90-18 Attachment - 89 Watchung Avenue-Mortgage Subordination Application Docs.pdf

Uniform Residential Appraisal Report APPRAISER 'S CERTIFICATION: The Again: certies and agrees tat 1 fswe, a1 a minim, dhineiened and ignited this appre? im accordance wih te scape at work requirements sialed in Sis apmsat raat. 2. 1 pestarmed a complete visus spartan of me interar snd eater rors of tha spol poet. f reporsd the omdsin at ma imgrwvemerts im achiat, speci forms 1 aden anf reported tha physiza§ detinkacass | ihe cout atlect he Wwsciity, — Soundiess, of shuctira mtegtly al the praneey, 3.1 porformae this anneisat it ancomtance wim fra roquirements at Stalin © Standaris at Professions! Appestcat ‘Practice fiat were aifonted = and promulgated by me Appra’ssh Standards Baw ot The | Apprateat Faundstin) «and that Wore face oat ma ima ms appraisal oper; was pmpared. 41 developed my cgimon at tie cmurkel Wake at te rea prapaty Mat fs Me pK. ot EES mE Baad an te aes camganson apireach $1 vu, «Fm adequa camgarabin «market data i) dawing «hablo sales comparison agnmach for the appraiznt assignment. 1 further ortty hat f considered tha oust and inte approaches ta value but did not develop them, unless ottenwisa iaxlinated im this eva. 4. 1 retewched, verified, anayzed, and pared an any cunont = agmement far ae for the sibjoct progeny, amy alfening far sie at the sbjeet property i tho twetve ments prky fo ihe effective dota ot His ayprdsal and fe pra avas af ha subpet Popemy jor a minimum at thine ysis pdor tthe effective avta of thts appraisal, unless otherwise indicated itis report 8. 1 resaarched, veritid, analyzed, an reputed an me por sales of the comparatie alse tor a minimum af ma year par s the dite gf sae at the compurshle sofa, urlass otherwise inckcatet tm the ropart 3. 1 svctod and used enmaseatio dea that any facatonally, physiesly, and timatonaty me mast ami i tho mubjct pmpony, & 1 hae oat used canparctin sabe fat wera me rei cf combining a tan sab wih the cama putas poe at a home that fas ben full or ad! fo ful an he nd. 4. 1 how report adjustments fa the comgaratie sles that tact the market's recetian © ie eifrences atmos the safajoct ampemy and the «= onmpaiable = sales, ‘tf voniied, fom dinterasted source, ail infomristian Wh tiis vegort tht was provided 8y partes wha hve a funda infest fhe sale ar financing of the subjoct arogenty. 11 3) fave naweadga aad eepamence om apraINng Tus! ype at prone om Tres mewket area, 12 tam

is vegort tht was provided 8y partes wha hve a funda infest fhe sale ar financing of the subjoct arogenty. 11 3) fave naweadga aad eepamence om apraINng Tus! ype at prone om Tres mewket area, 12 tam aware of, and fave agoens 9, tha neceteny and agmopiite pute and ptvats dita sourens, sunt ae mets tke servioas, fax assessment moons, pic fami rmanis and other such da sours for the ama in which fhe grapety i lacated, 13, 4 atta the wrmaian, setmatns, and oginkons —tumished by omer patios and caqwesond «mS smprast = mpon fram reliant sources Mat 1 felines to te iio amd onmect 14 4 hava tain ito consileration the factors that hava a pact an vue with respect 8 he subject naighbationd, satyert prmpumy, and He proximity of the subject property 4 adiame inimcas in the davelagment af my opinion ot market vaue. | fave met in hes aonraisst wot ay achvirsa cond¥ans {such as. fut not tinied fa. needed semis, datariration, the frosence of | fazardous waches, tie subotinces, advweia anvdinrmenfat oandtinns, elo} cbisorved dung the = insgegton atthe stieet pmipeay oF Smt 1 becwms awam ot durhg the meaach waked im porlarming this agmatsa’, «| hava considered these atverse omidtins in my anys ct he papery value, and five mpored on the flect at ma candions cm the vali ard eneketabilty of tha tubipet properly. 15 b mave ot Rrwingy wetEmek! any signiboart imfommagan iran 15 appmatsah repo and, a9 me hast af my mnowkdge, at stawrent and inhrmaion i is apa report ae re and comment. $@ 1 std this anpmais rapot my own petsrnal, urtiased, and pmiaistonst andiysis. agimions, anf omelisions, which ge shpat my fo he assumpions snd timing canditons ia shis aggralsa) part. 1h 4 have og present ar praspantve infest in tha propery Mat is the subjact of thie senor, and ¢ havo na present af pmsqecha personal iniarst or tas wih respect to fe partcnants in ma wansacinn. 3? da mot baoe, emer pataly ot crepetety, my analysis andor opinion at market value th fils apaaisd port an the race, cclar, wabgim, sie, aga, muntal sisus, handican, iamiiat stam, oF natona onijn of aier me promiective awmers ar geoumms of fH subject propety @ ot ma pRsem owners ar aocunams cf me properties in the viciity ot tho sefyjoct pragerty ar on any oer haste prafitiied ty lew. 14 ky aenginyinant andor compensaton far partieming thés sppraisat a any furor anfcinated «apneétts © wasnt candiionad oa any agmeenint

