Michael D. Cordell, CRA

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M306809 File No. M306809 Borrower or Owner RICHARD M. SCRUSHY Property Address 2406 LONGLEAF STREET City BIRMINGHAM County JEFFERSON State AL. Zip Code 35243 Lender or Client GALLOWAY & SOMERVILLE, LLC THE PROCESS OF GATHERING, VERIFYING AND REPORTING DATA IS CONSIDERED THE SCOPE OF THE APPRAISAL. THE APPRAISAL IS BASED ON THE INFORMATION GATHERED BY THE APPRAISER FROM PUBLIC RECORDS, OTHER IDENTIFIED SOURCES, INSPECTION OF THE PROPERTY, NEIGHBORHOOD AND SELECTION OF COMPARABLE SALES WITHIN THE MARKET AREA. DATA SOURCE AND CONFIRMATION IS SHOWN IN THE MARKET GRID. THE REPRODUCTION COST WAS BASED ON LOCAL BUILDERS AND SUPPLY HOUSES AS WELL AS THE APPRAISER'S KNOWLEDGE OF THE MARKET AREA FOR THE SUBJECT. PHYSICAL DEPRECIATION, IF PRESENT, IS SPECIFICALLY ADDRESSED IN THE APPRAISAL REPORT. IN ESTIMATING THE SITE VALUE, THE APPRAISER HAS RELIED ON PERSONAL KNOWLEDGE AND ANALYSIS OF CURRENT SITE SALES. THE SUBJECT PROPERTY IS LOCATED IN AN AREA OF PRIMARILY OWNER-OCCUPIED SINGLE FAMILY RESIDENCES AND THE INCOME APPROACH IS NOT CONSIDERED TO BE MEANINGFUL AND WAS NOT USED DUE TO THE LACK OF AVAILABLE DATA. FLOOD MAP INFO.***AS WE ARE NOT PROFESSIONAL CIVIL ENGINEERS, WE ARE NOT QUALIFIED TO RENDER EXACT ADVICE CONCERNING FLOOD ZONE MATTERS. A PROPERTY IN THE GENERAL VICINITY OF A FLOOD HAZARD AREA SHOULD BE EVALUATED BY A CIVIL ENGINEER OR OTHER APPROPRIATE SPECIALIST PRIOR TO PURCHASE OR INVESTMENT. INFESTATION***A TERMITE, FUNGUS, MOLD, SPORE AND WOOD INSPECTION IS HIGHLY RECOMMENDED AND PERFORMED BY A PROFESSIONAL INSPECTOR, AS REAL ESTATE APPRAISERS, WE ARE NOT QUALIFIED TO RENDER SUCH INSPECTIONS. THEREFORE, THIS APPRAISAL SHOULD NOT BE CONSIDERED A WOOD INFESTATION REPORT OR A REPORT CONCERNING ANY BACTERIAL OR FUNGAL MATTER. WASTE SYSTEMS***THE SUBJECT'S WASTE SYSTEM IS BASED ON THE HOME OWNER AND THE APPRAISER HAS NO CLEAR WAY OF KNOWING IF THE SUBJECT IS CORRECTLY CONNECTED TO SAID PRIVATE WASTE DISPOSAL SYSTEM. BUILDING INSPECTIONS***AS WE ARE NOT QUALIFIED RENDER BUILDING INSPECTIONS, WE RECOMMEND THAT A PROFESSIONAL BUILDING INSPECTOR INSPECT THE PROPERTY. THE APPRAISER SHALL NOT BE HELD RESPONSIBLE FOR THE STRUCTURAL INTEGRITY OR PROBLEMS ASSOCIATED WITH THE PROPERTY. IT IS ASSUMED THAT ALL MECHANICAL, ELECTRICAL AND AIR CONDITIONING, HEATING AND VENTILATION SYSTEMS ARE IN THE PROPER WORKING ORDER AT THE TIME OF INSPECTION. THEREFORE, THIS REPORT SHOULD NOT BE CONSIDERED A CONDITION/INSPECTION REPORT. ADVERSE ENVIRONMENTAL CONDITIONS*** EVEN THOUGH THIS APPRAISER IS NOT AN EXPERT IN THE SPECIALIZED FIELD OF ENVIRONMENTAL HAZARDS NOR QUALIFIED TO PERFORM LABORATORY OR OTHER SCIENTIFIC TESTING, LAYMAN TYPE OBSERVATIONS AND INQUIRES DO NOT SUGGEST ANY SUCH HAZARDS ON OR OFF THE IMMEDIATE PREMISES. Michael D. Cordell, CRA
F.I.R.R.E.A. ADDENDUM M306809 File No. M306809 Borrower or Owner RICHARD M. SCRUSHY Property Address 2406 LONGLEAF STREET City BIRMINGHAM County JEFFERSON State AL. Zip Code 35243 Lender or Client GALLOWAY & SOMERVILLE, LLC Purpose of the Appraisal THE PURPOSE OF THE APPRAISAL IS TO ESTIMATE MARKET VALUE OF THE FEE SIMPLE INTEREST IN THE SUBJECT PROPERTY, AS DEFINED IN THE ATTACHED FNMA FORM 1004, AS OF THE DATE SET FORTH IN THE FINAL RECONCILIATION SECTION OF THE REPORT. THE TITLE IS ASSUMED TO BE GOOD AND MARKETABLE. Scope of Work IN THE PREPARATION OF THIS APPRAISAL THE APPRAISER HAS MADE A PHYSICAL INSPECTION OF THE SUBJECT SITE AND IMPROVEMENTS INCLUDING MEASURING THE IMPROVEMENTS AND TAKING SUFFICIENT PHOTOGRAPHS TO ADEQUATELY CHARACTERIZE THE PROPERTY APPRAISED. THE SUBJECT NEIGHBORHOOD WAS ALSO INSPECTED TO ASSIST IN THE DETERMINATION OF THE NEIGHBORHOOD CHARACTERISTICS. THIS INFORMATION WAS ANALYZED IN ORDER TO DOCUMENT THE VARIOUS ENVIRONMENTAL, SOCIAL, GOVERNMENTAL AND ECONOMIC FACTORS THAT INFLUENCE