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HDC - Item 1 - Home Purchase Program - Request for Subordination AgreementMemorandum To: Bill Crowe, Executive Director From: Stephen Copenhaver, GRC Associates Date: August 3, 2004 Subject: Home Purchase Program — Request for Agreement Background In 1998, the Board of Directors approved the Home Purchase Program, a program for first time homebuyers (the "Program"). The Rosemead Housing Development Corporation (the "Corporation ") loan is considered a "silent second" for the reason that payment of the principal and interest are due in a lump sum upon sale or transfer of the property. In addition, if the property is refinanced to take out equity, is no longer owner- occupied, or the owner is in violation of any restrictive covenant, the loan becomes immediately due and payable. During the first ten years of the corporation loan, an accelerated loan payment triggers another condition of the Program, the Equity Share Program that protects the Corporation's investment. The Equity Share Amount means an amount equal to a percentage share of the appreciation in the value of the property determined by multiplying a percentage factor (the percent of the Corporation Loan to the total Purchase Price) by the difference between the Sales Price and the Purchase Price. Over the last three years, several corporation loans have been paid off due to sale or refinancing to take out equity in the property. In each case, the pay off amount has been calculated by adding together the principal and interest due plus the Equity Share Amount. Also, a number of Corporation loans have been refinanced to decrease the interest rate on the first Gen and the Corporation has approved the refinancing by subordinating the Corporation loan to the new lender. This allows the Corporation to keep the silent second on the loan. HOUSING AGENDA' AUG 10 2004 ITEM No. /, In Section 2.5 of the Loan Agreement, entered into by the participant and the Corporation, there is an exception to the acceleration clause. "At the request of Participant, the Corporation may, in its sole and absolute discretion, in writing waive the requirements of this Section 2.5 (payment of principal and interest plus Equity Share Amount) and defer repayment and/or extend the term of the Corporation Loan." Discussion GRC has received a request from Yvonne Argandona to waive the Section 2.5 payments, defer repayment of her Corporation loan and subordinate the Corporation loan to her new lender. Her property is located at 8217 Artson Street, Rosemead. On July 27, 1999, Ms. Argandona purchased her home for a purchase price of $150,710 and received a Corporation loan in the amount of $17,500: In June of this year, she decided to refinance her mortgage loan to take out cash and pay off her bills. An appraisal prepared by her proposed lender, Global Real Estate Loans, estimated the market value of her property as of June 30, 2004 at $340,000. Ms. Argandona requested a pay off for her Corporation loan in July. The pay off calculation was prepared as follows: Equity Sharing Calculation: $ 21,958.00 - Loan Repayment: Principle $ 17,500.00 Interest @ 1% Annual Rate (5 years, 2 days) $ 876.00 Total Pay Off $ 40,334.00 As indicated in the above pay off, the,equity sharing calculation amount is larger than the original Corporation loan amount of $17,500. This amount could be reduced by any capital improvements made to the home. However, Ms. Argandona was unable to locate receipts for improvements she made in the amount of $4,550. Ms. Argandona's proposed lender indicates that she has a conditional loan approval for $175,000. This amount does not include the pay off of the Corporation loan. The proposed loan allows her lender to pay off $33,600 in short term debt on her behalf and reduces her current interest rate on the mortgage loan by one percent. The Corporation loan in the amount of $17,500 plus the proposed loan of $175,000 provides a loan to value ratio of $192,500 in loans to an appraised value of $340,000 or 57 %, which is much lower than the maximum loan to value ratio of 97% permitted under the terms of the Corporation loan. Staff believes that the Corporation's investment is as secure, if not more secure, than it was when the loan was originally approved and is therefore recommending that the Commission approve Ms. Argandona's request. Recommendation Staff recommends that the Commission waive the Section 2.5 payments, defer repayment of Ms. Argandona's Corporation loan and subordinate the Corporation loan to her new lender. Attachments: 1. Letter of Request from Global Real Estate Loans for Yvonne Argandona 2. Property Appraisal as of June 30, 2004 3. Pay Off Calculation 4. Estimated Closing Statement . Attachment 1 Aug 05 04 11:44a GRC ASSOCIATES INC 7149852880 p.3 Global Real EA statte Loans July 19 2004 GRC Associates, Inc. Rosemead Home Purchase Program Jennifer Thornben - v Re: Yvonne Argandona i Property: 321.7 Arisen Street Rosemead, Ca 91770 Dear Jennifer Thornberry, This is a request for a subordination of the city :tn that was given to Mr3. Argandona. She has applied for and been approved for a new 1" '1'D in die amount of $175,000.00. Her current value of th ; property is $340,000.00 which malces her Loan to value for the new I " 7'D of 51.47 %. The loan amount includes cash ()Lit that will help her payoff all of he: mondi':y _:Ltr. which will give her a monthly savings of over Vi00.00 per month Please subordinate the city loan of $17,500.00. The loan is for $ 1 75,000.00 Interest rate of 5.79% The new lender is Ocwen Federal Bank, FSB P.O. Box 6723 Springfield, OH 45501 -6723 Loan # 0040491052 Please send the subordination agreement to: Global Real Estate Loans. ::692 E. Garvey Avenue, West Covina, Ca 9I791 an you R c P Xvola Loan Processor (626)653 -3310 Attachment 2 Aug 05 04 11:44a GRC ASSOCIATES INC 7149852880 P.5 CAMELOT APPRAISAL GRCUP I vc. tl . : 11/VTr . . _ia APPRAISALOF i 1 �n LOCATED AT: 0417 ARTSON STREET ROSEMEAD, CA 01770.815 FOR: GLOBAL REAL ESTATE LOAF. i i 4691 E.GARVEV AVENUE 6OU':H ' WEST OOVINA. C.C. 91791 BORROWER: ANDANDONA AS OF June 30, 2004 BV: GEORGE A. WISHART RESIDENTIAL APPRAISER I Aug 05 04 - 11:45a GRC ASSOCIATES INC 7149852880 P.6 CAMELOT APPRA19AL CROUP JUNE 30,2004 GLOBAL REAL ESTATE LOANS 2692 E.GARVEY AVENUE SOUTH WEST COVINA, CA. 91791 - IIO Nlrmhcl 1117ART DEAR CLIENT. In actorpdnte with your request. I have p0lsooplly Ins Udciaa 0110 app1914ntl he real Cr OUC!Iv d!