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Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Nantucket Real Estate Appraisal

APPRAISAL OF REAL PROPERTY

LOCATED AT

Nantucket, MA 02554

Nantucket Registry of Deeds Book

FOR

OPINION OF VALUE5,350,000

AS OF01/02/2019

TABLE OF CONTENTS

Cover ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Table of Contents/Cover Page ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Appraiser Qualifications - Page 1 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Appraiser Qualifications - ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Appraiser Qualifications - Page 3 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Appraiser Certifications ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Regional Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Location Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Deed ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Building Sketch ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Zoning ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Market Conditions ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Neighborhood Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Neighborhood Sales Data ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Zoning Sales Data ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Land Use Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Expanded Commentary ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

URAR ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

URAR ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Additional Comparables 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Site Value Support ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

URAR ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

URAR ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

URAR ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

URAR ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Photograph Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Comparable Sales Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Comparable Photos 1-3 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Comparable Photos 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Definitions ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

UAD Definitions Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



License(s) Held ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

E & O ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

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Form TCVV - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

FHA/VA Case No.

Appraiser Qualifications - Page 1


FHA/VA Case No.



CONFLICT OF INTERESTNo employee, director, officer, or agent of the Client, or any other third party including real estate agents, brokers, members of NAREB,appraisal management company, or any other person or entity has influenced or attempted to influence the development, reporting result, orreview of this assignment through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, bribery or in any othermanner. I have not been contacted by anyone other than the intended user, borrower, or designated contact to make an appointment to enterthe property. I agree to immediately report any unauthorized contacts either personally, by phone, or electronically to the client. I have nopresent or known future interest of any kind in the property that is the subject of this appraisal.

EXTRAORDINARY ASSUMPTIONS CERTIFICATIONThe comparables used contain confidential information related to pricing, motivations, negotiations, concessions, fees, etc, that are not typicallymade known to those not a part of the agreement or closing. Even when provided an interview that confirms parts of a transaction, the valuesherein are based on the assumption that the data reported to the sources used is correct and reflects the specific marketable features. Whenmore than one source is stated and there are differences in the levels/amounts of the features relevant for refinement, the source deemed mostreliable and reflective of the comparable as of the date of that respective sale will be used for comparison.

INTENDED USERThe Intended User of this appraisal report is the Client. The Intended Use is to obtain the market value of the property that is the subject of thisappraisal for personal knowledge of the client, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of thisappraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser.

SOFTWARE CERTIFICATIONAny and all references in this (TOTAL) software regarding clients, intended users, intended use, definition of value, assignment conditions,relevant characteristics, scope or work performed, and/or any other conditions / assumptions relative to this assignment are superseded by dataexpressly entered by the appraiser, respectively.

IRREA CERTIFICATION STATEMENTThis appraisal was prepared in accordance with the requirements of Title XI of the Financial Institutions, Reform, Recovery & Enforcement ACT(FIRREA) of 1898, as amended (12 U.S.C. 3331 et seq.), and any applicable implementing regulations in effect at the time the appraisal reportwas signed.

DEFINITION/SOURCE OF VALUEThe purpose of this report is to properly relay the appraisal analysis, opinions, and conclusions in a manner that is objective, impartial, andindependent. The value being developed is the most common representation of this arena participant - market value. By definition, market valueis the most probable price a property or properties should bring in an open competitive market under conditions requisite to a fair impartial salewhere the buyer and seller are both acting knowledgeably and in their own best interest and assuming the price is not affected by uniquestimulus or external forces. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller tobuyer under conditions whereby: (1) The buyer and seller are typically motivated, (2) Both parties are knowledgeable and acting in their own best interests, (3) A reasonable time is allowed for the property to be exposed to an open and competitive sale arena, (4) Payment is made in terms of US cash or equivalent 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 sale concessions.

SCOPE OF WORKThe scope of work for this appraisal was defined by the complexity of this appraisal assignment and the reporting requirements of this appraisalreport form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. I, theappraiser;(1) Performed a complete visual inspection of the interior and exterior areas of the subject property, (2) Inspected the neighborhood, (3) Inspected each of the comparable sales from at least the street, (4) Researched, verified, and analyzed data from reliable public and/or private sources, and (5) Reported my analysis, opinions, and conclusions in this appraisal report.

CERTIFICATIONI certify that, to the best of my knowledge and belief:· The statements 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.· I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or the specified) personal

interest with respect to the parties involved.· I have no bias with respect to the property that is the subject of this report or to 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 asubsequent 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 ofProfessional Appraisal Practice.

· I have made a personal inspection of the property that is the subject of this report. · No one provided significant real property appraisal assistance to the person signing this certification.

William Moran, RAA/GAAMA Certified General Appraiser #70815The digital signatures in this report are duplicates

FHA/VA Case No.

Appraiser Certifications

Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

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Borrower

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Property Address

City County State Zip Code

File No.

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Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Regional Map

Borrower

Lender/Client

Property Address


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Location Map

Borrower

Lender/Client

Property Address


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Deed


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Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Building Sketch

Borrower

Lender/Client

Property Address


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Zoning


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Market Conditions


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Neighborhood Map


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Neighborhood Sales Data


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Zoning Sales Data


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Land Use Map


KEY TERMS· Surplus Land: Land that is not currently needed to support the existing improvement but cannot be

separated from the property and sold off. Surplus land does not have an independent highest andbest use and may or may not contribute value to the improved parcel.

· Accessory Dwellings: Nantucket Zoning Code - A dwelling unit located within an owner-occupiedsingle-family building. The exterior architectural design and use of an accessory dwelling shall beharmonious with the appearance and use of the structure as the owner's home. The accessorydwelling shall be self-contained with separate sleeping, cooking and sanitary facilities for the exclusiveuse of the occupant. The structure containing the primary dwelling and accessory dwelling shall be insingle ownership, and one of the units shall be owner-occupied. In summary, allocation of gross livingarea makes no distinction between primary and secondary dwellings and therefore, the net grossliving area of the primary and secondary dwelling is a factor to be considered when there is a scarcityof recent comparable sales that bracket the subject primary dwelling gross living area. Regardingstudios; the market reaction to studios in generally the same as permitted dwellings. Due to theextreme workforce housing shortage, code enforcement of occupied studios is generally ignored inthe lower price segments. Whereas, the upper price segments will often utilize studios as expandedhousing or quarters for domestic help. In summary, the market does not react any differently tostudios verse similar sized 1 bedroom accessory dwellings (with assumption there is a full bath in theunit).

· Ground Cover Allowance: The horizontal area of a lot covered at grade by structures, together withthose portions of any overhangs which contain enclosed interior space; excluding tents, retainingwalls, substantially below grade finished or unfinished space, decks and unenclosed porches,gazebos, platforms and steps, game playing courts at grade, exterior in-ground residential swimmingpools, chimneys, bulkheads, bay and bow windows, unenclosed breezeways, air conditioning units,fuel tanks, roof eaves, trash bins and not more than one accessory detached shed covering an areanot to exceed more than 200 square feet at grade.

· UAD Ratings; This appraiser has learned to refrain from the use of the Q1 rating. Despite the pricepoint of many homes on Nantucket, the quality of high end homes is best described as casual beachelegant second homes. The Q1 rating is reserved for those very "unique" properties that meet the Q1definition, which states "Q1 dwellings are usually unique structures...". In general, much of the newconstruction and renovation found in the upper market are custom colonials with similar interior andexterior design, materials and constructed by the same labor force of electricians, plumbers, masonsand carpenters. Strict architectural review and oversight by the Historic District Commission is gearedto provide uniformity in design and "unique" structures are discouraged due to the island's historicdesignation. The appraiser considers the Q2 rating to represent the highest level of quality found onNantucket. However, it is important to note that within any similar quality rating (Q1-Q5) there may beslight variances, which may warrant an adjustment. Variances within similar condition ratings mayalso warrant an adjustment.

· Superadequacy; An excess in the capacity or quality of a structure or structural component;determined by market standards and is a type of functional obsolescence. Despite being bigger,better, more expensive it is considered a feature of the real estate that is not fully valued by themarketplace and with cost that exceeds it contributory value.

· Hypothetical Condition; An assumption made contrary to fact, but which is assumed for the purpose ofdiscussion, analysis, or formulation of opinions.

APPRAISAL COMPLEXITIESThe subject is appraised under the hypothetical condition for the purpose of analysis that the constructionis assumed to be complete.· The subject's dominant feature is the new construction, high quality Q2, near Surfside Beach.· Therefore, the initial and primary search for comparables was focused on identification of comparable

market area sales that bracket the subject location/land value near Surfside Beach as well asconsideration given to bracketing the improvements (GLA, quality, condition and other amenities suchas basements, basement finish, pool, pool house, yard improvements, etc).

