borrower by alicejenny

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									            Appraisal & Quality Control, Inc



                                                        File No. 9080017




                APPRAISAL OF




                 LOCATED AT:
              1000 W Washington Blvd.
                 Chicago, IL 60607




                        FOR:
                      Private
           1000 W. Washington Blvd., #541
                 Chicago, IL 60607




                  BORROWER:
                    Bradley Wells




                       AS OF:
                 September 30, 2008




                         BY:
                 Cynthia C. Sanchez




4 Country Lane, Barrington IL 60010-3702 708-268-1082
                                       Appraisal & Quality Control, Inc



                                                                                                  File No. 9080017




Brad Wells
Private
1000 W. Washington Blvd., #541
Chicago, IL 60607


File Number: 9080017




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

                                          1000 W Washington Blvd.
                                             Chicago, IL 60607


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

In my opinion, the market value of the property as of September 30, 2008                                is:

                                                     -0-
                                                    Dollars


The attached report contains the description, analysis and supportive data for the conclusions,
final opinion of value, descriptive photographs, limiting conditions and appropriate certifications.




Cynthia C. Sanchez




                         4 Country Lane, Barrington IL 60010-3702 708-268-1082
                                                                                              www.AQCorders.com 708-268-1082

                                                                     Individual Condominium Unit Appraisal Report                                                                                    File No.    9080017
   The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.
                      Property Address 1000    W Washington Blvd.                               Unit #    541                   CityChicago                                                      State   IL   Zip Code 60607
                      Borrower  Bradley Wells                                                   Owner of Public Record           Bradley Wells                                                   County    Cook
                      Legal Description Not available
                      Assessor's Parcel # 17084380061095                                                                    2007Tax Year                                                         R.E. Taxes $    586.23
                      Project Name 1000 West Lofts / Near West Side                             Phase #     N/A                 MSA 16974
                                                                                                                                Map Reference                                                    Census Tract 2802.00
SUBJECT




                      Occupant        Owner      Tenant X Vacant                                Special Assessments $ No report                                                        HOA $      578.00               per year    X per month
                      Property Rights Appraised  X Fee Simple    Leasehold                          Other (describe)
                      Assignment Type             Purchase Transaction           Refinance Transaction    X Other (describe) Equity / Market Value
                      Lender/Client Private                                                     Address    1000 W. Washington Blvd., #541, Chicago, IL 60607
                      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? X Yes No
                      Report data source(s) used, offering price(s), and date(s). Owner, MLSNI #06447456, listing price $499,000, 564 listing DOM, Deed Records


                      I   did X 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.
                      Non-sales transaction.
CONTRACT




                      Contract Price $     Market Value            Date of Contract N/A                    Is the property seller the owner of public record?                 X Yes       Deed Records
                                                                                                                                                                                            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?           X No                 Yes
                      If Yes, report the total dollar amount and describe the items to be paid.      $ N/A                                    No special or financial concessions reported to appraiser.
                      Non-sales transaction.

                      Note: Race and the racial composition of the neighborhood are not appraisal factors.
                                    Neighborhood Characteristics                                          Condominium Unit Housing Trends                                       Condominium Housing                    Present Land Use %

                      Location X Urban                    Suburban       Rural         Property Values           Increasing                Stable     X Declining                PRICE              AGE          One-Unit                         %
                      Built-Up X Over 75%                 25-75%         Under 25%     Demand/Supply             Shortage                  In Balance X Over Supply              $(000)             (yrs)        2-4 Unit                         %
NEIGHBORHOOD




                      Growth           Rapid    X Stable            Slow          Marketing Time Under 3 mths X 3-6 mths Over 6 mths 240 Low NEW Multi-Family 40 %
                      Neighborhood Boundaries The neighborhood boundaries are Lake St. on the north, Halsted St. on                  960 High  126 Commercial 50 %
                      the east, Harrison St. on the south, & Ashland Ave. on the west.                                               389 Pred.  15 Other      10 %
                      Neighborhood Description The neighborhood represents a diverse mixture of condominium housing and commercial / manufacturing. The
                      immediate neighborhood has experienced a significant number of new construction and conversion of existing properties to
                      condominium usage within the past 15 years. Location across from Harpo Studios.
                      Market Conditions (including support for the above conclusions) See Attached Addendum



                      Topography Level at grade                           Size Common                               Density Typical for area                                                         View Resid./        Average
                                             PD 572
                      Specific Zoning Classification                      Zoning Description Planned Development; Downtown Mixed Use
                      Zoning Compliance X 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?                          X Yes         No      If No, describe.
PROJECT SITE




                      Utilities         Public      Other (describe)                                                 Public         Other (describe)                            Off-site Improvements—Type                    Public       Private
                      Electricity          X               ComEd                         Water                          X                  City of Chicago     Street Asphalt                 X
                      Gas                  X               Peoples Energy                Sanitary Sewer                 X                  City of Chicago     Alley None
                      FEMA Special Flood Hazard Area             Yes X No          FEMA Flood Zone X                                    FEMA Map # 170074 0419J          FEMA Map Date 08/19/2008
                      Are the utilities and off-site improvements typical for the market area?     X Yes               No        If No, describe.
                      Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?                         X Yes          No         If Yes, describe.    See Attached
                      Addendum


                      Data source(s) for project information       MLSNI, Deed records, available public records.
                      Project Description        Detached             Row or Townhouse  Garden  X Mid-Rise    High-Rise                                          Other(describe)
                             General Description                      General Description                         Subject Phase                                    If Project Completed                          If Project Incomplete
                      # of Stories 5                           Exterior Walls Brick                 # of Units                             180          # of Phases                         N/A      # of Planned Phases                   N/A
                      # of Elevators   5                       Roof Surface Rubber                  # of Units Completed                   180          # of Units                                   # of Planned Units
                      X Existing               Proposed        Total # Parking N/A                  # of Units For Sale                    15+/-        # of Units for Sale                          # of Units for Sale
                          Under Construction                   Ratio (spaces/units) 1+ / 1          # of Units Sold                        180          # of Units Sold                              # of Units Sold
                      Year Built 1882                          Type Garage / Open                   # of Units Rented                      20%          # of Units Rented                            # of Units Rented
                      Effective Age 15                         Guest Parking Yes                    # of Owner Occupied Units              70%          # of Owner Occupied Units                    # of Owner Occupied Units
                      Project Primary Occupancy            X Principal Residence            Second Home or Recreational                        Tenant
PROJECT INFORMATION




                      Is the developer/builder in control of the Homeowners’ Association (HOA)?              Yes X No
                      Management Group –            Homeowners’ Association             Developer        X Management Agent – Provide name of management company.                            LIeberman Management
                      Services, Inc., 312-421-1855
                      Does any single entity (the same individual, investor group, corporation, etc.) own more than 10% of the total units in the project?                            Yes    X No          If Yes, describe
                      No information available to indicate a more than 10% ownership by any one individual or entity.

