. +( )$ Adjust. +( )$ Adjust.– – –Time Adjustment

LocationSite/View

Sales or FinancingConcessions

Net Adj. (Total) + + +$

$Indicated Valueof Subject

– – –$

$

$

$

RECO

NCIL

IATI

ON

Comments on Market Data:

Comments and Conditions of Appraisal:

Final Reconciliation:

I ESTIMATE THE MARKET VALUE, AS DEFINED, OF SUBJECT PROPERTY AS OF to be $

Appraiser(s) Review Appraiser (if applicable)Did Did Not Physically Inspect Property

[Y2K]

Form LND — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

07265408Muscogee County School District 0104.02 17980

5408 Moon RdColumbus Muscogee GA 31909

Part of Land lot 15 of the 8th Land District, Old Gentian Storage, Muscogee County Ga

0Muscogee County School District Columbus, Ga

Vacant land Richard Moorefield Market Value

80 5 510

1075,000 140,000 110,000

25 55 40

The neighborhood is located in northColumbus and north of Warm Springs Road and south of Miller Road. The site is located on the east side of Moon Road and between Austinand Hampton Court. No adverse influences are known that would affect the marketability of the subject lot.

210 x 195 40,950SFR 2

Remove building, Multi-family use, possible two quad development or patio homes.

Asphalt

Level with good drainage..94 acrectangularAverage

Average

The subject is not located within a flood hazardarea. No unfavorable factors or adverse easements, encroachments or other adverse conditions are known. Access is via Moon Road.

5408 Moon RdColumbus, GA 31909

inspection

7/2016Average40,950sf

Topo GoodAccess GoodZoning SFR2Improvements No value

Conv.

3820 Gentian BlvdColumbus, GA 319070.69 miles SW

5.3195,000

Courthouse Records/Appraisal

12/11/2015Average17,900 sf (20%) -1.06GoodGoodC-3 (25%) -1.33No valueConv.

-2.39

Net 45.0 % 2.92

8496 Veterans PkwyColumbus, GA 319093.65 miles N

2.39260,000

Courthouse Records/Agent

03/03/2016Average108,464 sf (25%) +0.60GoodGoodSFR 2NoneConv.

0.6

Net 25.1 % 2.99

4002 Armour AveColumbus, GA 319041.77 miles SW

2.60300,000


8/14/2015Average115,434sf (25%) +0.65GoodGoodSFR 2No valueConv.

0.65

Net 25.0 % 3.25All three sales are vacant tracts land in north Columbus with similar physical characteristics All three have adjustments

for site. All three comps are adjusted for size. Comp #1 has a superior zoning and superior use than the subject. After these adjustments, arange is indicated of $2.92 to $3.25/sf. The subject should fall within this narrow range.

This appraisal is an Appraisal Report in a form format. The survey was taken from courthouse records.Ownership is in the name of Muscogee County School District. The current improvement does not contribute to the overall value of theproperty. The improvements appear to be old and was vacant at the time of the inspection. A sign was removed.

Consideration is given to the subject's location, size, topo and zoning. These factors usually account for most of the value invacant land acquisition. Based on these observersations, a price of $3.00/sf would be indicated from the data used above.SUBJECT: 40,950 SF X $3.00/SF = $122,850 ROUNDED TO $125,000 - ($5,000 - Cost to remove the building)

7/25/2016 120,000125,000

Richard Moorefield

Richard Moorefield, Inc.Form LND — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

07265408Muscogee County School District 0104.02 17980

5408 Moon RdColumbus Muscogee GA 31909

Part of Land lot 15 of the 8th Land District, Old Gentian Storage, Muscogee County Ga

0Muscogee County School District Columbus, Ga

Vacant land Richard Moorefield Market Value

80 5 510

1075,000 140,000 110,000

25 55 40

The neighborhood is located in northColumbus and north of Warm Springs Road and south of Miller Road. The site is located on the east side of Moon Road and between Austinand Hampton Court. No adverse influences are known that would affect the marketability of the subject lot.

