| MULTI-FAMILY APPRAISAL REVIEW | |||||
| Sampletown Apts. | |||||
| APPRAISER | MAI Appraisals Inc. | ||||
| REPORT DATE | April 4, 2000 | ||||
| APPRAISAL EFFECTIVE DATE | March 15, 2000 | ||||
| FINAL VALUE | $ 12,100,000 | ||||
| FINAL VALUE COMMENTS: | no value to Phase 2 parcels | ||||
| TOTAL UNITS (per UW rent roll) | 240 | UNITS | |||
| VALUE / UNIT | $ 50,417 | / UNIT | |||
| CONCLUDED DIRECT CAP RATE | 9.250% | ||||
| APPRAISAL REVIEWED BY | Ernest Goodnumbers | ||||
| REVIEW CONSIDERATIONS: | REVIEWED | COMMENT | |||
| 1 | APPROPRIATE APPRAISAL CERTIFICATIONS | ||||
| 2 | APPROPRIATE COLLATERAL DEFINITION | ||||
| 3 | ACCURATE DESCRIPTION OF IMPROVEMENTS | ||||
| 4 | Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox | ||||
| 5 | Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox | ||||
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| 22 | Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox | ||||
| 23 | Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox | ||||
| 24 | RESULTING LOAN/VALUE AND LOAN/COST | ||||
| 25 | COLLATERAL RELEASE PROVISIONS / LOAN/VALUE IMPACT | ||||