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HomeMy WebLinkAbout96-272 Resolution No. 96-272 RESOLUTION AUTHORIZING EXECUTION OF A RESIDENCE LEASE (392 Ann Street) BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that Richard B. Helwig, City Manager, be and is hereby authorized and directed to execute a Residence Lease with Neighborhood Housing Services of Elgin, Inc. , for the premises commonly known as 392 Ann Street, Elgin, Illinois, a copy of which is attached hereto and made a part hereof by reference. s/ Kevin Kelly Kevin Kelly, Mayor Presented: September 25, 1996 Adopted: September 25, 1996 Vote: Yeas 4 Nays 3 Attest: s/ Dolonna Mecum Dolonna Mecum, City Clerk ncolutNL:l: LI_ASE N0, 14 GEORGE E. COLE' REPLACES OLD FORMS 14 AND 14B JUNE 1994 LEGAL FORMS RESIDENCE LEASE CAUTIOrr Govan.I..y.r Wtor.using or wino under as b n N.aw t».µ,marl no tn..asa or this ram nam any win* f wM mpg:then tnekong any wM't1 Wy of muthMh6oty or MO;kr•pptktntar a•+ to DATE OF LEASE TERM OF LEASE RENT SECURITY DEPOSIT' BEGINNING 1 ENDING J 10/01/96 Month-to-Month $800.00 N/A 'IF NONE, WIiIT£ "NONE;" Paragraph S of thin Lase then JNAPPLICASLE, LESSEE LESSOR , ,E City of Elgin, an Illinois Koss . Neighborhood Housing Services of Elgin, Inc municipal corporation D`'`<Ess or 392 Ann Street ADDRESS • 300 Douglas Avenue REMISE$ , Elgin, IL 60120 erre • Elgin, IL 60120 rrY In consideration of the mutual covenants and.agreements herein stated, Lessor hereby leases to Lessee and Lessee hereby leases from Lessor for a private dwelling the house designated above (the "Premises"), together with the appurtenances thereto, for the above Term. RENT 1. "Lessee shall pay Lessor or Lessor's agent as rent for the Premises the sum stated above in the box designated "RENT", monthly in advance, until termination of this lease, at Lessor's address stated above or such • other address as Lessor may designate in writing. The first payment is due on or before October 1 , 19 96 and subsequent payments on the fi est day of each succeeding month." SECURITY 2. Lessee has deposited with Lessor the Security Deposit stated above as security for the performance of all DEPOSIT covenants and agreements of Lessee hereunder. Lessor may at any time or times apply all or any portion thereof in payment of any amounts due Lessor from Lessee. Upon termination of the lease and full performance of all of Lessee's obligations hereunder, so much of the Security Deposit as remains unapplied shall be returned to Lessee. The Security Deposit shall not bear interest unless and except as required by Illinois statute. CONDITON 3. Lessee acknowledges that the Premises arc in good repair, except as herein otherwise specified, and that OF PREMISES no representations as to the condition or repair thereof have been made by the Lessor, or Lessor's agent, prior to or at the execution of this lease, that are not herein expressed. REPAIR 4. The Lessee covenants and agrees with Lessor to take good care of and keep in clean and healthy condition the Premises and their fixtures, and to commit or suffer no waste therein; that no changes or alterations of the Premises shall be made or partitions erected, nor walls papered without the consent in writing of Lessor; that Lessee will make all repairs required to the walls, windows, glass, ceilings, paint, plastering, plumbing work, pipes, and fixtures belonging to the Premises, 'whenever damage or injury to the same shall have resulted from misuse or neglect; and Lessee agrees to pay for any and all repairs that shall be necessary to put the Premises in the same condition as when he entered therein, reasonable wear and loss by fire excepted, and the expense of such repairs shall be included within the terms of this lease and any judgment by confession entered therefor. LIMITATION 5. Except as required by Illinois statute, the Lessor shall not he liable for any damage occasioned by failure OF LIABILITY to keep the Premises in repair, and shall not be liable for any damage done or occasioned by or from plumbing, gas, water, steam, or other pipes, sewerage, or the bursting, leaking or running from any cistern, tank, washstand, water closet or waste pipe in, above, upon or about the Premises, nor for damage occasioned by water, Snow or ice, being upon or coming through the roof, skylight, trap door or otherwise, nor for any damage arising from acts or neglect of any owners or occupants of adjacent or contiguous property. USE; 6. Lessee will not allow the Premises to be used for any purpose that will increase the rate of insurance SUBLET; thereon, nor for any purpose other than that hereinbefore specified, nor to be occupied, in whole or in part, by any ASSIGNMENT other person, and will not sublet the same, or any part thereof, nor assign this lease, without in each case the Lessor's written consent had, and will not permit and transfer, by operation of law, of the interest in the Premises acquired through this lease; and will not permit the Premises to be used for unlawful purpose or purposes that will injure the reputation of the same or of the neighborhood; will keep no dogs, cats or other animals or pets in or about the Premises; will not permit the Premises to remain vacant or unoccupied for more than ten consecutive days; and will not permit any alteration of or upon any part of the Premises, nor allow any signs or placards posted or placed thereon, except by written consent of the Lessor; all alterations and additions to the Premises shall remain for the benefit of the Lessor unless otherwise provided in said consent. RIGHT TO 7. If Lessee shall abandon or vacate the Premises, the same shall be re-let by the Lessor for such rent, and RELET upon such terms as