                      Was the project created by the conversion of an existing building(s) into a condominium?    X Yes           No If Yes, describe the original use and the date of conversion.
                      The original use for the subject property was manufacturing (type unknown). The subject property was converted to condominium use
                      in 1994 / 1996; with occupancy beginning in 1995 /1996.
                      Are the units, common elements, and recreation facilities complete (including any planned rehabilitation for a condominium conversion)?      X Yes        No     If No, describe
                      The units, common elements, and recreations facilities appear complete.


                                                            X Yes
                      Is there any commercial space in the project?   No    If Yes, describe and indicate the overall percentage of the commercial space. Commercial space consist
                      of 4 restaurants, chiropractor office, and a retail store selling high end cookware..



Freddie Mac Form 465 March 2005                                                                       Produced using ACI software, 800.234.8727 www.aciweb.com                                                       Fannie Mae Form 1073 March 2005
                                                                                                                          Page 1 of 6                                                                                                  1073_05A 062906
                                                                                             www.AQCorders.com 708-268-1082

                                                                 Individual Condominium Unit Appraisal Report                                                                                      File No.   9080017
                                                                                   The quality of original construction, for loft conversion properties, is average for this
                      Describe the condition of the project and quality of construction.
                      market area. The condition of the property is subject to City of Chicago Code Violations to include but, not limited to structural.
                      asbestoses contamination, and remediation of damaged areas due to mold, damaged exterior walls, lintels, loose /peeling paint,etc.;
                      Case #08-M1401621. Exterior effervescence on west and north elevations observed.
PROJECT INFORMATION




                      Describe the common elements and recreational facilities. Lobby with doorperson, elevators, stairs/halls, garage / parking access, party room with roof
                      access, storage, receiving room.

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



                      Is the project subject to a ground rent?          Yes    X No If Yes, $                                  per year (describe terms and conditions)            Ground rent is not typical in this
                      market area.

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



                      I      did     X 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.     The condominium project budget for the current year was not available for review.
PROJECT ANALYSIS




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

                      Compared to other competitive projects of similar quality and design, the subject unit charge appears                      High       X 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       X No If Yes, describe and explain the effect on value and marketability. None reported.


                      Unit Charge $     578                  per month X 12 = $      6,936                  per year            Annual assessment charge per year per square feet of gross living area = $              0.00
                      Utilities included in the unit monthly assessment             None     Heat       Air Conditioning               Electricity         Gas     X Water X Sewer              Cable         Other (describe)

                                GENERAL DESCRIPTION                 INTERIOR               materials/condition                     AMENITIES                                 Appliances                         CAR STORAGE
                      Floor #   5                                   Floors CC  / Fair                   Fireplace(s) # 0                     Refrigerator               X None
                      # of Levels 2                               Walls CC/DW /Fair to Avg.             Woodstove(s) # 0                     Range/Oven                    Garage        Covered     Open
                      Heating Type FWA          Fuel Gas          Trim/Finish Fair to Average        X Deck/Patio                            Disp       Microwave      # of Cars 0
                      X Central AC           Individual AC        Bath Wainscot Cer.tile / Average X Porch/Balcony                           Dishwasher                    Assigned            Owned
                          Other (describe)                        Doors Stained/Painted./Ave.           Other                                Washer/Dryer              Parking Space # 0
                      Finished area above grade contains:                        5 Rooms             2 Bedrooms                     2 Bath(s)         1,519 Square Feet of Gross Living Area Above Grade
                      Are the heating and cooling for the individual units separately metered? X Yes    No     If No, describe and comment on compatibility to other projects in the market area.
UNIT DESCRIPTION




                      Additional features (special energy efficient items, etc.).    None reported.

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




                                                                                                                                                      X Yes
                      Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property?    No If Yes, describe
                      Professional environment testing determined the existence of the "Aspergillus Mold" throughout subject unit which causes "aspergillus
                      mold - mycotoxicosis". Structural integrity may be comprised by leaking and water damage to ceiling timbers, some vertical cracking
                      of the exterior & interior masonry walls, cracked ceiling planks, penetrating screws, parapet wall damage, displaced brick wall, and
                      cracked / crumbling brick wall. In addition, significant effervescence on the north and west exterior masonry continues.
                      Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? X Yes No     If No, describe. The subject is typical
                      of "timber loft" condo conversions of older commercial / manufacturing buildings in this market area.


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


                      My research    did X 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) MLSNI, Deed Records
                      My research    did X 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) MLSNI, Deed Records
PRIOR SALE HISTORY




                      Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
                                       ITEM                                 SUBJECT                          COMPARABLE SALE NO. 1                               COMPARABLE SALE NO. 2                    COMPARABLE SALE NO. 3
                      Date of Prior Sale/Transfer            None reported                          None reported                None reported                 None reported
                      Price of Prior Sale/Transfer           None reported                          None reported                None reported                 None reported
                      Data Source(s)                         MLSNI,Deed Records                     MLSNI,Deed Records           MLSNI,Deed Records            MLSNI,Deed Records
                      Effective Date of Data Source(s)       Research Date 09/30/08                 Research Date 09/30/08       Research Date 09/30/08        Research Date 09/30/08
                      Analysis of prior sale or transfer history of the subject property and comparable sales No other sales reported for the subject within the past 3 years, 1 listing
                      within the past 12 months, per MLSNI #06447456 or deed records. No other sales reported for the comparables within the past 12
                      months per MLSNI or deed records.