ot tho sefyjoct pragerty ar on any oer haste prafitiied ty lew. 14 ky aenginyinant andor compensaton far partieming thés sppraisat a any furor anfcinated «apneétts © wasnt candiionad oa any agmeenint or understanding, writs ar oberwise, mat woukl reno (wr miosan amass sumarting 2 avedstemnined speciic vakie, a precdoterminad minimums vaio, 9 range a direction fa value, 2 vata mnt tsvors the cause af wy pay, of fhe atthinment al a speciic resuk or ouewrence al @ spaciic svsaquint aveat (such as amemat ot a pending mangaye tan applvamtion}. 1% 1 personaly ropamd at conctisions and opinions abow te sat aches fut ware ast fh m i amass rot Ht fied an sigriicant rei pmpedy anpraisl ascistonios rom amy didlo individuals ne packrmance at this angracal ae fe omreaamia: af fis apnmisat par, 1 have named sich individuals). and discesed «the spect: tasks parted im this copeciest apart, 4 certly that amy intial sy mamed is quafiod to geriorm the tks. 7 havo not authorized anyone ta mar a change ta any font ky FI anprals rept; mheroiare, any change made mM fis aprasa is ungunorined and | wif take om vesponsitiay far 24, 1 iontded he faridke/etiemt im Sie agpraisal port wha the indivekl, crginmatin, ar eget for the onganustm fat anced and will ransive this appraisal regiart, Frecite Ntsc Ferm FO Nbech 2005 yO vewong911 Page sat ‘Farias Form 1 0 Mareh 2005, foc 1GHUAD - "TOTAL apocaital sot by 2 i mods, ke. ~ 1-900-AL AMOK

Coamnstonn axe7e Teaco raze | Uniform Residential Appraisal Report vat 29072 21, The fendanbfiont may disclose ar disiitwe MS appraiaé repmet im, tho Bumawer; another fewer al the requst of he Dormer, th marigagen or ts sanoussars and assis; © marae sums; ovement sonmoned —enerprises; other secondly market naricinents; dia caftention arresting serviews: professional © cciasat «argazatons, any destarnant, agency, w insruneniaity a} me United Sines; and any sista, fhe Distal ct Coumtia, or ther utsdictons; without faving 2 ‘bia tha aeyraisar’s ar suervisory ammméser's (4 anplicatie) consent. Buch omsemt must be obaimad © Batam this appratsal pan may be disclsse) or cistinuixd 22 ey oer gary inciting, but mot limited a, fia pubihe through adbeetioing, —pubte redaians, mews, sates, ay other mechs). 1 am awa nut any disciasum or distrbution of is appraisal mpad ty me or the lendaifetient may be subject ta onrtatn faws and reguistions, Fushee, am gta subject fa she pavisions a! the «Unihien Standards of | Professional Angraieal Practica that pertain ty disdosire ar detitwton by ma, 24. ‘the barmwer, anata ender at me sequest af tha vornwer tha morgage of its suncessars and aasigns, merigaya msurers, gavemment sansed emtemeiser, and ater secondary —mmarket partaipats may rayon his agpraisal report as at of any markey nme wansacton tht liwoWes amy cma ar mare Gl Mase pates, 24. otk appraisat report was tmnemited as an “wentmnic cacant' oamaining my “alectanic sinatra,’ as tags sms ae defined = agpdicable fedéeat andior state tows (ectiding = aadia and vido weodings), @ a tacsinie tansnixan af his joprés# vegor contaning a cony af mpresemiaion of my signaum, the aoprais# report shek be 26 affective, emforoastfe ant vid as Ma pager wwsian Gt aks sonra repo wire defied cxmtaiting «my angi hand wien signature, 2% Ay fenton’ or agiger miszaprasenttoa[s} camainod «Sis dpprasat mpod © may eau chatty nar vwiminal penates inching, vat nat fimted a, fine ae lirgrisarmmem oF nomi winder tne paves of ‘Tite 18 Unied Sams Cade, Sector 1001, at sag. oF Simin sik awe, SUPERVISORY APPAAISER'S CERTIFICATION: Ta Supervisory Aonratser cantias; amt agrees at: 1 4 dronty sapomésed the anprisw Jor Mis appiaisst assignment, hava ead ma appraisal saat, al aga WM te sopmiser's ongysis, cgiivians, stamens, candusians, and te anralser’s —serttizaBon 2 1 aap fuk resnonsibity far the

