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Home My WebLink About2016 24_Condemnation 120 E 2nd St_2016.12.06CITY OF OWASSO, OKLAHOMA RESOLUTION 2016 -24 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OWASSO, OKLAHOMA, RESOLVING THE NECESSITY OF INSTITUTING AND PROSECUTING CONDEMNATION PROCEDURES TO OBTAIN THE PROPERTY LOCATED AT 120 EAST 2ND STREET, OWASSO, OKLAHOMA. WHEREAS: The City of Owasso, by and through officers and agents thereof, has endeavored to purchase the property located at 120 East 2nd Street, Owasso, Oklahoma, owned by Ron Detherow, with the following legal description: Lot 1 & Ell 0 Vac Alley Adj on W thereof, Block 10, Owasso OT WHEREAS: Acquisition of the property referenced above is necessary for the renovation, expansion and public safety of the grounds surrounding the building housing the Owasso Police Department; and, WHEREAS: In connection with such efforts to obtain the needed property consensually, the City of Owasso, by and through officers and agents thereof, has made a bona fide good faith offer to purchase same; and, WHEREAS: The above - referred landowner has not accepted such offer and by reason thereof, condemnation proceedings, as provided for under the Constitution and Statutes of the State of Oklahoma, are necessary. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OWASSO, OKLAHOMA, THAT: Officers and agents of the City of Owasso, Oklahoma, are hereby authorized to initiate, and prosecute to the conclusion thereof, condemnation proceedings against the above -named landowner to obtain the premises referenced above. APPROVED AND ADOPTED this 6th day of Zber, 2016, by the 'y Council of the City of Owasso, Oklahoma. Ly ell unn, Mayor l Attest: ,G { OF (J O M Sherry BM isho RPICi.4L City Clerk V 2 A L ApproXed As To Form: ' aK1.:�hIUla1P Juli6�Trout Lombardi, City Attorney sd The City Wit out Limits. TO: FROM: SUBJECT: DATE: The Honorable Mayor and City Council City of Owasso BACKGROUND: Julie Trout Lombardi City Attorney and General Counsel ��C ob 20 Coe ,Nc /C �b Authorization to Initiate Condemnation Proceedings to Acquire the Property Located at 120 East 2nd Street, Owasso, Oklahoma, for expansion of the Owasso Police Department.. December 2, 2016 The City of Owasso desires to renovate the former City Hall located at 111 North Main Street which now solely houses the Owasso Police Department. In addition to renovation of the existing building, the City intends to reconfigure the parking lots and grounds surrounding that building and limit access to the grounds for purposes of security and safety. As a part of this proposed renovation and reconfiguration, acquisition of the property located at the comer of the existing east driveway and Birch Street, more specifically designated as 120 East 2nd Street, is necessitated. Consequently, staff has engaged in discussions with the landowner, Ron Detherow, regarding the purchase of his property. Mr. Detherow does not reside in the house located on that site but currently utilizes it as a rental property. While Mr. Detherow is not opposed or unwilling to sell the property to the City of Owasso, he desires compensation greatly exceeding the property's Fair Market Value and prefers that the City utilize eminent domain proceedings to obtain the property. Based upon the foregoing, it has become apparent that condemnation is the sole mechanism available to the City to obtain the Detherow property. The property will be utilized for a public purpose; therefore a condemnation action is both warranted and appropriate. The City obtained an appraisal of the property and offered the landowner a purchase price exceeding the property's Fair Market Value. Due to the landowner's refusal to accept this offer, City staff believes that agreement upon a mutually acceptable purchase price cannot be reached through additional negotiation. Therefore, staff submits that a Resolution of Necessity authorizing the filing and prosecution of a condemnation action is appropriate and required to obtain the property located at 120 East 2nd Street, owned by Ron Detherow. RECOMMENDATION: Staff recommends approval of Resolution 2016 -24 authorizing the filing and prosecution of a condemnation action to obtain the property located at 120 East 2nd Street, Owasso, Oklahoma from the property owner, Ron Detherow. ATTACHMENTS: Resolution 2016 -24 Appraisal Offer Letter to Property Owner Todd Paden FROM: Todd Paden Paden Appraisals, Inc 1304 N Garfield Ave Sand Springs, OK 74063 -7325 Telephone Number: (918) 245 -1765 Fax Number. 11.1`_► I EH: INVOICEINUMBER 4264 DATE 07/06/2016 TO: Intemal Order #: Client: John Peary Lender Case #: City of Owasso Client File #: Owasso, OK 74055 Main Flle #on lorm: 4264 Other File #onform: Telephone Number: 916- 376 -1519 Fax Number. FedealTa %ID: Alternate Number. E -Mail: jfeary@cityofowasso.wm EmployerlD: Lender: Client: John W Peary Client: Client: John W Peary Purchaser/Borrower: Client: John Peary, City of Owasso Property Address: 120 E 2nd St City: Owasso County: Tulsa Stale: OK Zip: 74055 Legal Description: Lot 1 8 El Vac Alley Adj on W Therofe, Block 10. Owasso OT I Full Appraisal Check #: Date: Description: Check elf; Date: Description: Check #: Date: Description: SUBTOTAL 350.00 350.00 SUBTOTAL TOTALDUE $ 350.00 SUMMARY OF SALIENT FEATURES Subject Address 120 E 2nd St Legal Desc6p60n Lot 1 & E10 Vac Alley Adj on W Therofe, Block 10. Owasso OT City Owasso County Tulsa State OK ➢p Code 74055 Census Tract 0056.01 Map Reference TU4146 /0wasso OT Addition Sale Price S Date of Sale Borrower Client: John Feary, City of Owasso Lender /Client Client: John W Feary Size (Square Feet) 1,613 Price per square Foot 5 Location N;Res; Age 35 Condition C3 Total Rooms 6 Bedrooms 4 Baths 2.1 Appraiser Todd A. Paden Date of Appraised Value 06/30/2016 Opinion of Value S 125,000 Todd Paden Uniform Residential Appraisal Report File# 4264 The purpose of this summary appraisal roport is to provide the lender /client with an accurate, and adequately supported, opinion of the market value of the subject property. PrOpellyAddronis 120E 2nd St r. Owasso State OK ZI Code 74055 Borrower Client: John Feary CHyofOvvasso Owner of Public Record Ron Detherow Trust County Tulsa Le al Descri bon Lot I& E10 Vac Alley Add on W Therofe Block 10. Owasso OT Assessor's Parcel # 61000 -14 -30 -00350 Tax Year 2015 R.E. Taxes S 1,038 Neighborhood Name Owasso OT Addition, Map Reference TU4148 /Owasso OT Census Tract 0058 01 Occu nt Lj Owner &Tenant EJ Vacant Special Assessments S o ❑PUD HOASo X per year ❑ per month '• Property Rights Agpraised X Fee Simple L1 Leasehold ❑ Other describe Assignment Type ❑ Purchase Transaction ❑_ Refinance Transaction Other describe Market Value Lender/Client Client: John W FeaDe Address Owasso OK 74055 Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective dale of this appraisal? El Yes X No Report data source(s) used, offering rice 5 , and date(s). Per TulsaM LS, subject has not been listed in last 12 months. I ❑ did ❑ did not analyze the contract for sate for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. Contract Price $ Date of contract Is the property seller the owner of public record? Yes 0 No Data Source (s) Is there any financial assistance (loan charges, safe concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? ❑ Yes ❑ No If Yes, report the total dollar amount and describe the items to be paid. Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics I I One- Unil Housing Trends Orne-UnitHousing Present Land Use% Locallon Lj Urban X Suburban ❑ Rural Pro Values ❑ In one Stable Declining PRICE AGE One -Unit 60% Buih -U X Over75% ❑ 25 -75% ❑ Under 25% Demand/Su ❑ Shorty e X In Balance ❑ Over Su $(000) s 2 -4 Unit % Growth ❑ Rapid X Stable ❑ Slow I Marketing Time ❑ Under mths 3-6 mine ❑ Over 6 mths 90 Low 10 Multi -Famil % Neighborhood Boundaries The north boundary is 86th Street North. The south boundary is 76th Street 160 High 65 Commercial 20% North. The west boundary is 101st E. Ave. The east boundary is Highway 169. 125 Pmd. 35 Other 20% Nei hbomood Descri bon Established neighborhood in Owasso of avere a quality homes in the medium price range on various sized lots. Several additions in area with a variety of home designs, well maintained. Commercial and Church vely nearby. Appraised as single family home per client. Area convenient to city services. PropeNy values in area stable and financing being readily available at this time. Market Conditions including support for the above conclusions Neighborhood's trend indimtes stable market value. Predominatetv single family homes in area. Daman dJsu I a ears in balance at this time. No a arent adverse conditions were observed in the market at this time. Financing concessions do not arocear to have effect on final estimate of value at this time. Dimensions Subject to survey Area 11,250 sf Shape Regular Mew N'Res� Specific Zoning Classification CH Zoning Description Commercial High, Land use Single Family - Zoning Compliance X Leg) Legal Nonconformin Grandfathered Use No Zoning Illegal describe Is the highest and best use of subject propelt as improved or as proposed per plans and specifications) the present use? X Yes No If No, describe Utilities Pubbc Other describe Public Other describe Off -site Improvements - T a Public Private EfecV!cy X ❑ Water X ❑ Street Asphalt ❑ Gas X ❑ Sanitary Sewer X ❑ Alley None El FEMA Special Flood Hazard Area ❑ Yes X No FEMA Flood Zone X FEMA Ma # 40143CO138L FEMA Ma Date 10/16/2012 Are the ubli0es and off -site improvements icai for the market area? X Yes Ll No it No, describe Are there any adverse site conditions or external factors easements, encroachments, environmental conditions, land uses, etc.)? ❑ Yes X No If Yes, describe Subject land typical of area. Lomted on wrner lot. Located near commercial Church City Offices. Sub ect zoned CH and currently used as sin le famil . **Appraise as single family per client. Easements appear normal. Utilities typical for area. No other apparent adverse conditions were observed in the market. General Description Foundation Exterior Description malerials /co isilion Interior ! matedalskondNon! Units One One with Accessary Unit X Concrete Slab Crawl S Ipace Foundation Walls Concrete /Avera a Floors Ca- CUAvera e # Of Stories 1 Full Basement Ej Partial Basement Exterior Walls Brk- VUAvera a Walls Dvel- Pan /Avera e Type X Oct. Aft ❑ S- DeVVEnd Unit Basement Area 0 s .ff. Roof Surface Com /Avera e Trir-flnish Wood/Average X Existing ❑ Proposed ❑ Under Const. Basement Finish 0 % Gutters & Downs outs None Bath Floor CUAvera e Design (Slyfid e Traditional E] Outside En /Exit Sump Pump Window T e Alum/Average Bath Wainscot CUAvera e Year Built 1981 Evidence of Infestation Storm Sastubsuland Storms /AVerae Car Storae None Effective Age ffrs) 12 ❑ Dam ness ❑ Settlement Screens Screens/Average X Driveway # of Cars 2 Heabn FWA ❑ NWBB fladiant Amenities Woodstove s # o Drivewa Surface Concrete ro Stair Stairs ❑Other Fuel Gas X Fire laces # 1 Fence CL X Gana # of Cars 2 Floor Scuttle Conlin GenUal Air Condthonin X Painished ❑ Heated ❑ Individual ❑ Other ❑ Pool none ❑ Other none X Ad ❑ Oet. ❑ Built-in iances ❑ Refri erator X Ran e/Oven X Dishwasher X Dis osal ❑ Microwave ❑ Washep0 er X Other describe Vent Hood hed areaabove rode contains: s Rooms 4 Bedrooms 27 Baths 1 673 Soars Feet of Gross Livin Area Above Grade tional features s ecial ener efficient items, etc.. Covered Porch - Covered Patio- Ceilin Fans -Storm Door Old story enotetl but door is so t fence very small space to open and effects functionality No co t b t ry alue iven to small old storage b ldinp ribe the condition Of the roe includin needed re airs, deterioration, renovations, remodelin , etc.. C3 ;No u dates in the rior 15 ears Functional Floor r-None . Subject well maintained. Overall subject considered to be in avere a condition. Story a not iven an contributo value due to door located so close to south fence unable too en all the wa and limits its usefulness. No a arent adverse conditions were observed in the ket. ere an h sical deficiencies or adverse condNons that affect the Iivaled , soundness, or structural inte n of the propeM? Yes X No If Yes, describe re were no h sical deficiencies or adverse conditions that were a arnt or readil observable to this a raiser that would ne ativel affect livabili or soundness of the subject roe . If there is a uestion as to the structural inte rit of the buildin a ualifiied rofessional should onsulted. the roe eneral conform to the neighborhood functional ubl' , slye, condition, use, construction, en.)? _Yes ❑ No If No, describe Freddie Mac Form 70 March 2005 UAD Version 9/2011 Pagel of 6 Fannie Mae Form 1004 March 2005 Uniform Residential Appraisal Report File# 4264 There are 2 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 100 000 to $ 120,000 There are 6 com arable sales in the subject neighborhood whhin the past twelve months ranging in sale price from $ 97,00 to $ 146.000 URE FEAT SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 120 E 2nd St Owasso OK 74055 602 E 8th St Owasso OK 74055 318 N Carlsbad St Owasso OK 74055 315 N Carlsbad St Owasso OK 74055 Prishmuty to Subject > 0.55 miles NE 0.32 miles NW 0.29 miles NW Sale Price $ S 127,000 is 97,000 Sale Price /Gross Uv. Area $ In .fL $ 84.39 sq.fLi $ 74.71 s .ft. $ 65.50 Sqft Data Sources '- TuIsaMLS #1538523'DOM 34 TuisaMLS #1609101'DOM 30 TuIsaMLS #1527653'DONI 12 Vedficalim Sources 5: Realist Cthouse Rec TulsaMLS ReaIjsL Cthouse Rec VALUEADJUSTMENTS DESCRIPTION DESCRIPTION +- SAdjustment DESCRIPTION I +- $Adjustment DESCRIPTION I +- $Adjustment Sales or Financing Concessions ': Armt-th COnv ;O Arml-th Unknowm0 Arml-th Conv'0 Date of Sale/Time -. s09libUnk s06 11&Unk s08115 Link Location N:Res; N Res N Res Leasehold/Fee Simple Fee Simple Fee Sim le Fee Sim le Site 11 250 sf =Res* 7442 sf +2 500 7688 sf +Z 500 View N;Res; N ;Res N ;Res Desi n S 1e DT1:Traditional DTtTraditional DT1;Traditional Ouali of Construction Q3 Q3 Q3 Actual Age 35 55 048 048 0 Conditon C3 C3 C3 C3 Above Grade ToUI Bdm¢. BaNS Total Bdrms. Baths Total Bdmr BaNS Total Burns. Baths Roam Count 6 4 2.t 6 2 2.0 +1 500 6 73 2.0 +1 500 6 1 3 1.1 +3,000 Gross Living Area 1,613 5 .ft. 1 505 5 .ft. +3,80 1,526 S .ft. +3,00 1,481 S .fL +4,600 Basement &Rnished Rooms Below Grade Osf Osf Osf Osf Functional Utility Average Averaore Avera a Averacie Healm Ccolin Cent/Cent Cent/Cent Cent/Cent Cent/Cent • Energy Efficient tems Storm Windws ThermalWndws -1 500 Storm Windws Storm Windws Garage/Carport 2 a2dw 2 a2dw 2 a2dw 2 a2dw - Porch/Pato/Deck Porch /Patio Porch /Patio Porch /Patio Porch/Patio • Fence/Fireplace Fence /F -P Fencing +1,50 Fencing +1,50 Fencin +1,500 Special Features Average Average Average Dot Shop -5 000 . Net Adjustment (Total) X + ❑ - S 2,80 X + ❑ - $ 8,50 + C1 - $ 6 600 Adjusted Sale Price of Com arables °: Net Adj. 2.2% Gross Adj. 8.5 % $ 129 80o Net Adj. 7.5 % Gross Ad'. 