210 x 195 40,950SFR 2

Remove building, Multi-family use, possible two quad development or patio homes.

Asphalt

Level with good drainage..94 acrectangularAverage

Average

The subject is not located within a flood hazardarea. No unfavorable factors or adverse easements, encroachments or other adverse conditions are known. Access is via Moon Road.

5408 Moon RdColumbus, GA 31909

inspection

7/2016Average40,950sf

Topo GoodAccess GoodZoning SFR2Improvements No value

Conv.

3820 Gentian BlvdColumbus, GA 319070.69 miles SW

5.3195,000

Courthouse Records/Appraisal

12/11/2015Average17,900 sf (20%) -1.06GoodGoodC-3 (25%) -1.33No valueConv.

-2.39

Net 45.0 % 2.92

8496 Veterans PkwyColumbus, GA 319093.65 miles N

2.39260,000


03/03/2016Average108,464 sf (25%) +0.60GoodGoodSFR 2NoneConv.

0.6

Net 25.1 % 2.99

4002 Armour AveColumbus, GA 319041.77 miles SW

2.60300,000


8/14/2015Average115,434sf (25%) +0.65GoodGoodSFR 2No valueConv.

0.65

Net 25.0 % 3.25All three sales are vacant tracts land in north Columbus with similar physical characteristics All three have adjustments

for site. All three comps are adjusted for size. Comp #1 has a superior zoning and superior use than the subject. After these adjustments, arange is indicated of $2.92 to $3.25/sf. The subject should fall within this narrow range.

This appraisal is an Appraisal Report in a form format. The survey was taken from courthouse records.Ownership is in the name of Muscogee County School District. The current improvement does not contribute to the overall value of theproperty. The improvements appear to be old and was vacant at the time of the inspection. A sign was removed.

Consideration is given to the subject's location, size, topo and zoning. These factors usually account for most of the value invacant land acquisition. Based on these observersations, a price of $3.00/sf would be indicated from the data used above.SUBJECT: 40,950 SF X $3.00/SF = $122,850 ROUNDED TO $125,000 - ($5,000 - Cost to remove the building)

7/25/2016 120,000125,000

Richard Moorefield


LAND APPRAISAL REPORTFile No.

IDEN

TIFI

CATI

ON

Borrower Census Tract Map ReferenceProperty AddressCity County State Zip CodeLegal DescriptionSale Price $ Date of Sale Loan Term yrs. Property Rights Appraised Fee Leasehold De Minimis PUDActual Real Estate Taxes $ (yr) Loan charges to be paid by seller $ Other sales concessionsLender/Client AddressOccupant Appraiser Instructions to Appraiser

NEIG

HBOR

HOOD

Location Urban Suburban RuralBuilt Up Over 75% 25% to 75% Under 25%Growth Rate Fully Dev. Rapid Steady SlowProperty Values Increasing Stable DecliningDemand/Supply Shortage In Balance OversupplyMarketing Time Under 3 Mos. 4-6 Mos. Over 6 Mos.Present Land Use % 1 Family % 2-4 Family % Apts. % Condo % Commercial

% Industrial % Vacant %Change in Present Land Use Not Likely Likely (*) Taking Place (*)

(*) From ToPredominant Occupancy Owner Tenant % VacantSingle Family Price Range $ to $ Predominant Value $Single Family Age yrs. to yrs. Predominant Age yrs.

Good Avg. Fair PoorEmployment StabilityConvenience to EmploymentConvenience to ShoppingConvenience to SchoolsAdequacy of Public TransportationRecreational FacilitiesAdequacy of UtilitiesProperty CompatibilityProtection from Detrimental ConditionsPolice and Fire ProtectionGeneral Appearance of PropertiesAppeal to Market

Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise):

SITE

Dimensions = Sq. Ft. or Acres Corner LotZoning classification Present Improvements do do not conform to zoning regulationsHighest and best use Present use Other (specify)

PublicElec.GasWaterSan. Sewer

Underground Elect. & Tel.