_ 6117 ARTSON SIRE ET ROSEMEAD. CA 917701525 The p'Jrpele Of this apaurznl a IO e:Vmple the market value 0111, strider pr UDBNy. as unpluvpa Iha prop Orsy ri9ht5 E00FOISOU ore the 1 00 31mpl0 interest n the site and imprpvdrne nls. In my opinion, ;he 0stlmate0 market value at the WOOCRy 45 0' JrMO30. 1004 is $340,000 THREE HUNDRED FORTY THOUSAND DO. LARS Ti. znachea rcpon centaurs the Ee5CITuo9, analysis and 5up.ortwo data for the eoDovSlon i. Orval C;IrmatO at veldt OeSerlpllve phalpgrepn5, IMIrnp cu'Sonlo's Ina apor00rrdt6 eartilicallpns. SINCERELY,, GE649t A.WISHART 1 RESIDENTIAL APPRAISER A7033308 MARCH :t. 2006 Aug 05 04 11:45a GRC ASSOCIATES INC 7149852880 CAMELOT APPRAISAL GROUP ,I MIF/TDM DCI:IFICMTIA I ADDDABC AI nrnnnr° PrIoe:N Acoun 2217 ARTSON STREET C ROSEME O _ e. C S A y n rM, gi0 �'R25 i CIIIEb.Pk.p. LOT 32. TRACT 12402 Cov+P LOSANGELS Aaueun lo,canp 52811-012-U30 B, v. 20 09 R: i1 " •411 1 BB +..S S eN•I a.. mem: t NOME_ 4RG --DOHA C,�N ARGANDONA J % 0 7 — � e,,; r .... n .: , fee Src. • syy .e<tl I Mmnr ltYY , Cen ..INUONa aur` upe •;/4 Martel NIB RUSEMEAD SlAr WeRmpne[p 0' - SpNP R EFINANCE WANGE O.Ie o r sn. N/q o CIF — �,1•t ^ +' aB750i -_ NIA L.nc.•rl;epm GLOBAL RE AL TATE LOANS A4 -2892 E.CARVEV NI SO S THTH WE WCS CO COVPJA CA Bt`BI , WI IA RG A WI DART FOOTHILL BLVD veep l4 ANADA G.RI `+ - "'r, `2 lot Umen 5„Daper, Psa Pn4pmine., 5' ob M1mllE lmminp Pnu,n Nr Lana uae pnanp• 0.. -,w Dw: 114 15 11N Ube lSY rJm1 Dr+l:p N:, FPl [a eG( Cl R., SYEIe 8 1"y 51Y• — , es 2sD lu« ss Nren.y 5`.* lPmcrn ®Ine,,.[Inp O $bVe O oaMn a m IO 070 79 NVII.met 55' t M,o" Ar[Ibl Inoeove maKl➢ OQO FyY VcLMpS %I P: me,1 u nma „ �S , r 1RULnYS mp l„ eprpz v. B5 V NT Yu.'Rv. u• ma ru •emPOaYlon <+,rn napnpprnuvo•1. nor - N .Ipnppr„e.A nou^eeeo..+4 cne..N.. tN, THENE. IGHBORHOODBOUNOM IESAREN [9TVALLEVDOULEVARDTOIHENOR WALLNUT GROVE AVENUE TO THE EAST GAAVFV -RI UE YO THE SOUTH I DEL MAR AVENUE TO THE'A'EST —� F+c alp[I me maeen91lI I V. p:DPa In ln. ^elpMU,npo➢ JD ro.mpbym....... ..No". empymsm a +pm:y. +peel- x: ) N EIGHBORHOOD m TED - ARALL TYPICAL AMENITI SIN SIN +I j V t C ENTERS SHOPPING CEn!iER9 ' OO S MUNICIPAL CeS.PUSLICTRANSPORTATI N AN RECRE TIOIJALPACIUTIES. POLIO ANDFIR _ _ PROTECTION APPEARS AOEOVATE. NO UNFAVORABLE CONDIT12N5 THAT MAI HAVE AN AFFECT UPON THE MARKETABILITY OF THE N OD IS APPAAENT Muen<enpluaoun me Ll:uJDn NIpnDOrneop luve.nnO lWPmI bI Na �DDN ep+durlpn>I<Inee minl �,l.nA Ol propeu ew<e 4enm:u.u. propmn.+ .el. m m. , .Ip- e. „.ee. Amm�pon I'll. ore men.. :: <.Na .rte nv ^unp apnr.uro +,. pm.P RE90EN IIAI RFAI. ESTATE VALUES HAVE AN NCREASINOTREND DUETOA OF AVAILABLE HOMES ON T11E EJ. SUPPLY AND DEAfAtJD PRESENT ASNORTADE. FINANCING INCLUDES FHA, VA ,AND CONVENTIONAL LOANS BUYER AND T YPICnurP BY THEIR OWN NORMAL GL061NG COSTS BIPI DOWN = I. N U OTHER LOAN' CONCESSO ARE N U- COIAAION TYPICAL MARKETING TIME 5 ARE 30 TO 0 DAYS I*ProJem lnrn .mn;vn lm PVO. o eR4E[eD91 ymc.a.empl /DWIDP IP wnneluhn<Ilomr D...” IND:J ITS Ip ® ".j Apprai:n<IO: >I rymCa: pran:n ln:Fa r/D1erID.♦)'✓.I NIA GpPO.Iwra ieia nM u.y. rl <ue q.n•reym[, r.uJr<, NI- 01lalDprommpneHm[n.pnAnrn. nnl NIA — Dlm,mbn< BE AP FOR CO n F SCRIPT IO Iop4PwE BASICA EL Sup . ir'PICA L F O R A ARE dr. «er 5.PA050 eT. Cwnn tut Yu np SoeuA +o•mp nanl:NUbn. ^A 4p1E•Nnon RMRIYYSNGLBFAtdILYRESIOENTIAL Na, , RREOULAR Zay <amPlan<e ®lPoA Iya•ew+A Y.em No mn,•q d.mepe APPEARS ® Hmnw A D/m uan e, mmome P: e _ Q 01!2111111,01 ADEOWIIE W.. [jE$ DEiJT1AL Lnq�p<q TYPICAL FOR ARE Nmua. WNR O Oaeu..mproom.nu Tye. P.pr. Ptl•�n [bnrk,ry ® 5nm ASPHALT ® des -5"Ore CO NCghlE 0 ° Cvolpa:er CONCRETE 10 W+Ie' SYa,.m CONCRETE 4p «.n .n•m.ma TYprCA UTILITY PEMA SF.V.I FVA. �I .� S.x,ayl.oN' 9mnep INCANDESCENT �� Hn[rD ayn r:o lfNA 2An. % N- 7- 1220.,+ R 'NONE _ "U,N N 00 CD^°^• ^ , •( +PP.• +m eA.ene epem.nl {. art 0IN' n,,.p[Pa Ian... menu. 104A ..... JIYpaor 4e'...... lo,m:np+pnnp. APPARENT ADVERSE EASEMENTS ENOROACTIMENTS OR SPECIAL ASSESSME'. VTS. m.. p¢I'. THERE AR I. NQ TITLE DOCUME PERTAINING I THE SUBJECT WERE NOi OENEA- LOESORIRTION VT1RI0R0ESCNPRON FOUNDATION INSUtatgN r N.. aUal{ ONE F.,d., n CONCRETE Sbp NO NIA RaaI N. I, N E..Io'u'n• TUCCU Gnu Spn < PAFTIAL NiA CAN, p true NnlAnl ET. qW 5 , M— CAMP.SHING B,.em.,r NONE NiA 11.. CONV Ow..:re O.m.,a 13 EAVE 5—,P—, N:A I.., � E%S INN"G.mJn.,. NONE NOTE WA 0 Ap. Dn l 63 YEAR SIAIS "' ENS Alilem.nl NONE t JOTE . N'A Ut I.. ZO YE n.-I H L ONE NOTE F.N AIR Rrr Rm Sf lau elI RDDNS Fp LM Dim -Koon 0[n ENT 7 1 �' - • Flvne, u. nrocnm.l.,,: 5 A.«.• , 2BeabamI Omr, +' DOS 5u.lulpl G L „ ". rt AAILfR INTERIOR Nmal.plCenaDlp^ - EATING ARC- ENEQUIP AInC 11E5 UgSCppa GE FY.e. D T TILEJGOO t,w R.nga.In E... C) C -0...W < ❑ N.n• O W... ORYWI D ru.l GAS W TrFWa, M OD PNT .