Freddie Mac Form 465 March 2005                                                                      Produced using ACI software, 800.234.8727 www.aciweb.com                                                    Fannie Mae Form 1073 March 2005
                                                                                                                         Page 2 of 6                                                                                              1073_05A 062906
                                                                                                    www.AQCorders.com 708-268-1082

                                                                         Individual Condominium Unit Appraisal Report                                                                                      File No.   9080017
                            There are        6    comparable properties currently offered for sale in the subject neighborhood ranging in price from $                 345,800               to $     499,000      .
                            There are        5    comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $                  360,000                    to $ 575,000                   .
                                     FEATURE                      SUBJECT                       COMPARABLE SALE NO. 1                                    COMPARABLE SALE NO. 2                                  COMPARABLE SALE NO. 3
                            Address and    1000 W Washington Blvd.       1000 W Washington Blvd                                              1000 W Washington Blvd                                  1000 W Washington Blvd
                            Unit #   541                                 431                                                                 427                                                     241
                            Project Name and 1000 West Lofts             1000 West Lofts                                                     000 West Lofts                                          1000 West Lofts
                            Phase N/A                                    N/A                                                                 N/A                                                     N/A
                            Proximity to Subject                         0.00 miles N                                                        0.00 miles N                                            0.00 miles N
                            Sale Price                 $ Market Value                     $  360,000                                                          $  395,000                                              $  445,000
                            Sale Price/Gross Liv. Area $    0.00 sq. ft. $ 302.52 sq. ft.                                                    $ 268.16 sq. ft.                                        $ 293.73 sq. ft.
                            Data Source(s)                               MLSNI #06677757                                                     MLSNI #06735849                                         MLSNI #06781203
                            Verification Source(s)                       Deed Records # N/A                                                  Deed Records # N/A                                      Deed Records # N/A
                            VALUE ADJUSTMENTS                  DESCRIPTION                DESCRIPTION                +(-) $ Adjustment             DESCRIPTION               +(-) $ Adjustment             DESCRIPTION                   +(-) $ Adjustment
                            Sale or Financing                                        Conventional                                 Conventional                                           Conventional
                            Concessions                                              at market                                    at market                                              at market
                            Date of Sale/Time             N/A                        07/08 DOM 238                                05-08 DOM 551                                          04-08 DOM 42
                            Location                      Urban / Average            Urban / Average                              Urban / Average                                        Urban / Average
                            Leasehold/Fee Simple          Fee Simple                 Fee Simple                                   Fee Simple                                             Fee Simple
                            HOA Mo. Assessment            $578.00                    $495.00                                      $673.00                                                $504.00
                            Common Elements               Lobby,doorpersn            Lobby,doorpersn                              Lobby,doorpersn                                        Lobby,doorpersn
                            and Rec. Facilities           halls/stairs, stor.        halls/stairs, stor.                          halls/stairs, stor.                                    halls/stairs, stor.
                            Floor Location                5                          4                                     15,000 4                                               15,000 2                                                      45,000
SALES COMPARISON APPROACH




                            View                          Resid./ Average            Resid./ Average                              Resid./ Average                                        Resid./ Average
                            Design (Style)                Loft / Average             Loft / Average                               Loft / Average                                         Loft / Average
                            Quality of Construction       Brick / Average            Brick / Average                              Brick / Average                                        Brick / Average
                            Actual Age                    126+/- Years               126+/- Years                                 126+/- Years                                           126+/- Years
                            Condition                     Poor                       Good                                -125,000 Very Good                                     -150,000 Very Good                                          -150,000
                            Above Grade                   Total Bdrms.    Baths      Total Bdrms.     Baths                                  Total Bdrms.           Baths                            Total Bdrms.      Baths
                            Room Count                     5     2        2           6     2         2                                       5       2        2                                      5       2        2
                            Gross Living Area                        1,519 sq. ft.               1,190 sq. ft.               11,500                       1,473 sq. ft.                          0                1,515 sq. ft.                              0
                            Basement & Finished           N/A                        N/A                                                     N/A                                                     N/A
                            Rooms Below Grade
                            Functional Utility            Loss of use                Average                             -160,000 Average                                       -160,000 Average                                            -160,000
                            Heating/Cooling               FWA / CAC                  FWA / CAC                                    FWA / CAC                                              FWA / CAC
                            Energy Efficient Items        Average                    Average                                      Average                                                Average
                            Garage/Carport                None                       None                                         None                                                   1 car garage                                          -25,000
                            Porch/Patio/Deck              Balcony                    Balcony                                      Balcony                                                Balcony
                            Add'l Amenities                                          Roof Rights                           25,000 Roof Rights                                     25,000 N/A                                                  25,000
                            Modernization                                            Good                                -125,000 Good to Vry GD                                -135,000 Very Good                                          -150,000

                            Net Adjustment (Total)                                   X -   $
                                                                                           +                              358,500                 X -+  $                        405,000              X -   +
                                                                                                                                                                                                            $                                 415,000
                            Adjusted Sale Price                                     -99.6%
                                                                                     Net Adj.                                                 -102.5%
                                                                                                                                             Net Adj.                                                -93.3%
                                                                                                                                                                                                     Net Adj.
                            of Comparables                               Gross Adj. 128.2% $                                   1,500 Gross Adj. 122.8 % $                         -10,000 Gross Adj. 124.7% $                                   30,000
                            Summary of Sales Comparison Approach See Attached Addendum




                            Indicated Value by Sales Comparison Approach $ -0-
                                                                                        INCOME APPROACH TO VALUE (not required by Fannie Mae)
INCOME




                            Estimated Monthly Market Rent $              N/A X Gross Rent Multiplier    N/A = $           N/A Indicated Value by Income Approach
                            Summary of Income Approach (including support for market rent and GRM) The sales comparison approach is the best indicator of value in this market area.



