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APPRAISAL-Bosworth-Mineral HIlls Greenway-Turkey HIllFSI Appraisal Company, Inc. P.O. Box 1267/100 King Street Northampton, MA 01061 413-586-5252 CITY OF NORTHAMPTON 210 MAIN STREET NORTHAMPTON, MA 01060 Re: Property: BACKLAND OFF TURKEY HILL ROAD NORTHAMPTON, MA 01060 Borrower: N/A File No.: 900063 IJ oJ wo/-fJ, In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. The purpose of this appraisal is to estimate the market value of the property described in this appraisal report, as improved, in unencumbered fee simple title of ownership. The function of the AppraisaUSummary Report is to provide an estimate of value that will assist the client in determining Market Value for acquisition by eminent domain. This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The value conclusions reported are as of the effective date stated in the body of the report and contingent upon the certification and limiting conditions attached. It has been a pleasure to assist you. Please do not hesitate to contact me if I can be of additional service to you. Sincerely, Osa Flory MA Certified Residential Appraiser 70795 Expires 117/2011 / FSI Appraisal Co., Inc. IR!e No 9000631 Page #21 Owner ESTATE OF SARAH BOSWORTH -File No. 900063 Property Address BACKLAND OFF TURKEY HILL ROAD City NORTHAMPTON County HAMPSHIRE State MA Zip Code 01062 Client CITY OF NORTHAMPTON APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report Is !Ille. of the following types: D Self Contained (A written report prepared under Standards Rule 2-2(a) , persuant to the Scope of Work, as disclosed elsewhere in this report.) [gJ Summary (A written report prepared under Standards Rule 2-2(b) , persuantto the Scope of Work, as disclosed elsewhere in this report.) D Restricted Use (A written report prepared under Standards Rule 2-2(c) , persuantto the Scope of Work, as disclosed elsewhere in this report, restricted to the stated intended use by the specified client or intended user.) Comments on Standards Rule 2-3 I certify that, to the best of my knowledge and belief: -the statements of fact contained in this report are true and correct. -the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. -I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or the specified) personal interest with respect to the parties involved. -I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. -my engagement in this assignment was not contingent upon developing or reporting predetermined results. -my compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event direcijy related to the intended use of this appraisal. -my analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. -I have (or have not) made a personal inspection of the property that is the subject of this report. Of more than one person signs this certification, the certification must clearly specify which individuals did and which individuals did not make a personal inspection of the appraised property.) -no one provided significant real property appraisal assistance to the person signing this certification. (If there are exceptions, the name of each individual providing significant real property appraisal assistance must be stated.) Comments on Appraisal and Report Identification Note any USPAP related Issues requiring disclosure and any state mandated requirements: This is a summarv annraisal report which is intended to comPlv with the rePortina reauirements set forth under standards rule 2-21bl of the uniform standards of professional appraisal practice for a summarv appraisal report. As such it Presents onlv summarv discussions of the data reasonina. and analvses that were used in the appraisal Process to develop the aPPraiser's opinion of value. Supportina documentation that is not Provided with the report concernina the data reasonina. and analvses is retained in the appraiser's file. The dePth of discussion contained in this rePort is specific to the needs of the client and for the intended use stated in this report. The aPPraiser is not responsible for unauthorized use of this rePort. Scope of