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Request to Demolish 1051 White StreetPlanning Services Department City Hall 50 West 13~ Street Dubuque, IA 52001-4864 (563) 589-4210 phone (563) 589-4221 fax (563) 690-6678 TDD planningQc~ofdubuque.org THE CITY OF ~ ~"'~ ~J ~ V L. c %~ib't~.ti ~~~ April 24, 2007 The Honorable Mayor and City Council Members City of Dubuque City Hall - 50 W. 13t" Street Dubuque, IA 52001 RE: Request for Demolition Permit Applicant: Robert and Sandra Smith Location: 1051 White Street Conservation District: Downtown Neighborhood Conservation District Description: To demolish the building Dear Mayor and City Council Members: The City of Dubuque Historic Preservation Commission has reviewed the above-cited request. The application, staff report and related materials are attached for your review. Discussion Robert Smith, owner and applicant, cited reasons supporting his request to demolish the building at 1051 White Street, focusing primarily on the poor condition of the structure since he purchased it in 1990. Assistant Planner David Johnson noted the Phase III Architectural and Historical Survey/Evaluation Report identified the building as having local historical interest. He noted Mr. Smith has been notified by the Housing and Community Development Department as to Housing Code violations. He also noted the Building Services Department has notified Mr. Smith of violations amounting to demolition by neglect. There were no public comments. The Historic Preservation Commission discussed the request and supporting documentation, finding that the structure has historical or architectural significance; however, denial of the application would prevent the property owner from earning a reasonable economic return on the property. The Honorable Mayor and City Council Members April 24, 2007 Page 2 Recommendation By a vote of 6 to 0, the Historic Preservation Commission recommends demolition of 1051 White Street noting that the building does have historical and architectural significance; however, denial of the application would prevent the property owner from earning a reasonable economic return on the property. A simply majority vote is needed for the City Council to approve the request for demolition. Respectfully submitted, Christine Olson, Chairperson Historic Preservation Commission Attachments cc: Rich Russell, Building Services Manager David Heiar, Economic Development Director David Harris, Housing & Community Development Director Crenna Brummell, Assistant City Attorney Gty of Dubuque ~ crrr of Planning Services Department DUB E Dubuque, IA 52001-4864 Phone:563-589-4210 ~~ ~ a~,~ Fax: 563-589-4221 PLANNING APPLICATION FORM ^ Variance ^Rezoning ^Simple Site Plan ^Annexation ^Conditional Use Permit ^Planned District ^Minor Site Plan ^Temporary Use Permit ^Appeal ^Preliminary Plat ^ Major Site Plan ^Certificate of Economic Non-Viability ^Spedal Exception ^Minor Final Plat ^ Major Fnal Plat ^Certificate of Appropriateness ^Limited Setback Waiver ^Text Amendment ^Simple Subdivision Other: ~~Fi~TiD.y T~F.eK~s Please tvt~e or arint le4 ibiv in ink Property owner(s): ~o~ Eer' ~- ~.a w~lL,e ~i~. rr-N Phone: ,f.~ ?- d"' 8~ ~ 6 /7~ Address: 2735r!amsNaaeo ~-r Clty: ~~auav~ State :~_ Zip: S"Zou/ Fax Number: Mobile/Cellular Number: Applicant/Agent: ~N.v B as A8o v~ Phone: Address: Fax Number: Site location/address: Existing zoning: ~' ~ Gty: State: Zip: Mobile/Cellular Number: Proposed zoning: ti ~ Historic District: ~_ Landmark: ,~^ Legal Description (Sidwell parcel ID# or lot number/blod< number/subdivision): /D -Z~/- ~/7~ - D// ~ar• 1 0~ /irY LoT 33G Total property (lot) area (square feet or acres): ~. a 7 ,n ~a.~s l ~ z y. ~3 Describe proposal and reason necessary (attach a letter of explanation, if needed): cmu~~> ~-~vw~r- JT,/E f/PC .CL~Ga.ctifE.un APP.~IisIL ./Jl' .d Dc'I~/catlnnv i~Erzrsiy ,ram ?bF ~.~~scrr CERTIFICATION: I/we, the undersigned, do hereby certify that: 1. The information submitted herein is true and con-ec~ to ttme best of my/our knowledge and upon submittal bewmes public record; 2. Fees are not refundable and payment does not guarantee approval; and 3. A!I addtional required written and graphic materials are attached. /? t a? - p~D - D Property Owner(s): ~~~: Date: T Applicant/Agent: Date: FOR OFFICE USE ONLY -APPLICATION SUBMITTAL CHECKLIST Fee: ->9- Received by: ^Site/sketch plan ^ Conceptual Development Plan Date: Docket: ^Photo ^Plat ^Improvement plans ^Design review project description ^Fioor plan ^Other: /~ ~-,4--ems' ~~ F_,~~~L/W~C/~~- ~~ , ,.~ / ~ t ~ ..~ ~` J~ ~~ ~~~ ~a~ ~~~ a ~/o x~-~ iy~J~ ~ ~. - We hereby submit specifications and estimates for. J~ d /i ~ol~ dl f~o~ii c ~r ~CGf"/.. / ~/ /~ /lt ~~ P e ~it.a p < ~IJ~~ ~- /C C N~o ~ ~ ~ ~4 • l? i ti ~ /' ~f /Cri~j` ~GIC ~[ t~ ' ~` LaUA~ -L D' //_T_~'f~ ~ k !~ ~. LAC ~a ,Ld' , - / ' ~d~re ./ ~~~L r~.r~ ` ~~JJ ~ H~fo ~C/~~1 / f~L~ih ee~:s,f ~~1~ .~ ~4' d!cr- ~~ It ~.~... ~ N t.t'..;. t + ~i.+Li~/~_~ oye~f i ~' ~. o ri~ ~o~~ ~~i .a4.~ldP ~' ~ /.J ~ 4G~J ~ We prop/ose/hereby to famish material and labor -complete in accordance with the above specifications for the sum of. ~.~1 /l~ar,~.~q~,rJ'_ - -~- ~~~ - Doll with payments to be made as follows, - r !~~ L,y~~~Co`x~••- ~ ~dr'~~ Arty alteration or deviatron from above specifications involving extra wets wiq be Respectfu Ily / executed only upon wrdten order, and wdl become an extra charge over and SUbmltted,,l~ry L dd ~ ~ ~~ ~ J above the estimate. All agreements contingent upon strikes, acddents, or Note - this proposal may be withdrawn by us if rx# accepted wiMin delays beyond our control ~~3~ttx>sae of ~r~~s~x.C The above prices. specifications and oondfions are satisfactory and are hereby SI nature accepted. You are authorized to do the work as speaf' red. g Paymerds wiN be made as outlined above. Date of Acceptance Signature ~~~~ n~~~ Page # of pages /l ~ ~ „ ~ ~J ~/ f ~~ ~~~~~~ F ~ ~ ~~~~ ~~ ~~ ~~ ~ Proposa! Submitted To: ~~~ ~ ® r Job Name Job # Address w~ ~,0~'1/~ti%1~D~'"Gr ~ Job Location i~ r~ ~ ~ ` Dafe Date of Plans Phone # .~(~ `! (Fax # Architect herd by s~~~~('/e(~j~(cjJ'f~i~ons~aind estim~ s for: _ ~~~/{1j~j _ >-' _ ~ /~.j~'~/~y,------/yA- G ~" -~ ~ "-~ 1.5.4 _/~'r-r'/~,4 ,sJ~.r~a-:~!.?~i ----- d ~ ~~..c~s-l' __-- ~~-~___ ~ n ~ a r._ We propose hereby to furnish material and labor -complete in accordance with the above specifications for the sum of: $ Dollars with payments to be made as follows: Any alteration or deviation from above specifications involving extra costs will be Respectfully executed only upon written order, and will become an extra charge over and submitted / above the estimate. All agreements contingent upon strikes, accidents, or delays beyond our control. Note -this proposal may be, ~ drawn by us if not accepted within days. ~ --~ ~cc>~tance of ~ro~o~aY The above prices, specifications and conditions are satisfactory and are Signature `ti'lt" hereby accepted. You are authorized to do the work as specified. Payments wilt be made as outlined above. Date of Acceptance Signature ± NC3819 MADE IN USA ~.~,~~ ~ ~ aa~~ Proposal Submitted To: ) Job Name ~(~ c~ / Address ~ I ~ ~ ~~ ~ Job Location Date I ,r.~ - o a Phone # Fax # We hereby submit specifi/cation/s/and estimates for/. _!~ _.: ~~~ _ -~ t.___ ?~~'s:.: ~,-, D --r-, ~ o ~ . D i # of Job # Date of Plans Architect r,/rte ~ ~ - - ~'f~~.~ _~_ f~~~%~/~~-C .. -- - ---- _ -------- We propose hereby to furnish material and labor -complete in accordance with the above specifications for the sum of: $ Dollars with payments to be made as follows: Any alteration or deviation from above specifications involving extra costs will be Respectfully I executed only upon written order, and will become an extra charge over and submitted ~z Z ~ ~ ~ "~'~j2" above the estimate. All agreements contingent upon strikes, accidents, or delays beyond our control. Note -this proposal may be with n by us if not accepted within days. ~CCPptd1~CP Df ~rD~lD~~r The above prices, specifications and conditions are satisfactory and are Signature ~~~'~-~'~'L' hereby accepted. You are authorized to do the work as specified. Payments will be made as outlined above. Date of Acceptance Signature ~% NC3819 MADE IN USA IOWA STATE BAR ASSOCIATION OfIICIBI Forth No. 142 (rrada-Mark Registered,: FOR THE LEGAL EFFECT OF THE USE OF THIS FORM. CONSULT YOUR LAWYER. $fA7Z. ~° . ~*~ ~~ rte; ~ REAL ESTATE CONTRACT-INSTALLMENTS IT IS AGREED this day of April , 19 ~ by and between HERBERT F. HANSELMANN a/k/a HERBERT HANSELMANN AND ANNE M. HANSELMANN, HUSBAND AND WIFE of the County OF DL73UOUE State of Iowa, Sellers; and ROBERT G. SMITH AND SANDRA S_ SMITH, HUSBAND AND WIFE of the County of D[lRilni~F: State of Iowa, Buyers; That the Sellers, as in this contract provided, agree to sell to the Buyers, and the Buyers in consideration of the premises, hereby agree with the Sellers to Purchase the following described real estate situated in the County of State of Iowa, to-wit: Lot 1 of Lot 336 and the Northerly 28 feet of Lot 271 in the City of Dubuque, Iowa, according to the United States Commissioners' Map thereof, ,~ ~: ,:. r:~ , . together with any easements and servient estates appurtenant thereto, but with such reservations and exceptions of title as may be below stated, and certain personal property if and as may be herein described of if and as an itemized list is attached hereto and marked "Exhibit A' all upon the terms and conditions following: 1.TOTALPURCHASEPRICE Thetxrycagreeslopay+«eaidpropenyu,eeotalas 52. 000. OO due and payable at 2825 Davenport, Dubu(~t1e Dubu~(ae Canty.lowa.aslalows: (a) DOWN PAYMENT of 5 ~ 5 •000 - OO RECEIPT OF WHICH is HEREBY ACKNOWe Fnr_r:n; ar,d (uJeALANCEOFPUFICHASEPRICE. i 37-~-~ .asfopowss 616.33 On Oi_' before June 30, 1990 (interest only), $1869.39 or more at the option of the buyers including principal and interest on or before December 31, 1990 and $1869.39 or more at the option of the buyer: including principal and interest on or before ~ June 30 and December 31 of each and every year thereafter until December 31, 2005 when all remaining principal and interest, shall be due and payable. Interest on the unpaid principal shall be eight percent (8~) per annum from the date of possession until paid in full. No prepayment penalty. 2POSSESS1oN. Buyers.erpywimdueperfomrancenntheirpartshaCbeertlitledtopossessionasadpramisesonme 15th day a Apr i 1 , t9 90 : am merea(ter so king ~ prey snap peAenn me aalgauon~ a this centred. n ~s are rekirg sW>ject to rive righLS or lessees and are entitled to re«a!s merelrom on and after date of p~sidn, so Yrdirata by yes' to the space folwwing NO a TAXES. senors snap pay All fiscal Year 1988-1989 real estate taxes and fiscal veer 1989-1990 real estate taxes prorated to date of possession and any ~ipe:d taxes mseon payable kr pri« years. Buyers shatl pay anY lazes rot aswmed tN Setlara and atl sutxsequerx rains Del«s same txcrxrwr derapuent. WMaver may be resporrsrble f« the paynwtl d said razes. and the sperial ass~rrreras, tl any. Dear year. shat turrrisN to me otlrer partbs evidence a paymem a such items not latter men duy is a earn year. Any prorstlon r# taxes afrtl ba based upon ttrs taxes far the year apnmly paya6la unlsaa tlr partlea state othuwiae. (Deride. for yourself. H that formWa is fair if Buyers are purdtasirg a kM witlf newly Cutll improvernerrts.) 1. SPECIAL ASSESSn~NTS. Severs shah pay the sperial assea'anlertls against tlris properly: (Strike and eitlter (al « (b) bebw.) tarvcfrit~rflarjs~anf rt~iruwas~ssliaatis"P®y~e'ptrormereifr (blWl+ichareanentheremasa April 15. 1990 (Date) (e) kxduding aY sewage disposal a5565srnerlts f« average charge herekNora assessed by any murtidpalily having jurisdiction as a dam d possession. Buyers, except a5 above stated shall oev atl suhsrrruw.x e...