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RES 053 Draft 01 2006-2008
+~r w.~y, COUNTY OF HAWAII STATE OF HAWAII ~j~•Y~•M~i` RESOLUTION NO. '3 RESOLUTION AUTHORIZING THE ABANDONMENT AND DISPOSITION OF A ROADWAY RESERVE SITUATED AT WOOD VALLEY, KA`U, HAWAII, BEING A PORTION OF TAX MAP KEY (3) 9-6-008-006 WHEREAS, that segment of a paper roadway reserve located at Wood Valley, Ka'ia, Hawaii, starting at South Road, proceeding northwestward to East Road and abutting Tax Map Keys (3) 9-6-008-006 and (3) 9-6-008-002 (see Exhibit "A" attached), exists only on paper and is therefore not in use, nor is it usable for transportation purposes for the general public; and WHEREAS, the title to such roadway is unclear, and the County may only quitclaim its interest to another; and WHEREAS, this roadway is not under the jurisdiction of the State Department of Transportation and may be deemed a County highway pursuant to Hawaii Revised Statutes Section 264-1; and WHEREAS, the subject parcel is a roadway reserve and is economically undesirable to develop or utilize as a separate unit due to its shape and location and is considered to be a remnant pursuant to Section 2-110, Hawaii County Code; and WHEREAS, all County highways, once established, continue until vacated, closed, abandoned or discontinued by resolution of the Council; and WHEREAS, the subject parcel is described as a 5,056 square foot "paper road" abutting properties owned separately by Donald Shintaku of Shintaku, Inc., and Timothy ABenko/Mary R. Capone, and further described and delineated in Exhibit "B"; and WHEREAS, upon contacting the abutting property owners, both Donald Shintaku of Shintaku, Inc., and Timothy ABenko/Mary R. Capone desire to acquire aone-half portion of the remnant roadway reserve abutting their properties; and WHEREAS, pursuant to Section 2-111, Hawaii County Code, the Council may direct the Director of Finance or the Director of Public Works to dispose of real property in fee simple; and WHEREAS, pursuant to Section 2-118, Hawaii County Code, remnants or portions thereof may be disposed of without recourse to public auction and shall be first offered for sale to the abutting landowners; and WHEREAS, pursuant to Section 2-118(c), Hawaii County Code, an appraisal (see Exhibit "C" attached hereto) of the 5,056 square feet roadway reserve remnant was done, which appraisal valued the remnant at FIVE THOUSAND AND NO/100 DOLLARS ($5,000.00); and WHEREAS, pursuant to Section 2-118(d), Hawaii County Code, disposition costs may be added to the sales price; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII that said portion of the roadway reserve remnant starting at South Road, proceeding northwestward to East Road and abutting Tax Map Keys (3) 9-6-008-006 and (3) 9-6-008-002 is hereby abandoned and discontinued as a County highway. BE IT FURTHER RESOLVED that the Director of Finance is authorized to sell the aforementioned remnant without recourse to public auction in a manner consistent with Section 2-118, Hawaii County Code. BE IT FINALLY RESOLVED that the County Clerk shall transmit a copy of this resolution to (1) the Honorable Harry Kim, Mayor of the County of Hawaii; (2) William Takaba, Director of Finance; (3) Bruce McClure, Director of Public Works; (4) Donald Shintaku, c/o of Roy Nakamoto, 187 Kapiolani Street, Hilo, Hawaii 96720; and (5) Timothy A Benko and Mary R. Capone 96-2220 South Road, Ka'u, Hawaii. Dated at xona ,Hawaii, this 22nd day of February , 2007. INTRODUCED BY: (/Yw-„ COUNCIL MEMBE O F HAWAII COUNTY COUNCIL ROLL CALL VOTE County of Hawaii AYES NOES ABS EX Hilo, Hawaii FORD X I hereby certify that the foregoing RESOLUTION was by HIGA X the vote indicated to the right hereof adopted by the HOFFMANN X COUNCIL of the County of Hawaii on Februaxv 22, 200.7. IKEDA X 7ACOBSON X ATTEST: NAEOI,E X PILAGO X YAGONG X YOSHIMOTO X 6 0 3 0 ' Reference C-129/FC-40 :~3 . , Y CLERK C !)N P SIDING FF[CER RESOLUTION NO. nr: x.,ph sr .xa,m~c.' _=.'^~r gp~(~: ~..eic gH.F E B ~ ~ I n yy~~ ~ a ~p ~ \ i ~ c 1 C a / ~2 y IS it ~ ~ L ~ ~7 C / /Yi I a ~ ~ ~ i c I a ~ O c Y~ F'~,\ ~ s z ~ ~ a a ~ ~',iHik{~pk~,~l .r a I°~~ i ,,4~d~~Ila~,~~oda"~,~,~,,n'N2~aul~rNfi„~~i t ~ti ~~I 'c' s n dW~ bv:u 7n,w~ 'ry:ai p/~Ki Hf:a ~x • ~ y ~ ~r iniv Rim ~,t~~:irlJ6„b~~ia'~lly"`f*'. ~ ro n $ ..y.. _~..~w~i~ C'w,~SwaMa~«*~~AA°k"«'~'a+a,} ~,f i j q 1N ~Frg1~MIN~1 'may ~ ~~~V"T ~ b3.b ~ ~ ~ ~ ~ .%i ~Id k~ ~ Y~~~ j - re ' t>~'„~ , ~~~~,%tlGi'~0.~ 4~`1`~>'n~n ~ b"~ b+~~; ~ al 7 I/ ~ ~}d ~ ~ A 3~ ~ f bg1t1 O 'moo = d+ ~ ~ \ j` u / ~ J p f'I d ~F „I _ o oft 4r~ ~ ±lfa ~ e~ h ~ s . , , .r . vI' y o r r E < lr~ ~ @@~,~,~~ ~ ~ pp~ i i r o i c iv . S. f t i'~JF ~ E ilT d6 ~ fp t A i r 3 7m ~a O:h } ? y e bpi _ • f M'~. ® ~ '18 y ~ y ~ ~1 ; dA f w .i F 4 IPA j ~ ~ dc~ ~ ~ O E ~ bH'1 C 1 ~ ere . ryti~~(~+~` ~ ba ~i 1 fR c7F d t7,ll 71 tl Y' bbn fJ ~ i ® d:WW d4ry(by~µp a ~ .'5 w 4 <d bw44. ~s ~ iii. ~ '.k~~.6vS ~i~.,vW, ~h ~ ~ i; pa Y 'ACC `~14iU ~~i ~r~F i yy ~ ';iii i3 ~ l p~ e fff AT Id K \ of `\`\1\ _ 8 a ~ fps ~ ^ ~ ~ d ~I T « ~ ~ ~i gg 3 EXH1B1~°~' \ g'n O A d P. , 'wao, g a ~o .yv. n ~ N O C a W~~ N~ c u e w _ O ~ O t` d A D Qp a u ~O Boundary Corner t/2" Pipe (Set) _ tG ~ti 311 ° 39' 30" 95.80 Lot 4-B ~ Boundary Cornsi 1/2" Pipe (Set) ~O 01ry. ~r f ~o~ ~ ~e ~XH181T ,.fl' 1 In.=40 Ft. Y~ Z ` p o i ino ° o ? Q N a s Yµ u, _ s o I O) ~ ~ U S- i 2420 47. 30' ° w vr, 30.00 00 ~ s' o i° o fig. W, J ~5 ~ O ~Q lj~ fJ ~ Grant 6267 fo • e 1` Hawaiian Agricultural Company ~ T.M.K.: 3rd Dlv. 9-6-08: 02 ~ ~ ~''o ~ ~ <O~ ~w O ~ ~ X 2 `~/'o 1 /2" Pipe 2 I ~A. ~s,,j,, `~O. ~~°~s.s9. ~O` / m°oo ~ a ao, J; p ~ 9, Ro ~~o 9 OM 4,852.87 N Gronf 7591 to 'p~ .y' 3,777.64 W Julia K, Kapeo "Kamakamaka" _ M T.M.K.: 3 df Div.89-6-08: O6 ~y 37 0 27' 24" 1 /2" Plpe 30.08 o~~r Lots A and B ~ Being portions of Government Land Pnpand sy: (East Road) Imata and Associates, Inc. Kailiula, Kau, Island of Hawaii, Hawaii. Hiiu, Hawatlin1967 0 ~P~,~E K. Thia work was pnpored by ?P me or under my supeMsion LICENSED ~ O W n e r: PROFESSIONAL _ Yom, n e LAND SURVEYOR a V(,cZw.Ccti n `.a'?~.Kti County Of HaWtlli N0. 5816 Natalie K. imata Ueenaed Profeaatonal Land Surveyor ,y~~ p,. Certificate Number 5816 °'in'gll, US' Tax Map Key: 3rd Dtv. 9-6-OB Auguat 8, 2006 Job Number. 04-46 C Lj ~ ~~1" ~ ~i erne rvo, 9-ti-tl-2 Page #2 ~ - SUMMARY OF SALIENT FEATURES Subject Address 96.2220 South Road Legal Description Por. Grant 6267:8 Wood Valley, Kau City Pahala County Hawali State HI Zip Code 96771 Census Tract 0212.00 Map Felerence 9-6-6.2 Sale Price $ Dale of Sale Borrower/Client N/A Lentler Nakamoto Okamoto & Yamamoto Size ISquare Feef) Price per Square Foot E Location Kau Age Contlltion Total6ooms Bedrooms Baths Appraiser Patrick Y. Taketa, SRA Date of Appraised Value September 10, 2006 Final Estlmale of Value $207,000 Form $SD- "TDTAL for Windows"appraisal software by a la mode, inc. -1-800-ALAMODE 4 ~ ~ ~ ~ ~ ~ ~ / [File No. 96-8_2fPS #3] LAND APPRAISAL REPORT shintaku File No. 9.6.8.2 Borrower N/A Census Trott 0212.00 Map Reference 96.8-2_ _ _ _ Propeny Address 96-2220 Sout_h__Road _ _ - Cay Pahala Counry,Hawail State HI _ Zip Code 96777 _ Legal Descnphon Por. Grant 6267:8 Wood Valley Kau _ - _ _ _ _ Sale Price $ _ _ Date of Sale Loan Terrn _ yrs. Property Rights Appraised ~ Fee r~ Leasehold De Minimis PUO AcNal Real Estate Taaes$ 1,685.87 (yr) Loan charges to he paid by seller$ Other sales concessions Lender/Client Naka_m_oto Okamoto 8 Yamamoto gddress 187 Kapiolanl street, Hilo HI 96720 _ _ - Occupant NIA Appraiser Patrick Y. Takata, SRA _Instructions to Appraiser _ _ Lgcatlon Urban SubuNan Rural Gootl Avg. Fair Poor Built Up Over 75% ~ 25%to 75% Under 25% EmploymenlSbUfllry _ i ~ I j Growth Ra[e Fully Dev. j Papld ~ Steady I ~ Slow Convenience tt Employment _ ; ~ ~ LI Propeny Values Increasing ~ Stahte ~ Declining Convenience N Shopping [ [ [ [ ~ J DemanWSupply I ~Shonage ~In Balance ]Oversupply Convenience to Schools ~Q ~ Marketing Tlme nUnder3 Mas. X4-6 Mos. ~]OUer6Mos. Adequacy of Public Tmneponetlgn i ~ 1_l I_~ Present Land Use 70%1 Family %2-4 Family _%Apis. _%Condo -%Cgmmercial Recreatlpnal Facilpes f ,'XI I I 1 %IndusMal_%Vacant 30% Vacant Sites Adequacy of UAlgies ~ ] [>Q I 1 Change In Present Land Use ~ Not Llkely Llkely I ~ TelUng Place Propeny Compatlblllty ~ 1 ~ [ i, ~ (')From _ Ta _ _ Protection imm Demmental Canamons f J ~ I I I I Predommanl0ccupancy ~ Owner