—AV RA-9I 51'... Pam TE OupaLl OrsP 9M 0•n � G......I pnamaA 1 er <. Semrbol VIN JGOOD Comm pi.N.naw 5<mv^ DSI I— CDNCRETE 0...:..,. B.II,w- n., TiLE,FIOER/G CAN, NO F,dHpoe ® T v ❑ q _ ON,, VARIDD GOOD Dnm NONE <cr aW4.e <. (E) II.nM ❑ pNo 0 Cale, < W n l nP Fup n _ r nc 1 A.4pb..I , ,.y..I.p.<r < , <r•,pi •na•m n <mI. x l: N.0 ENCRGY EaPIO TENT ITEFA3 We RE I ,OTEO. CMIIIn.1IM,mNO+en ma. p. Y. [4JOn(Pnyu<.( <nnY,Y..........: S. npan,n..4pe. pa+eu p YEf DEND _� , .TACHED AD M ' • b m.0. • e. l u:nny o: rn. ;,A q: $EE ATTALM ••AODENOLIM.1 •...mu ^a.....I m[,mm.....m. on:p. Jm o• h....1 p.7 Aug'05 04 11:45a GRC ASSOCIATES INC 7149852880 0.8 CAMELOT APPRAISAL GROUP M. :...r,.......r._ UNIFORM RESIIIENTIA APPRAISAL AFPE3Ft, ESTIMAI ED SITE VAWE...1 -s 25000 Ccm:nraH:nCnr Apameen lfu6. ae•meP[m afl eal :.� L5 PLPgOWIlION CD5Ti1DYBF IMPROVEMENTS FI"C'C'[111EM IE111uba Pee m r H00. NA enr FmHN mx O.ane9 _ 330 S [,, 21 95.00 .) 79.61 emAla.e n,nPnvp PI -, eR or mI WWII) Sn. it 91_ D SOURCE j IJSEO FCRY,,, COST APPROACH IINCLI OC • RATIO PORCH 5,000 THT( EaLI.LI AND COST MANUAL LOCAL BUILOE Rv GmaoKe w. ISO Sa. D. 9 S 25 00 . 4 500 N O ANY ; THEP SOURCE OF INFORMATION R . I TvuR....N. <en xe. ._ .t 09,n0 TO EVALE_ T HE PROPERTY AND THE IVARXE T� I.., 65 o[ „en rv¢na"pI f.nmrl Efr. RrndMn9 uH, 111. 45 CNVIRONL THESUBJECT'SESTIMATED RE10 0epmePen U7-624 f5 0D0 . 1 32.02A fiCONOAII L F6 546 VEAR6 THE LMIO -- I... 0e116YN.VEe. m) ................... .S 56486 R6TIO IS d VE RAG E FOR THE AR EA. THE LAN D V I US - I,;, vale a See MPw.vmTn6... : I 75 000 WAS ESTI USING THE ABSTRACIION M OD INDICATED VALUE BV COST APPROACH........ .. . 1 JI1 $00 I T(m SVAlEC1 C ELE NO 1 OMPA 110-7 R COMPARAEI! PC. ) AR 0111 ARTSON STREET 7209 BARTLE RTLBTTAVENUE RN rr A EGNHAF'f AVENUE 11106 EUERS.JH PLACE. Axrra ROS Le C A ROSFAI A ROSEME L p, .xrcy.Ctr: -, 010DB S 0. 32 MILES P. 1 1E ¢— wfon. { RiFINANLE ?gVlnr4l Ptlpw: -I .tb000 "1nnuPT'4P6 745000 - I'i d -. ']OAGCI P KvaetN P,.. L 0000 S 450.08 +a1cL T 40402 dE w: I: LMT% Dula eneler INSPECTION R REAL QUEST REAL OUES i REAL QUEST V R PL QUEST [RIPngN N i MLS TITLE MILE RKA DESCRIPTION OESCP6!IOx r f Tq —� Svam nnannp ; CONV $258,760 CONV f327,2''�0 CONV 5794.000 Ca.[F, L' -'- _ DOC 4 1053347 DOG x152900:1 1 DOC 9756023 Pr 511 ne - 'C 4292004 03131204 • fi]IS FI IFHW 7 /.AVG i 5 8311 5000 636- El 1AVG FEE SIMP FEE SIMPLE IFEE31MPLE FEE SIMPLE r 5940 SOFT. 1][SO,FT. pb 7500 694390.FT, 560D SO } 1. 3,909 vl.. RESIOENTIAL RESIDENTI AL RESIDENTIAL RESIDENTIAL r- ++ " VG CO VIAV N AVG _ _ GONV I AVG AVERAGe A RAO GE A P R 78Y A .1 700 60 VEA _ 76 YEARS Ce Yen GOOD SIMI AR ISIME AR �00 SIMILAR COevv GPar Aeon Cowl 2 I.ne...' Niq m'en,.,' r 5 mn' n.' , '. , 5. Iw•'1 .,' ena S' 2• I'o0: 5 1.00 51. ^ . ; AL•• 0' c P y_ 052 Drwmaalc P.:fnm NONE INONE NONE NONE RAenrOwwdear NIA NIA _ NIA N/A r ml Uem AVERAGE AVERAGE _ AVERAGE AVERAGE n4elamCV r uvrt. LINONE TYPIC W n TYPI r'ONE AL TYPIC TYP r LGA nAGE GARAGE hGARAGE 1.GARAGE _ Peµn. ceuv, U.n. PORCH, PATIO PORCH. PATIO PORCH. PATq• PORCH, PATIC 4cmssa'e. m. NONE NON. NONE ; NON E P a FENCE F N N F .V IFEN 4CNE .vA IlnTV I I Ao!mwSeMf nv y I� I11 1 - 'f;�t >.Z00 �." 200 0�1 l 34 Sew Ceme e.noe OnuvPl W me tunjra paoenyf nmomeHl le m nelyepmnwa. Ell. fiEE ATTACHED AODENOII'd �_ JI II 0 COMP4RA I, I'OMPAGA . EpO ! {OMPRAG9LF x0 1 3.u. v.r...e Mlr NO PRIOR TRAM: NO PRIOR TgAN9FEry5 NO PRIOR iR /, NSFERS NO PRIOR TRAN5FFR9 Surorp [+analm WITHIN3 YEAR (WITHIN 13 MONTHS OF WITHIN 12 MOlb THIS OF WITHIN); MONTHS OF wwn vnee n•n THE APPRAISAL THE APPRAISAL DATE. THE APPRAISI_. DATE- THE APPRAISAL DATE. McIU': M ✓.) CuraM grHm[nt PI1Le. n4YdL M1I PII.p dIM f Wja[I bOPV.. ... ..n)vf PI enY Mp [[br W vV6l wmroMe W I Wlhrenapm am[ e: r: u:rGASf SEE ATTAGI CO AQOCNQ A ' II INDCATED VALUE BY SALES COMPARISON ATMROACU__..,_ ) A A.09U m Va LUE BV IAY.OMf APPR04CN IV noerl fn�Hneo MPMelRml M,.. rma 4em LVN np NIA •1 M 6'{ fugmgVen: W [rW fNfe[Ib WRRnp0., :4numraA:r±lvy - Ce WIIvAWE: SEEAITACHEDAOOENDUM R'. ellta: wrcn•41 - -- —� ' TFP PxPOU It I"''AAPablool'ar'[H[ea marvelrt.......... SenYwnDl.P:op;PnClnl, vPatm..Pean lAteeev[[Mp'bnS VClle weG Rw [DW: r. pnC Nm:erg a.M „ICn., PnO Mr.:. 4�xertfuW nlgO:WNb IrtOW Ne(FO'iM1JE4.m4[Nre FO ".119 (P,yel[a 6193 ITWO ESTMATE THE MARKET VALUE, AS OERNED, OF INE REAL PROPERTY v (WIPICHII THE MTC....... IN47 S THE fUB [',1 Tnlq(POgT, ASOC J UNE 30. 2004 cPIk1 PNU IHL EP[EOTNE DAIE01 1W$AEPOR11 iO qEe ] 3.0000 AR•RAI$Eq SUPf I RV SDAY vSEq ;ONLY I!'RCgUWFDP 1 @O yemn GED�tH �— E 4 .1 FAUGHi Infcru l " Onv ltenM,L$!p ^m OEI30i'LOO4 _ D.r.Or.•.0wea 0 o r $av Cmutn'e+ Suit 51lu CmLkIMn1 5iw [ Lk. I ATOTT4 uIe CA 0c . _.. - - _ - AI LZ0523 C CBRIDWI APP[a'Sei OrOUD Fug 05 04 11:46a GRC ASSOCIATES INC 7149852880 P.9 CAMELOT APPRAISAL GROUP c .,..._.....i,.....,._a._.,._ UNIFORMRIPSIOFNTIAi APPOAKEII RFPnVi _ _ ------- 4. t ITF SDSLECT DUPA 3A4LL N0.i . - I , ��gPhPABI•n'V !,_� 8217 ARTSON STREET Adci.— RO EMEAO CA, ` P -.. 1 !' 3. P. dG.IA D/ R AJ' Q on 0 INSPECTION (REAL 1 0 - ,;, AR - p :iiyl - fnh flu .. O' VeNmalubu�m QUEST VnlULA[UUSA.