+d °•°°°°^~^^" ^~' -`-__ ~ .. .. Dubuque County, IA beacon"" Date Created: 3/1/2007 Summary Parcel ID 1024476011 Alternate ID N/A Property Address 1051 White Sec/TwP/ ~9 Brief Tax Description LOT 1 OF CIfY LOT 336 (Note: Not to be used on legal documents) Deed Book/Page 05-5322 (04042005) Contract Book/Page N/A Iowa Land Records Gross Acres 0.00 Net Acres 0.00 Class R -Residential Taxing District DUBA -DUBUQUE CIfY/DBQ COMM SCH Click to Enlarge School District DUBUQUE COMM SCH Owners Deed Holder Contract Holder Mailing Address Smith, Robert G & Sandra S 2735 Cottonwood Court Dubuque IA 52001 Land Neighborhood # 128 Land Data -Card 1 Lot Dimensions: Tvoe Eff. Frontage [FT) Eff. Dent„ iFT) Regular Lot 33 100 Residential Dwellings Residential Dwelling -Card 1 Story Height 2.00 Attic None Style Old Style Ext. Walls Brick Year Built 1890 Year Remod 0 Basement Full Eff. Year 0 Total Rooms 7 Total Bedrooms 4 Family Rooms 0 Full Baths 1 Half Baths 0 Add'1 Fixtures 0 Total Fixtures 5 Heating Type Basic Heating System Warm Air Fuel Type Gas Interior relative to Exterior Same Physical Condition Very Poor Bsmt Garage Stalls 0 Fin. Bsmt Living Area 0 Rec Room Size 0 x 0 Masonry FP Stacks/Openings 0 / 0 Metal FP Stacks/Openings 0 / 0 Brick Size 0 x 0 Stone Size 0 x 0 Ground Floor Liv. area 832 Above Ground Liv. Area 1560 Det. Garage SF 0 SF Grade 6 Special Features Sales Sales -Card 1 Date Tvee Price S_rc Validi D4/04/2005 2 $0.00 ~ 4 6 Valuation 2006 2005 2004 r+ Assessed Building Value $0 $0 $0 + Assessed Dwelling Value $1,800 $1,800 $1,800 r+ Assessed Land Value $8,300 $8,300 $8,300 Exempt Value ~ ~ GrossASSessedValue _ $10,100 $10,100 $!0,100 - Exempt Value Net Assessed Value r $10,100 $10,100 $10,100 Taxation 2005 2004 + Taxable Building Value $0 $0 ~+ Taxable Dwelling Value $828 $863 + axable Land Value $3,818 $3,481 Gross Taxable Value $4,646 $4,844 - Military Credit $0 $0 NetTaxable Value $4,64 6 $4,844 x Levy Rate (per $1000 of value) 33.3Q392 32:08712 Gross Taxes Due $154.73 $155.43 - Ag Land Credit $0.00 - $0.00 - Family Farm Credit $0.00 $0.00 - Homestead Credit $0.00 $0.00 r~ DSC Credit $0.00 $0.00 Net Taxes Due $154.00 $156.00 Pay Property Taxes ~1'ck here to ent rt~he County Treasurer's web site= Special Assessments Tax History Year Due Date Amount Paid Date Paid Receipt 2005 March 2007 September 2006 $77 $77 No 227582 Yes 09/06/2006 2004 March 2006 $78 Yes 03/06/2006 177154 Dubuque County, IA ~beacon~' Date Created: 3!1/2007 Summary Parcel ID 1024476011 Alternate ID N/A Property Address 1051 White Sec/TwP/~9 Brief Tax Description LOT l OF CITY LOT 336 (Note: Not to be used on legal documents) Deed Book/Page OS-5322(04042005) Contract Book/Page N/A Iowa Land Records Gross Acres 0.00 Net Acres 0.00 Class R -Residential Taxing District DUBA - DUBUQUE Crf`f/DBQ COMM SCH Clidc to Enlarge School District DUBUQUE COMM SCH Owners Deed Holder Contract Holder Mailing Address Smith, Robert G & Sandra S 2735 Cottonwood Court Dubuque IA 52001 Land Neighborhood # 128 Land Data -Card 1 Lot Dimensions: ?yDe Eff. Frontage (FT) Eff. Depth (FT) Regular Lot 33 100 Residential Dwellings Residential Dwelling -Card 1 Story Height 2.00 Attic None Style Old Style Ext Walls Brick Year Built 1890 Year Remod 0 Basement Full Eff. Year 0 Total Rooms 7 Total Bedrooms 4 Family Rooms 0 Full Baths 1 Half Baths 0 Add'1 Fixtures 0 Total Fixtures 5 Heating Type Basic Heating System Warm Air Fuel Type Gas Interior relative to Exterior Same Physical Condition Very Poor Bsmt Garage Stalls 0 Fin. Bsmt Living Area 0 Rec Room Size 0 x 0 Masonry FP Stacks/Openings 0 / 0 Metal FP Stacks/Openings 0 / 0 Brick Size 0 x 0 Stone Size 0 x 0 Ground Floor Liv. Area 832 Above Ground Liv. Area 1560 Det. Garage SF 0 SF Grade 6 Special Features Sales Sales -Card i Date Tvae rice rr V tidi 04/04/2005 2 $0.00 ~ 4i 6 Valuation 2006 2005 2004 r+ Assessed Building Value $0 $0 $0 + Assessed Dwelling Value $1,800 $1,800 $1,800 ~+ Assessed Land Value $8,300 $8,300 $8,300 + Fxempt Value = Gross Assessed Value $10,100 $10,100 $10,100 Exempt Value Net Assessed Value ~-$10,100 $10,100 ~-$10,100 Taxation 2005 2004 + Taxable Building Value $0 $0 r+ Taxable Dwelling Value ~~$828 $863 Taxable Land Value $3,818 $3,981 r= Gross Taxable Value ~ $4,646 $4,844 - Military Credit $0 $0 ~= Net Taxable Value $4,646 $4,844 x Levy Rate (per $1000 of value) 33.3Q392 32.08712 ~ GrossTaxesDue $154.73 $155.43 Ag Land Credit ~` $0.00 $0.00 Family Farm Credit $0.00 $0.00 Homestead Credit _ _$0.00 $0.00 DSC Credit $0.00 $0.00 Net Taxes Due $154.00 $156.00 Pay Property Taxes pick here to enter the Countv Treasurer's web site. Special Assessments Tax H(story Year Due Date Amount Paid Date Paid Receipt 2Q05 March 2007 September 2006 $77 $77 No Yes 227582 09/06/2006 2004 March 2006 $78 Yes 03/06/2006 177154 -----__. Sketc~a --~---_, xp[ember 2005 Photos __.___,_._----------____---•--_-_.._._-~-- 7g_.~ __ "Yes Show Deed/Contract Show Deed/Contrac5 View Map View Mao Disclaimer: The information in this web site represents current data from a working rile which is updated regularly. Information is believed reliable, but its accuracy cannot be guaranteed. No warranty, expressed or implied, is provided far the data herein or its use. Last Data Upload: 3/1/2007 6:07:35 AM ._ .,: -- ~ d _ ~~ developed by The Schneider Corporation ~~ www.~chnerdercorp.cam Indexing Name Search Indexed Instrument Display ,~ ,_ Dubuque County, /owa ~; 4~ ~ ~ ~;~~ ~ Kathy Flynn Thur/ol~v, .Recorder ,,~,,~: Page 1 of 1 Indexing Fite Number Search -Indexed Instrument Display Print Page Search criteria: Fiie Number 200500005322 For GENERAL For Ail Parry Types on Thursday, February 08, 2007 11:06:52 AM GENERAL Valid From 01/01/1988 TFiru 02/06/2007 ERAL Date Filed: 04!08/2005 Time: 03:08:40 P .Index Type: GEN M Document Date: 04/04/2005 - D~aTE HoR'tG,1kGE prcD oi=F Doc Number: 2005-00005322 Kind: SPECIAL WARRANTY DEED Scan Pages: 1 Amount: $5 Parcel Num: 1024476004 City: DUBUQUE Subdivision: CITY LOT Unit: Block: Lot: 271 Comment: N28' SUB CITY LT 271 Description Not Warranted: GRANTOR - Record(sj 3 HANSELMANN, HERBERT F HANSELMANN, HERBERT HANSELMANN, ANNE M GRANTEE -Record(s) Z SMITH, ROBERT G SMITH, SANDRA S Ad~ ,. itionaL Locations ; ' View Image '. 1 Document(s) Found Document 1 of 1 _Search Menu Fife Number. Search File Number Entries Use of this site means that you have read and agree with the following Disclaimer. ~r~ Copyright 2001 ®Cott Systems Inc. All rights reserved. `~-- Site developed and maintained by Cott Systems, Inc.. For questions or comments on this website send email to . Z, oaa ~~ ~- » --- ----~--.~--1...:,,..~:,,,aa,.;,,.,~;.-i.. ;nctnlTYlAn1' ~;cnlava~n?TDRecord=0&Ind... 02/08/2007 Name: ROBERT SMITH Mailing Address: Property Address: 1051 WHITE ST DUBUQUEQ, IA 52001 Policy Number: Account Number: Effective Date: Current Coverage: $p Agent Name: Branch OtTice: Cost As Of: 1 ] /2006 Value Basis: Reconstruction Number of Families: 1 Cost Estimate Coverage A Reconstruction Cost w/o Debris Removal Debris Removal Reconstruction Cost with Debris Removal a 1~a,91o a g.ao9 S 183,319 Category Total General Conditions 6,727 Sitework Foundations 11,435 Slab on Grade 1,764 Framing l 8.269 Roofing 2,502 Exterior Walls 50,098 Partitions 26.106 Wall Finishes 8,170 Floor Finishes 6,58 ] Ceiling Finishes 10.880 Equipment 8,357 Conveying Systems Plumbing Systems 13,261 HVAC Systems 3.498 Electrical Systems 7,262 Attached Structures Subtotal $174,910 Property Description Main Home Wing 1 Wing 2 Year Built 1890 Predominant Style 2 Story Number of Stories 2.00 Total Living Area g62 Cathedral Ceilings Slab Crawl Space Basement 100 (Standard) Basement Finished Pier Foundation Hillside Foundation Slope Shape Site Access Flat Area/Easy Access Roads Exterior Wa lls 100% R f Solid Brick oo mg 100% AsphalUFibcrglass Shingle artitions 100°'° Plaster Wall Coverings 88% Paint 7% Vinyl Wallpaper 5% Sheet Paneling eilin 100% Plaster Floor Coverings 13% Hardwood 45% Carpet over Hardwood - (acrylic/nylon) 34% Wall to Wall Carpet - (acrylic/nylon) 8% Vinyl Interior I Kitchen -Builder's Grade 2 Full Bath -Builder's Grade HVA 100% Heating -Gas MSB costs include labor and material, norrnai profit and overhead as of date of report. Costs represent general estimates that are no[ to be considered a detailed quantity survey. Version 3.3 Copyright ~` 2007 Marshall & Swift/Boeckh, LLC and its licensors Page I Borro~~~er.'Ciient NIA _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ File i~!a ~nry't-105?white _ _ PropertirAddress iL'S'i White Street _ _ _ _ _ _ _ _ _ _ Ci~r_ Dubuque _ _ _ _ _ _ _ County Dubuque _ _ _ _ _ _ State IA _ _ _ Zip Code 530G [ _ _ _ Lender Owner TABLE OF CONTENTS 1 2 ............................ 3 ........................... 5 ........................... 8 ............................ 10 ........................... 11 ............................ 12 ............................ 13 ............................ 14 ......................... 15 ........................... 1 fi ............................ i r ............................ 18 File No. w' -1051white Pa a #1 FROM: I NVO I C E Bill Felderman Bill Felderman Appraisals 2421 University Avenue Dubuque,lA 52001 Telephone Number: 563-583-5561 Fax Number: 563-584-0782 T0: Owner Telephone Number Fax Number. Alternate Number: E-Mail: ...DESCRIPTION:: Lender: Owner Client: Owner PurchaserBortower: N/A Property Address: 1051 White Street City: Dubuque County: Dubuque State: IA Zrp: 52001 Legal Descdption: Lot 1 of City Lot 336 FEES ~~-~~ ~ - ~ - ` AMOUNT . 215.00 SUBTOTAL ~ z15.oo PAYMENTS - ~ ~ - AMOUNT Check f1: f $~J 6 Date: 02 -02 Y-O7 Description: Cheek ~i: Date: Description: Check J1: Date: Description: SUBTOTAL o.oo TOTAL DUE $ z15.oo INVOICE NUMBER DATE 2/23/2D07 REFERENCE Imernal Order k: Lender Case #: CIieM Flle #: MainFlle#onform: wjf-1051white Other Flle // on form: Federal Tax ID: 42-1478720 Employer ID: Form NIV5 -'TOTAL far Windows" appraisal software by a la mode, inc. -1-800-ALAMODE bill felderman appraisals ltd. file No. w'f-1051 white Pa a #2 SUMMARY OF SALIENT FEATURES Subject Address 1051 White Street Legal Description Lot 1 of City Lot 336 City Dubuque County Dubuque State IA Zip Code 52001 Census Tract 0001.00 Map Reference 19-061 Sale Price $ N/A - Date of Sale N!A Borrower/Client N/A Lender Owner Sue (Squaze Feet) 1,248 Pdce per Square Foot $ Location Urban/Avg Age 117 Condition Poor Total Rooms 5 Bedrooms 2 Baths 0 Appraiser Bill Feldennan Date of Appraised Value 02/22/2007 Final Estimate of Value $ 5,000 Form SSD - "TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE File No. w'rf-105twhite Pane #3 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisde to a fair sale, the buyer and seller, each acting pmdendy, knowledgeably and assuming the pdce is not affected by undue stimulus. Implicit in .this definition is the consummation of a sale as of a specilied date and the passing of tide tram 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 considers his own best interest; (3) a reasonable time is agowed 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 pdce represents tyre normal consideration for the property sold unaffected by special or creative financing or sales concessions' granted by anyone associated wiM the sale. Adjustrnents to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which aze normally paid by sekers as a result of iradilion or taw in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjusmrents can be made to the comparable property by comparisons to financing terms offered by a third party insthutianal lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dogar tar dollar cast of the financing or concessbn but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgemerd. - STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject w the fallowing conditions: 1. The appraiser wilt not be responsible tot matters of a legal nature that affect either the property being appraised or the title to R. The appraiser assumes Mat Me title is good and marketable and, Merefore, will not render any opinions about the title. The property is appraised on Me basis of it being under responsible ownership, 2. The appraiser has provided a sketch in Me appraisal report to show approximate dimensions of the improvements and Me sketch is inchrded only to assist the reader of the report in visualizing the property and understanding Me appraiser's determination of hs 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 the appraisal report whether Me subject she is located in an idenMied Special Flood Hazard Area. Because Me appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding Mis determination. 4. The appraiser wig 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. 5. The appraiser has estimated Me value of Me land in Me cost approach at fts highest and best use and trre improvements at Meir contributory value. These separate valuations of the land and improvements must not be used in conjunction with any abler appraisal and are invalid ti Mey are so used. 6. The appraiser has noted in Me appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during Me inspection of Me subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in Me appraisal report, Me appraiser has no knowledge of any hidden or unapparent conditions of Me property or adverse environmental conditions (including Me presence of hazardous wastes, tordc substances, etc.) Mat would make the property nave or less valuable, and has assumed Mat Mere are no such conditions and makes no guarardees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or far any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in Me field of environmental hazards, Me appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained Me intormation, estimates, and opinions that were expressed in Me appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibil'dy for the accuracy nt such items Mat were furnished by other parties. 8. The appraiser wilt not disclose Me contents of Me appraisal report except as provided for in Me Uniform Standards of Protessionai Appraisal Practice. 9. The appraiser has based his ar her appraisal report and valuation conclusion for an appraisal that is subject to satisiactory completion, repairs, or atterafions on the assumption Mat completion of the improvements will be performed in a workmanlike manner. 14. The appraiser must provide his or her prior written consent before Me lendegclient spec0ied in Me appraisal report can distribute Me appraisal report (including conclusions about Me property value, Me appraiser's identity and professional designations, and references to any professional appraisal organzatons or the firm with which Me appraiser is associated) to anyone other Man Me borrower, Me mortgagee or its successors and assigns; Me mortgage insurer, cansulhants; professienal appraisal organizations; any state or federally approved iinancial instituiion; or any department, agency, ar instmmentaliry of Me United States or any state or Me District of Columbia; except Mat Me lender/client may distribute Me property descrfption section of Me report only to data collection or reporting service(s) without having to obtain Me appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before Me appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or omer media. Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 1DD4B &93 bill feltlerman appraisals ltd. Form ACR -'TOTAL for Windows" appraisal software by a la mode, inc. - i-800-ALAMODE File No. w' -1051white, Pa a #4 APPRAISER'S CERTIFICATION: The Appraiser certrfies and agrees that: 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales campadson analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of signgicant variation. d a signgicant item in a comparable property is supedor to, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the compazable and, 'rf a sign'rficant item in a comparable property is inferfor to, or less favorable than the subject property, I have made a poshive adjustmerd to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly whhheld any sign'rficard information from the appraisal report and I believe, to the best of my knowledge, that all statements and iniorrtration in the appraisal report are hue and cortect 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingerd and limiting condhions specified in this form. 4. I have no present or prospective interest in the property that is the subject to this report, and 1 have no present or prospective personal interest or bias whh respect to The participants in the transaction. I did not base, eidrer partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. I have no preserd or contemplated future interest in the subject property, and neither my curtent or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specgic result, or the occurtence of a subsequent event in order to receive my compensation and/or employment for perfomdng the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a speck mortgage ban. 7. i performed this appraisal in conformity with the Untiorm Standards of Protessionai Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate al a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. B. I have personally inspected the irdedor and exterior areas of the subject property and the ex[erfor of all properties listed as compazables in the appraisal report. i further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. 1 have also commerded about the effect of the adverse conditions on the marketability of the subject property. 9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. h I relied on signfficaM professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorfzed anyone to make a change to any item in the report: therefore, 'rf an unauthorized change is made to the appraisal report, I will take na responsibilhy for ft. SUPERVISORY APPRAISER'S CERTIFICATION: tt a supervisory appraiser signed the appraisal report, he or she certifies and agrees that. I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 shove, and am taking full responsibility for the appraisal and the appraisal report ADDRESS OF PROPERTY APPRAISED: 1051 White Street. Dubuque, IA 52001 APPRAISER: SUPERVISORY APPRAISER (only if required): Signature: Signature: Name: Bill Feld an Name: Date Signed: 0 2412007 Date Signed: State Certification #: CR01360 State Certification #: or State License #: or State License #: State: IA State: Expiration Date of Certification or License: 6/30/2008 Expiration Date of Certdication or License: ^ Did ^ Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 10D4B fr93 Form ACR - "TOTAL for Windows' appraisal software by a la mode, inc. -1-000•ALAMODE FannieMae bill felderman appraisals ttd. Fle No. w'rf-1051whfte Desktop Underwriter Quantitative Analysis Appraisal Report File No- wif-1051white TRtti SUMMARY APPRAISAL REPORT IS INTENDED FOR USE 8Y THE LENDER/CLIENT FOR A MORTGAGE FINANCE TRANSACTION ONLY. Pro a Address 1051 White Street C' Dubu ue State IA Zi Code 52001 Le al Descri 'on Lot 1 of Cit Lot 336 Coun Dubu ue Assessor's Parcel No. 1024476011 Tax Year 2005 R.E. Taxes 154.73 S cial Assessmems .. Borrower N/A Current Owner Robert 8 Sandra Smith Occu ant Owner Tenant Vacant Nei hborhootl or Pro ect Name NIA Pro'ect T PUD Condominium HOA n/a o. Sales Price $ N/A Dale of Sale N/A Descri lion amount of loan char es concessions to be id b seller Pro e d hts a raised Fee Sim le Leasehold Ma Reference 19-061 Census Tract 0001.00 Note: ace nd ac al om siCon the nei b d re of a sisal ac or Location ®Urban ^ Suburban ^ Rural Buftt up ®Over 75% ^ 25.75% ^ Under 25% Growth rate Ra id Stable Slow Property values ^ Increasing ®51abk g ^ Declinin Demand/supply ^ Shorta e ^ pp y g ®In balance Over su I Marketin time Under 3 mos. 3-6 mos. Over 6 nws. singletami housin N 9 $(000) ~rsj 15 Low 25+ Condominium housin 9 3(IOCOUj t applic.) ~~ ~ Low Neighborhood boundaries See Attached Addenda 140 Hi h 50+ Hi h Predominar Predominant 80 50+ Dimensions 33 x 100 Site area 3,300 Shape Rectangular Spec'rfic toning classification and descrfp8on C-4 Downtown Commercial Zoning compliance ®Legal ^ Legal noncordorming (Grandtathered use) ^ Illegal, attach descrfp8on ^ No zoning Highest and best use of subject property as improved (or as proposed per plans and specifications): ®Present use ^ Other use, attach description. Utlltties Public Other Public Other Electricity ® Water ~ Gas Sanha sewer ON-sitelmprovements Type Public Private Sheet Asphalt ~ ^ Alle As halt Are there an a areM adverse stte conditions easements encroachments s cial assessments slide areas etc. ? (~ Yes No 8 Yes attach descrf lion. Source(s) used for physical characteristics of property: Interior and exterior inspection Exterior inspection from street Previous appraisal tiles MLS Assessment and tax records Prfor ins ection Pro a owner Other Descdbe No. of Stories 2 T e DetJAtt. Det Eztedor Walls BrickSlatelAv Root Surface As haltShn UTar Manufactured HDUSin n Yes No Does the ro rt enerall conform to the nei hborhood in terms of s le condition and conswction materfals? Yes No tt No attach descd lion. Are there any apparent physical deficiencies or conditons that would affect the soundness or simcWral Integrity of the improvements or the livability of the property? Yes No tt Yes attach descd lion. Are there any apparent adverse environmental conditions (hazardous wastes, toxic substances, etc.) preserd in the improvements, on the she, or in the immediate vicinity at the subject property? ^ Yes ®Nc 8 Yes, attach description. I researched the subject market area for comparable listings and sales that are the most similar and proximate to the subject property. My research revealed a total of 3 sales ranging in sales prfce from $ 40,000 to $ 1,000 My research revealed a total of 5 listings ranging in list pdce from $ 40.000 to $ 5.000 The anal sis of the comparable sales below reflects market reaction to si n'rficant variations between the sales and the subject grope FEATURE SUBJECT SALE1 SALE2 SALE 3 1051 White Street Address Dubu ue 1309 Rhomberg Dubu ue 636 University Avenue Dubu ue 141E 11th Street Dubu ue Proxima tD Sub'ect 1.26 miles 0.50 miles 0.04 miles Sales Price __ NIA 35 000 22 900 20 000 Price Gross Llvln Area 31.2545 19.88 ~ 11,25 ~ Data 8 VerificaBOn Sources ~ 106375-DMLS 105705-DMLS 106587-DMLS VALUE ADJUSTMENTS DESCRIPTIDN DESCRIPTION + - S Ad' st. DESCRIPTION + - 5 Ad' st. DESCRIPTION + - S ' sl. Sales or Flnancing Concessions Conv. Conv. Conv. Date of Sale ime 07/17/2007 07/20/2006 12!2812006 Location Urban/Av Urban/Av ~ UrbaMAv Urban/Av Site 3 300 3151 4500 1938 View Residential Residential Residential Residential Desi n S le 2 Sto 2 Sto 2 Sto 2 Sto - Actual A e rs. 117 92 117 g7 _ _ Condition Poor Av /Good -8 000 Av /Good -r3 000 Fair -2 000 Above Grade Total Bdrms Baths Total ~Bdrms~ Baths _ _ Total ~Bdrms Baths Total Bdrms Baths Room Count 5 2 0 5 2 1 -1,000 5~ 2~ 1 -1 000 6 4 1 -2 000 Grass livin Area 1 248 S . Ft. 1 120 S . Ft. ~ +1 280 , 1 152 S . Ft. +g60 , 1 777 S . Ft. ~. -5 290 Basement 8 Rnished - Rooms Below Grade Full Unfinished Full Unfinished Full Unfinished Full Unfinished Gara a Ca rt None 1-Car Det -1 500 None None _ Sidin Ouali BrkSlate/Poor HardboardlGood -10 000 SlatelAv -5 000 HardboardlAv -5 000 Heatin Etc None FWA/Central -5 000 F1NA/Central -5 000 FWA/No A/C -3 000 Net Ad'. total + - 24 220 + - 18040 + - 17 290 ' Adjusted Sales Pdce of Comparables ..Net .69.2 % _Gross 76.5 % 10 780 Net 78.8. % Gross 87.2 %` 4 860 Net 86,5 % . Gross 86.5 % 2 710 Date of Pdor Sale n/a n/a nla nla Pdce of Prior Sale $ $ Analysis of any current agreement of sale, option, or listing of the subject property and analysis of the prior sales of subject and comparables: See Attached Addenda Summary of sales comparfson and value conclusion: See Attached Addenda This appraisal is made ®•as-is", ^ subject to complefion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, or ^ subject to the following repairs, alterations or conditions BASED ON AN ^ FJ(TERIOR INSPECTION FROM THE STREET OR AN ®INTERIOR AND EXTERIOR INSPECTION , I ESTYIATE THE MARKET VALUE, AS DEFlNED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT TO BE S 5,000 , AS OF 02/22!2007 PAGE 1 OF 3 Fannie Mae Form 2055 9-96 Form 205 - •TOTAL for Windows" appraisal software by a la mode, inc. -1-B00-ALAMODE IFile No. wif-1051 white Page #6 Desktop Underwriter Quantitative Analysis Appraisal Report File No. wif-1051white Project Information for PUDs (n applicable) - • Is the developerPouilder in control of the Home Owners' Association (HOA)? ^Yes ^ No Provide the following information for PUDs only'rf the developepbuilder is in control of the HDA and the subject property is an attached dwelling unR Total number of phases 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 existing buildings into a PUD? ^Yes ^ No n yes, date of conversion: Does >he project contain any mufti-dwelling units? ^Yes ^ No Data Source: Are the common elemerds completed? ^Yes ^ No n Na, describe status of completion: Are any common elements leased to ar by the Home Owners' Association? ^Yes ^ No tt yes, attach addendum describing rental terms and options. Describe common elements and recreational facilities: Project Information for Condominiums (n applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)? ^Yes ^ No Provide the fallowing inormation for all Condominium Projects: Total number of phases Total number of unns Total number of unns sold Total number of units rented Total number of units for sale Data Source(s) Was the project created by the conversion of existing buildings into a condominium? ^Yes ^ No n yes, date of conversion: Project Type: ^ Primary Residence ^ Second Home or Recreabonal ^ Row or Townhouse ^ Garden ^ Midrise ^ Highrise ^ Condition of the project, quality of consWetion, unit mix, etc.: Are the common elements completed? U Yes U No n No, describe status of completion: Are any common elements leased to or by the Home Owners' Association? ^Yes ^ No n yes, attach addendum describing rental terms and options. Describe common elements and recreational facilities: PURPOSE OF APPRAISAL: The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report based on a quantitative sales comparison analysis for use in a mortgage finance transaction. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market urider ail conditions requisite to a fair sale, the buyer and seller, each acting pruderdty, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definttion is the consummation of a sale as of a specitied date and the passing of title from seller to buyer under conditions whereby: (i) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is 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 resun 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. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's cert'dication that appears in the appraisal report is subject to the following 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. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of n being under responsible ownership. 2. The appraiser has provided any required sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. 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. 4. The appraiser has noted in the appraisal report any adverse conditions (such as, but not limited te, needed repairs, 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 normal research involved in pertorming the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, expressed or implied, regarding the condition of the property. 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, the appraisal report must not be Considered as an environmental assessmerd of the property. 5. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such Hems that were furnished by other parties.. 6. The appraiser will not disclose the contents of the appraisal report except as provided for in the Un'rform Standards of Professional Appraisal Practice. 7. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any processional appraisal organizations or the fine with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; processional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the Untied States or any state or the District of Columbia; except that the lender/client may distribute the report to data collection or reporting service(s) wtthout having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. 8. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion per plans and specifications on on the basis of a hypothetical condition that the improvements have been completed. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion, repairs, or anerations on the assumption that completion of the improvements will be performed in a workmanlike manner. PAGE 2 OF 3 Fannie Mae Form 2055 9-96 Form 205 -'TOTAL ter Windows" appraisal software by a la mode, inc. -1-800-ALAMODE File No. w' -1051whffe Pa a #7 Desktop Underwriter Quantitative Analysis Appraisal Report File No. wjf-1O51white APPRAISEA'S CERTIFICATION: The Appraiser certifies and agrees that: i. I performed this appraisal by (1) personally inspecting from the street the subject property and neighborhood and each of the comparable sales (unless i have otherwise indicated in this report that l also inspected the intedar of the subject property); (2) collecting, confirming, and analyzing data from reliable public and/or private sources; and (3) reporting the results of my inspection and analysis in this summary appraisal report. I further certify that I have adequate information about the physical chatacteristics of the subject property and the comparable sales to develop this appraisal 2. I have researched and analyzed the comparable sales and offedngs/listings in the subject market area and have reported the comparable sales in this report that are the best available for the subject property. I further certify that adequate comparable market data exists in the general market area to develop a reliable sales comparison analysis for the subject property. 