the work rule: The development of this aPPraisal included but was not limited to the followina: *No nhvsical inspection of the site was made due to inaccessibilitv of land. Survev mans were available. *Research of the market area and current market conditions relative to the subiect nroPertv. *Researched zonina reaulations as thev relate to the current use of the subiect nronertv. *Determined the subiect's hiahest and best use. •confirmed and analvzed the data and annlled the sales comnarison annroach and cost annroach. *Determined that the income annroach and cost annroach were not applicable. *Arrived at a conclusion and market value estimate and the writina of this summarv renort. APPRAISER: SUPERVISORY APPRAISER (only if required): Signature: ~~ Signature: ~ Name: Osa Flo!Jl Name: Steehen A. Brunelle Date Signed: 1/29/2009 Date Signed: 1/29/2009 State Certification #: Certified Res. Aeer. #70795 State Certification#: MA Certified General Aeeraiser #233 or State License #: or State License #: State: MA State: MA Expiration Date of Certification or License: 1m2011 Expiration Date of Certification or License: 10/20/2011 Supervisory Appraiser inspection of Subject Property: Effective Date of Appraisal: 1/28/09 [gJ Did Not D Exterior-only from street D Interior and Exterior Form ID06-''WinTOTAL' appraisal software by a la mode, inc. -1-800-ALAMODE IEHe No 9000631 Paae #31 SUMMARY OF SALIENT FEATURES Subject Address BACKLAND OFF TURKEY HILL ROAD Legal Description BOOK 329, PAGE 21 -City NORTHAMPTON County HAMPSHIRE State MA Zip Code 01062 Census Tract 8214.00 Map Reference 44140 Sale Price $ N/A . Date of Sale N/A Borrower N/A Lender/Client CITY OF NORTHAMPTON Size (Square Feet} 15ACRES+/. Price per Square Foot $ Location AVERAGE : Age Condition . Total Rooms -Bedrooms Baths Appraiser Osa Flory : Date of Appraised Value 1/28/09 -Opinion of Value $ 15,000 Form SSD2 -"WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE FSI Appraisal Co., Inc. IRle No. 9000631 Page #41 LAND APPRAISAL SUMMARY REPORT ~~ Prooertv Address: BACKLAND OFF TURKEY HILL ROAD Citv: NORTHAMPTON I Countv: HAMPSHIRE Leaal Descriotion: BOOK 329 PAGE 21 i;;; Assessor's Parcel #: N/A Tax Year: NIA R.E. Taxes: $ NIA fa Market Area Name: MINERAL HILL Map Reference: 44140 N/A File No : 900063 State: MA Zia Code: 01062 Soecial Assessments: $ o.oo Census Tract: 8214:00 g Current Owner of Record: ESTATE OF SARAH BOSWORTH Borrower m aoolicablel: ~ Proiect Tvoe Iii aoolicablel: f l PUD f l De Minimis PUD I l Other !describe\ HOA: $ 0 per vear f l oer month 0 Owner 0 Tenant 1:81 Vacant D Not habitable I The puroose of this aooraisal is ta develoo an ooinion of: IXI Market Value (as defined), or L J other type of value (describe) ~ This report reflects the following value Of not Current, see comments): 1:81 Current (the Inspection Date is the Effective Date) O Retrospective O Prospective Characteristics Predominant One-Unit Housing Present Land Use Change in Land Use Location: D Urban 1:81 Suburban O Rural Occupancy PRICE AGE One-Unit 100 % [8:J Not Likely Built up: D Over 75% 1:81 25-75% O Under 25% 1:81 Owner 20 $(000) (yrs) 2-4 Unit % O Likely • O In Process • Growth rate: D Rapid 1:81 Stable 0 Slow 0 Tenant 200 Low NEW Multi-Unit % •To: ------- Property values: 0 Increasing 1:81 Stable 0 Declining 1:81 Vacant (0-5%) 900 Hiah 50+ Comm'! % Demand/supply: 0 Shortage 1:81 In Balance 0 Over Supply 0 Vacant (>5%) 400 Pred 15 % Marketing time: 0 Under 3 Mos. 1:81 3-6 Mos. 0 Over 6 Mos. % Factors Affecting Marketability ~ Item Good Average Fair Poor N/A Item Good Average Fair Poor I Employment Stability 0 1:81 0 0 0 Adequacy of Utilities 0 1:81 0 0 J5 Convenience to Employment 0 1:81 0 0 0 Property Compatibility 0 1:81 0 0 Bf Convenience to Shopping 0 1:81 0 0 0 Protection from Detrimental Conditions 0 1:81 0 0 g Convenience to Schools 0 1:81 0 0 0 Police and Rre Protection 0 1:81 0 0 m Adequacy of Public Transportation 0 1:81 0 0 0 General Appearance of Properties 0 1:81 0 0 I Recreational Facililies 0 1:81 0 0 0 Appeal to Market 0 1:81 0 0 ~ Market Area Comments: THE MARKET FOR NON-DEVELOPABLE, LAND-LOCKED