greenbox loans, inc certificate of appraiser independence

Greenbox Loans, IncCertificate of Appraiser Independence

Inspection date:

Order # :

Borrower name:

Property Address:

Greenbox Loans, Inc certifies that the above referenced appraisal has been completed in compliance with all currentappraisal independence requirements as defined by the Dodd-Frank Wall Street Reform and Consumer Protection Act, theInteragency Appraisal and Evaluation Guidelines, Fannie Mae, Freddie Mac and the Federal Housing Administration, instrict adherence to our non-influence policy and process:

• No employee, director, officer or agent of the lender or any other third party acting as joint venture partner,independent contractor, appraisal company, appraisal management company or partner on behalf of the lender,has influenced or attempted to influence the development, reporting, result, or review of the appraisal in anymanner.

• The Lender/Client named on the appraisal report submitted the appraisal order through a secure self-managedappraisal software platform, or through approved and compliant 3rd party integration.

• Appraiser selection was performed by a non-compensated member of Greenbox Loans, Inc. Appraiser selectionwas performed utilizing a selection methodology of management-approved policies based on the location of thesubject property, appraiser availability and historical quality and performance metrics.

• The appraiser’s compensation was not in any way dependent on the value arrived at or the closing of the loan.The appraiser was compensated directly by the Greenbox Loans, Inc and not by a Greenbox Loans, Inc staffmember that receives compensation based on loan sales.

• The terms and conditions of the engagement contract between the Greenbox Loans, Inc and the appraiser prohibitthe appraiser from inappropriate communication with Greenbox Loans, Inc origination staff or attempting to obtainvalue/loan information from the borrower/property owner.

• No estimate regarding the Subject Property's value, proposed loan amount or proposed loan-to-value ratio wasprovided or communicated by Greenbox Loans, Inc to the appraiser.

• For all transactions: By proper use of a secure self-managed appraisal software platform, Greenbox Loans, Inc’sloan production staff is unaware of the identity of the appraiser until the final appraisal report is delivered. Likewisethe appraiser is provided with only the Greenbox Loans, Inc's company name and address for inclusion in theappraisal report and is never provided with the identity or contact information of the originator of the loan. Forpurchase transactions, the purchase agreement was provided to the appraiser as required by USPAP StandardsRule 1-5(a).

• All communication between the selected appraiser and Greenbox Loans, Inc was conducted through GreenboxLoans, Inc's Appraisal Department. Greenbox Loans, Inc is unaware of any communication to the appraiser for thisappraisal assignment made by anyone that is in violation of the terms of current Appraiser IndependenceRequirements.

Corporate Address:3250 Wilshire Blvd.Ste. 1900Los Angeles, CA 90010

43 Paradise Valley NorthCarson, CA 90745

09 October, 2021

CUIXIN CHEN

2021090285

File No.

APPRAISAL OF

LOCATED AT:

FOR:

BORROWER:

AS OF:

BY:

00010269

2021090285

Certified Residential Appraiser / AR014715

Tien D Nguyen

October 9, 2021

Cuixin Chen

Los Angeles, CA, 90010

3250 Wilshire Blvd Suite 1900

Greenbox Loans, Inc.

Carson, CA 90745

43 Paradise Valley North

A CONDOMINIUM

File No.

File Number:

In accordance with your request, I have appraised the real property at:

The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved.The property r ights appraised are the fee simple interest in the si te and improvements.

In my opinion, the market value of the property as of i s :

The at tached repor t conta ins the descr ip t ion, analys is and suppor t ive data for the conc lus ions,f ina l op in ion o f va lue , descript ive photographs, l imit ing condit ions and appropriate cert i f icat ions.

00010269

2021090285

Certified Residential Appraiser / AR014715

Tien D Nguyen

Three Hundred Twenty-Five Thousand Dollars

$325,000

October 9, 2021

Carson, CA 90745


To Whom It May Concern:

00010269

Los Angeles, CA, 90010




Individual Condominium Unit Appraisal Report File No.

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

Property Address Unit # City State Zip Code

Borrower Owner of Public Record County

Legal Description

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

Project Name Phase # Map Reference Census Tract

Occupant Owner Tenant Vacant Special Assessments $ 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).

SU

BJ

EC

T

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.CO

NT

RA

CT

Neighborhood Characteristics Condominium Unit Housing Trends Condominium Housing Present Land Use %

Note: Race and the racial composition of the neighborhood are not appraisal factors.

Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit %

Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $(000) (yrs) 2-4 Unit %

Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths Low Multi-Family %

Neighborhood Boundaries High Commercial %

Pred. Other %

Neighborhood Description

Market Conditions (including support for the above conclusions)

NE

IGH

BO

RH

OO

D

Topography Size Density View

Specific Zoning Classification Zoning Description

Zoning Compliance Legal Legal Nonconforming – Do the zoning regulations permit rebuilding to current density? Yes No

No Zoning Illegal (describe)

Is the highest and best use of the 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) Off-site Improvements—Type Public Private

Electricity Water Street

Gas Sanitary Sewer 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.

PR

OJ

EC

T S

ITE

General Description General Description Subject Phase If Project Completed If Project Incomplete

Data source(s) for project information

Project Description Detached Row or Townhouse Garden Mid-Rise High-Rise Other(describe)

# of Stories

# of Elevators

Existing Proposed

Under Construction

Year Built

Effective Age

Exterior Walls

Roof Surface

Total # Parking

Ratio (spaces/units)

Type

Guest Parking

# of Units

# of Units Completed

# of Units For Sale

# of Units Sold

# of Units Rented

# of Owner Occupied Units

# of Phases

# of Units

# of Units for Sale

# of Units Sold

# of Units Rented


# of Planned Phases

# of Planned Units

# of Units for Sale

# of Units Sold

# of Units Rented


Project Primary Occupancy Principal Residence Second Home or Recreational Tenant

Is the developer/builder in control of the Homeowners’ Association (HOA)? Yes No

Management Group – Homeowners’ Association Developer Management Agent – Provide name of management company.

Does any single entity (the same individual, investor group, corporation, etc.) own more than 10% of the total units in the project? Yes No If Yes, describe

Was the project created by the conversion of an existing building(s) into a condominium? Yes No If Yes, describe the original use and the date of conversion.

Are the units, common elements, and recreation facilities complete (including any planned rehabilitation for a condominium conversion)? Yes No If No, describe

Is there any commercial space in the project? Yes No If Yes, describe and indicate the overall percentage of the commercial space.

PR

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FO

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AT

ION

Page 1 of 6Freddie Mac Form 465 March 2005 Fannie Mae Form 1073 March 2005Produced using ACI software, 800.234.8727 www.aciweb.com

1073_05AUAD 12182015UAD Version 9/2011

00010269

2021090285

DOM 27;CRMLS #21779086. List Date: 09/01/2021. List Price: $310,000. Data Sources:

CRMLS/ Realist/ NDC

X

3250 Wilshire Blvd Suite 1900, Los Angeles, CA 90010Greenbox Loans, Inc.

X

X

X3000X

5439.05C0071Scottsdale HOA

1,96520207315-024-024

TRACT NO 28042 CONDOMINIUM UNIT 100

Los AngelesGladive WatsonCuixin Chen

90745CACarson-43 Paradise Valley North

$0;;No financial assistance provided.

X

CRMLS/Realist/NDCX09/16/2021325,000

Arms length sale;Purchase contract with twenty pages were reviewed. $240,000 first TD conventional mortgage.

X

See Attached Addendum: Neighborhood Market Conditions

See Attached Addendum: Neighborhood Description

5

5

5

85

50

100

10

350

475

275

The neighborhood is bounded by Del Amo Blvd to the North, by Pacific

Coast hwy to the South, by FWY 110 to the West and by Alameda St to the East.

X

X

X

X

X

X

X

X

09/26/200806037C1935FXX

None

XAsphalt

X

X

X

X

X

XX

See Attached Addendum: Zoning DescriptionCARM25U&D*/ Condo

N;Res;Avg/NormalTypicalLevel

X

X

X

X

X

X

X

338

262

600

2

600

1

338

262

600

2

600

600

0

Garage

2

1200

Tiles/Gd

Stucco/Gd

35

1963

X

0

2

X

HOA/ Realist/ NDC Data


Describe the condition of the project and quality of construction.

Describe the common elements and recreational facilities.