7.5%j$ $ 122 50o Net Adj. 6.8% Gross Adj. 17.1 %,$ 103,600 I K did Lj did not research the sale or transfer history of the subject place and comparable sales. It not, explain My research X, did ❑tlid not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Sources Realist Cthouse Records My research ❑ did X did not reveal any prior sales or transfers of the com arable sales for the year prior to the date of sale of the comparable sale. Data Souce s Realist Courthouse Records Report the results of the research and analysis of the prior sale or transfer history the Subecl roe a� com arable sales (recall additional woo sales on page 3). ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior Saleirransfer 03/07/2014 Price of Prior Sale/frsnsfer So Data Source(si Realist Clh Rec Realist Cth Rec Realist Cth Rec Realist Cth Rec Effective Date of Data Sources O6/15/20i6 06!1512016 06/1512016 06/15/2016 Analysis of prior sale or transfer history of the subject property and comparable sales Previous warranty deed for subject from Detherow to Detherow Tmst. No other sales history noted on subject or com arables other than noted above. Summary of Sales Comparison Approach All sales have been given equal consideration. After researchino subjects general market area these com arables used were considered to be the most pertinent and reliable indications of market value. Comps from same area or similar competing area to subject. Area considered stable over last 12 months. Indicated Value by Sales Comparison A roach $ 125,000 Indicated Value by: Sales Comparison Approach $ 125,000 Cost Approach IN developed)$ Income Approach (if developed) $ The final estimate of market value was derived from the sales comparison analysis as it best reflects the actions of the bu ers and sellers in Codas market. Income approach not used as subject is not considered to be a rental. This appraisal is made X "as is", ❑ subject to completion per plans and specificagons an the basis of a hypothetical condition that the improvements have been completed, ❑ subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs a alterations have been completed, or ❑ subject to the • following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: Subject currently used as single family and appraised as a single family residence per client. Zone CH per courthouse. "This is a summary appraisal report.— Based on a complete visual inspection of the interior and exterior areas of the subject property defined scope of work, statement of assumptions and limiting conditions, and appraisers certification, my (our) opinion of the market value, as refined, of the real property that is the subject of this report is $ 125,000 as of 06130/2016 which is the date of inspection and the effective dale of this appraisal. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005 Uniform Residential Appraisal Report File# 4264 Freddie Mac Fonn 70 March 2005 UAD Version 9/2011 Page 3 of 6 Fannie Mae Fen 1004 March 2005 COST APPROACHTO VALUE (not c wired q Fannie Mae Provide adequate information for the lender /client to replicate the below cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimatnii site value Coun assessor, recent land sales. ESTIMATED El REPRODUCTION OR 0 REPLACEMENT COST NEW OPINION OF SITE VALUE =S 50 000 Source Of cost data DWELLING Salt. @ $ -. -._. =$ Quality raling from cost service Eftecbve date of cost data S.Ft. @S __---- _$ Comments on Cost Approach (gross livina area calculations, de reclabon, etc. ------- _$ Garage/Carport S .Ft. @S ------- =$ ' Total Estimate of Cost -New ------ =$ Less Ph sical I Functional I E>semal De reciafion I I =$ Depreciated Cost of improvements ---------------------------- =$ "As -is 'Value of Site Improvements .._- _- ..________,__$ Estimated Remaining Economic Life (HUD and VA only) 50YeM INDICATED VALUE BY COST APPROACH- _$ iINCOME APPROACH TO VALUE (not required b Fannie Mae Estimated Monthly Market Rent$ X Gross Rent Muthller =$ Indicated Value by Incom Approach Summary of Income Approach (including support for market rent and GRM PROJECT INFORMATION FOR PUOs (if applicable Is the develoerlbuilder in control of the Homeowners' Association HOA? 0 Yes [I No Unit es Detached Attached Provide the following information for PUDs ONLY A the develo erNullder is in control of the HOA and the subject property is an attached dwelling unit Legal Name of Project Total number of phases Total number of unhs Total number of units sold ' Total number of units rented Total number of units for sale Data source (s) Was the prooct created by the conversion of asteg bmldin s into a PUD? Yes No If Yes, date of conversion. Does the project contain any muN-dweliin units Yes ❑ No Data Emma Are the units, common elements, and recreation facilities complete? Yes ❑ No It No, describe the stabs of completion. Are the common elements leased to orb the Homeowners' Association? 0 Yes ❑ No If Yes, describe the rental terms and o bons. Describe common elements and recreational facilities. Freddie Mac Fonn 70 March 2005 UAD Version 9/2011 Page 3 of 6 Fannie Mae Fen 1004 March 2005 unlTorm heslaenual Appraisal Keport File# 4264 This report form is designed to report an appraisal of a one -unit property or a one -unit properly with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report forth, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and /or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender /client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender /client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the pdce is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing tens 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 ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the this to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraisers determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac Forth 70 March 2005 UAD Version 9/2011 Page 4 of 6 Fannie Mae Form 1004 March 2005 Uniform Residential Appraisal Report File# 4264 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. 1 have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. 1 performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. 1 performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. 1 developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. 1 researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. 1 researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. T 1 selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. 1 have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. 1 have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. 1 verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. 1 have knowledge and experience in appraising this Type of property in this market area. 12. 1 am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. 1 obtained the information, estimates, and opinions famished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. 1 have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions In my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. 1 have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. 1 stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which am subject only to the assumptions and limiting conditions in this appraisal report. 17. 1 have no present or prospective interest in the property that is the subject of this report, and I have no present or Prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and /or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. 1 personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individuals) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any hem in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for It. 20. 