DATE

Client
Address

Dear

Re:

Property Address

Reference/File No.:

In accordance with the letter of engagement dated DATE, I (we) have appraised the above referenced property and provide an:

Estimate of (E.G.: CURRENT/RETROSPECTIVE) Market Value of :

With an Effective date as of: 2019-12-05

YYYY-MM-DD

Inspection Date: 2020-01-16

The purpose of the report was to develop an estimate of market value of the subject property, (E.G.: AS IMPROVED/VACANT), in (E.G.
UNENCUMBERED FEE SIMPLE/LEASEHOLD/LEASED FEE) ownership for the intended use of (E.G.: FIRST MORTGAGE FINANCING/SECOND MORTGAGE
FINANCING/DIVISION OF MATRIMONIAL ASSETS/ESTATE TAX) only.

The estimate of value is as of the effective date and is subject to the authorized intended use, assumptions and limiting conditions included in
the report and to which the reader’s attention is specifically directed. The report is enclosed and must be read in its entirety.

[IF A HYPOTHETICAL CONDITION HAS BEEN INVOKED, INCLUDE THE BELOW]:

By accepting this report, the client or the intended user/authorized user accepts that:
1. the hypothetical condition [E.g.: AS IF 100% COMPLETE/AS IF REMEDIATED/AS IF REZONED] and assumptions identified in this report have not
been independently verified or are items that are assumed to be true as part of this assignment, and
2. this report may not be reasonably relied on as proof that any of the hypothetical conditions or assumptions are true and accurate or that
they will be true and accurate at any point in the future, and
3. in the event that any hypothetical condition or assumption in this report is discovered not to be true and accurate, it may impact the
estimate of market value provided in this report.
The author(s) disclaims any liability arising from any hypothetical condition or assumptions not being true and accurate as at the date of this
report or in the future.

Delete Page 1 Appraisal Institute of Canada © Ottawa, Canada 2018 AIC Full 0518v0909
No person or party other than the authorized intended user specifically identified herein can rely on this report without first obtaining written
authorization from the author (s) of this report. Such authorization is at the discretion of the author(s), and may only be issued with
permission from the client of this report.

The report is prepared in accordance with the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP).

Sincerely,

Delete Page 1
2 Appraisal Institute of Canada © Ottawa, Canada 2018 AIC Full 0518v0909
 Residential Appraisal Report of

LOCATED AT:

PROV

FOR:
Client

Address

APPLICANT:

AS OF EFFECTIVE DATE:
2019-12-05
YYYY-MM-DD

BY:

Delete Page 3 Appraisal Institute of Canada © Ottawa, Canada 2018 AIC Full 0518v0909
 Reset Form
REFERENCE: RESIDENTIAL APPRAISAL REPORT F ILE NO.:
CLIENT: Client AIC MEMBER:

APPRAISER
ATTENTION: COMPANY:
CLIENT

ADDRESS: Address ADDRESS:

E-MAIL: E-MAIL:

PHONE: OTHER: PHONE: OTHER:

PROPERTY ADDRESS: CITY: PROVINCE: PROV POSTAL CODE:

LEGAL DESCRIPTION:
SUBJECT

Source:

MUNICIPALITY AND DISTRICT:

ASSESSMENT: Land $ Imps $ Total $ Assessment Date: Taxes $ Year 2019
EXISTING USE: Residential Single Family OCCUPIED BY: Other (specify)
NAME: Name Type: Owner
PURPOSE : ■ To estimate market value ■ To estimate market rent
INTENDED USE: ■ First mortgage financing only Second mortgage financing only ■ Conventional Other (specify)
INTENDED USERS (by name): Bank ABC only. All other users and parties denied.
REQUESTED BY: Client above ■ Other Mortgage Broker OR Appraisal Management Company 123
VALUE: ■ Current Retrospective Prospective
ASSIGNMENT

Update of original report completed on with an effective date of YYYY-MM-DD File No.

PROPERTY RIGHTS APPRAISED: ■ Fee Simple Leasehold

Condominium/Strata Other (specify)
Property is not a strata/condominium, so fees not applicable
MAINTENANCE FEE (if applicable): $
CONDO/STRATA COMPLEX NAME (if applicable): Not applicable
IS THE SUBJECT A FRACTIONAL INTEREST, PHYSICAL SEGMENT OR PARTIAL HOLDING? ■ No Yes (if yes, see comments)
APPROACHES USED: ■ DIRECT COMPARISON APPROACH COST APPROACH INCOME APPROACH
EXTRAORDINARY ASSUMPTIONS & LIMITING CONDITIONS NO ■ YES (see attached addendum)
HYPOTHETICAL CONDITIONS ■ NO YES (see attached addendum. A hypothetical condition requires an extraordinary assumption.)
JURISDICTIONAL EXCEPTION ■ NO YES (see attached addendum)
NATURE OF DISTRICT: ■ Residential Commercial Industrial Agricultural From To

TYPE OF DISTRICT: ■ Urban Suburban Rural Recreational AGE RANGE OF PROPERTIES (years):
TREND OF DISTRICT: ■ Improving Stable Transition Deteriorating PRICE RANGE OF PROPERTIES: $ $

BUILT-UP: ■ Over 75% 25 - 75% Under 25% Rural

NEIGHBOURHOOD

CONFORMITY Age: ■ Newer Similar Older MARKET OVERVIEW Supply: High ■ Average Low

Condition: ■ Superior Similar Inferior Demand: High ■ Average Low

Size: ■ Larger Similar Smaller PRICE TRENDS: Increasing ■ Stable Declining
COMMENTS:  Detrimental Conditions Observed
Value trends, market appeal, proximity to employment and amenities, anticipated public/private improvements, apparent detrimental conditions (railroad tracks, unkempt properties, major traffic arteries, hydro
facilities, commercial/industrial sites, landfill sites)

SITE DIMENSIONS: UTILITIES: Telephone Natural Gas Storm Sewer Sanitary Sewer Open Ditch

Square Feet Septic Holding Tank

LOT SIZE: Unit of Measurement___________________
Source: WATER SUPPLY: Municipal Private Well

TOPOGRAPHY:
FEATURES: Gravel Road Paved Road Lane Sidewalk Curbs

CONFIGURATION: Street Lights Cablevision

ELECTRICAL: Overhead Underground
None Single Double
ZONING Residential (specify type) DRIVEWAY: Private Mutual

Source: Online municipal zoning map Underground Laneway

SITE

OTHER LAND USE CONTROLS (see comments) Surface:

USE CONFORMS: ■ YES NO (see comments) PARKING: Garage Carport Driveway Street
ASSEMBLAGE ■ NO YES (see comments) LANDSCAPING: Good 
■ Average Fair Poor

TITLE SEARCHED: YES ■ NO (see comments and limiting conditions) CURB APPEAL: Good  Average
■ Fair Poor

COMMENTS: Detrimental Conditions Observed

Include features such as zoning, official community plans, local area plans, flood plains, EPA, greenbelt, reserves, heritage, easements, title restrictions such as judgments or liens, assemblage, known
documentation of environmental contamination, tanks, etc.