3. I have taken Into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I further certffy that I have noted any apparent or known adverse conditions in the subject improvements, on the subject she, or on any stte within the immediate vicinity of the subject property of which I am aware, have considered these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them, and have commented about the effect of the adverse condttions on the marketability of the subject property. I have not knowingly withheld any sign'rficant information from the appraisal report and I believe, to the best of my knowledge, that alt statements and information in the appraisal report are true and correct. 4. I stated in the appraisal report only my own personas, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting condttions specified in this form. 5. 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 na[ base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of ether 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 bylaw. 6. f have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for pertorming this appraisal is contingent on the appraised value of the property. 7. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 8. I estimated the market value of the real property that is the subject of this report based on the sales compadson approach to value. I further certity that I considered the cost and income approaches to value, but, through mutual agreement with the client, did not develop them, unless I have noted otherwise in this report. 9. I performed this appraisal as a limited appraisal, subject to the Departure Provision 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 as of the effective date of the appraisal (unless I have otherwise indicated in this report that the appraisal is a complete appraisal, in which case, the Departure Provision does not apply). 10. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condffion in the definition of market value. The exposure time associated with the estimate of market value for the subject property is consistent with the marketing time noted in the Neighborhood section of this report. The marketing period concluded for the subject property at the estimated market value is also consistent with the marketing time noted in the Neighborhood section. 11. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. I further certify that no one provided significard professional assistance to me in the development o(this appraisal. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certiies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have examined the appraisal report for compliance with the Uniform Standards of Professional Appraisal Practice, agree with the statemerds and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 5 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. APPRAISER: W. J. Felde~rm,,an~'"]~ SUPERVISORY APPRAISER (ONLY IF REQUIRED): Signature: ~i~/f~ Signature: Name: Bill Felder an Name: Company Name: Bill Felderman Appraisals Company Name: Company Address: 2421 Universit Avenue Company Address: Dubuque Iowa 52001 Date of Report/Signature: 02/24/2007 Date of ReporVSignature: State Certification #: cRO136o State Certification #: or State License #: or State License #: State: IA State: Expiration Date of Certification or License: 613012008 Expiration Date of Certification or License: ADDRESS OF PROPERTY APPRAISED: 1051 White Street SUPERVISORY APPRAISER: Dubuque IA 52001 SUBJECT PROPERTY APPRAISED VALUE OF SUBJECT PROPERTY S 5 000 ^ Did not inspect subject property EFFECTIVE DATE OF APPRAISAL/INSPECTION 02/2212007 ^ Did inspect exterior of subject property from street ^ Did inspect interior and exterior of subject property LENDERjCLIENT: COMPARABLE SALES Name: Robert smith Company Name: owner ^ Did not inspect exterior of comparable sales from street Company Address: 2735 cottonwood court Dubuque Iowa s2oD1 ^ Did inspect exterior of comparable sales from street PAGE 3 OF 3 Fannie Mae form 2055 9-96 Form 205 - "TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE Suonlemental Addendum (File rJo. wif-to5twnite Paae as Bonower Client N!A Pro a Address 1051 White Street Cit Dubu ue Coun Dubu ue State IA Zi Code 52001 Lender Owner Information for the appraisal was gathered from; City and County Assessors, County Auditor, County Treasurer, City and County Zoning Departments, City and County Engineers, Multiple Listings Service, Appraiser Files of previous inspections or appraisals, market information maintained in appraisers files, discussions with real estate brokers and appraisers, U. S. Census Bureau, and Federal Emergency Management Agency (Flood Status). The Net Real Estate Taxes are currently listed at $154.00x, according to the County Treasurers Office. • URAR Neiohborhood Factors: Dubuque is the hub city for the Tri-State Area, and is the county seat for Dubuque County. The major employment, school, and shopping centers are located in Dubuque. The Tri-State Area continues to see new housing construction, and the location of new businesses to the area. The Dubuque Economic Base continues to increase. The economic growth pattern is positive with the new businesses and the continued growth of tourism; including, but not limited to, the dog track, riverboat gambling, and historic tours. • URAR :Neighborhood Market conditions: The present housing supply is normal, with continued new construction and upward price Vends in most price ranges. The overall market is expected to continue, subject to favorable interest rates, and a continued stable to increasing economic market. Any reasonable loan service paid by the sellers of comparable sales for mortgage financing are not considered to have an influence on the estimate of market value. Commercial uses are located within the subject neighborhood. These uses are typical of similar neighborhoods, and do not negatively affect the market value of the property. Vacant and/or undeveloped land uses are located within the subject neighborhood. These uses are typical of similar neighborhoods, and do not negatively affect the market value of the property. • URAR :Site Comments: The history of the Tri State (Dubuque) area includes lead mining, and there are mines and old mine shafts throughout the area. This Appraiser has no knowledge of such mines/shafts which are problematic to the subject property. There is an alley along the rear of the property. • URAR :Additional Features. Condition. and Depreciation Comments: The house is a two story house, with no garage. The property is unlivable, floors falling in to the basement (main Level), hole in roof, broken windows, no heating system, and no plumbing, and no floor coverings. The subject house is older than five years old. Upon a visual inspection, no mechanical systems appear to be working; and the roof appears to be in a poor (holes in the roof) condition. There were major physical or functional inadequacies noted. The house has not been maintained, and is in overall fair condition. The appraiser is not a code expert, and has not inspected the subject for code compatibility in the basement or other code related matters. The Appraiser reserves the right to modify the value estimate if code violations are subsequently discovered which have material impact on the subjects value. • URAR :Adverse Environmental Conditions: There is no indication of any adverse environmental conditions (such as hazardous wastes, toxic substances) present in the improvements, on the site, or in the immediate vicinity of the subject property. This property was constructed and/or painted prior to 1978 EPA/HUD Target Housing, and lead paint hazard or content is unknown without a risk assessment or inspection. There is a HUD handout available with the hazards of lead paint discussed. The house was built prior to 1981, and asbestos content is unknown without an asbestos inspection or assessment. The appraiser has NOT tested for LEAD, RADON, or ASBESTOS. The value in this report is based on the extraordinary assumption that there are no adverse materials present or noted form TADD -'TOTAL for Windows' appraisal software by a la mode, inc. -1.800-ALAMODE Supplemental Addendum Fle No. w' -1051white Pa a #9 Rlc Nn uif_1nS1,ur,ifo Borrower Client N/A Pro a Address 1051 White Street C' Dubu ue Count Dubu ue State IA Zi Code 52001 Lender Owner • URAR :Sales Comparison Comments: , The comparables listed are the most similar in style, condition, construction, appeal, amenities, and location to the subject. When the comparable information has been obtained from a Multiple Listing Service, the sale date is the date the Purchase Agreement was signed. This date may be different from the actual recorded date of sale. Unless indicated differently, all sales are verified closed sales. One of the comparables sale date is older than six months old, or farther than one mile from the subject. All comparables are the best available from a research of sales in the past year, and within 10 miles of the subject. When there are equal size (# of cars) garages, the local market indicates greater desirability for attached or detached over built-in garages. After adjustments, some consideration was given to all comparables. The adjustment percentages are higher than normal (10% for individual items, and 15% for net items, or 25°!o for gross adjustments) for all comparables. • URAR :Comments and Conditions of the Aopraisal: This report is a complete appraisal, submitted in a summary report format. The property is based on an "AS IS" condition. The subject property is NOT currently offered for sale. This was verified with the Dubuque Multiple Listing Service and/or the owner. There are no special conditions or requirements that affect the markei value or future marketability in the Appraisal Report. • URAR :Final Reconciliation Comments: There are few, if any, comparables of houses for rent within the same value range of the subject. Single family dwellings are not typically purchased for their income producing capability. Based on the lack of data, the appraiser has not determined an Income Approach to Value in this report. The Sales Comparison Approach more accurately reflects current value and is given greatest weight. form TADD - "TOTAL for Windows" appraisal software by a la mode, inc. -1-800-ALAMODE Comparable Photo gage rtla K0. +^p-145k:~hiie Page S71 Bofl'b+'.eC'Clrent PJ/A _ _ _ _ - - - - -- - - - - - - - - - ?rbpedyArftiress 1051 tNhda Street _ _ _ - - :ity Dubuque _ _ _ _ Caunq~ Dubuque _ _ _ _ Stsle IA _ _ ~p~C_52001 _ Lpxkr Owner Comparable 1 1309 Rhomberg Prox. in Subject 1.26 miles Sale Price 35,000 GrossLivinpF.rca 1,120 Total Roarw 5 TotalBedraoms 2 Trial Bathrooms 1 Lbcata?rt UrbaNAvg Yew Residential Sde 3151 Gua6ry Hardboard/Gd Age 92 Comparable 2 636 University Avenue Prox. to Subject 0.50 miles Sale prKe ^?.9t~ GrosslJrinpArea 1,152 Tatar Rooms 5 iutal Ballrooms 2 Total Battaoans 1 Locat;+,n UrbanlAvg Yew Residential Site 4500 Oualiq~ SlatelAvg Age 117 Comparable 3 141E 11th Street Prox, to Subject 0.04 miles Sale Price 20.000 Gross Living Area 1,777 Tu1,a1 Roans 6 TotalBet$aans 4 Tsai Bathrooms 1 LocaGOn UrbanlAvg Yew Resdential Slte 1936 puality Hardboard/Avg Age 97 r=am PICPIX-GR -'TOTAL to YIndaws' appraisal software by a la mode, inc. -1-BOlALA5400E Subject Photo Page F7iP N0. 1V~(-~(L)St Wh1IP Paoe#f0 Pro~eertyrlddres 1957 1Nhite SVeet _ _ __ - - - - - - Ctry pubuque _ Coumy Dubuque _ _ _ Stata ~A - - - - Zµt i:cre _ 52001 IJ# Lender O~.,roer - - - _ - Subject Front 1051 White Street Saks Price WA Gross Living Area t,2a8 7ota1 Roans 5 Total Bedroans 2 Total Bathrooms 0 LocaSon UrbarUAvg View Residential Site 3,300 Ouagty BrkState/POOr Ape 117 Subject Rear Subject Street ..~ }~ Foam PICPIX.SR - °TOTAL for ~ndc;rs ~ appra(sal sottrrare by a I ;mode, int. - t-Bt^i-;~LP.6;tODE Subject Photo Page :file Ion, wyt-1051t•,hiie Page #13 3arowergrent N!A _ _ _ 'roperty Address 1051 WiiiD+ Slrc:et _ _ _ _ _- - _ - - - - - - - - - - :ily Dubuque _ _ _, _ _ _ _ Gcwnry Dubuque _ _ _ Stafe IA _ _ _ _ _1pi:ode 52001 - _ .enoer Ovmr•r 1051 Whrte Street Saks Pdce NIA Gross Living Area 1,248 Tota4 Rooms 5 To'.al Bedrooms 2 Total datnraoms 0 Location Urban/Avg Yiew Residential $il~ 3,300 Gca6ty BrkSlate/Poor Age tt7 Form PICPLY.SR -'TOTAL for Kmdows' appraisal software by a la mode, irc. - 1.800-ALAMDDE Subject Photo Page FiIP d:o. v; j6-1(Yulw~ile Peg_e #12. iBOROV:er:Ciiert N/A .- _ _ _ _ _ _ _ _ _ _ 1 ptpy[!l5-eUMresS +OS1VVn;teStreet _ _ _ _ _ __ _ _ lfr:~ Gubrp~s _ _CwnP; Dubuque _Slate fA _ _ _ Zp Code `^001 _ _ 1D51 White Street Sales Price N!A Gross Livinu Area 1,248 Talal Roans 5 Total Bedrooms 2 Total Bathrooms 0 Location UrbanlAvg Vkw Residential Site 3,300 Quality Rrt'gtate/Poor Age 117 Fwm PtCPIX.SR -'TOTAL for wndaws` appraisal sairvrare 6y a is mode, inc. -1-8A7•AIAMODE Comparable Sales Map fl'P, NO. ':: j'-?D5~':: YNte i:l/~e /i t5 rrower,Client NIA ~pehYAddress 1051Wh~teSirnet -_ -- _ - - - _ - - - - - - - y Dubuque _ County D;itngr.e _ _ State IA _ lip Code 5001 rider Owner _ lt~'M 4xe ~.. •.'1 A . C~ ~i ~ ~~ C r, , J.... r. y ~ {` .... ww ~-L ~ ' ~1 . . . ^~.~ waa ` ~ 0' ~ • - ~ ay ah `+• }~~ nom' S ,~ n .