THE VALUE. DATA REGARDING THE SALES OF RESIDENTIAL LAND AND IMPROVED PROPERTY WERE COLLECTED AND VERIFIED BY PUBLIC RECORDS. THE VALUE OF THE PROPERTY INCLUDED A COST APPROACH, INCOME APPROACH AND THE MARKET APPROACH. THE THREE APPROACHES WERE RECONCILED INTO A FINAL ESTIMATE OF VALUE IF ANY OF THE THREE APPROACHES WERE OMITTED, AN EXPLANATION CAN BE FOUND IN THE RECONCILIATION STATEMENT. Report of the prior year sales history for the subject property Is the subject property currently listed? Yes X No List Price: $ Has the property sold during the prior 3 years? Yes X No If yes, describe below Marketing Time What is your estimate of marketing time for the subject property? 3-6 MONTHS months Describe below the basis (rationale) for your estimate? THE ESTIMATED MARKETING TIME IS THE SAME AS INDICATED IN THE NEIGHBORHOOD SECTION OF THE REPORT. THIS ESTIMATE IS BASED ON THE APPRAISER'S OBSERVATION OF THE MARKETING TIME FOR THE LISTING AND SALES IN THE IMMEDIATE AREA AND OF THE RATIO OF THE NUMBER OF LISTINGS TO SALES. ALSO CONSIDERED WERE THE DYNAMICS OF THE NEIGHBORHOOD, CITY AND STATE ECONOMICS PLUS KNOWN AND FORECASTED CHANGES IN EMPLOYMENT AMONG OTHER ECONOMIC FACTORS. Non-real property transfers Does the transaction involve the transfer of personal property, fixtures, or intangibles that are not real property? Yes X No If yes, provide description and valuation below. Additional Comments ENVIRONMENTAL DISCLAIMER: THE VALUE OPINION IN THIS REPORT IS BASED ON THE ASSUMPTION THAT THE PROPERTY IS NOT NEGATIVELY AFFECTED BY THE EXISTENCE OF HAZARDOUS SUBSTANCES OR DETRIMENTAL ENVIRONMENTAL CONDITIONS. THE APPRAISER'S ROUTINE INSPECTION OF THE INQUIRIES OF THE SUBJECT PROPERTY DID NOT DEVELOP ANY INFORMATION THAT WOULD INDICATE ANY APPARENT SIGNIFICANT HAZARDOUS SUBSTANCES OR DETRIMENTAL ENVIRONMENTAL CONDITIONS THAT WOULD AFFECT THE PROPERTY NEGATIVELY. IT IS POSSIBLE THAT THE TESTS AND INSPECTIONS MADE BY A QUALIFIED EXPERT WOULD REVEAL THE EXISTENCE OF HAZARDOUS MATERIALS AND ENVIRONMENTAL CONDITIONS ON OR AROUND THE PROPERTY THAT WOULD NEGATIVELY AFFECT ITS VALUE. Additional Certification 1. The acceptance of this appraisal assignment by the appraiser was not based on a requested minimum valuation, a specified valuation, or an approval of the loan. 2. The appraiser certifies that the compensation for this appraisal is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result of the occurrence of a subsequent event. 3. This appraisal has been prepared to conform with the Uniform Standards of Professional Appraisal practice ("USPAP") adopted by the Appraisal Standards Board of the Appraisal foundation, except the Departure Provision, unless otherwise stated below. 4. The appraiser has disclosed within this appraisal report, or below, all steps taken that were necessary or appropriate to comply with the Competency provision of the USPAP. I CERTIFY THAT TO THE BEST OF MY KNOWLEDGE AND MY BELIEF THE STATEMENT OF FACTORS CONTAINED IN THIS REPORT ARE TRUE AND CORRECT. THE REPORTED ANALYSIS, OPINION AND CONCLUSIONS ARE LIMITED ONLY BY THE REPORTED ASSUMPTIONS AND LIMITING CONDITIONS AND ARE MY PERSONAL UNBIASED PROFESSIONAL ANALYSES, OPINIONS AND CONCLUSIONS. I HAVE NOT PAST OR RETROSPECTIVE INTEREST IN THE PROPERTY THAT IS THE SUBJECT OF THIS REPORT AND I HAVE NO PERSONAL BIAS WITH RESPECT TO THE PARTIES INVOLVED. THIS ASSIGNMENT WAS MADE SUBJECT TO THE REGULATIONS OF THE STATE OF ALABAMA REAL ESTATE APPRAISER'S BOARD. THE UNDERSIGNED CERTIFIED REAL PROPERTY APPRAISER HAS MET THE REQUIREMENTS OF THE BOARD THAT ALLOWS THIS REPORT TO BE REGARDED AS A "CERTIFIED APPRAISAL." Date: September 14, 2009 Appraiser(s): MICHAEL CORDELL Date: Review Appraiser(s): Form 953 Michael D. Cordell, CRA
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Michael D. Cordell, CRA

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