1 identified the lender /client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1004 March 2005 unlTorm KesfaenTlal Appraisal Report 21. The lender /client may disclose or distribute this appraisal report to: the borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or Instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraisers or supervisory appraisers (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. 1 am aware that any disclosure or distribution of this appraisal report by me or the lender /client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as If a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any Intentional or negligent misrepresentation(s) contained In this appraisal report may result in civil liability and/or criminal penalties Including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. 1 directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraisers analysis, opinions, statements, conclusions, and the appraisers certification. 2. 1 accept full responsibility for the contents of this appraisal report including, but not limited to, the appraisers analysis, opinions, staemens, conclusions, antl the appraiser's certification. 3. The appraiser identified in this appralsal report Is either a sub - contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record' containing my 'electronic signature," as those tens are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. Name Telephone Number 916 -245 -1765 Email Address toddoaderultstomlobal.net Date of Signature and Report 07/0712016 Effective Date of Appraisal 06130/2016 State Certification # or State License# 12698SIA or Other (describe) State# State OK Explration Date of Certification or License 1 0131/2 01 8 ADDRESS OF PROPERTY APPRAISED Owasso. OK 74055 APPRAISED VALUE OF SUBJECT PROPERTY$ 125.D00 LENDER/CLIENT Name No AMC Company Name Client: John W Feary SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or Slate License # State Expiration Date of Certification or License SUBJECT PROPERTY ❑ Did not Inspect subject property ❑ Did Inspect exterior of subject property from street Date of Inspection ❑ Did Inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES Company Address Owasso. OK 74055 ❑ Did not inspect exterior of comparable sales tram street ❑ Did inspect exteriorof comparable sales from street Email Address ifeary ®oitvarawasso.00m Date of Inspection Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 6 of 6 Fannie Mae Farm 1004 March 2005 Building Sketch Borrower Client: John Feary, City of Owasso Pro a Address 120E 2nd St Ci Owasso Coun Tulsa State OK 7jp Code 74055 LentlegClient Client: John W Feary 10.1. 1 Bedroom 47.6' 1/2 Bath Kitchen S 193' 2 Car Garage 16.5' 24.9' roru amipao Boa xx umAe Area Frst nom Totrl nving l Non -1MA0 A, 2 Car AMOc 21.4' 4.6' Bedroom Bedroom Nook CI. CI. CI. Bath 37' CI. Living Room CI CI. Bath 26.8' i Bedroom 6.6' 17.3' 10.1 x 21.4 = 216.1 37 z 17.3 = 640.1 4.1 x 4.6 = 18.9 25.8 z 26.8 =691.4 13.3 x 3.5 = 46.6 19.7 x 21.4 - 421.6 3.5 x 165 = 57.8 Location Map Bon " Client John Peary, CltV of Owasso PmV8w_nYAddreSS 120 E 2nd 'St I City Owasso County Tulsa SW OK bp Code 74055 I Lender/Client Client John W Feary a!a mode Inc: .'r u., U, 1111 wl k' el ETA, Y .A. 4t COMPARABLE No. I V, 602 E 8th St COMPARABLE No. 2 0.55 miles NE 318 N Carlsbad St 0.32 miles NW 7 0 315.N Carlsbad St 0.29 miles NW P�Fft I 7 120 E 2nd St —Ir � r ry 0 Subject Photo Page Borrower Client: John Feary. City of Owasso Property Address 120 E 2nd St uly Owasso COW Tulsa State OK Zip Code 74055 LeDder /Client Client John W Feary 120 E 2nd St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location New Site Quality Age Subject Front 1,613 6 4 2.1 N;Res; N;Res; 11,250 of Q3 35 Subject Rear Subject Street Subject Photo Page Bonawer Client John Fee C' of Owasso P Address 120 E 2nd St city Owasso County Tulsa State OK Zp Code 74055 Lender /Client Client John W Fea 120 E 2nd St Sales Price Gross Livinp Area Total Roams Total Bedrooms Total Bathrooms Location New site Quality Ape Subject Front 1,613 6 4 2.1 N;Res; N;Res; 11,250 sf Q3 35 Subject Rear Subject Storage door on fence side too close to fence to open fully Subject Photo Page ftClient Jhn Fe C' of Owasso Addraas 120E, d St CRY Owasso County Tulsa State OK Zip Code 74055 Lender /Ghent Client John W Feary Church across street 120 E 2nd St Sales Pdoe Gross LMng Area 1,613 Total Rooms 6 Total Bedrooms 4 Total Bathrooms 2.1 tacadon N;Res; Yew N;Res; Site 11,250 sf Quality 03 Age 35 Street /Commercial across street Subject Interior Photo Page Borrower Client: John Feary. City of Owasso Property Address 120 E 2nd St Ci Owasso Conn Tulsa State OK L Code 74055 Lender Client Client John W Feary Subject Kitchen 120 E 2nd St Sales NO Gross LMnp ANa 1,613 Total Booms 6 Total Bedrooms 4 Total Bathrooms 2.1 Location N;Res; Yew N;Rm; Site 11,250 sf Quality 03 Ape 35 Subject Living Room Subject Bathroom Subject Interior Photo Page Barmwer Client John Fea CI of Owasso Pro a Address 120E 2nd St a Owasso Coup Tulsa Stale OK TIP 74055 LeMer /Client Client Jahn W Feary rkwr Subject Bedroom 120 E 2nd St Sales Pdce Gross Living Area 1,613 Total Rooms 6 Tatal Bedrooms 4 Total Bathrooms 2.1 Loolion N;Res; New N;Res; site 11,250 sf Quality Q3 Age 35 Subject Bathroom Subject 1/2 Bathroom Subject Interior Photo Page Borrower Client: John FearV, Chy of Owasso Pro a Address 120E 2nd St C Owasso County Tulsa Stale OK Tip Code 74055 Lender /Client Client John W Feary Subject Bedroom 120 E 2nd St Sales Price Gross living Area 1,613 Total Rooms 6 Total Bedrooms 4 Total Bathrooms 2.1 Location N;Res; View N;Res; Bile 11,250 sf Guaery 03 Age 35 Subject Bedroom Subject Bedroom Comparable Photo Page Bgh"Wer Client: John Fea C of Owasso Pro dre 120 E 2nd St city Owasso County Tulsa Stale OK ZI Code 74055 Lender /Client -Client: John W Feary Comparable 1 602 E 8th St Pmx. to Subject 0.55 miles NE Sales Price 127,000 Gross Uving Area 1,505 Tod Roams 6 Total Bedrooms 2 Total Bathrooms 2.0 Loca lm N;Res; View N;Res; Sib 15000 at Quality 03 Age 55 Comparable 2 318 N Carlsbad St Prox. to Subject 0.32 miles NW Sales Price 114,000 Gross Living Area 1,526 Tod Rooms 6 Total Bedrooms 3 Total Bathrooms 2.0 Location N;Res; New N;Res; She 7442 sf Quality 03 Aga 48 Comparable 3 315 N Carlsbad St Prox. to Subject 0.29 miles NW Sales Price 97,000 Gross tieing Area 1,481 Total Rooms 6 Total Bedrooms 3 Tad Bathrooms 1.1 location N;Res; View N;Res; Site 7688 sf Quality O3 Age 48 !', '.Ae. Market Conditions Addendum to the Appraisal Report r,.9„ AIRA The purpose of this addendum is m -Provide the lender /client with a clear and accurate understanding of the market trends and conditions prevalent in the subject nerghbDrhoDd. This Is a required addendum tar all appraisal reports with an effective date on or after April 1, 2009. Property Address 120 E 2nd St City Owasso Stale OK ZIP Code 74055 Borrower Client: John Feary, City of Owasso Instructions: The appraiser must use the information required on this form as the basis for higher conclusions, and must provide support for Nose conclusions, regarding housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provide analysis as indicated below. IT any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; 9 it Is available, however, the appraiser must include the data in the analysis. g data sources provide tire required infmmagan as an average instead of the median, the appraiser should report the available figure and Identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective: buyer of the subject property. The appraiser must euMlen any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc. Imenfn Am k Prior 7 -12 Months Prior "Months Current -3 Months Overall Trend Total # of Comparable Sales Settled 3 0 3 Increasing ® Stab k ❑ Declining Absorption Rate oW SalesrMo the 0.50 N/A 1.00 ❑Increasin ®Stable ❑ Declinin Total # of Comparable Active listings N/A WA 2 Derfinin IN Stable JLJ Increasing Months of Housing Supply (Total Llstin Ab.Rata WA NIA 2.0 ❑ Denture Stable 11 1 Imreasin Median We S Ust Price, DOM, Sale/Llst% Prior 7- 12 Months Prior 4-6 Months Current -3 Months Overall Trend Median Comparable Sale Price 127,000 N/A 113.000 ❑ increasing IN Stable I ❑ Declining Median Comparable Sales Days on Market 19 N/A 20 ❑ Decgnin ® Stable Increasing Median Comparable list Price 135,500 N/A 119 000 ❑ Increasing ® Stable ❑ Declining Medal Comparable IJstln s Days on Merkur WA NIA 36 ❑ Declinin ®Stable ❑ hcreasin ' Median Sale Price as %of L111 Price 93.7 %% N/A 95% Increasing ®Stable ❑ Decgninp ' Seger - develo er, builder, eN. paid financial assistance prevalent? ® Yes No ❑ Declinln ®Stable ❑Increasin Explain in detail the seller concessions trends for Me past 12 months (e.g., seller contributions increased inner 3 %N 5 %, increasing use of buydowns, closing costs, condo fees 01fliOns, em.. Of the 6 tour arable home sales in subjects comparable area for the year, sales p6m was higher than list prim 0 times MILS. ' Are foreclosure sales (IREO sales a factor in the market? ❑ Yes X No tt Yes. Wain fincluding the trends In Isfings and sales of foreclosed properties). Of the 6 comparable home sales found for last Year in subject area per MILS, it arumared that 0 of the tour arable sales was corporate owned. Cite data sources for above Information. MILS resmmh from subject area. No Hahne hnfonna0on found from time periods 7 -12 months arto and 4-6 months acro on MLS. Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pencring sales andfor expired and withdrawn Hsbngs, to formudate your conclusions, provide both an explanation and support for your conclusions. Overall trends in subject comparable area considered to be stable. Currently 2 comparable active listings in the area. If the subject is a unit In a condominium orcoop r tive roect,complete the followi : PmJect Name: Subject Project Data Prior 7 -12 Months Prior 4-6 Months Current -3 Months Overall Trend Total # of Comparable Sales (Sector) Increasin Stable Decgning Absorption Rate (Total SaleslMmths ❑ Increasin ❑ Stable ❑ Decgmn Total # of Active Comparable llsdogs ❑ Declining ❑ Stable I U Increasing Months of Unit Supply (Total tistin Ab.Rate Deciding ❑ Stable I ❑ Increasing Are foreclosure sales (REO sales) a far tm tan tlo project? Y m No 9 yes, indicate the number of RED listings and mplain the trends In listings and sales of foreclosed properties. the above bends and address the im ct on the subject unit and ro ct. Iize SI nature Name Todd A. Paden Su erviso A raiser Name ame Paden A raisals Inc. Com an Name re 4 Com an Address cense/ State Ncense/Certification # State dress toddpaden @sbcglobal.net Email Address rreaare Mac corm r1 Mamn 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009 MULTI- PURPOSE SUPPLEMENTAL ADDENDUM FOR FEDERALLY RELATED TRANSACTIONS Todd Paden Borrower Client: John Feary, City of Owasso Pro a Address 120E 2nd St Ci Owasso Coun Tulsa State OK ZIP Code 74055 Lender/Client Client: John W FearV This Muld-Purpose Supplemental Addendum for Federally Related Transactions was designed to provide the appraiser with a convenient way to comply with the current appraisal standards and requirements of the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of Currency (OCC), The Office of Thrift Supervision (OTS), the Rescinder Trust Corporation (RTC), and the Federal Reserve. This Multi - Purpose Supplemental Addendum is for use with any appraisal. Only those statements which have been checked by the appraiser apply to the property being appraised. X PURPOSE & FUNCTION OF APPRAISAL The purpose of the appraisal is to estimate the market value of the subject property as defined herein. The function of the appraisal is to assist the above -named Lender in evaluating the subject property for lending purposes. This is a federally related transaction. ® EXTENT OF APPRAISAL PROCESS ® The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the subject property and neighborhood and selection of comparable sales within the subject market area. The original source of the comparabies is shown in the Data Source section of the market grid along with the source of confirmation, if available. The original source is presented first. The sources and data are considered reliable. When conflicting information was provided the source deemed most reliable has been used. Data believed to be unreliable was not included in the report nor used as a basis for the value conclusion. ❑ The Reproduction Cost is based on supplemented by the appraiser's knowledge of the local market. ® Physical depreciation is based on the estimated effective age of the subject property. Functional and/or external depreciation if present, is specifically addressed in the appraisal report or other addenda. In esdmadng the site value, the appraiser has mind on personal knowledge of the local marker. This knowledge is based on prior and/or current analysis of site sales and/or abstraction of site values from sales of improved propeNes. The subject property is located in an area of primarily owner - occupied single family residences and the Income Approach is not considered to be meaningful. For this reason, the Income Approach was not used. ❑ The Estimated Market Rent and Gross Rent Multiplier utilized in the Income Approach are based on the appraiser's knowledge of the subject market area. The rental knowledge is based on prior and/or current rental rate surveys of residential properties. The Gross Rent Mulfiplier is based on prior and/or current analysis of prices and market rates for residential properties. ❑ For income producing properties, actual rents, vacancies and expenses have been reported and analyzed. They have been used to project future rents, vacancies and expenses. ® SUBJECT PROPERTY OFFERING INFORMATION According to TulsaMLS the subject property: X has not been offeredfor sale in the past: ❑ 30 days X 1 year ❑ 3 years. ❑ is currently offered for sale for$ ❑ was - offered for sale within the past ❑ 30 days ❑ 1 year ❑ 3 years for $ ❑ Offering informafionwas cnncerhoo d in the final reconciliation of value. ❑ Offering information was not considered in the final reconciliation of value. ❑ Offering information was not available The reasons for unavailability and the steps taken by the appraiser are explained later in this addendum. X SALES HISTORY OF SUBJECT PROPERTY According 10 Cthouse Records the subject property: ❑ Has not transferred ❑ in the past twelve months. ❑ in the past thirty -sir months. ❑ in the past 5 years. Has transferred ❑ in the past twelve months. X in the past ihirty-sa months. ❑ in the past 5 years. ❑ All prior sales which have occurred in the past 3 years are listed below and reconciled to the appraised value, either in the body of the report or in the addenda. X FEMA FLOOD HAZARD DATA ® Subject property is not located in a FEMA Special Flood Hazard Area. ❑ Subject pmpertyj5- located in a FEMA Special Flood Hazard Area. Ian, FEMA Map /Panel # Map Date Nam. of Community X 40143C0138L 10/16/2012 Tulsa County ❑ The