                                                                   -0-
                            Indicated Value by: Sales Comparison Approach $                                    Income Approach (if developed) $ N/A
                            Market approach is the best indicator of estimated value in the residential market. Cost approach is not reliable for estimated value in
                            this market. Income approach may not be considered applicable due to lack of relevant rental data.

                            Unit uninhabitable due to mold, asbestoses and structural conditions, etc., in addition to the inability to remediate and rebuild due to the
                            owner being unable to obtain building permits. Refer to Case #08-M1401621, in the Circuit Court lawsuit; City of Chicago vs. 1000 W
RECONCILIATION




                            Washington, Brad Wells, Sandra Eskins, and other owners.




                            This appraisal is made      X "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:                   Subject is currently uninhabitable due to
                            environmental conditions, partial baths, no kitchen, rough concrete floors.
                            Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting
                            conditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $                                          -0-
                            as of    09/30/2008                                        , which is the date of inspection and the effective date of this appraisal.
Freddie Mac Form 465 March 2005                                                                          Produced using ACI software, 800.234.8727 www.aciweb.com                                                        Fannie Mae Form 1073 March 2005
                                                                                                                             Page 3 of 6                                                                                                      1073_05A 062906

                                                                                                      Appraisal & Quality Control, Inc.
                                                     www.AQCorders.com 708-268-1082

                                  Individual Condominium Unit Appraisal Report                                       File No.   9080017

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

    This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of
    assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user,
    definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work
    to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or
    deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations
    to this appraisal report, such as those required by law or those related to the appraiser’s continuing education or membership in an
    appraisal organization, are permitted.

    SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the
    reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions
    and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the
    interior and exterior areas of the subject 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/or
    private 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 of
    this 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 conditions
    requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue
    stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer
    under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each
    acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market;
    (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price
    represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted
    by anyone associated with the sale.

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

    STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report is subject to the
    following assumptions and limiting conditions:

    1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
    to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
    appraiser assumes that the title is good and marketable and will not render any opinions about the title.

    2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The
    sketch is included only to assist the reader in visualizing the property and understanding the appraiser’s determination of its size.

    3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or
    other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special
    Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this
    determination.

    4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
    unless specific arrangements to do so have been made beforehand, or as otherwise required by law.

    5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of
    hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of
    during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no
    knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to,
    needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that
    would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or
    warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or
    testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of
    environmental hazards, this appraisal report must not be considered as an environmental assessment of the property.

    6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
    completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be
    performed in a professional manner.




Freddie Mac Form 465 March 2005                        Produced using ACI software, 800.234.8727 www.aciweb.com                 Fannie Mae Form 1073 March 2005
                                                                            Page 4 of 6                                                       1073_05A 062906
                                                      www.AQCorders.com 708-268-1082

                                   Individual Condominium Unit Appraisal Report                                       File No.   9080017

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

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

    2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of
    the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability,
    soundness, or structural integrity of the property.

    3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice
    that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the
    time this appraisal report was prepared.

    4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison
    approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal
    assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise
    indicated in this report.

    5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale
    of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property
    for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.

    6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the
    date of sale of the comparable sale, unless otherwise indicated in this report.

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

    8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home
    that has been built or will be built on the land.

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

    10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
    the sale or financing of the subject property.

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

    12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing
    services, tax assessment records, public land records and other such data sources for the area in which the property is located.

    13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from
    reliable sources that I believe to be true and correct.

    14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
    property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have
    noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of
    hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property
    or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in
    my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject
    property.

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

    16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are
    subject only to the assumptions and limiting conditions in this appraisal report.

    17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective
    personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my
    analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap,
    familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or
    occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.

    18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned
    on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined
    specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the
    attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan
    application).

    19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on
    significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the
    preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal
    report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to
    any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it.

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



Freddie Mac Form 465 March 2005                          Produced using ACI software, 800.234.8727 www.aciweb.com                Fannie Mae Form 1073 March 2005
                                                                              Page 5 of 6                                                      1073_05A 062906
                                                     www.AQCorders.com 708-268-1082

                                  Individual Condominium Unit Appraisal Report                                                  File No.   9080017

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

    22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws
    and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that
    pertain to disclosure or distribution by me.

    23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers,
    government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any
    mortgage finance transaction that involves any one or more of these parties.

    24. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms are
    defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal
    report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a
    paper version of this appraisal report were delivered containing my original hand written signature.

    25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal
    penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section
    1001, et seq., or similar state laws.

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

    1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser’s
    analysis, opinions, statements, conclusions, and the appraiser’s certification.

    2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser’s analysis,
    opinions, statements, conclusions, and the appraiser’s certification.

    3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the
    appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.

    4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
    promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
    report was prepared.

    5. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms are
    defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal
    report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a
    paper version of this appraisal report were delivered containing my original hand written signature.




    APPRAISER                                                                          SUPERVISORY APPRAISER (ONLY IF REQUIRED)


    Signature                                                                          Signature
    Name Cynthia C. Sanchez                                                            Name
    Company Name Appraisal & Quality Control, Inc.                                     Company Name
    Company Address 4 Country Lane                                                     Company Address
    Barrington IL 60010-3702
    Telephone Number 708-268-1082                                                      Telephone Number
    Email Address info@aqcorders.com                                                   Email Address
    Date of Signature and Report 10/06/2008                                            Date of Signature
    Effective Date of Appraisal 09/30/2008                                             State Certification #
    State Certification # 556.002632                                                   or State License #
    or State License #                                                                 State
    or Other (describe)                    State #                                     Expiration Date of Certification or License
    State IL
    Expiration Date of Certification or License 09/30/2009

    ADDRESS OF PROPERTY APPRAISED                                                      SUBJECT PROPERTY
    1000 W Washington Blvd.                         Unit # 541                           Did not inspect subject property
    Chicago, IL 60607                                                                    Did inspect exterior of subject property from street
                                                                                         Date of Inspection
    APPRAISED VALUE OF SUBJECT PROPERTY $ -0-                                            Did inspect interior and exterior of subject property
                                                                                         Date of Inspection
    LENDER/CLIENT
    Name Brad Wells                                                                    COMPARABLE SALES
    Company Name Private                                                                 Did not inspect exterior of comparable sales from street
    Company Address 1000 W. Washington Blvd., #541                                       Did inspect exterior of comparable sales from street
    Chicago, IL 60607                                                                    Date of Inspection
    Email Address brad@brad-wells.com

