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Fair Market Value_1553 Maple Street1°®: The Honorable Mayor and City Council Members FR®M: Michael C. Van Milligan, City Manager SUBJECT: Bee Branch Creek Restoration Project -Property owned by Milton Schwartz at 1553 Maple Street ®A1' May 13, 2009 Assistant City Attorney Tim O'Brien is recommending that the fair market value of 1553 Maple Street be established at $62,000 and authorization be given for the City Attorney to commence negotiations with the property owner for purchasing the property in furtherance of the Bee Branch Creek Restoration Project. I concur with the recommendation and respectfully request Mayor and City Council approval Michael C. Van Milligan MCVM:Iw Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Tim O'Brien, Assistant City Attorney ~~ THE CITY OF r" ~~ _~ ~ ~ Masterpiece os2 tlTe Mississippi .1AMES (1'IM) A. ®'RIEN, ESQ. ASSISTANT CITY ATTORNEY °li o: Michael C. Van Milligen City Manager DATE: April 29, 2009 RE: Bee Branch Creek Restoration Project -Property owned by Milton Schwartz at 1553 Maple Street In order to move ahead with acquisition of the property by eminent domain, it is necessary to have the property appraised and establish the fair market value of the property in order to make an offer to the property owner for the purchase of the property. The property has been appraised at $62,000.00. Enclosed is a resolution establishing the fair market value of the property for $62,000.00. I would request that the enclosed resolution establishing the fair market value and authorizing the City Attorney to commence negotiations with the property owner for the purchase of the property be submitted to the Mayor and City Council for consideration and approval. Enclosure cc: David Harris, Housing & Community Development Director Milton Schwartz F:\USERS\tsteckle\O'Brien\Bee Branch Creek Restoration Project\Schwartz Milton\MVM_FMVResolution0518Agenda_042909.doc OFFICE OF THE CITY ATTORNEY DUBUQUE, IOWA SUITE 330, HARBOR VIEW PLACE, 300 MAIN STREET DUBUQUE, IA 52001-6944 TELEPHONE (563) 583-8550 / FAx (563) 583-1040 / EMAIL tiobrien@cityofdubuque.org Preparer: James A. O'Brien Suite 330, Harbor View Place, 300 Main Street Dubuque, Iowa 52001 (563) 583-8550 RESOLUTION NO. 166-09 ESTABLISHING THE FAIR MARKET VALUE OF REAL PROPERTY AT 1553 MAPLE STREET, DUBUQUE, IOWA, OWNED BY MILTON SCHWARTZ WHEREAS, Milton Schwartz (Owner) is the owner of the real property at 1553 Maple Street legally described as follows (the Property): Northerly'/2 of Lot 289 in East Dubuque No. 2, an Addition in the City of Dubuque, Iowa, according to the recorded plat thereof and WHEREAS, the City of Dubuque (City) intends to acquire the Property for the Bee Branch Creek Restoration Project; and WHEREAS, Iowa law requires that City must make a good faith effort to negotiate with Owners to purchase the Property before proceeding with condemnation; and WHEREAS, City may not make an offer to purchase the Property which is less than the fair market value City has established for the Property; and WHEREAS, City has caused an appraisal of the Property to be made and the appraised value of the Property is $62,000.00; and WHEREAS, the City Council now desires to establish the fair market value of the Property. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA AS FOLLOWS: 1. The fair market value of the Property is hereby established to be $62,000.00. 2. The City Attorney is hereby authorized to commence negotiations with the Owner of the Property and any other interested parties for the purchase of the Property for a purchase price which is not lesss than the fair market value established by this Resolution. Passed, approved and adopted this 18th day of May, 2009 Roy D. Buol, Mayor Attest: Jeanne F. Schneider, City Clerk File No. 08-619 Pa a #2 ~~~<'. .h •~=~`l AK ,, Ti . -. , - _,.