community does not oamcioata in the National Flood Insurance Program. ❑ The community does oarticioate in the National Flood Insurance Program. ❑ His covered by aregWat program. ❑ His covered by anemeroencv program. Page 1 of 2 Date Sales Price Document # Sen.r Bu er 03/07/2014 0 33556 Detherow Detherow Trust X FEMA FLOOD HAZARD DATA ® Subject property is not located in a FEMA Special Flood Hazard Area. ❑ Subject pmpertyj5- located in a FEMA Special Flood Hazard Area. Ian, FEMA Map /Panel # Map Date Nam. of Community X 40143C0138L 10/16/2012 Tulsa County ❑ The community does not oamcioata in the National Flood Insurance Program. ❑ The community does oarticioate in the National Flood Insurance Program. ❑ His covered by aregWat program. ❑ His covered by anemeroencv program. Page 1 of 2 ® CURRENT SALES CONTRACT ® The subject property is currently not under contract ❑ The contract and/or escrow instructionswere not available for review The unavailability of the contract is explained later in the addenda section. ❑ The cantract and/or escrow insWCtionswam reviewed The following summarizes the contract CantraM Oata Amendment Dale Contract Price Seller ❑ The contract indicated that personal propertywas nut included in the sale. ❑ The contract indicated that personal propertymelejubbill it consisted of Estimated co nhibutery value Is $ El Personal property wag not included In the final value estimate. ❑ Personal property was inchded in the final value estimate. ❑ The contract Indicated no Duane g concec<nneor other incentives. ❑ The contract indicated the following cnncesg cantor incentives: ❑ If concessions or Incentives exist the comparables were checked for similar concessons and appropriate adjustments were made, t applicable, so that the final value conclusion is in compliance with the Market Value defined herein. ® MARKET OVERVIEW Include an explanation of current market conditions and trends 1 -12 months is considered a reasonable marketing period for fie subject property based on Market analysis of the area. ❑ ADDITIONAL CERTIFICATION The Appraiser certifies and agrees that (1) The analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice ('USPAP°), except that the Departure Provision of the USPAP does not apply. (2) Their compensation Is not contingent upon the reporting of predetermined value or direction In value that favors the cause of the client the amount of the value estimate, the attainment of a stipulated result or the occurrence of a subsequent event (3) This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the appreval of a loan. ® ADDITIONAL (ENVIRONMENTAL) LIMITING CONOITIONS The value estimated is based on the assumption that the property is not negatively affected by the existence of haiaNOUS substances or detrimental environmental conditions unless otherwise slated In this report. The appraiser is not an expert In the identification of hazardous substances or detrimental environmental conditions. The appraiser's routine inspection of and Inquiries about the subject property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively unless otherwise stated N this report it is possible that tests and Inspections made by a qualified haraNOUS substance and environmental expert would reveal the existence of hazardous substances or detrimental environmental conditions on or am and the property that would negatively affect its value. ❑ ADDITIONAL COMMENTS -e. ® APP AMER'S SIGNNAATU LI S CERTIFICATION Appraiser's Si nature Effective Date 06130/201 Data Prepared 07/0712016 Appraiser's N e (print) Todd A. Paden Phone # 918.245 -1765 State OK Tax 10 # 20.5864182 ❑ CO -SIGNI ❑ The co- signing ap rmiserhas personally Impacted the subject property, both Inside and out and has made an exledor inspection of all comparable sales listed in the report. The report was prepared by the appraiser under direct supervision of the co- signing appraiser. The co- signing appraiser accepts responsibility for the contents of the report including the value conclusions and the limiting conditions, and confirms that the certifications apply fully N the co-signing appraiser. ❑ The co-signing appraiser has not personally Inspected the interior of the subject property and: ❑ has not hsnectedMe exterior of the subject property and all comparable sales listed in the report ❑ has inspected the exterior of the subject property, and all comparable sales listed In the report ❑ The repot was prepared by the appraiser under direct supervision of the co-signing appraiser. The ce-signing appraiser accepts responsibility for the contents of the report including the value conclusions and the boiling conditions, and confirms that the certifications apply Polly N the co- signng appraiser with the exception of the certification regarding physical Inspections. The above describes the level of inspection performed by the co-signing appraiser. ❑ The co- signing appraiser's level of inspection, Involvement in the appraisal process and certification are covered elsewhere In the addenda section of this appraisal. ❑ CO- SIGNING APPRAISER'S SIGNATURE & LICENSE /CERTIFICATION co- Signing Apprarser's Signature Effective Date Dale Prepared GO-Signing Appraisers Name (print) Phone # state - ❑ License ❑ CeNficatlon # Tax ID # Page 2 of 2 , .. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting pmden8y, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified dale and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parries are well informed or well advised, and each acing 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 compaabies must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third parry insftutonal 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 judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certificates 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 fide to it. The appraiser assumes that the tide is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a 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 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 ideri fed Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in number, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its 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 if they am so used. 6. The appraiser has noted in the appraisal report any adverse condNons (such as, needed repairs, depreciation, 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 performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or inapparent 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, express 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 tearing that might be required to discover whether such conditions exist. Because the appraiser is not an expel in the field of environmental hazards, the appraisal report must not 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 sources that he or she considers to be reliable and believes them to be We and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal repel and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. 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 win 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 department agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender /client may distribute the property description seeder of the report only to data collection or reporting service(s) 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 adveNsing, public relations, news, sales, or other media. Freddie Mac Form 439 6 -93 Page 1 of 2 +br.:1G " "ae Forts 10048 693 APPRAISER'S CERTIFICATION: The Appraiser cerffies and agrees that 1. 