Other (Describe) OFF SITE IMPROVEMENTSStreet Access Public PrivateSurfaceMaintenance Public Private

Storm Sewer Curb/GutterSidewalk Street Lights

TopoSizeShapeViewDrainageIs the property located in a HUD Identified Special Flood Hazard Area? No Yes

Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions):

MAR

KET

DAT

A A

NALY

SIS

The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollaradjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superiorto or more favorable than the subject property, a minus (-) adjustment is made thus reducing the indicated value of subject; if a significant item in the comparable is inferior to or lessfavorable than the subject property, a plus (+) adjustment is made thus increasing the indicated value of the subject.

ITEM SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3Address

Proximity to SubjectSales Price $ $ $ $Price $ $ $ $Data SourceDate of Sale and DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION+( )$ Adjust. +( )$ Adjust. +( )$ Adjust.– – –Time Adjustment

LocationSite/View

Sales or FinancingConcessions

Net Adj. (Total) + + +$

$Indicated Valueof Subject

– – –$

$

$

$

RECO

NCIL

IATI

ON

Comments on Market Data:

Comments and Conditions of Appraisal:

Final Reconciliation:

I ESTIMATE THE MARKET VALUE, AS DEFINED, OF SUBJECT PROPERTY AS OF to be $

Appraiser(s) Review Appraiser (if applicable)Did Did Not Physically Inspect Property

[Y2K]


Property AddressCity County State Zip Code

File No.Supplemental Addendum

Form TADD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

07265408Muscogee County School District5408 Moon RdColumbus Muscogee GA 31909Muscogee County School District

Borrower/Client

Lender


THIS REPORT IS MADE FOR THE MCSD AND FOR THEIR PURPOSE ONLY. NO OTHER USE OF THIS REPORT ISPERMITTED WITHOUT NOTICE TO THE APPRAISER. THIS IS AN APPRAISAL REPORT IN A FORM FORMAT.

ADDITIONAL CERTIFICATIONS:

I CERTIFY THAT TO THE BEST OF MY KNOWLEDGE AND BELIEF, THE REPORTED ANALYSES, OPINIONS ANDCONCLUSIONS WERE DEVELOPED AND THIS REPORT HAS BEEN PREPARED IN CONFORMITY WITH THEREQUIREMENTS OF THE CODE OF PROFESSIONAL ETHICS AND THE STANDARDS OF PROFESSIONAL APPRAISALAPPRAISAL PRACTICE AND THE APPRAISAL INSTITUTE.

I CERTIFY THAT THE USE OF THIS REPORT IS SUBJECT TO THE REQUIREMENTS OF THE APPRAISAL INSTITUTERELATING TO REVIEW BY THE DULY AUTHORIZED REPRESENTATIVE.

THIS APPRAISAL IS NOT A HOME INSPECTION AND THE APPRAISER IS NOT ACTING AS A HOME INSPECTOR WHENPREPARING THIS REPORT. THE BORROWER HAS THE RIGHT TO HAVE THE HOME INSPECTED BY A PROFESSIONALHOME INSPECTOR.

WHEN PERFORMING THE INSPECTION OF THIS PROPERTY, THE APPRAISER VISUALLY OBSERVED AREAS THATWERE READILY ACCESSIBLE. THE APPRAISER IS NOT REQUIRED TO DISTURB OR MOVE ANYTHING THATOBSTRUCTS ACCESS OR VISIBILITY.

WHEN COMPLETING THE APPRAISAL, A VISUAL INSPECTION WAS DONE IN ACCORDANCE WITH URAR GUIDELINES.THE INSPECTION IS NOT TECHNICALLY EXHAUSTIVE. THE INSPECTION DOES NOT OFFER WARRANTIES ORGUARANTEES OF ANY KIND.

THE DIGITAL PHOTOS HAVE NOT BEEN ALTERED.

SCOPE OF WORK: This appraisal is a summary report and only the Sales Comparison Approach is used. This is typical forproperties similar to the subject. Most properties similar to the subject usually sell based on a Sales Comparison Approach.