~ ~v ~,~,., ~ 3 { ~ S - ~ ~ I 4 r ti",raw" e ~V~, `- ,. rTi ~~ '~~ .1 ~,.. 3~r 23 ~ 1#~' '#~ `~ 4 .a. . i ~ C"S = F S[r{~ y ~~ ~ ~.; ~ f F'$' ~A+. ~ r ~ ~'` 9 ~ ' . t t . ~- ( 11 M1 t '~% r jY; A 4 y 5 } ~~la ~ ~`t 1 ~ ~t !'~ t~ ,~ ~~- { ~, F~ ~€ =7S ~ t t h S Y ~ w ~ > ' " . ~. 4+F~4 x s A 'Y r- "~ } .. 3 ~. 3 '. A E ~~ { -i l3~ y '~. `,f .. 5 R ~ '~ 2il ~ ~~ ,: it t` r i ' s aT` .la' F { ~' ~~~'' u _._.__._ ~~ APPRAISAL OF REAL PROPERTY LOCATED AT: 1553 Maple St N 1/2 Lot 289 East Dubuque Addition Dubuque,lA 52001-4962 FOR: City of Dubuque 50 West 13th St. Dubuque', IA 52001 AS OF: July 18, 2008 BY: Joseph R. Small Kane Appraisals & Real Estate Services, Inc. 14858 West Ridge Lane, Suite #8 Dubuque, Iowa 52003 Kane Appraisal & Real Estate Services, Inc. Form GA2 - "WinTOTAL"appraisal software by a la mode, inc. -1-80D-ALAMODE Client Cit of Dubu ue File No. OS-619 Property Address 1553 Ma le St City Dubu ue County Dubu ue State IA Zip Code 52001-4962 Borrower Schwartz, Milton TABLE OF C®NTENTS Invoice .......................................................................... .................................................................................................................................................... 1 Cover Page ................................................................... .................................................................................................................................................... 2 Letter of Transmittal ..................................................... ..................................................................................................................................................... 3 Summary of Salient Features ......................................... ..............................................................................................:..................................................... 4 URAR ............................................................................ .................................................................................................................................................... 5 Subject Photos .............................................................. ..................................................................................................................................................... 11 Comparable Photos 1-3 ................................................. .................................................................................................................................................... 12 Building Sketch (Page -1) ............................................. .................................................................................................................................................... 13 Plat Map ........................................................................ .................................................................................................................................................... 14 Neighborhood Map ........................................................ .................................................................................................................................................... 15 Location Map ................................................................. .................................................................................................................................................... i6 Flood Map ...................................................................... .................................................................................................................................................... 