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IFileNo.422201Page#21
APPRAISALOFREALPROPERTYLOCATEDAT:
1225Elmh!urstDrive
NE
I(LESSS73.7ONFRTLNBNG50.1'ONREARLN)LOT13
&
S'I'E121.4'CedarRapids,IA52402
FOR:
HillsBank
&
TrustCompany131MainStreet,P.O.Box160,Hills,IA52235
ASOF:
12/06/2010
BY:
ScottOttoson
FormGA5-"TOTALforWindows"appraisalsoftwarebyalamode,inc.-1-800-ALAMODE
 
OttosonAppraisalsIFileNo.
422201Page#31
ThepurposeofthissummalJlappraisalreportistoprov.idethelender/clientwithanaccurate,andadequatelysupported,opinionofltIemarketvalueofthesubjectproperty.ProD
ertv
.Add
ress1225ElmhurstDriveNECil'!CedarRaaidsStateIA
Zip
Code52402BorrowerDennis
L.
FerausonOwnerof
Pub
I
lc
ReeordDennisL.FergusonCountyLinnLegalDescriptionMOUNDFARMILESSS73.7ON
FRT
LNBNG50.1'ONREARLNl
LOT
13
&
S
r
E
121.49'STRILB145Assessor'sParcel
#
14152-53025-00000TaxYear08/09
R.E.
Taxes
$
2214.00NeiahborhoodNameMoundFarmMapReference2023CensusTract19113-0013.00Occupant
0
wner
o
Tenant[]VacantSpecialAssessments$0.00
o
PUDHOA$
[
peryear
f
l
Dermo
nth
"Prop
arty
RightsAopraised
!2$J
FeeSimple]LeaseholdDOther
(descrlbei
AssignmentType
[J
PurchaseTransaction
12:]
RefinanceTransaction
[J
Other(describe)Lender/ClientHillsBank
&
TrustComoanvAddress131MainStreet
P.O.
Box160HillsIA52235
Is
thesubjectpropertycurrentlyofferedforsaleorhas~beenofferedforsaleintha
twelve
monthspriortotheeffectivedateofthisappraisal?
o
Yes
l2l
NoReportdatasource(s)usedofferingprice(s),anddate(sl.Assessor/MLSI
o
did
o
didnotanalyzethecontractforsalelorthesubiectpurchasetransaction.ExplaintheresultsoftheanalysisofIIlecontractforsaleorwhytheanalysiswasnot
I
loertormsd
.
Con,tract
P
ric
e
$
DateofC
I)
ntractI
s
the
u
roperll'
se
Ilertheowneraf
p
u
blierecord?OYesONoData
Source
(s),IsthereanyfinancialassistanceQoancharges,saleconcessions,giftordownpaymentassistance,etc.}
to
be
paidbyanyparty
on
behalfoftheborrower?DYes
o
NoIIYes,report
the
tolaldol!aramountanddescribe
theitems
tobepaid,Nole:Raceandtheracialcompositionof
the
neighborhood
arenot
appraisal
teeters,
NeighborhoodChara.cteristrcs
1
One-UnitHOllsing
Trends
One-UnitHousingPresenl
Land
Use%Localion
r.;?,l
Urban
o
Suburban
[J
Rural
I
PropertYValues
0'1
ncreasi
n
9
lZl
Stable[]Decfinir1Q_PRICEAGEDne-Unit80
%
_Buitt·UolXfOver
75%025·75%
o
Under
25%
I
DemandJSupplyDShortage
l2l
InBalance
[J
Over
S
up
ply
$
(OOO)
(yrs)
2-4
Unit10
%
:Growth
r
l
Rapid
IX1
Stabl"e
o
Slow
I
MarketingTime
o
Under
3
mths
lZl
3·6
mth
s
[]Over
6
mths
130
Low60MuMamilv10
%
Iii
Neig
hb
orhoodBoundariesThemarketingareaisconsideredMoundFarmSubdivisionandcompeting170High12.0Commercial%::nei~hborhoodsontheNortheasternportionof-CedarRapids.145Pred.80Other%NeiqhborhoodDescriptionThe
suolectis
locatedontheNortheasternoortionofCedarRapids(pqg12075~lArea_Ql"QQ_ertiesare
adeouatelv
maintained.Emolovmentshoooina,andschoolsarelocatedwithinareasonabledistance.MarketCondITions(includingsupportfortheaboveconclUSions)Allsupportfacilitiesandprimaryemploymentcentersarelocatedwithin
a
reasonabledistance.Demandfororopertiesintheimmediateareaappears
to
beadequate.Noatypicalfinancinqtermsforareasaleswereobserved.