1 have researched the subject market area and have selected a minmum of three recent sales of properties most similar and proximate to the subject property for consideration In the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the mallet reaction to those hems of significant variation. II a significant Rem 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, if a significant item in a comparable property Is Inferior to, or less favorable than the subject property, I have made a positive adjustment to Increase the adjusted sales price of the comparable. 2. 1 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 withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and Information In the appraisal report am true and correct. 3. 1 stated in Me appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. 1 have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially, or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, famll al 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. 1 have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. 1 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 tie 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. 7. 1 performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were In place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge gut an estimate of a reasonable fine for exposure In the open madret is a condition in the definition of market value and the estimate I developed is consistent with the marketing free noted in the neighborhood section of this report, unless I have otherwise stated In the reconciliation section. S. I have personalty inspected tie interior and exterior areas of the subject property and the exterior of all properties listed as comparebles 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. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. 1 personally prepared all conclusions and opinions about the real estate that were set forth In the appraisal report. It I relied on signficant 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 pedarm the tasks. I have not authorized anyone to make a change to any hem in fie report therefore, R an unauthorized change is made to the appraisal repor4 I will take no responsibility for It SUPERVISORY APPRAISER'S CERTIFICATION: 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 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 above, and am taking full responsibility for the appraisal and to appraisal report APPR ISER: /�(� I ( SUPERVISORY APPRAISER (only if required): Signatu ( Signature: Name: odd A. Paden Name: Date 61 d: 07/07/2016 Date Signed: Slate Ce on State Certification #: or Stab License or State Ucense : Stare: OK State: Expiration Data of Certification or license: 10131/2015 Exphafon Data of Cedffcation or License; ❑ Did ❑ Did Not Inspect Property Page 2 of 2 ; Farib.6lae Fan 1004B 6-93 File No. 4264 UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Feld- Specific Standardization Requirements) Condition Ratings and Definitions Cl The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are new and the dwelling features no physical depreciation. Note: Newly constructed improvements that feature recycled or previously used materials andfor components can be considered new dwellings provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been rehabilitated/remanufactured into like -new condition. Improvements that have not been previously occupied are not considered "new" if they have any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep). C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated and are similar in condition to new construction. Note: The improvements represent relatively new property that is well maintained with no deferred maintenance and little or no physical depreciation, or an older property that has been recently completely renovated. C3 The Improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well maintained. Note: The improvement is in its first -cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of a complete renovation. C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate. Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however, they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property. C5 The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains useable and functional as a residence. Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional. C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components. Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. it reflects a property With conditions severe enough to affect the safety, soundness, or structural integrity of the improvements. Quality Ratings and Definitions of Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high -grade materials throughout the interior and exterior of the structure. The design features exceptionally high - quality exterior refinements and ornamentation, and exceptionally high - quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality. Q2 Dwellings with this quality rating are often custom designed for construction on an individual property owner's site. However, dwellings in this quality grade are also found in high - quality, tract developments featuring residence constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high - quality interior refinements, and detail, The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality. UAD Version 9/2011 (Updated 1/2014) UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field- Specific Standardization Requirements) Quality Ratings and Definitions (continued) Q3 Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above - standard residential tract developments or on an individual property owner's site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from "stock" standards. 04 Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship finish, and equipment are of stock or builder grade and may feature some upgrades. QS Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades. US Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non - existent. Older dwellings may feature one or more substandard or non -conforming additions to the original structure Definitions of Not Updated, Updated, and Remodeled Not Updated Little or no updating or modernization. This description includes, but is not limited to, new homes. Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced or updated. Those over fifteen years of age are also considered not updated if the appliances, fixtures, and finishes are predominantly dated. An area that is'Not Updated' may still be well maintained and fully functional, and this rating does not necessarily imply deferred maintenance or physical /functional deterioration. Updated The area of the home has been modified to meet current market expectations. These modifications are limited in tens of both scope and cost. An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment andidr replacing components to meet exisfing market expectations. Updates do not include significant alterations to the existing structure. Remodeled Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion. A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation of plumbing /gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of) square footage). This would include a complete gulling and rebuild. Explanation of Bathroom Count Three - quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not Included in the bathroom count. The number of full and half