· There is an extreme limited inventory of sales and listings with similar dominant features as thesubject found within the defined market area and therefore, scarcity of sales on the island oftenrequires the use of sales that will require adjustments that exceed client expectations and this istypical in areas of limited sales transactions, i.e. island; and

· There are 300-350 residential sales on average annually in all Nantucket; and· Residential values in Nantucket range from less than $100,000 to $50,000,000 plus; and· Within the annual 300-350 sales there are numerous sub-markets/market areas, including;· Single family, condo, multi-family, waterfront, water view, historic homes being 300 years old, new

construction, cottages, estates, investment rentals, seasonal homes and affordable housing units.· The ability to identify a vast database of comparable sales and listings within any given market area,

within 6 months or within 12 months is severely restricted by the scarcity of sales within the marketarea.

· Use of sales outside the market area do not meet the definition of a comparable sale and were not

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· Use of sales outside the market area do not meet the definition of a comparable sale and were not

considered.

PRIOR ASSIGNMENTSIn accordance with 2018-2019 USPAP, the appraiser has included the following certification: · I have not performed prior 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 thisassignment.

EXPOSURE TIMEIn accordance with 2018-2019 USPAP, an estimate of exposure time is required by USPAP for marketvalue appraisal assignments. Exposure time is the estimated length of time that the property interestbeing appraised would have been offered on the market prior to the hypothetical consummation of a saleat market value on the effective date of the appraisal. · A reasonable exposure time for the subject property developed independently from the stated

marketing time is: 6-12 months.· The 6-12 month exposure time reflects the seasonal nature of real estate activity, which is typical to

destination areas impacted by a short vacation season (summer), and· Market data that indicates a decline in sales and a days on market of near 200 days as typical.

HIGHEST & BEST USE ANALYSISHighest and Best Use is defined as; the reasonable, probable and legal use of vacant land or an improvedproperty, which is physically possible, appropriately supported, financially feasible, and that results in thehighest value. · The subject is zoned residential.· The subject is improved with a residential dwelling.· The Highest and Best Use “as is” is determined to be residential use.· The Highest and Best Use “as though vacant” and ready for development is also residential use.· In summary, any use other than present residential would be considered highly speculative due to

zoning, use restrictions and surrounding land uses.

HEAD & SHOULDER INSPECTION - NA - UNDER CONSTRUCTION

UTILITIES & MECHANICAL SYSTEMS INSPECTION - NA - UNDER CONSTRUCTION

DIVERGENCE WITH PUBLIC RECORDS· Gross Living Area is the total area of finished, above-grade residential space. It is calculated by

measuring the outside perimeter of the structure and includes only finished, habitable, above-gradeliving space. Finished basements and unfinished attic areas are not included in total gross living area.The appraiser must match the measurement techniques used for the subject to the comparable sales.An area that is considered finished must be an enclosed area with walls, floors, and ceilings which arecovered with acceptable construction materials. The area must also be suitable for year round use. Itmust have a ceiling height of at least 7 feet (or 6’4” if under beams/ducts). Under stairs there is nospecified height. Rooms with slanted ceilings may also be included if a portion of the room with aceiling height of at least 5 feet if at least ½ of the finished area of the room has a ceiling height of atleast 7 feet.

· The assessor often times includes finished below grade space with the above grade GLA, and· The assessor often times includes below grade rooms, bedrooms and baths with the above grade

room, bedroom and bath count.· The appraiser has correctly not included (if any) below grade finish, room(s), bedroom(s) or bath(s)

with the above grade GLA.

TAX RATE & TAXES REPORTED BY APPRAISER· The subject is new construction and/or improvements have not been assessed. The appraiser has

reported taxes as the tax rate (.00339) applied to the appraised value.

DIMENSIONS· The appraiser has attached a site description obtained from public records.

LAND TO VALUE RATIOS · High land value ratios are influenced by island location, water frontage, strict zoning regulations,

lengthy permitting process, over-site committees, historic districts and/or scarcity of build-able land.· Nantucket land values typically exceed 30% and can range up 80% in some neighborhoods.

ZONING· Appraiser has attached a Zoning Addendum.

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Expanded Commentary


SUBJECT· Please see “building sketch” attached.· Please see building plans attached.

NEIGHBORHOOD & MARKET AREA

NANTUCKET LOCATIONNantucket is the only location in North America to have the same name for the island, town and county.Nantucket is a 50-square mile island situated 30 miles out to sea south of Cape Cod. The island is 14miles in length and 3 1/2 miles wide.

NANTUCKET ACCESS· Nantucket is easily reachable year round by ferry boat or plane service. During the busy summer

season, the Town encourages visitors to limit bringing their cars over by providing a seasonal shuttlesystem giving the community an essential transportation option around the Island. With the decline ofthe whaling industry in the 1880s, Nantucket became a Mecca for the tourism drawing people to itsbeaches, accommodations and restaurants. In the summer months, the island’s population of 10,000swells to 60,000 or more. Ferry transportation is regulated by the Steamship Authority. In 1960, theMassachusetts legislature created the Woods Hole, Martha's Vineyard and Nantucket SteamshipAuthority to provide for “adequate transportation of persons and necessaries of life for the Islands ofNantucket and Martha's Vineyard.” This legislation empowered the Steamship Authority to acquire,maintain and operate a boat line between the mainland ports of Woods Hole (Falmouth) and Hyannis(Barnstable) on the one hand, and the Islands of Martha's Vineyard and Nantucket, on the other.

· The Steamship Authority’s statutory mission is to serve as the "Lifeline to the Islands" for everyonefrom year-round residents, who depend on the ferries for all commerce and transportation to and fromthe mainland, to a significant seasonal population, to the tourists who visit for a day, a week or longer.

· The Steamship Authority provides the only ferry service for Martha’s Vineyard and Nantucket thatcarries both passengers and vehicles, including commercial freight trucks. In addition, the SteamshipAuthority's enabling act provides licensing authority to the Steamship Authority to regulate thecarriage of freight by water by private operators between the Massachusetts mainland and theIslands, as well as to regulate vessels certified by the U.S. Coast Guard to carry in excess of fortypassengers in their operation between the Massachusetts mainland and the Islands.

· The Steamship Authority has ferry terminals in Woods Hole and Hyannis on Cape Cod, terminals inVineyard Haven and Oak Bluffs on the Island of Martha’s Vineyard, and a terminal on the Island ofNantucket. The Steamship Authority owns and operates year-round parking lots in Woods Hole andHyannis, and operates seasonal off-site parking lots in Falmouth, Bourne and Hyannis. TheSteamship Authority also has a vessel maintenance facility in Fairhaven and a receiving warehouse inFalmouth, and it rents property in Edgartown and Mashpee for its two reservation offices.

· The popularity of the Islands for both residential and recreational purposes has been reflected inincreasing traffic and demands for service. The Steamship Authority currently operates nine vessels(including a high-speed passenger-only ferry) carrying passengers, automobiles and freight trucks.The Steamship Authority employs 750 people (peak season) with a workforce that is almost totallyunionized, with eight bargaining units represented by four different unions.

· The Steamship Authority’s budget is supported by operating revenues of around $80 million. Since1962, the Steamship Authority has had only four annual operating deficits, and it has not had toassess the taxpayers of the participating communities for monetary support since 1963. Additionally,the Steamship Authority has an on-time performance record of nearly 100 percent, with serviceinterruptions generally caused only by inclement weather.

· The Steamship Authority is governed by a five-member board: a Nantucket resident appointed by theNantucket County Commissioners; a Martha’s Vineyard resident appointed by the Dukes CountyCommissioners; a Falmouth resident appointed by the Falmouth Selectmen; a Barnstable residentappointed by the Barnstable Town Council; and a New Bedford resident appointed by the Mayor ofNew Bedford, with the approval of the New Bedford City Council.

NANTUCKET BACKGROUND· The U.S. Department of the Interior designated the town a National Historic Landmark in 1966.

Nantucket's environment is cared for by numerous environmental and planning organizations,including the Nantucket Planning and Economic Development Commission, Nantucket ConservationFoundation (owner of 8200 acres of island open space), Trustees for Reservations, USF&WS and theNantucket Land Council. The Nantucket Land Bank was founded in 1984 as the nation's first localland trust; utilizing funding from a local real estate transaction fee, the Land Bank has purchased over1,000 acres of open space to date. More than 40% of Nantucket acreage is protected conservationland. There are miles of town maintained bike paths, town owned beaches and harbors for moorings.

· Historic resources include; Island-wide designation as a Historic District by the Commonwealth and aHistoric Landmark by the Secretary of the Interior; the Nantucket Historical Association, which ownsthe Whaling Museum, a research library, and other historic sites and residences, such as Old Mill,

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the Whaling Museum, a research library, and other historic sites and residences, such as Old Mill,

Hadwen House; the Atheneum; the Lifesaving Museum; the African Meeting House; threelighthouses; historical burial grounds; and archeological sites, from Native Americans and Europeansettlers.

· Employment is tourist and construction driven with tradesman, real estate sales agents and hospitalityrelated employment. Major employers are the Town (schools, fire, police, administrative), hospital,Stop & Shop (2 grocery stores), Marine Home Center (building, home & garden supplier), golfcourses.

