Michael D. Cordell, CRA

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M306809 Uniform Residential Appraisal Report File # M306809 S U B J E C T 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 2406 LONGLEAF STREET City BIRMINGHAM State AL. Zip Code35243 BorrowerRICHARD M. SCRUSHY Owner of Public Record RICHARD M. SCRUSHY County JEFFERSON Legal Description SEE ADDITIONAL COMMENTS ON PAGE 3. Assessor's Parcel # SEE ADDITIONAL COMMENTS ON PAGE 3. Tax Year 2008 R.E. Taxes $ N/A Neighborhood Name LONGLEAF Map Reference 55-P-21 Census Tract 0129.03 Occupant X Owner Tenant Vacant Special Assessments $ N/A X PUD HOA $ 600 X per year per month Property Rights Appraised X Fee Simple Leasehold Other (describe) Assignment Type Purchase Transaction Refinance Transaction X Other (describe) OPINION OF MARKET VALUE Lender/Client GALLOWAY & SOMERVILLE, LLC Address 11 OAK STREET, BIRMINGHAM, AL. 35213 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 the appraisal? Yes X No Report data source(s) used, offering price(s), and date(s). MLS. C O N T R A C T 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. CURRENTLY NO CONTRACT. Contract Price$ N/A Date of Contract N/A Is the property seller the owner of public record? Yes No Data Source(s) NOT A SALE Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No If Yes, report the total dollar amount and describe the items to be paid: THE APPRAISAL IS MADE TO DETERMINE OPINION OF MARKET VALUE. N E I G H B O R H O O D Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Percent Land Use % Location Urban X Suburban Rural Property Values Increasing X Stable Declining PRICE AGE One-Unit 88 % Built-Up X Over 75% 25-75% Under25% Demand/Supply Shortage X InBalance OverSupply $(000) (yrs) 2-4 Unit 2 % Growth Rapid X Stable Slow Marketing Time Under 3 mths X 3-6 mths Over 6 mths 150 Low NEW Multi-Family 1 % Neighborhood Boundaries THE LONGLEAF NEIGHBORHOOD AND COMPETING UPSCALE 2000+ High 80 Commercial 8 % DEVELOPMENTS OF JEFFERSON AND SHELBY COUNTIES. 400 Pred. 25 Other 1 % Neighborhood Description LONGLEAF IS A NEIGHBORHOOD OF UPSCALE COMPARABLE HOMES WITH GOOD MARKET APPEAL. VESTAVIA IS VERY CONVENIENT TO UAB AND THE CENTRAL BUSINESS DISTRICT. VESTAVIA HILLS HAS A REPUTATION FOR HAVING ONE OF THE FINEST PUBLIC SCHOOL SYSTEMS IN THE STATE. THE SUBJECT PROPERTY ENCOMPASSES THE ENTIRE SOUTHEAST PORTION OF THE DEVELOPMENT. Market Conditions (including support for the above conclusions) INTEREST RATES REMAIN NEAR ALL TIME LOWS. SALES ACTIVITY HAS INCREASED IN THE SUBJECT'S MARKET RECENTLY. MONTHS OF HOUSING SUPPLY CURRENTLY STANDS AT 8 MONTHS. Dimensions 185 X 351.9 IRR Area 10.46 +/- ACRES Shape IRREGULAR View GOOD Specific Zoning ClassificationR-1 Zoning Description SINGLE FAMILY RESIDENTIAL Zoning Compliance X Legal Legal Nonconforming (Grandfathered Use) 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 S I T E I M P R O V E M E N T S Utilities Public Other (describe) Public Other (describe) Off-site Improvements--Type Public Private Electricity X Water X Street ASPHALT X Gas X Sanitary Sewer X Alley NO FEMA Special Flood Hazard Area Yes X No FEMA Flood Zone X FEMA Map No. 01073C0567G FEMA Map Date 09/29/2006 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.)