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

Is the project subject to a ground rent? Yes No If Yes, $ per year (describe terms and conditions)

Are the parking facilities adequate for the project size and type? Yes No If No, describe and comment on the effect on value and marketability.

PR

OJ

EC

T IN

FO

RM

AT

ION

I did did not analyze the condominium project budget for the current year. Explain the results of the analysis of the budget (adequacy of fees, reserves, etc.), or why the analysis

was not performed.

Are there any other fees (other than regular HOA charges) for the use of the project facilities? Yes No If Yes, report the monthly facility charges and describe.

Compared to other competitive projects of similar quality and design, the subject unit charge appears High Average Low If High or Low, describe.

Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?

Yes No If Yes, describe and explain the effect on value and marketability.

PR

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EC

T A

NA

LY

SIS

GENERAL DESCRIPTION AMENITIES Appliances CAR STORAGE

Unit Charge $ per month X 12 = $ per year Annual assessment charge per year per square feet of gross living area = $

Utilities included in the unit monthly assessment None Heat Air Conditioning Electricity Gas Water Sewer Cable Other (describe)

INTERIOR materials/condition

Floor #

# of Levels

Heating Type Fuel

Central AC Individual AC

Other (describe)

Floors

Walls

Trim/Finish

Bath Wainscot

Doors

Fireplace(s) #

Woodstove(s) #

Deck/Patio

Porch/Balcony

Other

Refrigerator

Range/Oven

Disp Microwave

Dishwasher

Washer/Dryer

None

Garage Covered Open

# of Cars

Assigned Owned

Parking Space #

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

Are the heating and cooling for the individual units separately metered? Yes No If No, describe and comment on compatibility to other projects in the market area.

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.

UN

IT D

ES

CR

IPT

ION

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

Date of Prior Sale/Transfer

Price of Prior Sale/Transfer

Data Source(s)

Effective Date of Data Source(s)

COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3

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

IOR

SA

LE

HIS

TO

RY


1073_05AUAD 12182015UAD Version 9/2011

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2021090285

X

X

X

Common areas, parks, and greenbelts.

The subject's project is a very well designed. The construction is considered in good

quality.

There was no pending litigation against the subject's HOA known to the

appraiser at time of inspection.

X

X

X

The condominium project budget is a proprietary information controlled by the HOA, and was not available for review

by individuals not within the community or on the board of director. Hence, the budget was not reviewed and analyzed by the appraiser.

X

X

X

C4;No updates in the prior 15 years;Subject exhibits

overall good condition with no deferred maintenance items, other than normal wears and tears, noted. Although subject's physical age

is 58 years, it appears to have been well maintained and normal wears and tears observed, the appraiser believes that the subject's

effective age is most likely 35 years, although the effective age exceeded the 20% physical to effective age guidelines. Utility checked

at time of inspection: Gas is On, Electricity is On, Water is On. All utilities and appliances were randomly < continued in addendum >

No additional features.

X

1,1222.036

2

X

2

X

X

X

XX

X

X

None

WoodX

WoodX

0

0

Hollow Core/Gd

Tiles/Gd

Wood/Gd

Drywall/Gd

Tiles-Vinyl/Gd

NoneX

GasFAU

2

1 - 2

X

3.213,600300.00

CRMLS/ Realist/ NDC Data. See details of prior transaction/transfer below

X

CRMLS/ Realist/ NDC Data. See details of prior transaction/transfer below

X

X

10/09/2021

CRMLS#/Realist/NDC

10/09/2021

CRMLS#/Realist/NDC

10/09/2021

CRMLS#/Realist/NDC

10/09/2021

CRMLS#/Realist/NDC

Any transaction/transfer without the actual value indicated on record,

then it would be considered refinance and/or within family transfer. The subject has not previously transferred within the last 36 months

and has not been listed for sale in the past 12 months. Unless otherwise noted, the comparables have not previously transferred within

the last 12 months.


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

Address and

Unit #

Project Name and

Phase

Proximity to Subject

Sale Price $

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

Data Source(s)

Verification Source(s)

VALUE ADJUSTMENTS DESCRIPTION

Sale or Financing

Concessions

Date of Sale/Time

Location

Leasehold/Fee Simple

HOA Mo. Assessment

Common Elements

and Rec. Facilities

Floor Location

View

Design (Style)

Quality of Construction

Actual Age

Condition

Above Grade Total Bdrms. Baths

Room Count

Gross Living Area 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

COMPARABLE SALE NO. 1

$

$ sq. ft.

DESCRIPTION +(-) $ Adjustment

Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $

Summary of Sales Comparison Approach

Indicated Value by Sales Comparison Approach $

SA

LE

S C

OM

PA

RIS

ON

AP

PR

OA

CH

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)

INC

OM

E

Indicated Value by: Sales Comparison Approach $ 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 com plete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statem ent of assum ptions and lim iting

conditions, and appraiser’s certification, m y (our) opinion of the m arket 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.

RE

CO

NC

ILIA

TIO

N


1073_05AUAD 12182015UAD Version 9/2011

00010269

2021090285

475,000275,00031

450,000285,0008

0 FireplaceFireplace

NoneRemod/Upgrades

NonePool & Spa

Porch/Patio

2g;Owned

None

FAU/None

Average

0sf

1,12245

2.036

C4

58

Q4

RT2L;TownHouse

N;Res;

1 - 2

Greenbelts

Common Areas

$300

Fee Simple

N;Res;

289.66

325,000

1

Scottsdale HOA

-, Carson, CA 90745


352,8654.1

4.1

13,865X

0 Fireplace

None

None

Porch/Patio

2g;Owned

None

FAU/None

Average

0sf

8,865925

5,0002.025

C4

58

Q4

RT2L;TownHouse

N;Res;

1 - 2

Greenbelts

Common Areas

$300

Fee Simple

N;Res;

s06/21;c06/21

Conv;0

ArmLth

1st American/Doc# 990993

CRMLS #SB21061814;DOM 460

366.49

339,000

0.05 miles NW

1

Scottsdale HOA

-, Carson, CA 90745

17 Stage Coach Ln

396,5456.7

-6.7

28,455X

0 Fireplace

-10,000Partial Upgrades

None

Porch/Patio

2g;Owned

None

FAU/None

Average

0sf

-13,4551,421

-5,0002.047

C4

58

Q4

RT2L;TownHouse

N;Res;

1 - 2

Greenbelts

Common Areas

$300

Fee Simple

N;Res;

s07/21;c06/21

Conv;0

ArmLth


CRMLS #PV21096428;DOM 27

299.09

425,000

0.13 miles SW

1

Scottsdale HOA

-, Carson, CA 90745

12 Yellow Boot Ln

315,0006.2

-3.1

10,000X

0 Fireplace


None

Porch/Patio

5,0001g;Owned

None

-5,000FAU/CAC

Average

0sf

01,121

2.036

C4

58

Q4

RT2L;TownHouse

N;Res;

1 - 2

Greenbelts

Common Areas

$300

Fee Simple

N;Res;

s05/21;c04/21

Conv;0

ArmLth


CRMLS #DW21059956;DOM 8

289.92

325,000

0.31 miles SW

1

Scottsdale HOA

-, Carson, CA 90745

29 Paradise Vly S

325,000

See Attached Addendum: Comments on Sales Comparison

10/09/2021

325,000

X

See Attached Addendum: Final Reconciliation

325,000

Statewide Appraisals


FEATURE SUBJECT

Address and

Unit #

Project Name and

Phase

Proximity to Subject

Sale Price $

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

Data Source(s)

Verification Source(s)

VALUE ADJUSTMENTS DESCRIPTION

Sale or Financing

Concessions

Date of Sale/Time

Location

Leasehold/Fee Simple

HOA Mo. Assessment

Common Elements

and Rec. Facilities

Floor Location

View

Design (Style)

Quality of Construction

Actual Age

Condition

Above Grade Total Bdrms. Baths

Room Count

Gross Living Area 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


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $

ITEM SUBJECT

Date of Prior Sale/Transfer

Price of Prior Sale/Transfer

Data Source(s)

Effective Date of Data Source(s)

COMPARABLE SALE NO. 4 COMPARABLE SALE NO. 5 COMPARABLE SALE NO. 6

Summary of Sales Comparison Approach

SA

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Freddie Mac Form 465 March 2005 Fannie Mae Form 1073 March 2005Produced using ACI software, 800.234.8727 www.aciweb.com1073_05AUAD 12182015