4 Appraisal Institute of Canada © Ottawa, Canada 2018 AIC Full 0518v0909

REFERENCE: RESIDENTIAL APPRAISAL REPORT F ILE NO.:
YEAR BUILT (estimated): PROPERTY TYPE: Other (specify) ROOFING: Other (specify)
YEAR OF ADDITIONS (estimated): DESIGN/STYLE: Other (specify) Condition: Good ■ Average Fair Poor
EFFECTIVE AGE: years CONSTRUCTION: Other (specify)
REM. ECONOMIC LIFE: years Other (specify) Other (specify)
WINDOWS:
COMMENTS: BASEMENT: Other (specify) EXTERIOR FINISH: Other (specify)
ESTIMATED BASEMENT AREA: ■ Sq. Ft. Sq. M.
Condition: Good ■ Average Fair Poor

ESTIMATED BASEMENT FINISH: %

FOUNDATION WALLS: Other (specify)
BEDROOM (#) BATHROOM (#) INTERIOR FINISH: Walls Ceilings CLOSET: Good ■ Average Fair Poor/None

Large 2-piece Good Drywall ■ ■ INSULATION: ■ Ceiling ■ Walls Basement Crawlspace

Average 3-piece Average Plaster Info Source:
Small 4-piece Fair Paneling PLUMBING LINES: Info Source:
5-piece Poor FLOOR PLAN: Good ■ Average Fair Poor
BUILT-INS/EXTRAS: Stove Oven Dishwasher Garburator

FLOORING: Vacuum Security System Fireplace Skylight Solarium

ELECTRICAL: ■ Fuses Breakers Other (specify) HR Ventilator Central Air Air Cleaner Sauna Jetted tub

ESTIMATED RATED CAPACITY OF MAIN PANEL: amps Garage Opener Swimming Pool
HEATING SYSTEM: Other (SPECIFY) Fuel type Other (specify)
WATER HEATER: Other (SPECIFY) OVERALL INT. COND: Good ■ Average Fair Poor

ROOM ALLOCATION
LEVEL: ENTRANCE LIVING DINING KITCHEN FAMILY BEDROOMS DEN FULL BATH PART BATH LAUNDRY ROOM TOTAL AREA
MAIN X 1 1 1 1 7 1 1 1 X 12 1,000
SECOND 0
THIRD 0
0
0
ABOVE GRADE TOTALS: 12 BEDROOMS 7 BATHROOMS 1 F 1 P 12 1,000
IMPROVEMENTS

BASEMENT 1 1 1 1 1,000

SOURCE OF MEASUREMENT: Measured UNIT OF MEASUREMENT: ■ Sq.Ft. Sq. M.

BASEMENT FINISH

GARAGES/CARPORT/PARKING FACILITIES:

SITE IMPROVEMENTS (INCLUDING DECKS, PATIOS, OUTBUILDINGS, LANDSCAPING etc):

COMMENTS: Detrimental Conditions Observed Incomplete Construction (see comments)

Building, appearance, quality, condition, services, extras, personal property, etc.

5 Appraisal Institute of Canada © Ottawa, Canada 2018 AIC Full 0518v0909

REFERENCE: RESIDENTIAL APPRAISAL REPORT F ILE NO.:
LAND VALUE AS IF VACANT: ■ N/A $ SOURCE OF DATA: Other (specify) COMMENT:
EXISTING USE:
Residential Single Family
HIGHEST AND BEST USE

HIGHEST AND BEST USE OF THE LAND AS IF VACANT: ■ Residential Other

HIGHEST AND BEST USE OF THE PROPERTY AS IMPROVED: ■ Existing Residential Use Other
ANALYSES AND COMMENTS:

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

SUBJECT Description $ Adjustment Description $ Adjustment Description $ Adjustment

DATA SOURCE Other (specify) Other (specify) 0 Other (specify) 0

DATE OF SALE YYYY-MM-DD 0 0
SALE PRICE $ $ 0 0 $ 0 $ 0
DAYS ON MARKET 0 0 0
Other (specify) 0 0 0
Other (specify) 0 0 0
LOCATION 0 0 0
SITE DIMENSIONS/LOT SIZE 0 0 0
PROPERTY TYPE Other (specify) Triplex 0 Triplex 0 Triplex 0
DESIGN/STYLE Other (specify) Other (specify) 0 Other (specify) 0 Other (specify) 0
AGE/CONDITION Good Other (SPECIFY) 0 Other (SPECIFY) 0 Other (SPECIFY) 0
LIVABLE FLOOR AREA 1,000 ■ Sq.Ft. Sq. M. 0 0 0
Total Rooms Bdrms Total Rooms Bdrms 0 Total Rooms Bdrms 0 Total Rooms Bdrms 0
ROOM COUNT 12 7 2 0 0 0
0 0
DIRECT COMPARISON APPROACH

BATHROOMS 1 F 1 P 0
BASEMENT 0 0 0
PARKING FACILITIES 0 0 0
0 0 0
Central Air 0 0 0
Fireplace 0 0 0
0 0 0
0 0 0

ADJUSTMENTS (Gross %, Net %, Net $) 0 0 0

ADJUSTED VALUES $ 0 $ 0 $ 0
ANALYSES AND COMMENTS:

Include qualitative or quantitative explanation for sale conditions, expenditures, market conditions and property adjustments including location, physical/economic characteristics, use, non-realty, rationale for
most appropriate comparables

ESTIMATED VALUE BY THE DIRECT COMPARISON APPROACH (rounded): $

6 Appraisal Institute of Canada © Ottawa, Canada 2018 AIC Full 0518v0909

REFERENCE: RESIDENTIAL APPRAISAL REPORT F ILE NO.:
COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6
SUBJECT Description $ Adjustment Description $ Adjustment Description $ Adjustment

DATA SOURCE 0 0 0
DATE OF SALE YYYY-MM-DD 0 0 0
SALE PRICE $ $ 0 $ 0 $ 0
DAYS ON MARKET 0 0 0
LIST PRICE 0 0 0
Approx KMs to Subject 0 0 0
LOCATION 0 0 0
SITE DIMENSIONS/LOT SIZE 0 0 0
PROPERTY TYPE Other (specify) Triplex 0 Other (specify) 0 Other (specify) 0
DESIGN/STYLE Other (specify) Other (specify) 0 Other (specify) 0 Other (specify) 0
AGE/CONDITION Good Other (SPECIFY) 0 Other (SPECIFY) 0 Other (SPECIFY) 0
LIVABLE FLOOR AREA 1,000 ■ Sq.Ft. Sq. M. 0 0 0
Total Rooms Bdrms Total Rooms Bdrms 0 Total Rooms Bdrms 0 Total Rooms Bdrms 0
ROOM COUNT 12 7 0 0 0
BATHROOMS 1 F 1 P 0 0 0
BASEMENT 0 0 0
PARKING FACILITIES 0 0 0
0 0 0
Central Air 0 0 0
DIRECT COMPARISON APPROACH

Fireplace 0 0 0
0 0 0
0 0 0

ADJUSTMENTS (Gross %, Net %, Net $) 0 0 0

ADJUSTED VALUES $ 0 $ 0 $ 0
ANALYSES AND COMMENTS:

Remember that 3 sales is generally considered a minimum.