? Yes X No If Yes, describe NO APPARENT EASEMENTS, ENCROACHENTS, SPECIAL ASSESSMENTS, SLIDE AREAS, OR NONCONFORMING ZONING USES. TYPICAL UTILITY EASEMENTS DO NOT ADVERSELY AFFECT THE MARKETABILITY OF THE SUBJECT. General Description Foundation Exterior Description materials/condition Interior materials/condition Units X One One with Accessory Unit X Concrete Slab Crawl Space Foundation Walls CONCRETE/GOOD Floors cpt,hw,marble,ct/good # of Stories 3 Full Basement Partial Basement Exterior Walls BRICK/GOOD Walls dwall,panel/good Type X Det. Att. S-Det/End Unit Basement Area sq. ft. Roof Surface SLATE/GOOD Trim/Finish wood/good X Existing Proposed Under Const. Basement Finish % Gutters & Downspouts COPPER/GOOD Bath Floor ct,mrbl/gd Design (Style) 2 STORY + BONUS Outside Entry/Exit Sump Pump Window Type WOOD/GOOD Bath Wainscot ct,mrbl/gd Year Built 1956 Evidence of Infestation Storm Sash/Insulated NO Car Storage None Effective Age (Yrs) 10 Dampness Settlement Screens NO X Driveway # of Cars 15 Attic None Heating X FWA HWBB Radiant Amenities WoodStove(s)# Driveway Surface ASPHALT(2) Drop Stair Stairs Other Fuel GAS X Fireplace(s) # 4 X Fence X Garage # of Cars 10 X Floor Scuttle Cooling X Central Air Conditioning X Patio/Deck terrace X Porch Carport # of Cars Finished Heated Individual Other X Pool X Other private gate X Att. X Det. Built-in Appliances X Refrigerator X Range/Oven X Dishwasher X Disposal X Microwave Washer/Dryer X Other (describe) FAN HOOD Finished area above grade contains: 23 Rooms 7 Bedrooms 10F2H Bath(s) 15,964 Square Feet of Gross Living Area Above Grade Additional features (special energy efficient items, etc.) **SEE ADDITIONAL COMMENTS NO BASEMENT Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). THERE WERE NO FUNCTIONAL OR PHYSICAL INADEQUACIES OBSERVED. SUBJECT WAS FOUND TO BE IN GOOD CONDITION. NO REPAIRS. SUBJECT HAS BEEN WELL MAINTAINED TO RETAIN A LOW EFFECTIVE AGE. THE ORIGINAL SUBJECT PROPERTY WAS RENOVATED AND SIGNIFIGANTLY EXPANDED BY THE CURRENT OWNER. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes X No If Yes, describe Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? X Yes No If No, describe Freddie Mac Form 70 March 2005 Page 1 of 6 Fannie Mae Form 1004 March 2005 Michael D. Cordell, CRA
S A L E S C O M P A R I S O N A P P R O A C H Uniform Residential Appraisal Report File # There are 59 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 140,000.00 to $ 1,600,000.00 . There are 46 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 140,000.00 to $ 1,600,000.00 . Address FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 2406 LONGLEAF STREET 3171 OVERHILL ROAD 4006 ST CHARLES DRIVE 7280 KINGS MOUNTAIN ROAD Proximity to Subject 4.10 mi N 6.16 mi E 6.74 mi NE Sale Price $ N/A $ 4,500,000 $ 4,200,000 $ 2,825,000 Sale Price/Gross Liv. Area $ sq. ft. $ 561.94 sq. ft. $ 290.24 sq. ft. $ 247.01 sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition DESCRIPTION DESCRIPTION +(-)$ Adjustment DESCRIPTION +(-)$ Adjustment DESCRIPTION +(-)$ Adjustment Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count Gross Living Area 15,964 sq. ft. 8,008 sq. ft. +437,580 14,471 sq. ft. +82,115 11,437 sq. ft. +248,985 Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Kitchen DELUXE DELUXE DELUXE DELUXE Net Adjustment (Total) X + - $ 490,055 X + - $ 123,840 X + - $ 409,173 Adjusted Sale Price Net Adj. 10.89 % Net Adj. 2.95 % Net Adj. 14.48 % of Comparables Gross Adj. 14.11 % $ 4,990,055 Gross Adj. 14.39 % $ 4,323,840 Gross Adj. 18.17 % $ 3,234,173 I X did did not research the sale or transfer history of the subject property and comparable sales. If not, explain My research Data Source(s) My research Data Source(s) did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. 