17 Form TOCNP - °WinTOTAL"appraisal software by a la made, inc. -1-800-ALAMODE File No. OB-619 Pa a #3 Kane Appraisals & Real Estate Services, Inc. 14858 West Ridge Lane, suite #8 Dubuque, Iowa 52003 City of Dubuque 50 West 13th St. Dubuque', IA 52001 Re; Property: 1553 Maple St Dubuque,lA 52001-4962 Borrower; Schwartz, Milton File No.; 08-619 In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. The purpose of this appraisal is to estimate the market value of 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 and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The value conclusions reported are as of the effective date stated in the body of the report and contingent upon the certification and limiting conditions 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 additional service to you. Sincerely, Jose h R. Small File No. OB-619 Pa a #4 SUMMARY ®F SALIENT FEATURES Subjeet Address 1553 Maple St Legal Description N 1/2 lot 289 East Dubuque Addition City Dubuque County Dubuque State IA Zip Code 52001-4962 Census Tract 0001.00 Map Reference Sale Pdce $ Date ct Sale Client City of Dubuque Borrower Schwartz, Milton Size (Square Feet) 1,512 Price per Square Foot $ Location urban/avg Age 1890 Condition average Total Rooms 5 e Bedrooms 2 Baths 1.5 Appraiser Joseph R. Small Date of Appraised Value July 18, 2008 Final Estimate of Value $ 62,000 Form SSD - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE Kane Appraisal & Real Estate Services, Inc. File No. 08-619 Page #5 URAR Uniform Residential Appraisal Report File# 08-619 The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Pro a Address 1553 Ma le St Ci Dubu ue State IA Zi Cotle 52001-4962 Borrower Schwartz, Milton Owner of Public Record Schwartz, Milton County Dubu ue z': Le al Descri lion N 1!2 Lot 289 East Dubu ue Addition = Assessor's Parcel # 10-24-284-010 Tax Year 2006 R.E. Taxes $ 714.00 ` Nei hborhood Name Ma le StreeUl6th Street area Ma Reference Census Tract 0001.00 Occupant ^ Owner ®Tenant ^ Vacant 5 ecial Assessments $ none ^ PUD HOA $ ^ per year ^ per month " Pro erty Rights A raised ®Fee Sim le ^ Leasehold ^ Other describe Assignment Type ^ Purchase Transaction ^ Refinance Transaction ®Other describe Estimatin Market Value for Ac uisition for Bee Branch Lentler/Client Cit of Dubu ue Address 50 West 13th St. Dubu ue' IA 52001 Is the subject ro erty currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? ^Yes ®No Re ort data sources used, offerin rice s ,and dates . Public Records/Owner I ^ did ^ did not analyze the conVact for sale for the subject purchase Vansaction. Explain the results of the analysis of the contract for sale or why the analysis was not erformed. Contact Price $ Date of Contract Is the property seller the owner of public record? ^Yes ^ No Data Source s Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? ^Yes ^ No If Yes, re ort the total dollar amount and describe the items to be paid, none Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood characteristics One-Unit Housing Trends One-UhtHousing Presept Land Use za Location ~ Urban ^ Suburban ^ Rural Pro erty Values ^ Increasing ®Stable ^ Declining PRICE AGE One-Unit 70 % . Built-Up ®Dver 75% ^ 25-75% ^ Under 25% Demand/Supply ^ Shortage ®In Balance ^ Over Supply $ 000 (yrs 2-4 Unit 10 % Growth ^ Rapid ®Stable ^ Slow Marketing Time ^ Under 3 mths ®3-6 mihs ^ Over 6 mths 35 Low 60 Multi-Family 2 % Neighborhood Boundaries Nei hborhood boundaries would be considered 22nd Street to the north, Elm 85 High 120 Commercial 85'0 Street to the east, 10th Street to the south and Central Avenue to the west. 70 Pred. 100 Other 10 Neighborhood Descri lion The sub'ect ro ert is located in a mix use net hborhood sin le farm ,multi-famil with commercial ro erties with ro erties t icall avera a maintained. No detrimental influences observed in sub'ect net hborhood. The sub'ect ro ert and home conform to the trend of the net hborhood. Market Conditions including support for the above conclusions See attached addenda. D'Imensions fronta a/rear 25' sides 100' Area 2,500 sf Shape rectan ular Vew residential specific Zoning