the anprisw Jor Mis appiaisst assignment, hava ead ma appraisal saat, al aga WM te sopmiser's ongysis, cgiivians, stamens, candusians, and te anralser’s —serttizaBon 2 1 aap fuk resnonsibity far the confoms of this anpralsal repert inciuding, bat ngt limbid ta, tw spinraisars nays. opinions, ‘statements, canchusions, and te aatsers—onrdiinaan, The agpratsor ldanttied im this angratss! mapat is atar a subcontuctor or an emgfoyee af fhe supavisory appraiser forthe spuds wm), ie qualiod i pata tie appridead, and i accaphbla to porter fia spac under ite apolita «stam tw. 4 The spears eat corres with fm Unifurn Standards ot | Professions’ Agprasal Pmctoe tat were sdugfend smd Promaxmed by the Atmel Standueds oar] af The © Apceaisst Fourlston and that wera fn phon at fe time es saprainal report = was pened 4. 0 ths amass mot was sasmitind 22 an “etoronie reso” contining «my “wecvanic sipiatre;’ as tose tems ore atone in agnlicably tederst anitar state ws (eimtaling axidia and video reonecings}, ae 3 faceknitx ranemission of fs somes wpe comaiing a copy oF reemesctaton of / my sqnabre, Ma appraise) wepud shalt bo as dtinetve, enfumesble and vilid as fa paper wersion of this anpraisa’ report were dveced —contaning my auigink hand wittenignstun ral . a Ase tf APPRAISER ff ea SUPEAVISORY APPRAISER (ONLY iE REGUIRED) 4 i foe Sonstue ecb Signature time Bonnés A. Nach, SCREA Name Campany Mame Sullvan Appraisal Services, ULC Company Name Gampeny Aare: 4 Efsworth Averwe Company Aeldhass Morristown, NU 67.060 Telephane Mamter 201-337 -B459 Tate nen Muentier Emai Adiess INFO@SULLVANAPPRAISAL SERVICES COM Esnait Address Dato ot Signatura and Feport DINWANB Uata at Signa Erhotve Oateat Aanraisat 0418/2048. ‘Stowe Cortticaton w ‘Sure Coriticaiin # 42RC0016 1900. or State conse dt ox Siam License a il ar (thor (deeodtna} Sate ‘Eagiration Osta of Contfication or License: ‘State NU Expintion Date af Candice ban ark tonne 1ws12019 SUINEET PROPERTY ANDRESS OF PROPERTY APPRAKSED CD) Seliinapect supper neipeny i Wikienoies Do St insnect neariarats unjsot proneety deem street 8 Wasi Orange, NJ 07052 Tamathapecen - APPRAISED VALUE OF SUBJECT PROPERTY S 240,800 Oi inspect imetor nd exeriarat sanjoce property ENDER /OUENT Data at inspection fone TSLAPPRAISAL COMPARMBLE SALES Campssry Nemo ‘Quicken Loans, In Company Address 3050 Woodward Ave, Detroit, Ml A826 [07