Freddie Mac Form 465 March 2005                         Produced using ACI software, 800.234.8727 www.aciweb.com                           Fannie Mae Form 1073 March 2005
                                                                             Page 6 of 6                                                                 1073_05A 062906

                                                        Appraisal & Quality Control, Inc.
                                                                                                     www.AQCorders.com 708-268-1082

                                                                          Individual Condominium Unit Appraisal Report                                                                                      File No.   9080017
                                    FEATURE                        SUBJECT                       COMPARABLE SALE NO. 4                                    COMPARABLE SALE NO. 5                                   COMPARABLE SALE NO. 6
                            Address and    1000 W Washington Blvd.       1000 W Washington Blvd                                               1000 W Washington Blvd.                                  1000 W Washington Blvd.
                            Unit # 541                                   543                                                                  433                                                      544
                            Project Name and 1000 West Lofts             1000 West Lofts                                                      1000 West Lofts                                          1000 West Lofts
                            Phase N/A                                    N/A                                                                  N/A                                                      N/A
                            Proximity to Subject                         0.00 miles N                                                         0.00 miles N                                             0.00 miles N
                            Sale Price                 $ Market Value                     $  505,000                                                           $ LP 399,900                                             $ LP 449,000
                            Sale Price/Gross Liv. Area $    0.00 sq. ft. $ 292.25 sq. ft.                                                     $ 181.61 sq. ft.                                         $ 325.83 sq. ft.
                            Data Source(s)                               MLSNI #06640416                                                      MLSNI #06941800                                          MLSNI #07029709
                            Verification Source(s)                       Deed Records # N/A                                                   Deed Records # N/A                                       Deed Records # N/A
                            VALUE ADJUSTMENTS                   DESCRIPTION                DESCRIPTION                +(-) $ Adjustment             DESCRIPTION                +(-) $ Adjustment            DESCRIPTION               +(-) $ Adjustment

                            Sale or Financing                                         Conventional                                 ACTIVE                                                  ACTIVE
                            Concessions                                               at market                                    LISTING 06-08                                           LISTING 09-08
                            Date of Sale/Time              N/A                        04-08 DOM 214                                DOM 102                                         -25,000 DOM 12                                           -35,000
                            Location                       Urban / Average            Urban / Average                              Urban / Average                                         Urban / Average
                            Leasehold/Fee Simple           Fee Simple                 Fee Simple                                   Fee Simple                                              Fee Simple
                            HOA Mo. Assessment             $578.00                    $552.00                                      $495.00                                                 $585.00
                            Common Elements                Lobby,doorpersn            Lobby,doorpersn                              Lobby,doorpersn                                         Lobby,doorpersn
                            and Rec. Facilities            halls/stairs, stor.        halls/stairs, stor.                          halls/stairs, stor.                                     halls/stairs, stor.
                            Floor Location                 5                          5                                            4                                                15,000 5
                            View                           Resid./ Average            Resid./ Average                              Resid./ Average                                         Resid./ Average
                            Design (Style)                 Loft / Average             Loft / Average                               Loft / Average                                          Loft / Average
                            Quality of Construction        Brick / Average            Brick / Average                              Brick / Average                                         Brick / Average
                            Actual Age                     126+/- Years               126+/- Years                                 126+/- Years                                            126+/- Years
                            Condition                      Poor                       Very Good                           -150,000 Average                                        -100,000 Good                                          -125,000
                            Above Grade                    Total Bdrms.    Baths      Total Bdrms.     Baths                                  Total Bdrms.           Baths                             Total Bdrms.      Baths

                            Room Count                      5     2        2           5     2         2                                       6       2        2                                       5     2         2
                            Gross Living Area                         1,519 sq. ft.               1,728 sq. ft.                -7,300                      2,202 sq. ft.                           0               1,378 sq. ft.                          0
                            Basement & Finished            N/A                        N/A                                                     N/A                                                      N/A
                            Rooms Below Grade
                            Functional Utility             Loss of use                Average                             -160,000 Average                                        -160,000 Average                                       -160,000
                            Heating/Cooling                FWA / CAC                  FWA / CAC                                    FWA / CAC                                               FWA / CAC
                            Energy Efficient Items         Average                    Average                                      Average                                                 Average
SALES COMPARISON APPROACH




                            Garage/Carport                 None                       Garage: 1                            -25,000 Garage: 1                                       -25,000 None
                            Porch/Patio/Deck               Balcony                    Deck, Balcony                        -25,000 Balcony                                                 Balcony
                            Add'l Amenities                                           Roof Accss/Rghts                             Roof Rights                                      25,000 Roof Accss/Rghts
                            Modernization                                             Good                                -125,000 Average                                        -100,000 Good                                          -125,000

                            Net Adjustment (Total)                                           +   X -   $                   492,300                X - + $                          370,000              X -  +$                            445,000
                            Adjusted Sale Price                                       Net Adj.  -97.5%                                          -92.5 %
                                                                                                                                              Net Adj.                                                 -99.1%
                                                                                                                                                                                                       Net Adj.
                            of Comparables                                            Gross Adj. 97.5% $                      12,700 Gross Adj. 112.5 % $                             29,900 Gross Adj. 99.1% $                                4,000
                                             ITEM                                  SUBJECT                        COMPARABLE SALE NO. 4                                 COMPARABLE SALE NO. 5                         COMPARABLE SALE NO. 6
                            Date of Prior Sale/Transfer      None reported            None reported               None reported               None reported
                            Price of Prior Sale/Transfer     None reported            None reported               None reported               None reported
                            Data Source(s)                   MLSNI,Deed Records       MLSNI,Deed Records          MLSNI,Deed Records          MLSNI,Deed Records
                            Effective Date of Data Source(s) Research Date 09/30/08 Research Date 09/30/08        Research Date 09/30/08      Research Date 09/30/08
                            Summary of Sales Comparison Approach Additional comparable 4, and listing comparables 5 & 6, added to support value. Refer to comments on
                            sales comparison addendum.