Classification HI Zoning Description Heav Industrial Zoning Compliance ®Legal ^ Legal Nonconforming Grandfathered Use ^ No Zoning ^ Illegal describe Is the highest and best use of subject ro er as im roved or as ro osed er ions and s ecifications the resent use? ®Yes ^ No If No, describe Utilities Public Other (describe) Public Other (describe) Off-sitelmprovements-type Public Private Electricity ® ^ Water ® ^ Street aved as halt ® ^ Gas ® ^ Sanitary Sewer ® ^ Alley rear ® ^ FEMA 5 ecial Flood Hazard Area ^Yes ®No FEMA Flood Zane X500 FEMA Ma # 19518000038 FEMA Map Date 9/6/1989 Are the utilities and off-site improvements typical for the market area? ®Yes ^ No If No, describe Are there any adverse site conditions or external factors easements, encroachments, environmental conditions, land uses, etc. ? ^Yes ®No If Yes, describe Zone X500 is inter reted as a low flood risk area. The sub'ect site is pearl level to accommodate the e>ostin home. No adverse easements or encroachments were observed. Draina e a ears ode uate to lot lines. -~ General Descri lion Foundation ___._ Exterior )escr) ion mateflals/condition Interior materfatslcondition Units ^ One ^ One with Accessory Unit ^ Concrete Siab ^ Crawl Space Foundation Walls stone/av Floors car et/vin I/av # of Stories 2 ®Full Basement ^ Partial Basement Exterior Walls vinl /av Walls dr all/av Type ®Det. ^ Att. ^ 5-Det./End Unit Basement Area 903 s .tt. Roof Surface as halt shin le/av Trim/Finish wood/av Existin Pro osed Under Const. Basement Finish 0 % Gutters & Downs outs none Bath Flocr vin /av Design S le 2 stor av ^ Outside Entry/Exit ^ Sum Pum Window Tye dh/casemenUav Bath Wainscot fiber lass/av Year Built 1890 Evidence of Infestation none noted Storm SashAnsulated eslav Car Stora a None Effective Age (Yrs) 25 ^ Dampness ^ Settlement Screens eslav ^ Driveway # of Cars Attic ^ None Heatin ®FWA ^ HW66 ^ Radiant Amenities ^ Weodstove s # Drivewa Surface ^ Drop Stair ^ stairs ^ Other Fuel pat as ^ Fireplace s # ®Fence chain link ^ Garage # of Cars Finer ®Scuttie Cooling Central Air Conditioning ®Patio/Deck 1 ®Porch front ^ Car ort # of Cars ^ Finished ^ Heated ^ Individual ^ Other ^ Pool ^ Other ^ Att. ^ Det. ^ Built-In A liances ®Refrigerator ~ Range/Oven ^ Dishwasher ^ Dis osal ^ Microwave (P] WasherNryer ^ Other describe Finished area above grade contains: 5 Rooms 2 Bedrooms 1.5 Baths 1,512 Square Feet of Gross Living Area Above Grade . Additional features s ecial ener efficient Items, etc.. The sub'ect has a 100 am breaker t e electrical service "Whirl ool" 30 allon as water heater ( and a "Ta an" forced hot air furnace vvith no central air. Describe the condition of the ro er inclutlin needed re airs, deterioration, renovations, remotlelin ,etc.. Sub'ect home a ears to be in avera a condition for a home of sub'ect a e and t e with normal h sical de reciation estimated herein. No measurable functional or external obsolescence was observed. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? ^Yes ®No if Yes, describe Does the roe generally conform to the neighborhood functional utility, style, condition, use, construction, etc. ? ®Yes ^ No Ii No, describe Freddie Mac Form 70 March 2005 Page 1 of 6 Fannie Mae Form 1004 Maroh 2005 Form 1004 -°WinTOTAL"appraisal software by a la mode, inc. -1.800-ALAMODE File No. 08-619 Pa a #6 URAR Uniform Residential Appraisal Report File# 08-619 `; ~ There are 7 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 54,000 to $ 64,900 `'=?There are 2 com arable sales in the subject neighborhood within the past twelve months ranging in sale rice from $ 53,000 to $ 60,750 { FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 ]~ Address 1553 Maple St Dubu ue IA 52001-4962 357 East 16th Street Dubu ue, IA 2955 Pinard Street Dubu ue, IA 100E 25th Street Dubu ue, IA Pro>ami to Sub'ect 0.13 miles W 1.35 miles NW _0_._79 miles NW Sale Price $ __ $ 53,000 $ 63,500 _ $ 60,750 Sale