WOOD LOTS HAVE A LIMITED MARKET IN I FRANKLIN/HAMPSHIRE COUNTY. USUALLY. OWNERS OF ABUTTING PARCELS ARE THE PREDOMINANT MARKET FOR THIS ii' TYPE OF PROPERTY. IF ABUTTERS HAVE NO INTEREST OR NO MEANS TO PAY FOR ADDITIONAL LAND, A LAND LOCKED I PARCEL HAS A V£RY SMALL MARKlrr. . Dimensions: RECTANGULAR PARCEL WITH NO FRONTAGE OFF TURKEY HILL RD. Site Area: 15 Acres NIA 0 0 0 0 0 0 Zoning Classification: RR; RURAL-RESIDENTIAL Description: RURAL-RESIDENTIAL CALLS FOR A MINIMUM LOT SIZE OF 30,000 SQUARE FEET, AND MINIMUM FRONTAGE ALONG A PUBLIC ROAD OF 175 FEET. l~ll~--,,--~~--~-------Do present improvements comply with existing zoning requirements? D Yes O No 1:81 No Improvements Uses allowed under current zoning: RESIDENTIAL BUILDING LOTS AND AGRICULTURAL USE. Are CC&Rs applicable? 0 Yes 1:81 No 0 Unknown Have the documents been reviewed? 0 Yes 0 No Ground Rent Of applicable) $ ---~'- Comments: ' Highest & Best Use as improved: 0 Present use, or 1:81 Other use (explain) SUBJECT IS BACK LAND WITH NO FRONTAGE ON A PUBLIC ROAD OR RIGHT OF WAY OVER ADJOINING PARCELS. IT'S HIGHEST AND BEST USE IS AS RECREATIONAL LAND TO AN ABUTTER. Actual Use as of Effective Date: VACANT BACK LAND Use as appraised in this report: RESTRICTED USE LAND . Summary of Highest & Best Use: THE PROPERTY IS LAND LOCKED WITH SEVERAL ABUTTERS. THE GENERAL SURROUNDING ~ TERRAIN OF THE SUBJECT IS WOODED WITH HILLY, ROCKY LAND INTERSPERSED WITH LEVEL AREAS. ·~ . ~·--------------------------------------------· aa....,.. ___ ,....,.,,--.,.,,...--=-..,..,...,,,...__,....,..-..--------=-----..,.....,.,,....,,....,...--,....,,...--------------1 .fif Utilities Public Other Provider/Description Off-site Improvements Type Public Private Frontage NONE j! Electricity 0 1:81 N/A Street ~N=/A~------0 1:81 Topography i Gas 0 1:81 N/A Width ~N=/A~-----------1 Size ~ Water 0 1:81 N/A Surface N/A Shape "' Sanitary Sewer 0 1:81 N/A Curb/Gutter N/A 0 1:81 Drainage MIXED 15+/-ACRES RECTANGULAR AVERAGE Storm Sewer 0 1:81 NIA Sidewalk N/A 0 1:81 View WOODLANDS ™~ 01:81~ ~~~ 01:81 Multimedia 0 1:81 N/A Allev N/A 0 0 Other site elements: 1:81 Inside Lot 0 Corner Lot 0 Cul de Sac 0 Underaround Utilities 0 Other !describe\ FEMASpec'I Flood Hazard Area 0 Yes [8:J No FEMA Flood Zone C FEMA Map# 2501630001B FEMA Map Date 6/1/1978 Site Comments: THIS IS A LAND LOCKED PARCEL OF LAND, CONSISTING OF APPROXIMATELY 15+/-WOODED ACRES OFF AND NEAR TURKEY HILL RD., NORTHAMPTON. THE SUBJECT IS SURROUNDED BY SIMILAR AND LARGER UNDEVELOPED WOOD PARCELS OF LAND. THE SUBJECT CAN BE REACHED ONLY BY WALKING THROUGH LAND CURRENTLY OWNED BY ABUTTERS. IT IS THE OPINION OF THE APPRAISER THAT THE DEVELOPMENT POTENTIAL VS. PROCESS COST OF A VARIANCE I APPLICATION IS NOT ECONOMICAL. I THE SUBJECT IS NOT LOCATED ON THE ASSESSOR'S MAP AND IS CURRENTLY NOT TAXED. ~LAND Copynght© 2007 by a la mode, ~c. This form may be reproduced unmodttled without written permlss~n. however, a la mode, Inc. must be acknowledged and credited. Form GPLND-'WinTOTAL' appraisal software by a la mode, inc. -1-800-ALAMODE 3/2007 IFi!e No 9000631 page #51 LAND APPRAISAL SUMMARY REPORT File No : 900063 -~~ My research LJ did ~ did not reveal any prior sales or transfers of the subject property for the three years prtor to the effective date of this appraisal. ·~ Data Source(s): HAMPSHIRE AND FRANKLIN COUNTY REGISTRY OF DEEDS. Q 1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement Of salefiisting: THE PARCEL IS RECORDED AS PART Iii Date: SEPTEMBER 30 1876 OF SEVERAL LAND PARCELS IN ONE DEED. CURRENTLY THERE ARE NO KNOWN FORMAL i Price: $0.00 OFFERS OR AGREEMENTS ON THE PARCEL. 111· Source(s): BOOK 329 PAGE 21 tn 2nd Prior Subject Sale/Transfer i Date: "t Price: ~! Source(s): 1m FEATURE SUBJECT PROPERlY COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 ~ Address BACKLAND OFF TURKEY Hill PELHAM HILL ROAD OFF UPPER ROAD LAND OFF TURKEY HILL r'ljj NORTHAMPTON MA 01062 SHUTESBURY MA 01072 DEERFIELD MA 01342 NORTHAMPTON MA 01062 I~ Proximity to Subject ;· F::'. / ' ') . • 6.59 MILES E 9.35 MILES NW 10.54 MILES SW Sale Prtce $ N/A .. : : ·: ·: • • 1$ 139 ooo · '· · • · 1$ 14 ooo :·:.