7 Appraisal Institute of Canada © Ottawa, Canada 2018 AIC Full 0518v0909

REFERENCE: RESIDENTIAL APPRAISAL REPORT F ILE NO.:

SUBJECT SOLD WITHIN 3 YEARS OF EFFECTIVE DATE: ■ YES NO

ANALYSIS OF SALE TRANSFER HISTORY: (minimum of three years)

SUBJECT LISTED WITHIN 1 YEAR OF EFFECTIVE DATE: ■ YES NO SUBJECT CURRENTLY LISTED ■ YES NO
ANALYSIS OF AGREEMENTS FOR SALE, OPTIONS, LISTINGS OR MARKETING OF THE SUBJECT: (minimum of one year)

ANALYSIS OF REASONABLE EXPOSURE TIME:

The subject property exposure time is estimated from 60 to 90 days. An interview with market participants further supports the exposure time expressed herein. Most of the comparable sales Days on Market
ranged from 9 to 99 days and the local online real estate data supports that for January 2018 that the average single family dwelling sold on average 75 days after listing. A copy of the HPI report for single family
dwellings is included in the addenda.
As of the effective date, there had been 45 MLS sales in the area. Market conditions have been more active during the spring and summer of 2018. The current number of listings in the area would tend to indicate
that there is between a two and three month inventory of active listings.

RECONCILIATION AND FINAL ESTIMATE OF VALUE:

UPON REVIEWING AND RECONCILING THE DATA, ANALYSES AND CONCLUSIONS OF EACH VALUATION APPROACH, THE MARKET VALUE OF THE INTEREST IN THE SUBJECT PROPERTY
AS AT 2019-12-05 YYYY-MM-DD (Effective Date of the Appraisal) IS ESTIMATED AT $

COMPLETED ON (Date of Report) YYYY-MM-DD AS SET OUT ELSEWHERE IN THIS REPORT, THIS REPORT IS SUBJECT TO ASSUMPTIONS AND LIMITING CONDITIONS, THE VERIFICATION OF WHICH IS OUTSIDE THE SCOPE OF THIS REPORT.
DEFINITION OF MARKET VALUE: The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions
requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. (Appraisal of Real Estate, Third Canadian Edition. 2010)
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: buyer and seller are typically motivated; both parties are well informed or well advised, and acting in what they consider their own best
interests; a reasonable time is allowed for exposure in the open market; payment is made in terms of cash in Canadian dollars or in terms of financial arrangements comparable thereto; and 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.

DEFINITION OF MARKET RENT (if applicable): The estimated amount for which an interest in real property should be leased on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where
the parties had each acted knowledgeably, prudently and without compulsion. (International Valuation Standards 2017)

DEFINITION OF HIGHEST AND BEST USE: The reasonably probable use of real property, that is physically possible, legally permissible, financially feasible, maximally productive and that results in the highest value. (CUSPAP 2018)

The scope of the appraisal encompasses the due diligence undertaken by the appraiser (consistent with the terms of reference from the client, the purpose and intended use of the report) and the necessary research and analyses to prepare a report in accordance with the Canadian
Uniform Standards of Professional Appraisal Practice (CUSPAP) of the Appraisal Institute of Canada. The following comments describe the extent of the process of collecting, confirming and reporting data and its analyses, describe relevant procedures and reasoning details
supporting the analyses, and provide the reason for the exclusion of any usual valuation procedures.

The appraisal issue that is the focus of this engagement has been discussed and defined with the client, the work required to solve the issue planned, and the necessary market data acquired, analyzed and reconciled into an estimate of market value in a manner typically expected in a
“form” report .

The specific tasks and items necessary to complete this assignment include a summary of the following:

1. assembly and analyses of relevant information pertaining to the property being appraised, including listings within one year and acquisition particulars if acquired within three years prior to the effective date of the appraisal;
2. a site visit and observation of the subject property and the surrounding area;
3. assembly and analyses of pertinent economic and market data;
4. an analysis of land use controls pertaining to the subject property;
5. an analysis of "Highest and Best Use", or most probable use;
6. a discussion of the appraisal methodologies and procedures employed in arriving at the indications of value;
7. inclusion of photographs, maps, graphics and addendum/exhibits when deemed appropriate; and
8. reconciliation of the collected data into an estimate of market value or market value range as at the effective date of the appraisal.

All data considered appropriate for inclusion in the appraisal is, to the best of our knowledge, factual. Due to the type of property being appraised and the nature of the appraisal issue, the findings have been conveyed in this “form” format.

Other:

See addenda.

8 Appraisal Institute of Canada © Ottawa, Canada 2018 AIC Full 0518v0909

 REFERENCE: RESIDENTIAL APPRAISAL REPORT F ILE NO.:
The certification that appears in this report is subject to compliance with the Personal Information and Electronics Documents Act (PIPEDA), Canadian Uniform Standards of Professional Appraisal Practice (“CUSPAP”) and the following conditions:
1. This report is prepared only for the client and authorized users specifically identified in this report and only for the specific use identified herein. No other person may rely on this report or any part of this report without first obtaining consent from the client and written
authorization from the authors. Liability is expressly denied to any other person and, accordingly, no responsibility is accepted for any damage suffered by any other person as a result of decisions made or actions taken based on this report. Liability is expressly denied for any
unauthorized user or for anyone who uses this report for any use not specifically identified in this report. Payment of the appraisal fee has no effect on liability. Reliance on this report without authorization or for an unauthorized use is unreasonable.
2. Because market conditions, including economic, social and political factors, may change rapidly and, on occasion, without warning, this report cannot be relied upon as of any date other than the effective date specified in this report unless specifically authorized by the author(s).
3. The author will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The property is appraised on the basis of it being under responsible ownership. No registry office search has been performed and the author assumes
ASSUMPTIONS, LIMITING CONDITIONS, DISCLAIMERS AND LIMITATIONS OF LIABILITY