Lessor may see fit; and if a sufficient sum shall not be thus realized, after paying the expenses of such re-letting and collecting, to satisfy the rent hereby reserve, the Lessee agrees to satisfy and pay all deficiency. HOLDING 8. If the Lessee retains possession of the Premises or any part thereof after the termination of the term by OVER lapse of time or otherwise, then the Lessor may at Lessor's option within thirty days after the termination of the term serve written notice upon Lessee that such holding over constitutes either (a) renewal of this lease for one year, and from year to year thereafter, at double the rental specified under Section 1 for such period, or (b) creation of a month to month tenancy, upon the terms of this lease except atgle the monthly rental specified under Section 1, or (c) creation of a tenancy at sufferance, at a rental of P 3 dollars per day for the time Lessee remains in possession. If no such written notice is served then a tenancy at suffcrence with rental as stated ar (c) shall have been created. Lessee shall also pay to Lessor all damages sustained by Lessor resulting from retention of possession by Lessee. LAMMABLES 9. Naphtha, benzine, benzoic, gasoline, benzine-varnish, gunpowder, fireworks, nitroglycerine, phosphorus, saltpeter, nitrate of soda, camphene, spirit-gas, or any flammable fluid or oil, shall not be allowed or used on the Premises without the written permission of the Lessor. TAXES AND 10. Lessee shall pay (in addition to the rent above specified) all water taxes and all gas, electricity and power UTILITIES bills, levied or charged on or in respect of the Premises, for and during the term of this lease, and in case no water taxes are levied specifically on or in,respect of the Premises, to pay the — © — . part of all water taxes levied or charged on or in respect of the building of which the Premises constitutes a part; and in case said water taxes and gas, electricity and power bills shall not be paid when due, Lessor shall have the right to pay the same, which amount so paid, together with any sums paid by Lessor to keep the premises and their appurtenances in good condition as hereinbefore specified, shall be due and payable with the next installment of rent due thereafter under the lease. i SIGNS 11. Lessor reserves the right to put up a "To Rent" sign sixty days prior to the expiration of this lease and a "For Sale" sign at any time during the term of this lease, COMPLIANCE 12. Lessee will in every respect comply with the ordinances of the municipality aforesaid, with the rules and orders of the health officers thereof, with the orders and requirements of the police department, with the requirements of any underwriters' association so as not to increase the rates of insurance upon the building and contents thereof, and with the rules and orders of the fire department in respect to any matters coming within their jurisdiction. DEFAULT 13. If default be made in the payment of the above rent, or any part thereof, or in any of the covenants herein BY contained to be kept by the Lessee, Lessor may at any time thereafter at his election declare said term ended and LESSEE reenter the Premises or any part thereof, with or (to the extent permitted by law) without notice or process of law, ii and remove Lesscc or any persons occupying the same, without prejudice to any remedies which might otherwise be used for arrears of rent, and Lessor shall have at all times the right to distrain for rent due, and shall have a valid II and first lien upon all personal property which Lessee now owns, or may hereafter acquire or have an interest in, which is by law subject to such distraint, as security for payment of the rent herein reserved. RENT Al'i ER 14. After the service of notice, or the commencement of a suit, or after final judgment for possession of the NOTICE Premises, the Lessor may receive and collect any rent due, and the payment of said rent shall not waive or affect iOR SUIT said notice, said suit,or said judgment. FIRE AND 15. In case the Premises shall be rendered untenantable by fire or other casualty, Lessor may at his option CASUALTY terminate this lease, or repair the Premises within thirty days, and failing so to do, or upon the destruction of the Premises by fire, the term hereby created shall cease and determine. PAYMENT 16. Except as provided by Illinois law, the lessee further covenants and agrees to pay and discharge all OF COSTS reasonable costs, attorney's fees and expenses that shall he made and incurred by Lessor in enforcing the covenants and agreements of this lease. PLURALS; 17. The words "Lessor" and "Lessee" wherever herein occurring and used shall be construed to mean SUCCESSORS "Lessors" and "Lessees" in case more than one person constitutes either party to this lease, and all such persons shall be jointly and severally liable hereon; and all the covenants and agreements herein contained shall be binding upon, and inure to, their respective successors, heirs, executors, administrators and assigns and be exercised by his or their attorney or agent. SEVER- 18. If any clause, phrase, provision or portion of this lease or the application thereof to any person or ABILITY circumstance shall be invalid, or unenforceable under applicable law, such event shall not affect, impair or render invalid or unenforceable the remainder of this lease nor any other clause, phrase, provision or portion hereof, nor shall it affect the application of any clause,phrase, provision or portion hereof to other persons or circumstances. WITNESS the hands and seals of the parties hereto, as of the Date of Lease stated above. Lessee: Lessor : City of Elgin Nei•oborhood ousing Ser ices of Eli , tn By: �..