pect imetor nd exeriarat sanjoce property ENDER /OUENT Data at inspection fone TSLAPPRAISAL COMPARMBLE SALES Campssry Nemo ‘Quicken Loans, In Company Address 3050 Woodward Ave, Detroit, Ml A826 [07 Sh natin ganes exterior af camparatio sates tram sirent ‘el inepect aceeiorat comparanta sales tram strat Grail Address ‘Daw otinspecsion Free tse Fer PO rch 2208 WOwronsRI Pap be Fre Me Fee 1 08 Mare 21085 Form TOFD - "TOTAL aporaisal sot wary by kk enous, hv, ~ 1-300 -A8. A ODE

Uniform Residential Appraisal Report Chimnetone sere Trscoareuzs ] Foe 21972 TAT TL Seer COMES F 9 TOPRNESAE Mikes" 89 Weichung Ave 89 Waichung Ave West Oranga, NJ O7052 Fito Ses West Orange, Ni ee sae is Tae SCE iF E EG Tm! EEE ASCHER 7:DON 34 Prartannn sana 2 Pix oe ADARTRRTS Tips Mia TesCAMTIONT eae Ai Saks a Fans feancssans feasusaire oom CT a i ein eae oasty of matin -29,900| wm | ae a [arm | re 6 7] 3 [zo 4.2168 _ St 4.15G_i0 mh. WOBswOsfin —_|SFSstZEBshin lOreGbr4 Ohad [tr bn0. Obado [Aweraoe 18 [HW No GAG IHW No GAG None [None [adtw Eeeran 20,005) (Porch, Deck Crack, None 1 Fete [Mone ‘None ek Aatraet Fe inn ie 216,950) Ci; CF apa Sao Fie ee, 555 ary oy eomrpcnate ue [aos ae a7 fs 249,040) Bead afs aa ed Ue ea ane oF ep stow Wa ET CC eT Foon TONHLIMD JAC) - “TOTALT sopra software by & mmo, ine. 1-BO0-ALAMOS TENT SUE TORN TMPRMESUE CHPMMRESAEP & Duar Sa Fea Pe Saar * CE Inisotb.cog [rjc one ate bra data Sarat low 162018 lowiean 18 ra pew a iy wtp py a ean nea ares Pras ite Fes 70 Mech 205 AD Version 2011 Face Mls Fee 1008 March 2005

Chua aee ane TO) Supplemental Addendum ran 24972 Pose Attes 2 \Wsichung Ave ey ‘West Orange Gani} Eee oR Nd iw O7OBD. andar Quicken Loans, Ine PREDOMINANT VALUE: The final value of the subject falts below the pradominam! value as the subject is intertar to the typical property im the anea as itis smaller than the typical dwelling, however it does fall within the markets typical value range. The subject isnot considered an under improvement as evidenced by sufficient market data showing competitive properties in the araa. Marketabliity is satisfactory and not adversaly alfected' by failing below the predominant valuas in the area. SALES COMPARISON ANALYSIS: OATE OF SALE: Due to the jack of similar sales it was necessary te utlize sales which exceeds the 6 month guideline with no datrimentto final value estimate as the market has ben mostly stable, LOT SIZE: Lot sizas are typical building lats for the area and the market doas not typically react to small diffarances between the subject and comparables therefare no adjustriants ware deemac necessary for lot size, DESIGN/STYLE: Due ta the lack of similarsales it was necessary to utlfize a different styla house with ne detriment to final value estimate as the market typically reacts to size, not styie. GLA: Dua to the lack of simitar sales it was necessary to utiize a sale with a greater than 25% gla difference. Thame is no detriment as the GLA has bean adequately adjusted accordingly. ROOM / BEDROOM COUNTS: Individual room adjustments are not typicaty made as an overall GLA adjustment js already made, The markat typically reacts to overail GLA, not room count as itis fairly simpla to aract walls to make saveral rooms, or to have fowar walls for fawar, larger rooms. Making an adjustment for rom count would be siniiar to double adjusting, therefore no room adjustments wore made, AGEICONDITION: Dus to the scarcity of similar aged saies 1o subject, it was necessary to utilize sales with a lager than S year diferential. Appraiser found it necessary to utliza sales of different agos due to the lack of similar aged homes. There arg no adjustments as tha market typically resets to overatl affective aga, which is bost reflectad in condition adjustments. Parmis, Comps 1,3 & 4 have a supartor condition due to interior updates thus the 10% adjustment Items considered were tack of updates baths and kitchens