n Tenant %Vacant Pollee and Fire Prgteetlgn I ] ~ [ Single Family Pnce Range $ 225 000 _ to $_800 000 Predominant Value $ 375 000 General Appearance of Properties x: Single Family Age i yrs. to 75 yrs. Pretlominant Age - 30 yrs. Appeal to Markd [ QC1 J Comments including loose factors, favorable or unfavorable, a0ectlng marketability (e g. public parks, schools, view, noisej: This IS an agricultural zoned neshborhood in Wood Vallev conslsting predominantly larger acreage sites. Neighborhood boundaries are Naalehu Town to the northeast the Packflc Ocean to the south, and South Kona Forest to the west. Dimensions ,Irregular-See Map 111.209 SF = (2.553 ACI Sq. Ft. or Acres _ i. Corner Lat Zoning classification _A20-A Agricultural Presem Improvements ~tlo [ tlo not conform to zoning regulations Highest and hest use ~x'Present use ~ Omer~(specily~ Public Other (0escribe) OFF SITE IMPROVEMENTS Topo Slight Slope Gas ~ - - Street Access Public Private Size TVPieal for neighborhood Elec V _ Sunace Asphalt Shapetrregular _ _ Water i Private _ Maintenance ~ Public [ Private View Mountain Sea Sewer Cesspool ~ ~ Storm Sewer ? CurblGutter Drainage Adequate-to lot Ilne i Undergrpund Elect.BTeL _L_[Sidewalk - - [ f Street Lights ;Ia lM property touted lne NUOldeMlMdSpaclel Flaotl HewdAral i~: No[!Yee Commens jlavorable or unhvorable including any apparent adverse easements, encroachments, or inner adverse mnditlonsl: `Flood lnsurenca Rate Hlap 9-16A8_ CornrnunltYPanel No. 155166-1525C, Zone X. There are no easements or apparent adverse conditions on sublect site. _ _ There Is a single faintly dwelling conslsting of 1,280 square feet living area built In 1977 and attached carport which was _ not valued. See Addendum The undersigned has redae0 mree recent sates of propeNas mast simea and Pmumne to sMjen and has con4deed mesa m me mallet analysis. The Oescnpeon Includes a doaar adjustment refiecfing mallet reaction to mdse hems of significant uadafion between me subject and comparable propeNas. If a signifi<anl Aem in the comparable propeM is superior to m mare lavorable man me sublen prapeM. a minus atllusaneN is made mus reducing the indicated value of subject; it a significant item in me canpareble is interior to or less lavgrahle Than the subject OropeM. a plus adjustment is made thus increasing the indicated value of me subject. _HEM SUBJECT PROPERTY COMPMARLE N0. t COMPARABLE N0.2 COMPARABLE N0.3 _ Address 96-2220 South Road Lot 4 Kamaoa Road Por. Gr. 2168 Wood Valley Par.LCAW 8452:17 Kamaoa 9-6-8-2 9.4-3-48 9-6.105 Road 9d-4.17 Road f?lo>iimityto Suhe)ec< 18 Miles _ 1/2 Mlle 20 Miles _ _ Sales Price _ _ 140 000 260 000 _ 195,000 Price _ _ - 3.21 1.54 $ 2.24 Data Source Ins Tax Otflee MLS Tax Offlee _ MLS Tax Office _ MLS Tax Offlee Date fit Sale and _DESCRIPTION _ _ DESCRIPTION +t-I$ Ad~ust E6CRIPTION + - Ad ust DESCRIPTION + - Atlust. Time Adjustment _ 2/O6-fide s _ 5/05-189da s 11/O55days location Kau ~ Kau Kau Kau Sit~lew___ _ _ 111 2095E I Mtn 43 557 SF I Mtn : +101 500 168 577 SF I Mtn -57 400 87 120 SF / Mtn +36 100 Utilities Power Water Power Water Power Water Power Water ' Sales or Financing None None I Deed None /Deed None I Deed Concessions Cash PMM DP= 26000 PMM OP=_5.46000 Net AAI (TOUII____ + i-- - 101 500 + - 57400 - + - 36_,100 Indicated Value of Subject Nat 72.5 % 241 500 Net 22.1 % 202 600 Net 16.5 % 231 100 Comments on Market Data: Comparables No. 1 and 3 are not as comparable to sublect property as Comparable No. _ 2____ which is similar In location and site area. Therefore, the greatest weight Is given to Comparable No. 2. Comments and Condltlons of Appraisal: sublect properly is not currently listed for sale in MLS. There was no sales histo,~of _ auhject properly during the past 3 years. _ The Income A roach was not applicable due to the lack of comparable sales with verified rental data. The Lost _ Approach was not applicable due to the lack gf_Improvements to be appraised as in the specific requirements of _ Final Reconciliation: assignment _ Greatest wet hg t is given to the Market Data Approach since the actions of buyers and sellers in the open market direct) reflect market value. e e6TIMgTE TH! MgRgeT VALVE, qS OefINEq, eF SqueeT IROPEgTT AS Or septemb@r 1 D. 2B D6 tg he $ 2113.000 _ Patrlck~rTaketa, S Hawa~State Certiflca 'on #93 .ExgDa_: De her3 007 [-Did [ Did NOl Physically Inspect Property Ap raisers Review A raiser if a licahle (Y2K - Takata Appraisals, Inc Form LND- TAL for Wintlows'aDPraisal software hyala mode,inc.-1 ALAMODE Subject Photo Page BomowetlCliem NIA - ProoemAddmss98-22203outh Road _ CBV Pahala CawM Hawall Sete. Hl _ Zp Cope 96777______ ~Lermer Nakamoto Okamoto 8 Yamamoto Subject Front ;~I i 96.2220 South Road i Sales Price ~!.r;,„,. - ~ ; y Gmss Living Area tF:+;v Tool flooms p-,' , ~ Tohl Bedrooms Y h Total BaNrooms - Lacatlon Kau View 771,2083E / Mtn 'r SAe DualBy i. pOe i '°?~sar•~ ~ Ili "r'. Suh~ect Front ~4 ~ A. ~ ? \I~i 1 L ti r '1 Farm PIC3x5.SA -'TOTAL lar Windows' appraisal soaware by a la mode, Inc. - i~e00~ALAMODE Subject Photo Page Bortpwer Cgem NIA Pr Adgress 96.2220 Soulh Road _ C Pahala Coun Hawail Stale HI Zy CoOe__9B777 _ _ LeMer Nakamoto Okamoto 6 Yamamoto ~ Subject Street 86-2220 South Road Saks Prlce ~ Gross Llvinp Area Toul Bpams Total BeUrooms Total Bathrooms Locagan Kau View 111,2093f I aAtn SBe Oualby Age a S ^.i ~ i Subject Street v {w ~fW ~~~4 M1 F iryn, ya a sj ~,PY. e. 1, 5 ~a Y~. ,T .a;.;i' ~1 4,S '4 .,;asp ' Jd+9: Y H~~3. tiPl k~ "L%h r'd N Eh k V`0 fam PICBVB.Sfl -'TOTAL for IMngows' appraisal sagware by a la maAe, Inc -1-BgD~ALAMOOE Mlle No.~Y~ti-tl w(por.6_ Page #2 LAND APPflA1SAL REPORT Shmtaku File Na. 9.6-B wl or.6 Bortower NIA Census Tract 0212.00 _ Map Reference 9-6.8 por.6_ ProDenY Address Poe Grant 6267:B South Road City Pahala Coumy Hawaii _ Sute HI___, _ Zip Coee 96777 _ _ Legal Description Por. Grant 8267:6 Wood Valley Kau _ Sale Pnce $ Oate of Sale Laan Terre yrs. Prpperry flights Appraised j Fee I ~ Leasehold De Minimis PUD AcNal Real Esute Taxes $ (yr) Laan charges to he paid by seller E --Omer sales concessions _ _ _ _ _ _ LerMer/Client Nakamoto Okamoto & Yamamoto Address 167 Kaplolanl StreeyHib~ HI 96720 _ _ OccuDam NIA Appraiser PaMek Y. Takata. SRA Inswctlans to Appraiser- _ _ _ Locatlon Urban Subuman ~ ~ quml Good Avg. Fair Poor Built Up Over 75% ~ 25%to 75% Under 25% Employment Stability ~ Growth gate ? Fully Dev. ? Rapid ®Sleatly ? Slow Convenience tp Employment _ 2C Property Values ? IncreaslnA ~ Stable ? Declining Convenience to Shopping ~ Demand/Supply ?Shgrtage ~I In Balance [ Oversupply Convenience to Schools I ' Marketing Time ?Under3 Mos. ~4~6 MOS. [_~Over6 Mos. Adequacy of Puhlic Transpanation ~i iX, Presem Lend Use 70%1Famlly _%2~4 family - %Apis. %Cando _%Cammercial Recreational Faclities ~i _%Indusirlal %Vacant 30% VeCant Sites Adequacy of Ufilitles i ? ~I ~ Change in Present Land Use ®Not Likely ? Likely ? Taking Place Property Compatibility [ I ' From To Protection tram Owdmental Conditions ly', -I. Predominant Occupancy ~ Owner ? Tenant %Vacant Police and Fire Protection p'~ ' Single Family Price pange $ 226.000 to Y 800 000 Predominant Value $ 375.000 General Appearance pf Progenies ~I Y ' Single Family Ape 1 yrs. tc 75 yrs. Predominant Age _ 30 yrs. Appeal tp Market j i (xl ~ _ I Comments ixluding moss tacrors, tavpreble or unlavomhle, attecting marketability (e.g. public parks, schools, view, ngise): This IS en agricultural zoned neighborhood In Wood Valley consisting predominantly larger acreage sites. Nelnhbor_hood boundaries are Nealehu _ _ _ Town to the northeast. the Pacific Ocean to the south and South Kona Forest to the west Dimensions Irregular -See Mao = 116 265 SF Sq. Ft. or Acres i Corner Lot Zaninq classification A20-A Agricultural J Present Improvements [_~do ; tlo not conform to zoning regulations Highest and hest use ~ Present use Omer s ecH Public Other (Oescdhe) OFf SITE IMPROVEMENTS TOpo Blight Slope _ _ Elea ~I Street Access ®Public ] ] Pdvate Size Typical for neighborhgod _ Gas ? Surface Asphalt (Shape Rectangular _ Water ? Private Maintenance ®Public ? Private View Mountain _ San. Sewer ? ? Storm Sewer ? CumlGutter I, Drainage Adequate-to lot line _ _ _ _ ? Underground El¢d.BTel. Sidewalk _]SheetL~his tithe property locged lee HUDlhntlged $pedel Flood HenM Aree7 ~INo' )Yee Commenk OavorahleauniavoraGe indudn0 any epparem atlvene easements, encrmchmenta,aomer