��� t�. I B y-, ii i f/ (SEAL) City Manager cw/z-i)cb GUARANTEE For value received hereby guarantee the payment of the rent and the performance of the covenants by the Lessee In the within lease convenanted and agreed,In manner and form as In said lease provided. WITNESS hand and seal this day of •19 • ,. MALI • (SEAL) ASSIGNMENT BY LESSOR In consideration of One Dollar,to the Lessor in hand paid,the Lessor hereby transfers,assigns and sets over to and Successors and assigns Lessor's Interest in the within lease,and the rent thereby secured - WITNESS hand and seal this day of ,19 (SEAL) (SEAI4 • NOTE:Use Form Number 12-1 (or 2ttignmcnt by Tenant. El I r ,e . Agenda INo. mm f,',4,w, __(00., oWlr September 3, 1996 TO: Mayor and Members of the City Council FROM: Richard B. Helwig, City Manager SUBJECT: Lease for Relocation of Existing ROPE Site to 392 Ann Street PURPOSE The purpose of this memorandum is to present to Mayor and members of the City Council a lease with Neighborhood Housing services of Elgin for 392 Ann Street to be used for a Resi- dent Officer location. rik BACKGROUND Resident Officer Bill Wolf has worked from 359 Franklin Boulevard for four years . The house is; owned by Elgin Acade- my, which has been providing the house for $350/month rent. Elgin Academy is attempting to sell the house again after the house was on the market earlier this year. A resident offi- cer presence in the neighborhood is still recommended and an alternate site has been pursued. Several housing alternatives were explored (attached is August 16, 1996 memorandum from Chief ; Charles Gruber) . The recommended property represents a strategic location at the corner of Gifford Street and Ann Street. The property has been vacant and occupancy can be mde in early October. Given City Council authorization, Neighborhood Housing Servic- es is willing to acquire the house. The lease at 392 Ann Street will be with Neighborhood Housing Services of Elgin. The ROPE officer, Bill Wolf, has found the house to be suit- able. NHS is proposing a monthly lease payment of $800 plus utili- ties. The standard lease is similar to that used with NHS at 161 Franklin Street and 311 Summit S reet. The property is owned by a part-time Neighborhood Houing Services employee. An independent appraisal was secured and the resulting value is being used as the acquisition price by NHS ($85,000) . The lease payment is sufficient for NHS to make principal, inter- est, and taxes on the property. Secirity upgrades (similar 392 Ann Street Lease September 6, 1996 Page 2 to the fencing and security system installed at other loca- tions as well as tree removals) and minor rehabilitation work will be undertaken to the house estimated to cost $15, 000 (which will be paid by NHS and absorbed in the rent payments ) . FINANCIAL IMPACT Rent payments would be paid for within the Police Department budget (010-2304-731-43. 03) where sufficient funds exist. LEGAL IMPACT None. RECOMMENDATION It is recommended the City Council authorize execution of a lease agreement with NHS for a ROPE site at 392 Ann Street. Respectfully submitted, ad-(2'4 a Charles A. Gruber Chief of Police C1/ 11"11.%-. Clay . Pearson, Director Code Administration and Neighborhood Affairs Richard B. Helwig City Manager CJP/sl Attachment 392 Ann Street Lease September 6 , 1996 Page 3 STATEMENT OF MONTHLY REVENUES AND EXPENDITURES FOR RESIDENT OFFICER LOCATIONS AT NEIGHBORHOOD HOUSING SERVICES PROPERTY 392 311 161 Ann Summit Franklin INCOME Lease Income $800 $800 $610 EXPENSES Payment on bank loan 580 380 515 Taxes 167 158 155 Insurance 156 56' 52 TOTAL Expenses $803 $593'' $722 Net Income/(Loss ) ($3) $207 4$112) 392 Ann Street Detail Inflow and Outflow emb. INFLOWS Bank Loan $86, 330 NHS Equity 13,670 TOTAL Inflows $100, 000 OUTFLOWS Purchase Price $85,000 Rehab cost 12,000 Security/fence 3, 000 TOTAL Outflows $100, 000 AUG-19-96 rOU 12: 14 CITY OF ELGIN/CITY NU.. FAX NO. 18479315610 P. 02 rob' jietr t • August 16, 1996 MEMORANDUM TO: Stewart Wasilowski FROM: Charles Gruber CAgi, SUBJECI': ROPE Location At 392 Ann Street The purpose of this memorandum is to request your assistance in obtaining 392 Ann Street as a new resident officer location. The structure will serve the Ann & Franklin R.O.P.E. area on Elgin's east side. As you know, the property occupied by Officer Bill Wolf at 359 Franklin is owned by Elgin Academy and is in the process of being sold. There have been attempts by Elgin Academy to sell the property in the past This time however, Officer Wolf has been advised by officials from Elgin Academy that they are serious in their resolve to dispose of the properly. If there is a bright side of this situation, it is that the structure at 359 Franklin is in need of a number of upgrades (structure and security in nature) , and has never been conducive as a (111 resident officer site. It is small, doesn't offer a floorplan which would allow the resident officer a separate work and living arrangement, and is only a few feet from the sidewalk and street which has been a real Safety concern of the officer. The staff of the Community Action Group have researched the Ann dr Franklin area for a new suitable location, keeping in mind the partnership already formed between R.O.P.E. and N.H.S. After a search over an extended period of time, we believe that the structure located at 392 Ann Street would be beneficial to the R.O.P.E. Program, the neighborhood, and the City of Elgin. The proposed location is centralized within the R.O.P.E.1district and has been the site of gang violence and activity. It offers a clear and Unobstructed-obstructed view to a large portion of the neighborhood and is set back from the street. The