&TS O.SCRIP (� PIP N 636.F11 FRWY Ed _ I P S 940 SO FT - - ' Vi PESID NTIA '— OiI /^ea nx CONV /AVO pCasnaan 'AVERAGE 63 YEARS GOO R.em Cm • Bu+wnm l fk,hP. / 1.00 I S FI. I / ' 6 2 838 sq Pt NONE m N;A f un s AY AGE I ' — � • ..dn C.. WALLINONE En. Ertowh/mc TYPICAL RAVE - Pemh.vane.Ve[i. PORCH, PATIO / NONE F —, Pal. pc. FENCE NONE —� MlJ'v:OSi.iv � C. o•S.bl Cm'v. iw("W mri 0 '^p 'rNenomvmp 1 mmpiodayw va ropnFawea. u[ OMMENTS — 0 OM lµ 0 SEE PAGoa C I S1 D/w. Pm um Date $BBILCI CO!tPARA6l[ NO 1 CDnVARA[LC NO S CV+ic +tlA'LE xV . _ NO PRIOR TRAM: Swp Nlpmlellf WITHIN 3 YEAR 1 TPZ APPRA _ aeeyix vl.ni [v.n1 i0'.im.nl al.u. eil'On. o' OfVy al F. i M iMlyai. Ol.ny p,tl 1. +. p Y'm'0.n.M<i vfil /tlii W inNO ^i IViI p In<iIq 01 71 i - - Aug 05 04 11:46a GRC ASSOCIATES INC 7149852880 P.10 ennaAw NA &TmMY MPOdrm5: 8211 ARISOV $TFiEET CAN NO _ CITY' R090lFAD SAM CA Zm: 91 PD2YL _ 11 COAL RI WA79 LOANS THE PURPOSE OF THE APPRAISAL 19 TO ESTIMATE THE MARKET VALUE OF THE SU'v. ECT PROPERTY AS DF.EINED HEREIN THE FLMCTION OF THE APPRAISAL 19 TO ASSIST THE ACTIVE NAMED LENDER IN EVALVA INS THE SUBJECT PROPERTY f04 LENDN0PURP09E8 THIBA FEDERALLY RELATED TRANSACTION. TL$ APPRAISAL IS EASED ON THE INFORMATION GATHERED BY THE APPRAISER CRI IM PUBLIC RECORDS. OTHER IDENTGIED SOURCES. INSPECTION OF THE SUBJECT PROPERTY 4110 NEIGHflORH000, AND ®EJECTION OF COM,PARABLES SALES WRTNIN THE SUBJECT MARAETAREA. THE ORIGINAL SOURCE OF ME COMPARABLES 18 SHOWN INTHE DATA NOIJAI SFI FCTINI OF THE MAR NET OR ID ALONC WITH THE SOURCE OF CONFIRMATION, IF AVAILABLE THE OnIONAL SOURCE IS PRE5ENTEO FIRST THE SOURCES AND DATA ARE CONSIDERED RELIABLE. THE DATA WAS PROVIDED BI A THIRD PARTY VENDOR SOURCE ANO NO A }TEMPT WAS MADE TO DIRECTLY VERILY DATA WITH A PARTY 10 THE TRANSA( ?ION. WwQN CONFLICTINO ;FORMA MOM WAS PROVIDED, THE SOURCE DEEMED MOST RELIABLE WAS USED DATA BELIEVED r0 BE UNRELIABLE WAS NOT INCLUDED IN THE REPORT NOR USED AS A BASIS FOR THE VALUE CONCLUSION. FUNCTIONAL PRESAGE EXTERNAL DEPRECIATION. n PRESENT, IS SPECI➢ICALLY, ADD''ESSED BJ THE APPRAISAL REPORT 65. OTHER ADDENDA. THE SUBJECT PROPERTY 16 LOCATED LN AN AREA OF PRIMARILY OWNER- OCCU %ED:SINGLE FAMXY RESIDENCE'_ AND THE INCOTAE APPROACH 19 NOT CONSIDERED TO BS MCANINOFVL FOR THIS REASON, TI IE RMCOkIE APPROACH WAS Mel VSCD. THIS REPORT MAY CONTAIN OIOITALLY REPROOUCEO SIGNATURES, VMICH ARE API' iOVED BY FNMA, ONMA. FHAHUD THE ACI APPRASSAL SOFTWARE PROOMM gLOW5 AN APPRAISER TO ATTACHED A DIONALLT- REPRODUCED SIGNATURE BY ENTERING A SECRET PASSWORD. FURTNCDMOR[ AFTER THE REPORT 19 OIOITALLT SIGNED, IT IS LOCkED AND CANNOT BE ALTERED BY ANYONE BUT THE SIGNING APPRAISERS. CvndBlPn of Imerovamenu THE SUBJECT IS IN GOOD CONDITION REFLECTING CW.cAPABLE MAINTENANCE. THi1 CQAUTY OF CONSTRUC T1ON IS AVE RAGE FORTH G AREA, NO FUNCTIONAL W ADEQUACIES WERE APPARENT, THE SUBJECT'S SITE IS LOCATW NEXT 70 TINE SANBERNARDNOPRCEWAY .ANAOJUSIAIENTOFSSODO WAS GIVEN IN BOTH THE COST AND SAI F9 f,NAPARISON APPROACHES TO REFLECT THE EXTERNAL OOSOLESCENCR. A&Il s. EnvlrenmenMl CPndIOonB THE VALUE ESUMAI ED IS BASED ON THE ASSUMPTION THAI THE PROPERLY 19 NUT NEGATIVELY AFFECTED BY THE EXISTENCE OF HVARDOUS SUBSTANCES OR DETRIMENTAL ENVURONK4NTAL CON:ITIONS UNLESS OTHERWISE S IA TED IN THIS REPORT THE APPRAISER 15 NOT AN EXPERT m' THE OENTIEICATION OF HAZARDOUS SUBSTANCES OR DEIM1.1 -147 AL ENVIRONMENTAL CONDITIONS. THE APPRAISER'S ROUTINE INSPECTION OF AND 1 N DIRES ABOUT IHE SUB: ECT PROPERTY DIES NOT DEVELO P ANY INFORMAL ION THAT INDICATE D ANY AFPAREN 151G NIFICAN I HAIAHODUS 90091 ANCE 5 OR OF IRIMCNTAL ENVIRONMENTAL CONOITIO NO WI IICII •AOULD AFFE CT IHE PROPERTI MEGA TV ft UNLESS OTHERWISE STATED IN THIS REPORT. IT IS POSSIBLE THAT TESTS AND INSPECTIONS MADE BY A }UALDIEQ HALAROOVS SUB$ I ANC E AND ENVIRONMENTAL EXPERT WOULD REVEAL THE EATS FENCE OF NAZAR DOUG SUBSTANCES OR 05TRIM ENTAL ENV RAC NMENTAL CONDITIONS ON OR AROUND THE PROPERTY THAT WOULD NEGATIVELY AFFECT ITS "JALUE. CAmmeAM Pn 9NAA Comoatlwn ALL THE COMPARABLES ARE LOCO TED WITH INA REASONABLE PROX ITY TO THf 41.R.IFC..T ANR ALL REFLECT SIli'LAP CONSTRUCTION QUALITY AND APPEAL . THE SUBJECT IS LOCATED NEXT I THE FRE I: WAY. ALL COMPARABLE5 WERE AW'J8TED (S.(W FOR SUPERIOR LOCATION LOT Slg WAS ADJUSTED AT 1 PER:dO.FT. AGE WAS ADJUSTED AT 119.I PER YEAR, ALL COMPARABLE ARE WITHIN THE GAME NEIGHBORHOOD AS THE SUBJECT.' 140 ARE GO NSIDERED TO OE THE BEST AVAILAULE AT THIS TIM E. IN GET ERMINING THE SUBJECT'S MARKET VALUE, GAG TE.;'F WEIGHT IS GIVEN TO COMPARABLE 92 FOR BEING THE M06T RE RNI SALE ON IHE ORE) THE SUBJECTS ESTIMATED MART I ET EXPOSURE TIME IG I TO B LION 7,1 S. Analysis of CYPanl Apnamenl THE SUSIE CT SHOWS NO EVIDENCE OF BEING CURRENTLY LISTED FOR SALE AND HA 5 NOT 89 EN LISTED FOR SALE WITHIN THE LAST 12 MONTHS OF THIS APPRAISAL TITLE HAS NOT IRANBFERRED'A'I1HIN III: UST 16 MONTHS CF THE APPRAISAL REPOPT. CundWbMOFAPP•oaal THIS IS A COMPLETE APPRAISAUSUMMARY REPORT PREPARED PURSUANT'D USPAP THE SUBJECT WAS APPPAISEO IN'AS IB' CONDRION. THERE ARE NO CONDITIONS OR REPAIRS REOUIRED THAT MAY EFFE:.T THE PROPERTY VALUATION. THIS APPRAISAL REPORT IS INTENDED FOR USE IN A MOPTOAOE TRPNSACi1ON A1AOlEJT I' F p N0.1J00 Oq LOSS pv THE NAUED CUENTONLY. THIS REPORT I9 NOT INTENDED FOR ANY OTHER USE, BY ANYONE EL91i ROOM COUNT AND LIVING AREA FOR SUBJECT PROPERTY G DERNED FROM THE APF IUI3ER5 PHYSICAL INSPECTION AND MAY VERY FROM PUBLIC RECORD DATA. LIVING AREA CAL C ULATEO FROM THE APPR I ISERS NSPECTION 13 USED WHEN DIFFERENT FROM PUBLIC RECORDS. IN THE SKETCH ADDENDUM, MEASUREMENTS ME ROUNDED UP OR DOWN TO THE i NEAnESS HALF FOOT. AND MAY BE rAFFENENI' FROM PUBLIC DATA THE DATA RELIED UPON REGARDING THE SUBJECT AND THE COMPARA9LESCAME C!CM THIRD PARTY VCNDOR SOURCES AND WAS CORROBORATED BY A SECOND VENDOR SOURCE. NO STEPS WERE TAKEN "0 DIPECTLY VERIFY OR VAy10ATE THE SUBJEC I OR THE COMPARABLES. OUR LMBILI IY IS LIMITED TO THE AMOUNT OF OUR APPRAISAL FEE, Final R¢oncNNAn THE BALES COMPARISON APPROACH WAS OMEN THE MOST WEIGHT IN DETEZRMNNC THE SUBJECT S ESTIMATED MARKET VALUE. THECOSTAPPROACH WAS OIVENAECONDARY CONSIDERATION TO SUPPORT THE VALUE. THEINCO•AEAPPROACH TO VALUE WAR DEEMED UNRELIABLE. DATA USED IN THIS REPORT IS DEPAEC EE'JAI It AND ACCURATE, T1113 IS A COMPLETE SUMMARY REPORT PREPARED PURSUANT TO L18PAP A FAEInI Aug 05 04 11:47a GRC ASSOCIATES INC 7149852880 9.11 D,.bo 621',ART DEFINITION OF MARKET VAI IIE: ITV nmu,lcbame Phce wracn a propouy venue b-mg:n a loin P(be.e e., ."', undo/ 10 meanies) re O.oiN to a dal: solo, fro euyor no s011v. vOch.co, pruamlly, pner.rnayee OrY r ^J a >YUmmp rna c v I'll u enct0 by undue ar!hlWOS. ImDtnt In bills aBUPllion Is IDa [Onfummabon cl a Hid b 01 C sD,i at 10 and in, Da San, cI 11119 I am )ern l0 bVy6 undo, cancluort, wn are Dy O) Wild, N) enter are lyryu Sly nmlwelad, 111 hold party, era well my,.00 or waO nevr oa. end Oi(h Wrog In Wnal nor [On Sge IN I Own be" •"0611: Of P rooenn9nb "th Ie "I Iv.. 0. updaVrP In me Ono. maser Iii Nv' ><nr I. mace Dr fl bus al Caih ah U. S. 00112 of In 101 me O I!m,mcial. ban0ement l amna la Ile me re in. and Is) Ine or 0. 