that the title is good and marketable and free and clear of all encumbrances. Matters of a legal nature, including confirming who holds legal title to the appraised property or any portion of the appraised property, are outside the scope of work and expertise of the appraiser. Any
information regarding the identity of a property’s owner or identifying the property owned by the listed client and/or applicant provided by the appraiser is for informational purposes only and any reliance on such information is unreasonable. Any information provided by the
appraiser does not constitute any title confirmation. Any information provided does not negate the need to retain a real estate lawyer, surveyor or other appropriate experts to verify matters of ownership and/or title.
4. Verification of compliance with governmental regulations, bylaws or statutes is outside the scope of work and expertise of the appraiser. Any information provided by the appraiser is for informational purposes only and any reliance is unreasonable. Any information provided by
the appraiser does not negate the need to retain an appropriately qualified professional to determine government regulation compliance.
5. No survey of the property has been made. Any sketch in this report shows approximate dimensions and is included only to assist the reader of this report in visualizing the property. It is unreasonable to rely on this report as an alternative to a survey, and an accredited
surveyor ought to be retained for such matters.
6. This report is completed on the basis that testimony or appearance in court concerning this report is not required unless specific arrangements to do so have been made beforehand. Such arrangements will include, but not necessarily be limited to: adequate time to review the
report and related data, and the provision of appropriate compensation.
7. Unless otherwise stated in this report, the author has no knowledge of any hidden or unapparent conditions (including, but not limited to: its soils, physical structure, mechanical or other operating systems, foundation, etc.) of/on the subject property or of/on a neighbouring
property that could affect the value of the subject property. It has been assumed that there are no such conditions. Any such conditions that were visibly apparent at the time of inspection or that became apparent during the normal research involved in completing the report
have been noted in the report. This report should not be construed as an environmental audit or detailed property condition report, as such reporting is beyond the scope of this report and/or the qualifications of the author. The author makes no guarantees or warranties,
express or implied, regarding the condition of the property, and 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. The bearing capacity of the soil is assumed to be
adequate.
8. The author is not qualified to comment on detrimental environmental, chemical or biological conditions that may affect the market value of the property appraised, including but not limited to pollution or contamination of land, buildings, water, groundwater or air which may
include but are not limited to moulds and mildews or the conditions that may give rise to either. Any such conditions that were visibly apparent at the time of inspection or that became apparent during the normal research involved in completing the report have been noted in the
report. It is an assumption of this report that the property complies with all regulatory requirements concerning environmental, chemical and biological matters, and it is assumed that the property is free of any detrimental environmental, chemical legal and biological conditions
that may affect the market value of the property appraised. If a party relying on this report requires information about or an assessment of detrimental environmental, chemical or biological conditions that may impact the value conclusion herein, that party is advised to retain
an expert qualified in such matters. The author expressly denies any legal liability related to the effect of detrimental environmental, chemical or biological matters on the market value of the property.
9. The analyses set out in this report relied on written and verbal information obtained from a variety of sources the author considered reliable. Unless otherwise stated herein, the author did not verify client-supplied information, which the author believed to be correct.
10. The term “inspection” refers to observation only as defined by CUSPAP and reporting of the general material finishing and conditions observed for the purposes of a standard appraisal inspection. The inspection scope of work includes the identification of marketable
characteristics/amenities offered for comparison and valuation purposes only.
11. The opinions of value and other conclusions contained herein assume satisfactory completion of any work remaining to be completed in a good and workmanlike manner. Further inspection may be required to confirm completion of such work. The author has not confirmed that
all mandatory building inspections have been completed to date, nor has the availability/issuance of an occupancy permit been confirmed. The author has not evaluated the quality of construction, workmanship or materials. It should be clearly understood that this visual
inspection does not imply compliance with any building code requirements as this is beyond the professional expertise of the author.
12. The contents of this report are confidential and will not be disclosed by the author to any party except as provided for by the provisions of the CUSPAP and/or when properly entered into evidence of a duly qualified judicial or quasi-judicial body. The author acknowledges that
the information collected herein is personal and confidential and shall not use or disclose the contents of this report except as provided for in the provisions of the CUSPAP and in accordance with the author’s privacy policy. The client agrees that in accepting this report, it shall
maintain the confidentiality and privacy of any personal information contained herein and shall comply in all material respects with the contents of the author's privacy policy and in accordance with the PIPEDA.
13. The author has agreed to enter into the assignment as requested by the client named in this report for the use specified by the client, which is stated in this report. The client has agreed that the performance of this report and the format are appropriate for the intended use.
14. This report, its content and all attachments/addendums and their content are the property of the author. The client, authorized users and any appraisal facilitator are prohibited, strictly forbidden, and no permission is expressly or implicitly granted or deemed to be granted, to
modify, alter, merge, publish (in whole or in part) screen scrape, database scrape, exploit, reproduce, decompile, reassemble or participate in any other activity intended to separate, collect, store, reorganize, scan, copy, manipulate electronically, digitally, manually or by any
other means whatsoever this appraisal report, addendum, all attachments and the data contained within for any commercial, or other, use.
15. If transmitted electronically, this report will have been digitally signed and secured with personal passwords to lock the appraisal file. Due to the possibility of digital modification, only originally signed reports and those reports sent directly by the author can be reasonably
relied upon.
16. This report form is the property of the Appraisal Institute of Canada (AIC) and for use only by AIC members in good standing. Use by any other person is a violation of AIC copyright.
17. Where the intended use of this report is for financing or mortgage lending or mortgage insurance, it is a condition of reliance on this report that the authorized user has or will conduct lending, underwriting and insurance underwriting and rigorous due diligence in accordance
with the standards of a reasonable and prudent lender or insurer, including but not limited to ensuring the borrower’s demonstrated willingness and capacity to service his/her debt obligations on a timely basis, and to conduct loan underwriting or insuring due diligence similar
to the standards set out by the Office of the Superintendent of Financial Institutions (OSFI), even when not otherwise required by law. Liability is expressly denied to those that do not meet this condition. Any reliance on this report without satisfaction of this condition is
unreasonable.

I certify that, to the best of my knowledge and belief that:

1. The statements of fact contained in this report are true and correct;
2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and are my impartial and unbiased professional analyses, opinions and conclusions;
3. I have no past, present or prospective interest in the property that is the subject of this report and no personal and/or professional interest or conflict with respect to the parties involved with this assignment.
4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment;
5. My engagement in and compensation is not contingent upon developing or reporting predetermined results, the amount of value estimate, a conclusion favouring the client, or the occurrence of a subsequent event.
6. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the CUSPAP.
7. I have the knowledge and experience to complete this assignment competently, and where applicable this report is co-signed in compliance with CUSPAP;
8. No one has provided professional assistance to the members(s) signing this report;
The following individual provided the following professional assistance: N/A
9. As of the date of this report the undersigned has fulfilled the requirements of the AIC’s Continuing Professional Development Program.
10. The undersigned is a member/are all members in good standing of the Appraisal Institute of Canada. Where applicable this report is co-signed in compliance with CUSPAP. Where a report bears two signatures, both the signing appraiser and co-signing appraiser assume full
responsibility for this report.

PROPERTY IDENTIFICATION
ADDRESS: CITY: PROVINCE: PROV POSTAL CODE:
LEGAL DESCRIPTION:

BASED UPON THE DATA, ANALYSES AND CONCLUSIONS CONTAINED HEREIN, THE MARKET VALUE OF THE INTEREST IN THE PROPERTY DESCRIBED,
AS AT 2019-12-05 YYYY-MM-DD (Effective Date of the appraisal) IS ESTIMATED AT $ ■ Current Retrospective

AS SET OUT ELSEWHERE IN THIS REPORT, THIS REPORT IS SUBJECT TO CERTAIN ASSUMPTIONS AND LIMITING CONDITIONS, THE VERIFICATION OF WHICH IS OUTSIDE THE SCOPE OF THIS REPORT. ■ As Is As If Complete

CO-SIGNING AIC APPRAISER (if applicable)

SIGNATURE: CO-SIGNATURE:
NAME: NAME:

AIC DESIGNATION/STATUS: ■ AIC Candidate Member CRA, P.App AACI, P.App Membership #: AIC DESIGNATION/STATUS: ■ CRA, P.App AACI, P.App Membership #:
DATE OF REPORT/DATE SIGNED: YYYY-MM-DD DATE OF REPORT/DATE SIGNED: YYYY-MM-DD
PERSONALLY INSPECTED THE SUBJECT PROPERTY: ■ YES NO PERSONALLY INSPECTED THE SUBJECT PROPERTY: YES ■ NO
DATE OF INSPECTION: YYYY-MM-DD DATE OF INSPECTION: YYYY-MM-DD

LICENSE INFO (where applicable) LICENSE INFO (where applicable)

NOTE: For this appraisal to be valid, an original or a password protected digital signature is required. NOTE: For this appraisal to be valid, an original or a password protected digital signature is required.
SOURCE OF DIGITAL SIGNATURE SECURITY:

ATTACHMENTS AND ADDENDA: ADDITIONAL SALES ■ EXTRAORDINARY ITEMS ■ NARRATIVE ■ PHOTOGRAPHS £

■ BUILDING SKETCH Other (specify) Other (specify)

■ MAPS COST APPROACH INCOME APPROACH ■ SCOPE OF WORK LIMITED USES/LIMITED DETRIMENTAL CONDITIONS Other (specify) Other (specify)

9 Appraisal Institute of Canada © Ottawa, Canada 2018 AIC Full 0518v0909 v20190718
REFERENCE: EXTRAORDINARY ITEMS ADDENDUM F ILE NO.:
CLIENT: Client AIC MEMBER:

APPRAISER
ATTENTION: COMPANY:
CLIENT

ADDRESS: ADDRESS:
Address

E-MAIL: E-MAIL:

PHONE: OTHER: PHONE: OTHER:

EXTRAORDINARY ASSUMPTIONS & EXTRAORDINARY LIMITING CONDITIONS
An extraordinary assumption is a hypothesis, either supposed or unconfirmed, which, if not true, could alter the appraiser's opinions and conclusions (e.g. an absence of contamination where such contamination is possible, the presence of a municipal sanitary sewer where unknown
or uncertain). An extraordinary limiting condition is a necessary modification or exclusion of a Standard Rule which must be explained and justified by the appraiser (e.g. exclusion of one or more valuation approaches.) The appraiser must conclude before accepting the assignment
which involves invoking an Extraordinary Limiting Condition that the scope of the work applied will result in opinions and conclusions which are credible. Both must accompany statements of each opinion/conclusion so affected.