structure itself has a floor plan which offers the resident officer a separate living quarters from an office area on the first floor. In,summary, after research by members of the police department staff, we have concluded that the residence located at 302 Ann Street would be an excellent R.O.P.E. location. I am formally reqesling the assistance of the Neighborhood Housing Services in obtaining the property to use as a site. We look forward to forming another partnership between the City of Elgin, N.H.S., and the Resident Officer Program. If you have any questions, please feel free to contact my office at 931-6001, or Lieutenant Paul McCurtain of the Community r Action Group at 931-6042. cc: Bob Mahn Lt McCurtain September 13, 1996 MEMORANDUM TO: Richard B. Helwig, City Manager FROM: William A. Cogley, Assistant Corporation Counsel SUBJECT: 392 Ann Street Attached is a copy of the appraisal report prepared by N. Steffens & Associates for the proposed new ROPE officer residence at 392 Ann Street . The report was forwarded to me by Clay Pearson who requested my review and comment . A review of the appraisal report indicates the appraiser appears to have made a thorough analysis of the property and relevant market data. The appraiser relied predominantly on the sales comparison approach and concluded that the present value of the property is estimated at 085,000 . The appraiser estimated the value— of the property Would be $97, 000 after completion of the proposed renovations by NHS which the report advises will include cleaning, ipainting, carpeting, refinishing the floors and updating the kitchens and baths . The appraiser states that the reliance On the sales comparison approach " . . . is based on the actions of buyers and sellers of the market. " The appraiser also concludes that the market _has remained relatively stable over the past year. WAC mg Attachment Property Deacrlptlon UNIFORM RESIDENTIAL APPRAISAL REPORT File tic*. 8813 . Property Address 392 Ann Stre. Cl El+_n slate L. 'opted. •0120 ' Legal Description Lots 1 and 2 in Lynd. James. Heirs Addition County Kane, g Assessor's Parcel No. 06-13-126-016 6 017 Tax Year 1995 R.E.Taxes S 195 5SpeciailA�s-s-e�ssments S N� L7- Rorrovnr Neighborho d Housing, $ rvCurrentOwner Betty Skl@ 5 Occupant: Owner llx l Tenant Vacant rProperty rights appraised �x Fee Simple �Leuehnld Protect Type I I PUD I I Condominium(HUDNA only) - HOAS /Mo. - Neighborhood or Project Name Map Reference 1600 (Kane) Census Tract 8513 :. Sale Price S N/A Dale of Sale Description and S amount of loan charges/concessions to be paid by seller' NA Lender/Client Home Federal Savings Address --r .e •4 e. • Appraiser N. Steffens 6 Assoc. ti Ltd. Address 1245 Larkin Ave.. Elvin. IL 60123 Location Urban x Suburban _ Rural Predominant met family heeelu E Present land ose% I Land use change Built up x Over 75% 25-75% _ Under 25% 0°0°Panay F5(0006000) (yrs) One Family _65 , x Not Likely I I Likely Growth Rate Rapid Stable — Slow .Owner 60 Low 50 2-4 family 25 I In process .` Property values Increasing Stable _ Declining _Tenant 20 High Q9+ Multi-family 5 I To: Demand/supply Shortage In balance ,.� Over supply ...t.Vacant(0-5%) ;.i>,:.;;y::�Predominant['.!::.,., Commercial 5 1 Marketing time Under 3 mos. x 3-6 mos. _ Over 6 mos. Vacant(over 5%) 11 0 80 ) _ Nolc Race and the racial compoeilion al the neighborhood are not appraisal factors. R Neighborhood boundaries and characteristics: To the north by Congdon Ave.Ato the east by Liberty St to the EI outh by Chicago St. and to the west by the Fox River. G.: Factors that affect the marketability of the properties In the neighborhood (proximity to employment and amenities, employment st bdlty, appeal to market, etc.): 1 The neighborhood ena ysis encompasses the older. established sections of Elglin on the_gest isie_of the_£Szx Rivet _mit_h various styles. agesend. maintenance level. A un.LL_apertments_ are often homes co - -. •', •: .gle family with 1-unit owner occupies Ta- ;rad_e_S.bool and_ junior high schools are within walking distance. Linkage to shopping and employment is good is Rs_utes 25 and 58 and the 1-90 Tollwa - _ h'n m' - Market conditions In the subject neighborhood (Including support for the above conclusions related to the trend of property values, demand/supply, and marketing lime -- such as data on competitive properties for sale In the neighborhood, description of the prevalence of sales andel financing concessions, etc.): :r•- •s• ' '•ts in the sub'-ct neighborhood are average with a comaliment ry supply of -- available listings and potential buyers. Seller paid points and sales concessions are not prevalent in the area. i ' - I p• Project Inlormatlon for PUD. (If applicable)--Is the developer/builder in control of the Home Owners'Association(HOA)? u Yes UNo 6 Approximate total number of units in the subject project . Approximate total number of units for sale In the subject proj}ct - Describe common elements and recreational facilities: Dimensions 117Ex102,SIvSx117Rx97R$ Topography Level . Site area 11.671 +/- square feet Corner Lot IxlYes 11No Size e. e ' - Specific zoning classification and description RC3 - Residential Conservation Shape Al..os •us e rrr Zoning compliance IxI Legal _ Legal nonconforming (Gnedieihereduse) I IIllegal I I No zoning Drainage AaRea4s adequate Highest&best use as improved: X Present use I-1 Other use explain) View Similar residential Utilities Public Other 011-aitelmprovemente Type Public Private Landscaping Average-little Electricity jL 100 Amp Street Macadam — Driveway Surface Cement Gas x Curb/gutter cgpf.i to x — Apparent easements Typical u flit Water a Sidewalk Concrete — PUMA Special Flood HazaFd Area I I Yes I x l No