~ ., ,- .,t4N t d ~ '' ; y ,~ t'." ~~tiy Y - '4't ~'~3 ~ l .! •. m9 '. ~4 -t. ~~ ~r h..y~ ~ .+~ .Y t. Y - ~, ~ S ~ j~ ` 4 ...~y r ' ~ C F.. . ~" r r, ,~ . y MwRiw t; ,; 4" ~t~ ~ M F ~ ,,., ~, fir. ~ ,1' , t. y ` `~ ; r ~- ~ - ""' ., ~.r~ a s' . 4 4 . v _ ~:.. ~ ~ uM y~e. ~ gi 1 ~x ( ~ .M x /~4 na ~u" yP~ } 8 y .. 3 .~ ~. ~S m _. S ~~ s ~,e.0 .g~: .~ '~..c,~~e ~ yk4 C '~ ,f~p0 .3+ •~ Ta y. ~ z ~ ' ~' # LK,pf - ~ fir, ph s t b < ~ ~ i y~P• V ~. .e# r` >' c ,te4 ... •~ 8f ° 1 N"iYA A~ 3~ ly ~l•~ t9~~ ~9 `~ ~ ~ T~4 ,y.. 4 ~' i -, ,~, ~ d7 Y ~ .s i~ ~ 'Are ~. ~ n ^ • 9 rny.~..,r.. ,.~ ~ ~ L1f `~ ~ ,~ M.d' ¢ ~ R R ~ .•~ m 3 ,,,,~ €ann MAP.Cwnp -'TOTAL for Windows" appraisal software by a la rrwde. inc. -1.800-ALAMDDE Location Map nrr. no. sqr-n;5i;mne- rage a:tq BouosenCGen1 wA = _ __ _ -_ - _ - - _ - - - - - - - _ Prpperty Adtlress 1051 Nlhite Stree? _ _ _ Gc•. pub,_rque _ County Oubuqur _ _ State IA _ _ Z:p Gode_ 5200: _ - _ LenCer U,vner o uena IStae ~ waupEL-,^.,_ ~ .., .. , Colesbur ~`- `~ ~ raeeRersl,.oaE sn - y.. -, 9, _ ~. ... 9 i3aefoun Rid3e.. f3alllown - ~ 5; ,Ehx; ' ~Dickeyvrfle _ emburg Sherrill~r t _ -_ Cuba City ty~~nns '~ ;dCieler ' ..- i-r;-rsourg r ^~ ,s:asrR'icYardcn,_ ,..., puranyo '\ F?. ~.'~_.~^~...~ r °~hullsburg..: New Vienna ~ ~ k~` aoy o + t ~ • n. r: ....... -. ~ pi3:jnxston kst~ury`; ~ ~'~~~£Slnsmfiwa ,, `" NSW ~h~rta.i19`~+....- - -- _- - - -- v't _ _ Eadville .-_ . i t2iS~ille Grad CatAe .,a s~ asQDubu ue- (- ~°~d Har -- _ punv.:~e Cenirua ""p' q Scales Mound ?a s i tu, !a . - o~Eepe F rte worth f .:Key Wgs~'".----.•``~• R v~ae . -. -.1. ~~t . r'. se - j _ ` ~ i/ ~ f3a ,~ ,King ~-~remer, Pxcuaf«a cF~' rA Worthington ,vT:>,ara Grove 5 q . ~e Porra ^~* ... ~a~:tunctun i ~. ~_ _ Hopkinton ~ :^' \ ~~ ' -'tSand Spry . - 1 ~i ` ~ r., i ~:as au'E t,ernxwin le'~ ~'°`~`-~'-.l=ht~betn a-zwrc;l ~ 9 L.+? ANorii frorm b1AP.LOC -'70'AL for WiMoars" appraisal sotheare by a is rtwde, inc. - 1-BDO-ALAMODE Sunnlemental Addendum cisei,. „sr_~n~tiu,r,No Bonower Cliem N/A Pro a Address 1051 White Street C' Dubu ue Cau Dubu ue State lA Zi Code 52001 Lender Owner WILLIAM J. FELDERMAN EDUCATION Army Community College Iowa Association of Realtors Pre Licensing Course Dubuque "MLS" Board/DMLS School Principles of Real Estate Appraisal, Lincoln Graduate Center, San Antonio, Texas Practice of Real Estate Appraisal, Lincoln Graduate Center, San Antonio, Texas Narrative Appraisal, Lincoln Graduate Center, San Antonio, Texas Farm and Land Appraisals, Lincoln Graduate Center Commercial Appraisals, Lincoln Graduate Center Standards and Ethics Course, Lincoln Graduate Center Unauthorized Practice of Law in Real Estate, Iowa Association of Realtors Misrepresentation in Real Estate, Iowa Association of Realtors Property Inspections, Lincoln Graduate Center PROFESSIONAL AND TRADE AFFILIATIONS AND DESIGNATIONS Member, National Association of Master Appraisers (N.A.M.A.) Master Residential Appraiser, N.A.M.A. Master Senior Appraiser, N.A.M.A. Certification No. 4482 Licensed Real Estate Salesman, State of Iowa Appraiser, John L. Felderman Appraisals State of Iowa Certified Residential Real Property Appraiser No. CR01360 State of Illinois Licensed Real Estate Appraiser No. 154002919 Senior Property Inspector, Since 1995 Dubuque Board of Realtors, Dubuque Multiple Listing Service BUSINESS EXPERIENCE U.S. Army, Fort Benning, Georgia 1977 - 1980 Lacoma Golf Course, Illinois, (Greenskeeper) 1976 - 1977 Representative for "Tempo" custom golf clubs and golf accessories 1975 - 1976 Ertl Toy Company, Dyersville, (Territorial Sales Manager) 1980 - 1987 Continental Realty and Investments, Dubuque, Iowa 1987 - 1999 3. L. Felderman Appraisals, Dubuque, Iowa 1987 - 1998 J and J Construction, building rehabilitation 1990 - 1995 Bill Felderman Appraisals since 1998 Iowa Certified Residential Appraiser since 1987 Illinois Licensed Residential Appraiser since 1990 Iowa Real Estate Broker since 2000 Form TADD - "TOTAL for Wintlows` appraisal software by a la mode, inc. -1-800-ALAMODE Suuulementaf Addendum cuoni~ uar_~n~tu,r,~rP Borrower Client N!A Pro a Address 1051 White Street Cit Dubu ue Coun Dubu ue State IA Zi Code 52001 lender Owner American Trust and Savings Bank, Dubuque, Iowa Bellevue State Bank, Bellevue, Iowa City of Dubuque, Iowa; and East Dubuque, Illinois Coldwell Banker Mortgage Services,Inc.,Overland Park, Kansas Deere & Company, Dubuque, Iowa Dubuque Bank and Trust Company, Dubuque, Iowa DuPaco Credit Union, Dubuque, Iowa Dupont Company Corporate Relocation, Wilmington, Delaware Dutrac Community Credit Union, Dubuque, Iowa East Dubuque Savings Bank, East Dubuque, Illinois U. S. Bank, Dubuque and Cedar Rapids, Iowa Home Equity Relocation, Oakbrook, Illinois NORWEST Mortgage, Dubuque, Iowa and Des Moines, Iowa Transequity,Member of Byron Reed Company,Inc.Omaha, Nebraska BILL FELDERMAN APPRAISALS - DUBUQUE, IOWA form TADD -'TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE 8atmtedCGert1 N!A F!etvb. wff-tO5lwhite Pfoy+ertg Address 1051 White SIrt et City Dubuque Caunry Dubuqu? St ~e IA Zio Cade 5200 i Lender t]wner ................................................... .........................._........_........................ ..........................................__.......... 1 .............._................._........... _....... 2 .........................._..................................... ........................,........_.................., 3 ................................................... _....... ....... _...........................,.._............... 5 ................................................................. ........................................................ 8 ............................................................. ......................_..........._.................. 10 ................................................................. .......... _...... 11 ........................ _............ ........................ ............................. .......................... ...................... _.............................. 13 .................................... _........................... ......................... _............... _............ 14 ......................_...................................... ................,..................................... 15 .................................................................. .........................._.......................... }6 ........................_........................._._... ................................................. ..... 17 ............................................................. ........................__.......................... 18 Form TOCP - 40TAL for Windows" aPP~isal software by a la mode, inc. -1-BDO-ALNi~iUDE TABLE OF CONTENTS File No. w' -1051white Pa a #1 FROM: Bill Felderman Bill Felderman Appraisals 2421 University Avenue Dubuque,lA 52001 Telephone Number. 563-583-5561 Fax Number. 563-584-0782 T0: Owner Telephone Numtxr. Fax Number: Ahemate Number. E-Mall: INVOICE INVOICE NUMBER DATE 3/23/2007 '- REFERENCE Internal Order #: Lender Case #: Client Flle #: Main File # on form: wjf-1051white Other Flle # on form: Federal Tax ID: 42-1478720 Employer ID: :DESCRIPTION ~~ Lender: Owner Client: Owner Purchaser/Borrower: N!A Property Address: 1051 White Street City: Dubuque County: Dubuque State: IA Zip: 52001 Legal Description: Lot 1 of City Lot 336 FEES - AMOUNT zls.oo SUBTOTAL 215.00 PAYMENTS ..~ AMOUNT Check #: Date: Description: 215.00 Check #: Date: Description: Check #: Date: Descriptlon: SUBTOTAL 21s.oo TOTAL DUE $ o.oo Form NN5 -"TOTAL for Windows" appraisal software by a la mode, inc. -1-800-ALAMODE bill felderman appraisals ltd. SUMMARY OF SALIENT FEATURES Subject Address 1051 White Street Legal Description Lot 1 of City Lot 336 City Dubuque County Dubuque State IA Zip Code 52001 Census Tract 0001.00 Map Reference 19-061 Sale Price $ N/A - Date of Sale N/A 8anawer / Ctiens NIA Lender Owner Size (Square Feet) 1,248 Price per Square Foot $ Location Urban/Avg Age 117 Condition AvglGood Total Rooms 5 Bedrooms 2 Baths 1 Appraiser Bill Felderman Date of Appraised Value 03122/2007 Final Estimate of Value $ 77,000 Form SSD -'TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE File No. w'rf-1051white Pape #3 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisfte to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implictt in this definition is the consummation M a sale as of a specified date and the passing of tttle tram setter to buyer under condftions whereby: (1) buyer and seller are typically motivated; (2) both parties are well irdonned or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) paymerd is made in teens of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the nomral consideration for the properly sold unaffected by special or creative financing or sales concessions* grarded by anyone associated wtth 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 setters as a result of tradition or law in a market area; these casts 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 parry institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar tar dollar cost of the financing or concession but the dollar amount t any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraisers certification that appears in the appraisal report Is subject ro the following conditions: 1. The appraiser will eat be responsible for matters of a legal nature that affect ehher the property being appraised or the title to ft. The appraiser assumes that the title is good and marketable and, therefore, will eat render any opinions about the title. The property is appraised on the basis of ft being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show appro>amate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of fts 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 the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he ar she makes na 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 specKc arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at hs highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid tt they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, ta>ac substances, etc.) observed during the inspection M the subject property or that he or she became aware of during the normal research irnolved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditons of the property or adverse environmental condftions (ncluding the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees ar wanatrties, express or implied, regarding the conditbn of the property. 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, the appraisal report must eat be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from souces that he or she considers to be reliable and believes them ro be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were famished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Unttorm Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repaks, or alterations on the assumption that completion m the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior wdtten consent before the fender/client specified in the appraisal report can distribute the appraisal report • (including contusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower, the mortgagee or its successors and assigns; the mortgage insurer, consultants; professional appraisal organizations; any state or federally approved financial insMUtion; ar any department, agency, or instrrrmerrtality of the United States or any state or the Distdt o1 Columbia; except that the lender/clierd may distdbute the property description section of the report only ro data collection or reporimg service(s) wdhout having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 6.93 Page 1 a12 Fannie Mae Form 10048 6-93 bill felderman appraisals ltd. Form ACR - "TOTAL for Windows" appraisal software by a la mode, inc. -1-80D-ALAMODE APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees mat: 1. I have researched the subject market area and have selected a minimum at mree recent sales of properties most similar and proximate to me subject property for consideration in me sales comparison analysis and have made a dollar adjustment when appropriate to reflect me market reaction to mose items of significant variation. If a significant hem in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce me adjusted sales price of the comparable and, ti a significant item in a comparable property is interior to, or less favorable than the subject property, I have made a positive adjustment to increase me adjusted sales price of me comparable. 2. I have taken into consideration me factors mat have an impact on value in my development of me estimate of market value in me appraisal report. t have not knowingly wtthheld any significant information from me appraisal report and I believe, to me best of rtry knowledge, mat all statements and information in me appraisal report are true and correct 3. I stated in me appraisal repoR only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in mis form. 4. I have no presets or prospective imerest in the property mat is me subject to this report, and I have no present or prospective personal interest or bias with respect to me participants in me transaction. I did not base, eidrer partially or completely, my analysis and/or me estimate of market value in the appraisal report on me race, color, religion, sex handicap, familial status, or national origin of either me prospective owners or occupants of me subject property or of me present owners o< occuparrts at the properties in me vicinity of me subject properly. 5. I have no present or comempiated future interest in me subject property, and neither my current or future empbyment nor my compensation for performing mis appraisal is contiogen[ on me app2ised value of me properly. 