UAD Version 9/2011

00010269

2021090285

0 FireplaceFireplace

NoneRemod/Upgrades

NonePool & Spa

Porch/Patio

2g;Owned

None

FAU/None

Average

0sf

1,12245

2.036

C4

58

Q4

RT2L;TownHouse

N;Res;

1 - 2

Greenbelts

Common Areas

$300

Fee Simple

N;Res;

289.66

325,000

1

Scottsdale HOA

-, Carson, CA 90745


306,3952.1

-1.2

3,605X

0 Fireplace

None

None

Porch/Patio

2g;Owned

None

-5,000FAU/CAC

Average

0sf

1,3951,091

2.036

C4

58

Q4

RT2L;TownHouse

N;Res;

1 - 2

Greenbelts

Common Areas

$300

Fee Simple

N;Res;

s05/21;c05/21

Cash;0

ArmLth


CRMLS #21723378;DOM 9

284.14

310,000

0.31 miles SW

1

Scottsdale HOA

-, Carson, CA 90745

27 Scottsdale S

365,1453.4

-2.6

9,855X

0 Fireplace

None

None

Porch/Patio

2g;Owned

None

FAU/None

Average

0sf

1,3951,091

2.036

C4

58

Q4

RT2L;TownHouse

N;Res;

1 - 2

Greenbelts

Common Areas

$300

Fee Simple

N;Res;

-11,250Active

Unknown;0

Listing

CRMLS/ Realist/ NDC

CRMLS #SB21170215;DOM 30

343.72

375,000

0.23 miles SE

1

Scottsdale HOA

-, Carson, CA 90745

10 Camelback Ave S

411,64014.6

-8.5

38,360X

0 Fireplace


None

Porch/Patio

2g;Owned

None

-5,000FAU/CAC

Average

0sf

8,640930

5,0002.125

-1,500

-10,000C3

-12,00034

Q4

RT2L;TownHouse

N;Res;

1 - 2

Greenbelts

Common Areas

$300

Fee Simple

N;Res;

-13,500Active

Unknown;0

Listing

CRMLS/ Realist/ NDC

CRMLS #PW21190132;DOM 17

483.87

450,000

0.94 miles NW

1

Avalon Court HOA

D, Carson, CA 90745

618 E 219th St

10/09/2021

CRMLS#/Realist/NDC

10/09/2021

CRMLS#/Realist/NDC

10/09/2021

CRMLS#/Realist/NDC

10/09/2021

CRMLS#/Realist/NDC

Comp #5 and comp #6 are to provide additional support to the final estimated value. Comp #5 and #6

are ACTIVE LISTING comps within close proximity to the subject and are used to demonstrate and support current market activities in

the subject's immediate marketing area. All comps are considered arm-length transactions and listed on MLS. Negative 3%

adjustment applied to pending/active listing comp for potential price negotiation based on market reaction for the same marketing area.


This report form is designed to report an appraisal of a unit in a condominium project or a condominium unit in a planned unitdevelopment (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a cooperativeproject.

This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement ofassumptions 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 workto include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications ordeletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterationsto this appraisal report, such as those required by law or those related to the appraiser’s continuing education or membership in anappraisal organization, are permitted.

SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and thereporting requirements of this appraisal report form, including the following definition of market value, statement of assumptionsand limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of theinterior and exterior areas of the subject unit, (2) inspect and analyze the condominium project, (3) inspect the neighborhood,(4) inspect each of the comparable sales from at least the street, (5) research, verify, and analyze data from reliable public and/orprivate sources, and (6) 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 ofthis appraisal for a mortgage finance transaction.

INTENDED USER: The intended user of this appraisal report is the lender/client.

MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditionsrequisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by unduestimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyerunder conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and eachacting 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 pricerepresents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* grantedby anyone associated with the sale.

*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readilyidentifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can bemade to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not alreadyinvolved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of thefinancing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing orconcessions based on the appraiser's judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report is subject to thefollowing 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 titleto it, except for information that he or she became aware of during the research involved in performing this appraisal. Theappraiser 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. Thesketch 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 (orother data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified SpecialFlood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding thisdetermination.

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 ofhazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware ofduring the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has noknowledge 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.) thatwould make the property less valuable, and has assumed that there are no such conditions and makes no guarantees orwarranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering ortesting that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field ofenvironmental 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 satisfactorycompletion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will beperformed in a professional manner.


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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 thisappraisal report.

2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition ofthe 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 Practicethat were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at thetime 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 comparisonapproach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisalassignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwiseindicated in this report.

5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for saleof the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject propertyfor 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 thedate 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 homethat 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 subjectproperty 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 inthe 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 listingservices, 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 fromreliable 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, subjectproperty, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I havenoted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence ofhazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject propertyor that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions inmy analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subjectproperty.

15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements 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 aresubject 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 prospectivepersonal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, myanalysis 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 oroccupants 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 conditionedon any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predeterminedspecific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or theattainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loanapplication).

19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied onsignificant real property appraisal assistance from any individual or individuals in the performance of this appraisal or thepreparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisalreport. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change toany 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 orderedand will receive this appraisal report.

21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower;the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary marketparticipants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentalityof the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser’s orsupervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed ordistributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or othermedia).


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22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain lawsand regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice thatpertain 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 anymortgage 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 aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisalreport containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if apaper 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 criminalpenalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section1001, 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’sanalysis, 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 theappraisal 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 andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.

5. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisalreport containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if apaper 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

Unit #

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


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LenderX

325,000

Carson, CA 90745

-43 Paradise Valley North

04/21/2023

CA

AR014715

10/09/2021

10/09/2021

[email protected]

(714) 785-6931

Orange, CA 92869

6746 E. Canyon Ridge


Tien D Nguyen


Uniform Appraisal Dataset Definitions File No.

Condition Ratings and Definitions

C1 The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling features no

physical depreciation.*

*Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100% newfoundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Recently constructed improvements that havenot been previously occupied are not considered "new" if they have any significant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extendedperiod 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

either are 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 ageis 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 someshort-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 ongoingbasis 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 areat 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 affectthe 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 residences 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.

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

The number of full and half baths is reported by separating the two values by a period. The full bath is represented to the left of the period. The half bath count is represented to the

right of the period. Three-quarter baths are to be counted as a full bath in all cases. Quarter baths (baths that feature only toilet) are not to be included in the bathroom count.

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Abbreviations Used in Data Standardization Text

Abbrev. Full Name Appropriate Fields

ac Acres Area, Site

AdjPrk Adjacent to Park Location

AdjPwr Adjacent to Power Lines Location

A Adverse Location & View

ArmLth Arms Length Sale Sale or Financing Concessions

AT Attached Structure Design(Style)

ba Bathroom(s) Basement & Finished Rooms Below Grade

br Bedroom Basement & Finished Rooms Below Grade

B Beneficial Location & View

BsyRd Busy Road Location

cp Carport Garage/Carport

Cash Cash Sale or Financing Concessions

CtySky City View Skyline View View

CtyStr City Street View View

Comm Commercial Influence Location

c Contracted Date Date of Sale/Time

Conv Conventional Sale or Financing Concessions

cv Covered Garage/Carport

CrtOrd Court Ordered Sale Sale or Financing Concessions

DOM Days On Market Data Sources

DT Detached Structure Design(Style)

dw Driveway Garage/Carport

Estate Estate Sale Sale or Financing Concessions

e Expiration Date Date of Sale/Time

FHA Federal Housing Authority Sale or Financing Concessions

g Garage Garage/Carport

ga Garage - Attached Garage/Carport

gbi Garage - Built-in Garage/Carport

gd Garage - Detached Garage/Carport

GR Garden Structure Design(Style)

GlfCse Golf Course Location

Glfvw Golf Course View View

HR High Rise Structure Design(Style)

Ind Industrial Location & View

Abbrev. Full Name Appropriate Fields

in Interior Only Stairs Basement & Finished Rooms Below Grade

Lndfl Landfill Location

LtdSght Limited Sight View

Listing Listing Sale or Financing Concessions

MR Mid-Rise Structure Design(Style)

Mtn Mountain View View

N Neutral Location & View

NonArm Non-Arms Length Sale Sale or Financing Concessions

op Open Garage/Carport

o Other Basement & Finished Rooms Below Grade

O Other Design(Style)

Prk Park View View

Pstrl Pastoral View View

PwrLn Power Lines View

PubTrn Public Transportation Location

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

Relo Relocation Sale Sale or Financing Concessions

REO REO Sale Sale or Financing Concessions

Res Residential Location & View

RT Row or Townhouse Design(Style)

RH Rural Housing - USDA Sale or Financing Concessions

SD Semi-detached Structure Design(Style)

s Settlement Date Date of Sale/Time

Short Short Sale Sale or Financing Concessions

sf Square Feet Area, Site, Basement

sqm Square Meters Area, Site, Basement

Unk Unknown Date of Sale/Time

VA Veterans Administration Sale or Financing Concessions

wo Walk Out Basement Basement & Finished Rooms Below Grade

wu Walk Up Basement Basement & Finished Rooms Below Grade

WtrFr Water Frontage Location

Wtr Water View View

w Withdrawn Date Date of Sale/Time

Woods Woods View View

Other Appraiser-Defined Abbreviations

Abbrev. Full Name Appropriate Fields Abbrev. Full Name Appropriate Fields

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ADDENDUMBorrower: Cuixin Chen File No.: 00010269

Property Address: 43 Paradise Valley North Case No.: 2021090285

City: Carson State: CA Zip: 90745

Lender: Greenbox Loans, Inc.