adverse candaons)'. eFIOOd Insurance Rate Map 9_16.88. Community Panel No. 166166-1625C Zone X. There are no easements or apparent adverse conditions on sublect site (Sea Addendum) There Is a single family dwelling consisting of 1.280 square feet living area built in 1977 anA attached ca ort which was not valued see addendum The undersipnetl has redled Uree recem sales of prppeNes moll aimihr and proximate to Subject and has considered Uese in Ue market analysis. The tlesctlDlion includes a dollar adlusaneni reeecenp market reacean to Uose Hems of sfAnificanl vadaaon between Ue subka and comparable prapemes. h a slpnibcanl Item in Ue comparable property is superior to ar more huwable man me sublect Draperty, a minus adushnem is made Uus redudnA Ue IntlicaUd value m sublecf, it a significant Item in Ue comparable is inferior la or less lavorehle man the sublect pmperry, a plus adjustment is made thus increasing me indicated value of the suhject. ITEM SUBJECT PROPERN COMPARABLE N0.7 COMPARABLE N0.2 __COMPARABLE N03 _ AOdrass Por. Grant 6267:B So Road Lot 4 Kamaoa Road Por. Gr. 2158 Wootl Valley Por.LCAW 8462:17 Kamaoa 9-64f-2 to ether wl or.6 94-3-48 9.6.10-5 Road 9dd-17 Road Prgum ro sue ct 18 Miles 1l2 Mile 20 Miles Saks Pdce 140 000 _ 26D 000 3__ 19$,000 Price $ 3.21 $ 1.54_ _ _ _ _ 2.24_ Data SOmce Ins Tax OTTice MLS lax Ofllce MLS Tax Office M_LS Tax Office Gate of Sale and DESCRIPTION DESCRIPTION AdL DESCRIPTION 1$AAiust __DESCFIPTION._~_+j-)$Agjust Time AGlusiment 2106-6davs ~ 5/05.189da s , __y~ 11105-5days Location Kau Kau ~ Kau _ Kau Sd few 116 266 SF / Mtn 43 567 BF / Mtn : +108 100 168 677 SF / Mtn : -52,300 111120 BF / Mtn_ _ _ +43,700 Utilities Power Water Power Water~_ Power Water Power Water__. Sa4es w Financing None/ Deed Nonel Deed Nonel Dead Concessions CeBh _ ~I PMM DP=526000 PMM OP-46000"_ Net Ad. otal + - 109 100 - + - $_62 300 - + ' ' - $ _ _ 43,700 Indicated Value of Suhpci ~ -'lRel -77.9 % 249100 Net 20.1 % 207 700 Nat 22.4 % 236 700 Commer4s on Market Oata. Comparebles No. 1 and 3 are not as comparable to sublaet roe _as ComParabl_e_No. 2_ which is similar In location and site area. Therefore. the greatest weight Is given to Comparable No_ 2.__-_ Commems and CondHlons of Appraisal: Sub act roparty Is not currently listed for sale In MLS_There was no sales histgry of _suJeet property during the past 3 wars. The Income Approach was not applicable due to the lack of com~aarable sales with verified rental data- The Cost _ _ Approach was not applicable due to the lack of Improvements to be 2ppralssd as In the SpeCiflc rsguirements of_ _ _ Final geconciliation', assignment _ _ _ Greatest weight Is glyen to the Market Data Approach since the actions of buyers and sellers i~_the open market dlrsctly _ reflect market value. _ _ I E8nW1TE TNF 4URREi Y4LU , 4E OEFIeEe, Oi eyeJ¢CT PRptERTr 46 pF _ Beptember 1D,_ 20 _D6_ to b¢ $ _2US,DUD _ PaMCk,Y. Takete, S wall to Ce 1 on #93 E Date embe 07 ? DIO ~ I Dltl Not Physically Inspect Progeny A rats Review A raiser if a licahle ~Y2kl Takeg Appraisals, Inc. Form LND -'TOTAL far Windows" appraisal software by a la mode, inc. -1-800~ALAMOOE erne ryo, y_p-e~Y w/poc.6. Page #2 LAND APPRAISAL REPORT shintaku Five No.9$$-2 w1 or..6 Bonower NIA Census Tract 0212.00 Map gelerence 9-6$-2 w/por.6 Properly Atltlress Poo Grant 6287:B South Road _ _ City Pahela Gounry Hawaii _ Stah HI Zip Cotle 96777 _ _ _ Legal Oescdptlon Por. Grant 6267:8 Wood Valley. Kau h~ Sak PdceS Date al Sale Loan Term _ yrs. ProDeM1y Rights Appraised W Fee; !Leasehol0 ''"Oe Mmimis PUD AcNal peal Estate Texas $ (yr) Loan charyes to be paid by seller $ -Other sales concessions _ _ _ _ - _ _ Under(CGent Nakamoto Okamoto & Yamamoto AaNess 167 Kapiolani Stres~_Hilo HI 96720„ _ _ Occupant NIA Appraiser Patrick Y. Taketa SRA Instructions to Appraiser- _ _ _ _ _ _ Location ? Uaban Suburban Rural Goad Avg. Fair Poor Bowl Up ?Over 75% X25%to 75% 1_j Under 25% Employmam Stabll'uy ~ ? , Growth pate ?FUlly Dev. ?Rapld ®Steatly ?Slow Convenience to Employment O; ~I Prapelry Values ? Increasing ®Slable ? Declining Convenience to Shopping ' DemanySupply ? Shortage ®In Balance ? Oversupply Convenience to Schools [C . Melkefinq Time ? Under 3 Mos. ®4-6 Mos. [ Over 6 Mos. Adequacy of Public Transponatlon I? Presets Land USe 70%1Family _%2-4 Family _%Apis. _%Condo _%Commercial Recmahonal Facilities ~ i %Industdal %Vacent 30% Vacant Sites _ Adequacy of UAlBles X~ ` ' Chmlge In Present Land Use ~ Not Lae1y ? Li%ery ? Teking Place Property Compallbfldy ~x From To _ Protection from Detdmental Conditions _ y; - PretlaminantOccupancy Owner ?Tenanl %Vacent Police and Fire Protection ~y. ~ , Single Family Pnce Range $22_6~000_to$800.000 Predominant Value$376,000 General Appearance of Properties "y.~ Single Family Age 1 yrs. to 76 yrs. Predominant Age _ 30 yrs. Appeal to Market _ Comments Including those lectors, favorable orunfavorable, agecgng markdabiliry (e.g. public parks, schools, view, noisej: This Is an agricultural zoned neighborhood In Wood Yallev consistlnp predominantty larger acreage sites. Neighborhood Noundarles are Naalehu _ Town to the northeast the Pacific Ocean to the south and South Kona Forest to the west Dimensions Irrr~ular-See Map = 6066 SF Sq Ft. or ACres I Corner Lat 2oninq ciassDlcafion A20-A ApdeuNural Present lmDrovemenis l~_ do I do not conlorm to zoning regulations Highest and best use ~ Present use ? Omer s ecify) _ _ Public Other (Describe) OFF SITE IMPROVEMENTS TOpe Slight $IOpe_,_ _ Elec. ~ Street Access ®PUblic ?Private Slte Typical for nelghborhpotl - _ _ _ Gas Sudace Asphalt Shape lrregular Water ? Pfivete Maintenance ~ Public ? Private View Mountain son. sewer ? Cesspool Storm Sewer ? Curb/GMer Oranage Adequate-to lot line _ _ ? lNMergroulW Ekct.BT¢I. Sidewalk OSNeet Lights httepopaly lrmehdlnaHllDldent{aed SpaclalFbod HawdAren7 p{~Na'. 'Yea Cammems(hvonbk ar umavonMe lncluanp any apparem ahem easements, enuoachmems,aomer adverse cgne7ansj: 'Flood Insurance Rata Map 9-16-_68, Community Penal No. 7 661 66-1 626 0. Zone X. There are no easements or apparent adverse conditions on sublet[ site. There la en epproxlmete 30 foot wide by_170 foot loop roadway remnant area. ISee Addendu _ , The undenlAned has acded mree recent Saks of proDertles most similar and prakmate to sublect and has considered mess in me market analysis. The description Includes a tlGlar adpsanem reaectlng market rtacAw to moss hems N slAnlficant vatlallon between me sublect and comparable prapedies. h a siAnlficam hem In the comparable Draperry is superior to or more lavorable man ae sublect prgpeM. a minus atllustment Is made aus ntludng me Indcated valve of sublect, if a signhicant hem in me comparable is Inledvr to or less favorable man the subject property, a plus atllusiment is made thus increasing the indicated value of the subject. ITEM SUBJECT PROPERTY COMPARABLE N0.1 COMPARABLE NO 2____ . COMPARABLE N0. 3_ _ Atltlress Por. Grant 8267:8 South Ro `"'See Attached Sheet""" `""See Attached Sheet"' '""See Attached Sheet"' 8.6$-POr.6 PropmiNmSugiegt _ @ales Pdce $ $ _ ~ $ _ _ _ Price _ ~ _ Data Source _ _ _ Date of Sale an0 DESCRIPTION DESCRIPTION +-t~AdL,- DESCRIPTION +-]$AJust_ _OESCHIPTION __~±?$_Atljgst. Time Adjustment Location _ Sit iew _ - _ Sates or Financing Concessions _ - _ _ Net Ad. oral + - + - +-_I 1- Indicates Value gf Subject Net % Nat % Net % Commegas on MaNxt Oata'. See Attached Sheet. Comments and Conditons M Appraisal: Subleet property is not curtently listed for sale in MLS_There was no sales_hist~of _ _ sublect property during the past 3 years. _ _ The Income Approach was not applicable due to the lack of comparable sales with verified rental data. The post _ Approach was not applicable due to the lack Of Improvements. Final Recgnclliation: Greatest weight Is given to the Market Data Approach since the actions of buyers anUSellers In the open market directly reflect market value. _ _ ItanlASiaanE xxs vuue, ss psrlxsA, ar suuacr vspeaerr xs or _ September~0 20 O6_ tc be $ 6 U00__ _ _ atrkk Y. Take SRA wall Sta ert Ication #93 Dec m y2007 I Did ~ Did Not Physically Inspect Properly A raise ~ ReviewA raiser Ba licahle ~2kj Taketa Appraisals, Inc. Form LNO - "TOTAL far Windows" appraisal sofhvare by a la mode, inc, -1-800-ALAMODE Subject Photo Page BmrowarlClhn NIA _ - _ ~ProoBM Addnsa Por. Grant 8287:8 South ROatl ICM Pahala Courts Hawall State HI _,_Zip Code 98777 ILender Nakamoto Okamoto 3 Yamamoto Suh~ect Front 4 fN : ~ ~ ~y da~'A~ ~ Por. Grant 6267:8 South Road Y'a ' ' Salee Pdse NIA ~ ~ ~ Gross LNmg area Tonl Rooms Total Bedrooms Total Bamrooms - s-- LOaaaon Kau . ~'~b } r View I Mtn Sde _ Quality ~ + Rge F,~ Fam PICSxS.Sfl-'TOTla.lar Wridows' appasa sohwae ~y a k made, dw.