6. t was not requhetl to report a predetermined value or direction in value mat favors me cause of me client or any related party, me amourd of me value estimate, the attainmem of a specfic result, or me occurrence of a subsequent event in order to receive my compensation arrdtor empbynurrt for pertomting me appraisal. I did not base me appraisal report on a requested minimum valuation, a specific valuation, or me need to approve a specific mortgage loan. 7. I performed this appraisal in conformity with the Unhorm Standards of Professional Appraisal Practice mat were adopted and promulgated by me Appraisal Standards Board of The Appraisal Foundation and that were in place as of me effective date of mis appraisal, wfm me exception of the departure provision oT arose Standards, which does not apply. 1 acknowledge mat an estimate of a reasonable time for exposure in the open market is a conditlon in me definttion of market value and the estimate I developed is consistent with me marketing time noted in me neighborhood section of mis report, unless I have otherwise stated in the reconciliation section. 8. I have personally inspected me interior and exterior areas of me subject property and me a#edor of all properties listed as comparabies in me appraisal repoR I further cerbfy that 1 have noted any apparent or known adverse conditions in the subject improvements, on me subject site, or on any stte within me imvnediate vicinity of me subject property of which I am aware and have made adjustments for mese adverse condigans in my analysis of the property value to me extern mat I had market evidence to support mem. I have also commented about the effect of me adverse conditions on me marketabifiry of the subject property. 9. I personally prepared all conclusions and opinions about me real estate mat were set form in me appraisal report. tt I relied on significant professional assistance from any individual or individuals in the periormance of me appraisal or me preparation of me appraisal report, I have named such individual(s) and disclosed the spechic tasks perormed by them in the reconciliation section of this appraisal report 1 certhy mat any individual so named is qualifred to perform me tasks. I have not aumorized anyone to make a change to any hem in me report; merefore, it an unaumorized change is made to me appraisal report, I wrU take no responsibility for tt. SUPERVISORY APPRAISER'S CERTIFICATION; tt a supervisory appraiser signed me appraisal report, he a she certifies and agrees mat: I directly supervise me appraiser who prepared me appraisal report, have reviewed me appraisal report, agree wim me statements and conclusions o1 me appraiser, agree to be bound by the appraiser's ceri'rfications numbered 4 mrough 7 above, and am taking toll responsibility for the appraisal and me appraisal report. ADDRESS OF PROPERTY APPRAISED: 1051 White Street Dubuque IA 52001 APPRAISER: SUPERVISORY APPRAISER (only if required): Signature: Signature: Name: Bill Feld an Name: Date Signed: 0 22/2007 Date Signed: State Certtticatian #: CR01360 State Certification #: or State License #; or State Ucense #: State: IA State: Expiration Oate of Cert'dication or License: 6/3012006 Expiration Date of Cerithcation or License: ^ Did ^ Did Not Inspect Property Freddie Mac Form 439 ti-93 Page 2 of 2 Fannie Mae Form 10D48 6-93 Form ACR -'TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE FanriieMae bill felderman appraisals ftd. nn~l.fn., Ilndnwu~ifFasr AuantltaltiVP_ Onaltucic Onnraisal Refonrt File No. w' -1051white Pa a #5 err. Mn wit-1051 white __r _ _ _ THIS SUMMARY APPRAISAL REPORT IS INTENDED FOR USE BY THE LENOER/CLIENT FOR A MORTGAGE FINANCE TRANSACTION ONLY. Pro a Address 1051 White Street C' Dubu ue State IA Zi Code 52001 Le ai Descri 'on Lot 1 of Cit Lot 336 Coun Dubu ue Assessor's Parcel No. 1024476071 Tax Year 2005 R.E. Taxes 154.73 S ecial Assessments .. Borrower NIA Cuttent Owner Robert 8 Sandra Smith Occu am Owner Tenard Vacam Nei hborhood or Pro' ct Name NIA Pro'ect T e PUD Condominium HOA n!a Mo. Sates Price NIA Date of Sale NIA Descri lion amount of loan char es concessions to be aid b seller Pro e ri hts a raised I Fee Sim le Leasehold Ma Reference 19-061 Census Tract 0001.00 ore: a d ial o i n o t i fw ood r not rats I fact s. Locatlon ®Urban ^Suburban ^Aural Property values ^ Increasing ~i Stable ^ Declining 5ingietamiryhousing Condaniniumhousing d ~plr`~l Buih up ®Over 75% ^ 25-75% ^ Under 25% Demand/supply ^ Shortage ®In balance ^ Over supply (yrsj $(gOpj l~sl $(~) Growth rate Ra id Stable Slow Marketin time Under 3 mos. 3-6 mos. Over 6 mos. 15 Low 25+ Low Neighborhood boundaries See Attached Addenda 140 Hi h 50+ }G h Predominard Predominam 80 50+ Dimensions 33 x 100 Site area 3.300 Shape Rectangular Specific zoning classification and description C-4 Downtown Commercial Zoning compliance ®Legai ^ Legal nonconforming (Grandfathered use) ^ Illegal, attach description ^ No zoning Highest and best use of subject property as improved (a as proposed per plans and specfications): ®Presert use ^ Other use, attach description. Utilities Public Other Public Other Off-site Improvements Type Public Private Electricity ® Water ® Street Asphalt ® ^ Gas Sanita sewer Alle As halt Are there an a arent adverse site conditions easements encroachments s eclat assessmerds slide areas etc. ? n Yes No tt Yes attach descd lion. Source(s) used for physical characteristics of property: Interior and exterior inspection Exleria inspection from street Previous appraisal files MLS Assessment and tax records Prior ins ction Pro a owner Other Describe No. of Stories 2 T DetJAtt. Det Exterior Walls BrickSlate/Av Roof Surtace As haltShn I/Tar Manufactured Housin n Yes No Does the ro eneralt cardorm to the net boyhood in terms of s le cond'dian and construction materials? Yes No tt No attach lest ' Lion. Are there any apparent physical deficiencies or conditions that would affect the soundness or structural integrity of the improvements or the livability of the property? - Yes No ttYes attachdescri lion. Are there any apparent adverse environmental conditions (hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the immediate vicinity of the subject property? ^ Yes ®No tl Ves, attach description. 1 researched the subject market area tar comparable listings and sales that are the most similar and proximate to the subject property. My research revealed a total of 7 sales ranging in sales price from $ 60 000 to $ 100,000 My research revealed a total of 4 listings ranging in list price from $ 60 000 to $ 100,000 The anal sis M the comparable sales below reflects market reaction to significant variations between the sales and the subject grope FEATURE SUBJECT SALE1 SALE2 SALES 1051 White Street 2036 Jackson Street 2706 Central Avenue 1214 Lincoln Address Dubu ue Dubu ue Dubu ue Dubu ue PAGE 1 Of 3 rooms more roan cuw a-yo Form 205 - "TOTAL for Windows" appraisal software by a la mode, inc. -1-80D-ALAMODE File No w'rf-1051 white Page #6 Desktop Underwriter Quantitative Analysis Appraisal Report File No. wjf-1O51white Project Information for PUDs (tt applicable) - - Is the developer/builder in conrol of the Home Owners' Association (HOA)? ^ Yes ^ No Provide the following information for PUDs only if the developerNuilder is in control of the HOA and the subject property is an attached dwelling unft: Total number of phases Total number of unOs 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 existing buildings into a PUD? ^ Yes ^ No ff yes, date of conversion: Ooes the project contain any mufti-dwelling units? ^ Yes ^ No Data Source: Are rite common elements completed? ^ Yes ^ No B No, descdbe status of completion: Are any common elemems leased to or by the Home Owners' Association? UYes U No h yes, attach addendum descdbing rental terms and options. Desedbe comnron elemems and recreational facilrbes: Project Information for Condominiums (If applicable) - - Is the developer/builtler in control of the Home Owners' Association (HOA)? ^ Yes ^ No Provide the following information for all Condominium Projects: Total number of phases Total number of units Total number N un'ds sold Total number of units rented Total number of units far sale Data 5ource(s) Was the project created by the conversion of existing buildings into a condominium? ^ Yes ^ No n yes, date of conversion: Project Type: ^ Primary Residence ^ Second Home or Recreational ^ Row or Townhouse ^ Garden ^ Midrise ^ Highdse ^ Condttion of the project, quality of construction, unh mix, etc.: Are the common elemems completed? [~ Yes U No fl No, describe status at completion: Are any common elements leased to or by the Home Owners' Association? ^ Yes ^ No tt yes, attach addendum descdbing rental terms and options. Descdbe common elemems and recreational facilities: PURPOSE OF APPRAISAL: The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report based on a quantttative sales Comparison analysis for use in a mortgage finance transaction. DEFINITION OF MARKET VALUE: The most probable price which a property should bdng in a competitive -and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeabry 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 Crtte from seller to buyer under condtions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is 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 ar sales concessions. No adjustmems are necessary for those casts which are normally paid by sellers as a resuh of tradition or law in a market area; these costs are readily ident'rfiable 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. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMlfING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser wilt not be responsible for matters of a legal nature that affect either the property being appraised or the title to ft. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property (s appraised on the basis of h being under responsible ownership. 2. The appraiser has provided any required sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of tts size. 3. 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. 4. The appraiser has noted in the appraisal report any adverse conditions (such as, but not limited to, needed repairs, the presence of hazardous wastes, toxic substances, etc.) observed dudng the inspection of the subject property or that he or she became aware of dudng the normal research involved in performing the app2isal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden w unapparent conditions of the property or adverse environmental condhions (including the presence of hazardous wastes, toxic substances, etc.} that would make the property more or Less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, expressed or implied, regarding the condftion of the property. 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 condttions exist. Because the appraiser is not an expert In the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 5. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such ttems that were furnished by other parties. 6. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 7. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any departmem, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the report to data collection or reporting services} without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. 8. The appraises has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion per plans and specifications on on the basis of a hypothetical condition that the improvements have been completed. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. PAGE 2 OF 3 Fannie Mae Form 2055 9-96 Form 205 -'TOTAL for Windows' appraisal software by a la made, inc. -1.800-ALAMODE file No. w' -1051whhe Pa a #7 Desktop Underwriter Quantitative analysis appra~sa~ lieporz File No. wjf-1051 white APPRAISER`S CERTIFICATION: The Appraiser certifies and agrees that: 1. I performed this appraisal by (1) personally inspecting from the street the subject properly and neighborhood and each of the comparable sales (unless I have otherwise indicated in this report that 1 also inspected the interior of the subject property); (2) collecting, confirming, and analyzing data from reliable public and/or private sources; and (3) reporting the results of my inspection and analysis in this summary appraisal report. I further certify that I have adequate information about the physical characteristics of the subject property and the comparable sales to develop this appraisal. 2. I have researched and analyzed the comparable sales and offeringsflistings in the subject market area and have reported the comparable sales in this report that are the best available for the subject property. I further certify that adequate comparable market data exists in the general market area to develop a reliable sales comparison anatysis for the subject property. 3. I have taken Into conslderatian the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject stte, or on any site within the immediate vicinity of the subject property of which I am aware, have considered these adverse condttions in my analysis of the property value to the exterrt that I had market evidence to support them, and have commented about the effect of the adverse conditions on the marketability of the subject property. I have not knowingly withheld any significant information from the appraisal report and {believe, to the best of my knowledge, that alt statements and information in the appraisal report are true and correct. 4. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting cond'Rions specified in this form. 5. 