Addendum Page 1 of 5

Neighborhood DescriptionThe subject property is located in an area of conforming condominium projects. The subject's project and neighboring projects exhibiting average to good overall maintenance level. Schools, shopping centers, hospitals, employment facilitiesare within close proximity to the neighborhood.

Neighborhood Market ConditionsOverall real estate market is currently considered to be in stable period. Conventional financing has been the main methodto sell homes. After analyzing the market data in the area of the subject during the time period the subject would have beenexposed to the market prior to the effective date of valuation, it is this appraiser’s opinion the reasonable exposure time forthe subject property would be 60-90 days.

Zoning DescriptionCondominium - (No other detailed zoning info available except what has been found in public records and provided in thisreport)

Highest and Best UseThe reasonable and probable use that supports the highest present value of vacant land or improved property and definedas of the date of this appraisal. The reasonably probable and legal use of land or site as though vacant found to be physicalpossible, appropriately support, financially feasible, and that results in the highest present land use. Subject's current andexisting use is a condominium. It is legally permissible under the current zoning law, which allows it to be used ascondominium. However, based on further analysis, it is not financially feasible or physically possible for the property ownerto modify the property beyond what is normally allowable by the current zoning law or to build additional structures, which willviolate the current zoning law and/or the restrictions by the CC&R. The comparable sales used in this report demonstratedthat the improvements are reasonably typical and compatible with market demand for the neighborhood, and the presentimprovements contribute to the value of the subject property so that its value is greater than the estimated vacant site value. The appraiser has considered the existing use as reasonable and reported it as the highest and best use. Therefore, basedon the analysis above, the subject's highest and best use is to continue its existing use as a condominium.

Condition of the PropertyContinued from Condition of the Property: tested and appear to be in good functionality at time of inspection. The appraiseris not a licensed home inspector and thus cannot make any claim or guaranty either express or imply regarding the conditionof the plumbing, gas or electrical system in the house. Estimated remaining economic life is: 40 years. Subject has smokedetectors, does not have carbon monoxide (CO) detectors, but has straps installed on water heater at time of inspection. Estimated cost to cure: $100 for the CO detectors. Property is confirmed to be free from damage & disaster, and had noaffect on value or marketability at time of inspection. There is no apparent resistance to condo ownership and there is noapparent effect on the marketability. The reason to purchase and own condos due purely to personal and/or economicfactors. People often purchase condos for the HOA amenities,securities, lower to no exterior maintenance efforts and costs.And, condos generally sold at lower price point than single family residential properties. Subject has security bars on someof the windows that can be released via emergency release mechanisms inside the bedrooms. Please refer to photo forpicture of security bars being opened using the emergency release mechanism. Security bars is common for the area anddoes not violate city's safety and fire codes.Comment regarding pandemic already disclosed on USPAP 2014 with Type addendum page elsewhere in this report.

Comments on Sales ComparisonAll the comparables are within a reasonable distance and have similar amenities to the subject. The appraiser has madeextraordinary effort and attempt to find comparables that are most similar to subject in terms of GLA, location, condition andamenities. Due to there were no comps from nearby competing condo complex found within the past 12 months and thus nocomps from outside the subject's complex were used in this report. All comps are from within subject's HOA complex. However, as explained above, the comps used here can be considered the best available at time of inspection. Some of the adjustments made in the analysis are: $3,000 for each bathroom; $5,000 for each bedroom; $5,000 for each car garage;$45 for each square foot of living space; $500 per year for age; $5,000 for central air; $10,000 for location; $5,000 forcondition; $10,000 for partial upgrades; $20,000 for full upgrades; $10,000 for quality; $20,000 for solar panels. If there isan above ground spa in the report, no adjustment for above ground spa due to its being considered a personal property. Ifthere are leased solar panels, no adjustment for leased solar panels due to the panels are properties of the solar companyand not the property owner's. Additionally, due to leased solar is just another form of power usage purchase using solarinstead of land lines, there is no impact on the desirability and marketability to the subject. Adjustments values less than$1,000 will not be applied in the report. For GLA and room counts discrepancies for subject, as well as, the comps, pleaserefer to the paragraph "Comparables Research and Selection Methodology and Guidelines" below for proper explanation. The adjustment values were based primarily on paired sales analysis where this technique is used to find the value of aparticular attributes between the two sales where the only difference is the attribute being appraised; the difference in valueis considered to be the value of the attribute. The adjustment factors also arrived at by market reaction and other local salesinformation including realtors and MLS data. Concession Adjustments: If there are concession adjustments applied, the amount of adjustment reflect the concessionamounts as noted on MLS listings for the particular comps. Dollar for dollar adjustment applied based on market reactionand by speaking to brokers/realtors in the area. Concessions considered typical for the current market, and a particularconcession does have an affect on the final sale price for a property. The dollar for dollar adjustments applied in the reportare necessary for those costs which are normally paid by sellers, but not as a result of tradition or law in a market area. Location Adjustments: The location adjustments applied due to site influences. Beneficial location include proximity toocean, lake and/or gated communities. Adverse location include close proximity to busy roads, FWYs, Hwys, commercialproperties and any other locations that may contribute to the location being considered having external obsolescence. Comps used with proximate or similar similar location influence available for use in the sales comparison analysis. Locationadjustments are perhaps the most difficult adjustments to extract from the marketplace due to the emotions of buyers whendealing with such intangible amenities. In terms of quality and condition adjustments, given the lack of sales with which to"pair" the subject, these adjustments are based solely on my conversations with area brokers and my extensive experienceappraising properties in the immediate market area. Having personally inspected the subject property, these adjustmentsare based primarily on my estimate of the costs to bring these features "in line" with the subject. Market participants wereinterviewed with most common responses indicating a negative market reaction of +1% to +6% reconciled and applied to thecomps with locations that have negative influence or external obsolescence. On the other hands, a market reaction of -1%