Price/Gross Liv. Area $ sq.tf. S 39.52 5 .ft . ~ $ 75.96 5 .ft. $ 45.20 5 .ft. _ Data Sources '. I DMLS/Ins ect DMLS/Ins ect DMLS/Ins ect Verification Sources Exterior Exterior Exterior VALUE ADJUSTMENTS DESCRIPTION ! DESCRIPTION + - $ Adjustment DESCRIPTION + - $ Adjustment DESCRIPTION + - $ Adjustment Sales or Financing Concessions Conventional Financin Conventional Financin Conventional Financin Date of Sale/fime 11 /1107 5/16/08 4/16/08 Location urban/av urban/av urban/av urban/av Leaseholtl/Fee Sim le fee sim le fee sim le fee sim le fee sim le Site 25' X 100' av 48' X 33' av 100' x 74' av -5,000 34' x 100' av Uew residential av residential av residential av residential av Design Style 2 sto av 2 sto av 2 sto av 2 sto av Quali of Construction frame/av frame/av frame/av frame/av Actual Age 1890 1890 1900 1890 Condition avera a avera a avera a avera e Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count 5 2 1.5 5 2 1 +2 500 5 2 1.5 5 2 1.5 Gross Living Area 1,512 5 .ft. 1,341 sq.ft. +2,052 836 sq.ft. +8,112 1,344 sq.ft. +2,016 Basement & Finished Rooms Below Grade 100% 0% fin none partial 0% fin none 100% 0% fin none partial 0 % fin none Functional Utili avera a avera a avera a avera e Heating/Cooling fha/none fha/none fha/ca -1 000 fha/none ,• Ener Efficient Items avera a avera a avera a avera e Garage/Carport none none none 2 car det -5,000 - Porch/Pafio/Deck orch/deck none +4 000 atio +2 000 deck +2 000 • Net Adjustment Total ®+ ^ - $ 8 552 ®+ ^ - $ 4 112 ^ + ®- $ -984 Adjusted Sale Price of Cam arables Net Adj. 16.1 % Gross Adj. 16.1 % $ 61,552 Net Adj. 6.5 % Grass Adj. 25.4 % $ 67,612 Net Atlj, 1.6 % Gross Adj. 14.6 % $ 59,766 - I ®tlitl ^ did not research the sale or transfer hi story of the subject property and com arabl e sales. If not, ex lain M research ^ did ®tlitl not reveal any rior sales or transfers of the subject re erry for the three years rior to the effective date of this a raisai. Data Sources Public Records M research ®tlitl ^ did not reveal an rior sales or transfers of the com arable sales for the ear rior to the date of sale of the com arable sale. Data Sources Public Records Re ort the results of the research and anal sis of the rior sale or transfer histo of the subject roe and com arable sales re ort additional rior sales on a e 3 . ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior 5ale/Fransfer NIA 3/31/06 10/28/05 5/2/07 Price of Prior Sale/Transfer NIA $50,000 $57,500 $74,000 Data Sources ublic records ublic records ublic records ublic records Effective Date of Data Source 5 7/16/06 7/21 /08 7/21/08 7/21 /08 Anal sis of rior sale or transfer histo of the subject ro er and com arable sales No sale of sub'ect in ast three ears. Sale of com arable #1 & #2 a ears to be a reasonable market oriented transaction. Sale of com arable #3 a ear to be a above market transaction in ast three ears. Summary of Sales Com orison A roach Sub'ect com ared to 3 similar 2-level st le homes. A$12.00/SF size ad'ustment made based on market data. A $5,000 site, $2,500 bathroom, $1,000 central air, $2,500 er ara a and a $2,000 orch! atio/deck ad'ustment were made based on market data. Estimated sub'ect Market Value herein of $62 000 calculates to $41.01/SF which is within the actual sale rice er SF ran a of com arable sales and deemed a ro riate based on sub'ect location, ualit and condition. All sales considered and iven wet ht in the fnal anal is. Indicated Value by Sales Com orison A roach $ 62 ODO Indicated Value by: Sales Comparison Approach $ 62,000 Cost Approach (if developed) $ n/a Income Approach (if developed) $ n/a Re roduction data iven no wet ht due to de reciation. Income data inade uate as bu ers do not t icall urchase sub'ect rofile ro erties for rental, investment, Sale Com orison A roach iven all the wet ht as the best evidence of sub'ect Market Value. Sub'ect home is • rented to a Tamil . - This appraisal is made ®"as