- 7-BOO~ALPMOOE ri~No. B~ti-8-2'Page#9 Supplemental Addendum FueNo s-6-e-2 BartewedCGent NIA _ _ _ _ _ _ Pro em Address 86.2220 South Road _ _ C Pahala Cou Hawaii State HL_ _ _Zp Cade 96777____ Lender Nakamoto Okamoto 8 Yamamoto FORMAT of Appraisal Report For A Portion of an Abandoned County of Hawaii Roadway TMK: 9-6-6-por. 6 Por. Grant 6267:6 South Road This appraisal is to estimate the fair market value of the portion of County roadway as depicted in map. This portion of roadway which will be appraised consists of 5,056 square feet. The dimensions are 30.08 feet by 95.80 feet by 79.43 feet by 30 feet by 73.83 feet by 88.00 feet as shown on map. This is a slightly sloping area consisting of partially paved area and encroaching into parcel TMK: 9-6-6-6. Improvements on adjacent site includes portion of dwelling and utility room. Due to iffi minimal width, shape of site and County provisions of sale of government paper roadways, the highest and best use of site is a consolidation with its adjacent sites (TMK: 9-6-8-2 or 6).As per specific instructions of client, improvements are to be hypothetically disregarded in appraisal value estimation is on vacant site only and as if vacant. To determine fair market value of subject roadway area, two separate appraisal were produced. First, an estimated value of the remnant area and the adjacent site total is derived. Then an estimated value of the adjacent site alone was ascertained. The difference between these two values (provided the larger area is greater) is the estimated value of the remnant area. This is commonly referred to as the "before and after" approach. This is a hypothetical condition. HIGHEST AND BEST USE The highest appraised value possible for the remnant roadway area is to be derived. Because only two adjacent parcels can feasibly obtain this remant, the smaller of the adjacent sales would produce the higher value of the remnant piece. Estimating value of parcel 2 (2.553 Acres) over parcel 6 (24.65 Acres) would produce the higher per unit value for subject area. Therefore, consolidation with parcel 2 and remant area abstraction would create the higher per unit value. It should be noted here that even if remnant area would be consolidated into parcel 6 (24.65 acres), the market value of remnant would still reflect its highest and best use {as if consolidated with the alternative smaller piece-parcel 2). ENHANCEMENT There is no enhancement to the adjacent site (TMK: 9-6-8-2 or 6) due to the consolidation of the subject roadway area. The adjacent sites are zoned A20A-Agriculture which does not allow any further subdivision with the consolidation. The remnant area creates only excess site area to the adjacent site. This is a hypothetical condition and appraised as if vacant. FINAL VALUE ESTIMATE The indicated value of the consolidated site area of 116,265 square feet amounted to $208,000. The indicated value of the adjacent site alone was $203,000. Therefore, the contributing value of the remnant area containing 5,056 square feet is $5,000. Form TADD - TOTAL for Windows' appraisal software by a la made, inc -1-Bg0~ALAMDOE - ~ ~ 'rqa No. 9-6-tl-7 Page #4 Supplemental Addendum FtleNO s-s-e-z Borrower Cllent NIA _ Pro en Addmss 96.2220 South Road _ _ _ _ _ _ _ _ City. Pahala CaunN Hgwail - _ State HI _ _,Z~Cage_96777 Lender Nakamoto Okamoto 8 Yamamoto REASONABLE EXPOSURE TIME FOR SUBJECT PROPERTY Exposure time may be defined as follows: The estimated length of time the property interest being appraised would have been offered an the market prior to the hypothetical consummation of the sale at market value on the effective date of the appraisal. By the analysis of historical sales information, and the present market supply and demand trends, a reasonable exposure time for subject property under present market conditions would be within 30 days to 200 days. REASONABLE MARKETING PERIOD FOR SUBJECT PROPERTY Marketing time may be defined as that amount of time it might take to sell a property interest in real estate at the estimated market value level during the period immediately after the effective date of an appraisal. Using some of the same data analyzed in the process of estimating exposure time, it is my opinion that present market conditions indicate marketing time to be within 30 days to 200 days. SALES HISTORY OF SUBJECT PROPERTY There was no sales activity of subject property during the past 3 years for TMK: 9-6-8-2 and TMK: 9-6-8-6. This site was not listed for sale during the past 3 years. TMK: 9-6-8-6 was listed for $450,000; and there is a current DROA in escrow . ONE YEAR HISTORY OF COMPARABLE SALES Comparable No. 1: None Comparable No. 2: None Comparable No. 3: None COMMENTS ON SANITARY SYSTEAfiS Subject property is located in an area of no sewer line service. The only alternative is the use of a cesspool or septic system. A cesspool system/septic tank is an underground collection of drainage and waste received from the household, as specified by County regulations. The cesspool/septic tank system is typical for this subdivision and for other subdivisions within the area. There is no adverse effect in marketability due to the physical feature of the subject property as evidenced in market demand for these properties. APPRAISAL CHECKLIST 1. Is the market value time greater than six months? Yes. All comparable sales are greater than 6 months old due to the lack of recent, comparable sales. Form TA00 - 90TAL for Windows' appraisal software Oy a la motle, inc. - t-800-ALAMOOE irn? rvo. n-o-°-q rage na Supplemental Addendum FdeNu. 9-s-9-2 Bp°awer/Client NIA _ _ _ _ _ _ _ Pr° a Adduss 96-2220 South Road _ _ _ C' Pahala County Hawaii Sale _MI_____.___ _ __Zip C°tle 96777 Lender Nakamoto Okamoto & Yamamoto 2. Are two or more comparables more than one mile from subject property? Yes. Two comparable sales (No. 1 and 3) are located more than one mile from subject property due to the lack of comparable sales within immediate proximity. 3. Are all comparables in same project? No. 4. Is the rental income verified by copies of rental agreements ar the appraiser's economic rent statements? Not Applicable. 5. Is the market value of the subject property 90% or more of the highest value in the neighborhood? No. 6. Does any of the comparables have line adjustments in excess of 10% or total adjustments in excess of 25%? Yes. Line adjustments exceeds 10% due to the inferior site areas of comparables No. 1 and 3 and the superior site area of Comparable No. 2. As a result, net adjustments exceeds 25%. 7. Are there unacceptable explanations of fair and poor neighborhood ratings and/or property ratings? No. 8. Are there any curable structural problems? No. 8. Are there less than three comparables? No. 10. Are two or more of the comparables listings rather than sales? No. 11. Were two or more of the comparables provided by the lender of developer? No. PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate fair market value as defined in this appraisal report, as of the effective date of this report. Form TADD -'TOTALt°r Wind°ws" appraisal s°tlware 6y a la made, inc.