EXAMPLE: An Appraisal Standard been excluded as the Cost Approach has not been used in the valuation of the subject property. This approach is of limited relevance in the determination of current market value.
As with older improvements estimating the amount of depreciation that should be charged will distort the estimate produced by this approach.
Buyers and sellers in the marketplace are not typically not making purchasing or selling decisions based on the cost new of an existing improvement but rely heavily on the sale of similar properties in the market
place. By not completing this valuation approach has not restricted my ability to appraise this property.

See CUSPAP 6.2.7., 8.2.8. and 8.2.9.

Under CUSPAP/Practice Note 3.12.1, no title has been searched.

EXTRAORDINARY ITEMS ADDENDUM

HYPOTHETICAL CONDITIONS
Hypothetical conditions may be used when they are required for legal purpose, for purposes of reasonable analyses or for purposes of comparison. Common hypothetical conditions include proposed improvements, completed repairs, rezoning, or municipal services. For every
Hypothetical Condition, an Extraordinary Assumption is required. Following is a description of each hypothetical condition applied to this report, the rationale for its use and its effect on the result of the assignment.

JURISDICTIONAL EXCEPTION The Jurisdictional Exception permits the appraiser to disregard a part or parts of the Standards determined to be contrary to law or public policy in a given jurisdiction and only that part shall be void and of no force or effect in that jurisdiction. The
following comments identify the part or parts disregarded, if any, and the legal authority justifying these actions.

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Each assignment is unique, depending upon the type and size of the property, the complexity and significance of the issue, the intended function of the report and the manner by which it is reported.
The issue that is the focus of this engagement has been discussed and defined with the client, the work required to solve the issue planned, and the necessary market data acquired, analyzed and reconciled into an
estimate of market value in a manner typically expected in a report, being a format as herein utilized, generally but not limited for, mortgage lending intent. Therefore the content of this report may not be as
comprehensive as that which may be found in a different reporting format. All data necessary for reasoning, analysis and conclusions in this report are supported by such comprehensive data in file notes
retained by the author herein.

APPROACHES TO VALUE
The Income Approach to Value is a method of valuation whereby the estimated annual net operating income produced by a property is capitalized at an appropriate rate and utilizing the appropriate capitalization
method into an indication of the property's market value. This approach considers many of the basic economic principles, but specifically the Principle of Substitution and Surplus Productivity. When the subject is
a single family dwelling, the income approach has not been undertaken as residential properties are not typically exchanged on the basis of their income earning potential.
The Direct Comparison Approach is based upon the Principle of Substitution which states a prudent investor would pay no more for a property than the cost of acquiring an alternative property with the same
utility. The Direct Comparison Approach involves the investigation and analysis of recent, similar sales and listings of properties coupled with a process of comparison with the subject. Adjustments are made to
account for any relevant difference in price that it would have sold for had it possessed the relevant characteristics that the subject possesses. From these adjusted sales prices, as between each comparable sale
and the subject, an adjustment process derives from each comparable an expected price that it would have sold for had it possessed the relevant characteristics that the subject possesses. From these adjusted
sales prices, a defendable estimate of value for the subject may be made. "The Direct Comparison Approach looks at the differences in the legal, physical, locational and economic characteristics of comparable
sales and listings and more closely on differences in the property rights, the sales dates, the listing dates, the motivation of parties involved and the financing. The Direct Comparison Approach is directly related to
the prices of comparable, competitive properties, which then allows estimation of its market value and is weighted in this analysis.
Typically the Cost Approach is not weighted in Form Report Assignments. The cost approach to value considers land value plus depreciated cost of all improvements. This approach attempts to answer the question:
How much is the property worth if one had to buy the land build/construct all improvements to the land, together with all required associated soft costs? The cost approach, although one of the recognized
approaches or procedures to concluding value, is generally only largely reliable in new construction, relatively newly constructed property or one of a kind /uniquely designed/built structures. In other than the
foregoing, the cost approach is the least reliable procedure in reconciliation of different approaches/procedures in concluding market value for improved real estate. A component of the cost approach to value
(vacant land) may have significance when applied in the process of appraising real estate consisting of old structures or structures having outlived their useful life expectancy, or if the value of the land as if
vacant is equal to or greater than the value of the parcel which includes all improvements, but, this goes to estimating the highest and best use of the site and relies heavily on a fully market supported vacant land
appraisal. When this instance is apparent a land value as if vacant is appropriate. In the cost approach, too many variables are in play such as various and different depreciation levels for the various components
of a structure, especially if updating, replacement/ renovation, has taken place. There are fluctuating material costs, labor costs, a host of various and different material quality, labor quality, soft costs associated
uniquely with each property and uniquely with each different municipality in which a property may be located; sometimes soft costs are different from one neigbourhood to another in the same municipality, causing
land component estimates to be suspect and potentially disproportionate. In form report preparation if/when the cost approach is employed often and generally only at the behest of the addressee it is seldom
weighted in any analysis. In the event of the cost approach being included in the preparation of a form assignment, no component of the cost approach should be utilized in any underwriting procedure or in any
insurance application and must not be relied upon. Further, any reference to land values when/if a cost approach is utilized is the result of analysis of comprehensive data on file with the author herein. A fully
documented assignment for land value as if vacant may be provided under a separate cover in a different report under a new/different mandate.

IDENTIFICATION AND MEASUREMENT OF ADJUSTMENTS

The techniques of comparative analysis can be grouped into two categories as follows:
Quantitative
Paired date set analysis
Statistical analysis
Graphic analysis
Trend analysis
Cost-related analysis
Secondary data analysis

Qualitative
Relative comparison analysis
Ranking analysis
Personal interviews
Types of Adjustments
The adjustments derived with above techniques can be applied to a comparable property as either percentage or dollar amounts. The sequence in which adjustments are applied to the comparables is determined
by the market data and the analysis of such data relating to the comparables superiority or inferiority with regard to the real property rights conveyed, financing, conditions of sale, market conditions, location,
physical characteristics, economic characteristics, use, and non-realty components as consideration.

HIGHEST AND BEST USE

The highest and best use of a property is an economic concept that measures the interaction of five criteria: legal permissibility, physical possibility, probability, financial feasibility, and maximum profitability. It is
to be recognized in cases where a site has existing improvement on it, the highest and best use may very well be determined to be different from the existing use. The existing use will continue unless and until land
value in its highest and best use exceeds the total value of the property in its existing use. Implied within these definitions is recognition of the contribution of that specific use to community environment or to
community development goals in addition to wealth maximization of individual property owners. It is customary the highest and best use of the land as if vacant can be determined from the highest and best use of
the parcel as improved.