1 p 91 o5.n I,a rip, me. ie. il ... ion V in. Property sofa un- POctao [y IPe Oat or o earl, o nTanclnq or sores c nice s smn5' rife died Dy anyone esaonmad .nn- the ,ere. • AoNaIgn,,(, to he eomp.d,bt mu,, Oo ngd0 1p 9DOtlal Or en ana loco hung n, "I ; "n'.I a ^s, No aspn,n11 U9 line (+; l ea 1 o Inofe Can whIcn are normally Poll BY 9MItu 99 t result of l•adNoo Or Irwin a m9P01 ue0: loose costs Ste !,ad." soma. +01t 5•n.r V•s 9cllcl Pairs 0`914 Costs In WIL1611y all Saba l an,,ndn6, Special or [ret(Iv. bo,r,,j q.....lmanV Can 06 mado ro In. tOr...Y01, ,or p :i, by cOmoari SOn6to 1nM61ng elan- 11p600y I Into Party Institutional lende)lnar I, nor daaOv Involved In too Intel or borsacOOn An¢ edf Yilln hot Should not be CalCulagg Ord a Mg,pinlcal alone, ter done cost Or be boarlclna 0' concesilM Out :rte dolt., anqunr OI an .d,4, mMt 91,nv10 appv+male To 1b1110 DMn(w or cone0ae10119 Oo5a0 0h I,I Ap We19e1 f fuJpmtn( STAI EMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: Tile 1G., a...... In Ing ........I noon a Yuc;pu in v., fulktvina COM01nJnS. 1_ inn ai Vrf•Nr wiA her 0, rose... role e0/ r l Of 110911 NIuO Ilet Warr 0- 1 /'rte 11OD911y Doing 10,11911 OI 1,, Ud. in , Ine OPn - > tl• U>lYnitll IIIPI Ine III-[ -S 9101 one Vidni1YDle arle, Irlerelao. no, tame/ end rip "nr On) b.v, the Elie Thtl or'J p, IY .oyrer -0'J On IM, oasis or it :0V•$ unC% tmonsIble ownorl111_ 2 The ANNA -Sol Mai provided. >S enn III the apprasel,.dart ti>he% apple Atmore at nenl-On) Of Int impro chen15 ana nee 5'rcij - -: ^vrudaa 019, to Ybvl lhe'Wol 01 Fie No,, In udusk, rig ;he PMDOny BrA Jh2b Qta+a -n,9 the IMPO 5oi 5 cruvrhmlm OI Al ...n e ]. Ins appraiser nos etamined dH avalleole 1 1001 ill that Ala Ird "Inert by the F-M,n Emelgenry Manege•nelt , A,,n(y'I., Outs -611 )pence l) ana has nele0 -n lhv 11P Vital .. whtlne Ir. auol"t "Oe 19 'acewa in a'r 11,1111 -0 Speclel Fiche He).n,d Aaq E4couse in. ePP o hor.:unsyar, rte of IT mahas no 91ma'teo,.],trip to has o0. 1096minq lots if whiilanon. o, Tn, aD,calso Ant 1 -1 grve uaimany or DpDeol m four, be[ewo he or )rte made an ,;,False Of me property In pus(i0n, unless seer Tic eriepemenls N 0o to N,11 bairn mace beforehand S, The .,page- n6> v)am.IVO rna value or the Nn01n IM co51 approach it Is nler rst and 015, veP end the 1 mp10ve•nents e, ti 9J [ool"Out. verb.. Those Separate valyat,ob, ill the land and -n.Op ,, oar mall nor It, ul •n coojuNgINn wild nr U1ly tU......: redo .I. —.62 .1 the, .-p )o used 6. The ePn•eo.• h.( h.... In • 1O arp,a >.I I.,c,t gh, acres. conannm(Suo U aPtIls. aeolel the parent, Ol pAla,yys was19$. evil SaNtances, etc.I crom"d During trio InspeedOn pI the st fort pmpeny a r.h l nor v She DeClme ew.m Ol dY me nenw resemn irnmwd In P.rlarm -rip the amm" Umt6s omarwito tbi,c I, in. ape -cs., •q.n1. I "..yy,en., 1ul he Mnuwlehgc ul —1 male, 11 uIl DDe,en1 ch , d.00ns or IN ,•.deny o .over,, ado —mmrd [OnanlUnl f ^[nNn -9110 pro a b"cI Or rte laro0e6 wM e) !c n( suctia^[IS, Yt:. ) that would wage In, lo,w, mo,a o 'I'S ve•Veo,e one nay aaeum.rl'her Ine-. 0•. nv )Kn (On......•) ehU rna red nC 9valanleas of wa/•.nbal. "vi al rmpl.d. m9afo!ng the Ondmon of the property 11,6 abouiSel will not be 1e >POneIWb for any $L(h tohOr6015 1hal Oo eule or tat any 009lnemlng Of Iodine 1ha1 m1Dhl hn rvpmud m Alto..., wle au(rl tenanlonY _Ir 94eeb)a Ine Y Wre15a H not on upon ie (no Dell OI POUbonmonlar M]ards. the ippllSel lepers /M)t "S to conflaerea ai e ^.rvughbo , eslessmroi or the C•.pa2u ) Tire s,D Obtained Ile jMI01ma10o. <IVT111- one Opinions that were 6.n1015xa I' Ine apOrais.l report join toUft IS 1na1 Me 0, Nor (on>-dol> 1. or "--.We Id D.n.Vel teem to be bVe and CO•rY(1. To. epp'.I ... ... a +:1 .... ,e , OIONO ,Vv tot t.le I , ' [Y1I V Ur SV[h Near) Vitt wel. Nlnl.nen DY n1!-M prigN, 8. Tne ape /ar6ol will r,ot discos. Ina mn...g of Ine app a.Sal re pat iicaoi es pwo-;a b, In Ito Unre,m slate a•as at p,nfd)alonel Appinal Picnic 9 Thv aoprel5.I he 0.11onll of her oporLaal recent anIrialuatlOrl UrnIlfe, an apnal5el 1h,l IS su0)eCt 105etnla[ rc•y come!e Vcn - CPekS. Of M¢rotans an"No a"""rea othat comyladDn Of (11 IMPIOVemCMl w paROrmPa h -a WO'Shen6Ae no ri: 10 The oo must 010.0. ns ar her or,., nllgOn consent OeNrc MY Nodnl)[Ilenl s'.VL.0 In Ine eCPraVdl leper, fan ^ 1 !Ir141e 1!.v i,P/elul •open U.+Uu.fnq <en(Iwmv ebe,, 0r. pf YVmly rr, rue, IM a,se,ser s Identify fro PWil Lional aa;igh,110n5, too •v r,renC!5 I[ any pfufmvonel acolrist Oruenga.Igoe 01 the Ihm with orbit, the ap Salle 11 05501 aged I to any0na other than tire OOnOwlr: ,be mmt9a9ee or ill Successor no bsvdns: Ine `t ff-ge blue'. cOmunenls: Dwfesnanb apple- salolgenlim•ena; any..... 0l fore. /A 1y OPCoWers IinaMial Mornings.': a any de,enment. 