-1800-0.LAMODE (File No. 9-6-821. Page_#fi Supplemental Addendum EgeNo s-6-s•z 6oirower/Client NIA Pro a Address 96-2220 South Road C~Pahala Counrv Hawail State HI - Zip Code 96777 _ _ Lender Nakamoto Okamoto & Yamamoto FUNCTION OF THE APPRAISAL (Intended Use) The function of this appraisai is to determine fair market value for Government Disposition purposes. No other use is hereby authorized. INTENDED USER , The intended user is the client as identified on appraisal report. No other user is hereby authorized to utilize this report. Any other unauthorized user would be in violation of the (USPAP) Uniform Standard of Professional Appraisal Practice and Federal Privacy Act (Confidentiality) Laws. SCOPE OF THE APPRAISAL "Scope of work" is defined in USPAP (Uniform Standards of Professional Appraisal Practice) as follows: "The amount and type of information researched and the analysis applied in an assignment. Scope of work includes, but is not limited to, the following: the degree to which the property is inspected or identified; The extent of research into physical or economic factors that could affect the property; tfie extent of data research; and the type and extent of analysis applied to arrive at opinions or conclusions:' The subject property was physically inspected and photographs of the subject and street scene were taken on that date. The site was visually inspected for any adverse conditions such as encroachments, slide areas and easements which may affect marketability. Significant trends or varying market conditions were observed by present listings within the subject neighborhood, the amount of sales, the increasing or decreasing of sales prices, discussions with local brokers, contractors,eserow officers, lenders and other appraisers. Data gathering for the subject property was made by tax office records, actual inspection, principles involved, private vendors and local MLS data. Comparable sales data were compiled by MLS data, private vendors and verified with tax office records. Conditions of sales data were verified with brokers, sellers and buyers when contacted and information readily available for reporting. THE TYPE AND EXTENT OF ANALYSIS APPLIED INCLUDES THE STANDARD APPRAISAL PROCESS: The standard appraisal process considers three approaches: (1) the Cost Approach, (2) the Income Approach and (3) the Sales Comparison Approach. Tha Cost Approach is based on the principle of substitution. Indicated value is determined by (1) estimating market value of the site as if vacant and to its highest and Farm TADD - "TOTAL for Windows" aPPraisal software by a la made, inc. -1 ~BOO~ALAMDDE Ihite No. 9-6-8_~2, Page #7 Supplemental Addendum Fue No s-6-s-2 Bonawe~eM NIA _ Pm erN AAGress 96.2220 South Road City Pahala County Hawaii State MI_____~Code 96777 _ tender Nakamoto Okamoto 8 Yamamoto best use, (2) estimating reproduction cost new of improvements as of the effective date, (3) estimating loss in value of improvements due to accrued depreciation in the form of physical deterioration, functional obsolescence and external obsolescence, (4) deducting the estimated depreciation from the cost new and, (5) adding the depreciated value of the improvements to the market value of site. In the Sales Comparison Approach, (or commonly referred to as the Market Data Approach) sales and listings were researched for an estimated price that a typical purchaser would pay for the subject property by comparing sales of similar properties sold and what similar properties would demand on the open market. All adjustments were made on differences between the eomparables and the subject property. These adjustments were based on the actions of buyers and sellers in the open market as observed by the appraiser. After the adjustments were made, the indicated value for the subject were then reconciled into one value indicator. In gathering data for this application, public and vendor records were researched, and lenders, appraisers, brokers, and market participants interviewed. The adjustments were made using market derived information. All dates of sales are of the contract date of the transaction. All of the comparable sales were inspected. Most adjustments were made as extractions using the paired sales analysis. Ahernative methods included the abstracted depreciated unit value and income capitalization. The Income Approach is based on the principle of anticipation which pertains to value as the present worth of all rights to all future benefits of ownership. In this approach, value is derived by capitalizing the income by a ratio (gross rent multiplier). The ratio (sales price divided by gross monthly rent) is based on actions in the market. After analyzing the subject property through each of the approaches, the respective value indicators were then reconciled into a final value estimate. Consideration was given to the strong and weak points of each approach and how it relates to the market demand for subject property in its location, physical and economic impact of the surrounding area, physical and legal limitations upon the use of subject property. The final conclusion represents the estimated value of subject property subject to the assumptions and limiting conditions contained within this report. PROCESS OF A VACANT SITE APPRAISAL The process of this vacant site appraisal will differ from an improved property appraisal due to the inapplicability of the Cost Approach and Income Approach. The valuation of site in the Cost Approach is similar, if not identical, to that of a Sales Comparison Approach. Therefore, the Cost Approach is not applicable due to the lack of improvements on subject site. The Income Approach is not appropriate due to the lack of rental data of similar vacant sites. Typically, sites similar to subject are not rented as to their highest and best use. Without reliable and adequate rental data, a ratio or rate of return cannot be formulated. Therefore, due to this lack of typical information, the Income Approach is not applicable. The only applicable and reliable approach is therefore, the Sales Comparison Approach as defined. All comparable sales were selected according to their most significant characteristic of comparability such as location, zone, availability of utilities, view, site area, and date of sale. Site area adjustments were made according to differences found in bracketing sales. These bracketed sales are on files. Form TADD - "TOTAL for WinUaws' appraisal software by a la moAe-inc.-1-800-ALAMODE _ _ IHIR_NO_9-ti-tl-2, Page #B" Supplemental Addendum FueNO 9-6-6-z Borrower Client NIA _ _ _ Pra ed AdAress 96-2220 South Road _ CM Pahala CaunN Hawaii _ State_HI Zip Caae 96.77_7 _ _ _ _ _ Lender Nakamoto Okamoto 8 Yamamoto ADDITIONAL CERTIFICATIONS 1 certify that the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. As of the date of this report, Patrick Y. Taketa has completed the requirements of the continuing education program of the Appraisal Institute. I certify that, to the best of knowledge and belief, the reported analysis, options and conclusions were developed and this report has been prepared, in conformity with the requirements of tfie code of Professional Ethics and tfie Standards of Professional Appraisal Practice of the Appraisal Institute. APPRAISAL TYPE This appraisal report type is a summary report. Forrn TAOD -'TOTAL im Windows' apprafsaf sotiwara by a la mode, inc. -1-800-ALAMODE erne No. 9-b-tl-L; Ydge #1U' Privacy Notice 91eNO. s-s-9-z Borrower Client NIA _ _ _ _ Propem Address 96.2220 South Road _ _ _ _ _ _ _ CM Pahala Counrv Hawaii State NI Zip _Code 96777 _ _ Lentler Nakamoto Okamoto 8 Yamamoto INITIAL PRIVACY NOTICE Our privacy principles: We are committed to protecting our clients' personal and financial information. This privacy statement addresses what nonpublic personal information we collect, what we do with it, and how we protect it. What information we collect: We may collect and maintain several types of personal information in the course of providing you with appraisal services, such as: Information we receive from you on applications, letters of engagement, forms found on our website, correspondence, or conversations, including but limited to, your name, address, phone number, social security number, date of birth, bank records, salary information, the income and expenses associated with the subject property, the sale price of the subject property, and the details of any financing on the subject property. Information about your transaction with us, our affiliates or others, including, but not limited to, payments history, parties to transactions and other financial information. Information we receive from a consumer reporting agency such as a credit history. What information we may disclose: We may disclose the nonpublic personal information about you described above, primarily to provide you with the appraisal services you seek from us. We do not disclose nonpublic personal information about clients or former clients except as required or permitted by law. Who we share the information with: Unless you tell us not to, we may disclose nonpublic personal information about you to the following types of third parties: Financial service providers, such as banks and lending institutions. Non-financial companies. PRIVACY NOTICE Our privacy principles: We are committed to protecting our clients' personal