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 wtth respect to the participants in the transaction. I did not. base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, cWor, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners ar occupants of the subject property or of the present owners or occupants of the properties in the vicin'tty of the subject property or on any other basis prohibfted by law. 6. 1 have no present or contemplated future Interest in the subject property, and netther my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 7. I was not required to report a predetermined value or direction in value that favors the cause of the cliem or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specrfic valuation, or the need to approve a specific mortgage loan. 8. I estimated the market value of the real property that is the subject of this report based on the sales comparison approach to value. I further certify that 1 considered the cost and income approaches to value, but, through mutual agreement with the client, did not develop them, unless I have noted otherwise in this report. 9. I performed this appraisal as a limtted appraisal, subject to the Departure Provision 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 as of the effective date of the appraisal (unless 1 have otherwise indicated in this report that the appraisal is a complete appraisal, in which case, the Departure Provision does not appty). t0. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condttion in the definftion of market value. The exposure time associated wtth the estimate of market value for the subject property is consistent with the marketing time noted in the Neighborhood section of this report. The marketing period concluded for the subject property at the estimated market value is also consistent with the marketing time noted in the Neighborhood section. 11. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. I further certtty that no one provided significant professional assistance to me in the development of this appraisal. SUPERVISORY APPRAISER'S CEATIFlCATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have examined the appraisal report for compliance with the Uniform Standards of Professional Appraisal Practice, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 5 through 7 above, and am taking full responsibiltty for the appraisal and the appraisal report. APPRAISER: W. J. Felderman SUPERVISORY APPRAISER (ONLY IF REQUIRED-: Signature: Signature: Name: Bill Felde an Name: Company Name: Bill Felderman Aooraisals Company Name: Company Address: 2421 University Avenue Company Address: Dubuque Iowa 52001 Date of Report/Signature: 0322/2007 Date of Report/Signature: State Certification #: CR01360 State Certirfication #: or State License #: or State License #: State: IA State: Expiration Date of Certification or License: 6!302006 Expiration Date of Certification or License: ADDRESS OF PROPERTY APPRAISED: 105t White Street SUPERVISORY APPRAISER: Dubuque to 52001 ROPERTY SUBJECT P APPRAISED VALUE OF SUBJECT PROPERTY; ~~ 000 ^ Did riot inspect subject property EFFECTIVE DATE OF APPRAISAL/INSPEC7fON 03222007 ^ Did inspect exterior of subject property from street ^ Did inspect interior and exterior of subject property LENDER/CLIENT: COMPARABLE SALES Name: Robert Smith ^ Did not inspect exterior of comparable sales from street Company Name: Owner ^ Did inspect exterior of comparable sales from street Company Address: 2735 Cottonwood Court Dubuque, Iowa 52001 PAGE 3 Of 3 ranme mae roan zuoo y-yo Form 205 -"TOTAL for Windows" appraisal software by a la mode, inc. - t-800-ALAMOOE Rle No. w' -1051white Pa a #8 Sunnlemental Addendum ri•u,. .as_~n~~,..tiae Borrower Client N!A Pro a Address 1051 White Street Ci Dubu ue Coun Dubu ue State IA L' Cotle 52001 Lender Owner Information for the appraisal was gathered from; City and County Assessors, County Auditor, County Treasurer, City and County Zoning Departments, City and County Engineers, Multiple Listings Service, Appraiser Files of previous inspections or appraisals, market information maintained in appraisers files, discussions with real estate brokers and appraisers, U. S. Census Bureau, and Federal Emergency Management Agency (Flood Status). The Net Real Estate Taxes are currently listed at $154.00, according to the County Treasurers Office. • URAR Neighborhood Factors Dubuque is the hub city for the Tri-State Area, and is the county seat for Dubuque County. The major employment, school, and shopping centers are located in Dubuque. The Tri-State Area continues to sea new housing construction, and the location of new businesses to the area. The Dubuque Economic Base continues to increase. The economic growth pattern is positive with the new businesses and the continued growth of tourism; including, but not limited to, the dog track, riverboat gambling, and historic tours. • URAR : Neiohborhood Market conditions: The present housing supply is normal, with continued new construction and upward price trends in most price ranges. The overall market is expected to continue, subject to favorable interest rates, and a continued stable to increasing economic market. Any reasonable loan service paid by the sellers of comparable sales for mortgage financing are not considered to have an influence on the estimate of market value. Commercial uses are located within the subject neighborhood. These uses are typical of similar neighborhoods, and do not negatively affect the market value of the property. Vacant and/or undeveloped land uses are located within the subject neighborhood. These uses are typical of similar neighborhoods, and do not negatively affect the market value of the property. • URAR :Site Comments: The history of the Tri State (Dubuque) area inGudes lead mining, and there are mines and old mine shafts throughout the area. This Appraiser has no knowledge of such mines/shafts which are problematic to the subject property. There is an alley along the rear of the property. • URAR ~ Additional Features Condition. and Depreciation Comments: The house will be a two story house, with no garage. The property will be total rehab. There were no major physical or functional inadequacies noted. The house will be in avg/good condition. The appraiser is not a code expert, and has not inspected the subject for code compatibility in the basement or other code related matters. The Appraiser reserves the right to modify the value estimate if code violations are subsequently discovered which have material impact on the subjects value. • URAR :Adverse Environmental Condilions: There is no indication of any adverse environmental conditions (such as hazardous wastes, toxic substances) present in the improvements, on the site, or in the immediate vicinity of the subject property. This property was constructed and/or painted prior to 1978 EPAMUD Target Housing, and lead paint hazard or content is unknown without a risk assessment or inspection. There is a HUD handout available vrith the hazards of lead paint discussed. The house was built prior to 1981, and asbestos content is unknown without an asbestos inspection or assessment. The appraiser has NOT tested for LEAD, RADON, or ASBESTOS. The value in this report is based on the extraordinary assumption that there are no adverse materials present or noted. • URAR :Sales Comparison Comments: The comparables listed are the most similar in style, condition, construction, appeal, amenities, and location to the subject. When the comparable information has been obtained from a Multiple Listing Service, the sale date is the date the Purchase Agreement was signed. This date may be different from the actual recorded date of sale. Unless indicated differently, all sales are verified Gosed sales. Form TADD - `TOTAL for Windows" appraisal software by a la mode, inc. -1.800-ALAMODE Suoolemental Addendum G;;orJ~ ,.,;t_,na,u,h;,a Borrower Client N/A Pro a Address 1051 White Street C Dubu ue Coun Dubu ue 5tate IA Zi Code 52001 Lender Owner One of the comparables sale date is older than six months old, or farther than one mile from the subject. All comparables are the best available from a research of sales in the past year, and wrthin 10 miles of the subject. When there are equal size (# of cars) garages, the local market indicates greater desirability for attached or detached over built-in garages. After adjustments, some consideration was given to all comparables. • URAR • Comments and Conditions of the Aooraisat: This report is a complete appraisal, submitted in a summary report format. The property is based on an "Subject to" condition. The subject property is NOT curcently offered for sale. This was verified with the Dubuque Multiple Listing Service and/or the owner. There are no special conditions or requirements that affect the market value or future marketability in the Appraisal Report. • URAR :Final Reconciliation Comments: There are few, if any, comparables of houses for rent within the same value range of the subject. Single family dwellings are not typically purchased for their income producing capability. Based on the lack of data, the appraiser has not determined an Income Approach to Value in this report. The Sales Comparison Approach more accurately reflects current value and is given greatest weight. Form TADD - "T07AL for Windows" appraisal software by a la mode, inc. -1-800-ALAMODE Subject Photo Page F!e No. ~•rj(-1051 v:hife Page 810 o,TOVrn/Cfem t\/A roperty i+ddress 1051 White St:ee± - - - _ - _ _ _- _- _ iry Dubuque CarOty Dubuque - _ Sian IA Zip Code 52001 _ antler Ov: per Subject Front 1051 White Street +ales Aice NIA Gross Luting Area ; 31B Total Rooms 5 Total Bedrooms 2 Total BathroaTS 1 Location UrbarUAvg View ResidlComm Site 3.300 Quality BrkSlate/Poor Age '117 Subject Rear Subject Street 1 ~ :,.- .~ ~ ~ ~- ~: ~ . ~~`' I P d_.,..~ _...... Form PICPIX.SR -'TDTAL for Wintlows" appraisal software by a la motle, inc. -?-800•ALAMDOE Comparable Pboto Page i ile ~ 1n vjf-1051 ~"hite a age rk17 lorioa;?oCtent iJL-~ _ _ 'roperty hJdress 10~ 1 Whix. Str?et __, ~ ~ _ _ _ - - _ _ _ pity DubuGua Cocnty Dubu;u,% _ Staie_IA _ - _ Apt=ooe 03001_ ender rJwne Comparable 1 2036 J=ci.son Street Prox. to Subject 0.60 miles Sate Price 63,000 Gross Livinn Area 1,172 Total Rooms 5 Total Bedrooms 2 Torar Bathrooms 1 Lo.aaon Urban/Avg View ResidlComm Site 2500 Quality Hardboard/Gd kge 74 Comparable 2 )06 Central Avenue Prox. to Subject 1.35 miles Sale Price 80,500 Gross LivingAr,:,; 1,252 Tet:J Rooms 5 ToW Bedrooms 2 Total Bahrooms Locahou Ca,an/Avg View Residential Site 5100 Ouaht7 S~a:JAvg Age t0/ Comparable 3 1214 Lincoln Prox. to Subject 1.22 miles Sale Price 92,000 Grns LiWng Area ' 47^_ Toi^I Rooms 5 Tchl Bedrooms 2 Total Batluaoms 1 Lacatlon Urban/Avg Vkw Residential Sfle 685D Quality Hardboard/Avg Age 97 Poem PICPIX.CR - °TOTAL for Windows" anprzical soflrara by a la mode, inc. -1-80D-ALAMODE Subject Photo Page ;File:Pn.;:yf-105iv:hite Page#12 ?mranrr/Client 1.''A 'roDerty^ ~.aress _1051 Whi'~:e ~~~.-°; _ - -- _ _ - _ _ -- ;ii}- Uubu~?i~^ - _ fnuiity Dubuque _ _ Stal= IA _ _ __ Zip Code 52001 _ .ender Q~: r^r ~. ,.,_: 105 ~ White Street Sale, }Ricz N/A Gros. Li+mtg Area 1 ^a Total Rooms 5 Total Bedrooms 2 ToC;I L'::1`:mems t Loc::twn Urban/Avg "'"-~: ResidlComm Site 3,300 Quality BrkSlatelPoor Age 117 Form P:CPIX.SR - "TOTAL for Winhmvs' appraisal software by a la mode, inc. - t-800-ALAMODf Subject Photo Page Fi!~^!o.=vjo-16`ivfiite. ~~3erklS >FOno:~,~er/C6ent r~/n Pronedv AodresS t0o1 White 6tret9 - - - ~ _ _ _ _ - _ - ~ - - I City ilub~r~;i;a _ _ -County Dubuque _ _ State !A _ _ Zip CorM `^On 1 _ _ Lender rDv:r,er 1051 White Street Saks Price N/A GrossLivin!tRrea t,2.S Total Rooms 5 ToG:! Bedraants z Total9athrooms 1 Location Urban!Avg View ResidlComm Site 3.300 Quality BrkSfatelPoor Age 177 Form PICP;X.SR - •10TAL for Windows` appraisal software by a la made, inc. -1-800-ALliriODE a-u ,~~ w 1 ac Ire. ~ ........... ..~.. LOGatIdR MSS ower.'Client NIA _ _ _ _ - - ~erty Address 105 i White Street. _ State- i.A Zip Cade S2Q01 _ Dubuque County Duouyuc - - -- o uena Vista<~ ^'~.-vJaupeton ,. _ ~ _~.-~. COIesbUrg ~3i?tcntin F.r1ge , hat!toa,rl `'_, - -~' Luxemburg Sherrill emu:.:, ~••Y K~etes I ~7bt~ Ccoss~ - - gertan =+'~s~l;s~urg ; _ _ _ fast Rcc tdsv~f~` Durango - ~,_, u~., _ ~; ~lVew Vienna , ~anoy -~::K ive~ Lsgy=rcys . ~ ~ Sinsi-~a~~'a e n~k l _ ,~. • - ;~r.9f c, cS^ Car c v re ;bC?UF~UQUf~--., ~.~ -- -.-- - -- _ ~.. ~EariviSle Dyersvttle ~ ~ •~e .,- . t t-.a~ " :=-~ ~EaSt Oubut~ue S Gies n _ Qaf3u~tlz ,Certcaaa C 11AOU ~3 . Ease ~- Fartey,,~PWOrth ,;~ fKey West - ^:_~ -].'..-~j ,c.ou h ,i ~`5!~a ,order>E '. s-.~ hrx. ~l.e - ~ ~ ~ '~ 'PJSenominc~ Galena t- I.c:--. = JBU Kittg~ :~~T~rr+en - --- Worthington -±-t - ~ '- ~ = ~ slr^z ~ .'t .. _ '~ ~--._ "•+.__-Sand Springs •' • ~- - ~.:, ,' } , • "_"-~ ,, _ arcade. -_- _-` _ ;.',Rohe Comparadie Sales Map ile Na. ~^~,'-1051white ;'zge #15' Drroe:?rr(;Ijent N!A roper!, a~~drESS 10.5 i Whrle gtreei _ - Iy Dubuque Cuuniy Dubuque _. Stale IA _ - Z~ Code 52001 :Ilder OwnCf - - - .. , ... ~ <. w:rrsc.r~ ^arm.~r <^~^ 5r 1., , . j tea. i ~ `~i ~ :. `1.:. `~s9 ~' 3. ~~. ... K c ~ jai ~.,._.s. ~. 4 ,~ < .>~! .~1 ';4 ~P ....ffi ~ .rte _ Y ,~jm ,t;~A m b~ n3 ;may i. •• t A ~ ~ ~ ~ . ' a1 Y ~ 1 ~ y , .Y h ~~ba S :~ ~ o ~ j . y .. ... a ~'`. _. w a ex ~ r _1 n s s ,s' s~ y ~~ ` , ',: » 4 a ,Y _•. a ,~. a ;' ter` h e ~:, a n ~M1 ' J ny ,. Q ~ ,t,: ,n ~'1 $ ~ •C .. _ ~ ~Y , _ ~ a a a r. y ~ ^ ,~ r A v`? ~ ~ - z.