Sanitary sewer x Streetlights Incandescent ---, FEMA Zone Zone Map Date 4/17/84 = Storm sewer x Alley None - FEMA Map No. 170087 0007 D Comments (apparent adverse easements, encroachments, special assessments, slide areas, Illegal or legal nonconforming zoning Use. etc.): The subject : .roper y has 2 t •'c:1 si a- . No adver-e easements or encroachments noted. GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No.of Units One Foundation Stone Slab 0% Area Sq.Ft. 9631 Roof No.of Stories 2 Exterior Walls Wood Crawl Space 0% Y.Finished OS Ceiling Type(DeL/Alt) Detached Roof Surface Asphalt Basement 115% Ceiling Walls _ x Design(Style)Traditional_Gutters 8 Dwnspts. Alum/Ga1,v Sump Pump NO Walls — Floor Existing/Proposed Existing_Window Type Double hung Dampness None Evident FlooromNone Y[ Ape(Yrs.) 100+/- storm/Screens Cub Settlement None Evident Outside Entry Unknown . Effective Age(Yrs.) 18-20 Manufactured House No infestation None evident (. ROOMS Foyer Living Dining Kitchen Den Family Rm. Rec.Rm. Bedrooms f Baths Laundry; Other Area Sq.Ft. N basement 963 R Level t 1 1 1_ 1 1 .5 I 834 iLevel 2 3 1 894 O Finished area ahove grade contains: 7 Rooms: 4 Bedroom(s); 1,5 Bath(s); 1.72 q Square Feet of Gross Living Area iINTERIOR Malerlals/Condltlon HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE: Floors Hardwood/Carpet Type FWA Refrigerator None Fireplace(s)f — None ail Walls P1 aQr Fuel Gas Range/Oven Stairs Patio Garage fol cars Trlm/Finlsh Stained Wood Condition Average Disposal Drop Stair Deck 1�-- Attached 2 Car ;` Bath Floor Vinyl COOLING Dishwasher Scuttle Porch 2 CovPor Detached " Bath Wainscot Fiberglas Central Fan/Hood _ Floor Fence .... Built-In °- Doors Solid Wood Other Microwave Heated s Pool r_ Carport Ave_surface condition Condition Washer/Dryer Finished 1 Driveway 2 Car Additional features (special energy efficient Items, etc.): The living room and dining rooms have leaded glass windws o . Most rooms have ceiling fan/lights. Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction, remodeling/addltions, etc.: _ The subject is going to be renovated by the b vers. Neighborhood Housing Services. As requested. the subject is appraised as improved. Most work will be cosine c. the home needs 1. painting inside. floors refinished or carpeted. and the baths and kitchen remodeled. Adverse environmental conditions (such as, out not limited to, hazardous wastes, toxic substances, etc.) present in the imprvements, on the site, or In the Immediate vicinity of me subject property: There were no visible adverse environment_a], condllltions noted. Freddie MK Form 70 5.93 12 Cli. PAGE 1 OF 2 , Fenn,.Mae Form 1004(6.93) N SIHlers 3 Assontln.ltd 17081 971-744/ N.Steffens&Associates,Ltd. Complete,Summary Report Valuation Sw,cNon UNIFORM RESIDENTIAL APPRAISAL REPORT File No, 8813 ESTIMATED SITE VALUE •S 20.000 _ Comments on Cost Approach (such.as, source 01 cast estimate. ' '. ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: site value, square foot calculation, and for HUG, VA and FmHA, the Dwelling 1.728 Sq.Ft a S 54,00 •S 93.312 estimated remaining economic Ille of LLilleproperty): Cost Sq.Fta3 • estimates were develoied from the • 4.000 Marshall 6 Swift Resicential Cost Garage/Carport 324 Sq.Ftaf 20,00 • 6.480 _Handbook, Land va113e rs based on a review . _, Total Estimated Cost New •s 103.792 _of similar sites in the area. The XC Less 24 % Physical Functional External estimate for total depreciation is based N: Depreciation 24.91d I •S 24.910 on the age/life metho4:Efjctive "' Depreciated Value of improvements •S 78.882 age/Economic life — Accrued_depreciation, 'As-Is'Value of Site improvements -S 2.000 INDICATED VALUE BY COST APPROACH (1 00 900) •$ 100.882 Remaining Economic Lite: 80-82 j ITEM I SUBJECT COMPARABLE NO,I COMPARABLE NO.2 COMPARABLE NO.3 :: 392 *Ann Street 364 St. Charles St. 86 S. Crystal 214 Franklin Address . gam _El pin Elgin III Proximity to Subject :II":.,...II.:I,::II '1 3' Blocks � Sales Price s N/A {S 100.000 'TiP'.'::;"'. f 84.500 :t:> ,:. S X4.000 Price/Gross Liv.Area S �S 38.28 019%991':',::',,,,,,:.;,:$- 60.97 0{4'9,11, '.<;<:-f , 54.76 0{'9J19'>>.•`• Data and/or Inspection MLS/Assessor MLS/Assessor MLS/Assessor Verification Sources _ VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION .F)SAdrysimenl DESCRIPTION .1-1smiesimem I DESCRIPTION .1-)S Adjustment Sales or Financing €f Conventional FHA 0 Pts FHA 0 Pts Con cess ions - :: DaleolSalemme g[Zg%4. 6s=<`€:' "4 3/96 5/96 1%96 Location Average Average Average Average ,,:l Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Kee Simple Sue 11 671 SF 10 080-1Site, +5.000 8208sf 1Site, +5 000 4i620sf-1 iter +10.000 View ini ,r '. _ im'1: ,."m'_a R . . DesignandAppeal Traditional Traditional Traditional raditiQnal Duanlyofconstruction Average Average Average 1 Age A100/E18-20 Equal Effect_ Equal Effect layqual Effect {, Condition Average Average Similar Similar S. Above Grade loin I Bdms I BSIM total I Bdms 1 Baths loin Bdms I Bens ♦out ; Bonn i Baths [p• Room Count 7 i4 i 1.5 r2 13 i 1 7 3 1 1 +1,000 17 i4 i 1 +1,000 —'t, Gross Living Area 1.728 Sq.FL 2612 Sq.Ft. -8.800 1386 Sq.Ft. +3.4Q0 1534 Sq.Ft. +1.900 A Basement&Finished 963 SF Full Full Full Rooms Below Grade nfinsh-d finis ed Unfinished _ I}?nf finished Functional uunry Average .Average _Ave�ize Averse , K. Heating/Cooling FWA FWA FWA _RHW 0 Energy Efficient Items Typical Typical _Ty ic.al Typical k.' Garage/Carport 2 Car Garage 2 Car Garage None +4.000 3 Car Garage -2.000 Porch,Patio,Deck, Covered Por None +500 Small Encl mall Encl Firepiace(s),etc. None +200 Deck/Fence No adj Fence - No adj : Fence,Pool,eic. Net Adj.(total) I I . I x1' .f 3.100 f.1_ . 