The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with therequirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute, whichinclude the Uniform Standards of Professional Appraisal Practice.

The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorizedrepresentatives.

I HAVE NOT PERFORMED A PRIOR APPRAISAL OF THE SUBJECT PROPERTY WITHIN THE 3 YEAR PERIODIMMEDIATELY PRECEDING ACCEPTANCE OF THIS APPRAISAL ASSIGNMENT.

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditionsrequisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in thisdefinition 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 aretypically 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 allowedfor 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 pricerepresents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated withthe sale.

* Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessaryfor those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiablesince the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to thecomparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in theproperty or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concessionbut the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on theappraiser's judgement.

STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION

CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the followingconditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes thatthe title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsibleownership.

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 assistthe reader of the report in visualizing the property and understanding the appraiser's determination of its size.

3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has notedin the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makesno guarantees, express or implied, regarding this determination.

4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to doso have been 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. Theseseparate 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, depreciation, the presence of hazardous wastes, toxicsubstances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performingthe appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property oradverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, andhas assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. Theappraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether suchconditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as anenvironmental 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 bereliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by otherparties.

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 satisfactory completion, repairs, oralterations on the assumption that completion of the improvements will be performed in a workmanlike manner.

10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report(including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisalorganizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgageinsurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentalityof the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to datacollection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must alsobe obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.

Freddie Mac Form 439 6-93 Fannie Mae Form 1004B 6-93Page 1 of 2

Form ACR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODERichard Moorefield, Inc.

Form ACR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODERichard Moorefield, Inc.

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditionsrequisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in thisdefinition 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 aretypically 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 allowedfor 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 pricerepresents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated withthe sale.

* Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessaryfor those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiablesince the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to thecomparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in theproperty or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concessionbut the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on theappraiser's judgement.

STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION

CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the followingconditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes thatthe title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsibleownership.

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 assistthe reader of the report in visualizing the property and understanding the appraiser's determination of its size.

3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has notedin the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makesno guarantees, express or implied, regarding this determination.

4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to doso have been 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. Theseseparate 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, depreciation, the presence of hazardous wastes, toxicsubstances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performingthe appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property oradverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, andhas assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. Theappraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether suchconditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as anenvironmental 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 bereliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by otherparties.

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 satisfactory completion, repairs, oralterations on the assumption that completion of the improvements will be performed in a workmanlike manner.

10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report(including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisalorganizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgageinsurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentalityof the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to datacollection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must alsobe obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.



APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:

1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject propertyfor consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significantvariation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reducethe adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have madea 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 notknowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in theappraisal report are true and correct.

3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingentand limiting conditions specified in this form.

4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias withrespect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal reporton the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the presentowners or occupants of the properties in the vicinity of the subject property.

5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing thisappraisal is 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 client or any related party, the amount of the value estimate,the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. Idid 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 adopted and promulgated by the AppraisalStandards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of thoseStandards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market valueand the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in thereconciliation section.

8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report.I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediatevicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent thatI had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property.

9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professionalassistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) anddisclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to performthe tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will takeno responsibility for it.

SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that:I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser,agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report.

ADDRESS OF PROPERTY APPRAISED:

APPRAISER: SUPERVISORY APPRAISER (only if required):

Signature: Signature:Name: Name:Date Signed: Date Signed:State Certification #: State Certification #:or State License #: or State License #:State: State:Expiration Date of Certification or License: Expiration Date of Certification or License:

Did Did Not Inspect Property


Form ACR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

5408 Moon Rd, Columbus, GA 31909

Richard MoorefieldAugust 09, 2016

00783

GA08/31/2016

Form ACR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

5408 Moon Rd, Columbus, GA 31909

Richard MoorefieldAugust 09, 2016

00783

GA08/31/2016

APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:

1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject propertyfor consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significantvariation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reducethe adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have madea 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 notknowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in theappraisal report are true and correct.