h is bost reflectad in condition adjustments. Parmis, Comps 1,3 & 4 have a supartor condition due to interior updates thus the 10% adjustment Items considered were tack of updates baths and kitchens which has the largest market reaction UAD / BASEMENT: Tha new LAD forms require square footages of basements as well as Kentifying if the basaments are walk out. NJ Tax data that és readily available to appraisars does nat provide: this information to appraisers. In addition, alot of basements are finshed without permits therefore are not corractly identified by tax sources. It is also unknown if basements are walkouts as this information is also not readily available, therefore basernant information is astimated lor comparables based on MLS information . Adustments are not made for individual rooms, only for overall % of finished areas and bathrooms. Intended Users: The Intended User of this appraisal report is the Lender/Ciient. The Intanded Use is to evaluate the property that is the subject of this appraisal for a morigage finance transaction, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No adiditionat Intanded Users are identified by the appraiser. Germ TADD -"TOTHC appecisa soars by ala mod, inc, ~ 1-B0-ALAMOD

fee 21972 UNIFORM APPRAISAL DATASET (AD) DEFINITIONS ADDENDUM {Scace: Farm hiss UAD Appeadkx Gs UAD ele} Spyecitc Seana Sead Rut sree) Condition Ratings and Detinsions e “Thvtigromenets Rave Beecivtry recently constructed andl hare nat pneviaaty baes occupied. The en sue and A eeepc ihe eng faatarasieptapsiea epevedatien “tne: ety conavucted iovovernues that eaee reycid marty snar compen canbe conse ew Gly sede a he delle is Bivoed art & TOA mer foonelation anid the macyclid Miter idls artd there yeted Cote eNRE ROE bean ar abiToahed fe enanuitacraed inna heme cancion. Receeay conscteingrsnan ents NRIEhave nel been resaly oceLgied went emcee ea” Hey Fae a? Sigritoan pry cal practic fk, oly Caneel wating tive hows acaet hy mh eainded pad ot tie WOU Mesa maitre upkeep) 2 ‘Thslegvomtents Sete cers maitenun He Geno pisica ty dciaion se eget repr, Mins alib cing companies arenew or hve er becerty nin, raed, ge cehalved, A cteuled components se (heave bee rated aie reptce ‘with evresnans a eee eur stands. Dueling ith calagory wth an almost new ce Rave Dae weCAy ceitey nce ed weir in eordion ene cnettucticn, os ‘Thsierproernints ae neltenawsined tee! Yeti White pitt eceeciaton deta nyc weir ae! Yate, Sone cermperenns, but HOtevERy nuiprboiding enNpenes, ony Be LpHlibed O'FaewN sbabianae, THe nde aa bate wal rile 4 ‘The imertwvemments feature seems mince eafermd maintenance And shpsieal dutuderasoerduete Perma waar sd tear. The wel hes eer ‘adeeqaoely maintained and regains erly yim eepais 4 bail eamipanerieyinscharical satis and ommmeerepab, WE major bailey ‘coruponera ive bean adequately pinta and ae Racerwlly sadbegate, cS] ‘Tiiengaranmits Séstu atovinud daferred muitanayee and Arvin riod wane AN qin. Save edSing CevpoNNete nine epee, ‘etubtibaion, er upd, The tensfonal iy avid owe aDHAY Es Ae Ge ha to Geni, BLE Mn ley tra lnswabe seed eter awa resin cy “Theienpromerntens rave aubatarta ctuntge ar deter ied iulrmaensce win defences or defects thatare overt ere ooaiect the safety, aoatdhnate, ce sbuattiea indeyity of 2 mem vements, The imerovemients sein need of substan mans aed pata, ioekakng aay ee emewt ayer compares, Ouidty Ratings and Detnitions at haveing wth is cq ting ane onan icq rete ane inci ceity cogeyd by anh resvOees ek ape ter, Suet eesidancee Ypicaly re construed to detubecl areilecturl pari aoe apeceons, Wanita eAcassTy Nigh er et