Freddie Mac Form 465 March 2005                                                                           Produced using ACI software, 800.234.8727 www.aciweb.com                                                        Fannie Mae Form 1073 March 2005
                                                                                                                                                                                                                                           1073_05A 062906
                                                                ADDENDUM
Borrower: Bradley Wells                                                                            File No.: 9080017
Property Address: 1000 W Washington Blvd.                                                          Case No.:
City: Chicago                                                                         State: IL                        Zip: 60607
Lender: Private




      Neighborhood Market Conditions
      The trend in property values appears to be declining with minimal, if any, appreciation forecast. Supply is currently higher
      than demand with an adequate supply of diverse residential homes. Marketing times are 4 to 6 months for typical housing, 6
      months to 1+ year for over priced and / or significantly distressed properties. Competitive properties are available.
      Financing is available, typically conventional at market with some or no sales concessions.

      Adverse Site Conditions
      Per an interior inspection, environmental reports for the subject unit #541, and City of Chicago Building Violation Reports**
      made available for review, the following adverse site conditions and/ or environmental conditions include, but are not limited
      to: severe mold damage caused by leaking roof throughout unit and on walls, water leaks and stains / wall damage visually
      evident per stains on ceiling planks, timber support beams, rotted ceiling planks, cracked window sills, hard wood flooring
      removed due to water damage / mold, etc. Extensive damage to unit overall, as well as, unit furnishings ruined by dust,
      debris, & mold damage. Mold and mold type was determined by extensive independent testing. Environmental reports and
      city violations reports will be referred to throughout this appraisal report and have been retained in the original appraisal file.

      Note: per owner the roof leaks began in 1999 throughout unit and continue to the present, began experiencing
      environmentally related illness in March 2001. Symptoms continued to worsen and included blistering of hands and feet,
      upset stomach, burning of throat, coughing, night sweats, bruising / thinning skin, brittle nails, depression. Progressed to
      headaches, ringing in ears, burning eyes, nausea / vomiting, "dirty" taste in mouth. Finally in June 2006, a diagnosis of
      "aspergillus mold - mycotoxicosis" was determined to the cause after environmental testing determined the existence of
      "Aspergillus Mold" throughout unit. The medical diagnosis for Mr. Wells of systemic fungal infections, primarily aspergillosis,
      was confirmed in September 2007.

      As of the date of this appraisal inspection, the subject unit is not habitable due to environmental conditions. This condition is
      considered retroactive to 2001 / 2002 when the owner began experiencing symptoms and should have immediately vacated
      unit. Additional causes and report tests were provided to the appraiser and are contained in the original appraisal file.

      In addition, due to the new roof project, the existing roof deck was destroyed, additional damage done to the interior of the
      unit during the new roof construction, the original layer of roofing was not completely removed resulting in asbestos particles
      descending into the subject unit. The owner has also had testing done to confirm this as well. A visual inspection confirms
      roof debris continues to enter the unit.

      **Notice of Violation #506C069752, 05/19/06, Reinspection Failed on 07/25/2006 (sample of reports). Continued
      inspections by the City of Chicago during 2007 and 2008 confirm the ongoing violations pertaining to the subject's unit, as
      well as, additional units and common areas in the subject development. Currently a lawsuit has been filed in the Circuit
      Court for the City of Chicago vs. 1000 W Washington, Brad Wells, Sandra Eskins, and other owners; Case #08-M1401621.

      No effective change in the market value of the subject has been noted since the date of the prior appraisals. Due to the
      inability of the owner, Mr. Brad Wells, to obtain building permits to remediate and rebuild his unit, the subject unit remains
      uninhabitable. Costs to repair / remediate exceed current market value of the subject unit. Copies of letters dated
      09/17/2007 and 11/1/2007 from the City of Chicago reconfirming building code violations are attached and indicate ". . . Per
      City of Chicago's building codes, you are required to obtain a building permit prior to renovating or repairing your unit.
      However, as a result of the aforementioned pending code violations, you are unable to obtain any building permits to
      renovate or repair your unit UNTIL the necessary code violation repairs have already been completed. As these violations
      deal with common condominium elements, you will have to obtain the cooperation of the condominium board to repair the
      code violations before filing for building permits to repair your unit. . . ".

      In addition, a report dated 10/04/2008 from Occupational & Environmental Health Consulting Services, Inc. also reconfirms
      all prior reports and studies of the environmental issues within the subject unit, common elements, and the uninhabitable
      condition since 2006.

      These conditions and violations continue to the present (most recent inspection date of 09/30/2008) with no indication of
      when compliance for the subject's common building violations will be made, nor when the City of Chicago will allow building
      permits for repairs and remediation to be issued for individual units.

      Other Fees for Use of Project Facilities
      Fees and/or assessments currently being contested are: $1.25 per sq.ft. for roof rights use due to inaccurate roof plat
      provided by the developer ($1000+ in monthly fees if not corrected); and $11,000+ assessment by the association for the
      "rebuilding" of the doghouse (contested due to incomplete and poor workmanship - still leaking with mold / debris issues).
      The owner has documentation to confirm the contested fees / assessments.

      Quality and Condition of Property
      The condition of the property / current improvements are in poor condition, considered uninhabitable due to mold
      contamination throughout unit. Water / mold damage to ceilings, floors, & walls, floor is cracked concrete (hardwood flooring
      removed due to mold contamination throughout underlayment), all kitchen appliances, cabinets, & fixtures removed due to
      contamination Functional obsolescence observed due to condition of unit. Quality of construction is average. Repairs /
      remediation observed or reported is extensive and subject to contractor bids for remediation and rebuilding of unit.

      Original cost of unit when purchased in 1996 (pre-construction contract signed in 1994), was approximately $314,000
      (included upgrades).