3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingentand limiting conditions specified in this form.

4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias withrespect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal reporton the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the presentowners or occupants of the properties in the vicinity of the subject property.

5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing thisappraisal is 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 client or any related party, the amount of the value estimate,the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. Idid 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 adopted and promulgated by the AppraisalStandards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of thoseStandards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market valueand the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in thereconciliation section.

8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report.I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediatevicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent thatI had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property.

9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professionalassistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) anddisclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to performthe tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will takeno responsibility for it.

SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that:I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser,agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report.

ADDRESS OF PROPERTY APPRAISED:

APPRAISER: SUPERVISORY APPRAISER (only if required):

Signature: Signature:Name: Name:Date Signed: Date Signed:State Certification #: State Certification #:or State License #: or State License #:State: State:Expiration Date of Certification or License: Expiration Date of Certification or License:

Did Did Not Inspect Property




Form PIC3x5.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Subject Photo PageMuscogee County School District5408 Moon RdColumbus Muscogee GA 31909Muscogee County School District

Subject Front

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

5408 Moon Rd

Average40,950sf

Subject Rear

Subject Street

Borrower/Client

Lender

Form PIC3x5.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Subject Photo PageMuscogee County School District5408 Moon RdColumbus Muscogee GA 31909Muscogee County School District

Subject Front

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

5408 Moon Rd

Average40,950sf

Subject Rear

Subject Street

Borrower/Client

Lender




Form PIC3x5.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Comparable Photo PageMuscogee County School District5408 Moon RdColumbus Muscogee GA 31909Muscogee County School District

Comparable 1

Prox. to SubjectSales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

3820 Gentian Blvd0.69 miles SW5.31

Average17,900 sf (20%)

Comparable 2


8496 Veterans Pkwy3.65 miles N2.39

Average108,464 sf (25%)

Comparable 3


4002 Armour Ave1.77 miles SW2.60

Average115,434sf (25%)

Borrower/Client

Lender

Form PIC3x5.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Comparable Photo PageMuscogee County School District5408 Moon RdColumbus Muscogee GA 31909Muscogee County School District

Comparable 1


3820 Gentian Blvd0.69 miles SW5.31

Average17,900 sf (20%)

Comparable 2


8496 Veterans Pkwy3.65 miles N2.39

Average108,464 sf (25%)

Comparable 3


4002 Armour Ave1.77 miles SW2.60

Average115,434sf (25%)

Borrower/Client

Lender




Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Aerial MapMuscogee County School District5408 Moon RdColumbus Muscogee GA 31909Muscogee County School District

Borrower/Client

Lender


Aerial MapMuscogee County School District5408 Moon RdColumbus Muscogee GA 31909Muscogee County School District

Borrower/Client

Lender




Form MAP.Survey — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Site MapMuscogee County School District5408 Moon RdColumbus Muscogee GA 31909Muscogee County School District

Borrower/Client

Lender


Site MapMuscogee County School District5408 Moon RdColumbus Muscogee GA 31909Muscogee County School District

Borrower/Client

Lender





Flood MapMuscogee County School District5408 Moon RdColumbus Muscogee GA 31909Muscogee County School District

Borrower/Client

Lender


Flood MapMuscogee County School District5408 Moon RdColumbus Muscogee GA 31909Muscogee County School District

Borrower/Client

Lender





Location MapMuscogee County School District5408 Moon RdColumbus Muscogee GA 31909Muscogee County School District

Borrower/Client

Lender


Location MapMuscogee County School District5408 Moon RdColumbus Muscogee GA 31909Muscogee County School District

Borrower/Client

Lender



FROM: INVOICE REFERENCE TO: Telephone Number: Fax …...Form TADD — "WinTOTAL" appraisal software...

Documents

Transcript of FROM: INVOICE REFERENCE TO: Telephone Number: Fax …...Form TADD — "WinTOTAL" appraisal software...