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Supplemental Addendum flleNo. sss7 <br /> Borrower/Client FRYE <br /> Pro a Address 75.5787 Nele Place <br /> C Kailua-Kona Cou Hawaii S1afe HI Zi Code 96740 <br /> Lender Clark Real <br /> SCOPE AND PURPOSE <br /> This appraisal conforms to the Uniform Slandartls of Professional Apprrisal Prrcticc except Drat the departure provision does <br /> not apply. This report has bccn compldcd to fonnulalc mr opinion of the nrnrkct value of the subjccl property, as it was on Urc <br /> date of the appraisal The appraisal's scope included a thorough inspection and description of the subjccl property followed by <br /> a dclcrminalion of the subject's highest and best use. An estimate oC the snbjccl's value was arrived at via Ibe market <br /> comparison approach. The markcl approach was undertaken via selecting compnrrbles from the same or competing market <br /> areas and adjusting them for dif7erences, (hereby reflecting a value indication for the subjccl Cost and income may also be <br /> included (as applicable). The results of the applicable approaches to the value were then reconciled and a final value estimate <br /> for the subjccl was concluded. The report, in writing wifJr all of ifs addenda is a sununary report with all the necessary <br /> information needed to support the value conclusion. This report may be used only by the identified users for (he use staled <br /> below. <br /> Purpose of Appraisal: Pornndate Opinion of Current Market Value of vacant site to dclennine value <br /> under rock wall encroaching into county right of way. <br /> Function of Appraisal: Encroachment sclllcmcnl <br /> Intended Users oCApprrisal: Those in conncclion with the encroachment sclllcmcnl process <br /> Compartbles wcrc researched within the past C, momhs to I year Qonger tf necessary) from the following sources: <br /> A. TMK computer service which includes all recorded salts and (heir recordation document numbers <br /> B. Rcdi Really Sales Scrvicc (RSS) which contains similar information us the TMK service. <br /> C. Multiple Listing Service (MLS) produced by the Board of Realtors which includes information on listings, sales and <br /> pending sties. <br /> D. Real estate brokers and our o(lice f Its <br /> E. Buvcrs and sellers <br /> This addendum should be attached and become part of Ibc appraisal. <br /> Appraiser(s) ceraify drat the digital photos contained in (his report have not bccn enhanced or modiLed. <br /> The appraisal cstint7rtcs the value of the real propcrly. No personal propcrly, fi.xtures or intangible itcins Thal arc not real <br /> propcrly arc conlaincd in Ibc estimate of market value. <br /> The following is ?n onal}~si.c and reporting on the current markcl trends and conditions that will afTeet the projected <br /> income of, the absorption rate of ur the value of the subjccl and its su rrowxling area: <br /> Thcrc have bccn incraascs in values in land seen since 2003 levels. Thcrc is limited supply available. <br /> The following is an analysis and repo rung of appropriate deductions and discounts for any proposed construction, or <br /> arty completed properties that arc partially leased ur leased at other than marlcct rents as of the date of the appraisal, <br /> or any tract dcvclopmcuts with unsold units. <br /> The subject is not proposed or lensed. No nearby devclopnacnls arc cspected to negatively impact the subjccl. <br /> 1. Wcrc current conyw rohles (within sic monlbs) used in the market approach'' <br /> Ycs, best available comps wcrc rclicd upon. No other more recent or similar sales wcrc available Cor analysis. <br /> 2. Wcrc m;vleel comp:u'ablcc located within the inunedinle or in similar mar9cet areas to the suD,jecC' <br /> Ycs, best avaihable comps ss'cre rclicd upon. <br /> 3, is there buydnwn, subsidy ur any other special linancing involvcrl with the comparables' <br /> No. <br /> 4. I)n the total net adjustments fur each compa rabies esccal 1 i'%~ ml'the sales price of that tr:msaction? <br /> Compit I due older sale Conapil4 due superior vices. <br /> 5. Indicate conclusions fur Highest and Res( Use. <br /> In arriving al highest and best use, the appraisers have considered utilities ns:riloblq what is physically and legally possible, <br /> and financially feasible and resells in the highcsl value, Wilh Ihcse criteria in mind and the predoininale use in the <br /> neighborhood, the highcsl and best use of the subjccl is single tinnily residcnlial dcvclopnrcnt. <br /> Does the subjccl site conform to cu rrenl zoning ordinances? (State land use and the County of Ilawaii arc in <br /> amllict rover dsrcllings allowed in agricultural zoned areas, Stale says must be erg related dwelling, County has <br /> no restrictions, appraisal assrunes conllict dues nut affect residrnlial acreage potential of erg zoned parcels). <br /> The silt is snuallcrlhun nllowal by zoning but is Icg,al non conforming. <br /> 7. Do su b,jccl impravcmcnts ;grpcn- In confer rm hr 'inninf; ordin:uu•cs° <br /> Not valued. <br /> K. Was there any s:rluc given to improvements apps renllr boil! without permits? <br /> n/a. <br /> Was income or n•nr considered for unpm'anitted areas or additions? <br /> ?~8. <br /> 111. Ciro a sales history ol'the cum pn rablcs if the subject prupe. rty is located in a speculative area. <br /> <br /> Typically in Hawaii, n ccnain nundicr of properties arc purchased far spcculaliom <br /> 11. What volcano ha'r.a rd :n'ea is the subject located in ;unl how does Ihis affect ila' raluc? <br /> <br /> Thcrc is current volcanic uclivity taking place on the Island of I-Inwaii. The subjaa is locoed within loot 4. The couaparables <br /> Farm TADD - "TOTAL (or Windows" appraisal sottwarr, by a la mode, inc. - 1-800-ALAMODE <br /> <br />