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). Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) ITEM SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Analysis of prior sale or transfer history of the subject property and comparable sales M306809 BIRMINGHAM JEFFERSON SHELBY JEFFERSON AGDA/MLS AGDA/MLS AGDA/MLS AGDA/MLS AGDA/MLS AGDA/MLS CONV CASH CONV SLR PD 0 SLR PD 0 SLR PD 0 06/01/2007 10/15/2008 10/31/2006 GOOD GOOD GOOD GOOD M306809 FEE SIMPLE FEE SIMPLE FEE SIMPLE FEE SIMPLE 10.46/VESTAVIA 1.26AC/MT. BROOK no adjustment 3AC/HOOVER +161,900 4.5AC/VESTAVIA +89,400 GOOD GOOD GOOD GOOD 2 Story/gd 2 Story/gd 2 Story/gd 2 Story/gd GOOD GOOD GOOD GOOD 53 1 No adjustment 4 No adjustment 6 No adjustment GOOD NEAR NEW -50,000 NEAR NEW -50,000 GOOD 23 7 10F2H 11 6 5:2 +20,000 15 5 6 +25,000 14 5 5:2 +25,000 1276 FIN* 1977 FIN* -17,525 8883 FIN* -190,175 0 FIN +31,900 0 UNF 0 UNF 0 UNF 6514 UNF -52,112 GOOD GOOD GOOD GOOD FA/CENT FA/CENT FA/CENT FA/CENT TYPICAL *5-1-1 -5,000 *1-0-0 TYPICAL 4GA/3GA/3GD 2GA/1CA +75,000 8GB +92,000 3GA/4GB +66,000 Porch Porch Porch Porch Deck/Patio/Fence pts,ters,pool,fc pts,ters,fc +30,000 cv dk,cv pt,pool,pt pts,ters,pool,fc Fireplaces 4 FP 4 FP 3 FP +3,000 4 FP X AGDA. MLS. CRS. did X did not reveal any prior sales or transfers of the comparable sales for the prior year to the date of sale of the comparable sale. AGDA. MLS. CRS. SUBJECT HAS NOT NOT SOLD IN NOT SOLD IN NOT SOLD IN SOLD PAST 36 MOS. PAST 12 MONTHS PAST 12 MONTHS PAST 12 MONTHS AGDA.MLS.CRS. AGDA.MLS.CRS. AGDA.MLS.CRS. AGDA.MLS.CRS. UPDATED MONTHLY UPDATED MONTHLY UPDATED MONTHLY UPDATED MONTHLY THE SUBJECT HAS NOT SOLD WITHIN THE PAST 3 YEARS. Summary of Sales Comparison Approach ALL SALES ARE FROM THE GENERAL MARKET AREA AND ARE THE MOST SIMILAR IN SIZE AND UTILITY AVAILABLE AT THIS TIME. ALL SALES WERE GIVEN EQUAL CONSIDERATION WHEN FORMING VALUE OPINION. SALES OF HOUSES OF THIS MAGNITUDE ARE RARE AND SALES USED ARE OLDER THAN DESIRABLE BUT ARE THE BEST AVAILABLE AT THIS TIME. THE SUBJECT HAS A GUEST APARTMENT WHICH IS ACCESSED THROUGH THE ATTACHED 4-CAR GARAGE. THIS AREA WAS NOT INCLUDED IN GROSS LIVING AREA BUT WAS DEEMED TO CONTRIBUTE A VALUE SIMILAR TO FINISHED BASEMENT AREA AND WAS POSTED IN THE FINISHED BASEMENT SECTION OF THE MARKET GRID ON PAGE 2 FOR COMPARISON PURPOSES. R E C O N C I L I A T I O N Indicated Value by Sales Comparison Approach $ 4,250,000 Indicated Value by: Sales Comparison Approach $ 4,250,000 Cost Approach (if developed) $ N/A Income Approach (if developed) $ N/A THE MARKET APPROACH IS THE BEST VALUE INDICATOR SINCE SALES ARE BOTH RECENT AND IN THE IMMEDIATE AREA. THE INCOME APPROACH WAS DEEMED UNRELIABLE DUE TO LACK OF DATA. COST APPROACH WILL BE RELEVANT TO NEW CONSTRUCTION ONLY. This appraisal is made completed, "as is," subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: subject to the 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 $ 4,250,000 , as of 09/10/2009 Freddie Mac Form 70 March 2005 X , which is the date of inspection and the effective date of this appraisal. Page 2 of 6 Fannie Mae Form 1004 March 2005 Michael D. Cordell, CRA
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Michael D. Cordell, CRA

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