is", ^ subject to completion per plans and specifications on the basis of a hypothetical conditlon that the improvements have been completed, ^ subject to the following repairs or alteraBons on the basis of a hypothetical condition that the repairs or alterations have been completed, or ^ subject to the • following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or re air: ~'; Based on a complete visual Inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $ 62,000 , as of Jul 18, 2008 ,which is the date of ins ection and the effective date of this a raisah Freddie Mac Form 70 March 2005 Page 2 of 6 Fannie Mae Form 1004 March 2005 Form 1004 - "WinTOTAL"appraisal software by a la mode, inc. -1-800-ALAMODE File No. 08-619 Pa a #7 URAR Uniform Residential Appraisal ReporC File# 08-619 •URAR :Nei hborhood -Market Conditions Local econom is strop and this trend is antici ated to continue. Pro ernes in sub'ect net hborhood have avera a market a cal. Avera e location with avera a distance to schools sho in and em to ment centers. Sin le famil values are stable due to favorable interest rates, terms and market demand. Seller/Lender discounts, bu downs and concessions are not t ical. T icall ro erties in the sub'ect net hborhood have a ood marketin eriod of 3-6 months. No unusual vacancies or ro ernes for sale observed in sub'ect net hborhood. COST APPROACH TO VALUE (not required by Fannie t+fae) Provide adequate information for the lender/client to replicate the below cost figures and calculations. -- 5u ort for the o inion of site value summa of com arable land sales or other methods for estimatin site value ESTIMATED ^ REPRODUCTION OR ^ REPLACEMENT COST NEW OPINION OF SITE VALUE ...................................................................... _$ Source of cost data DWELLING 5 .Ft. @ $ __._...... _$ Oualit ratio from cost service Effecfive date of cost data S .Ft. @ $ .___.__. _$ - Comments on Cost Approach gross living area calculations, depreciation, etc. _$ Marshal & Svvift Valuation Service cost data used to estimate Gara a/Car Drt 5 .Ft. @ $ _ _ _$ re roduction cost. Total Estimate of Cost-New ... - .. _$ less Physical Functional External Depreciation =$ De reciated Cost of Im rovements .................................................... _$ "As-is° Value of Site Im rovements ............._.._._..._......_..._..._.._._._. _$ Estimated Remaining Economic Life (HUD and VA only) Years INDICATED VALUE BY COST APPROACH __ .._.__ _ ... =S INGDfAEAPPROACH r0VALUE (not~equired p Fannie bloc) Estimated illantaly PAarkel Henf S__ X Gross Rent Multiplier = $ Ind`ca(ed Value b Summary of Income Approach ('mclud'ng suppo for market rent and GRM y Income Aooroach PROJECT I NFORMATION FORT'UDs{if applicable) Is the develo er/builder in oonUol of the Homeowners' Association HOA 7 ^ Yes ^ No Unlt e s ^ Detached ^ Attached Provide the following information for PUDs ONLY if the develo erlbuilder is in control of the HOA and the sub"ect ro erry is an attached dwelling unit. Le al Name of Prc'ect Total number of hoses Total number of units Total number of units sold Total number of units rented Total number of units for sale Data source s Was the project created by the conversion of e>asting buildings Into a PUD? ^ Yes ^ No If Yes, date of conversion. Does the roject contain an multi-dwelling units? ^ Yes ^ No Data Source Are the units, common elements, and recreation facilities com lete? ^ Yes ^ No If No, describe the status of com letion. Are the common elements leased to orb the Homeowners' Association? ^ Yes ^ No If Yes, describe the rental terms and o lions. Describe common elements and recreational facllities. Freddie Mac Form 70 March 2005 Page 3 of 6 Fannie Mae Form 1004 March 2005 Form 1004 - "WinTOTAL" appraisal software by a la mode, ins. - t-800-ALAMODE File No. 08-619 Pa a #8 I IRAR Uniform Residential Appraisal Report File# OB-619 This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCDPE ®F ~®CiK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. IP~YE~[DED I~SE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. IC~TE~DED tDSEFB: The intended user of this appraisal report is the lender/client. DEFi[~IYi0~8 DF ~!