baths is reported by separating the two values using a period, where the full bath count is represented to the left of the period and the half bath count is represented to the right of the period. Example: 3.2 indicates three full baths and two half baths. UAD Version 9/2011 (Updated 1 12014) UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field- Specific Standardization Requirements) Abbreviations Used in Data Standardization Text Abbreviation -. Full Name -Fields Where This Abbreviation May Appear € A Adverse Location & View ac Acres Area, Site AdjPrk Adjacent to Park Location Ad'Pwr Adjacent to Power Lines Location ArmLth Arms Length Sale Sale or Financing Concessions AT Attached Structure Design (Style) B Beneficial Location & View ba Bathrooms Basement & Finished Rooms Below Grade br Bedroom Basement & Finished Rooms Below Grade Bs Rd Busy Road Location c Contracted Date Date of SaleRme Cash Cash Sale or Financing Concessions Comm Commercial Influence Location Conv, Conventional Sale or Financing Concessions cip Carport Gat e/Car ort Crtord Court Ordered Sale Sale or Financing Concessions ClySky City View Skyline View View CtvStr Clot Street View View cv Covered Garage/Carport DOM Days On Market Data Sources DT Detached Structure Design (Style) dw Driveway Gam e/Car on e Expiration Date Date of Sale/Time Estate Estate Sale Sale or Financing Concessions FHA Federal Housing Authority Sale or Financing Concessions Garage Garage/Carport a Attached Game GaraQa/Carport 6i I Built -in Garage Garage/Carport d Detached Garage Gara e/Car on Glfose Golf Course Location Glfvw Golf Course View View GR Garden Design (Style) HR High Rise Design (Style) in Interior Only Stairs Basement & Finished Rooms Below Grade Ind Industrial Location & View Listing Listing Sale or Financing Concessions LndFl Landfill Location LVIS ht Limited Sight View MR Mid -rise Design (Style) Mtn Mountain View View N Neutral Location & View NonArm Non -Arms Length Sale Sale or Financing Concessions o Other Basement& Finished Rooms Below Grade 0 Other Design (Style) op Open Garage/Carport Prk Park View View Pstri Pastoral View View PwrLn Power Lines View PubTm Public Transportation Location Rate Relocation Sale Sale or Financing Concessions RED REO Sale Sale or Financing Concessions Res Residential Location & View RH USDA- Rural Housing Sale or Financing Concessions a Recreational Rec Room Basement & Finished Rooms Below Grade FIT Row or Townhouse Design (Style) S Settlement Date Date of Sale/Time ED Semi- detached Structure Design (Style) Short Short Sale Sale or Financing Concessions sf Square Feet Area, Site, Basement s m Square Meters Area, Site Unk Unknown Date of SaleRme VA Veterans Administration Sale or Financing Concessions IN Withdrawn Date Date of Sale/Time wo Walk Out Basement Basement& Finished Rooms Below Grade Woods Woods View View Wtr Water View View Wtrfr Water Frontage Location wu Walk Up Basement Basement& Finished Rooms Below Grade UAD Version 9/2011 (Updated 1 /2014) ' APPRAISAL AND REPORT IDENTIFICATION This Report is am of the following types: ® Appraisal Report (A written report prepared under Standards Rule 2 -2(a) , pursuant to the Scope of Work, as disclosed elsewhere in this report) ❑ Restricted (A written report prepared under Standards Rule 2 -2(b) , pursuant to the Scope of Work, as disclosed elsewhere in this report, Appraisal Report restricted to the stated intended use by the specified client or intended user.) Comments on Standards Rule 2 -3 I certify that, to the best of my knowledge and belief: - The stelemenls of fact contained in this report are true and correct -The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal Interest with respect to the parties involved. - Unless otherwise Indicated. I have performed no services, as an appraiser or In any other capacity, regarding the property that Is the subject of this report within the three -year period immediately preceding acceptance of this assignment. - I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, In conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - Unless otherwise Indicated. I have made a personal Inspection of the property that is the subject of this report - Unless otherwise Indicated, no one provided slgniACant real property appraisal assistance to the person(s) signing this centgcadon 0 there are emptlons, the name of each Individual providing significant real property appraisal assistance Is stated elsewhere in this report). Reasonable Exposure Time (USPAP defines Exposure Time as the estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.) My Opinion of Reasonable Exposure Time for the subject property at the market value stated in this report Is: 3-12 months. Comments on Appraisal and Report Identification Note any USPAP - related issues requiring disclosure and any state mandated requirements: ii Signature: Name: 7 State Celtifica or State Ucensa #: Slate: OK Expiration Date of certification rational: 10131/2016 Date of Signature and Report owo7/2016 Effective Date of Appraisal: 06/3012016 Inspection of Subject: ❑ None X Interior and Exterior Lj Ededor -Only Date of Inspection iff applicable): 06/30/2016 SUPERVISORY or CO- APPRAISER (if applicable): Signature: Name: State Certification #: or State Umnse #: State: Expiration Date of Confliction or License: Data of Signatum: Inspection of Subject ❑ None ❑ Interior and Exterior ❑ Ededar -Only Date of Inspection (d applicable): State of Oklahoma /Wnit /hu4 /murve(Y.ur•uwrr Okfahan+a Real Estate Appraiser B Tlm i :meenifirher: Todd A. Paden ha. amplied uirfr /lre pra .J /he Oklu4uma Reel bcn. amp ..4" 1. rrmuan hmlaru .. Smrr Linnsed Real E.na. •� Ippm tt'r in rhr Swtep /Okfuhnmo. fn 11'Imeu 11'hrmpj. I hme hrrvun,n .ue nn'lrarxl antl am!cn: rlm real v! /T' oJ/frc ro he ,nTirrd ar rhr Cif n! OFlahamn Cir, _Y 9are a /ORfalmrrm. rhs 30rL JmnfiepremDre. bB3 cnvasc i ..removing obstacles standing in the way of people celebrating their lives. e � i i.. } t. a°aue +"" IE September 2, 2016 Ron Detherow 10811 East 109" PI. North Owasso, OK 74055 Mr. Detherow, Please accept this letter as an offer to purchase land and improvements owned by you located at 120 East 2nd St. in Owasso, OK for the amount of $135,000. As you are aware this offer comes after an appraisal was performed on the property showing an opinion of value of $125,000 using the sales comparison approach. The terms of this offer are contingent upon acceptance by you as the owner and the approval of the Owasso City council. I am including with this correspondence an offer acceptance and /or rejection sheet to be executed by you and returned to me at your earliest convenience. I thank you again for your participation in this process and look forward to hearing from you soon. Sincere y & respectful y, %John W. Feary Project Administrator & Government Affairs City of Owasso JWF /dim Public Works Department 301 West 2n° Avenue (918) 272 -4959 P.O. Box 180 City of Owasso FAX (918) 272 -4996 Owasso, Oklahoma 74055 A City of Character www.cityofowasso.com ... removing obstacles standing in the way of people celebrating their lives. I, Ron Detherow, am in receipt of an offer from the City of Owasso to purchase land and improvements that I own located at 120 East 2nd St. in Owasso, OK. The offer received is in the amount of $135,000.00. Accept Ron Detherow e Public Works Department 301 West 2n°Avenue P.O. Box 180 Owasso, Oklahoma 74055 Please Circle One City of Owasso A City of Character �#e Rejec# (918) 272 -4959 FAX (918) 272 -4996 www.cityofowasso.com