      City of Chicago violations cited against the 1000 W. Washington development, include that ". . .the building must submit
      mold report of all units on top floors to investigate any presence of mold or water damage caused by roof to walls, floor, and
      ceiling. . .".

      Owner asserts (per documentation), that to date, the 1000 W. Washington development has not completed repairs / testing
      noted in city violations, and that he is not able to complete any repairs / remediation to his unit due to restrictions placed on




                                                               Addendum Page 1 of 2
                                                                ADDENDUM
Borrower: Bradley Wells                                                                           File No.: 9080017
Property Address: 1000 W Washington Blvd.                                                         Case No.:
City: Chicago                                                                         State: IL                       Zip: 60607
Lender: Private




      his unit by the condo association (per documentation), and, but not limited to, city violations prohibiting the issuance of
      building permits for individual units until the common areas, etc. are in compliance.

      Comments on Sales Comparison
      Comparable sales are 2 bedroom / 2 bath duplex loft units located in subject's market area / development at 1000 W
      Washington. All report similar local & building amenities, some varied square footage; all units have customized floor / loft
      plans - no two units are alike. Per MLSNI remarks all report legal occupancy with no repairs required and represent the most
      similar units to subject in habitable condition. Significant adjustments reflect condition / modernization and loss of use due
      to environmental contamination and inability of owner to secure building permits for remediation and rebuilding.

      Comparable 1 reports good condition & modernization (MLSNI remarks indicate well maintained 4th floor interior unit with
      roof "rights", well maintained and completed), less square footage, parking sold separately. Original list price $425,000,
      closed sale price $360,000, 238 listing DOM, no concessions.

      Comparable 2 reports very good condition & good to very good modernization (MLSNI remarks indicate very well maintained
      and updated interior 4th floor unit with roof rights), similar square footage, parking sold separately. Original list price
      $409,000, closed at 395,000, 172 listing DOM, no concessions.

      Comparable 3 reports very good condition & modernization (MLSNI remarks indicate very well maintained with high end
      updates, interior 2nd floor unit, no roof rights), similar square footage, 1 car garage / parking included in sales price. Original
      list price $499,000, closed at $445,000, 42 listing DOM, no concessions.

      Comparable 4 reports very good condition and good modernization (MLSNI remarks indicate very well maintained with high
      end updates, interior 5th floor unit with roof rights / access and built out deck), more square footage, 1 car garage / parking
      included in sales price. Original list price $575,000, closed at $505,000, 214 listing DOM, no sales concessions.

      Comparable listing 5 reports average condition and modernization (MLSNI remarks indicate well maintained and recently
      updated interior 4th floor unit with roof rights; "corporate owned" and sold in as is condition), more square footage, 1 car
      garage / parking appears to be included. Original list price $414,900, current list price $399,900, 102 listing DOM, no
      contract.

      Comparable listing 6 reports good condition and modernization (MLSNI remarks indicate well maintained and updated
      interior 5th floor unit with roof access), similar square footage, 1 car garage / parking sold separately. No change in list price,
      12 listing DOM, no contract.

      The subject reports poor condition & modernization; interior inspection reflects ceiling / wall damage due to leaking roof, roof
      damage, vertical cracking of exterior masonry & lintels, environmental tests are positive for "aspergillus mold" and per the
      determination of the City of Chicago, the subject unit is not fit for habitation unless and until environmental remediation has
      been completed and the subject may be rebuilt, all drywall needs to be removed from unit including all insulation, roof needs
      to be removed to remediate mold / asbestoses, and repair cracked / rotting ceiling planks. Currently there are partial baths,
      no kitchen, no finished flooring, roof access but no deck. "Doghouse" (roof room / access) needs to be completely razed and
      rebuilt due to ongoing damage. Parapet wall over unit needs extensive rebuilding and the entire brick wall needs to be
      repaired; significant effervescence was observed on the exterior north & west walls. Photos included with this appraisal
      report reflect the current condition of the unit.

      The comparable sales adjusted price range is $-10,000 to $30,000. (The actual unadjusted sales price range is $360,000
      to $505,000.) The subject is supported at $-0-*, with weight given to condition / modernization (uninhabitable status / cost
      per bids to remediate exceeds market value, unable to secure building permits), square footage, floor location, & view.

      *This value represents the opinion of value for the subject unit, and is subject to change per the actual costs of professional
      remediation to cure the environmental condition, and professional contractors bids/costs to rebuild the unit to a condition
      equal to or better than the condition prior to damage occurring. The anticipated cost to cure (remediation of all
      environmental issues, replace roof, rebuild unit, etc.,which have accumulated over the past 5 years) exceeds the current
      market value of the subject unit. Estimated cost of relocation expenses, remediation, rebuild and repairs are estimated at
      $800,000+/-.

      Please note: As the underlying cause for the current condition of the subject unit began prior to 2002 (per Evidence report
      by OEHCS), the subject value since 2002 to the present is "0" or less (as all issues of this type must be disclosed under the
      law to any and all prospective purchasers, unit has remained unsaleable and uninhabitable to date; current listing exceeds
      570 days on market, no contract offers). Parking is owned and deeded separately with a separate Cook County Property
      Identification Number and may be sold separately within the 1000 W. Washington development and, therefore, is not
      included in this appraisal report..