~RKET VALtfE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STI~TE~Ef~Y ®F ASSflDIyfPYiOC~S ACED Lifi~iiTi i~-t~ COCNDITi®I~S: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 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, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader 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 noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no 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 do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in pertorming the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be pertormed in a professional manner. Freddie Mac Form 70 March 2005 Page 4 of 6 Fannie Mae Form 1004 March 2005 Form 1004 - "WinTOTAL"appraisal software by a la mode, inc. -1-800-ALAMODE File No. OB-619 Pa a #9 I IRAR Uniform Residential Appraisal Report File# 08-619 AE~RAISER'S CERTiFICATI®V~: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7- I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9- I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10- I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 March 2005 Page 5 of 6 Fannie Mae Form 1004 March 2005 Farm 1004 - "WinTOTAL"appraisal software by a la mode, inc. -1-800-ALAMODE File No. OB-619 Pa a #10 Uniform Residential Appraisal Report File# 08-619 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVIS®RY APPRAISER'S CERTIFICATI®V~: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either asub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISE Signature Name Jos h R. mall Company Na Company Address 14858 West Ridge Lane, Suite #8 Dubuque IA 52003 Telephone Number (563) 556-2068 Email Address kappraisal(a~yousq:net Date of Signature and Report July 21, 2008 Effective Date of Appraisal July 18,2008 State Certification # CR02739 or State License # or Other (describe) State # State IA Expiration Date of Certification or License 6/30/2009 ADDRESS OF PROPERTYAPPRAISED 1553 Maple St Dubuque, IA 52001-4962 APPRAISED VALUE OF SUBJECT PROPERTY$ 62,000 LENDER/CLIENT Name Company Name City of Dubuque Company Address 50 West 13th St., Dubuque', IA 52001 Email Address SUPERVISDRY APPRAISER (O~CLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY ^ Did not inspect subject property ^ Did inspect exterior of subject property from street Date of Inspection ^ Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES ^ Did not inspect exterior of comparable sales from street ^ Did inspect exterior of comparable sales from street Date of Inspection Freddie Mac Form 70 March 2005 Page 6 of 6 Fannie Mae Form 1004 March 2005 Form 1004 - "WinTOTAL"appraisal software by a la mode, inc. -1-800-ALAMODE File No. OB-619 Pa a #i t Subject Photo Page ~4 ~ Z:. ~i -3 }c' _ - ~, +Ln ~' cu~''`~ r.. ~ iY .w~.. ~_~.WH TAR- v,. ~1~ .~ k .. \~ Subject Front 1553 Maple St Sales Price GLA 1,512 Total Rooms 5 Total Bedrms 2 Total Bathrms 1.5 Location urban/avg Mew residential avg Site 25' X 100' avg Quality frame/avg Age 1890 Subject Rear Subject Street Form PIC4x6.SR -"WinTOTAL° appraisal software by a la mode, inc. -1-800-ALAMODE File No. D8-619 Pa a #12 Comparable Photo Page Cllent Cit of Dubu ue Property Address 1553 Ma le St City Dubu ue County Dubu ue State IA Zip Code 52001-4962 Borrower Schwartz, Milton - - ~', - -- Comparable 1 4~:~ 357 East 16th Street !`~~ - Pm>amity 0.13 miles W ~ ~x'~ ~:~~ Sale Pdce 53,000 _ :` -~ ~-'°x '~',. GLA 1,341 Total Roams 5 ~+ ~ Total Bedrms 2 /~ ~ ' ~ -~- ' Tonal Bathrms 1 ~.~ - / _ ~t ~ Location urban/avg ~ ! ;, ~' >j ~ ~ ~ _ ~ ~ ~.._ ;=a=te=_ Vlew residentlalavg - # r= ~ ~ Site 48' X 33' avg n... _ - -y Quality frame/avg 1 ! ! ~k- ~ ~ ~~ ~~'~ Age 1890 aL' p~ tf' _ _ .~ . _. 4~ 'U Fi ~ ~ F 1y.~ i} '" ~. ~•`~'~~ - ts.2i xd ~ ~- ll Y , x. j~! t~ I ~ l S 4,~ ~ i•.~~7I~-.xs. .r?d ,'~`6- r, . Y 17 ~ ;;t ~Y ~ ~~` . i 3 Y~ . _' AS ..:, . ,,. ,..a _ i. - 1 ~~ ~ K ~~~~ b ~.y~W ~ ~~,~ i~ '-~ _~ 1z %~~', f .~ ~~ ~1{ r ~ a 1 ~ ~, x~ ~ ~1 ~'~T~ } r , tip. i ;;` `~ ~ i s , \ y . ~ _ t . ~ ' /~ r ~';'T ~ c i ~ .~ ~ k ~ 6 t~ . ~ ~ ~; ~ y ~ 1 4~ - a ~, k ? rP „"x`-ts.~ s ~tii.~iv. we ~ ti > i,! ~~~ I .t;~ ~ J,.Y~o E~- ~Zl:;. ~ .. . ~ R - __...~_ _ 1 `i 4Y-h 4 ,~ }{ i P ~_\ ~ y •~, ~ ~ .~ Comparable 2 2955 Pinard Street Proximity 1.35 miles NW Sale Price 63,500 GLA 836 Total Rooms 5 Total Bedrm s 2 Total Balhr ms 1.5 Location urban/avg Vew residential avg Site 100' x 74' avg Quality frame/avg Age 1900 Comparable 3 100E 25th Street Proximity 0.79 miles NW Sale Price 60,750 GLA 1,344 Total Roam s 5 Total Bedrm s 2 Total Bathr ms 1.5 Location urban/avg Vew residential avg Site 34' x 100' avg Quality frame/avg Age 1890 Form PIC4x6.CR - °WinTOTAI° appraisal software by a la mode, inc. -1-8D0-ALAMODE File No. OB-679 Pa a #13 Building Sketch Client Cit of Dubu ue Property Address 1553 Ma le St City Dubu ue County Dubu ue State IA Zip Code 52001-4962 Borrower SchwaRz, Milton First Floor I_ -- zt-o~ ---j Basement d Deck Woo 2 Laundry t'0 21.0' Second Floor Kitchen Dining Room ~°~ Bedroom o Bath v 0 ~ ai Bath `~ living Room Bedroom 27.0' I ~ Porch I ~ is_o'_~ Not to Scale s~~,srroe.~» Comments: Code - AREA CALCULATIONS SUMMARY Description '-Net Size Net Totals' GLAl First Floor 9113.0 Second Floor 609.0 1512,0 BStTT Basement 9D3.0 903.D P/P Porch 96.0 Deck 168.0 264.D Net LIVABLE Area (Rounded) 1512 LIVING AREA BREAKDOWN Breakdown Bu6totais - First Floor 21.0 x 43,0 903.D Second Floor 21.0 x 29.0 6D9.0 2ltems (Rounded) 1512 Form SKT.BIdSkI - "WinTOTAL° appraisal software by a la mode, inc. -1-800-ALAMODE Plat nAap Client Cit of Dubu ue Property Address 1553 Ma le St City Dubu ue Counry Dubu ue State IA Zip Cade 52001-4962 Borrower Schwartz, Milton Form MAP.PLAT - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMDDE File No. OB-619 Pa a #15 tdeighborhood itAap Client Cit of Dubu ue Pro erty Address 1553 Ma le St City Dubu ue Counry Dubu ue State IA Zip Code 52001-4962 Borrower Schwartz, Milton _ s la mode, inc.' . 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L~~~B l ~ Fy ~ 41n~ ~ ~. - r~ W 4>'g ~ ~ J! - ,,,a ~ f ` 91 ~ ~ . UR`~ ~~ c', ~ . ~~ ~i. WL1 i aa? ' ~' ' ~ S ~ wf ~ F 9L ~ M ua Virtual Earth M . ~ "'-'~' '\ `. L '~7 :i tids Form MAP.LOC - °WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE Flle No. OB-679 Pa a #16 Location Map Client Cit of Dubu ue Property Address 1553 Ma le SI City Dubu ue County Dubu ue State IA Zip Cotle 52001-4962 Borrower Schwartz, Milton a la mode, inc: ~w>~.~2a~~~~~,. ~~ w.;~,~d .Eo- ~-~~ P~.,~ ' ~ ~y l ~~ 1. 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'. ~ ~i ` 4. ... .- ' 41,b w ~ ~ J } C.. aCc~; r,tr~~C'iu6 t ~ L ~ _,,,,, c 1t ~ - .... µyry~ u L ~ o , I E1 u ~ ( ~ a~ I 1 -.~ ie ~ 4 a b m-~ ' Virtual Earth .~„an; ci A ~er'° r~.~ ~} ~ f! ` 1 ~c~ Sal rAs Form MAP.LOC - °WinTOTAI° appraisal software by a la mode, inc. - t-800-ALAMODE File No. OS-619 Pa a #17 Flood IIAap Client Cit of Dubu ue Property Address 1553 Ma le St City Dubu ue County Dubu ue State IA Zip Cotle 52001-4962 Borrower Schwartz, Milton _. ~~~~~~~~ ,. --- ~ ' ~ n mode w1,vw.tnter[tood.con~ • 1•, C;o ':?-~n~33 Prepared for: Kane Appraisal & Real Estate 5elvices, Inc. 1553 Maple St Dubuque, IA 52001-4962 _ _ -r-- , ~ __ _ __ _ _ __ -- - ~ i I ~ , .^r - - ~ ~ ~ `. t ~ 4 , , / ~~ ~ ~ 2C7NE. X ~ ~- ; ~ ~~ ~ ~ ~ :y ~ ~, ~ ~ - ~~~ - ,r s ~ ~~ ~~~ 1 , 15 ~~ ! lY _ _ , ,~ ~1 i~ ~ ~' l i'.. ~ LF Jlt cif T1.~ Fly 1 1 i _•11' ,l ~~ I E f1 = I 4' a l- '~ ' = F ' E ~ ~ ' j , ! i C. 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Form MAP.FLOOD - °WinTOTAL"appraisal software by a la mode, inc. - t-800-ALAMODE