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APPRAISER'S CERTIFICATION: The AppraisercedlfiesandagreesihaC <br /> 1. 1 have researched the subject market area and have selected a minimum of three recent sales of properties mast similar and proximate to the subject property <br /> far consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of signAicant <br /> variation. ff 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 <br /> the adjusted sales price of the comparable, an4 A a significant %em In a comparable property Is inferior tq or less favorable than the subject propeiTy, I have made <br /> a positive adjustment to increase the adjusted sales price of the comparable <br /> 2. 1 have taken Into consideration the factors that have an impact on value In my tlevelopmenl of the estimate of market value In the appraisal report. I have not <br /> knowingly withheld any significant Information from the appraisal report and I believe, to the best of my knowledge, that all statemerrts and information in the <br /> appraisal report are true and correct. <br /> 3. I stated in the appraisal report only my own personal, unbiased, and proiesslonal analysis, opinions, and conclusions, which are subject only to the contingent <br /> and limiting conditions specAied in this form. <br /> 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 <br /> 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 <br /> on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject propetly or of the preserrt <br /> owners or occupants of the properties In the vicinity of the subject property. <br /> 5. I have no present or contemplated hdure irAeiest in the subject property, and neither my cu«enl of fuhire employment nor my compensation for performing this <br /> appraisal is contingent on the appraised vahie of the property. <br /> 6. I was not required to report a predeterm'med value or direction in value that favors the cause of the client or any related party, the amount of the valor, estimate, <br /> the attainment of a specfic result, or the, occurrence of a subsequent event In order to receive my compensation and/or employment for performing fhe appraisal. I <br /> did not base the appraisal report on a reguesird minimum valuation, a specific valuation, or the nerd fo aUProve a specific mortgage loan. <br /> 7. I performed this appraisal In conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal <br /> Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the tlapadure provision of those <br /> Standards, which does not apphr. I acknowledge that an estimate of a masonable time for exposure in the open market Is a contlttlon In the tletinklon of market value <br /> 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 <br /> reconciliation section. <br /> 8. I have personally inspected 4he Interior and exlerioi areas of the subject properly and the, exlerioi of all properties listed as comparables In the appraisal report. <br /> I further certrfy that I have, noted any apparent or known adverse, condltlans in fhe subject improvements, on the subject site, or on any site within the immediate <br /> vicinity of the subject property of which I am aware and have, made adjustmerAS tar these adverse conddions in my analysis of the property vahie to the extent that <br /> I had market evidence to support them. I have also commented about the affect of the adverse conditions on the, marketability of the subject property. <br /> 9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. d l relied on signrficant professional <br /> assistance from any Individual or individuals in the performance of the appraisal or the preparatlon of the appraisal report, I have named such individual(s) and <br /> disclosed the specirfic tasks performed by them In the reconciliation section of this appraisal report I cedHy that any individual so named is qualrfied to perform <br /> the tasks. I have not aiAhorized 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, <br /> no responsibility for it. <br /> SUPERVISORY APPRAISER'S CERTIFICATION: d a supervisory appraiser signed the appraisal report, he or she certifies and agrees chat <br /> I directly supervise the appraisal who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, <br /> agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking toll responsibility for the appraisal and the appraisal report. <br /> ADDRESS OF PROPERTY APPRAISED: 75~-5787 Nele Place Kailua-Kona HI 96740 <br /> APPRAISER: ~/a, q' ~ SUPERVISORY APPRAISER (only if required): <br /> 1 ~ y`" <br /> ~ ~ ~ ~ ' ' ~ ^"il~~ <br /> " ~ <br /> Signature: / ri Si nature: _ _ _ _ _ <br /> - - g <br /> Name: Jo I Baudltar -R. Bair <br /> Name. _ <br /> Date Si ne ~ ~ Februa 10 2004 _ _ - ~ <br /> 9 ~ 1` r . Oate Signed. _ _ _ _ <br /> State CediP~ lion CRA 545lCGA 286 <br /> _ _ _ State GertAication <br /> or State License or State License <br /> State'. H 61atP.'. <br /> Expiration Date of Certification or License: 12131/2005 _ Expirailon Date of Certiflcatlon or License: <br /> Did ~ Did Not Inspect PropeRy <br /> <br /> Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae form 10048 6-93 <br /> Form ACR - "TOTAL for Windows" appraisal software by a la muds, inc. - ~-800-ALAMODE <br /> <br />