7- if 13.400 + 117s 10.900 Adjusted Sales Prma :;:, '� ga'614, :5% i:o ':: Gi5s1';59:%:::' -ii . of Comparable -..... .�. s:<: N ':'::>>::3 et `.:1% N „ f 96.900 eff :15.:9x �f 9J.900'V'et-s<.:.23:©%'.f 94.900 ::' Comments on Sales Comparison (Including the subject property's compatibility to the neighborhood, etc.):The aonra isedl vale:.Iion ,- _ - - -. 1= .- site but it has only 1 tax number and it is unlikely that it could be divided. Sale 3 has a ' . moi - •n.- ' wi•,- ;_l- ,: •--n adjusted because it is only 1 site a'd the property is very narrsw. Sal . 7 i .o. •1.i i• e_g1J_al to the subject after painting. cleaning. acid_ any necessary updating. _ ITEM SUBJECT COMPARABLE NO.I COMPARABLE NO.2 I COMPARABLE NO.3 Date,Price and Data N/A Has not previously Has not previously Has not previously Source,for prior sales been sold through been sold through been sold through within year of appraisal _n h- - L is, - :r L in . •-;St year_ Analysis of any current agreement of sale,option,or listing of the subject properly and analysis of any prior sales of subject and comparables'within one year of the date of appraisal: • N/A , INDICATED VALUE NY SALES COMPARISON APPROACH $ 97.000. INDICATED VALUE BY INCOME APPROACH ,[- (If Applicable)Estimated Market Rent S /Mo.x Gross Rent Multiplier • S L[ I This appraisal Is made I I 'as Is' I I subject to the repairs,alterations.Inspections or conditions listed below I x i subject to completion per plans and specifications. CondulonsofAppralsal: Present value is estimated at $85.000-00, Plans are to claan. paint. carpet or refinish the floors. and update the kitchen and baths. FlnalReconclliation: Most consideration was given to the sales comparison approach as it is based on the actions of buyers and iellecs in the market, The cost approach closOly supports the CgC The purpose of this appraisal Is to estimate the market value of Ina real properly that is the subject of This report,based on the above conditions and the certification,contingent ,A and limiting conditions,and market value definition that are stated In the attached Freddie Mac Form 439/Fannie Maelorm 1004B(Revised )- I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, A5 OF August 28. 1996 i (WHICH IS E DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE S 97.000. 6 APPRAISER SUPERVISORY A'' AIS c NU,' REP I'EO):': N Signator ,e-.7z",77.."4.-1,7,,v7" SI,nature �,j & . „��Ar/� n Did I x'Did Not Name u h M. Kinast. SRA Name N-i � MA RAnspect Properly Date Report Signed August 30. 1996 Date Report Slned August 30. 1996 State Certification a 1 •-e e e 1 State I_ State Certification►153 000300 Slate IL Or Stale Licensee Slate Or State Licensee Stale Freddie Mu Form 70 6.93 12 CH, PAGE 2 0f 2 Fannie Mae Form 100116-93) N Wens a Associates,Ltd (70e)911-144/ File Na. 8813 ADOmO,NAL;COMM NTS' : ;< Borrower Neighborhood Housing Sery Property Address 392 Ann Street City Elgin County Kane State IL Zip Code 60120 Lender Home Federal Savings of Elg'lin COMMENTS ON SALES COMPARISON Due to the lack of relevant data in the subject's neighborhood, it was necessary to investigate sales slightly older than six months. But, as the market has remained relatively stable over the past year, this is not considered a significant factor against the reliability of the comparable sales that were chosen. N Stollens&Assocules,ltd.(708)9317447 File No 8813 . • , .. . . . PHOTOGRAPH ADDENDUM . .. - Borrower Neighborhood Housing Sery Property Address 392 Ann Street City Elgin County Kane State IL Zip C.ade 60120 Lender Home Federal Savings of Elgin PiliFill'''' . , .. i .... , & - . ,- •_. . •-.• 01- ' . . . Ir4 •#‘1,R... - . . . FRONT OF SUBJECT PROPERTY ,..------- ".--,,--,---fa_7.1,-- 7.7---,--1-,J-7.---c. _____ _... '• i 41 . -----1Y--=-5------ -- - ---1.-•....--)... ' • - 112A— - .& & i•.::.- -- - i• . --- •--. --''' ' '- ' ..-•—•.... .„—r-...= . . •,•- , - • . s . , '...:.---4'"-see," •• ........ , . .. . . ,.... • • .., 4 •,.., ,c'• - .-:'- : ••'''iptt 4,,f-e-y Vpile.,.,14.Ai& 'Ike" .. • . - •;; sw4Z.;!...'...?".w.-11;;,.:-Itta ra . . ' •.- . „, , • -: st*,.:1/1.1'. eir....5`,.;.:ler.? . • .. •4--, .. •-.. za,,t.fliar.tat4: .*: i -•.•'"? . . •;., . .„,...t.'... ;,'"1..:. v:.....•-:.,7 4,11"..*'F:Wis ,.... .. : •. . . , .• . v..- .:..-Ye AI / . ..,,.: - . ;AO".... •' : . 4 %.4.. .., : ••..kbaidtc.?..X.45.efe.t...........1,;......,...,,,,....• . .., • :.!..i.k,_...ft) ,.,..., . . • ....'•:.t. •ol •2• .•^,a,,:rr, - :e• ' .!:!::. . 40** a .. ,n. ...„„. .•-.........• .. • i•-,...N-. ,1;:, ..,.• • ,,„. i......•.-,• .. REAR OF vik, -4; -...4-. 4'.. . 424.$ , ••• _,:-.••••........;-', • : .• .••• „ '...,., A. 41::111' ... ' ,!", • ',5•-•' ..- 40, ... -*: SUBJECT PROPERTY A..•P. ;',S:1'41. e ; i '4 4,11, -. 211 Jo • • ., _ . 7 1 • .: --: -vt:,... . SI III i_., . ,t , ., 1 ,.... , • - .:-..- II; di y - . 111 - 1116111P111'','. . a. . •?4 . % — -411 l'.... •=141.! "`" ..n. -- - -............,........... '1;rtitE. 1.. ..._ :A.11....... . __----- ' • . .. - . vr. • -, • . . 1,,," • .... ..t•• ..-: . -. .4...• .. ...,„.% . :,4,,, • .. . it.• , ...i at...!-.....i,.-1.70.1 :• _ • : •01.•..,... • :4'. 'I, t•..4 . -• .,p4-..,..---.:-."-,* 'it". .. •'. .' - - - • - ' . ...---"..:-.. .•:.:-..;' •,..:'• '" ,,i.'4.:-.11:4.10' ' • •: ' li 71" • . .'.\•• " _..