                                                               Addendum Page 2 of 2
                                                                                       FLOORPLAN
Borrower: Bradley Wells                                                                                                           File No.: 9080017
Property Address: 1000 W Washington Blvd.                                                                                         Case No.:
City: Chicago                                                                                               State: IL                            Zip: 60607
Lender: Private




                                          North View

                                                             Balcony
                                              24.5'

                                                             Entrance




                                         Living Room




                                                            (Stairs)
                                                                                                                                   (Stairs)
                                                                                                                   24.5'
                  42.0'




                                                                               42.0'




                            Kitchen                     Dining Room


                                                                                                    Bath
                                                                                          20.0'




                                                                                                                                                     20.0'
                                                                                                                    Bedroom
                            Bath

                                                                                                  Laundry
                                                          Bedroom


                                                                                                            Stairs to Roof Deck
                           Utility
                                                                                                                   24.5'
                                      Entrance

                                              24.5'

                                          Main Level                                                          Upper Level




  Sketch by Apex IV Windows™

                                 AREA CALCULATIONS SUMMARY                                                                 LIVING AREA BREAKDOWN
           Code            Description                                  Size            Totals                               Breakdown                       Subtotals
           GLA1            Unit 541                              1029.00                1029.00              Unit 541
           GLA2            Second Floor                            490.00                490.00                       24.5         x          42.0            1029.00
                                                                                                             Second Floor
                                                                                                                           20.0    x          24.5              490.00




                          TOTAL LIVABLE                (rounded)                             1519            2 Areas Total (rounded)                            1519




                                                      4 Country Lane, Barrington IL 60010-3702 708-268-1082
                                                     LOCATION MAP
Borrower: Bradley Wells                                                              File No.: 9080017
Property Address: 1000 W Washington Blvd.                                            Case No.:
City: Chicago                                                           State: IL                   Zip: 60607
Lender: Private




                                    4 Country Lane, Barrington IL 60010-3702 708-268-1082
                                        SUBJECT PROPERTY PHOTO ADDENDUM
Borrower: Bradley Wells                                                   File No.: 9080017
Property Address: 1000 W Washington Blvd.                                 Case No.:
City: Chicago                                                 State: IL                  Zip: 60607
Lender: Private




                                                                           FRONT VIEW OF
                                                                           SUBJECT PROPERTY

                                                                           Appraised Date: September 30, 2008
                                                                           Appraised Value: $ -0-




                                                                           REAR VIEW OF
                                                                           SUBJECT PROPERTY




                                                                           STREET SCENE
                                     COMPARABLE PROPERTY PHOTO ADDENDUM
Borrower: Bradley Wells                                                File No.: 9080017
Property Address: 1000 W Washington Blvd.                              Case No.:
City: Chicago                                                State: IL                Zip: 60607
Lender: Private




                                                                            COMPARABLE SALE #1


                                                                            1000 W Washington Blvd

                                                                            Sale Date: 07/08 DOM 238
                                                                            Sale Price: $ 360,000




                                                                            COMPARABLE SALE #2


                                                                            1000 W Washington Blvd

                                                                            Sale Date: 05-08 DOM 551
                                                                            Sale Price: $ 395,000




                                                                            COMPARABLE SALE #3


                                                                            1000 W Washington Blvd

                                                                            Sale Date: 04-08 DOM 42
                                                                            Sale Price: $ 445,000
                                            www.AQCorders.com
Borrower: Bradley Wells                                                     File No.: 9080017
Property Address: 1000 W Washington Blvd.                                   Case No.:
City: Chicago                                                   State: IL                  Zip: 60607
Lender: Private



                                                                             North Elevation / Shows effervescence
                                                                             across top of building




                                                                             Close Up of North Wall / Subject Unit




                                                                             Add'l View of Exterior North Wall at
                                                                             Subject Unit / Balcony
                                            www.AQCorders.com
Borrower: Bradley Wells                                                     File No.: 9080017
Property Address: 1000 W Washington Blvd.                                   Case No.:
City: Chicago                                                   State: IL                  Zip: 60607
Lender: Private



                                                                             Subject Entrance / Foyer




                                                                             Utility Room; Electrical Service




                                                                             Water Heater / Utility Room
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Borrower: Bradley Wells                                                     File No.: 9080017
Property Address: 1000 W Washington Blvd.                                   Case No.:
City: Chicago                                                   State: IL                  Zip: 60607
Lender: Private



                                                                             1st Level Bedroom




                                                                             1st Level Bath




                                                                             Add'l View 1st Level Bath
Borrower: Bradley Wells                                 File No.: 9080017
Property Address: 1000 W Washington Blvd.               Case No.:
City: Chicago                               State: IL                  Zip: 60607
Lender: Private



                                                         Kitchen




                                                         Add'l Kitchen




                                                         Add'l Kitchen
Borrower: Bradley Wells                                 File No.: 9080017
Property Address: 1000 W Washington Blvd.               Case No.:
City: Chicago                               State: IL                  Zip: 60607
Lender: Private



                                                         Dining Room
                                                         Stairs to Upper Level Bedroom




                                                         Living Room with Door on Left to
                                                         Balcony on north wall




                                                         West Wall of Living Room
Borrower: Bradley Wells                                 File No.: 9080017
Property Address: 1000 W Washington Blvd.               Case No.:
City: Chicago                               State: IL                  Zip: 60607
Lender: Private



                                                         Living Room Overview




                                                         Loft Area from Living Room




                                                         2nd Level Loft Bedroom
Borrower: Bradley Wells                                 File No.: 9080017
Property Address: 1000 W Washington Blvd.               Case No.:
City: Chicago                               State: IL                  Zip: 60607
Lender: Private



                                                         Stairs to Roof Room/ Roof Access




                                                         Living Room Ceiling / NE Corner




                                                         Close up of North Wall at Ceiling
Borrower: Bradley Wells                                 File No.: 9080017
Property Address: 1000 W Washington Blvd.               Case No.:
City: Chicago                               State: IL                  Zip: 60607
Lender: Private



                                                         2nd Level Cedar Closet




                                                         Water Damage above 2nd level loft
                                                         closet at east wall




                                                         Entrance to Laundry Room from loft
                                                         2nd level bath; new debris on floor from

                                                         roof
Borrower: Bradley Wells                                 File No.: 9080017
Property Address: 1000 W Washington Blvd.               Case No.:
City: Chicago                               State: IL                  Zip: 60607
Lender: Private



                                                         Ceiling above Laundry Area




                                                         2nd Floor Bath




                                                         Balcony and View North
Borrower: Bradley Wells                                 File No.: 9080017
Property Address: 1000 W Washington Blvd.               Case No.:
City: Chicago                               State: IL                  Zip: 60607
Lender: Private



                                                         Roof View / Water puddling from recent
                                                         rain




                                                         Add'l Water Puddling from recent rain;
                                                         at entrance from unit to roof




                                                         No photograph

								
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