to -6% has been reconciled and applied to comps with superior locations. If there are location adjustments applied, theamount of adjustment is reflected in the first paragraph above. View Adjustments: Similar to location adjustment, view adjustments are perhaps the most difficult adjustments to extractfrom the marketplace due to the emotions of buyers when dealing with such intangible amenities. In terms of quality andcondition adjustments, given the lack of sales with which to "pair" the subject, these adjustments are based solely on myconversations with area brokers and my extensive experience appraising properties in the immediate market area. Havingpersonally inspected the subject property, these adjustments are based primarily on my estimate of the costs to bring thesefeatures "in line" with the subject. If there are view adjustments applied, the adjustment values were based on researchesand interviews with market participants and most common responses indicating a market reaction of +/-1% to +/-6%reconciled and applied to the comps. The amount of adjustment is reflect in the first paragraph above. For the comps withsuperior view as compare to subject negative adjustments applied, and for the comps with inferior views, positiveadjustments applied.Design (Style) Adjustments: It is difficult to assess the value between single level home versus two levels homes. Basedon market research for the area and the appraiser's own experience as a California Real estate Broker since 1998, there isno marketable difference between single , two, or even three stories homes. The decision to buy single level, two or threelevels homes are purely based on personal preferences of the buyers. Younger buyers prefer to have two or three storieshomes, while older buyers prefer single level homes. Therefore, there is no value difference between 1 and 2 stories homessold in the area. However, design (style) adjustment will apply when comparing between attached versus detached home. Detached home generally preferred among buyers due to there are no shared walls and provided total privacy to thehomeowners and thus detached homes can be considered superior in terms of design. Based on market reaction andpaired sales analysis, the design adjustment varied between $10,000 to $50,000 for attached versus detached homes and ifadjustments are made will be reflected in the first paragraph above.Quality Adjustments: Quality adjustments generally applied to reflect properties with inferior or superior quality materialsand/or workmanship that is readily observable in the construction of the building. If there are quality adjustments applied, anadjustment as noted in the first paragraph above has been reconciled and applied to the comps. Based on market reaction,the condition adjustment varied between 1% to 5% for each succeeding quality rating level. For the comps with superiorcondition, negative adjustments applied and for comps with inferior condition, positive adjustments applied.Actual Age Adjustments: Based on matched paired analysis, the actual age adjustments often reflect the wears and tearsto the properties as the properties aged. The older the property, the more wears and tears occur and thus the actual ageadjustment applied to provide slightly better value points for properties with younger or newer year build due to less wearsand tears. Based on information gather and market reaction, the adjustment value for each year build ranging in between$300 to $2,000 per year. The age adjustment values applied as shown in the first paragraph above reflect the reasonablevalue per year based on paired sales analysis and interviews with local realtors and builders/contractors.Condition Adjustments: Condition adjustments generally applied to reflect properties with inferior or superior exteriormaintenance and/or evidence of deferred maintenance in comparison to subject property. If there are condition adjustmentsapplied, an adjustment as noted in the first paragraph above has been reconciled and applied to the comps. Based onmarket reaction, the condition adjustment varied between +/-1% to +/-6% for each succeeding conditional level. For thecomps with superior condition, negative adjustments applied and for comps with inferior condition, positive adjustmentsapplied.Gross Living Area Adjustments: The adjustment used for price per square foot GLA appears reasonable based on theestimated replacement cost new of the subject, which has been estimated at price per squarefoot in the Cost Approachsection. The adjustment value used in the report represents an approximation of the depreciated value of the replacementcost new, or the incremental value typically paid by buyers in the marketplace, whichever appears appropriate for thesubject. It also includes room differences. Based on market reaction and other information gathered from localbuilders/contractors, the adjustment value for each square foot adjustment varied for different areas. For area closer toocean/lake and golf courses, the squarefoot adjustment range between $75 to $500 per squarefoot. And, for neutralresidential areas, the squarefoot adjustment value range between $25 to $55 per squarefoot. The figures appearreasonable given the type of construction materials and workmanship found in the subject and the comparable sales. Room Counts Adjustments: Room count adjustments do not applied as per squarefoot method. They are, rather, appliedas value in use, and adjustment values are based solely on pair-sales analysis when other attributes have already beenappropriately adjusted. The adjustment value for room counts are based on paired sales analysis and market reaction. Bedroom and bathroom adjustment values were based on researches and interviews with market participants and mostcommon responses indicating a market reaction of 0.5% to 3.0% reconciled and applied to the comps. Based on pairedsales analysis and market reaction, the adjustment per bedroom also varied among different residential areas. For highvalue residential area, the adjustment value for each bedroom range between $8,000 to $25,000 and $5,000 to $20,000 perbath. However, for neutral residential areas, the adjustment value for each bedroom range between $3,000 to $5,000 and$2,000 to $5,000 per bath room. The amount of adjustment is reflect in the first paragraph above. For the comps withsuperior number of bedrooms or baths as compare to subject negative adjustments applied, and for the comps with fewernumber of bedrooms or baths as compare to subject, positive adjustments applied. Heating & Cooling Adjustments: Based on matched paired analysis, the heating/cooling adjustment often reflect thedepreciated value of these amenities. The heating/cooling adjustment value generally based on the recoverable value of theamenities as costs new. This generally translate to approximately 50% to 60% of the amenities as cost new. As the marketreaction indicated and information from local contractors, the cost of a new central heating/cooling system installed isbetween $5,000 to $10,000. If there are heating/cooling adjustments applied, the are based on paired sales analysis andinterviews with local realtors and builders/contractors. Positive adjustments applied when subject has central air and thecomps do not, and negative adjustments applied when the comps have central air while the subject does not.Garage/Carport Adjustments: Garage/carport adjustments do not applied as per squarefoot method. They are, rather,applied as value in use. The adjustment values for garage/carport are based on paired sales analysis and market reaction. If there are garage/carport adjustments applied, the adjustment values were based on researches and interviews withmarket participants and most common responses indicating a market reaction of 0.5% to 1.0% reconciled and applied to thecomps. Based on the market reaction above, each car garage value in use adjustment is between $5,000 to $15,000. Theamount of adjustment is reflect in the first paragraph above. For the comps with superior number of car garage as compareto subject negative adjustments applied, and for the comps with less number of car garage, positive adjustments applied.Pool & Spa Adjustments: Based on matched paired analysis, the pool and spa adjustment often reflect the depreciatedvalue of these amenities. The pool and spa adjustment value generally based on the recoverable value of the amenities ascosts new. This generally translate to approximately 50% to 60% of the amenities as cost new. As the market reactionindicated, the cost of a new pool installed is between $15,000 to $50,000. And, the cost of the new spa is between $3,000 to$15,000. If there are pool and spa adjustments applied, they are based on paired sales analysis and interviews with local






realtors and builders/contractors. Positive adjustments applied when subject has pool/spa and the comps do not and viceversa.Remodel/Upgrades Adjustments: Similar to other interior amenities adjustment, remodel/upgrades adjustment generallybased on matched paired analysis, the remodel/upgrades adjustment often reflect the depreciated value of these amenities. The adjustments value applied as full upgrades when kitchen, baths, flooring and other upgrades are noted. Someupgrades generally refer to properties with either kitchen only or baths only upgrades. The remodel/upgrades adjustmentvalue generally based on the recoverable value of the amenities as costs new. This generally translate to approximately60% to 80% of the amenities as cost new. As the market reaction and local contractors indicated, the cost of an upgradedkitchen is between $10,000 to $50,000. And, the cost of the baths upgrades generally translated to $3,000 to $10,000 perbath. If there are remodel/upgrades adjustments applied, they are based on paired sales analysis and interviews with localrealtors and builders/contractors. Positive adjustments applied when subject has remodel/upgrades and the comps do notand vice versa.Fireplace Adjustments: Fireplace adjustment value is considered the most minimal value adjustments. It is basedprimarily on paired sales analysis and market reaction. If there are fireplace adjustments applied, besides paired salesanalysis, they often reconciled with information gathered from interviews with local realtors and builders/contractors. Positive adjustments applied when subject has fireplace and the comps do not and vice versa.Other Additional Miscellaneous Comments:The comps' GLAs brackets at +/-25% of subject's overall GLA due to large variances of home sizes for the marketing area. And thus, +/-10% GLA bracketing simply will not provide adequate selection of suitable comps to be used in the analysis. Additionally, because the subject's appraised value cannot be perfectly match neighborhood's predominant value all thetimes, based on Fannie Mae requirement, when the final appraised value for subject is within +/-5% of the neighborhoodpredominant value, there is no explanation for the slight variance required. Most weights given to comps #1 and #4 due totheir being mostly similar to the subject in terms of size, age, location and condition. Remaining weights given to all otherclosed sale comps to further support value. Pending/active listing comps used in the report are to provide indication ofmarket trend in the area and thus does not necessarily need to be bracketed. And, appraised value does not need to meetor lower than listing prices for these comps due to they have not sold and closed value are not known at this time. Hence,they are not being considered in the final reconciliation of value. Unless otherwise specifically indicated, when all of thecomparables used in this report are less than 90 days old, they meet lenders' time requirement and appear to representcurrent market price/value and thus no negative time adjustments necessary due to current market situation. All comps areconsidered arm-length transactions and listed on MLS. The average marketing time for the neighborhood is taken inaggregate for all of the properties in the neighborhood sold within the past 12 months, which means there are properties thatwill be sold in much less time than the average. On the other hands, there will be properties that will stay on market muchlonger. Hence, the average. The DOM for the comps do not necessary have to be within this average time frame. Due towide ranges of sales prices for similar properties in the area, and also due to properties have different variances in condition,upgrades and location factors, some of the adjustments for the comps may have resulted in slightly more than 10% of lineitems adjustments. However, the adjustment value/ratio is used consistently throughout the report and the adjustments areconsidered appropriate. Therefore, it is unavoidable and the comps used in this report can be considered the best availableat time of inspection. Differences in HOA fees are not necessarily considered for adjustment, because varying level of HOAfees means varying levels of HOA amenities. Lower HOA fee means less amenities and/or larger number of units in theHOA, and vice versa. Therefore, there is no adjustment for differences in HOA fee. ** Riverside and/or San Bernardino incorrect sale price recorded comment **