and financial information. In the course of providing you with appraisal services, we may need to collect and maintain certain nonpublic personal information about you. PRIVATE POLICY What information we collect: We collect and use information we believe is necessary to provide you with our appraisal services. We may collect and maintain several types of personal information needed for this purpose, such as: Information we received from you on applications, letters of engagement, forms found on our website, correspondence, or conversations, including but not limited to, your name, address, phone numbers, social security Fortn TADO -'TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE IFile No. 9-6~&2i Page #11' Privacy Notice foe No 9-s-6-2 Borrower/Client NIA _ _ _ _ _ _ _ ) ProoeM AGUress 96-2220 South Road Cirv Pahala County Hawaii State HI Zp CoUe 96777__ _ _ Lender Nakamoto Okamoto 8 Yamamoto number, date of birth, bank records, salary information, the income and expenses associated with the subject property, the sale price of the subject property, and the details of any financing on the subject property; Information about your transactions with us, our affiliates or others, including, but not limited to, payment history, parties to transactions and other financial information; Information we receive from a consumer reporting agency such as a credit history. What information we disclose: Except as described below, we do not share nonpublic personal information. We will not rent, sell trade, or otherwise release or disclose any personal information about you. We will not disclose consumer information to any third party for use in telemarketing, direct mail or other marketing purposes. We limit the sharing of nonpublic personal information about you with financial or non-financial companies, including companies affiliated with us, and other third parties to the following: (i) We may share information when it is necessary or required to process a loan or other financial transaction; (ii) We may share information when it is required or permitted by law, such as to protect you against fraud or in response to a subpoena; (iii) We may disclose some or all of the information described above with: (a) Companies that perform marketing services on our behalf; or (b) Other financial institutions for the limited purpose of jointly offering, endorsing or sponsoring a financial product or service. CONFIDENTIALITY AND SECURITY POLICY We consider privacy to be fundamental to our relationship with clients. We are committed to maintaining the confidentiality, integrity and security of clients' personal information. Internal policies have been developed to protect this confidentiality, while allowing client needs to be served. We restrict access to personal information to authorized individuals who need to know this information to provide service and products for you. We maintain physical, electronic, and procedural safeguards that comply with federal standards to protect your nonpublic personal information. We do not disclose this information about you or any former consumers to customers to anyone, except as permitted by law. The law permits us to share this information with our affiliates. The law also permits us to share this information with companies that perform marketing services for us, or other financial institutions that have joint marketing agreements with us. When we share nonpublic information referred to above, the information is made available for limited purposes and under controlled circumstances. We require third parties to comply with our standards for security and confidentiality. We do not permit use of consumer /consumer information for any other purpose nor do we permit third parties to rent, sell trade or otherwise release or disclose information to any other party. farm TACO - "TOTAL tar Windows" appraisal saAware tly a la mode, inc. -1 ~BOO~ALAMOOE np e' ,no n~ .p O ."u ~a OO N^, n~ w _ i O_ 1 (O ~ U S- i 242° 47. 30' ~O ~ ~ w v~ 30.00 DO ~ 0 1O e 1y' W _ \5~ Jo • W~ ~ V e ~ M ?j ~ Crant 6267 to • u Hawcllan Agricultural Company ~ ~ 11 T.M.K.: 3rd DW. 9-6-OB: 02 E J \ / J ~`C~ ~ V 2 `ti7O ' Al Js. 1/Y Pipe ~ J 8 J0, i 18 ~°Ja-S9 'tiO s Ja '~Jr Jy, 9 ~00 J0, ` f ~ Qa \ ~~'p0 ~O Y O~ 4,652.67 N Grunt 7591 to J~ 3,777.64 W Julia K. Kapec 'Kamakemako T.M.K.: 3 df DIv.69-fi-O6: O6 S7° 27' 24' 1/2" Plp• 5°J~r Lots A and B Being portions of Government Land Pn.per.e ey; (East Road) Imata and Associates, Inc. Kailiula, Kau, Island of Hawaii, Hawoif. HIo,KNawaRnlseizo ~P~,\E K. ~M Thb work was pnpond by '1J, me or under my eupervleion LICENSED 9 OWner: PROFESSIONAL 2'~ COUnt Of FIOWOIi ? LAND SURVEYOR ? ~ >•c ~~,p-yU.f y N0. 5616 Nelelie K. Imefe Uoeneed Profenionel Lund Surveyor CeAlfica}e Number 6816 ~k'All, LISP Tax Nap Key: 3rd Div. 9-6-08 Auquef 8, 2006 Job Number. 04-48 :m~ Y :0~~ } t .g i i t 1' a 01 3~ e 4 .1 1+ k r0 1 t > GYJd rr :,r Cpl ~ J>r r ~ ~ 1~ C rl ~ / ~ r / I„ 1 1 ~~i {j ~"r91> ~~'1 ~ {~jFtd ~i~~t©hs as r~~e;.i^,^~/ a ~ r . ~ , o i,.~ ! ` ~ r ~ ~ e{~r°; ~ d 'r I j1 "t~ ~r -moo e q f ~ nB~ r"~ ~ ~ .yjtl Or ~ ;.fi ill"r) t7 ~ ~ ~ `vi ® ~_ry i°,~a v ~,.„,r,~s f a t )5t~~gY. o ~r'r M 4- Y~ ~ Fb ,•r lfC i F LIi~I~F i8 J'ti^ J'Wmy~- ~t (l~n.:~. g. f ,~f t e~ pry s ~i ~ ~ t" ! u ~ v+r Pry ~Y , r / v`~~ ,e ~ .~I 0 ~ ~"h' t , 1 P1 e'I°°~~~`r•~ ~XV~_ AIM l x ~ _ _ ~ \ it lug/~ ~ all+)a { Or JI 4J LLL _~l ~~°4~i YI I; ~r` ~ a`° ~Y`o / / t ' °rh g3 1 _ rr,/ ~ ~ © i u 1~ ~7ej1 $ ~ ~ t ~ '..P•,~xy ^b ~ k. i ~~2~ M'4y'~3 'y V`+ti ~ ~t ~i~~ ~ r. e~p Yli 1 \ r ~p w 1 ~ ~`gy~ ~q~ ~iH {F~ ~ 1 ~ 3 1 ~ i~ ~~`~"~~`t a ~~YJ} ra'rMy, al~~iW~ aar +,y+.u~u.~ ~ i a I" ^ ~ ~ Ra7gl u~Lv by-f ~N' rb ~ W ~5. , ~ba~0l~/N~f #n Fwp ~ 3°r m n$bP~N'~~ ~ n N,!°' ~ ~ 77-~ r ~'1s71 °ri~~„vi al~,R~~ r ~ vi N Jr' is~ J J ~ ~ $ 1 ;~I a yo ~ f 2s~. ~ Y /+d Q a~ ~ ~ ~ , v ~ ~ R : „ ~ ~ ~ 4'"' / Y e I 0~ ~ ~P1 r I O r' O ~ o 3 B e PY riq ~ { ~ d$ 'frsYam ~r su'ur Ay ':t 1 fit' ,~Y.d,~! r~^,nmv *~w-a: ~je . ? S @:xse`0i' s,. n.. q'f a9:_r°'^t i" e¦ --709d Nbnp P 1 l ~ ~/'oi ~ Napu'ukulue oh`e~/ . .+e~i ~ ~ V_b./.' Sulphur ~ y ;d/hg- 5588, r y. % JI""7771...`T i ancient 1L329 ,Cone of y', q ~U Pu'u Pili `~~~f ~Kdmakawai ( Paretlhetl ~N 0/p 5121~.~' ~Kdmakawai (~J ` 0 . ~ - NP ~ e • Pakoa M SIeePIn9 a •oPapan•ai r Walerhol¢s r,,,~ Q l~ ~ h,Wnierho(e _h,l,. i _~_i ~O - m o M aurm'onu ~ Flel awo7J P\ovr _ pr W rerha7e / % n ~`l`Y/ ` I h~l( 6222 bbakuloe 1950 Lava ~ I Kil~ / K / ~r Aina K A ,a I Flow ~ i)• l £ , a "j_... _ _ 1 i V '~Xp t}',', l KuanSne Poliwai ~ {n ' 'O ~a28 r•.~/" \ r' WBr ?.,Uwewele 2825 • ~i Warerhole ~ o S 'hq /.(k, v ~Qeha r'u!~~ 1950 Flow 9!ooeko ~ Gbrch 1y50 Flow aie/~(I ,~°o - r Cr KOaPaPF\o'K Cevemis. y ~ ~d io~\ \ m °~`t v~~yW' y.i am ~ ~c,. .2~ i Hihs ave 'AIIke Cone' 0 2i ¢ ~\o `mm `p~ Iley AD00 4 J..ey843 3 'g Od- ~u e 0• ~l oe ~ . RQ r - 4 KlmKlgi ~V'~° A`~o! ~ : a RB- _ m'~ r ro fl°w ,C . B.i~YA r[ 816] \`o~' ~o C` ~ .v ~ I v'• analabf °IJ~ I~/~K -~~,\e ~ arlao _ eh 9I~,, 2 na^' ~p.9 S 'dL, Pavetl trell ,C~ P luv-. `~4 4(i. ~Ft'. ~ m~7 oela lU \ 't] 'Le, .e'hawei >y!O ~ Gul M~J r~ ;e , ` 9 O y mg 'UF I 04 t e9 Kea'iw8 ,'~.l { m ~ V~ (Q NN 'L PU. t( •`CemP T rile an Fi' / PVUp s' .I" e!,(. l` Mevar. ~av mecetlemia nut F ~ 'Ka'oka'0 I K~u e1kB hu ; amP i ' pU ,8875 ~ ~ iddl¢ ~ l lorchartls £ One Hundred / Namanuaha'alou Mna'ul Pu'u £ Acre Warerhole " y, ~ ~ Sk'amY ~ ~m ~a v f ~ t ' ~UI 99 .p o h i~ \ Ca i .c, • P hale m Klpuka \ KePd'ee'ele ~'Ake(^r~i/' Maka'311~^-7 ~~y..; ~ Y'k. ~ B1]B o ~ •ebb Pw •6nonle PalimOkH~ ° Feo C'~O?~Jip ;l(~~. . C~ ?1 ,5524 `3. ryb Key ena~,, ,y/ h?Rg. ~c~ rp p Pu'u ~o/r, Ih~anU PF ~ dl / m ~ °o Pu'~'EOUha-~ Kolekole ~xa r ! •5303 e + . / ( Ce Tory~_~ 2333 sy// t ceves_ Ahab, swalld.j ~ KiPUke~ m 3220. ~PHkJaAR ,~~('.o!ob \ ba\den1~ '~'py~a rO pe/ / 7t¢an, Pa'ehi x~ ~ v Mjkeneu / ne 4ry View ~~mgg 1~ ...