•• , •;'‘. - .4.4';: ....I% •fig• ' 1'1.1('' •• STREET SCENE ... Mr. .E. : _),—.Z. . ii,.. ,.. .,.:',......:'n W••••• LT. , _i -- •— • • ..._ r. $.k . ,141119011N. 1 ..x . —........mw— • , . •,..... N Steffens&Associates.Ltd (709)931 7441 , .. . . , SKETCH/AREA TABLE ADDENDUM Fite No: 8t313 S Borrower/Client U Neighborhood Housing Services B Property Address , J 392 Ann Street City County State Op Code E C Elgin Kane Illinois 60120 . T Lender Home Federal Savings & Loan _L 1 _ M v i P R 0 V E M Gcrcga 18 E / N T is S 18.9 24.9 2 Stcry/Bcrterrent 24.9 21.4 Pcr S 10 Bardt _ K E 1St/ T <N Pcrch, e 6 C 2E9 H SCALE:1 inch=15 feet AREA CALCULATIONS SUMMARY LIVING AREA CALULATIONS ,..,.: A Area Name of Area Size Totals ,:' Breakdown 1 Subtotals GUI First Floor 534.25 834.25 "h 36.50 X 18.50 675.25 A GLA2 Second Floor 894.25 894.25 ',' 26.50 X 6.00 159.00 SSMT Basement 963.25 963.25 'i ----36.50 X 24.50 894.25 C POR Covered Porch 129.00 A Porch 60.00 189.00 L GAR Garage 324.00 324.00 C U L A T I Ai A 0 N S A , TOTAL LIVABLE (rounded) 1728 1729 N.STEFFENS&ASSOCIATES,LTD. APEX SOFTWARE 210-6006668 APEX II Fotryt 2730 1 SKETCH/AREA TABLE ADDENDUM • File No: 8 813 S Borrower/Client 1 Neighborhood Housing Services '— B• Property Address J 392 Ann Street I E City County State ZlplCCode C Elgin Kane Illinois 60120 T Lender Home Federal Savings & Loan 97' — i1 1 111 M — P R O V E N T S S IIIIIIII K E T C H 102.5' 1 SCALE:1 inch=30 feet 1 AREA CALCULATIONS SUMMARY LIVING AREA CALCULATIONS ii A Area Name of Area Size Totals Breakdown � Subtotals EGLA1 First,Floor 834,25 834.25 36.50 X 18.50 675.25 A GLA2 Second Floor 894.25 894.25 26.50 X 6.00 159.00 BSMT Basement 963.25 963.25 36.50 X 24.50 894.25 C POR Covered Porch 129.00 A Porch 60.00 189.00 L GAR Garage 324.00 324.00 C LAND Land 11670.75 11670.75 U L A T 1 O N S TOTAL LIVABLE (rounded) 17281729 N.STEEPENS&ASSOCIATES,LTD. APEXSOFIWARE 2f04399-866e APEX II Pore V39 F.le No 8813 IVacant Lot 1 Borrower Neighborhood Housing Sery Property Address 392 Ann Street — City Elgin County Kane State IL Zip Code 60120 Lender Home Federal Savings of Elgin . t � � • • .. �4",X0 T111"4* '111.' Y`fi*hadrrN ras a�L _ rMy T • yT'F i acant Lot 1 / N.SINUn!8 Aseocicrn,lid.(TOM 931-7447 (i3 8813 • PHOTOGRAPH ADDENDUM • Borrower Neighborhood Housing Sery Property Address 392 Ann Street City Elgin County Kane State IL Zip Code 60120 Lender Home Federal Savings of Elgin : K. i 1a 1 R�c h;. COMPARABLE #1 'i' �•'•{ • 364 St. Charles St. • _,• Elgin *.� �, Price $100,000 • t • Price/SF 38.2 • 8 Date 3/96 • r Age Equal Effect R iiica �_ — II Room Count 6-3-1 i-- gr. Living Area 2612 Value indication $96,900 A..r..xyi. _ ._ y., ..+ • - �: moi t'+' _ <+r' ,;--YYrtie cK{ •� Y I.Vt r +d^.t•:.m'TmiC6" 1 '�. , v.t "' f4., k +511 'x' • few•j-. ,s� ( �, ; F: E. ,' ,j ;- COMPARABLE #2 .- � ...0 .'e // 86 S. Crystal ►. ! -s Elgin A + {r ::4 • 4 ; ` . :r Price $84,500 r• Price/SF 60.97 4 a. Date 5/96 Age Equal Effect " { Room Count 7 -3-1 Living Area 1386 41r � ��-' —: Value Indication $97.900 el,_ ,.� P.- ,r ;; • N., r - t = � COMPARABLE #3 214 Franklin (•fi a r + ?. ' .e.Vi Elgin Si *....,..' '',:o.,-.4.:;, ..,,:,...!.._ h.. r c' ' Price $84,000 -- T ' , ;f� —11111 Price/SF 54.76 ^•: A �3� r,k . `="" Date 1/96 0*:`Vt. --j`p- Age Equal Effect s�r r y Room Count 7-4-1 f� .,' _ • _ Living Area 1534 ,� Value Indication $94,900 ems•ate.{At/- 4t I••� t __ ' t air. � ¢j . • ' k� �y . 1 N.Stetlens&Associates,Lid.(709)931.7447 I File No. 8813 • 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 prope)ties most similar and proximate to the subject property for consideration in the sales comparison analysis and hav¢ made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If 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, if a significant item in a cgmparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to inr(rease 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 thcj client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrgnce 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 I 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 crpndition in the definition of market value and the estimate I developed is consistent with the marketing time 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 vicin(ty 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 *out 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 performange of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the sp4ific 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;Itherefore, if an unauthorized change is made to the appraisal report,I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION:It 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 ceftifications numbered 4 through 7 above,and am taking full responsibility for the appraisal and the appraisal report ADDRESS OF PROPERTY APPRAISED: 3'92 Ann Street APPRAISE'• SUPERVISOR APr SER(only if rei,quired). Signature: Signature: /i/ • 11P,Af .� Name: Ru h M. Kinast, SRA Name: ! t ':f/�.RA Date Signed: August 30, 1996 Date Signed: August 3 t., 1996 State Certification/: 156-000415 StateCertili anon t: 153-000300 or State License/: or Stale License 1: Slate: IL State: IL Expiration Date of Certification or License: 9/30/1997 Expiration Date of Certification or License: 9/301/1997 Li Did El Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 10648 6-93 • N.Sieilens t Assocu:o,L a (10t)531-7447 F.I.R.R.E.A.ADDENDUM eels Borrower Neighborhood Housing Sery —� Propertydddress 392 Ann Street caty Elgin county Kane state IL 21tCode 60120 Lender/Client Home Federal Savings of Elgin Purpose of the ApptatsaC ^':"' The purpose of this appraisal is to estimate the market value of the subject property as defined within this report. The function of this appraisal is to assist in collateral valuation and/or portfolio management. • _Scope of the:Appraisat : ... _ _ 1 The data contained in the attached appraisal report has been compiled by thelappraiser from the following sources: Inspection and research of the subject property to ''identify dimensions, nature of construction, physical condition. and any other physical, functional or external factors; identification of relevant market data from use of the Multiple Listing Service, real estate agents or brokers, and/or assessor's office records; the appraiser has, at a minimum, viewed all comparable sales from the exterior. Report:of the prior year telae history'tar'the subject property is the subject property currently listed? ' Yes x No List Price:S Has the property sold during the prior year? Yes _x, No If yes,describe below The subject is being purchased by Neighborhood Housing Services from an employee. The property has not been listed on the open market and a contract to purchase,, it one exists. was not provided to the appraiser. Msrkettn$Ttme _ What Is your estimate of marketing time for the subject property? 