> •.·· ' • 1$ 15175. "''· Prtce/ Acre $ $ 998.971':•'; •· : · •.::· $ 1228.18k .. ::-,: · ·,·:. i $ 999.93l·:i< ':•' ···: ' tll Data Source(s} Public Records BOOK: 5590, PAGE: 275 BOOK: 5559, PAGE: 152 BOOK: 9553, PAGE: 262 ·1:.1 ' Verification Source(s} HCROD FRANKLIN COUNTY REGISTR' FRANKLIN COUNTY REGISTR' HAMPSHIRE COUNTY REGIST! ~.; VALUE ADJUSTMENT DESCRIPTION DESCRIPTION +(-)$Adjust DESCRIPTION +(-)$Adjust DESCRIPTION +(-)$Adjust I! Sales or Financing N/A UNKNOWN UNKNOWN UNKNOWN ~. Concessions N/A NONE NONE NONE ~ Date Of Sale/Time N/A 11/19/08 9/8/08 7/18/08 i Riahts Aooraised Fee Simole FEE SIMPLE FEE SIMPLE FEE SIMPLE 8j Location AVERAGE AVERAGE AVERAGE AVERAGE ~Site Area linAcres\ 15 139.144ACRES 11.399ACRES 15.176ACRES i FRONTAGE ON PUBLIC V NONE NONE NONE NONE ~ IMPROVEMENTS NONE NONE NONE NONE I DEED lYPE/RESTRICTIOI UNKNOWN/YES EXECUTOR'S/NO! QUITCLAIM/NONE QUITCLAIM/YES gt--~~~~~+-~~~~~-t-~~~~~-+~~~---11--~~~~~+--~~~+-~~~~~-+-~~~---.1 (ft Net Adiustment ITotal, in$) D + D -I~ D + I I -1$ D + D -IS ~ <·Nw"· ;"''~1$ ,ANeh• ;,,}:~I \•··~er:··, :11~ I ~~~~~~s~:eia1!e ri~:~arison Approach TH~~o:~~~~~;~ED ARE;~~ :~~~·r~~~~N~ ~~; SIMILA~~~o~~!~~:~E~~ :oR WH1c~5 175 ' VERIFIABLE INFORMATION COULD BE OBTAINED AT THE TIME OF THIS APPRAISAL. COMPARABLE SALES ARE PARCELS OF :;;& LAND WHICH ARE DEEMED TO BE UNDEVELOPABLE LOTS DUE TO LACK OF SERVICES AND ROAD FRONTAGE NECESSARY .~; TO MEET ZONING CRITERIA FOR RESIDENTIAL DEVELOPMENT. ALL SALES ARE "BACK LAND" PARCELS, AND HAVE VERY !£;\ LITTLE DEVELOPMENT POTENTIAL. OUR VALUATION IS BASED ON BACKLAND, WITH RESTRICTED ACCESS. COMP 3 IS A ,'.~ PARCEL OF BACK LAND VERY NEAR THE SUBJECT AND IS GIVEN THE MOST CONSIDERATION. I COMP 1 SOLD FOR $1,000/ACRE; COMP 2 SOLD FOR $1,228/ACRE; COMP 3 SOLD FOR $1,000/ACRE. iii !·~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I PROJECT INFORMATION FOR PUDs !if aoolicablel I I The Subject is oar! of a Planned Unit Develooment. cl Leaal Name of Proiect: i Describe common elements and recreational facilities: I·-~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~- i lndlcatedValuebv:SalesComparisonApproach$ 15 ooo or$ 1 000.00 cerAcre ~ Final Reconciliation SALES COMPARISON APPROACH IS THE ONLY VALID METHOD WHEN APPRAISING VACANT BACK LAND IN THIS Q MARKET AREA. i:ij: This appraisal is made ~ "as is", or D subject to the following conditions: ~.-~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~-(!§" ·~ D This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda. :fif Based upon an inspection of the subject property, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser's Certifications, I my (our} Opinion of the Market Value .(or other specified value type}, as defined herein, of the real property that is the subject of this report Is:. ll!ii $ 15,000 , as of: 1/28/09 , which is the effective date of this appraisal. liflil If indicated above this Oclnion of Value is subiect to Hvcothetical Conditions and/or Extraordinarv Assumctions included in this recort. See attached addenda. ·:c A true and complete copy of this report contains 7 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be ~: properly understood wtthout reference to the information contained in the complete report, which contains the following attached exhibits: ~ Scope of Work ~ ~ Limiting cond./Certifications D Narrative Addendum ~ Location Map(s) ~ Flood Addendum D Additional Sales ~ 0 Photo Addenda ~ Parcel Mao 0 Hvoothetical Condttions n Extraordinarv Assumotions 0 Client Contact Client Name: _.,C'"'"IT'""Y'-O"'-F'---'-'N""O"'R"-T-'-'H"-'A"'M"--P-'-T=O=N _________ _ E-Mail: Address: 210 MAIN STREET NORTHAMPTON MA 01060 :' · APPRAISER SUPERVISORY APPRAISER (If required) f or CO-APPRAISER (If applicable) I (Jk,,~ Ill Appraiser Name: =O=s=a_,_F=lo-'-rv~-------------8 Company: FSI Appraisal Company, Inc. ·~ Phone: 413-586-5252 Fax: 413-584-0490 ~ E-Mail: osa@fsiappraisal.com ilfJ Date of Report (Signature}: -'1=/2=9=/2=0=09~-------,---­~ Lice.nse ~r Certification#: Certified Res. Appr. #70795 State: ~ ;::~ Designation: i'ii Expiration Date of License or Certification: ...,1,.,,_n,;.;12==0-'-1_,_1 ~------~'.;~ Inspection of Subject: D Did Inspect ~ Did Not Inspect (Desktop} ;,~ Date of Inspection: 1/28/09 ~-"-Supel'fJftlfy 6r1 .