The appraiser has noticed an increase in the sale prices have been incorrectly recorded at twice the actual sale prices listedon MLS for some of the comps in the the counties of Riverside and/or San Bernardino. Hence, if there are discrepanciesbetween the recorded sale price and the sale price noted in this report at twice the value, the appraiser has already verifiedwith the listing office, and uses the actual sale price on MLS for this report instead. And thus the appraiser assumed thesale price in the property profile has been incorrectly recorded.** Across the board adjustments applied comment **

Under some extraordinary circumstances where subject's amenities are either superior or inferior to the comps and thusresulted in across the board adjustments due to no other comps with similar amenities to the subject found within 6 monthsor 1 year. However, when the total adjustment is less than $5,000, it is considered minimal in terms of overall value andthus would not significantly impact the market value of the subject as a whole. And thus, the comps used in the report canbe considered the best available at time of inspection.** MLS photos used in the report comment **

When a photo of a comp used in the report: 1) Shows only partial front view of the property due high/construction fences orbrush or the property being completely obscure. 2) When the appraiser unable to access the property due to private gate orlong private drive way and thus only the photo of the gate or driveway provided, 3) When the photo is being over exposeddue to direct sunlight. The appraiser will provide an MLS photo of this comp in the report for reference purpose.** No comps used to bracket subject's year build comment **

In some instances where minor dissimilarities do occur such as year builds and resulted in the adjustments being less than$1,000 for some of the comps, those comps are considered to have properly bracketed subject's year build in the report, andthus no further explanation to be provided in this report. And thus, the comps used in the report can be considered the bestavailable at time of inspection.** Appraised value higher and/or lower than predominant value comment **

Subject's appraised value is slightly lower than predominant value due to its having no upgrades in the past 15 years. It isnot considered an underimprovement for the area and will not affect the value or marketability of the subject property. Finalappraised value already factored in the location and condition of the house.

Final ReconciliationBased on the reasonableness and reliability of each applicable approach to value, the available data, and the validity of theindicated values, the appraiser determines that the sales comparison method best reflects the property's market value basedon current market demands and inventory. The income method was not used as the subject is a condominium and isprimarily owner occupied and due to the lack of rental data. The cost approach is not used due to subject is a condominiumand there are no private land parcel. Therefore, the market comparison approach is the most reliable and appropriatemethod for this type of property and report. The final appraised value was reconciled to be within the range of the adjustedvalues, as well as, unadjusted values as indicated by the market approach used in the appraisal report.

Intended Users The Intended Users of this appraisal report are the client and any intended users identified by the client at the time of






engagement who have been specifically named along with the client and are the only intended users of this valuation report.Other parties who choose to rely on this report, including those that receive the report through established processes ofdisclosure or regulation, are not intended users of this report. While the appraiser recognizes that other parties may chooseto rely on this report, see attached certification, the appraiser does not intend use of the report by these parties, and to avoidmisleading them, they are hereby notified that they are neither the client nor intended user(s) in the development of theassignment results.

Extra Comments

Appraisal StandardI/We certify that to the best of my/our knowledge and behalf, my/our analysis, opinions and conclusions were developed. And, this report has been prepared in accordance with the standards and reporting requirements of the Uniform StandardsOf Professional Appraisal Practice (USPAP) and applicable Federal Appraisal Regulations.

Competency of The AppraiserThe Appraiser has the appropriate knowledge and experience to complete the assignment competently. Appraiserqualifications are maintained in the Company files and can be provided upon request. However, the appraiser hascompleted multiple assignments in this area in the appraiser's over 20 years experience as an appraiser. The property iswithin the appraiser's reasonable travel distance from appraiser's county of residence in Orange County and the appraiserhas available data to perform the assignment competently. This assignment requires geographic competency as required byUSPAP. The appraiser has spent sufficient time in this market and understand the nuances of the local market and thesupply and demand factors relating to the specific property type and location involved.

Effective Date The effective date of the appraisal report and the date of the report are as shown on the report.

PermitsUnless otherwise expressly noted in this report, the subject property and all improvements and/or additions are assumed tohave been constructed in a workmanlike manner and to UBC specifications. The permit records of the subject maintained bythe appropriate governmental agency were not have been reviewed It is further assumed that all appropriate has beenobtained or are readily obtainable.

Hazardous Material AssumptionUnless otherwise stated in this report, the existence of hazardous material, which may or may not be present on theproperty, was not observed by the Appraiser. The Appraiser has no knowledge of the existence of such material on or in theproperty. The Appraiser, however is not qualified to detect of such substances. The value estimate is predicated on theassumption that there is not such material on or in the property that would cause a loss in value. No responsibility isassumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client isurged to retain an expert in this field if desire.

Valuation Methodology Approaches to ValueThe Appraiser has made reasonable effort to employ the three recognized Approaches to value: the Cost Approach, TheMarket Approach and the Income Approach.

DepreciationDepreciation as estimated in the Cost Approach in this report considers losses in value resulting from physical, functionaland/or external causes. Physical depreciation considers losses from general wear and tear and aging of the property.

Digital SignatureThis report contains a digital signature, it is personalized evidence indicating my authentication of work performed by me andit is my acceptance of complete responsibility for the content analysis and conclusions in this report. In compliance withUSPAP this digitized signature is controlled by a personalized identification number, where the Appraiser is the solecontroller of affixing the signature.

Scope of the AppraisalThis appraisal was completed to develop an opinion as to the market value of the subject property; in this regard thefollowing investigative inquiries were made:1) A preliminary search of all available resources was made to determine market trends, influences and other significantfactors to the subject property.2) A physical inspection of the property was performed. Although due diligence was exercised while at the property, theappraiser is not an expert in such matters as pest control, structural engineering, hazardous waste, etc. and no warranty isgiven as to these elements. As needed, inspections by various professionals within these fields might be recommended withthe final estimate of value subject to their findings.3) An analysis of the data collected during the data investigation process was completed by processing a Cost Approach,Market Approach and Income Approach as appropriate for this assignment. The appropriate value approaches are containedwithin this report. Value expressed in this report are based on the fee simple ownership unencumbered by loan or leaseholdinterest.

Comparables Research and Selection Methodology and GuidelinesIn the course of preparing for this report, the appraiser has diligently searched and obtained comparables that can beconsidered suitable and the best available for the subject property. Using the common statistical analysis techniques andmethodology, the appraiser will select the comps that are most similar to subject in terms of size, age, location andcondition. The sale prices, pending prices or listing prices for these comps will be considered closer to the median valuewhich is the most probable value for most comparables in the immediate marketing area. There may be a few comps thatwere sold or list at prices that can be considered significantly below or higher than fair market value. The appraiser will notselect or use these comps due to the prices that are significantly exceeding the median fair market value. The criteria fordetermine the median of fair market value range is dictate by the requirements of most lenders and that the gross living area(GLA) of the comps must be no more than +/-25% of the subject's GLA, the comps selected must be within 1 mile from






subject's immediate marketing area, unless otherwise no comps available then the appraiser has to expand the searchboundary to beyond that limit or even to a neighboring cities, provided that the market and demographics of the neighboringcities must be similar to that of subject's. The appraiser will make every diligent attempt to find and obtain comps on thesame side of the FWY as the subject, when subject is located near major FWYs . However, on some occasions some of thecomps used may be located across some major road ways, not necessarily FWYs, they are selected and utilized in thereport due to they are still within subject's city and neighborhood boundary as noted in the report, and thus consideredhaving similar marketing area as the subject and thus no difference in marketability noted. The gross adjustments and netadjustments for the comps must not exceed 25% and 15% respectively. Additionally, the adjusted value of the comps mustnot exceed +/- 20% from subject's final appraised value. Finally, the appraiser will not use public unit development (PUD)comps to compare with single family (SFR) residential properties, or Condominium comps with SFR, or Condominium withPUDs. Unless, under some extraordinary condition where this condition will not apply, the appraiser will ignore this rule butwith details explanation as to why this is necessary and unavoidable. GLA and interior information for the subject is basedprimarily on the information obtained by the appraiser at time of inspection through diligent measuring of the subject propertyand observation of the interior amenities and condition of the amenities. Any discrepancies from information shown onproperty profile in comparison to information obtained by the appraiser at time of inspection will be explained in details in theCondition of Subject Property addendum paragraph. In regard to GLA, room counts and condition of the comparables, theappraiser will use the information found on the MLS listing pages and notes provided on the listings for these comparablesfor the report. Any discrepancies in the GLA and/or room count information between the property profiles and the MLSlistings for the comparables, the appraiser will use the information provided on the MLS listing notes for the report, becausethe appraiser believes the information provided in the MLS listing represent the most up-to-date and more recent informationthan on property profiles. This is because the appraiser has found in the past that some of the property profiles may containout-dated information or have been recorded in error.