ANTICIPATED IMPROVEMENTS, PERSONAL PROPERTY, ASSEMBLAGE

Unless otherwise noted, no nearby anticipated public improvements or proposed private improvements would appear to have an impact on the herein concluded value.
Unless otherwise noted, any value of personal property associated with the real property herein, is deemed incidental to the value conclusion for the property type and caliber.
Unless otherwise noted, the concept of assemblage is not applicable to the value herein concluded. Assemblage is the merging of adjacent properties into one common ownership for a designated common use.
Assemblage can result in a value of two of more merged properties having a value greater than the sum of the two or more properties values added together as individual entities.

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UNITS OF COMPARISON
After sales data has been gathered and verified, systematic analysis begins. The units of comparison selected depend on the appraisal issue and nature of the property. Some units of comparison considered may
include: sale price per square foot of land area (vacant land), sale price per square foot of building area (including land), sale price per square foot of land area including all improvements, sale price per acre, sale
price per front foot, sale price per unit, etc.
Units of comparison are used to facilitate comparison of the subject and comparable properties. A sale price per square foot of building area (including land) will be utilized for this analysis.
For consistent comparison to estimate value for a property the nature of the subject, under this mandate, it is best illustrated by dividing the sale price of a group of comparable properties by the square footage
gross leasable area (GLA) of the comparable properties as reported by MPAC (the assessment authority for The Province of Ontario) and utilizing the adjusted range as a benchmark in estimating a value range
(which includes all improvements) for the subject property.

In the appraisal process, it is not reasonable to assume an opinion giver or anyone would be permitted to trespass on the properties felt to be suitable as comparison to a property being the subject of an appraisal
to inspect and confirm structure sizes.

It is also not reasonable for an opinion giver to rely entirely upon sizes and other measurement detail that may be provided on a listing detail sheet, completed by different realtors, of a sold comparable property
when such may be verified by another means presumed to be of an official authority such as Registry/MPAC/Municipality.
Properties in the Province of Ontario are assessed for municipal taxation under equal and consistent criteria by and with all of the data and analytical tools available to the assessment authority. It is believed,
regardless of whether or not each individual property assessment is accurate for each individual property, there is consistency in the manner by which the assessment was calculated and that the building sizes
(GLA) are accurate from plans provided.
When building permits are taken out for the initial construction; construction plans must be provided. The detail provided to any municipality for the issuance of a building permit is then provided to the assessment
authority (MPAC). Subsequent improvements to a property after initial construction that may alter a structure size must be completed under permit based on construction plans which are in turn provided to the
assessment authority (MPAC).

It is therefore reasonable to conclude that the stated size of a structure is as accurate as the plans provided to legally construct same and that accuracy is prevalent on the date of the subsequent sale of the
property. Therefore the one item of consistency that prevails in a property sale is the recorded structure size under MPAC authority. In this report, the structure sizes of the comparable sales are deemed
accurate enough to apply in this analysis.

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REFERENCE: INSPECTION NOTES ADDENDUM
__________________________________ADDENDUM F ILE NO.:

The subject property was inspected by X on inspection date indicated herein and the photographs included in this report were taken on the same day.
The appraiser is competent to appraise a property of this type and in this location.

The Appraiser has taken exterior and interior photos of the above mentioned property which are included in the body of this report. WRITTEN/VERBAL consent was obtained from the occupant of the above
mentioned subject property and/or consent was obtained through any agents acting on behalf of the interested parties. All efforts were made to ensure the protection of the occupant's personal information and
that the appraisal report complies with PIPEDA.

The neighbourhood section of this report was based upon a physical inspection of the area. The comparable sales were not inspected but viewed from the street.

EXAMPLE Fire, Smoke, C02 Equipment

It is imperative that the reader or any other interested party be aware that the Appraiser did not inspect the premises for the detection of smoke or fire detection systems, or for the presence of carbon monoxide
detectors, nor did the Appraiser inspect the condition of such equipment, if present. The Appraiser takes no responsibility whatsoever for the lack of, or condition of detection devices that may be located on the
premises, nor does the Appraiser warrant compliance in any manner of such equipment, if present. This would require inspection and written confirmation from the Fire Department or appropriate City or
Municipality offices.

EXAMPLE Building Compliance / Market Rent:

The concluded value herein is subject to the property and landlord complying with The Residential Tenancies Act (RTA).
A Fire Department inspection report was not provided to the appraiser, nor was an inspection initiated for this report. The appraiser notes that the subject building may not fully comply with current fire code
regulations. Further, any cost to remedy same should therefore be considered in conjunction with the concluded estimated value.
The owner has not provided Certificates of Compliance by the Fire Department, Ontario Hydro, or the Municipality’s Building Inspection Department. Concluded value may be subject to change upon receipt of the
above noted documentation.

The subject structures and any and all improvements to the site are assumed to have been erected, placed or constructed lawfully, and in compliance with all the appropriate authorities. On all reports of property
that are subject to satisfactory completion, repairs or alterations or some other hypothetical condition, this report and value conclusion are contingent upon completion of the improvements in a workmanlike
manner and in compliance with all regulatory authorities and within a reasonable time period, or as stated. Unless noted otherwise building sizes are calculated in accordance with Appraisal Institute of Canada
building measurement guidelines adopted from the American National Standards, Institute Inc. (ANSI) Square Footage-Method for Calculating: ANSI Z765 – 2013

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Example Servicing:
The subject property is not connected to the municipal sewer system but the intended use of the appraisal calls for it to be valued as though it is. The value opinion reflects the property as though it is connected to
the sewer system as of the date of value, which is the current date. This value is premised on the hypothetical condition that the property is connected to the sewer system on the date of value. The appraisal
report would need to include a clear disclosure of the hypothetical condition and state that its use might have affected the opinions and conclusions. (If the date of value were a future date, the condition would be a
special/extraordinary assumption rather than a hypothetical condition.)

Example Permitted Use:

It is uncertain on the date of value whether a particular use is permitted on the subject property. The value opinion reflects the property as though the use is permitted as of the date of value, which is the current
date. This value is premised on the special/extraordinary assumption that the use is permitted on the date of value. The appraisal report would need to include a clear disclosure of this special/extraordinary
assumption and state that its use might have affected the opinions and conclusions.

Example Soils:
The subject property is located in an area that is known to have unstable soils. However, it is uncertain whether the subject property’s soils are stable or unstable. The value opinion reflects the property as though
soils are stable on the date of value, which is the current date. This value is premised on the special/extraordinary assumption that the soils are stable. The appraisal report would need to include a clear
disclosure of this special/extraordinary assumption and state that its use might have affected the opinions and conclusions.

Example Access:
The subject property is a large, irregularly shaped parcel located in a rural area. Neither a physical inspection nor the legal description provided to the valuer can clarify whether the parcel has legal access. It
appears the only access is across the adjacent site. The valuer is told the adjacent property owner granted an easement for access but is unable to confirm this. The value opinion reflects the property as though
the subject site has legal access on the date of value, which is the current date. This value is premised on the special/extraordinary assumption that the site has legal access. The appraisal report would need to
discuss the nature of the presumed access, include a clear disclosure of the special/extraordinary assumption, and state that its use might have affected the opinions and conclusions.