Listmcs
whenmarketed
correctlv
typicallvsellwithin180days.Theneighborhoodismade@.withamixtureofconstructjonstyles.Dimensions
NA
Area
8797
Sq.Ft.
Shapesligh~irrillularViewsubdivision/aveSpecificZoninaClassificationR3ZoningDescriptionResidentialZonijngCompliance
!2$J
Le{JalD
Lega
INoncomorming
(G
randfatheredUse)
[J
No
Zo
ning
I]
IIe{Jal(describe)Isthehighest
andbest
useofsubjectpropertyasimproved(orasproposedperplansam:!specifications)
the
presentuse?
..r8J.
Yes
o
NoIINo,describeUUlitiesPublic
Other
(describe)PublicOther(describe)OH~sileImprovements-
Type
PublicPrIVate
I
EIectricil'!
IX1
r1
Water
r.;?,l
[]
StreelaSjl_haIt
0
0
Gas
IX1
r1
SanitarySewer
0
[]
Alleynone
00
FEMASpecialFloodHazardArea
o
Yes
fSJ
NoFEMAFlood
ZoneX
FEMAMap
#
19113C0295DFEMA
Mi1Q_Date
04/05/2010
Aretheutilitiesandoff-siteimprovementstypical!
for
themark.etarea?
[8:)
Y.esDNo
II
No,describeArethereanyadversesiteconditions
or
externalfactors(easements,encroachments,environmentalconditions,landuses,
etcl?
11
Yes
J8j_No
H
Yes,describe
The
siteissituatedabovecurblevel.Noadverseencroachment/easementObserved.Genera!pescripli
0
n
FoundationExll1fiorDescriptionmateri
als/co!1d
itio
n
In!eriarmaterials/conditionUnits
C?J
One
0
OmiwilhAccessoryUnit
n
ConcreteSlab
o
CrawlSpaceFoundati
0
nWalls
coneblock/aveFloors
caro/vlnv/hd
wd/ave
#
ofStories1.5
storv
r.;?,l
Full
Basement
[1
artlaIBasementExteriorWallsvinvl/aveWalls
olaster/ave
Type
r.;?,l
Oet.0
Att.
0
Det/EndUn~B
asementArea
1.344
sqft.
RoofSuriacea§l2_haltlaveTrinVFinishhdwd/ave
o
ExistingDProposedDUnderConstBasement
R
nish50
%
Gutters
&
Downspoutsaluminum/aveBathFloorvinvl/ave.Design.(stvle)1.5storv/ave
[8:)
OutsideEn1rY/Extt
lZl
SumpPum
p
WindowTypedblehung/aveBalliWainscotfiberqlass/aveYearBuiH1915Evidenceof
r
1
Infestation.StormSasMnsulatedaverageCarStorage
II
None.EffectiveAge('(rs)40
o
Dampness
o
SettlemertScreenscombination/ave
IIg]
0
rivew
ay
#
of
Cars2Attic
r
l
None
i
Healing
!2$J
FW
A
I
[J
HWBBI[]
Rad
iantAmenitesWoodstove(s)
#
DrivewaySu
r1
ac
e
concrete
·0
ropStair
o
Stairs
1
OtherIFuelGasleg]
F1
replace(s)
#
i
I2S
Fencechainlink
Ir.;?,l
Garage
#
ofCars2
o
Floor
IX1
ScuttleCoo
I
ino
IX1
CentraIAl
r
Cond~iooi
ng
I
[g]
Pali
%
eck
I2S
Porell
J
Carport
#
ofCarsDFinished
o
Heated
o
Individual
10
Other
o
Pool
D
OtherDAtt.0Det.
o
Built-ini
AD
oli
anc
es
0
R
elriaeratorD
R
anoe/Oven
o
Dishwasher
o
Disposal
[J
Microwave
o
WashsrfDljler
[ZJ
Other(describe)hoodFinis
hed
areaabovegrads
C
ontai
ns:
7
Rooms
3
Bedrooms
1
Bath(s)
1654
S
qu
areFeetofGrossUvin
9
AreaAboveGrad
e
AddHionalfeatures(soecialenerQVefficientitemsetc.).Smokedetectors
&
ceilingfans.Deseri
b
e
the
conditionofthe
ore
DertynnIjl
u
din
Q
neededreoai
rs
deteriorationrenovatio
ns,
remodelino,etc
1
Phvsicallv.thesubiectisin
averacecondition.