001ncy. G:nsUumenlarny at in, 0,00 starts m 0'y told 01 Idle OOv in CDIumun I. e.cepr the, Ine lend"hb.n, may aan out. the 1 -th er, duvipnon senior +p, 1n. , .,P cloy to bad c or ,ec Or,rn$ av (ei'.) r ^lboul nning 10 obu6, tire epp1 a prior "t" COMM The -PcIl i 1 wW.n Co-.;.M no approve mud, also oe abu beta. the eppfclsat ran DO c0avlyad by Anol to me pupik Uvuugh i0vonl9'ng. Pvplq nladOns. +ben >nlo, or O.+er mode. F Mn( dorm q]V 6 -93 Page I cl / fin41. Mae Fvm s[QiP i<', ] J Aug 05 04 11:47a GRC ASSOCIATES INC 7149852880 p.12 I,. ev. 82 R,T APPRAISERS CERTIFICATION: The Apprahar CadF'o and ag'.eslmal. 1 I flavor a liNehea aM $ut,slt market area and nave sN.,aa . minllnum of m'.. rat I'll sale! of PeDerllsa most sMra, and pram are ,O ter s lbfuct properly lot COn!Iaericion In in, 3,181 CUMMO010n analysis and have mad..' dollar adjustment whom epNOpnala to VOW he mV kel deltion r.I MI. rams al sigmfifanr vedette+:, If a aIgCuC Ism In a come a IN D y Is 3VpePor ro. or mole grYaout Udn. me Sug.Cl wooany.I flare m.aa. mpgerve aOjQltmQAI to adutl the adjusted aelal pr:e or Ina wmpo Ind, ;I 0 s,pI dam n Compw.ua f+dDany Cl rNerlm Co. pnev lavolnes 1110, tln w)¢t olpnvty. I nave or in . "':iv. adjomsm to Inc..... Ine .CU.J ea aa4s p'¢C v 1 Inv Cwlprauh. 2. 1 Moro lee pc, into Con Oder a110n In* eClors tMat nave en i'P1 Cl on valve rh .my do I110PICe01 of WO asllmNa of menel I:.:na Wesel War. I he,* not knOwircly wilhhela any 11An Rl Canl Idlonlnavor from the IOOarf Al r.,a" and : wo, !n In. pelt 01 mV '- new Ihel all slettlmera! one lnrOtmali0n ur Iht e>peial ri l era nu0 ens C4uKI d. I $Zaino In the epos;$. t.ad,, only my own persons'. uwasaa, end Crple$.'pnal0 rO is '$, aCrnlOn$, and "'cl....... wnitr. CIP :IILrCtI onry to it ormnpm t NM llmMg :endnions smacked kn this lnrm. 1, 1 , eve no present Or 1,11 ;:.,uve Interest In Ind 1111 NOl I, be 11M.CI m this+upnll, no I tie Ve me D,eIe,D Or O'CSpSlbva oal$r:Pal in, ....I Or wee rclm nApeu to IMe pamC,,V. s In he uansaulon 1 413 Mal beaq e:TU Den'any or CDmprmN,. my anutysy Ona %o •tie estimate or Mrsenl value In the a0preisal report 00 the etl, 11111. w4liidn, see. nanal:;)p.'am III !talus, or naucnal mlgm it Enna, to prolpeCive owes(, Or OCeuoams of Ine $Vdjatt plal OI OI the present mvmNs at IiCJNms or Ina probe,,,., In its vltlni , ,l :nor ,ulIxt t-Werly. 5. 1 he ve 110 Orr.3pnt a• ppnlamplmep 1pm•e Interest in the 3ubpu Indent. And In imer my Car/am ar ru utt 5,1 nenl pm rn Compensation for perormh9 t65 appmisdi is Contingent mine eppuVed value if IN proi d, was not r00,C to report t greats rmmtd value m Otto CUOn In vhIUC met fauns Ille Cao$p Of ma Clonl Of env ItIamd Ja II pro In t o1 tea •ev. wllmma. Ina ........ want Ufa 3p0:dtt sewn, of Ime pCNrren:r Or a sv13eaVOn[ ava1111, greet Its rt(a=rc .nj [ompangllan snot., emp.0ym ,,j fit prdOMnp me.0311UaL . did re, Is Ine N,pr:llet Hong On a r, v.......... um ve:vilWr, a COKI%v.Wirpn . dr the Mesa to opOlove . 3 O'.f, mo 1Nn. I. I P..famed in :s appall., In (cn(0•'niry with the Umlrerm S:andnds 0 O ehso,:na Apple$,., P Ina' role aao V,,o r no plomn'gIso Ivy Inn Appraisal Cpna,d, SCArd of Try ADI"u'l FDL'Oaa1'Um and met wont m pate es el Ina 111100+1 orate N tM., aCCrar:eF, with Ina eKeptlOn Of me depe4ure proVlSbn of those SlenaNas, thi,h dmis not CI I ecII..I,dga that an asnmNS 01 o Mal ,, , V umt tat .....Via L mC Open mOtkal Is a Cr,dMI.n In Ine peli"COn Or MONO1 talus in! the oIl Tres I da VOlpped 19 COn SI9:ear wrh'N, manat" time noted A the n91S•MOn00a 32CCDA Ol INs Iap01, UNess I pave OdNrw5. sItlIW IL mC ItfOnCdtllryt s1Clrm. 0 1 nave pri sonally inspocla t me I em ovum ?reps of me $ueject pmpe'ty And" I. Werwl of all padpmV3 :.s:ec e3 cUm,erac ,s In mn 1.1'(91..noon.Irun,.,Certify I her I npYt waled any apparentor rrno— eav es CDndlnpne malt vertu in w.... 1 rnu, II ore luo;c" 3ne, 0' on any slit within the rmm,OlNe vglnny 0! IN kvbfOCl NoCeny DI wnlCh am aware ADO have It Adjrt31menl5 br Iii, is adverse CQmdniO ^,1n my malyere .1 m. O'pptny •9110.'a 1.11 teen Ihel I had ..Bakal ! rlJrnCt 10 t,VO her, I Mare A.,0 [ >mTOnl od Now lM One[td the adverse[Waluent On Ra marept4olly 0flM 9upje(I O'ooarly, I , 9. 1 pos"olly prepared all 00ncivilons ono opinions about he Ill t$ato trial wlt• sal lhlm In in. OOar a:stl'eppl 11, rrlba an Ng.n,liCanl polesslonel p[$isan<p from any InOvidd -I Or imdivl0001$ In [Me I ltumnin[e Ct the apprellal at the paparallOn of me apor, A. rat rigor. I have named such TICII (q Ind anClmCO he im.6 pVfOrmea oy II':m rn d.ra[Ondlle:IVn st41v' It !PC, aoma repwl I [still, met any indvNnN sa Mimed 1 4 aueehtd 1. 1.I1a1m me 1111$. 1 harp no, a.lnoofeo Anyone m make a mingt a !•ry rlrr`r Ir. ,he apen:'"0.. A m C—Mal Cn.n9e Ie malt 10 Inn OoaiHlrape... 1 writ al. no MN•v.$WMlry to,a SUPERVISORY APPRAISER'S CERTIFICATION: it cupolms0ly appeisit Ngrad as appraisal favor, tie or In, !a'unn Slid ayrees mac I decoy mpnrvisO me ePp(APsef who prepared the appraisal Floor, hate , ,viewed Ine ....else, nom,, epee "In d kuemints Arc ConCN$bN of me N paRU(. agree 10 CA bound by me eOOIN,411� 3 CO;II ,ont C, nbNed. mreullm ? ateve . and am ukmS IN .uoc•ulAny to fn. apm.•..i and Ir..pif Ill, I funion, ADDRESS OF PROPERTY APPRAISED: B2 17ARTSONSTREFTgosam$ -2525 APPRAISER; 5pmall.0 Name: nFOR Data Slgmt): QB13012004 Stal.CNmtNlonr - o' Slele Otensa A. AT007759 Sara: CA Erdr ,1lon ONe of Cernticamn d Ei��ns.r 07+14 SUPERVISORY RAISER (Only 1 raaufred) Synabwo �(} J.,' Y L . i �F9L1Gt1I Nam.' <i Gn df Dale Sprcd 0013 Stem CeNetaron I. U State Gana e, E, gg2DQ23 Star Cam_ E.m.u., Dale of Celt nuhm m home: Q4122 12005 R APPRAI Freed.. Mot Form U96.93 p 10 De 0 D. w. 6—,,." RESIDENTIAL APC RAISER Forma Ala, Fv.m ONIC 6.9 Rug 05 04 11:48a GRC ASSOCIATES INC 7149852880 p.13 CAMELOT APPRAISAL GROUP 10111LT1•PURPOSE SUPPLEMENTAI, ADDENDb,,P FOR FEDERALLY RELATED TRANSACTIONS (FIRREA) V17ART 11'. 