Example 5 acres:
The subject property is the fee simple interest in a 5-acre portion of a 20-acre parcel. The 5 acres is not a legal parcel. The market value opinion reflects the property as though it is a legal parcel on the date of
value, which is the current date. This value is premised on the hypothetical condition that the parcel is a legal parcel. The appraisal report would need to include a clear disclosure of the hypothetical condition and
state that its use might have affected the opinions and conclusions.

Example No Outbuildings:
The subject property is the fee simple interest 123 Main St., which is a 2 acre parcel improved with a single family residence and a 5,000 square foot commercial building. The client requests the property be
appraised as though the commercial building does not exist. The value opinion reflects the property as though the commercial building does not exist on the date of value, which is the current date. This value is
premised on the hypothetical condition that the commercial building does not exist. The appraisal report would need to include a clear disclosure of the hypothetical condition and state that its use might have
affected the opinions and conclusions.

Example Expropriation:
An appraisal is prepared for expropriation purposes, so the “before” value must not take into account project influence and the “after” value must reflect the property as though the proposed project has been
completed. The “before” value is premised on the hypothetical condition that the project is not proposed. If the “after” value is a prospective value, it is premised on the special/extraordinary assumption that the
project will be completed as proposed, and the general assumption that there will be no unforeseen circumstances that would cause market conditions to significantly differ from what is anticipated. If the “after”
value is a current value, it is premised on the hypothetical condition that the project is completed as proposed. The appraisal report would need to include a clear disclosure of the special/extraordinary
assumption(s) and/or hypothetical condition and state that their use might have affected the opinions and conclusions.

Example Building Sizes

All information regarding the building sizes of the comparable sales were provided by MPAC. In order to acquire a accurate building size adjustment between the subject and the comparable sales the appraiser has
chosen to utilize the MPAC building sizes to minimize the variance adjustment and implement some consistency for the adjustment in the Direct Comparison Approach.

Example Site Size

The size of the subject site was obtained from sources considered reliable however no current legal survey was provided or available. Accordingly, a current legal survey should be obtained to confirm the site
size. For the purposes of this appraisal, the site size is assumed correct and the value estimate could be subject to change if found otherwise. The subject improvements are assumed to be constructed well within
the boundaries of the subject site. A legal survey should be obtained to confirm the location of same. Should any of the improvements not be fully located within the confines of the subject site, the value estimate
could be subject to change.

Example UFFI
Upon an exterior inspection there were no apparent signs of UFFI installation. This appraisal assumes none is present.

Example Environmental Comments

MEMBER COMPANY/NAME is not qualified to comment on environmental issues that may affect the market value of the property appraised, including but not limited to pollution or contamination of land, buildings,
water, groundwater or air. Unless expressly stated, the property is assumed to be free and clear of pollutants and contaminants, including but not limited to moulds or mildews or the conditions that might give rise
to either, and in compliance with all regulatory environmental requirements, government or otherwise, and free of any environmental condition, past, present or future, that might affect the market value of the
property appraised. If the party relying on this report requires information about environmental issues then that party is cautioned to retain an expert qualified in such issues. We expressly deny any legal liability
relating to the effect of environmental issues on the market value of the subject property.

Example Mold
The determination of the mold is beyond the expertise of the appraiser. Liability is expressly denied as to the actual existence or non-existence of mold It is unreasonable to rely on the appraiser’s visual
observations as to the actual existence or non-existence of a use or detrimental condition. The client or authorized user(s) of the report must consult the expertise of an (engineer, surveyor, plumber, electrician,
HVAC technician, health inspector, home or building inspector, municipal official,) or other appropriately qualified professionals for a definitive determination of the actual existence or non-existence of any mold
Not all uses or detrimental conditions may be observed on the inspection date due to weather conditions, inoperable systems, inaccessibility of areas of the property, etc. Without dismantling the house or its
systems, there are limitations to the inspection. Liability is expressly denied as to any hidden, unapparent or unknown mold or any related detrimental condition beyond the scope, expertise and/or qualifications of
the appraiser and reliance on the appraiser’s visual observations is unreasonable. Other appropriately qualified professionals must be retained to determine the actual existence or non-existence of any mold or
detrimental conditions. The appraiser is neither responsible nor liable for the non-discovery of any patent or latent defects in materials, workmanship, or other conditions of the Property, or any other problems
which may occur or may become evident after the inspection time and date.

Third Party Agents

(CLIENT NAME) and (AMC NAME) have directed that the appraiser transmit the content of this report via (AMC NAME). Pursuant to its user agreement, (AMC NAME) has disclaimed any warranty that the (AMC
program) will be error free, has advised that information reported to and by (AMC program) may be subject to transmission errors, and has indicated that use of (AMC Program) is at the user's sole risk.
Accordingly,
Delete Page 15(CLIENT NAME) should make its own determination as to the accuracy and Institute
Appraisal reliabilityofofCanada
(AMC program) for Canada
© Ottawa, its use. The appraiser makes no representations and specifically
2018 AIC Fulldisclaims
0518v0909any warranty
regarding the accuracy or portrayal of content transmitted via (AMC Program) or its reliability. The appraiser uses such technology at the specific direction and sole risk of the (AMC NAME)/(CLIENT NAME). At its
request, (CLIENT NAME) may obtain a true copy of the original report directly from the appraiser via secure email, mail or other means.
REFERENCE: COST APPROACH ADDENDUM F ILE NO.:
CLIENT: Client AIC MEMBER:

APPRAISER
ATTENTION: COMPANY:
CLIENT

ADDRESS: Address ADDRESS:

E-MAIL: E-MAIL:

PHONE: OTHER: PHONE: OTHER:

PROPERTY ADDRESS: PROV

LAND VALUE: SOURCE OF DATA: $
SOURCE OF COST DATA:  MANUAL  CONTRACTOR 
BUILDING COST  Sq. Ft.  Sq. M. ESTIMATED COST NEW DEPRECIATED COST
Livable floor area (above grade) @$ $ 0 $
Basement @$ $ 0 $
@$ $ 0 $

Garages/Carports @$ $ 0 $

@$ $ 0 $
@$ $ 0 $
@$ $ 0 $

Other Extras Including Site Improvements, Landscaping, etc $ 0 $

$ 0 $
$ 0 $
$ 0 $
$ 0 $
$ 0 $
TOTAL REPLACEMENT COST $ 0
ACCRUED DEPRECIATION:
8 % $ 0
DEPRECIATED VALUE OF THE IMPROVEMENTS $

ESTIMATED VALUE BY THE COST APPROACH (rounded) $ 0

COST APPROACH

NOTE: Unless otherwise noted the construction cost estimates contained herein were not prepared for insurance purposes and are invalid for that use. The Cost Approach is not applicable when appraising individual strata/condominium type dwelling units.

ANALYSES/COMMENTS:

See Extraordinary Items and Scope comments as the Cost Approach is not applicable.