3-5 months Describe below the basis(rationale)for your estimate? The appraiser has considered the marketing time typical for the local market based on consideration of the marketing time for comparable sales. The location and,condition of the subject property has also been considered. I _ Non-real grape.€ty transfers..:.: ', - .. Does the transaction Involve the transfer of personal property,fixtures,or Intangibles that are not real property? t Yes [x}No It yes,provide description and valuation below. Additional Comments This appraisal report is prepared in accordance with the Uniform Standards Of Professional Appraisal Practice, it is a complete report without departure from Standard ,Rule 1 and is presented as a summary appraisal report in accordance with Standard Rule 2-2(b) , No legal description was available to the appraiser. The appraiser has relied on public records to identify the subject property. I ' Additional Certification,: . ... I r.The acceptance of this appraisal assignment by the appraiser was not based on a requested minimum valuation,a specified valuation,or an approval of tyle loan, 2.The appraiser certifies that the compensation for this appraisal is not contingent upon the reporting of a predetermined value or direction to value that'avors 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 prevision of the USPAP. The undersigned certify that: 1) to the best of my knowledge and belief. th reported analysis, opinions and conclusions were developed, and this report has beenrepared in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute; 2) the use of this report s subject to the • requirements of the Appraisal Institute relating to review by its duly authorized representatives; 3) as the date of this report, I, Ruth M. Kinast, have not Completed the continuing education requirements of the Appraisal Institute and I, Neil K. Steffens, have completed the continuing education requirements of the tclit=a7EFil Institute. Cal, August 30. 1996 Appraiser(s) / /•' Ruth M. -.na-'). RA; Illinois Cert: '156-000415 • bate: August 30, 1996 Review Appraiser(s): ��ef't • Ne.. K. t nr i , SRA; Iflinois Cest: 153-000300 Form 953 Copyright(c)1991 992 Software for Real Estate Professionals Revision,1/92 • N Wars E a51odtiae.Ud (?pet 931.7147 • DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under ail conditions requisite to a fair sate, the buyer and seller, each acting prudently, kngwledgeably 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 i5 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 with 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 sates 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 iadjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concessions but,the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. 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 tender any opinions about the title.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 im{}rovements 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. The separate valuations of the land and improvements mint 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 p`operty 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 conditions exist. Because the appraiser is not an expert in the field of environmental hadards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser 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 appraisers 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 improvement$ 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 with 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 United States or any state or the District of Columbia; ex'$ept that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through adNertising, public relations,news,sales,or other media. Freddie Mac Form 439 6.93 Page 1 of 2 Fannie',tae Form 10048 6.93 I • .;,o No 8813 I LOCATION MAP . Borrower Neighborhood Housing Sery Property Address 392 Ann Street City Elgin County Kane State IL Zip Code 60120 lender Home Federal Savings of Elg,in p'` Q. )rr � „ ` Itz . ".".1 HCI. ::; I1 \1 " • . o • ' '4 '''''..'''..-1.1‘.:,,::1:11::,..:.' r ;: ,}-:::::: c ......1!.....:::11:':'. j ;I:47:k.:, ••'• ..:.:(..\LI:: I ( .. .... -' y Mrin Gardrn, . 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I'�"a.- L114 ,...., , I'Si. e !6� `,, i ll] ri9:[!JGfr r.., �J � o ooe Ro °:�� ri..'115ig� ROW �� t©.(�r - .1 ,�..LA �,... : K 'QV, t� '-nr.' 1V't'''' \\ N47q41,4,,,....._111e2,5 jirelirgibl 'o h, ,,4 ft. S ,it, my' GK RD • ,� �,,� 'tat ■Lam- .�\qt e r' Altelk --wili Bs ir F.P.,•r.,`-;u . :'iti Shl ®sommo1ausit% IiiL M11-►iv °-*d-n ,,;;I •'-'a• ;- 7 Oal as!]�]r1la�BIR°T�` 1159 IW iniii■{�i�� 1 �.:ai Farmg Y I■y� r .f pelt♦ .'"�`f MW amp,.\ . . c.. 9 , 1 nil ,, , _ -� - LA�wi I,1i Nana �1�s11� l J _ I$(gr It ett t s canary 11 • - -w,.�'—�a� eo It r; - omr• 11 in �� ♦ aLUF c BLVD ;77 o i L • __ 822 ` ®f f911Elli� i ''+m K �_ Lore %� ° 7 Q /Ilio M tiQ e1 sra v r ca 9 GD- y airca o rQ,8,14 n'l Q 0 N.Slellens 8 Assac.ie,lid.(708)931 7117 /