1 My-(I pOJB SP, Me m. m,I Ado, A,,, IQ Fed Orally Re lei ad T'9 nyeC (to AS dtl de Sig,a to provide Ina apwalwl '.vltn I can v,nlOnl way to COmPW wdA the r Vr enx apps naI Vandal Js .nd reaalre me np or tire Federal Depp PSG In 3Lrance Cor For at ion IFOIC), Ina O!Ilca of the Ca mpIIO11a1 01 Cm l e n Cy IOCC). Inc CriCe or Thrift SopmvISIOI, (OTS). Pha Qo]oturom Tr, It C,e Ora tPon R TCI and the I ode at Qavee. tnfe M.IV P-P.1. fiu pRl..r•.nr.r Iyrv.nevrn I. r. ✓ . • .pi,-hr.I. only n 7 \uxemema wAlan n]ve eGpn en],F,O I, IN. GP r'•'...... 1Ylu x •pre h.np pnrnp •Per• ..... n PURPOSE A, ` FUNCTI OF inv tulto]e el mt ]Axril Jxl r[ m ... Ma 11 Yv[cl t• In. ,x\110111 el Inn . buP••ry r GvnnYa ui 'rn. TA. 1'[110' I. .........l lr Ip \9x1.1 xAS ap0.[ n.n.d P.A.., In IA. ­6P ere)erlY lol I.h:rne pVr Gr I., Ir \ 'eplr llI. r r..... a "- . .. Ion. Q% !ne •ppu ... W..I on In. VlermnUen e1Ame ar Ia 'IF F 'P r.em 0 '\<ade. Id.nn'1.0 feegv.. mlpadan n. n x,aeu er>evry "I n.I .< pee\me[a. One xanen .1 r- .... I.. •.L. .IMI. In. � n r � Y pen04. q snow' In Ib 0.1. Seagv OulpA el IS. m.nu prd elanp Idlh Ih• rm1 a e1 Ca.OMr]uun. n avalnpm, i.r Prp inpl rVwl. •, pr n•m•a rbn. Tn• GEUrU. evd let. I tp Axld... 0 I.II]elx 1Ynan ca nxl.....g nrprmGxlpn prevleee..r a I......G9 .I. ^l. ^n. bvn ,Ira, 0]u e•uv.a I, a. Y,r nleele -• -I bu.pc[ In A. rlFr I 1.1 1— n .. . np IF, In. Ole. <.r„e> a O,u ma \Y•vr 4dyuian iax: n III. r P MARSHALL SWIFTICRAFTSMAN COS ' :MANUAL_ Fn im er In. a am.l .... .na:uaq. m m. IY<n morn. - O Pr "b[el env eclblm I. e.]xp In S. \tnm.11d •rtru..c Cp• Oyu n nv , Pr Ipulx, fu0cn a ennl enero• ve:nxl ann n<• O .aller, n •Py.eIn .Y rur....Pn p. a. eeane. In. n[In. p \vI V. IV;.pP•e.nr ¢ eJ lnl.a, p\nan• 1144 p. vl m...:.l ar•.q[ . Tn: . � a lnp -lepv1, ..•a n pre,. ^ Im r<.rr .nJ..I: , I, A", .>ePI en V:rre 11'111] 1 '111 Ir., al In......... p"t", 111 r.t IS, •uplecl PrFpvlr 11 ronled -PP •n .[u pl pr.-I, e.n.ly11. .n a.1..... Iln.nur : 1- l A ...... I I ne ,.r Ee..e m • no m.r nln...1, F A r•n Ph, l.EO•na ....... I en. na, VU C 1).• r.0 r • . 1111 4111 me GI.n "VIr MVlllpll.r utlilz"'A IhI Intend A VI I] ....E e aI ^ [ • barrel an In[ •PCnpci t r no, f r•r;.l n..l•er r. p• n 0 I. . . n ap' •`. P, r r nl rn I. I. l I al l. 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SNI. tlu - 1 x FEMA FLOOn _ 1 DATA % Sv alI...... N.IEMASFaoo Tlpad Wx.IeNu .01.0 PSOMIN in to pualn rr < dnrbp II Iem ..,_,,,,___. G[x]A rn.elP.n.l1 N �� Mes•er�Cernm�yw,x� x 06016310000 1 210411979 YOSEMEAD T .K. rA,,n ymn. wx pvualpw In xM Nnlann raga WvIM. Orrin,. Tra <ommlnpl a... p.nedpw• M1 rM xi]Ilen.lama!mvm[\ P.py 111 care., I•p,l•r Pwpum. J hneevene EY •^ 6a¢.m Our N. th, •rm• n.n.'.uv.eltM'.n.�.>...�.�., n.. -P 170..-1 A I.I..I ...rv.e Aug 05 04 11:48a GRC ASSOCIATES INC 7149852880- p.14 CAMELOT APPRAISAL GROUP 4 8217ART CURRENT SALES CONTRACT -- 1 ^. linn.vnlncl.... <., l l". Ill". n oe on[ lin ..^ + ...IrYUe nr.r.r. ,.e•en u .,, )nt [Onll[cl Inelpl ce(rew ln[Irvl � w. 1 \O � nVill O anl•a:l !> [.elf•5 �i a. eanna<e roefa..... +........ wv. rwlr w... Tna noewln9 wn me <oeP.U: Conneu Cale Amendment U m. Conueat P[loa Subr — - Ip[OelLLnl innkrmelnu Prno[ e[D•apnry'wi[nu lnal,.eee mme Bile, _ — tne:eons.. Ina @s¢a Inu Dora nal ...Dnp wu mel....... cone:3rd a _. 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DI.p.,.a IV 1h. >ep,.'ar• un:C, "I ............. el rain <o.,,[n.rp rD:r+r. the cD•elyn100 epi m....[.0011 ICl DVnplelmy , 0 , UB .1 1,, owt Indw hrl In. nrV! COn PVaOn[ anc t1-{ nm!IInO can rp 11—.' ... wnurm. In., Inc v Am, Iv11y la mr <a aanln.......... I r elpmn4 •0M >'im n el p.r .... 11, in....ua Inc mlMlM p tot' ,,"'It l' 00.11, W: �no a .'Fecua wnaonmol1 ^[+. opal aW,1-t' ea.1campi,W. aI.. umr l'. o>.ra .1 x.. , m0esue mo e1.1.1.0. J O'ln ` upon u 'n [ npe.q Bea cOpufem 1.11. nau <. eontleab�,v u[ ce e. ^ 'nn rD>nl[ unvm r .uparvmm� el 11-.[ [ ,I u 1pr cop ap0r p. m. The c+lpmn0 ...pane• . u[1; .e :on[rv>mnc i..r me rminny (ane,ilaen[.nn::annln.. vice�< +II IV ,n... elpnlnP app•.be, .nn the 1 DVVn ; M rerll L,allw IpDn mD 4nYJ a n[DenlO +. Ini I Onf lr'ec. - a", . "Uplow re"o".d e) tnv ce Op., aeo,aub ❑1M ; . +,pinny ae0•enci+ rer.r u Imp[[Ilar.. mrarvOnlnnl In the esp. eU.l nnmu one <vltlLC.n<n yr tavrrv0 ell evnt•a n uc e00 <n...n<1'On V :1-l[ I nleel ipMapfl 71pnnu,. Qilunee �R.,new ❑Ode Alp uamr (wlnp S N!1 W. FA UGHT SS a Sun CALIF '�UCd,.a ❑ C."Ivnd ve.u[mlal (enlnuum. AL03Q§j3. Pa.. I., w.— n.an•.,. w,.. �.p.....'�n...wne. .. .11- J 0 t i Rug '05 04 11:49a GRC ASSOCIATES INC 7149852880 p.15 ._i FLOORPLAN �� Aug 04 11:49a GRC ASSOCIATES INC 7149852880 , p.16 r nneruvr ...., Attachment 3 Aug 05 04 11:50a GRC ASSOCIATES INC 7149852880 P.18 ECONOMIC DEVELOPMENT PAY OFF CALCULATION REDEVELOPMENT Borrower: Yvonne Argandona Property Address: 8217 Artson Street, Rosemead, CA 91770 t REAL ESTATE CONSULTING Origination Date: January 27, 1999 ( AFFORDABLE HOUSING Equity Sharing Calculation: $ 21,958.00 (See attached calculation) Loan Repayment: Principle $ 17,500.00 Interest at 1% $ 876.00 (5 years 2 days) Total Pay Off $ 40,334.00 Guud fur July 30. 2004 Make check payable to Rosemead Housing Development Corporation J NIFER VORNBERRY P / Principal GRC Associates, Inc. 500 South Kraemer Blvd. Brea. CA 92821 C NOTE: Ms. Argandona's loan agreement required no monthly payments. The principle and interest becama duR ilpon sale or refinancing to take out equity. 