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REFERENCE: MARKET RENT ADDENDUM F ILE NO.:
PROPERTY ADDRESS: PROV
SUBJECT

RENT HISTORY:

INCLUDED IN THE MARKET RENT

ELECTRICITY GARBAGE COLLECTION PARKING WATER LEVIES REFRIGERATOR STOVE
HOT WATER CABLE TV / SATELLITE

RENTAL MARKET COMMENTS:

(supply, demand, vacancy rates, etc)

RENTAL MARKET

SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3

■ MONTHLY ANNUAL Description Adjustment Description Adjustment Description Adjustment

DATA SOURCE
RENT RATE $ $ $ $

LOCATION

DESIGN/STYLE Other (specify) Other (specify) Other (specify) Other (specify)

/,9$%/()/225$5($ 1,000
Other (specify)
Other (specify)
Other (specify)
Other (specify)
COMMENTS:
COMPARABLE RENT DATA
RENT RENT

RECONCILIATION AND FINAL ESTIMATE OF RENT:

RECONCILIATION OF MARKET

ESTIMATED RENT (rounded): FROM $ TO $

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REFERENCE: INCOME APPROACH ADDENDUM F ILE NO.:
CLIENT: Client AIC MEMBER:

APPRAISER
ATTENTION: COMPANY:
CLIENT

ADDRESS: ADDRESS:
Address

E-MAIL: E-MAIL:

PHONE: OTHER: PHONE: OTHER::

PROPERTY ADDRESS: PROV

SERVICES AND AMENITIES INCLUDED IN THE RENT:
ELECTRICITY GARBAGE COLLECTION PARKING WATER LEVIES REFRIGERATOR STOVE
HOT WATER CABLE TV / SATELLITE

INCOME: LEASES VERIFIED: YES NO ■ SQ. FT. SQ. M.

NO. OF NO. OF MONTHLY RENT—PER UNIT ANNUAL
FLOOR NET FLOOR AREA TOTAL MONTHLY TOTAL ANNUALLY
UNITS BDRMS ACTUAL ECONOMIC SQ. M. OR FT.

$ $ 0 $ $ 0 $ 0
0 0
0 0
0 0
0 0
0 0
0 0
LAUNDRY UNITS X $ X 12 MONTHS = 0 0
TOTAL $ 0
OTHER $
$
GROSS INCOME $ 0
LESS: VACANCY AND COLLECTION LOSS % 0.0% $ 0
PARKING MONTHLY TOTAL OCCUPANCY SUB TOTAL $ 0
INTERIOR SPACES AT $ PER SPACE $ 0 0% $ 0
EXTERIOR SPACES AT $ PER SPACE $ 0 0% $ 0
INCOME APPROACH

EFFECTIVE GROSS INCOME $ 0

EXPENSES: ANNUALIZED AMOUNTS
TOTAL PER UNIT SQ. M. OR SQ. FT. % OF INCOME
TAXES: MUNICIPAL 0.0%
SCHOOL 0.0%
OTHER 0.0%
INSURANCE 0.0%
HEATING 0.0%
WATER 0.0%
ELECTRICITY 0.0%
GAS OR FUEL OIL 0.0%
JANITORIAL 0.0%
REPAIRS AND MAINTENANCE 0.0%
PAINTING AND DECORATING 0.0%
RESERVE 0.0%
ELEVATOR MAINTENANCE 0.0%
PROPERTY MANAGEMENT 0.0%
GARBAGE COLLECTION 0.0%
0.0%
0.0%
TOTAL EXPENSES 0
NET INCOME
CAPITALIZATION NET INCOME $ 0  CAPITALIZATION RATE %=

ESTIMATED VALUE BY THE INCOME APPROACH (rounded) $

ANALYSES/COMMENTS:

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REFERENCE: PHOTOS ADDENDUM FILE NO:

Subject Front

Subject Rear

Subject Street

Click to Add More Photos

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Office

Other (SPECIFY)

Other (SPECIFY)

Click to Add More Photos

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Other (SPECIFY)

Other (SPECIFY)

Other (SPECIFY)

Click to Add More Photos

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REFERENCE: LOCATION MAP ADDENDUM FILE NO.:

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REFERENCE: ADDITIONAL SALES ADDENDUM FILE NO.:

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REFERENCE: ZONING MAP ADDENDUM FILE NO.:

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REFERENCE: "As Is" Addendum F ILE NO.:
CONSTRUCTION COMPLETE %
ADDITIONS COMPLETE %
IMPROVEMENTS

COMMENTS:

The subject property is currently under construction/renovation/remediation. The following is a description of the improvements "as is":

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

SUBJECT Description $ Adjustment Description $ Adjustment Description $ Adjustment

DATA SOURCE
DATE OF SALE YYYY-MM-DD

SALE PRICE $ $ $ $

DAYS ON MARKET
Other (specify)
Other (specify)
LOCATION
SITE DIMENSIONS/LOT SIZE
PROPERTY TYPE Other (specify) Other (specify) Other (specify) Other (specify)
DESIGN/STYLE Other (specify) Other (specify) Other (specify) Other (specify)
AGE/CONDITION Good Other (SPECIFY) Other (SPECIFY) Other (SPECIFY)
LIVABLE FLOOR AREA 1,000 ■ Sq.Ft. Sq. M.
Total Rooms Bdrms Total Rooms Bdrms Total Rooms Bdrms Total Rooms Bdrms
ROOM COUNT 12 7
DIRECT COMPARISON APPROACH

BATHROOMS 1 F 1 P

BASEMENT
PARKING FACILITIES

Central Air
Fireplace

ADJUSTMENTS (Gross %, Net %, Net $ ) 0 0 0

ADJUSTED VALUES $ 0 $ 0 $ 0
ANALYSES AND COMMENTS:

Include qualitative or quantitative explanation for sale conditions, expenditures, market conditions and property adjustments including location, physical/economic characteristics, use, non-realty, rationale for
most appropriate comparables

ANALYSIS OF REASONABLE EXPOSURE TIME:

ESTIMATED VALUE BY THE DIRECT COMPARISON APPROACH (rounded): $

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REFERENCE: "As If Complete" Addendum F ILE NO.:
COMMENTS:

The subject property is currently under construction/renovation/remediation. The following is a description of the improvements "as if complete":
IMPROVEMENTS

As the subject property does not exist as described above, see hypothetical condition and extraordinary assumptions on page X.

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

SUBJECT Description $ Adjustment Description $ Adjustment Description $ Adjustment

DATA SOURCE
DATE OF SALE YYYY-MM-DD

SALE PRICE $ $ $ $

DAYS ON MARKET
Other (specify)
Other (specify)
LOCATION
SITE DIMENSIONS/LOT SIZE
PROPERTY TYPE Other (specify) Other (specify) Other (specify) Other (specify)
DESIGN/STYLE Other (specify) Other (specify) Other (specify) Other (specify)
AGE/CONDITION Good Other (SPECIFY) Other (SPECIFY) Other (SPECIFY)
LIVABLE FLOOR AREA 1,000 ■ Sq.Ft. Sq. M.
Total Rooms Bdrms Total Rooms Bdrms Total Rooms Bdrms Total Rooms Bdrms
ROOM COUNT 12 7
DIRECT COMPARISON APPROACH

BATHROOMS 1 F 1 P

BASEMENT
PARKING FACILITIES

Central Air
Fireplace

ADJUSTMENTS (Gross %, Net %, Net $) 0 0 0

ADJUSTED VALUES $ 0 $ 0 $ 0
ANALYSES AND COMMENTS:

Include qualitative or quantitative explanation for sale conditions, expenditures, market conditions and property adjustments including location, physical/economic characteristics, use, non-realty, rationale for
most appropriate comparables

ANALYSIS OF REASONABLE EXPOSURE TIME AND PROBABLE TIME OF COMPLETION:

ESTIMATED VALUE BY THE DIRECT COMPARISON APPROACH (rounded): $

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