~r Pu ~><,11<Ke°Fl~a\ % v ~ a nr detR r ~ n'$ - Hflea ° Y ~N amaha o~•sF rYrrq ~ • / 'pa° Ne bEiki ~ e 'rBgoahWUhulu Ptma Hill ¢~c ~ Ne'ie'iaH aU ho ~e(¢Nelau 'w Parlugu<se ~ ° e /oo y Aepen Instirofe for N T °1~Y ~ ~ K 'ekB Ha' 1 i ~ /r o or SPrtnBs ' ( C ~o ~'e bor„ Henry'dpdkahaVa M ' • 1 y 4 ¢'OO qua Bay KeU Confer OI Hisro: o uke ~ ( p dwd PL Punalu'u Beech Co. Kryuke •hy% Kahu honu ! bun8 BOp Saemounfeln Ninole KePUnol ao !'t ~ 11 Pel'/ hghg 3 3 .s K u n ~s Rs 4M~ne H nu'ap° ,,,,I(oh9a p e eklnm RO ( roelr prl • 4 O r° ~ 82192 y Pu'u o Ke'ggu P ~~~-yyr~~~jjj 4U ~t , 9 ~ u wsln (iokpuf Whi¢tlnyton 9each Co. Pk. Kewerhea iK n Ceps, ~ Pu'u l" H9'eo ° Honu apo Bay ~ ue ? RoW.Brow !LOku n Keuehd' ~ A t p 1, o. Pk. 11 N Wal dull Ba R lookout il8 nmesk hutch 1 2 f 1. Kehueolohu e I ~ Kipuk ~ KRanch LUa 195257 A M r t T em '~iCC. Pik 1 Publ Ule Ceve 19 'YaaO6aep P Monke otl Tree a eI¢Au SI, c ov Kakapa 4 Lu d Pell Keulu ruins Kimo Pt. roue n6f/w KiPUke' q Lua PG'ell COn1b 7 ~ 9 1 ~c !]'y A'°~ Kq eokelChva' ~ 1532 obi Peli ~ ~I ~ i. ~h 'a~ /Walpl' WaikePUn Im r m n Haia110 ~ F ~ \ 1 ~a` Y 11 4W' -..r KaniSnone~ Malmo R4 3 ~}g 4°, ` Kipuh6 heieu ~rMa ~ Pe+'B'Pl' Varerhole ~ • t%' m y emeka`~po • !y ndka'e P knl ~q . r ~E o KfDux W i f`ka 1' Kue ' a B~•x..~ ~t PU'U Kt ' ' a;: 1`( p u Meheo~ kepu Auna Boy c w pslroglyphs eK° ~ %a~wll Kk' KHtdll ell PL O s I warerholes naK. _ Kehuku lot.) r w Y(,¢. ~ ~ f..~ _ ~1;Kpuka ~r K P nrS dd ,•1a P` \ KamA'oa Whtlfa o O.a.••~ M~li'~ ~Ka'alel¢ Oar s° ~•~i Puu 3~ ~ ~•~~~`~~'Pond .Keluebaonu PL 't 4c ~m 7` Kakb ~ E Kelmu'uela p~ p l h , 'v Ne a a ~ Kemlo Pt KOke'ilimoku p. r'° F e1• ~ Waimaaalo ~ H ~ ~~.J`u'u NahBha PL pt. '1• C° gaimuu 0 fl9y _ ,f. ~ a Pu u t.nu Korrmkahorm y9 µo\W NN~o ~m Y`.1° ~osi o/r° ojuokemllo (poinq ingoan ~a?O~ oM °~'a~~b°~b~'K~ 1~ Onik!PRJYIe •hy !y Ba ~l• AAhu ena Heieu °n. KeD PHgae v\µ"~k f ~ 1 1 ~ P~.~( Keleeoho'alh0 lplJ B Hale H8l9wai Co. Px. µb~a„p4\n~ela ~l3 Pu'u~~,H~.g1~1•\!,`~ ~K~ee iha/u Cove C Hawaii Vrsifors Bureau Wa pMdD l.~'Ule'uIAAA~.,~ `~pu•u Pe'ekal (ply 0 Hulihe'e Pnlece Smte Heieu ~ n 175•~`~0!/~J C~ohono anu (pL) Monumem (1838) Kehukupoko.~ pdh eq Se BpU, E Library, County Pell Ha'uka'uke' MMPU •IrR(oantl Beech (Papakblea, F Moku aikaUe Sk ke Church jf831) Ke Lae Nel'1 Hlaroric ~o eUr '~/ei CHenelue 0 Old Kone Airport State Landmark Dishid II/ ~.oo !GO %ana P ayB Recreafion Aree Heieu o Kelelee ~ \v ~ o pro BaYLr H Sf Michael's Church (i Anaenf canoe moorings o Q Ro ¢5 90, ~ %rye r ~ ~ w rn \5 ic.\a5 eJ ~ S~Je~ ~ PFra 0 0,2 0.4 0.6 0.8 „ 40' 30' I 1 (®Il(®I (®®]I®I I®®](® ®®][®E ®®7[®®](®®]C® ][®®][®®lI®®7[®~ Haiard Zones for lava Flows Zone Percent of Percent of area Explanation area covered covered by by lava since lava In last 1800. 750 yrs. Zone 1 greater greater Includes the summits and rift zones of than 25 pct than 65 pct Kilauea and Mauna Loa where vents have been repeatedly active in historic time. Zone 2 15-25 pct 25-75 pct Areas ad}acentto and downslope of ac- tive rift zones. Zone 3 1-5 pct 15-75 pct Areas gradationally less hazardous than Zone 2 because of greater distance from recently active vents and/or because the topography makes it less likely that flows will cover these areas. Zone 4 about 5 pct less than 15 pct Includes all of Flualalai, where the fre- quency of eruptions is lower than on Kilauea and Mauna Loa. Flows typically cover large areas. Zone 5 none about 50 pct Areas currently protected from lava flows by the topography of the volcano. Zone 6 none very little Same as Zone 5. Zone 7 none none 20 percent of this area covered by lava 3,500-5,000 yrs ago. Zona 8 none none Only a few percent of this area covered in the past 10,000 yrs. Zone 9 none none No eruption in this area for the pall 60,000 Xrs. _ _ I KOHALA >-o y ! ~ eY/ N .gj~'';rr 5 lT td ,,S ~ ~ C L o r {r 8v ~ro o 7 MAUNA~~ ~ 9 ~ KEA t' , ~E HUALAl,k11 ` ~t~;,., 4 n-. r ~ 6 5 I 0 10 MILES 6, ,g 10 0 KILOMETERS r The Island of Hawaii is divided into zones according to the degree of hazarU from lava ilnws: Zone I is the area of the greatest h, zard Zone 9 0l the least. Waikoloa • Kiholo Bay . , so 1B 'i ir. ' kr~i.;w talfl A. IBW Kealakekua Summit Bay caldera . ~ 6 :off: 1950 1950 ,s,s N 1926 e~` Pahal 5~~~ A y r, N alehu D 10 MILES 6 i----r 0 10 KILOMETERS °O~. , 667 "9iy ~ 1868 ® NATIONAL FL000 INSURANCE PR06RAM FIRM FL000 INSURANCE RATE MAP HAWAII COUNTY, HAWAII MAP INDEX PANELS PRINTED: 80, 700, 135, 128, 737, 139, 743, 162, 184, 186, 167, 188, 169, 200, 205, 225, 267, 388, 289, 277, 278, 279, 488, 467, 468, 477, 478, 681, 887, 683, 691, 892, 694, 772, 7t3, 714, 859, 880, 870, BBD, 885, 890, 825, 936, 927, 928, 929, 937, 939, 944, 943, 944, 1182, 1156, 1157, 1158, 1139, 1188, 7767, 1789, 7400, 1407, 1425, 1600, 1695, 7725, 7850, 1900 COMMUNITY•PANEL NUMBER 1551661NDOA MAP REVISED: APRIL 2, 2004 Federal Emergency Management Agency IR I H ~ / ~ i Ndu 1-urea Ro-<nc / Pohak aloe Training ,,~q )NA ~ C Mllilary ftcsc rvalion \ / Hilo Foreu Ae.enr 9eu aY \ any 16609150 *1551661000C *1551661025C *1551661050C ~ *1551661075C ntnagnnay l f Mawu Loa Forest Rcze nee EIPP° N'a is lra Fm« I Rr.e ne / ~ \ HAW All VOLCANOES UPPer Olna Fo~ Nc NATIONAL PARK Reserve i. 1 ~ 16612000 *1551661225C ~ 15516612500 *1551661275C *15516613000 P~ 1I i KONA I / \ Kapa Pa la Fo ma Rucrvc u l I aY5 L66I1450C *1551661415C *15516615000 15516615250 **1551661550C I p0 QO KAU I HAWAII VOLCANOES N ATIONAL PARK ~tio mh Kona .~~~0 F CRSI = R rcrvr I ' Fnrerl ~AO` ~L Rr.c rvc 6\ 6500 *1551661675C '15516616800 '15516616850 1551661725E ~ *1551661750C 1 PAHALA '15516fi16~90C 15516616950 6618000 *1551661825C 15516618500 II NAALEHU gOgD **1551661875C 15516619000 NAALUALU BAY l0T PRINTED- APEA ALL 1N ZONE % JOi PRINTED -MINIMAL iSU NAMI INUNDATION FIIP No. 9-fi-&2 Page #12. DEFINITION OF MApNET VALUE: The most probable price which a property should bring in a competitive and open market antler all condmons requisde to a lair sale, the buyer and seller, each arcing pmderNy, knowledgeably and assuming the prke is not affected by undue stimulus. Implich in mis definition is the consummathn of a soh as at a specified doh and the passing M title burr 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 wnsiders his own best interest: (3) a reasonable time is allowed for exposure in the open market', (4) payment is made in terms gl cash in U.S. dollars or in terms of financial arangements comparable thereto, and (S) Me price represents me narrnal consideration for the property sold unagected 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 creatve financing or sales concessions. No adlustments are necessary far those costs which are normally pall 6y sellers as a result of tradaon or law in a market area; these casts are readily identdiable since the seller pays mesa casts In virlually all sales 6ansacgans. Special or creative linandng atljustmems can 6e made to the wmpara6le property by compadsgns h financlllg hrtns offered 6y a Mkd parry institutional hntler Mat is not already involved in th¢ prgperty or Vansacdan. Any adastment should not be calculated an a mechanical dollar for dollar cost of the financing or concession 6u1 the dollar amount gl any adjushnent should approdmate the market's reaction to the financing or concessions based an Me appraiseys judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT ANO LIMITING CONDITIONS: The appraiser's cedificafien that appears in Me appraisal report is subject to the fallowing bontllflons'. 1. The aDPraiser will not 6e responsible for matters of a legal nature that affect either the properly being appraised or the thle to h. The appraiser assumes that the tale is good and marketable and, therefore, will not render any opinions about Me title. The property is aDWaised on the basis o1 a being under responsible ownership 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensipns of the improvements and the sketch is included only to assist me reader gf me repod in visualizing the propeM and understanding the appreiser's tleterminadon of hs size. 3. The appraiser has examined Me available Ilood maps Mat are provided 6y the Federal Emergency Management Agency (gr other data sources) and has noted In the appraisal report whether Me subject site is located in an iden~ed Special Flood HdIdN Area. Because the appraiser is not a surveyor, tie or she makes no guarantees, express or implied, regaNing mis tlnedninaaon. 4. The appraiser will not give testimony or appear in toad because he or she made an appraisal of the properly in queshon, unless specific arrangements to do so have been made beforehand. 