-. Co-Appraiser Name: Stephen A. Brunelle Company: FSI Appraisal Company, Inc. Phone: 413-586-5252 Fax: 413-584-0490 E-Mail: steve@fsiappraisal.com Date of Report (Signature}: -'1=/2=9/=2=00,,_,9~---------­ License or Certification#: MA Certified General #233 State: ~ Designation: Expiration Date of License or Certmcation: ""1'=01=20"'1=20=-1,_,1 ______ _ Inspection of Subject: D Did Inspect ~ Did Not Inspect Date of Inspection: ~LAND Copynght© 2007 by a la mode, '1c. This fonn may be reproduced unmodHled without written pennlsslon, however, a la mode, Inc. must be acknowledged and credited. Form GPLND-"WinTOTAL' appraisal software by a la mode, inc. -1-800-ALAMODE 3/2007 Owner wiULTl-PURPOSE SUPPLEMENTAL ADDENDUllll FOR FEDERALLY RELATED TRANSACTIONS ES! Appraisal Co., Inc. ESTATE OF SARAH BOSWORTH IFile No. 9000631 Page #61 Prooertv Address BACKLAND OFF TURKEY HILL ROAD Citv NORTHAMPTON County HAMPSHIRE State MA Zio Code 01062 Client CITY OF NORTHAMPTON This Multi-Purpose Supplemental Addendum for Federally Related Transactions was designed to provide the appraiser with a convenient way to comply wtth the current appraisal standards and requirements of the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of Currency (DCC), The Office of Thrift Supervision (OTS), the Resolution Trust Corporation (RTC), and the Federal Reserve. This Multi-Purpose Supplemental Addendum Is for use with any appraisal. Only those statements which have been checked by the appraiser apply to the property being appraised. D PURPOSE & FUNCTION OF APPRAISAL The purpose of the appraisal is to estimate the market value of the subject property as defined herein. The function of the appraisal is to assist the above-named Lender in evaluating the subject property for lending purposes. This is a federally related transaction. k8J EXTENT OF APPRAISAL PROCESS k8J The appraisal is based on the information gathered by the appraiser from public records, other identffied sources, inspection of the subject property and neighborhood, and selection of comparable sales within the subject market area. The original source of the comparab!es is shown in the Data Source section of the market grid along with the source of confirmation, if available. The original source is presented first. The sources and data are considered reliable. When conflicting information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included in the report nor used as a basis for the value conclusion. D The Reproduction Cost is based on supplemented by the appraise~s knowledge of the klcal market. D Physical depreciation is based on the estimated effective age of the subject property. Functional and/or external depreciation, if present, is specifically addressed in the appraisal report or other addenda. In estimating the site value, the appraiser has relied on personal knowledge of the local market. This knowledge is based on prior and/or current analysis of site sales and/or abstraction of site values from sales of improved properties. D 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. For this reason, the Income Approach was not used. D The Estimated Market Rent and Gross Rent Multiplier utilized in the Income Approach are based on the appraiser's knowledge of the subject market area. The rental knowledge is based on prior and/or current rental rate surveys of residential properties. The Grqss Rent Multiplier is based on prior and/or current analysis of prices and market rates for residential properties. D For income producing properties, actual rents, vacancies and expenses have been reported and analyzed. They have been used to project future rents, vacancies and expenses. k8J SUBJECT PROPERTY OFFERING INFORMATION According to MLS the subject property: ~ has not been offered for sale in the past D 30 days D 1 year k8l 3 years. D js currently offered for sale for $ D ~for sale within the past: D 30 days D 1 year D 3 years for $ D Offering information was