500 S. KRAEMER BLVD. SUITE 365 BREA, CA 92821 T:(714)985 -2880 F: (714) 985 -2885 Aug 05 04 11:50a GRC ASSOCIATES INC 7149852880 ROSEMEAD HOUSING DEVELOPMENT CORPORATION HOME PURCHASE PROGRAM Name: Yvonne Argandona Date: July 23, 2 Address: 8217 Artson Street, Rosemead CA Closing Date.of Existing Loan: July 27, 1999 Corporation Loan Amount ; 17,500 I Payoff,Date: July 30, 2004 } 1. EQUITY SHARE PROGRAM It a participant wishes to sell their home to a nonqualified buyer at a price which does not comply with the terms of the affordability covenant, the Corporation can release the affordability covenant and permit the resale of the property at a cost higher than permitted under the affordability covenant only pursuant to an adopted Equity Share Program (the "Program ") that protects the Corporation's investment. Under the Program, there are no restrictions on the amount the home may be sold for after the expiration of the ten - year affordability covenant. However, if the participant wishes to sell his or her property free and clear of all restrictive covenants, the participate must repay all outstanding principal and interest on the Corporation loan and must agree to pay the Corporation a share of any appreciation realized upon sale of the property pursuant to an equity sharing formula. II. CORPORATION EQUITY SHARE A. Program Loan The Program Loan is the amount of the loan provided by the Corporation to the Participation. B. Purchase Price The Purchase Price is the original purchase price paid by the Participant to the seller for the seller's interest in the property excluding escrow fees, title insurance costs, broker's commission, loan fees or any other closing or transaction costs. C. Qualified Capital Improvements Qualified Capital Improvements is the total cost of verifiable major capital improvements (riot to include mainten *a nce projects such as plumbing repairs etc.) to the Property in excess of Two Thousand Five Hundred Dollars ($2,500) made while the Participant owned and occupied the property. (Please provide documentation of Capital Improvements.) Equity Shate Program $17,500 $150,710 Liz Rosemead Housing Developmenl Corporation P.19 Aug 05 04 11:50a GRC ASSOCIATES INC D. Sales Price 7149852880 The price to be paid by the non - qualified buyer (the "Sales Price") to the Participant for the Participant's interest in the property excluding escrow fees, title insurance costs. broker's commissions, loan fees or any other closing or transaction costs. (Please provide documentation of Sales Price.) or If Participant is refinancing to take out equity from the property, provide the appraisal for.the property used for the refinance. I $340,000 I/We certify that the above information regarding my current loan with the Rosemead Housing Development Corporation and the sale of my home. Signature Signature ----------------------------- (For Corporation Use) ': Pro ram Loan Purchase Price _. - _...__._..... ----- :_. - -.. ..... Qualified Capital = . Improvements ; (e.g,, room addition) Sales Price - Total Appreciation 1 Date Date Corporation Equity Share( 2; 11.6% i_ 17.500 150.710 -0- 340.000 189,290 21,958 (') Amount equal to the Sales Price less the onyinal Purchase Price and Qualified Capital Improvements. 121 Program Loan! (Purchase Price + Qualified Capital Improvements) x Total Appreciation. I 1 �s Date July 23, 2004 Equity Share Program Rosemead Housing Development Corporation 2 p.20 Attachment 4 Aug 05 04 11:51a GRC ASSOCIATES INC 7149852880 p.22 &fifornia Waste rn FscrOW —Ja I ) vl� vcp d see D.. CA Ylrn It (9090)0)1) Pu 909P0)46M - 'All In6yfaatal ait wy Ic yr *sfUm h uma yuv urm vVir Ba wo. nv. 91::a -DL Be timetw0 Close Dot, July 19, 10)" R ert Pelnt IIe CR; July 15, 200-1 References fi31 ArieoC l c set °P xoe em sad, G oo rr W page 1 ESTIMATED WNINO STATEMENT I ROARO -ZR Yvonne Ar yandom 8319 Areaon street Rouen ad. U 31')70 I New Loan: ttov EnCtlmiirence Olotwil Peal Estate Ins Payofi(s): Loen to be Palo Oft R0: clt. slortgv9e lnterORL m 6 75 Prom 06,'01/04 TO 0 Recording Fee Recon Pvt Statement / Fon.'ardlny New Loan Charges: Re aloo.1 Res: Estate Incare,c 6• 5.791 PCOM 07121/01 TO Oi C.cd, Report Apprals +l Fen 0r- 1911atlOil Pee DocumWit ptepar'tlon PrOCee61119 Fee F1000 Cert If1Catidn fel Application Fee Ad, utrat; On Fee :mpoond, [OR Taxea 6 montna E $156.05 P. Impovndo for Fire Ineu 3 ncutl +s 0 Say per mu. Disbursements Pai( Account Payoff, pd to: American Hond pd to Energy First pd co. Energy Flr,a pd co. Fin CA Net4nr pd to. Olobel Feymen pd to: Proaretiebve M Pd to: Vnited Consul pa ro: xpreasche pd c0: Xprcuechn,: pu w. meeml /01 nanclal it it '1 ICentinu.E or, pig. 71 Daerre - - CRmr to - - 175.0)0.0 I25.3)9.Y0 1.305.)0 18.00 15.60 30.60 )71.11 11.00 350.00 5.68'1 so 900.00 545.00 27 90 695.00 Soo. OC.- Sao.SO 90.00 11, 539.00 3, ass, 00 10.8:0.00 59 CO 109.00 ca.00 7;0.07 35 CO 106.00 6.105.00 k Aug 05 04 11:51a GRC ASSOCIATES INC 7149852880 p.23 i ai+ 11 3 '� YerGO 6 5.+ am4�. CA 01193 4 Q6a06]4]U 1 Fetf'o ;6u ns Ini(r-Oft (M-107 �aYr°f �loeolly mvlrt year fie" %rL• ,I i iatiM%oo Close Pat.' � °1y 29. :OOa tact.. No lt6:e -9L P00M Felit bats. JJly N , 2er< to tat mc. P`;. Art,on Cei Page PO.emean. G 1 B E8T1MATE 0 C (f L 0 (rS&G STATEMENT . 00PPOMPP: Yvonne aa91n10n 6217 AtCeOn SCraet Posemeeo, CA 01770 Title Charges: 625 00 LenCara ride Fa11cY l'n.06 9,b- E6Cro'+ Fee %5.00 Pac.,d Tru9t 0e0c '25.00 Tlcle Mire Vee Eecrow Fees: 550.:6. E.Crou fate 10.00 Notary fee' 25.00 rellera: E.Pre9e 300.00 Nolr1 For Final Pr9uree 1,51].66 CPOat a.sae,i4] q 1 P vs.e0o. r Totals N ICE: IIma eecamatao Oein9 .CatemenG 10 e¢ Jatt t0 C1u09ea• Cutrartioas cr aotlltlono of t rime of deal coaquc.tlon of cloo.ne .��c cow acatam 0