Extraordinary AssumptionsThe use of the use of extraordinary assumption in this assignment may affect assignment results.Extraordinary assumptions noted in this report as: 1) Subject's information based on public sources and if there arediscrepancies between public records and information provided by the owner, the appraiser assumes the informationprovided by the homeowner is more accurate and thus information will be used instead. 2) If this report is prepared asexterior only appraisal, the appraiser assumes that all information found from public sources are correct as researchedduring normal course of business.

Hypothetical ConditionsThe use of the use of hypothetical conditions in this assignment may affect assignment results.(No hypothetical conditions noted or invoke in this report.)

AIR StatementNo employee, director, officer, or agent of the lender, or any other third party acting as joint venture partner, independentcontractor, appraisal management company, or partner on behalf of the lender, shall influence or attempt to influence thedevelopment, reporting, result, or review of an appraisal through coercion, extortion, collusion, compensation, instruction,inducement, intimidation, bribery, or in any other manner.I have not been contacted by anyone other than the intended user (lender/client as identified on the first page of the report),borrower, or designated contact to make an appointment to enter the property. I agree to immediately report anyunauthorized contacts either personally by phone or electronically to the Appraisal Management Company and/or Lender.

FIRREA Certification Statement The appraiser certifies and agrees that this appraisal was prepared in accordance with the requirements of Title XI of theFinancial Institutions, Reform, Recovery, and Enforcement Act (FIRREA) of 1989, as amended (12 U.S.C. 3331 et seq.), andany applicable implementing regulations in effect at the time the appraiser signs the appraisal certification.

History of Revision As of effective date, the report is the first and original version. Subsequent revisions, if requested by lender/client will benoted below in chronological order of date of receipt.

USPAP ADDENDUM File No.

Borrower:Property Address:City: County: State: Zip Code:Lender:

This report was prepared under the following USPAP reporting option:

Appraisal Report A written report prepared under Standards Rule 2-2(a).

Restricted Appraisal Report A written report prepared under Standards Rule 2-2(b).

APPRAISAL AND REPORT IDENTIFICATION

Reasonable Exposure Time

My opinion of a reasonable exposure time for the subject property at the market value stated in this report is:

Additional Certifications

I have performed NO services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-yearperiod immediately preceding acceptance of this assignment.

I HAVE performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-yearperiod immediately preceding acceptance of this assignment. Those services are described in the comments below.

Additional Comments

APPRAISER: SUPERVISORY APPRAISER (only if required):

Signature: Signature:Name: Name:Date Signed: Date Signed:State Certification #: State Certification #:or State License #: or State License #:or Other (describe): State #: State:State: Expiration Date of Certification or License:Expiration Date of Certification or License: Supervisory Appraiser inspection of Subject Property:Effective Date of Appraisal: Did Not Exterior-only from street Interior and Exterior

Produced using ACI software, 800.234.8727 www.aciweb.com USPAP_14 04272015

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90745CALos AngelesCarson


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X

The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical

consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based on an analysis of past

events assuming a competitive and open market. Exposure time is always presumed to occur prior to the effective date of the appraisal.

The overall concept of reasonable exposure encompasses not only adequate, sufficient and reasonable time but also adequate, sufficient

and reasonable effort. Therefore, the appraiser has determined that the property would have to be exposed for 60 to 90 days on the open

market in order to have a market value as indicated on the report and as of the effective date of this appraisal.

60-90 days

X

See Attached Addendum: Additional Comments

10/09/2021

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AR014715

10/09/2021

Tien D Nguyen






Additional CommentsThis appraisal was completed in compliance with AIR and the Dodd Frank Act.

As of the effective date of this appraisal there is a global pandemic. The federal government and many states have declareda state of emergency and have imposed various restrictions. In most areas, schools and certain businesses are closed and,in some cases, counties have implemented shelter-in-place orders. There is no current data to indicate what sort of impact, ifany, this is having or will have on the real estate market, and specifically the marketability and value of the subject property.The market data analyzed within this appraisal is historic, as the market trends and comparable sales utilized occurred priorto the events caused by this pandemic. This situation is continuously evolving and the client is advised to take this intoconsideration.

The global outbreak of a "novel coronavirus" known as COVID-19 was officially declared a pandemic by the World HealthOrganization (WHO). It is currently unknown what direct, or indirect, effect, if any, this event may have on the nationaleconomy, the local economy or the market in which the subject property is located. The reader is cautioned, and reminded,that the conclusions presented in this appraisal report apply only as of the effective date(s) indicated. The appraiser makesno representation as to the effect on the subject property of this event, or any event, subsequent to the effective date of theappraisal.

Appraiser Independence Certification File No.:

Borrower:Property Address:City: County: State: Zip Code:Lender/Client:

I do hereby certify, I have followed the appraiser independence safeguards in compliance with Appraisal Independence and any applicable

state laws I may be required to comply with. This includes but is not limited to the following:

I am currently licensed and/or certified by the state in which the property to be appraised is located. My license is the appropriate

license for the appraisal assignment(s) and is reflected on the appraisal report.

I certify that there have been no sanctions against me for any reason that would impair my ability to perform appraisals pursuant to

the required guidelines.

I assert that no employee, director, officer, or agent of the Lender/Client, or any other third party acting as joint venture partner, independent

contractor, appraisal company, appraisal management company, or partner on behalf of the Lender/Client, influenced or attempted to

influence the development, reporting, result, or review of the appraisal through coercion, extortion, collusion, compensation, inducement,

intimidation, bribery, or in any other manner.

I further assert that the Lender/Client has never participated in any of the following prohibited behavior in our business relationship:

1. Withholding or threatening to withhold timely payment or partial payment for the appraisal report;

2. Withholding or threatening to withhold future business, or demoting or terminating, or threatening to demote or terminate my services;

3. Expressly or implicitly promising future business, promotions, or increased compensation for my services;

4. Conditioning the ordering of the appraisal report or the payment of the appraisal fee or salary or bonus on my opinion, conclusion or

valuation reached, or on a preliminary value estimate requested;

5. Requesting an estimated, predetermined, or desired valuation in the appraisal report, prior to the completion of the appraisal report,

or requesting estimated values or comparable sales at any time prior to the completion of the appraisal report;

6. Providing an anticipated, estimated, encouraged or desired value for the subject property, or a proposed or target amount to be loaned

to the Borrower, except that a copy of the sales contract may have been provided if the assignment was for a purchase transaction;

7. Providing stock or other financial or non-financial benefits to me or any entity or person related to me, my appraisal or appraisal

management company, if applicable;

8. Any other act or practice that impairs or attempts to impair my independence, objectivity or impartiality, or violates law or regulation,

including but not limited to, the Truth in Lending Act (TILA) and Regulation Z, or the Uniform Standards of Professional Appraisal

Practice (USPAP).

Additional Comments:

APPRAISER:

Signature:Name:Date Signed:State Certification #:or State License #:or Other (describe): State #:State:Expiration Date of Certification or License:

SUPERVISORY APPRAISER (only if required):

Signature:Name:Date Signed:State Certification #:or State License #:State:Expiration Date of Certification or License:

Produced using ACI software, 800.234.8727 www.aciweb.com AIRCS_14 04082014

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Cuixin Chen

04/21/2023

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AR014715

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Tien D Nguyen


Market Conditions Addendum to the Appraisal Report File No.

The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required

addendum for all appraisal reports with an effective date on or after April 1, 2009.