~ ~~ C c t a ~ ~ ~; ~~b j - . ,t 'rorm MAP.Comp -TOTAL for Windows^ appraisal software by a }a mode. inc. -'-800•ALni•iODE Sunnlemental Addendum ~,~e u~ ,~f_,nF,,.,r,;,o Borrower Client N/A Pro a Address 1051 White Street C' Dubu ue Coun Dubu ue State IA r Code 52D01 Lender Owner WILLIAM J. FELDERMAN EDUCATION Army Community College Iowa Association of Realtors Pre Licensing Course Dubuque "MLS" Board/DMLS School Principles of Real Estate Appraisal, Lincoln Graduate Center, San Antonio, Texas Practice of Real Estate Appraisal, Lincoln Graduate Center, San Antonio, Texas Narrative Appraisal, Lincoln Graduate Center, San Antonio, Texas Farm and Land Appraisals, Lincoln Graduate Center Commercial Appraisals, Lincoln Graduate Center Standards and Ethics Course, Lincoln Graduate Center Unauthorized Practice of Law in Real Estate, Iowa Association of Realtors Misrepresentation in Real Estate, Iowa Association of Realtors Property Inspections, Lincoln Graduate Center PROFESSIONAL AND TRADE AFFILIATIONS AND DESIGNATIONS Member, National Association of Master Appraisers (N.A.M.A.) Master Residential Appraiser, N.A.M.A. Master Senior Appraiser, N.A.M.A. Certification No. 4482 Licensed Real Estate Salesman, State of Iowa Appraiser, John L. Felderman Appraisals State of Iowa Certified Residential Real Property Appraiser No. CRO1360 State of Illinois Licensed Real Estate Appraiser No. 154002919 Senior Property Inspector, Since 1995 Dubuque Board of Realtors, Dubuque Multiple Listing Service BUSINESS EXPERIENCE U.S. Army, Fort Benning, Georgia 1977 - 1980 Lacoma Golf Course, Illinois, (Greenskeeper) 1976 - 1977 Representative for "Tempo" custom golf clubs and golf accessories 1975 - 1976 Ertl Toy Company, Dyersville, (Territorial Sales Manager) 1980 - 1987 Continental Realty and Investments, Dubuque, Iowa 1987 - 1999 J. L. Felderman Appraisals, Dubuque, Iowa 1987 - 1998 J and J Construction, building rehabilitation 1990 - 1995 Bill Felderman Appraisals since 1998 Iowa Certified Residential Appraiser since 1987 Illinois Licensed Residential Appraiser since 1990 Iowa Real Estate Broker since 2000 Form TADD - "TOTAL for Windows' appraisal software by a la mode, inc. -1-8D0-ALAMODE File No. w' -1051white Pa a #17 Supatemental Addendum c;;a u~ u,;r_rns~u,r,;ra Borrower Client N/A Pro a Address 1051 White Street C' Dub ue Coun Dubu ue State IA Zi Code 52001 Lender Owner American Trust and Savings Bank, Dubuque, Iowa Bellevue State Bank, Bellevue, Iowa City of Dubuque, Iowa; and East Dubuque, Illinois Coldwell Banker Mortgage Services,Inc.,Overland Park, Kansas Deere & Company, Dubuque, Iowa Dubuque Bank and Trust Company, Dubuque, Iowa DuPaco Credit Union, Dubuque, Iowa Dupont Company Corporate Relocation, Wilmington, Delaware Dutrac Community Credit Union, Dubuque, Iowa East Dubuque Savings Bank, East Dubuque, Illinois U. S. Bank, Dubuque and Cedar Rapids, Iowa Home Equity Relocation, Oakbrook, Illinois NORWEST Mortgage, Dubuque, Iowa and Des Moines, Iowa Transequity,Member of Byron Reed Company,Inc.Omaha, Nebraska BILL FELDERMAN APPRAISALS - DUBUQUE, IOWA Form TADD -'TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE DESIGN REVIEW STAFF REPORT Meeting Date: April 19, 2007 Property Address: 1051 White Street Property Owner: Robert and Sandra Smith Applicant: Robert and. Sandra Smith Project: To demolish the building Conservation District: Downtown Neighborhood Conservation District Landmark: No Funding: No Date Built: Circa 1890 Present Land Use: Intended to be used as a home, but has been recently used for storage. Existing Zoning: C-4 Downtown Commercial District Level of Significance: ^ Supportive (Kriviskey 1979) ^ Contributing -local historical interest (Jacobsen Phase III Architectural & Historical Survey Report) Property History: The structure is a 2-story side gabled brick residence.. The building was roofed in 1950 and 1954. Alterations and repairs were made in the amount of $1400 in 1956. A Conditional Use Permit was granted in 1990 to allow the parking of autos, all terrain vehicles and motorcycles at 1051 White Street. Staff Analysis: The building is currently in violation of Chapter 26 Housing Codes and is also cited for demolition by neglect. The Housing and Community Development Department's required repairs are outlined in the attached letter. The applicant is seeking a recommendation for approval of a demolition permit for the building at 1051 Whit Street. The applicant has submitted the required supporting documentation for the demolition review process. The applicant has also provided photographs for the Commissions consideration. As a point of clarification, the applicant has submitted tow appraisals. The February 22, 2007 appraisal is for the property in its current condition. The March 22, 2007 appraisal is for the property after renovation for continued use. The following is a summary of the provided supporting documentation submitted with the application: 1. Estimate of the cost the proposed demolition: $8,000, Drew Cook & Sons Excavating 2. A report from a licensed engineer, architect or contractor with experience in rehabilitation as to the structural integriity of any structure that the applicant proposes to demolish: The report/proposal submitted by Dan Arensdorf of Dan Arensdorf Construction explains the back addition is separating from the.house. The foundation has settled in some locations evidenced by cracks and leaks. The report states the roof rafters and shingles need to be replaced. The first and second-story floors need to be replaced. The walls, siding, electric, plumbing, and HVAC have to be replaced as well. The report states to address the issues with the building, the building would have to be demolished and rebuilt to current housing and city standards. 3. An opinion of the market value and the appraised value of the property by a realtor or appraiser in it's a) current condition, b) after completion of the proposed demolition, c) after renovation of the existing property for continued use, and d) all appraisals obtained in the last five years: a) $5,000 b) Assessed land. value is $8,300 c) $77,000 d) The only appraisal obtained in the last 5 years is the attached Bill Felderman appraisals. 4. An estimate from an architect, developer, real estate consultant, appraiser or other real estate professional experienced in rehabilitation, as to the cost to rehabilitate the structure for its continued use: $163,000.00 5. The amount paid-for the properly, the date of purchase and the person from whom the property was purchased: The property was purchased from Herbert and Anne Hanselmann for the amount of $52,000 on April 1.5, 1990 as indicated in the enclosed real estate contract. 6. If the property is income-producing, the annual gross income from the property for the previous two years: The Smiths have indicated in the enclosed application that the property does not, and has never produced income in the 16 years they have owned it. 7. Itemized operating and maintenance expenses for the previous two years, and the depreciation deduction and annual cash flow before and after the debt service, if any, during the same period: The applicant explained there are no utilities servicing the building. The only operating and maintenance expenses from the property have been the property taxes. Net annual properly taxes for the previous two years have been $156 and $154. There hasn't been any debt service in the last two years. 8. The remaining balance on any mortgage or other financing secured by the property and annual, and annual debt service for the previous two years: There is no remaining balance on any mortgage or financing on the property. 9. All appraisals obtained with the previous two years by the owner or applicant in connection with the purchase, financing or ownership of the property: The only appraisals obtained within the previous two years in connection to the ownership of the property have been the recent enclosed Felderman appraisals. 10.Any listing of the property for sale or rent, the price asked and offers received, if any, within the previous two years: The property has not been listed for sale or rent within the previous two years. 11. The assessed value of the properly according to the two most recent assessments: The net assessed value of the building in 2005 and 2006 was $1,800. 12. The amount of real estate taxes for the previous two years and whether or not they have been paid: Real estate taxes have been paid for the last two years in the amount of $154 and $156. 13. The form of ownership or operation of the property, whether sole proprietorship, for-profit or not-for-profit corporation, limited partnership, joint venture or other: The property is owned as a sole proprietorship. 14.Any other information considered necessary by the Commission to make a determination as to whether the property does or does or may yield a reasonable economic return from the property in its current condition, and after renovation of the existing property for continued use: The applicant has provided photographs for the Commission review. 15. Proof of the applicants efforts to obtain financing, tax incentives, preservation grants, and other incentives sufficient to allow the applicant to earn a reasonable economic return from the property in its current condition, and after renovation of the existing properly for continued use: The applicant has not made efforts to obtain financing, tax incentives, preservation grants, and other incentives. 16.A showing of the applicant's efforts in ongoing maintenance and repair: The applicant does not have a showing of efforts for ongoing maintenance and repair. The applicant has explained the property was purchased in disrepair and use for cold storage. The City Code provides for the Historic Preservation Commission to review the demolition request, and then to make a determination as to: (1) Whether the building has historic or architectural significance to the community, and (2) Whether denial of the proposed demolition would prevent the property owner from earning a reasonable economic return on the property. If the HPC finds that denial of the application would prevent the property owner from earning a reasonable economic return on the property, or that the building does not have any historical or architectural significance to the community, the Commission shall recommend approval of the application. The Commission's recommendation goes on to the City Council for a hearing and final action. Prepared by ~ ---~ Reviewed: Date: d4_(~_07 txs an of ~''""-. -•-. ~•- ~. _ ~ ~ ~~ r -r J ^~ - ~ J =:-~• H&CD Housing and Community Development Department General Housing Program 1805 Central Avenue ;:' Dubuque, Iowa 52001-3656 (563) 589-4731 phone (563) 589-4244 fax 02/08/07 ROBERT G & ~'ANDRA S SMITH 2 7 3 5 COTTON r~rOOD CT DUBUQUE, IA. 52001 RE: 105': WHITE ST - UNIT/UNITS DEAR HOUSING:: PROVIDER: ~"Y`~,",~"sy`"~ A housing i_r.:spection was performed at 1051 WRITE ST on 11./15/05, a=- required by our housing ordinance. The legal description .of the .property inspected is as follows: SUB. CITY L~:T 336 1 ' ;~ The inspect^r's findings are noted on the attached list. The report iden::ifies the necessary repairs and locates them by the room or are:: of the dwelling where they exist. A reinspecti`on is scheduled for 06/01/06 at 09:00. If this date or tim? is inconvenient or you need more time to make repairs, please ca11~~Bobbi at 589-4231 to arrange for another time. If you have questi~:ns about your inspection, please contact Kathy Lamb, Senior Hous,ng Inspector or me at 589-4231. I am normally in the office unti_' 8.:45 am, from 1:00 pm until 1:30 pm and after 4:00 pm daily. I ar not expecting that all violations to be corrected at this time. ,-However, I am expecting to see effort toward compliance. I can grant`'~additional time to make repairs as long as effort is shown . ~~_+ Please note~-s prior to beginning any work you should check with the Building De~~artment (589-4150) and the Historic Preservation Commission :x589-.4213) to determine if a permit is required. If you wish to appsal this notice to the Housing Code Appeals Board, an Appeal Form~'is enclosed with this inspection report. Thank you f~~r working with us in providing quality housing! ::° KATHALEEN Fl:~ LAMB Housing Sergi=-ices Department cc : file -~-2 OS-005:17 OTHER }:. ~~~ Service - People ]ntegrity Responsibility Innovation Teamwork EACH ITEM TO BE REPAIRED WILL BS LISTED BY ITS LOCATION, CODE SECTION AND PROBLEM DESCRIPTION. ALSO, THOSE REPAIR ITEMS LISTED WITH AN * INDICATED THAT THIS ITEM APPEARS TO BE THE RESPONSIBILITY OF THE TENANT TO REPAIR. ** 1051 WHITE ST ** ** 05-0051? ** --LOCATION OF VIOLATION-- - --CODE SECTION-- --EXPECTED REPAIRS-- EXTERIOR 2 6 -10 . (g) (3) b . A SEE CONIlKENT SECTION AT THE END OF THE REPORT . EXTERIOR 26-10.(g)(3)b. ~ SEE'COMMENT SECTION AT THE END OF THE REPORT. EXTERIOR 2 2 6 -10 . ('g) (3) a . ~ SEE CONIl-~IENT SECTION AT THE END OF THE REPORT . EXTERIOR 2 6 -10 . (j) (3) b . _ SEE CONII~IENT SECTION AT THE END OF THE REPORT . **COMMENTS '= 1051 WHITE STREET** .~: 1. WINDOWS ARE FALLING APART, FALLING OUT AND OTHERWISE DETERIORATED. ALL WINDOWS-.MUST BE PROPERLY REPLACE AND/OR REPAIRED. WINDOWS CAN NOT BE BOARDED bVER IN THE FRONT OF THE PROPERTY (THE STREET SIDE.) WINDOWS ON THE SIDES OR IN THE REAR OF THE DWELLING COULD BE COVER OVER IF THE WOOD IS CUT TO FIT THE SIZE OF THE WINDOW AND PAINTED TO MATCH THE SI~TRROUNDING EXTERIOR MATERIAL. 2.ALL EXTERIOR WOOD TRIM NEEDS TO BE PROPERLY PROTECTED WITH PAINT OR OTHER CHEMICAL PRESERVATION. THIS INCLUDES WOOD WINDOWS, DOORS, WOOD TRIM, ETC. 3. REMOVE TRUCK TOPPER FROM THE FRONT YARD. MOTOR VEHICLES STORED IN THE REAR YARDSPACE IS REFERRED TO THE ZONING DEPARTMENT FOR POSSIBLE ENFORCEMENT~ACTION_ 4. PROPERL3~ REPAIR GUTTERS AND DOWNSPOUTS SO THAT RAIN WATER WILL BE PROPERLY DI~7ERTED FROM THE BUILDING. 5. PROPERI.,~ TRIM UP THE TREE AND THE BRUSH AND SHRUBS IN THE FRONT YARD SPACE.` 6. BRICK I~ IN NEED OF TUCKPOINTING AND REPAIR. OWNER STATES THAT HE IS PLANNING ON TEARING THE PROPERTY DOWN WITHIN THE NEXT SIX MONTHS OR BY JUNE 1, 2006. 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