considered in the final reconciliation of value. D Offering information was not consjdered in the final reconciliation of value. D Offering information was ool al'ailable. The reasons for unavailability and the steps taken by the appraiser are explained later in this addendum. D SALES HISTORY OF SUBJECT PROPERTY According to REGISTRY OF DEEDS the subject property: ~ ~as aol ltaoslem:d D in the past twelve months. D in the pastthirty-six months. k8J in the past 5 years. D ~as ltaoslem:d D in the past twelve months. D in the pastthirty-six months. D in the past 5 years. D All prior sales which have occurred in the past are listed below and reconciled to the appraised value, either in the body of the report or in the addenda. Date Sales Price Document# Seller Buver k8J FEMA FLOOD HAZARD DATA k8J Subject property is oat located in a FEMA Special Flood Hazard Area. D Subject property~ in a FEMA Special Flood Hazard Area. Zone FEMA Map/Panel # Map Date Name of Community c 25016300018 6/1/1978 D The communtty does oat participate in the National Rood Insurance Program. ~ The community does participate in the National Rood Insurance Program. ~ It is covered by a J]QU!ar program. D It is covered by an~ program. Page 1 of 2 Form MPA3-"WinTOTAL' appraisal software by a la mode, inc. -1-800-ALAMODE IRle No. 9000631 page #?I ~ CURRENT SALES CONTRACT 0 The subject property is currently not under contract. D The contract and/or escrow instructions were not available for review. The unavailability of the contract is explained later in the addenda section. D The contract and/or escrow instructions were reviewed. The following summarizes the contract: I Contract Dale Amendment Date Contract Price Seller I I I D The contract indicated that personal property was not included in the sale. D The contract indicated that personal property~. It consisted of Estimated contributory value is $ D Personal property was not included in the final value estimate. D Personal property~ in the final value estimate. D The contract indicated no financing concessions or other incentives. D The contract indicated !be lo!lowiog coocessioos or incentives: D If concessions or incentives exist, the comparables were checked for similar concessions and appropriate adjustments were made, if applicable, so that the final value conclusion is in compliance wtth the Market Value defined herein. D MARKET OVERVIEW Include an explanation of current market conditions and trends. 8 months is considered a reasonable marketing period for the subject property based on LOCAL MARKET DATA 0 ADDITIONAL CERTIFICATION The Appraiser certifies and agrees that: (1) The analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice C'USPAP'), except that the Departure Provision of the USPAP does not apply. (2) Their compensation is not contingent upon the reporting of 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, or the occurrence of a subsequent event. (3) This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 0 ADDITIONAL (ENVIRONMENTAL) LIMITING CONDITIONS The value estimated is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental environmental conditions unless otherwise stated in this report. The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions. The appraiser's routine inspection of and inquiries about the subject property did not develop any information that indicated any apparent signtticant hazardous substances or detrimental environmental conditions which would affect the property negatively unless otherwise stated in this report. It is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous substances or detrimental environmental conditions on or around the property that would negatively affect its value. D ADDITIONAL COMMENTS D APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION Appraiser'sSignatu~~ Effective Date 1/28/09 Date Prepared 1/29/2009 Appraiser's Name (print) Osa FIO!Jl Phone# 413-586-5252 State MA D License 0 Certification # Certified Res. A(!