Noevidenceofanvmaiordeferredmaintenancewasobserved.Arethereanyohvsicaldeficienciesoradversecoodiijonsthataffectthelivability,soundness,orstructuralintegrity
01
theproperty?DYes
0
oIfYes,describeDoestheproPartygenerallyconformto
the
neig
hborhoad
(funetianalutility,
style,
condilionuse,constructio
n,
etc.I?
o
Yes
0
No
H
No.,describe
UniformResidentialAppraisalReport
File
I
42220FreddieMacForm70March2005Page1of6FannieMaeForm1004March2005form1004-"TOTALforWindows"appraisalsoftwarebyalamode,inc.-80ALAMODE
 
IFileNo.
422201
Page
#41
UniformResidentialAppraisalReport
File
#
42220There
are
1comparablepropertiescurrentlyofferedforsale
in
thesubjectneighborhoodranginginpricefrom
$
154900to
$
154900Thereare5comp
ara
blesal
es
in
ttle
sub
i
attneighb
orho
adwithinthe
p
asttwe
Ivemonthsranginginsale
once
Irom
$
133200
10
$
165,000COMPARABLESALE
#
3
fATURESUBJECTCOMPARABLESALE
#
1
COMPARABLESALE
#
2
Address1225ElmhurstDriveNECedarRapidsIA5240240119thStreetNE2401
0Avenue
NE2508CAvenueNECedarRaoidsCedarRapidsedarRaoids
P
roxim
itv
10S
utlect
:0.72miles
0.78
miles,57milesSalePrice
$
$
165000
$
136500
S
137500SalePrice/GrossLiv.Area
scft
$
94,34
so
Jt,
$
98.13
sqtt.
$
108.10
SQ._ft.
DataSoure
a(s)
countycourlhouse/MLScountycourthousefMLSountycourthouse/MLSVerHicationSource(s)countyassessorsfMLS
I
countvassessors/MLSountyassessors/MLSVALUEADJUSTMENTSDESCRIPTION
+i-)
$
AdjustmentDESCRIPTION
+1-)
$
AdjustmentDESCRIPTION
+(-)
$
AdjustmentESCRIPTIONSales
0
r
.Fi
TIll
nci
ng
ConcessionsFHNVA3000CCFHAIVA'2000CCFHNVA4000CCDateofSall1Time
02/11/2010
08/2_1/201003/26/2010Locationresidential/averesidential/averesidential/averesidentialfaveLeasehold!FeeSimpl'eFeeSimprefeesimplefeesimplefeesimpleSite8,797So.Ft.10500so
ft
5600so
ft
+
1
5006020
sq
ft
+1,500
View
subdivision/avesubdivision/avesubdivision/avesubdivision/aveDesign(Style)
1,5
story/ave
1.5
story/ave1.5
storwave
2story/aveQuality
ot
Construction
averaqe
superior-5000
aversce
averace
ActualAge19151938-30001935-25001924Condition
averaae
averaceaverace
averaoe
Total
1Bdrms.1Baths
Total
I
drms_1
Baths
Talai
1
B
~rm
s.Baths
Total
1Bdrms.1Baths
boveGradeRoomCount
Gross
LivingArea
7
I
3
1
1
-2
2506
1
3
1.5
·15006
I
3
1
1
1
654
sq.ft.
1749
sq,ft.
-25001391sqJt.+6500
1
272
sqrt.
+9,500Basement
&
R
nishedRooms
B
slow
Grade
1,344Sq.Ft50%
945/50%
3
916/75%
3
624/95%
3
+1,500:Functional
uti
I
tty
averaceaveraceaveraoe
average
_I
Heating:fCooling
fag/ca
fag/cafag/cafag/ca
~Energy
HficientIbemsinsulationinsulationinsulationinsulation
G
arage/Carport2cardet
2.
cardet
2.
cardet2car
det
!i
PorctVPatiO/DeckIPorch/patioscmpor/por/pt
-1
500porch/patioEP/porch/patio-2500
-NetAdjustrnent(Total}
D+0-
$
14250
0+D-
$
4000
0
+
D·
$
liO000AdjustedSalePriceNetAdj.
8.6
%
NetAdj.
2_9
%
01
CornparabesGrossAdj.
8.6
%
$
150750GrossAdj.8_B
%
$
Net
Adj.
7.3
%
140500GrossAdj.
10.9
%
$
147,500j
IZJ
did
l
didnotresearchthesaleor
Iran
stsrhistory
01
tilesubjeclpropertyandcomparablesales.
If
not,explainMyresearch
[J
did
[Xl
didnotrevealanypriarsaIesortransfersofthesub
i
ectpropmtyfarthethreevea
rs
pri
0
rtotheeffectivedate
of
this
aD
Praisa
I.
DataSource(s)CountyAssessor/MLS'Myresearch
[J
did
Gl
didnotrevealanypriorsalesortransfers
01
thecomparablesalesfortheyearpriortothedateojsale
of
thecomparablesale.DataSource(s)CountyAssessor/MLSR~mttheresultsoftheresearchandanalYsis
(If
thepriorsaleortransferhistoryofthesubjectpropertyandcomparablesaes(reportadditionalpriorsalesonpage
3).
ITEMSU8JECTCOMPARABLESALE
#1
COMPARABLESALE#2COMPARABLESALE
#3
Date
01
PriorSall1Tram,lerNANANANAPrice
oj
PriorSale/TranslerNA;NANANADataSource(s)cntyrecorder/assessor/MLScnlyrecorder/assessor/MLScntyrecorder/assessorlMLScntyrecorder/assessor/MLSEffectiveDateofDataSource(s)
12106/201
O/cntvasses/MLS
121061201
O/cntyassesfMLS
12106/201
O/cntyasses/MLS
12/06/201
O/cntyasses/MLSAnalysi
S
01
priorsaIe
0
rIranslerhistory
01
thesubjectpropertyandcomparabIIIsalesThesub
i
ectisnotcurrentlyon
the
market.Thesubjecthasnottransferredwithinthelast36months.Summary
01
SalesComparisonApproachThecomparablesusedwereconsidieredthebestavailableandweresimilartothesubiect.Thecomoarablesindicatedarangeof$140500to$155003.Allcomparablesarelocatedinthesimilarneighborhood/marketingarea.Aftercarefulconsideration$148000wasselectedasthevalueestimate.See
attacbrnent
foradditionalcomments.IndicatedValuebySalesComparisonApproachS148000IndicatedValueby:SalesComparisonApproach
$
148000CostApproach
(,if
developed)
$
147,000IncomeApproach(ifdeveloped)
$..
NAThesalescomparisonanalvsisbestreflectstheattitudesofbuyersandsellersintodav'smarket.Minimalweiohtwasoiventothecostapproach
10
value.Insufficientdatawasavai.labletodevelopanincomeaccroachtovalue.
-
Thisappraisalismade
0
'asis";
0
subjecttocompletionperplansand
speencanons
onthebasis
01
ahypotheticalconditionthattheimprovementshavebeencompleted,
D
s'ubjecttotilefollowingrepairsoralterationsonthebasis
ota
hypotheticalconditionthat
tile
repairsorane:rationshavebeencompleted,or
0
subjecttothelollowingrequiredinspectionbasedon
the
extraordinaryassumptionthatthecondHionordeficiencydoesnotr&luireaJterationorrepair:Thisreporthasbeenpreparedtothebestintentandspiritofcurrent"USPAP"requirements.Alsoseeadditionalcomments.Base~.onacompleteyisualinslK,lcli9noftheinterior.andexteriorareasofthesubjec!property,definedscopeofwork,statementofas~umplion~andlimitingconditions,andappraiser'scertification,my(our)opmlonofIhemarketvalue,asClelmed,ofIherealpropertythaiIsthesubjectof
thiS
report
IS
S148,000,asol
12/06/2010
whichisthedateofinspectionandtheeffectivedateofthisappraisal.FreddieMacForm70March2005Page2of6FannieMaeForm1!004March2005Form1004-"TOTALlorWindows"appraisalsoftware
by
a
.13
mode,inc,-1-S00-ALAMODE

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