Property Address City State Zip Code

Borrower

Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends and

overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provide

analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to

provide data for the shaded areas below; if it is available, however, the appraiser must include the data in the analysis. If data sources provide the required information as an average instead of the

median, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria

that would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.

Inventory Analysis

Total # of Comparable Sales (Settled)

Absorption Rate (Total Sales/Months)

Total # of Comparable Active Listings

Months of Housing Supply (Total Listings/Ab.Rate)

Median Sale & List Price, DOM, Sale/List %

Median Comparable Sale Price

Median Comparable Sales Days on Market

Median Comparable List Price

Median Comparable Listings Days on Market

Median Sale Price as % of List Price

Seller-(developer, builder, etc.)paid financial assistance prevalent?

Increasing

Increasing

Declining

Declining

Increasing

Declining

Increasing

Declining

Increasing

Declining

Stable

Stable

Stable

Stable

Stable

Stable

Stable

Stable

Stable

Stable

Declining

Declining

Increasing

Increasing

Declining

Increasing

Declining

Increasing

Declining

IncreasingYes No

Prior 7-12 Months

Prior 7-12 Months

Prior 4-6 Months

Prior 4-6 Months

Current - 3 Months

Current - 3 Months

Overall Trend

Overall Trend

Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc.).

Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties).

Cite data sources for above information.

Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of

pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.

MA

RK

ET

RE

SE

AR

CH

& A

NA

LY

SIS

If the subject is a unit in a condominium or cooperative project , complete the following: Project Name:

Subject Project Data

Total # of Comparable Sales (Settled)

Absorption Rate (Total Sales/Months)

Total # of Active Comparable Listings

Months of Unit Supply (Total Listings/Ab. Rate)

Increasing

Increasing

Declining

Declining

Stable

Stable

Stable

Stable

Declining

Declining

Increasing

Increasing

Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend

Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties.

Summarize the above trends and address the impact on the subject unit and project.CO

ND

O /

CO

-OP

PR

OJ

EC

TS

APPRAISER

Signature

Name

Company Name

Company Address

State License/Certification # State

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)

Signature

Name

Company Name

Company Address

State License/Certification # State

Email Address

AP

PR

AIS

ER

Page 1 of 1Freddie Mac Form 71 March 2009 Fannie Mae Form 1004MC March 2009Produced using ACI software, 800.234.8727 www.aciweb.com

1004MC_2009 090909

00010269

2021090285

Cuixin Chen

90745CACarson43 Paradise Valley North

XX

X

X

X

X

X

X

X

X

X

99.10%

19

326,000

9

325,000

2.67

8

3.00

9

100.16%

64

354,495

37

355,000

1.72

4

2.33

7

99.31%

48

307,000

69

305,000

3.60

9

2.50

15

See Attached Addendum: Market Analysis Comments

The information used for the above analysis obtained from various public data sources, including, but not

limited to: SoCal MLS, NDC data, Carets, Realist.com, MLS Alliances, SANDICOR MLS.

The current market has more traditional sales listings than REO and short-sale listings. The trends indicated that market is in stable

condition.

X

Recent market analysis indicated that sellers for short-sale and REO listings are no longer susceptible to market pressure and no

longer willing to make concessions. Buy downs and down payment assistance are not in existence at this time. If there are

concession, most form of concessions ranging in value from 1% to 3% of selling price.

The above trend for subject's complex indicates a stable market trend due

to limited number of units being sold and/or listed for sale in the same complex. Due to subject is located in a small condominium

complex with very small number of units, there were insufficient sales in the complex within the past 12 months to make a reliable

determination regarding market trend for the subjects' complex.

The trend in REO and short-sales are stabilizing with more regular sales on the market and multiple offers are common. Due to

subject is located in a small condominium complex with very small number of units, there were insufficient sales in the complex within

the past 12 months to make a reliable determination regarding market trend for the subjects' complex.

X

X

X

X

X

0.00

2

0.00

0

2.40

4

1.67

5

4.00

6

1.50

9

Scottsdale HOACondominium

[email protected]

CAAR014715

Orange, CA 92869

6746 E. Canyon Ridge


Tien D Nguyen






Market Analysis CommentsThe above information supported the overall trends in the current market for the subject area using the bracketing criteria forthe subject’s immediate market area, as well as, GLA and age of subject for determination of the comparable data used. The above information are based solely on the median sales, as well as, listing price of the properties in The subject'sneighborhood. The median sales price is not the same as average value and thus tends to be slightly lower than averagevalue in some instances. Data from SandiCor MLS will typically call for calculating of the average instead of medianinformation. The time grouping is per the data column above is as followed: 7-12 month data will be collected from MLSsystem as previous 12 months from date of inspection. Four-6 months grouping data will be collected from MLS as previous6 months data. For the Current-3 Months grouping, the data will be collected from MLS as previous 3 months data. Mostrecent sales comps within 3 months indicated a slight upward trend. However, more time needed with similar trend toindicate an increasing trends in re-sales value.

SUBJECT PROPERTY PHOTO ADDENDUM

Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender:

FRONT VIEW OFSUBJECT PROPERTY

Appraised Date:Appraised Value: $

REAR VIEW OFSUBJECT PROPERTY

STREET SCENE


90745CACarson


00010269Cuixin Chen

325,000

October 9, 2021


Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013


90745CACarson


00010269Cuixin Chen

LIVING ROOM

KITCHEN

DINING




90745CACarson


00010269Cuixin Chen

BATH 1

BATH 2

BEDROOM 1




90745CACarson


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BEDROOM 2

BEDROOM 3

SMOKE DETECTOR




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00010269Cuixin Chen

WATER HEATER WITH STRAPS

INSIDE GARAGE

SUBJECT ID VERIFICATION




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00010269Cuixin Chen

STREET VIEW - OTHER DIRECTION

FRONT DOOR VIEW OF SUBJECT

RELEASE MECHANISM

SECURITY BARS WITH EMERGENCY




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00010269Cuixin Chen

GAS ON

WATER ON

ELECTRICITY ON




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00010269Cuixin Chen

MLS PHOTO FOR COMP #4

COMPARABLE PROPERTY PHOTO ADDENDUM


COMPARABLE SALE #1

Sale Date:Sale Price: $

COMPARABLE SALE #2


COMPARABLE SALE #3



90745CACarson


00010269Cuixin Chen

339,000

s06/21;c06/21

-, Carson, CA 90745

17 Stage Coach Ln

425,000

s07/21;c06/21

-, Carson, CA 90745

12 Yellow Boot Ln

325,000

s05/21;c04/21

-, Carson, CA 90745

29 Paradise Vly S

COMPARABLE PROPERTY PHOTO ADDENDUM


COMPARABLE SALE #4


COMPARABLE SALE #5


COMPARABLE SALE #6



90745CACarson


00010269Cuixin Chen

310,000

s05/21;c05/21

-, Carson, CA 90745

27 Scottsdale S

375,000

Active

-, Carson, CA 90745

10 Camelback Ave S

450,000

Active

D, Carson, CA 90745

618 E 219th St

FLOORPLAN SKETCH

Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender: Greenbox Loans, Inc.

90745CACarson


00010269Cuixin Chen

DIMENSION LIST ADDENDUM


GROSS BUILDING AREA (GBA)GROSS LIVING AREA (GLA)

Area(s) Area % of GLA % of GBA

Living

Level 1

Level 2

Level 3

Other

GBA

Basement

Garage

Area Measurements Area Type

Measurements Factor Total Level 1 Level 2 Level 3 Other Bsmt. Garage

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Produced using ACI software, 800.234.8727 www.aciweb.com DIM 10072013


90745CACarson


00010269Cuixin Chen

0Other

480

-4.10-4.10-46

0.000.000

61.3261.32688

42.7842.78480

100.001,122

1,122

1,122

X528.001.0024.0022.00

X160.001.0020.008.00

X480.001.0020.0024.00

X40.001.0010.004.00

X440.001.0020.0022.00

PLAT MAP


90745CACarson


00010269Cuixin Chen

AERIAL MAP


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00010269Cuixin Chen

LOCATION MAP


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00010269Cuixin Chen

FLOOD MAP


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00010269Cuixin Chen


90745CACarson


00010269Cuixin Chen

SUBJECT PROFILE


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00010269Cuixin Chen

SUBJECT LISTING


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00010269Cuixin Chen

LICENSE


90745CACarson


00010269Cuixin Chen

E&O

greenbox loans, inc certificate of appraiser independence

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