6. The appraiser has estimated the value of Me land In the cost approach et Ile highest and hest use and the Improvements at their contributory value Those separate valuations of the land and improvements must not be used in cgnlunetion with any other appraisal and are invalid it they are so used 6. The appraiser has timed in the appraisal report any adverse conditions (such as, needed repairs, depreciation, Me presence of hazardous wastes, toxic substances, etc) observed during Me Inspection of Me subject property or Mal he or she became aware of Mdng the normal research involved in performing the appraisal. Unless omerwlse stated in me appraisal repod, Me appraiser has no knowledge of any hidden or unapparent conditions of the properly or advazse emlmnmental cgnditons pncludlnq Me presence of hawtlous wastes, toxic substances, etc.) Mat would make Me property mole or less vaWable, aM has assumed that there are no such cgnditlons and makes no guarantees ar warrarwes, egress or Implied, regarding the cgnddion of the properly the appraiser will not be responsible for any such condMans Mat do exist m for any engineering ar testing Mat might be required to discover whether such conditions edst. Because me appraiser is not an erred In Me field of environmental hazards, Me appraisal repod must not be considered as an environmental assessment of Me property. 7. The appraiser obtained me information, estimates, and opinions Mat were expressed in the aOWaisal repoR burr sources Mal he or she considers to be reliable and behaves them tg be trde and oortecL The aDPraiser does not assume responalbBlry for the accuracy of such 'dams that were furnished by oMer parties. 8. The appraiser will not disclose Me contents M Me appraisal report except as provided far in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an aDWaisal Mat is subject to satisfactory completion, repairs, or alterations on the a55umptign that completion of the Improvements w1I be petlormed in a workmanlike manner. 10. The appraiser must provide his or her prior wdtten cpnsent before the lenderldient sDecdied in the appraisal repod can tlisbibule the appraisal repod (including condusigns about Me property value, the appraiser's itlenihy and professional designations, and references to any professorial appraisal grgenlzabons or me firm wlm which Me appraiser la assocfaled) to anyone omm than Me borrower; Ma mortgagee m its auccessrns and assigns, the modgage insurer; consultants; pmlessional appraisal drganizadgns, any state or ledeally aDOroved financial institution; m any department, agency, or instrumenfalrty of the United States m any state ar ttw District of CaWmbia', exupt Mat the lendegclient may dislrihute dw pmpedy tlescrlptlon sectwn of Me report oNy tg data collection or reporting service(s) without having to obtain me appraiser's prtgr wrMen consent. The appraiser's written consent and approval must also 6e obtained before the appraisal can he conveyed by anyone m the public through advertising, public relations, news, Sales, or other media. Freddie Mac Fgdn 439 693 Page 1 012 Fannie Mae Fortn 10048 6-93 Takata Appraisals, Inc. Farm ACA -'TOTAL for Windows" appraisal software by a la mode, inc. -1 ~BOO~ALAMDDE FIIG NO.9-6-5-2 Page H73 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees Maf. L I have researched Ne suhject market aaa an6 have selected a minmum of tlxee recent sales al prapedies most similar and proximate to the subject properly for consideration in me sales companspn analysis and have made a dollar adlustment when apprppnate to reflect the market reaction to those items of signilicam variation. g a signgicant gem In a comparable property is superior to, or more favorable than, the suhject property, I have made a negative adjustment Io reduce the adjusted sales pace of the compamhle and, g a signgicant gem in a cpmDarable property is inferior to, or less favorable than the sublect propedy. I have made a positive adjustment to increase the adjusted sales price pf me comparable. 2. I have taken into consideration the factors That have an impact on value in my development M the estmate of market value in the appraisal repad. I have not kmwingly withheld any significant kdannatlan hom the appraisal report aiW I bekeve, to the bast of my knowledge, mat all statemems and imormation in me appraisal report are hue and correct. 3. I stated in me aDPraisal repod only my awn personal, unbiased and prolessipnal analysis, opinions, and conclusions, which are subjeq only to the conhngent and limding conditions specified in mis form. 4. I have no present pr pmspecgve interest In the property mat is me subject to this report, and I have no present or prospective personal interest or bias with respect to dre padic'ryanis in the transaction. I tlitl not base, efiner padiagy m completety, my analysis andlor me estimate of market value in me appraisal report on me race, color, religion, sex, Handicap, familial status, or national origin of egher the prpspectve owners or occupants of me subject property or pf the present owners or occupants of the properties In me vicinM of the subject properly. 5. I have nD presem or contemplated IuNa interest in me sublect property, and negher my current ar future employment nor my compensation far performing iHis appraisal is cpnfingent on me appraised value of the property. 6. 1 was not required to report a predetermined value or dlreciion In value mat favors the cause of the diem or any related party, the amount of the value estimate, me attainment of a specific result, or me occurrence of a subsequem evem in oNer Io receive my compensation andor employment for performing the appraisal I did not base the appraisal report on a requested minimum valuation, a specttic valuatlon, pr the need to approve a specific mortgage loan. 7. I performed this appraisal in coniormgy Wgh the Uniform StandaNS of Pmlessienal Appraisal Practice that were adopted and promulgated by the Appraisal Standards Boam of The Appraisal Fpuntlafipn and Nat were in place as of the effective date pf mis aDOraisal, with me exception of me departure provision of those Sfandam5, which does not apply. I acknpwledpe that an estmate of a reasonable time for exposure in the open market is a condition in the definNOn of market value and the estimate I developed is consistent with the marketing tlme noted in me neighborhood section of this repod, unless I have oNenvise stated in the reconciliation section. B. I have personally InspecteA the intubr and exterior areas gf the sub{ed propedy and the exterior al all properties ksted as comparehles in the appaisal report. I IuMer tangy that I have noted any apparent or known adverse cand'Aions in the subject improvements, on me sublect site, pr an any site within Me immediate vicinity of the suhject property of which I am aware and have made adjustments for these adverse contlgions In my analysis of me propedy value to the event that I had market evidence to suppod them. I have also commented about the etled of Ne adverse conditions on the marketability ai the sublect propedy. 9. I personally prepared all conclusions and opinions about the real estate that Were set fodh in the appraisal report. If I relied on significant professional assistance from any individual or individuals to me performance of me appraisal or the preparatlon of the appraisal repod, I have named such individual(s) and dkciosed the specifk tasks performed by them M the recmwgiation section of this appraisal repod. I cedgy that any mtlividual so named is qualified to perform fhe tasks. I have not authorized anyone tp make a change to any item In me repod therefore, g an unauthorized change is made to the appraisal report, I wdl take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: h a supervisory appraiser signed the appraisal repad, he or she certifies and agrees mat I directly supervise the appraiser who prepared Ne appraisal [eppd, have mvlewetl me apprakal repprt, agree with tha statements and conclusiens of the appraiser. agree tp be Oeuntl by me appraiser s ceNiicafipns numbered 4 through 7 above, and am taking full responsibility far the appraisal and the aPPraisal report. ADDRESS OF PROPERTY APPRAISED: 96-2220 South Road Pahala. HI 96777 _ _ _ A ISE SUPERVISORY APPRAISER (only I( requlred~: Signature. Signaure; Name: Patr akeW S Nama: Date Signed. Oe b 2006 Date Signed: _ _ _ State CetNkation#~. State Certgicadgn#: _ or SUte License#: 93 or State License#: _ State. HI - _ State: Expiration Date of Cetlgicatlon or License: 12I31I2007 _ Expiratan Date of Cendication pr License: I ] Ditl L~ Did Not Inspect Property Reddie Mac Fosm 439 6-93 Page 2 of 2 Fannie Mae Fmm 10048 6-93 Farm ACA - "TOTAL for Windows^ appraisal software by a la made, inc. - t-BOO~ALAMODE