· Contrary to many suburban markets, which are comprised of homogeneous neighborhoods of similarstyle, age, size and quality of construction materials, Nantucket is comprised of - 28 distinctneighborhoods, with new and historic housing, 24 residential zoning and overlay districts ranging from5,000 square foot lots to 120,000 square foot lots, 1 bedroom cottages to 10,000 square foot estates,and recent transactions range from (2015 - present) $100,000 to $27,000,000.

NANTUCKET NEIGHBORHOODS & VALUE INFLUENCES· Value on the island is generally created by; proximity to – water, water views, Main Street Village

(Town) an/or Sconset Village.· Town is a pedestrian village and significant value is attributed to the ability to walk to shopping, post

office, house of worship, eateries, harbor activities and/or ferry transportation. Town is generallyseasonal second homes and seasonal rentals interspersed with a few yearly rentals.

·· Brant Point is located next to Town and bounded by Jetties Beach west, Nantucket Sound north,Nantucket Harbor to the east and Town/Cliff to the south. Homes in Brant Point are most all seasonaland either a short walk to Jetties Beach and/or Main Street. Majority of Brant Point is within the100-year flood zone.

· Sconset value (eastern point of island/7 miles from Town) is created by proximity to Village Square,beach and/or golf views, water views, water frontage. Sconset is generally seasonal second homesand seasonal rentals interspersed with very few yearly rentals. Property values along Baxter Road(north of Village) are impacted by erosion. Sconset provides an idyllic summer vacation spot with littletraffic and commercial activity as compared to the shopping, restaurants, night life and congestionfound 7 miles away in Town.

· Cliff homes (just west of Town) are among the highest valued homes on the island. Value is createdby proximity to Town, Westmoor Club, beach and/or views. Generally, seasonal second homes andseasonal rentals interspersed with few (if any) yearly rentals.

· The boundary lines between Cliff and abutting neighborhood of "West of Town" are often blurred, butin general those properties in close proximity to the Mid-Island are far less value, whereas thoseproperties further west of Town are more similar to Cliff, Cisco and Dionis values.

· Value along the coast, west of Town (Madaket, Fisher's Landing, Dionis), east of Town (Monomoy,Shimmo, Shawkemo, Polpis, Pocomo, Wauwinet, Quaise, Quidnet, Squam), south facing beaches(Tom Nevers, Surfside, Miacomet, Cisco), is created by proximity to beach, water and/or water views.Generally, seasonal second homes and seasonal rentals interspersed with few (if any) yearly rentals.

· Middle Moors, which is interspersed with yearly and second home owners. The neighborhood is verylimited and considered to include those properties off the lower end of Milestone Road between thesubject neighborhood to Tawpoot Road and all side streets therein. The location is influenced byproximity to conservation land, but still within close proximity of Mid-Island shopping and Town/MainStreet/Ferry.

· Madaket is the western most neighborhood on the island and the most distant to Town. Values inMadaket are influenced by distance to Town, beach erosion and proximity of land fill and reflected inthe lowest water influenced values on the island.

· Finback Village (South of Town), Beach Plum Village, Naushop and Nashaquisett (Mid-Island) arePUD's located within the Mid-Island/South of Town area, each with association pools and tennis.Value is created by a strong weekly summer rental market and easy access to remainder of island.Occupancy is generally second homes, many of which are rented passively or aggressively in thesummer when not in use. Approximately 10-20% are yearly owner or tenant occupied, which iscontrary to the remainder of the Mid-Island/South of Town neighborhoods. Finback and Beach Plumare recent construction, Naushop and Nashaquisset are both older construction and Nashaquisset isthe only co-operative. Each of the developments comprise lots ranging from a little less than 5,000 sfto 8,000 sf.

· Values in the Mid-island and South of Town are generally less than the Nantucket median and are notinfluenced by proximity to beach, water and/or water views. Values in this area are influencedpositively and negatively by proximity to schools, bus route, bike path as well as proximity to coast,Main Street, etc. Similar to the Mid-Island market are those properties in Surfside, Miacomet andWest of Town that are not proximate to the beach and/or water views. In general, median value inthese sub-markets are nearly 50% less than the remainder of island and the vast majority of homesless than $1,000,000 are located in this area.

· In summary, majority of yearly residents are located in the South of Town and Mid-Island or proximateto the Mid-Island area (less than 1 mile) and remainder of island is dominated by second homeowners.

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owners.

· Yearly rentals in the South of Town and Mid-Island area begin at $750 per bedroom per month andmore recently $1,500 - $2,000+ per bedroom per month plus utilities is becoming the norm due to acritical affordable housing shortage.

· Summer rentals in seasonal neighborhoods, second homes, beach homes begin at $750 per weekper bedroom for the most modest cottage and can range up to $50,000 per week for estates.

NEIGHBORHOOD - SURFSIDEFor analysis purposes, a distinction is made between one of the aforementioned neighborhoods in whichthe subject is located and the market area in which comparable properties can be found. Theneighborhood is defined as; a group of complementary land uses. The neighborhood boundaries in whichthe subject property is located will often contain residential properties that are not comparable to thesubject and/or commercial properties that serve the residents of the neighborhood.

The Neighborhood Analysis includes; data for sales of all properties of the same category as the subjectproperty, i.e., if the subject property is a single family detached home, then all sales of single familydetached homes within the neighborhood have been analyzed. The results of the Neighborhood Analysis (as requested by definition) are reported on page 1Neighborhood section, top of page 2 of the URAR and in the 1004MC. The data reported in thesesections includes; filtered” data from the neighborhood that are comparable and competing to the subjectand excludes data for properties that are not comparable to the subject.· The neighborhood boundaries are defined by the NAREB map. However, it is not un-common for

agents to miss-report the subject neighborhood.

MARKET AREA - SURFSIDE· The market area is defined as; the study of real estate market conditions for a specific type of

property. Market Analysis and Highest and Best Use, published by Hondros Learning, “Marketanalysis needs to be done in general covering the conditions in the market place for the area wherethe property is located, and also on a specific level for the particular property compared with all theother properties against which it competes in the market.”

· The market area analysis includes; all sales and listings that effectively compete with the subject, withsimilar amenities and value influences.

· Due to unique appeal of the location near Surfside Beach, amenities and character of the subjectneighborhood, the appraiser is reluctant to expand the market area beyond the bounds of theneighborhood and considered recent sales outside the neighborhood as "not credible".

MARKET CONDITIONS

MARKET CONDITIONS - SINGLE FAMILY SALES· See extensive "Market Conditions" addenda attached, which includes data extracted from LINK, Cape

Cod MLS and The Warren Group.· Seasonal real estate trends due to seasonal second home market activity diminishes appraiser's

confidence in quarterly data as reported on 1004 MC.· With only 300+ transactions per year spread over a wide range of property types, neighborhoods and

value influences, the appraiser considered yearly data trends as a better indicator of marketconditions.

· Furthermore, the appraiser has considered moving 2 and 3 year averages in reconciling a marketcondition adjustment as they take into consideration seasonal market trends.

· In summary, the appraiser concludes there is sufficient market evidence to report the overall marketas slightly increasing for last 12 months, with certain market segments gaining more than others.

· Appraiser reports the lower end of market to represent the bulk of recent appreciation, whereas theupper end has been relatively.

· Dated sales that have closed prior to 1/1/2018 are deserved of a 4% yearly adjustment fromestimated date of contract.

LISTING PRICE ADJUSTMENT· A 5% adjustment has been applied to active and pending sales, which represents typical list to sales

price ratios, and· If warranted, an additional adjustment to those active listings with extended marketing time to

represent market resistance to price or other unknown factor.

SUPPLY & DEMANDAbsorption rate is trending favorably, but reported as stable, which is due to the extended exposure timeof more than 6 months.

PREDOMINANT VALUE

FHA/VA Case No.

Expanded Commentary


Borrower

Lender/Client

Property Address


File No.

PREDOMINANT VALUE

· The predominant value of the “Neighborhood” as reported in the “Neighborhood” section, on page 1 ofthe URAR does not necessarily reflect the predominant value of the “Market Area”.

· The neighborhood boundaries in which the subject property is located contains a wide range ofinfluences on value and contains residential properties that are not comparable to the subject (i.e.GLA, quality, condition, views, and amenities).

· Therefore, the predominant value of the neighborhood has no impact on marketing other than thatwhich has already been considered in the sales comparables and correlating adjustments.

· If the subject was considered atypical, under-improvement or over-improvement, then acorresponding adjustment would have been provided in the sales grid.

SALES COMPARISON APPROACH

ACTIVE AND CLOSED NEIGHBORHOOD SALES - TOP OF PAGE 2 ABOVE SALES GRIDActive and closed sales reported are;· Those comparable properties that are located within the subject neighborhood as requested by the

form and therefore does not include properties within the market area, and.· By no means does it represent the extent of listings and sales that were considered. · Please see definition of market area for comparable sales search parameters.

SELECTION OF COMPARABLES· Bracketing, as defined in The Dictionary of Real Estate Appraisal, Fourth Edition, Appraisal Institute,

is “a process in which the appraiser determines a probable range of values for a property by applyingqualitative techniques of comparative analysis to a group of comparable sales. Jul 9, 2014.

· All comps are located within the defined market area.· All comps new are very recent construction with similar quality materials and workmanship.

ADJUSTMENT METHODOLOGYQualitative analysis recognizes the inefficiencies of real estate markets and the difficulty in expressingadjustments with mathematical precision. For each amenity warranting an adjustment, the appraiser hasdiscussed the analytical process and need for an adjustment. In arriving at an adjustment, the appraiserhas relied upon work files accumulated through completion of more than 1,250 assignments on the island,surveys of local participants (agents and builders) as well as utilization of the various methodologiesavailable to the appraiser including; extraction, allocation, group trend analysis, relative comparisonanalysis, matched pair analysis and ranking. Finally, upon the completion of the adjustment process, theappraiser applied “sensitivity analysis” as a test of reasonableness. · All adjustments are rounded.

LOCATION, SITE & VIEW The valuation of the subject site is complex due to scarcity of paired sales. The below adjustmentsconsider the contributory value of each component of the overall land value (location, site size, utility,zoning, ground coverage allowance, privacy, views, etc.).· Each of the comps and subject are influenced by proximity to the beach. However, please note that

value exponentially increases as you get closer to the beach verse packing car (even if only for a 1/2mile or less). Parking at the beach in the height of the season can be problematic and living within afew hundred yards is far superior than a 1/2 mile hike lugging beach gear.

· Comp 1; similar proximity to beach; slightly superior acreage and ground cover allowance $25,000. · Comp 2; similar proximity to beach; far superior acreage and ground cover allowance $150,000.· Comp 3; superior proximity to beach; slightly superior acreage and ground cover allowance $50,000;

superior second floor distant water views $200,000.· Comp 4; superior proximity to beach; similar acreage and ground cover allowance; superior second

floor distant water views $200,000.· Comp 5; similar proximity to beach; slightly superior acreage and ground cover allowance $25,000.· Comp 6; similar proximity to beach; located on street with slightly inferior surrounding design, quality

and values $100,000; similar acreage and ground cover allowance.

DESIGN, QUALITY & CONDITION· Please note that variances within a UAD rating are common and adjustments for variances applied if

warranted.· Appraiser has considered all available data for quality and condition ratings as well as additional

consideration given to peer data recently made available to appraisers through Corelogic.· Comp 1; new construction; similar quality. · Comp 2; new construction; similar quality.· Comp 3; very recent construction, slightly inferior effective age - condition adjustment reflects both

effective age and premium paid for new construction with ability to customize materials and designadjusted $50 sf; similar quality.

· Comp 4; new construction; similar quality. · Comp 5; very recent construction, slightly inferior effective age - condition adjustment reflects both

FHA/VA Case No.

Expanded Commentary


x

· Comp 5; very recent construction, slightly inferior effective age - condition adjustment reflects both

effective age and premium paid for new construction with ability to customize materials and designadjusted $50 sf; similar quality.

· Comp 6; very recent construction, slightly inferior effective age - condition adjustment reflects botheffective age and premium paid for new construction with ability to customize materials and designadjusted $50 sf; similar quality.

AGEAge and effective age considered and reflected in the condition adjustment, and if necessary, anadditional adjustment for reserve and replacement for age has been applied. In general, the reserve andreplacement adjustment considers deferred exterior roof, siding and mechanical systems.

ROOM COUNT & BEDROOM COUNT Room counts are considered proportionate with GLA and a matter of owner preference. Any disproportionwould be discussed under the functional utility adjustment.

GROSS LIVING AREA (GLA)· Contributory value adjusted at $500 per square foot.

BATH & 1/2 BATHS· Contributory value adjusted $30,000 per full and $10,000 per 1/2 bath. Only above grade baths

considered. Below grade baths (if any) considered in basement adjustment.

BASEMENT & BASEMENT FINISH· Full basements are highly valued for storage and ability to expand living space. · Basement adjustment at $50 per sf of basement foot, if applicable add basement finish at $200 per sf

of finish space. · Finished basement baths adjusted at same rate as above grade baths.· No adjustments (if applicable) for basement room count. Room count considered proportionate and

use of expanded space is owner preference.

GARAGE· Adjusted $50,000 per bay.

SECONDARY DWELLING/ACCESSORY UNIT/GUEST QUARTERS/POOL HOUSEAccessory units are legal, permitted and market accepted on Nantucket; they typically do not have aseparate address, but may have a separate address; typically utilities are not separated, but may haveseparate utility meters/cable; presence of separate meters or different address does not exclude the unitform being considered an accessory unit; accessory units are highly desired for expanded guest sleepingquarters, and in the upper price points are often utilized for caretaker or au pair quarters; accessory unitsare sometimes rented passively or aggressively in season and can be rented off-season as well. · Adjusted at $300 sf, plus baths at $30,000/$10,000.· Adjustment is well supported by capitalization of seasonal and off-season PGI (Potential Gross

Income).

OTHER - POOL· The above amenities are highly desired in this resort market and cost to build is exponentially

re-captured in additional rental demand/value.

SALES COMPARISON CONCLUSIONS· Appraiser brackets the value between the sales data presented.· There is no single adjusted closed sale that represents the strongest value.· The adjusted sales produced a reasonably tight range of value and all adjusted sales given similar

weight.· Comp 1 is most similar with regard to acreage, ground cover allowance, GLA, new construction,

proximity to beach, pool house and pool. Additionally, Comp 1 is the most recent sale.· The adjusted and unadjusted values of the remaining comps bracket the adjusted value of Comp 1.· The value conclusion represents the greatest weight given to Comp 1.

COST APPROACH

SITE VALUESite value extracted from recent sales and review of current listings, land assessments and landassessment verse sale price. · Please refer to "Site Value Support" insert, which precedes the Cost Approach section of the URAR.

BUILDING COSTS

FHA/VA Case No.

Expanded Commentary


x

BUILDING COSTS

· Appraiser has found that local builder estimates are far more reliable for this remote location than anycost manuals.

· The building costs reported in the Cost Approach were extracted from a recent survey of Nantucketbuilders.

· Nantucket building costs are influenced by the cost of living on the island, which drives labor rates aswell as the cost to get materials and labor to the island.

· A strict building permitting process influenced by the historic designation given to the island alsoimpacts the building rates.

CONSTRUCTION CONTRACT· The appraiser was able to review the subject construction contract and reports that the labor and

materials costs are consistent with surveyed construction costs.

INCOME APPROACH

INCOME APPROACH· Comparable properties are generally rented seasonally by the week or month and utilized at other

times for personnel use and therefore application of a GRM is not applicable to this form.· Full development of the Income Capitalization Approach is beyond the scope of the assignment as

ordered by Client.· Similar type properties will rent in season in the range of; $3,000 + per bedroom per week (including

basement and accessory unit bedrooms), which includes utilities.· There is no yearly rental market for this price point or neighborhood.

RECONCILIATION

· Market actions of buyers and sellers of existing dwellings are generally best analyzed by the SalesComparison Approach.

· However, the subject is new construction and there is sufficient comparable data to estimate both thevacant site value and construction costs.

· Therefore, the Cost Approach provides an excellent indication of value and is consistent with theSales Comparison Approach conclusion.

· The Income Approach is not relied upon as the area is composed primarily of primary and seasonalsecond homes and application of any weekly seasonal income/GRM to this form is not credible.

· In summary, the reconciled value gives similar weight to the Sales Comparison and Cost Approach.

ADDITIONAL COMMENTSPRIVATE ROADS· The appraiser has relied upon the Town of Nantucket GIS map system, which provides a private road

ownership map; http://www.nantucket-ma.gov/Pages/NantucketMA_IT/gismapsfolder/ROW_Plan.pdf· Subject appears on the map as a private road; which are common in the area.· Value is supported by comparable properties exhibiting similar characteristics.· The existence of the private road is not a detriment to marketability, accessibility, or the value of the

property.· The condition of the road is typical to private roads on the island.· The private road does not detrimentally affect the availability of public services for the property,

specifically; fire protection and police protection.· There is legal ingress and egress available to the property.· Appraiser was not provided any information regarding an informal or formal road maintenance

agreement.· Title search” for road maintenance agreement”, if in fact one exists, is outside the scope of services of

this report, and the existence or non-existence of such an agreement is superfluous to the valueconclusion.

· Road maintenance is assumed to be handled formally by an association that has adequatelymaintained the road to a level typical to Nantucket private roads.

· Appraiser has utilized 6 comparable(s) with a similar feature.

PRIVATE SEPTIC· Subject is serviced by a private septic system.· Value is supported by comparable properties exhibiting similar characteristics.· The existence of private septic is not a detriment to marketability or the value of the property.· The condition of the septic is assumed to be operational and there was no visible sign of leakage or

odor at time of inspection.· Connection to public sewer is not available.· The septic is distanced from dwelling as required by local health department and Title V regulations.· Prior to any conveyance, the subject is required to pass a Title V inspection and if the septic fails, the

septic must be brought into Title V requirements.

FHA/VA Case No.

Expanded Commentary


xx

septic must be brought into Title V requirements.

· Appraiser has utilized 6 comparable(s) with a similar feature.

PRIVATE WELL· Subject is serviced by a private well.· No public water supply is available to area.· Private wells are typical, market accepted and have no impact on analysis. · Appraiser has utilized 6 comparable(s) with a similar feature.

SALES NOT UTILIZED· The appraiser's search for comparables included the most recent 48 months of all island sales.· Please note that despite the small size of the island, the subject's market area does not include all of

the island.· Discussed previously in this section, the island is made up of numerous sub-markets, and sales that

might have very comparative sale prices are not necessarily considered comparative. · For example, much of the upper home market is comprised of professionally maintained homes of

near similar quality, size and style (custom colonials or renovated colonials with similar appliances,flooring, fixtures and built by the same labor pool).

· Distinguishing one property from another is the weight given by the buyer to; proximity to ferry andMain Street (Town) or a quiet sandy beach (northside Cliff, Dionis, Brant Point) or a rural lot withprivacy and harbor views (east of Town, Monomoy, Shimmo, Shawkemo) or the seclusion that can befound on eastern end of island (Pocomo, Squam, Polpis, Quaise, Quidnet, Wauwinet) or the quietidyllic Sconset Village (7 miles from Town) or the heavy surf and family beach areas with facilities andlifeguards (Surfside, Madaket, Cisco) or the panache of Cliff with close proximity to Westmoor Club,Steps Beach and Lincoln Circle or an historic captain's home in the Residential Old Historic District ofTown verse new construction out of Town.

· In summary, the appraiser has considered all sales and excluded those properties from furtheranalysis not within the market area as defined by the appraiser earlier in this addendum.

COMMENT - 3 CLOSED SALES IN LAST 12 MONTHS· The appraiser is responsible for determining which comparable sales are the best and most

appropriate. The FNMA Selling Guide says that closed sales within the last 12 months should beused. However, the best and most appropriate sales may not always be the most recent. Oldercomparable sales that are the best indicator can be used if appropriate.

· Older sales have been accompanied by a market condition adjustment that is well supported by theextensive market condition analysis presented.

· In April 2014, FNMA removed the requirement for an explanation of sales older than six months.

COMMENT - NET AND GROSS ADJUSTMENTS, BRACKETING, ACROSS THE BOARDADJUSTMENTS· FNMA eliminated Net and Gross adjustment guidelines in late 2014. However, the amount and

direction of adjustments will always be a factor in determining which comparables are most similar. · Scarcity of sales on the island often requires the use of sales that will require adjustments that exceed

Client expectations; this is typical in areas of limited sales transactions. · The appraiser has considered all sales within the "Market Area" as defined in this report. · The search parameters included the most recent 48 months within the Market Area. · Utilization of sales outside the Market Area were not considered to be credible comparables.· Despite the extensive 48 month search of the Market Area, the appraiser was not able to bracket

each of the subject's amenities.

FHA/VA Case No.

Expanded Commentary


Borrower

Lender/Client

Property Address


File No.

FHA/VA Case No. Nantucket Real Estate Appraisal

Nantucket MA 02554

Nantucket

2019 17,797

Surfside xx 9504.00

0 0

New Construction

Link

The subject contract is a typical Massachusetts Uniform Residential P&S. There were no atypical terms noted.

5,250,000 12/15/2018 County Records

$0;;

400

8,250

1,800

0

75

35

24

1

10

65

Surfside; bounded as follows - west of Madequecham; south of Mid-Island;

north of Atlantic Ocean; east of Miacomet; proximate to airport and Surfside Beach.

See "Expanded Commentary" attached. Other land uses include protected lands, wetlands, beach; Commercial includes

portion of airport.

Most recent 48 months of single family sales within the neighborhood; total 4 year sales

89; avg sp $2,179,607; median sp $1,650,000; avg dom 151. There are 17 listings and pending sales within neighborhood ranging from $825,000

- $8,250,000 of which 2 are considered comparable to subject's dominant features being new construction and location near beach.

See Deed and Site Map Attached 42253 sf Rectangular B;Res;Private

LUG1 See Zoning Addendum Attached

See "Expanded Commentary" Nantucket Zoning ByLaws.

Delivered Propane

Well Typical

Septic, Typical

Gravel

None

X 25019C0152G 06/09/2014

2

Custom

2019

0

1,831

82

None

Concrete/New

WoodShing/New

Shingle/New

Yes/New

DblHng/Othr/New

Insulated/Yes/New

Yes/New

HrdWd/New

Drywall/New

Wood/Paint/New

Tile/New

Other/New

Propane 2

Both

Inground

0

Pool

Open/Balc

PoolHs

4

Shell

0

0

6 4 4.1 3,277

The subject has typical features and energy efficient items for the area.

C1;No updates in the prior 15 years;Subject is

proposed new construction with quality, workmanship and materials for recent similar high-end construction on island.

Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Uniform Residential Appraisal Report File #

SU

BJ

EC

TC

ON

TR

AC

TN

EIG

HB

OR

HO

OD

SIT

EIM

PR

OV

EM

EN

TS

The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.

Property Address City State Zip Code

Borrower Owner of Public Record County

Legal Description

Assessor's Parcel # Tax Year R.E. Taxes $

Neighborhood Name Map Reference Census Tract

Occupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month

Property Rights Appraised Fee Simple Leasehold Other (describe)

Assignment Type Purchase Transaction Refinance Transaction Other (describe)

Lender/Client Address

Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No

Report data source(s) used, offering price(s), and date(s).

I did did not analyze the contract for sale 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 No Data Source(s)

Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No

If Yes, 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

Location Urban Suburban Rural

Built-Up Over 75% 25-75% Under 25%

Growth Rapid Stable Slow

One-Unit Housing Trends

Property Values Increasing Stable Declining

Demand/Supply Shortage In Balance Over Supply

Marketing Time Under 3 mths 3-6 mths Over 6 mths

One-Unit Housing

PRICE

$ (000)

AGE

(yrs)

Low

High

Pred.

Present Land Use %

One-Unit %

2-4 Unit %

Multi-Family %

Commercial %

Other %

Neighborhood Boundaries

Neighborhood Description

Market Conditions (including support for the above conclusions)

Dimensions Area Shape View

Specific Zoning Classification Zoning Description

Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)

Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe

Utilities Public Other (describe) Public Other (describe)

Electricity

Gas

Water

Sanitary Sewer

Off-site Improvements - Type Public Private

Street

Alley

FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date

Are the utilities and off-site improvements typical for the market area? Yes No If No, describe

Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe

General Description

Units One One with Accessory Unit

# of Stories

Type Det. Att. S-Det./End Unit

Existing Proposed Under Const.

Design (Style)

Year Built

Effective Age (Yrs)

Foundation

Concrete Slab Crawl Space

Full Basement Partial Basement

Basement Area sq.ft.

Basement Finish %

Outside Entry/Exit Sump Pump

Evidence of Infestation

Dampness Settlement

Exterior Description materials/condition

Foundation Walls

Exterior Walls

Roof Surface

Gutters & Downspouts

Window Type

Storm Sash/Insulated

Screens

Interior materials/condition

Floors

Walls

Trim/Finish

Bath Floor

Bath Wainscot

Attic None

Drop Stair Stairs

Floor Scuttle

Finished Heated

Heating FWA HWBB Radiant

Other Fuel

Cooling Central Air Conditioning

Individual Other

Amenities

Fireplace(s) #

Patio/Deck

Pool

Woodstove(s) #

Fence

Porch

Other

Car Storage None

Driveway # of Cars

Driveway Surface

Garage # of Cars

Carport # of Cars

Att. Det. Built-in

Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)

Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade

Additional features (special energy efficient items, etc.).

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe

Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005

FHA/VA Case No.

5,195,000 5,295,000

3 5,495,000 5,600,000

5,250,000

1602.08

B;Res;SurfSd

Fee Simple

42253 sf

B;Res;Private

DT2;Custom

Q2

0

C1

6 4 4.1

3,277

1831sf1500sfwu

1rr1br1.0ba1o

Average

FHA/CAC

Common

4dw

OP/Balc/Patio

Guest House/Pool House 572sf0br1.0ba

Other Pool

County Records/Link

01/02/2019

33 Pequot St

Nantucket, MA 02554

0.05 MILES S

5,575,000

1519.90

Link#84803;DOM 13

Exterior Inspection, Land Bank

ArmLth

Conv;0

s10/18;c08/18 0

B;Res;SurfSd

Fee Simple

1.11 ac -25,000

B;Res;Private

DT2;Custom

Q2

0

C1

7 4 4.2 -10,000

3,668 -196,000

2120sf1484sfwu -12,000

2rr2br2.0ba2o -30,000

Average

FHA/CAC

Common

4dw

Op/Balc/Patio

350sf0br0.1ba +87,000

Pool

-186,000

3.3

6.5 5,389,000

County Records/Link

01/02/2019

1 White Hart

Nantucket, MA 02554

0.14 MILES NE

5,100,000

1509.77

Link#81919;DOM 42


ArmLth

Conv;0

s07/17;c07/17 +102,000

B;Res;SurfSd

Fee Simple

2.00 ac -150,000

B;Res;Private

DT2;Custom

Q2

0

C1

6 4 4.1

3,378 -51,000

1400sf0sfwu +247,000

+30,000

Average

FHA/CAC

Common

4dw

OP/Deck/Patio 0

350sf0br0.1ba +87,000

Pool

265,000

5.2

13.1 5,365,000

County Records/Link

01/02/2019

5 Clifford St

Nantucket, MA 02554

0.39 MILES SE

5,600,000

1666.67

Link#84475;DOM 20

Exterior Inspection, Broker

ArmLth

NoReport;0

s05/18;Unk

B;NrBch;SurfSd -100,000

Fee Simple

1.30 ac -50,000

B;Res;DisWtr -200,000

DT2;Custom

Q2

3 0

C2 +168,000

7 3 3.1 +30,000

3,360 -42,000

1035sf900sfwu +130,000

1rr1br1.0ba1o

Average

FHA/CAC

Common

1gd4dw -50,000

OP/Deck/Patio 0

834sf1br1.1ba -88,000

Pool

-202,000

3.6

15.3 5,398,000

County Records/Link

01/02/2019

assessor

assessor

No activity to report. Comp 3 sold on 06/02/2017 as new construction

for $4,785,000; Comp 5 sold on 10,28/2015 as new construction for $4,370,000; Comp 6 sold on 8/24/2015 as new construction for $4,682,000.

The appraiser at minimum has performed a 48 month search of the "Market Area" for comparable properties.

The comps selected are deemed to be the best available. The appraiser is not aware of any other comps that would provide a more credible

analysis. See "Expanded Commentary" addendum.

5,380,000

5,380,000 5,322,425

See "Expanded Commentary" addendum attached.

Subject to completion per plans

and specs provided to appraiser and approved by building department.

5,350,000 01/02/2019



SA

LE

S C

OM

PA

RIS

ON

AP

PR

OA

CH

RE

CO

NC

ILIA

TIO

N

There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .

There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .

FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address

Proximity to Subject

Sale Price $ $ $ $

Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.

Data Source(s)

Verification Source(s)

VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment

Sales or Financing

Concessions

Date of Sale/Time

Location

Leasehold/Fee Simple

Site

View

Design (Style)

Quality of Construction

Actual Age

Condition

Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths

Room Count

Gross Living Area sq.ft. sq.ft. sq.ft. sq.ft.

Basement & Finished

Rooms Below Grade

Functional Utility

Heating/Cooling

Energy Efficient Items

Garage/Carport

Porch/Patio/Deck

Net Adjustment (Total) + - + - + -$ $ $

Adjusted Sale Price

of Comparables $ $ $

Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %

I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain

My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.

Data Source(s)

My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.

Data Source(s)

Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).

ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3

Date of Prior Sale/Transfer

Price of Prior Sale/Transfer

Data Source(s)

Effective Date of Data Source(s)

Analysis of prior sale or transfer history of the subject property and comparable sales

Summary of Sales Comparison Approach

Indicated Value by Sales Comparison Approach $

Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $

This appraisal is made "as is", subject to completion per plans and specifications on 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 or alterations have been completed, or subject to the

following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limitingconditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is

$ , as of , which is the date of inspection and the effective date of this appraisal.


FHA/VA Case No.

Nantucket, MA 02554

5,250,000

1602.08

B;Res;SurfSd

Fee Simple

42253 sf

B;Res;Private

DT2;Custom

Q2

0

C1

6 4 4.1

3,277

1831sf1500sfwu

1rr1br1.0ba1o

Average

FHA/CAC

Common

4dw

OP/Balc/Patio

Guest House/Pool House 572sf0br1.0ba

Other Pool

County Records/Link

01/02/2019

8 Nobadeer Ave

Nantucket, MA 02554

0.45 MILES SW

5,495,000

1954.13

Link#83801;DOM 451


ArmLth

Conv;0

s02/18;c12/17 +18,000

B;NrBch;SurfSd -100,000

Fee Simple

40075 sf 0

B;Res;DisWtr -200,000

DT2;Custom

Q2

0

C1

7 3 3.1 +30,000

2,812 +233,000

1972sf1380sfwu +11,000

1rr1br1.1ba1o -10,000

Average

FHA/CAC

Common

1gd2dw -50,000

OP/Balc/Deck/P 0

1174sf3br2.1ba -220,000

Pool

-288,000

5.2

15.9 5,207,000

County Records/Link

01/02/2019

19 Masaquet Ave

Nantucket, MA 02554

0.18 MILES SW

5,565,000

1376.45

Link#80495;DOM 40

Interior Inspection, Land Bank

ArmLth

Conv;0

s01/18;c01/18

B;Res;SurfSd

Fee Simple

1.10 ac -25,000

B;Res;Private

DT2;Custom

Q2

3 0

C2 +202,000

8 4 4.1 0

4,043 -383,000

2220sf1319sfwu +8,000

1rr1br1.1ba1o -10,000

Average

FHA/CAC

Common

1gd4dw -50,000

OP/Deck/Patio 0

None +202,000

Pool

-56,000

1.0

15.8 5,509,000

County Records/Link

01/02/2019

34 Pochick Ave

Nantucket, MA 02554

0.17 MILES SE

5,195,000

1461.32

Link#84653;DOM 189


Listing

Active -260,000

B;Res;SurfSd +100,000

Fee Simple

42253 sf

B;Res;Private

DT2;Custom

Q2

2 0

C2 +178,000

6 4 4.1

3,555 -139,000

1208sf846sfwu +129,000

0rr0br0.0ba0o +30,000

Average

FHA/CAC

Common

4dw

OP/Balc/Patio

531sf0br1.0ba +13,000

Pool

51,000

1.0

16.3 5,246,000

County Records/Link

01/02/2019

4 5 6

4 5 6

Form 1004UAD.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE


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FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #

Address

Proximity to Subject

Sale Price $ $ $ $

Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.

Data Source(s)

Verification Source(s)

VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment

Sales or Financing

Concessions

Date of Sale/Time

Location

Leasehold/Fee Simple

Site

View

Design (Style)

Quality of Construction

Actual Age

Condition

Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths

Room Count

Gross Living Area sq.ft. sq.ft. sq.ft. sq.ft.

Basement & Finished

Rooms Below Grade

Functional Utility

Heating/Cooling

Energy Efficient Items

Garage/Carport

Porch/Patio/Deck

Net Adjustment (Total) + - + - + -$ $ $

Adjusted Sale Price

of Comparables $ $ $

Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %

Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).

ITEM SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #

Date of Prior Sale/Transfer

Price of Prior Sale/Transfer

Data Source(s)

Effective Date of Data Source(s)

Analysis of prior sale or transfer history of the subject property and comparable sales

Analysis/Comments

Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005UAD Version 9/2011

FHA/VA Case No.

Site Value Support


FHA/VA Case No.

Extraordinary Assumptions - The comparables used contain confidential information related to pricing, motivations, negotiations, concessions, fees, etc, that are not typically made known to those not a part of the

agreement or closing. Even when provided an interview that confirms parts of a transaction, the values herein are based on the assumption that the data reported to the sources used is correct and reflects the specific

marketable features. When more than one source is stated and there are differences in the levels/amounts of the features relevant for refinement, the source deemed most reliable and reflective of the comparable as of

the date of that respective sale will be used for comparison.

Signature Certification - The digital signatures in this report are duplicates of the original signature(s) and have not been altered or changed in any way.

Intended User Certification - The Intended User of this appraisal report is the Client. The Intended Use is to obtain the market value of the property that is the subject of this appraisal for personal knowledge of the client,

subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser.

Software Certification - Any and all references in this (TOTAL) software regarding clients, intended users, intended use, definition of value, assignment conditions, relevant characteristics, scope or work performed,

and/or any other conditions / assumptions relative to this assignment are superseded by data expressly entered by the appraiser, respectively.

Definition/Source of Value - The purpose of this report is to properly relay the appraisal analysis, opinions, and conclusions in a manner that is objective, impartial, and independent. The value being developed is the

most common representation of this arena participant - market value. By definition, market value is the most probable price a property or properties should bring in an open competitive market under conditions requisite

to a fair impartial sale where the buyer and seller are both acting knowledgeably and in their own best interest and assuming the price is not affected by unique stimulus or external forces. 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. The buyer and seller are typically motivated,

2. Both parties are knowledgeable and acting in their own best interests,

3. a reasonable time is allowed for the property to be exposed to an open and competitive sale arena,

4. Payment is made in terms of US cash or equivalent 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 sale concessions granted by anyone associated with the sale. This definition is from regulations

published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July and August 1990, by the Federal Reserve System

(FRS), by the National Credit Union Administration, (NCUA), by the Federal Deposit Insurance Corporation (FDIC), by the Office of Comptroller of the Currency (OCC), and by the Office of Thrift Supervision (OTS),

being further referenced in regulations jointly published in 1994.

Scope of Work - The scope of work for this appraisal was defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market

value, statement of assumptions and limiting conditions, and certifications. I, the appraiser:

1.Performed a complete visual inspection of the interior and exterior areas of the subject property,

2. Inspected the neighborhood,

3. Inspected each of the comparable sales from at least the street,

4. Researched, verified, and analyzed data from reliable public and/or private sources, and

5. Reported my analysis, opinions, and conclusions in this appraisal report.

Estimated Exposure Time - A reasonable exposure time for the subject property developed independently from the stated marketing time is: 6-12 months.

Appraiser has relied upon active listings, closed

sales, extraction and allocation methods to estimate site value. PLEASE SEE SITE VALUE SUPPORT ADDENDUM ATTACHED.

Local Builder Survey

Good 01/01/2019

1,500,000

3,277 850.00 2,785,450

BASEMENT 1,831 225.00 411,975

Pool House w/bath 300,000

3,497,425

3,497,425

325,000

Landscape, Drive, Pool, Well, Septic

5,322,425

Appraiser has diminished confidence in this approach due to the

scarcity of similar vacant site sales and the difficulty in cost and time to

obtain permits. Building costs on the island are severely impacted by

scarcity of land, "historic designation" as well as the transportation cost

to provide supplies and labor to this island community. Appraiser has

found that local builder surveys are far more reliable than any cost

publication.

60

Appraiser has no confidence in this approach as most investment rental property

relies upon seasonal weekly income. Use of this approach is not applicable to this form and would require fully developed Income Approach.



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COST APPROACH TO VALUE (not required by 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 estimating site value)

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW

Source of cost data

Quality rating from cost service Effective date of cost data

Comments on Cost Approach (gross living area calculations, depreciation, etc.)

OPINION OF SITE VALUE =$

DWELLING Sq.Ft. @ $ =$

Sq.Ft. @ $ =$

=$

Garage/Carport Sq.Ft. @ $ =$

Total Estimate of Cost-New =$

Less Physical Functional External

Depreciation =$( )

Depreciated Cost of Improvements =$

"As-is" Value of Site Improvements =$

INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (HUD and VA only) Years

INCOME APPROACH TO VALUE (not required by Fannie Mae)

Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach

Summary of Income Approach (including support for market rent and GRM)

PROJECT INFORMATION FOR PUDs (if applicable)

Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Unit type(s) Detached Attached

Provide the following information for PUDs ONLY if the developer/builder 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 units Total number of units sold

Total number of units rented Total number of units for sale Data source(s)

Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion.

Does the project contain any multi-dwelling units? Yes No Data Source

Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.

Are the common elements leased to or by the Homeowners' Association? Yes No If Yes, describe the rental terms and options.

Describe common elements and recreational facilities.


FHA/VA Case No.



This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;

including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a

manufactured home or a unit in a condominium or cooperative project.

This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,

statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended

use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may

expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal

assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do

not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's

continuing education or membership in an appraisal organization, are permitted.

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 form, including the following definition of market value, statement of

assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual

inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the

comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,

and (5) report his or her analysis, opinions, and conclusions in this appraisal report.

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 price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and

the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both

parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a

reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms

of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold

unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.

*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are

necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are

readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing

adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional

lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical

dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's

reaction to the financing or concessions based on the appraiser's judgment.

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 title

to it, except for information that he or she became aware of during the research involved in performing this appraisal. The

appraiser assumes that the title is good and marketable and will not render any opinions about the title.

2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.

The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination

of its size.

3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency

(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an

identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or

implied, regarding this determination.

4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,

unless specific arrangements to do so have been made beforehand, or as otherwise required by law.

5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the

presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or

she became aware of during the research involved in 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.


FHA/VA Case No.



APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:

1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in

this appraisal report.

2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition

of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the

livability, soundness, or structural integrity of the property.

3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal

Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in

place at the time this appraisal report was prepared.

4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales

comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach

for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop

them, unless otherwise indicated in this report.

5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for

sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject

property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.

6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior

to the date of sale of the comparable sale, unless otherwise indicated in this report.

7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.

8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that

has been built or will be built on the land.

9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject

property and the comparable sales.

10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in

the sale or financing of the subject property.

11. I have knowledge and experience in appraising this type of property in this market area.

12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing

services, tax assessment records, public land records and other such data sources for the area in which the property is located.

13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from

reliable sources that I believe to be true and correct.

14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject

property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I

have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the

presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the

subject property or that I became aware of during the research involved in performing this appraisal. I have considered these

adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and

marketability of the subject property.

15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all

statements and information in this appraisal report are true and correct.

16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which

are subject only to the assumptions and limiting conditions in this appraisal report.

17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or

prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or

completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital

status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the

present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.

18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not

conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a

predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of

any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending

mortgage loan application).

19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I

relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal

or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this

appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make

a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no

responsibility for it.

20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that

ordered and will receive this appraisal report.


FHA/VA Case No.

William Moran, RAA/GAA

William Moran, RAA/GAA

Nantucket Real & Estate Appraisal

3 Skyline Dr

Nantucket, MA 02554-2860

508-982-3533

[email protected]

01/02/2019

01/02/2019

70815

MA

03/22/2020

Nantucket, MA 02554

5,350,000



21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the

borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other

secondary market participants; data collection or reporting services; professional appraisal organizations; any department,

agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to

obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal

report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public

relations, news, sales, or other media).

22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain

laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice

that pertain to disclosure or distribution by me.

23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage

insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part

of any mortgage finance transaction that involves any one or more of these parties.

24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are

defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this

appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and

valid as if a paper version of this appraisal report were delivered containing my original hand written signature.

25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or

criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States

Code, Section 1001, et seq., or similar state laws.

SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:

1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's

analysis, opinions, statements, conclusions, and the appraiser's certification.

2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions,

statements, conclusions, and the appraiser's certification.

3. The appraiser identified in this appraisal report is either 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 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.

APPRAISER

Signature

Name

Company Name

Company Address

Telephone Number

Email Address

Date of Signature and Report

Effective Date of Appraisal

State Certification #

or State License #

or Other (describe) State #

State

Expiration Date of Certification or License

ADDRESS OF PROPERTY APPRAISED

APPRAISED VALUE OF SUBJECT PROPERTY $

LENDER/CLIENT

Name

Company Name

Company Address

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)

Signature

Name

Company Name

Company Address

Telephone Number

Email Address

Date of Signature

State Certification #

or State License #

State

Expiration Date of Certification or License

SUBJECT PROPERTY

Did not inspect subject property

Did inspect exterior of subject property from street

Date of Inspection

Did inspect interior and exterior of subject property

Date of Inspection

COMPARABLE SALES

Did not inspect exterior of comparable sales from street

Did inspect exterior of comparable sales from street

Date of Inspection


FHA/VA Case No.

Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Photo Page

Subject Front

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

xxxxxxxxxx xxxxxxx

5,250,000

3,277

6

4

4.1

B;Res;SurfSd

B;Res;Private

42253 sf

Q2

0

Subject Rear

Subject Street

Borrower

Lender/Client

Property Address


FHA/VA Case No.

Form PIC15 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Photograph Addendum

1/2/2019 1/2/2019 1/2/2019

1/2/2019 1/2/2019 1/2/2019

Borrower

Lender/Client

Property Address


FHA/VA Case No.


Comparable Sales Map

Borrower

Lender/Client

Property Address


FHA/VA Case No.

Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Comparable Photo Page

Comparable 1

Prox. to Subject

Sale Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

33 Pequot St

0.05 MILES S

5,575,000

3,668

7

4

4.2

B;Res;SurfSd

B;Res;Private

1.11 ac

Q2

0

Comparable 2

Prox. to Subject

Sale Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

1 White Hart

0.14 MILES NE

5,100,000

3,378

6

4

4.1

B;Res;SurfSd

B;Res;Private

2.00 ac

Q2

0

Comparable 3

Prox. to Subject

Sale Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

5 Clifford St

0.39 MILES SE

5,600,000

3,360

7

3

3.1

B;NrBch;SurfSd

B;Res;DisWtr

1.30 ac

Q2

3

Borrower

Lender/Client

Property Address


FHA/VA Case No.

Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Comparable Photo Page

Comparable 4

Prox. to Subject

Sale Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

8 Nobadeer Ave

0.45 MILES SW

5,495,000

2,812

7

3

3.1

B;NrBch;SurfSd

B;Res;DisWtr

40075 sf

Q2

0

Comparable 5

Prox. to Subject

Sale Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

19 Masaquet Ave

0.18 MILES SW

5,565,000

4,043

8

4

4.1

B;Res;SurfSd

B;Res;Private

1.10 ac

Q2

3

Comparable 6

Prox. to Subject

Sale Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

34 Pochick Ave

0.17 MILES SE

5,195,000

3,555

6

4

4.1

B;Res;SurfSd

B;Res;Private

42253 sf

Q2

2

Borrower

Lender/Client

Property Address


FHA/VA Case No.

Form PICINT15 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Photos

Comp 1 - 33 Pequot Comp 1 - 33 Pequot

Comp 2 - 1 White Hart Comp 2 - 1 White Hart Comp 2 - 1 White Hart

Comp 3 - 5 Clifford St Comp 3 - 5 Clifford St Comp 3 - 5 Clifford St

Comp 4 - 8 Nobadeer Ave Comp 4 - 8 Nobadeer Ave Comp 4 - 8 Nobadeer Ave

Comp 5 - 19 Masquet Ave Comp 5 - 19 Masquet Ave Comp 5 - 19 Masquet Ave

Borrower

Lender/Client

Property Address


FHA/VA Case No.

Form PICINT15 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Photos

Comp 6 - 34 Pochick Ave Comp 6 - 34 Pochick Ave Comp 6 - 34 Pochick Ave

Borrower

Lender/Client

Property Address


DEFINITIONS· ROH; Residential Old Historic overlay district· Excess Land; Land that is not needed to serve or support the existing improvement. The highest and best use of the excess land may or

may not be the same as the highest and best use of the improved parcel. Excess land may have the potential to be sold separately and isvalued separately.

· Surplus Land; Land that is not currently needed to support the existing improvement but cannot be separated from the property and soldoff. Surplus land does not have an independent highest and best use and may or may not contribute value to the improved parcel.

· Accessory Dwelling; Nantucket Zoning Code - A dwelling unit located within an owner-occupied single-family building. The exteriorarchitectural design and use of an accessory dwelling shall be harmonious with the appearance and use of the structure as the owner'shome. The accessory dwelling shall be self-contained with separate sleeping, cooking and sanitary facilities for the exclusive use of theoccupant. The structure containing the primary dwelling and accessory dwelling shall be in single ownership, and one of the units shall beowner-occupied. In summary, allocation of gross living area makes no distinction between primary and secondary dwellings and therefore,the net gross living area of the primary and secondary dwelling is a factor to be considered when there is a scarcity of recent comparablesales that bracket the subject primary dwelling gross living area. Regarding studios; the market reaction to studios in generally the same aspermitted dwellings. Due to the extreme workforce housing shortage, code enforcement of occupied studios is generally ignored in thelower price segments. Whereas, the upper price segments will often utilize studios as expanded housing or quarters for domestic help. Insummary, the market does not react any differently to studios verse similar sized 1 bedroom accessory dwellings (with assumption there isa full bath in the unit).

· Garage Apartment; A dwelling unit located within a residential or commercial garage. The dwelling unit shall not exceed 150% of the grossfloor area of the garage. If located on the same lot as a primary dwelling unit, the following requirements shall be applicable: Both dwellingunits shall be in the same ownership unless one of the two dwelling units is subject to the NHNC. The ownership of a lot by a condominiumcooperative housing corporation, land trust, or other common interest ownership entity in which there is a separate beneficial ownership ofthe primary dwelling and garage apartment on the lot shall not be deemed to constitute "the same legal and beneficial ownership."

· Secondary Dwelling; A detached single-family dwelling unit located on the same lot as a primary dwelling unit. The ground cover of thesecondary dwelling shall be a minimum of 20% less or more than the primary dwelling. The secondary dwelling may contain an attachedgarage. The primary and secondary dwelling must be separated by a minimum distance of 10 feet, measured at grade at the closest pointbetween the dwellings; excluding retaining walls, window wells, platforms, decks, and steps, chimneys, bulkheads, bay windows, bowwindows, roof eaves and overhangs, air conditioning units, a maximum of two aboveground fuel tanks not to exceed 120 gallons each,trash bins, and fences. Relief from the scalar separation requirement may be granted by a special permit issued by the Planning Boardsubject to a finding that the reduced separation is in harmony with the general purpose and intent of this chapter. A secondary dwellingmay only be attached to the primary dwelling by a breezeway as defined in § 139-2.

· Nonconforming Structure, Use or Lot; A structure or a use or lot that does not conform to a zoning restriction of this chapter for the zoningdistrict in which it is located, provided that the nonconformity was lawfully in existence on the July 27, 1972, effective date of this chapter,or in the case of a structure, use or lot made nonconforming by an amendment of this chapter, on the effective date of such amendment.

· Ground Cover Allowance; The horizontal area of a lot covered at grade by structures, together with those portions of any overhangs whichcontain enclosed interior space; excluding tents, retaining walls, substantially below grade finished or unfinished space, decks andunenclosed porches, gazebos, platforms and steps, game playing courts at grade, exterior in-ground residential swimming pools,chimneys, bulkheads, bay and bow windows, unenclosed breezeways, air conditioning units, fuel tanks, roof eaves, trash bins and notmore than one accessory detached shed covering an area not to exceed more than 200 square feet at grade.

· Ground Cover Ratio; The ground cover upon a lot divided by the area of the lot, expressed as a percentage.· UAD Ratings; This appraiser has learned to refrain from the use of the Q1 rating. Despite the price point of many homes on Nantucket, the

quality of high end homes is best described as casual beach elegant second homes. The Q1 rating is reserved for those very "unique"properties that meet the Q1 definition, which states "Q1 dwellings are usually unique structures...". In general, much of the newconstruction and renovation found in the upper market are custom colonials with similar interior and exterior design, materials andconstructed by the same labor force of electricians, plumbers, masons and carpenters. Strict architectural review and oversight by theHistoric District Commission is geared to provide uniformity in design and "unique" structures are discouraged due to the island's historicdesignation. The appraiser considers the Q2 rating to represent the highest level of quality found on Nantucket. However, it is important tonote that within any similar quality rating (Q1-Q5) there may be slight variances, which may warrant an adjustment. Variances within similarcondition ratings may also warrant an adjustment.

· Superadequacy; An excess in the capacity or quality of a structure or structural component; determined by market standards and is a typeof functional obsolescence. Despite being bigger, better, more expensive it is considered a feature of the real estate that is not fully valuedby the marketplace and with cost that exceeds it contributory value.

· Extraordinary Assumption; An assumption which if found to be false could alter the resulting opinion or conclusion. · Hypothetical Condition; An assumption made contrary to fact, but which is assumed for the purpose of discussion, analysis, or formulation

of opinions.

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UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM

(Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)

Condition Ratings and Definitions

C1

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 and/or 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 a 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

Q1

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)

FHA/VA Case No.

Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE



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.

Q4

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.

Q5

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.

Q6

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 terms 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 and/or replacing components to meet existing 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 gutting 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.


FHA/VA Case No.

AU Accessory Unit Throughout Appraisal Report

Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE



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

AdjPwr Adjacent to Power Lines Location

ArmLth Arms Length Sale Sale or Financing Concessions

AT Attached Structure Design (Style)

B Beneficial Location & View

ba Bathroom(s) Basement & Finished Rooms Below Grade

br Bedroom Basement & Finished Rooms Below Grade

BsyRd Busy Road Location

c Contracted Date Date of Sale/Time

Cash Cash Sale or Financing Concessions

Comm Commercial Influence Location

Conv Conventional Sale or Financing Concessions

cp Carport Garage/Carport

CrtOrd Court Ordered Sale Sale or Financing Concessions

CtySky City View Skyline View View

CtyStr City Street View View

cv Covered Garage/Carport

DOM Days On Market Data Sources

DT Detached Structure Design (Style)

dw Driveway Garage/Carport

e Expiration Date Date of Sale/Time

Estate Estate Sale Sale or Financing Concessions

FHA Federal Housing Authority Sale or Financing Concessions

g Garage Garage/Carport

ga Attached Garage Garage/Carport

gbi Built-in Garage Garage/Carport

gd Detached Garage Garage/Carport

GlfCse 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

LtdSght 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

O Other Design (Style)

op Open Garage/Carport

Prk Park View View

Pstrl Pastoral View View

PwrLn Power Lines View

PubTrn Public Transportation Location

Relo Relocation Sale Sale or Financing Concessions

REO REO Sale Sale or Financing Concessions

Res Residential Location & View

RH USDA - Rural Housing Sale or Financing Concessions

rr Recreational (Rec) Room Basement & Finished Rooms Below Grade

RT Row or Townhouse Design (Style)

s Settlement Date Date of Sale/Time

SD Semi-detached Structure Design (Style)

Short Short Sale Sale or Financing Concessions

sf Square Feet Area, Site, Basement

sqm Square Meters Area, Site

Unk Unknown Date of Sale/Time

VA Veterans Administration Sale or Financing Concessions

w 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


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