(!r. #7D79! Tax ID# ~ CO-SIGNING APPRAISER'S CERTIFICATION D The co-signing appraiser bas personally iospected the subject property, both inside and out and has made an exterior inspection of all comparable sales listed in the report. The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepts responsibility for the contents of the report including the value conclusions and the limiting conditions, and confirms that the certifications apply fully to the co-signing appraiser. ~ The co-signing appraiser has not perimoa!!y iospected the interior of the subject property and: D bas not iospected the exterior of the subject property and all comparable sales listed in the report. D bas iospected the exterior of the subject property and all comparable sales listed in the report. 0 The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepts responsibility for the contents of the report, including the value conclusions and the limiting conditions, and confirms that the certttications apply fully to the co-signing appraiser with the exception of the certification regarding physical inspections. The above describes the level of inspection performed by the co-signing appraiser. D The co-signing appraiser's level of inspection, involvement in the appraisal process and certification are covered elsewhere in the addenda section of this appraisal. ~ CO-SIGNING APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION Co-Signing ~ Appraiser's Signatur Effective Date 1/28/2009 Date Prepared 1/29/2009 Co-Signing Appraiser's Name (print) Stephen A. Brunelle Phlne # 413-586-5252 State MA 0 License 0 Certification # MA Certified General #233 Tax ID# 04-3074036 Page 2 of 2 Form MPA3-"Win TOTAL' appraisal software by a la mode, inc. -1-800-ALAMODE Subject Photo Page Owner ESTATE OF SARAH BOSWORTH Prooertv Address BACKLAND OFF TURKEY HILL ROAD Citv NORTHAMPTON Countv HAMPSHIRE Client CITY OF NORTHAMPTON IEile No 9000631 Page #81 State MA Zip Code 01062 Subject Front BACKLAND OFF TURKEY HILL ROAD Sales Price N/A Gross Living Area 15 ACRES+/. Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age AVERAGE 15 Subject Rear Subject Street Form PIC3x5.SR-'WinTOTAL' appraisal software by a la mode, inc. -1-800-ALAMODE c· IFile No. 9000631 Paae #91 Site Map Owner ESTATE OF SARAH BOSWORTH Prooertv Address BACKLAND OFF TURKEY HILL ROAD Citv NORTHAMPTON Countv HAMPSHIRE State MA lio Code 01062 Client CITY OF NORTHAMPTON \ Road Form MAP.Site-"WinTOTAL" appraisal software by a la mode, inc. -1-80().ALAMODE /File No 9000631 Page #101 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated wijh the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the @e. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such condttions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The ap.praiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm wtth which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the Untted States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 1004B 6-93 FSI Appraisal Co., Inc. Form ACR -"WinTOTAL' appraisal software by a la mode, inc. -1-800-ALAMODE IFile No 9000631 Paae #11 I APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. tt a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, n a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing lime noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. 8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have .made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: tt a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: BACKLAND OFF TURKEY HILL ROAD, NORTHAMPTON, MA 01062 APPRAISER: SUPERVISORY APPRAISER (only if required): Signature: ~~ Signature: ~.--fl- Name: Osa Flory Name: Ste~e!le Date Signed: 1/29/2009 Date Signed: _,1=/2=9=/2=0=09~------------ State Certification #: Certified Res. Appr. #70795 State Certification #: MA Certified General Appraiser #233 or State License#: __________________ or State License#: ______________ _ State: MA State: _,MA="----------------- Expiration Date of Certification or License: 11712011 Expiration Date of Certification or License:~1=0=/2=0=/2=0"'1~1 ____ _ D Did ~ Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 10048 6-93 Form ACR-"WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE