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CC Resolution No. 11-098 Sale of Property Located at 10346 Scenic Boulevard, Cupertino, California RESOLUTION NO. 11 -098 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO AUTHORIZING THE SALE OF THE PROPERTY LOCATED AT 10346 SCENIC BOULEVARD, CUPERTINO, CALIFORNIA WHEREAS, the City Council by its Resolution No. 7765, adopted on March 6, 1989, caused the property located at 10346 Scenic Boulevard to be acquired and held jointly with the City Manger, Donald Brown; and WHEREAS, the City Council by its Resolution No. 00 -254, adopted on October 2, 2000, authorized the City's purchase of Donald Brown's interest in the property located at 10346 Scenic Boulevard; and WHEREAS, the City Council by its Resolution No. 00 -261, adopted on October 16, 2000, authorized the execution of an Agreement for Housing Assistance, Purchase of Equity Interest in house and lot located at 10346 Scenic Boulevard by David Knapp, City Manager; and WHEREAS, David Knapp executed the Agreement for Housing Assistance and acquired an equity interest in the property located at 10346 Scenic Boulevard. WHEREAS, the terms of the Agreement for Housing Assistance permit the parties to sell the residence at any time based upon a price which is mutually agreed by the parties; and WHEREAS, the terms of the Agreement for Housing Assistance set forth additional terms for the sale of the residence and adjustments of the equities between the parties; and WHEREAS, the parties desire to sell the residence; and WHEREAS, there has been presented to the City Council a residential purchase agreement for $1,440,000, a price that is mutually agreed by the parties; and WHEREAS, $1,440,000 is the fair market of the residence based on nearby comparable sales[as shown in the attached bank appraisal] ; NOW, THEREFORE, BE IT RESOLVED THAT: The property negotiator for the City of Cupertino is authorized to execute on behalf of the City the attached residential purchase agreement and a] 1 required escrow documents for the sale of the property located at 10346 Scenic Boulevard for $3,440,000; and The parties shall receive their respective equity shares from the proceeds of the sale in accordance with the terms of the Agreement for Housing Assistance. PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this 21st day of June, 2011 by the following vote: Vote Members of the City Council AYES: Wong, Santoro, Chang, Mahoney, Wang NOES: None ABSENT: None ABSTAIN: None ATTEST: APPROVED Kimberly Smith, City C erk Gilbert Wong, Mayor, City Cupertino � '� �, y ° y.�� yy -Y+ tom' � � a� ' _� ��+' ' § {� � �\ rt f a} . S t ..y ^ RgpS ,-- 1ko..Y� 1 + ' ,viLL } e, r 1 .' f . 0 4:4,:,--- .i.,, S x r it, -,-.,„:_,._. , �� £ `c di + r a : . ' „4,011 r , - ®e r . `• '` r „'' , w irtz,-.',jF ' 4 4 / L ip ilf f. a v t '£' 't'. � . , f` ° . . '� " e f y q . �. , d . ; ....., 0,-- i f 'k i t.. . . , . xt 4 .1 mi t it- , :r ,,,, ' , „ - ..- 7 1 ' . i eE ` A* Mtt 5 b `s; ib : • • n 9 ° R ' jit 4 ,.. ,. , ,.. -.. 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City of Cup ert i no APN: 3570 10346 Scenic Blvd Cupertino, CA 95014 ° 50 100 200 eet 06/14/2011 1 Et) co w ° o 3 0 c# a) N a. 0 t , _ 0 p 0 0 -°. v C Q a. a) N ¢ >=7 tO cts 0 U N -0 o 0 d C O �°u" y a. ° R. U = O a) U a , a) y +... 0 • 1 `" .o is .ti n. a) . P.1.1 0 r4 ° a) cc . • s u C r c ° 4 i s m U a8 0 op o i. [ � P. P I , 0. ° • �� a s a 0, 0 ¢ •w g 5 . 0 5 a M co V y U ' .b a . 0 3 • ° 0 x aa W c0 ° av us O y y +� C a °� N o o L • r , > o 0 0 g 4 C1 d ° Q U u. Cs' N .d 0 . ty A F y L� o rn a. a) p 11 R .. • a A + U a) U ). ° a) a 6 ta a a , as fl a) P o v6 i� , , in. ca � O ya) .5 t oP:5 5 .59. a a) o x O. a m > ° a , ° >, v) CA ci, P i o a.) © Q U ... p E I; 5 - o c'' o 9, o ti 0 1 m . V o ° E a�i y > ac 3 a��i �a �o is o c 0 a is o o ch * A� � „ft, pa co b. 0 .. * . ;� a ; A � co 0 0 C/) . _. - 0 3 -0 ' P4 a ° il 0 n • v ° � "o o o ar ° 0 0 o a.) 0 w A >,� 0gb 0 03 ( 0, ;ea rn p .0 • 0 a y N O • ..... a) 1 3 0 p4 0 cl, at cu 0 en . 4 > ba °a . b E . ° a) c° o W "o U ` A o ° V) m ' c w a3i 5 N o-8 O Aw a 6, o o q p• P P4 c --8 000 d n 5 a. P .5 < DMITRI ISAEV File Na 01- 11153136 -01A APPRAISAL OF sz= • . 4 2 f4+ u •� wb.,.. i � ; 1 REAL, PROPERTY LOCATED AT: 10346 SCENIC BLVD. CUPERTINO, CA 95014 -2770 FOR: FLAGSTAR BANK 5151 CORPORATE DR TROY, MI 48098 BORROWER: LAKSHMAN YAGATI AS OF: JUNE 11, 2011 BY: DMITRI ISAEV THANK YOU FOR YOUR BUSINESS I DMITRI ISAEV Uniform Residential Appraisal Report Fde No. 01- 11153138.01A The purpose of this summery appraisal report Is to provide the lender/client with an accurate, and adequately supposed, opinion of the market value of the subject property. . Property Address 10346 SCENIC BLVD. City CUPERTINO State CA Zip Code 95014 -2770 Borrower LAKSHMAN YAGATI Owner of Public Record SEE ADDENDUM FOR DETAILS County SANTA CLARA Legal Description BOOK 357 PAGE 8 LOT 37 Assessor's Parcel t 357 -08 -037 Tax Year 2010 RE. Taxes S 14.893.58 Neighborhood Name BLACKBERRY FARM GOLF COURSE Map Reference 852/A1 Census Tract 5077.03 L.) 8... • , . Owner Ten Vaunt S. - lad Assessments S 1 I PUD HOA S 1 [per year 1 1 per month g • , :w R R. • 1l5 L•it A, .iced ■ Leasehold • Other describe III AssgnnremType X Purchase Transaction • Refinance Transaction ■ Other (describe) Lender/Clan FLAGSTAR BANK Address 5151 CORPORATE DR.TROY . MI 48098 r Is the subject property currently offered fa sale a has k been offered for sale in the twelve months prior to the effective dated this appraisal? bpi Yes ❑ No Report data source(s) used offering pria(s), and date(s). Subject has been listed for sale on 04/06/2011, at $1,550,000 and now under pending contract at $1,440,000, MLS # 81114882. I Wald Li did not analyze the contract la sale fa the subject purchase aartsacdon. Explain the resets of the analysis of the contract for sale or why the analysis was not performed. No abnormal conditions noted In that sale. Contract Price S 1,440,000 Date of Contract 08/2011 Is the property seIa the owner otntiblic record? IX] Yes 1 1 No Data Source(s) NDCData Z Is there any financial assistance (loan charges, sale concessions, gbh or dovmpayment assistance, etc.) to be paid by any parry on behalf of the borrower? ❑ Yes © No S If Yes, report the total dollar amount and describe the Items to be paid. N/A No concessions noted in that sale. Note Race and the radial com of the na hborhood ere note raise! femora. r .,.. 1 , 7., - . Nel¢hborlioedCharscierFSitn�`?'_ . - � : , ::;' ,.,`�p, `-*One- UMtHoualri9Tn•nds w.y ` „ �.. cr,s:, ,� One- UN[Hotd(np a �:1 r���+er2(.end Uaq%':4 PITTI■ Urban F1 sub • Rural Prot.y Values 111 Inaeasin. OS able Declining PRICE AGE One -Usk 90% % p EMI Over 75% 1111M.• Under 25% a DDema � nd&S r u•.1 U Shut ..e In In Balance — Over Supply 5(000) (yrs) 2.4Unk 2 % g�■ Re. • Stable II Slow Iu LS3Li�aliul3EII Under 3 mans ■ 3 - mtus Over6mths 950 Low 4 Muid- Faraly 2% % E Neighborhood Boundaries Neighborhood boundaries reach Stevens Creek Blvd. to the north, 1,790 High 80 Commercial 1% % °m Foothill Expy to the west,McClellan Road to the south, and Freeway 85 to the east. 1,400 Pred. 26 Other Parks 5% % a Neighborhood Description This subject property is located in a neighborhood of average to good quality homes. Access to Freeway 85 is a good. Local parks, and shopping centers are nearby. Public and private schools, other colleges and universities are within commute distance. Employment centers are within the 15 minutes commute to downtown San Jose and other Bay Area locations. Market Conditions (including support for the above conclusions) Due to recent sales activity the sub)ect's marketing time Is between 1 to 3 months. Current Interest rates remain relatively low, with some concessions in the form of non - recurring closing costs. The market has been on decline in last 24 months with signs of stabilization In the past 4-8 months.. Dimensions (See Plat Map) Area 9.147 Sq.Ft. Shape Regular View Neighborhood S. -• cZoein.Clessinadon R1 2on . e- • •.• Sin. leFamilr Zonin• • • dance F31Ma• - • .1 Nonconformin • Grendfathered Use • No Zak • D Illegal (describe) .. I Is the highest and best use of the subject property as Improved (or as proposed per plans and spedladcns) the present use? I XJYes U No If No, describe. Utilities Public Other describe Public Other (describe) OR - site Improvements Public Private Elea • Ei=III Water 1p ®!f 'SIT, Street Asphalted ,�, 1111 r^ Gas X Sanitary Sewer Alley None FEMA , •ill Flood Hazard Area Yes © No FEMA Flood Zane Zone X500 FEMA Moot 08085C/0204 H FEMA Map Date 5/18/2009 Are the udides and off-site improvements typical for the marker area? X Yes No If No, describe. Are there any adverse s0e conditions or external factors (easements, enaoadhmenls, ernkdnmentab coalitions, lend uses, etc?? Yes No If Yes, describe. See Attached Addendum % a ; a tt MI ON6A410V".. txtR10Ro5r221PTIoN ) na°t"Ma"(skell ionic lriiERibR 5 rf > :`m aterix(s(cnid ii �.'�.`ns . �, GEt�ERA�DE�SCRIIPfI'�1.'�"3f� �'" T " f ` � rnii3IMEM One with Acres • Unk [■ Concrete Slab E412Ernill Foundaton was Concrete/Avera se Frogs Tiile/Wd /Average tdStades one DIKEMEEIN PartialBasement Exterior Walls Stucco/Avera.e walls Wood/Average rmn ■ ■ S - DetJEnd Unk Basement Area 0 •. n. Roof Surface ConcreteTile/Av.. Trim/Finish Wood/Average Oust.. ■ • , • • ad • Under Const Basement Finish 0 % Gutters & Downspouts Galvanized /A • . Bath Floor Tile/Average Desi. - Traditional I■ OutaldeE , IExh 11112MMI WindowT ,- Vin VAverase Bath Wainscot Tile/Avera.e Year Bulk 1989 Evidence of ■ SturmSash/Insulated Yes/Yes CarStora• II None Effective • •e rs 10 Years II Da Da , mess •i !�7 . Screens None 1r7 . t of Cars 3 Cars 11. <r121a • None a�m1■I.r�r 101111 Mierddes ■ WoodStove s t Drivers Surface Concrete [Us' I■ Stairs 10 Other Fuel Gas I. Fl -.lac s e 2 4 Fence Wood MI Gera , e t of Cars 3 I■ Ig Saute Codi • ■ Central Ale Condition . [ - PatlolDeck Conr. El III Ca • • t of Cars ,,I■ i■ Heated y. I IndMduel I ■[')�, *�1 Pool ■•iF7r■�■ Buds -In z[/}} ■ Reid .rator FI;r."'o to Dishwasher 7.i J U Microwave III511110ther describe Finished area above grade contains: 11 Rooms 5 Bedrooms 2.5 Bath(s) 2,727 Square Feet of Gross Living Area Above Grade Addblorel features (special energy efficient items, etc.). See addendum for additional comments. 0 a Descrbe the condtldn of the property (Including needed repairs, deterioration, renovations. remodeling. etc.). The improvements have been maintained in average condition. No extemal or functional detrimental factors are noted. No adverse or hazardous environmental conditions were noted. Are there any physical deridendes or adverse conditions that affect the arability, soundness, or structural integrity of the property? ❑ Yes IX) No If Yes, describe. There are no physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property. Does the property generally conform to the neighborhood (functional utility, style. condhlon, use cnnswction etc.)? Yes No if No, describe. The sub)eCt property generally conform to the neighborhood. Freddie Mac Fon 70 Meth 2005 hm6.eerheet eo Pagel d6 ew�oo Fannie Mee Fann10:1414=1121:05 DMITRI ISAEV Uniform Residential Appraisal Report Flle No. 01- 11153136 -01A There are 12 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 1,149,000 to S 1700,000 . There are 39 comparable sales n the subject neighborhood within use past twelve months ranging in sale price from S $1,150,000 to $ 1770,000 . FEATURE I SUBJECT COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 . 10346 SCENIC BLVD. 10326 SCENIC BLVD. 10332 SCENIC CIRCLE 10465 SAN FERNANDO AV. Address CUPER11NO CUPERTINO CUPERTINO CUPERTINO Proximity to sublen . 0.05 miles N 0.12 miles SSE 0.25 miles ESE Sale Price $ 1,440,000 _ x - ' -S 1,555,000 . .1 i.}' $ 1,385,000 w ,a" $ 1,450,000 sat PdcelGross LW kea $ 528.05 sq. n. $ 510.34 sq IL . k: s 529.03 sq. h. � ' $ 562.45 sq h. ,' Data Source(s) Inspection MLS # 81106852/DOM 9 MLS # 81113468/DOM 8 MLS # 81100228/DOM 77 Verification Source(s) Dataquldc _ . =- DOC# 0021120400/NDCData DOC# 0021196718 /NDCData DOC# 0021090025 /NDCData VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION d•1s Marrow DESCRIPTION •(•)sMravrU DESCRIPTION •(.)sAdm.* Sale or Financing N/A r Conventional Conventional Conventional Concessions ". None None None Date of SaleMme 06/2011': . +° 03/24/2011 -COE 06/03/2011 -COE 02/22/2011 -COE Location Good Good Good Good Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Site 9,147 Sq.Ft. 8,000 Sq.Ft 10,000 7,405 Sq.Ft 20,000 8,280 Sq.Ft View Neighborhood Neighborhood Neighborhood Neighborhood Design (Style) Traditional Traditional Traditional Traditional Quality of Construclion Average Average Average Average Actual Age 22 Years 22 Years 34 Years 16 Years Condition Average Avers a Average Average lms Above Grade Tate Berm Bails Toss a Ws Tool Wm Saes Tae Bawl Bass Room Coum 11 5 2.5 11 5 3.5 - 10,000 9 5 2.5 9 41 2.5 j Gross LboreArea 50 2,727 sq.rt. 3,047 sq.ft. - 16,000 2,618 sgft 5,500 2,578 SCI. ft 7,500 Basenenr &Finished None None None None Rooms Below Grade None None None None Functional Utility Average Average Average Average a s Heating/Cooling FAU /None FAU /None FAU /None FAU /Central A/C -5,000 2 Energy Efficient Items Typical Typical Typical Typical a Garaga&Carport 3 Car Garage 3 Car Garage 2 Car Garage 10,000 2 Car Garage 10,000 2 PachiPati&Deck Porch, Patio Porch, Patio Porch, Patio Porch, Patio o Fireplaces 2 Fireplaces 2 Fireplaces 1 Fireplace 5,000 2 Fireplaces a Fence, Pool, etc Fence/None Fence/None Fence/None Fence/None G Upgrades ll Graded Similar Similar Similar Net Adjustment (ToleQ O. ® $ 16,000 [X1+ n- $ 40,500 [x]+ ❑- $ 12,500 w Adjusted Sale Price , Net Adj. - 1.0%% Net Adj. 2.9 /o % Net Adj. 0.9 % a of C. •.rabies y r '. GrossAd.2.3%% $ 1,539,000 Gross Act 2.9 %% $ 1,425,500I Gross Ad.1.6%% $ 1,462,500 in 1 . did ❑ did not research the sale or transfer history ti the subject property and comparable sales. If noL explain Subj has been listed for sale on 04/06 /2011 at 51,550,000 and now under pending contract , at $1,440,000, MLS # 81114882. My research 1 laid f r )(Tad not reveal any prlar sales or transfers of the subject property fa the three years prior to the efecdve dated this appraisal. Data source(sLN DCData, REIL info Link, Win2Data My research �I JJ did Inl did not reveal any prior sales or transfers of the comparable sales for the year prier to the dated sale of the comparable sale. Data source(s) NDCData, REIL info Link \Mn2Data Report the results due research and analysis of the prier sale or transfer history of use subject properly and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 Date d Prior saldrransfer Has not transferred Has not transferred Has not transferred Has not transferred Price of PrlorSale/Transfer In Previous 36 Months. In Previous 12 Months. In Previous 12 Months. In Previous 12 Months. Data Saace(s) NDCData NDCData NDCData NDCData Effective Date d Data Source(s) 06/2011 06/2011 06/2011 06/2011 Analysis of prior sale or transfer history of the subject property and comparable sales Subject has been listed for sale on 04/06/2011, at $1,550,000 and now under pending contract , at $1,440,000, MLS # 81114882. Summary or Sales Comparison Approach. All comparables located in close proximity to the subject. Gross living area was adjusted at 550.00 per square foot and lot size difference adjusted at 510.00 per square foot. Extra bath and garage space(per stall) adjusted at $10,000, fireplace and central NC system adjusted at $5,000.Appraiser wasn't able to provide comparable pending sale due to the shortage of such comparables at that time. Due to the average deviation of median sale price as of % of listing price of 2% -5%, appraiser adjusted comp 5, active listing, by 5%. No other adjustments were required. Indicated Value by Sales Comparison Approach $ 1,440,000 Indicated Value by: Sales Comparison Approach $1,440,000 Coat Approach (If developed) S 1.440,000 Income Approach (If developed) S N/A The Sales Comparison Approach measures actual buyer- seller activity in the market and is the most reliable Indicator of residential market value. The Income Approach was not developed due to lack of rental homes and a market GRM. The Cost Approach is not applicable. U This appraisal Is made [X t 1'as h; U subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, 0 ❑ suisjectto the following repairs or alterations on the base of a hypothetical condition that the repairs or alterations have been completed, or ❑ subject to the following required o inspection based on the extraordinary assumption that the condition or deficiency does not requee alteration or repair: This is a summary report of a complete appraisal Lu as defined by SR 2- 2(b),USPAP. Based on a complete visual inspection of the Interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting condit ions, and appraiser's certification, my (our) opinion of the market value, as defi ned, of the real property that Is the subject of this report Is S 1,440,000 asof June 11, 2011 ,which i the date of Inspection and the effective date ofthls appraisal. Freddie/4z Fan T$Maich 1005 haute vogsd schwa alat34D2rnwadeeeam rani Mae Faa 1004 Moen 2000 Gaga gas ICOLOSCONIOS AppraisalHub DMITRI ISAEV Uniform Residential Appraisal Report File No. 01- 11153136 -01A ADDITIONAL FEATURES: The subject has concrete tile roof. stucco siding. concrete walkway and driveway. The kitchen has tile flooring, granite countertops and disposal. The dining area has tile flooring. The living rooms has carpet floor and brick faced fireplace. The family room has a tile flooring and fireplace. The bathroom has tile flooring. tile countertop and tile shower over tub. All bedrooms have carpet flooring. The water heater Is In average condition. The FAU is in average condition. SALES FINAL RECONCILIATION: The most weight given to comparables 1, 2 and 3, In determining the subject's value, as the most similar to the subject and located in the subject's immediate neighborhood. Comp 5, is active listing and given some consideration. All comps located In close proximity to the subject. All the comps are considered the best available and most s miler to the subject. All the comps support final reconciled value well. THE MARKETING TIME: The estimated marketing time is 1 -3 months under current market conditions for the appraised value as of June 11, 2011 The Intended User of this appraisal report is the Lender /Client. The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. subject to the stated Scope of Work. purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No j o additional Intended Users are identified by the appraiser. 1 U S it O g Provide adequate inlamadon for the lender /dlent to replicate the below cost figures and calculations. Support for the opinion of sitevete (summary of comperoblelandsalesordhermethodsfor esdmadrgsitevalue) Cost of improvements has been estimated using Marshall and Swift, and local contractor costs from similar projects in the area. The abstraction method and vacant land sales were used to determine site value.The land value exceeding 30% of total property value Is typical for that area. ESTIMATED 1 I REPRODUCTION OR (X1 REPLACEMENT COST NEW OPINION OF SITE VALUE - S 870,000 Sourced cost data Marshall & Swift and Contractor Cost breakdowns. Dwrlanq 2.727 5q. Ft. S 195.00 S 531.765 $ Quality reel from cost service Average Effective dated cost data 06/2011 Sq. FL aP S = S 0 < Comments on Cost Approach (gross kving area calculations, depreciation. ac) Improvement ratios (56%) are typical and are supported by Garage/Carport 609 Sq. Ft. 10 S 65.00. • S 39,585 Lanalysisoftheareasales ,notreflectiveofpotential ToOl Estimate 01 Cost - 571,350 redevelopment of the area. but are due to a shortage of Les: 75 Physical Functional External developable land. Depredation $76,380 = S( 78,380) Depredated Cost of Improvements - S 494,970 *As.is' Value of Ske Improvements - f 75,000 Estimated Remainlnq Economic Life (HUD and VA only) 85 Years INDICATED VALUE BY COST APPROACH • S 1.440,000 Estimated Monthly Market Rent S N/A X Gross Rent Multiplier • S N/A indicated value by Income Approach Summary of Income Approach pndudIng support for market rent and GRM) N/A '�:;. ,.: • : • : =. �.. - :: s (t, "� ..# . ,,.. ; P., RO, IECYINFORMATIOHFORPIIUa `(iEapplleetilel'v ' Is the developer/builder In control of the Homeowners' Association (H0A)? UYes U No Una type(s) U Detached ❑ Attached Provide the following information for PODS ONLY if the developer/builder is In control of the HOA and the sublet property Is an attached dwelling unit. Legal name or project NIA Total number d phases N/A Total number olunas N/A Total number d units sold N/A .= Total number d units rented Total number of units for sale Data sauces) g Was the protect created by the corwerslon of en edsdrq buibMg s()'rrto a PUD? r 1 Y, s U No If Yes, date d conversion N/A o Does the project contain any multidwelling units? r 1 Yes UNo Data source s E Are the oohs, common elements, and recreation facades complete? [] Yes U No If No, describe the status of completion. N/A 0 a Are the common elements leased b or by the Homeowners' Association? ❑ Yes ❑ No I1 Yes, describe the rental terms and options. N/A Describe common elements and recreational Wades. N/A Freade Mx Fan 10 Math 2035 metro rig M7 aon.•a am1Y a121 •.w Fantle Fae roe Fain laude 10x4 2005 Pape tla 1a01J65090909 • • DMITRI ISAEV Uniform Residential Appraisal Report File No. 01 11153138 - 01A This report form is designed to report an appraisal of a one -unit property or a one -unit property with an accessory unit; Including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. • SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) Inspect the neighborhood, (3) Inspect each of the comparable sales from at (east the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender /client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The Intended user of this appraisal report Is the lender /client DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions" granted by anyone associated 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 sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already • Involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting 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, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader 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 this appraisal report whether any portion of 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, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, 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 research involved in performing this appraisal. Unless otherwise stated In this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. 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 hazards, this appraisal report must not be considered as an environmental assessment of the property. 8. 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 the completion, repairs, or alterations of the subject property will be performed in a professional manner. i20aeAlec Fo, 70 Mach 2035 v,oawa uino Aa• ' o d oa.Siu7t7 wnu ar•b.rm Fanio Mae kw 1004 WO 2005 1004,0 5 000000 DMITRI ISAEV Uniform Residential Appraisal Report Fie No. 01- 11153136 -01A APPRAISERS CERTIFICATION: The Appraiser certifies and agrees that 1. I have, at a minimum, developed and reported this appraisal in ac ordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the Improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of 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 at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are Iocationalty, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the markets reaction to the differences between the subject property and the comparable sales. 10. I verged, from a disinterested source, all information in this report that was provided by parties who have a financial interest In the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of propety in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the Information, estimates, and opinions furnished by other parties and expressed In this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact or value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but noc limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and Information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is th s subject of 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 opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, 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 or on any other basis prohibited by law. 18. My employment and /or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on • significant real property appraisal assistance from any individual or individuals In the performance of this appraisal or the preparation of this appraisal report, I have named such individuals) and disclosed the specific tasks performed In this appraisal report. I certify that any Indlvldual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item In this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it 20. I identified the lender /client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. 21. The lender /client may disclose or distribute this appraisal report to: the borrower, another lender at the request of the borrower, the mortgagee or Its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (f applicable) consent Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). Fedde El.c Form munch loos "educed ,.. Ad ...w...ma:�..m�,w,.0 ..120n1 Fend. u.. ram, 1M14 uoretfibs Ppesarr ,00._oswaoe DMITRI ISAEV Uniform Residential Appraisal Report File No. 01- 11153138 -01A 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender /client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, govemment sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an 'electronic record" containing my 'electronic signature," as those terms are defined in applicable federal and /or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as If a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result In civil liability and/or criminal penalties induding, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies 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 at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an 'electronic record" containing my 'electronic signature," as those terms are defined in applicable federal and /or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAIS SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature \ f� � _ "r . Signature Name DMEV tt Name Company Name DMITRI ISAEV Company Name Company Address 820 Iris Avenue, Suite 311 Company Address Sunnyvale, CA 94088 Telephone Number 408 - 431 -4931 Telephone Number Email Address usappraiser(dlgmail.com Email Address Date of Signature and Report June 13, 2011 Date of Signature Effective Date of Appraisal June 11, 2011 State Certification # State Certification # AR035129 or State License # or State License # State or Other (describe) State # Expiration Date of Certification or License State CA Expiration Date of Certification or License 09/14/2012 Thank You For Your Business ADDRESS OF PROPERTY APPRAISED SUBJECT PROPERTY 10346 SCENIC BLVD. ❑ Did not inspect subject property CUPERTINO, CA 95014 -2770 ❑ Did inspect exterior of subject property from street Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY $1,440,000 ❑ Did Inspect interior and exterior of subject property Date of Inspection LENDER/CLIENT Name COMPARABLE SALES Company Name FLAGSTAR BANK Q Did not inspect exterior of comparable sales from street Company Address 5151 CORPORATE DR.TROY, MI 48098 ❑ Did Inspect exterior of comparable sales from street Date of Inspection Email Address Radde Mac Form A IYU20D5 w"aw.a ,.l. ACI b a d 00611877/ wow,. dw4sm Filmic Mae Fano 1004 Math 2105 1004_05 AppraisalHub i DMITRI ISAEV Uniform Residential Appraisal Report File No. 01- 1 1153138 -01A FEATURE I SUBJECT COMPARABLE SALENO.4 COMPARABLE SALE N0.5 COMPARABLE SALENO.6 10346 SCENIC BLVD. 21966 OAKLEAF COURT 10362 SCENIC CIRCLE Address CUPERTINO CUPERTINO CUPERTINO 1 Proximity toSubiea :" 9 . ' 0.47 miles NE 0.17 miles SSE 1 Sale Price S 1,440,000 - '' f 1,500,000 g:: S 1A68,000 '. 4 1 c' s Saie PritelGrossUv. Area S 528.05 se. fc f 529.66 sq. R >u „.. _ : 5 836.18 sort . L .„ . . ... S 0.00 $g.11 °'_._ - '`. _ : = < > Oats Sources) Inspection "T - , MLS # 81107391/DOM 19 MLS # 81119844/DOM 37 Ver'dcationSoxce(s) tataquiok,„ ..` DOC#0021121703 /NDCData DOC#N/A/NDCData VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION .(.)s Mqumwe DESCRIPTION 4)5 aaBANtaBI DESCRIPTION .file Mimeo Sale or Financing N /A -;:'' - :'? Conventional Conventional Concession '" 4, None None Date ofSale/Time 06/201 a }, , ` 03/28/2011 -COE Active listing - 83,400 Location Good Good Good LeasehcldlFeeSimple Fee Simple Fee Simple Fee Simple Site 9,147 Sq.Ft. 10,000 Sq.Ft 9,236 Sq.Ft VIew Neighborhood Neighborhood Neighborhood Design (Style) Traditional Traditional Traditional Quiet/ olConstruction Average Average Average Actual Age 22 Years 30 Years 33 Years Condition Avera a Average Average Above Grade Taal Bons Bears Taal BRms Be aat Taal Oda . Bate Tool mmsi Baths Room Count 11 5 2.5 11 4 3 -5,000 9 4 2.5 Gross Living Area 50 2,727 sq.ft 2,832 sq.ft -5,300 2,622 sq.R 5,300 sq.ft. Basement A Finished None None None Roans Below Grade None None None FunctionalUdilty Average Average Average Heating/cooing FAU /None FAU /Central A/C -5,000 FAU/None Energy Erfidem Items Typical Typical Typical Garage/Carbon 3 Car Garage 3 Car Garage 2 Car Garage 10,000 Perch/Patio/Deck Porch, Patio Porch, Patio Porch, Patio Fireplaces 2 Fireplaces 2 Fireplaces 1 Fireplace 5,000 Fence, Pool, etc Fence /None Fence/None Fence/None Upgrades Upgraded Similar Similar 5 Net Adustment(Total) s., r 1 1+ IXI- S 15,300 n+ [4. s 63,100 (Xi+ L]• s 0 o Adjusted Sale Price 5` b S „•:s NetAdj. - 1.0%06 Net M. - 3.8 %d66 Net Adj. 0.0% a of O'" a Gross A4.1.0 % %S 1,484.700 Cross Act 8.2 %% S 1,804.900 Gross A6. 0.0% S 0 a ITEM SUBJECT COMPARABLE SALE NO.4 COMPARABLE SALE NO.5 COMPARABLE SALE NO.6 o Date of Prior Sale/Transfer Has not transferred Has not transferred Has not transferred 4 Price of PierSaletFransfer In Previous 36 Months. In Previous 12 Months. In Previous 12 Months. a Data Source(s) NDCData NDCData NDCData o Effective Date of Data Source(s) 08/2011 08/2011 _ 08/2011 N Summary of Sales Comparison Approach See supplemental addendum for additional comments. w a Freddie Mac Fam 70 Mach 2005 heleed mina Ia saeate,eO0131.1172rwerlaeloam Fantle Mee Fana 1011 Mr XOS ADDENDUM Borrower LAKSHMAN YAGATI File No.: 01- 111 531 38 -01A Proven) Address: 10346 SCENIC BLVD, Case No.: City: CUPERTINO Slate: CA Zio: 95014-2770 Lender. FLAGSTAR BANK 1 STEPS TAKEN IN THE DEVELOPMENT OF THE SCOPE OF WORK AND COMPLETION OF THE APPRAISAL PROCESS. CLIENT 1.2(A) THE CLIENT AND THE INTENDED USERS ARE IDENTIFIED ON PAGE 1 OF THE UNIFORM RESIDENTIAL APPRAISER REPORT PAGE 1. SEE LENDER/CLIENT EFFECTIVE DATE 1 -2(0) THE EFFECTIVE DATE OF THIS REPORT IS ADDRESSED ON PAGE 2 OF THE UNIFORM RESIDENTIAL APPRAISAL REPORT (1004). CHARACTERISTICS OF THE PROPERTY RELEVANT TO THE PURPOSE AND INTENDED USE OF THE APPRAISAL 1 -2(E) • PROPERTY CHARACTERISTICS SUCH AS LOCATION PHYSICAL, LEGAL, ECONOMIC ATTRIBUTES , REAL PROPERTY INTEREST TO BE VALUED, ANY PERSONAL PROPERTY TRADE FIXTURES OR INTANGIBLES ITEMS TI-IAT ARE NOT REAL PROPERTY BUT ARE INCLUDED IN THE APPRAISAL, AND KNOWN EASEMENTS, RESTRICTIONS, ENCUMBRANCES, LEASES, RESERVATIONS, COVENANTS, CONTRACTS, DECLARATIONS, SPECIAL ASSESSMENTS, OR OTHER ITEMS OF A SIMILAR NATURE AND WHETHER THE SUBJECT PROPERTY IS A FRACTIONAL INTEREST, PHYSICAL SEGMENT, OR PARTIAL HOLDING IS CONTAINED WITHIN THE BODY OF THIS REPORT OR ATTACHED ADDENDA. SCOPE OF THE ASSIGNMENT 1 -2(F) APPRAISAL DEVELOPMENT AND REPORTING PROCESS THE FOLLOWING STEPS WERE COMPLETED BY APPRAISALHUB FOR THIS ASSIGNMENT: ANALYZED NEIGHBORHOOD, SITE, AND IMPROVEMENT DATA INSPECTED THE SUBJECT AND THE NEIGHBORHOOD. REVIEWED DATA REGARDING TAXES, ZONING, UTILITIES, EASEMENTS, AND CITY SERVICES. CONSIDERED COMPARABLE IMPROVED SALES. ANALYZED THE DATA TO ARRIVE AT CONCLUSIONS VIA EACH APPROACH TO VALUE USED IN THIS REPORT.RECONCILED THE RESULTS OF EACH APPROACH TO VALUE EMPLOYED INTO A PROBABLE RANGE OF MARKET DATA AND FINALLY AN ESTIMATE OF VALUE FOR THE SUBJECT, AS DEFINED HEREIN. ESTIMATED A REASONABLE EXPOSURE TIME ASSOCIATED WITH THE VALUE ESTIMATE. THE SUBJECT SITE AND IMPROVEMENT DESCRIPTIONS ARE BASED ON A PERSONAL INSPECTION OF THE PROPERTY, REALQUEST /M LS DATA SOURCES AND A REVIEW OF THE RELEVANT PLAT MAPS. THE INSPECTION IS NOT A SUBSTITUTE FOR THOROUGH ENGINEERING STUDIES. TO DEVELOP THE OPINION OF VALUE, APPRAISALHUB PERFORMED A COMPLETE APPRAISAL PROCESS, AS DEFINED BY THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE. THIS MEANS THAT NO DEPARTURES FROM STANDARD 1 WERE INVOKED. THIS IS A COMPLETE APPRAISAL, IN THE FORM OF A SUMMARY REPORT, WHICH IS INTENDED TO COMPLY WITH THE REPORTING REQUIREMENTS SET FORTH UNDER STANDARDS RULE 2.2(B) OF THE STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE. IN A COMPLETE APPRAISAL, APPRAISALHUB USES ALL KNOWN APPLICABLE APPROACHES TO VALUE. THE VALUE CONCLUSION REFLECTS ALL KNOWN INFORMATION ABOUT THE SUBJECT PROPERTY, MARKET CONDITIONS, AND AVAILABLE DATA. THE APPRAISAL IS BASED ON THE INFORMATION GATHERED BY THE APPRAISER FROM PUBLIC RECORDS, OTHER IDENTIFIED SOURCES, INSPECTION OF THE SUBJECT PROPERTY AND NEIGHBORHOOD, AND SELECTION OF COMPARABLES SALES WITHIN THE SUBJECT MARKET AREA THE ORIGINAL SOURCE OF THE COMPARABLES IS SHOWN IN THE DATA SOURCE SELECTION OF THE MARKET GRID ALONG WITH THE SOURCE OF CONFIRMATION, IF AVAILABLE. THE ORIGINAL SOURCE IS PRESENTED FIRST. THE SOURCES AND DATA ARE CONSIDERED RELIABLE. THE DATA WAS PROVIDED BY A THIRD PARTY VENDOR SOURCE AND NO ATTEMPT WAS MADE TO DIRECTLY VERIFY DATA WITH A PARTY TO THE TRANSACTION. WI-EN CONFLICTINGLY INFORMATION WAS PROVIDED, THE SOURCE DEEMED MOST RELIABLE WAS USED. DATA BELIEVED TO BE UNRELIABLE WAS NOT INCLUDED IN THE REPORT NOR USED AS A BASIS FOR THE VALUE CONCLUSION. FUNCTIONAL AND /OR EXTERNAL DEPRECIATION, IF PRESENT, IS SPECIFICALLY, ADDRESSED IN THE APPRAISAL REPORT OR OTHER ADDENDA. THE SUBJECT PROPERTY IS LOCATED IN AN AREA OF PRIMARILY OWNER- OCCUPIED SINGLE FAMILY RESIDENCES AND THE INCOME APPROACH IS NOT CONSIDERED TO BE MEANINGFUL. FOR THIS REASON, THE INCOME APPROACH WAS NOT USED. THIS REPORT MAY CONTAIN DIGITALLY - REPRODUCED SIGNATURES, WHICH ARE APPROVED BY FNMA, GNMA, FHA/HUD. THE ACI APPRAISAL SOFTWARE PROGRAM ALLOWS AN APPRAISER TO ATTACHED A DIGITALLY - REPRODUCED SIGNATURE BY ENTERING A SECRET PASSWORD. FURTHERMORE, AFTER THE REPORT IS DIGITALLY SIGNED, IT IS LOCKED AND CANNOT BE ALTERED BY ANYONE BUT THE SIGNING APPRAISERS. THE APPRAISERS AND THE APPRAISALHUB ACCEPT FULL RESPONSIBILITY FOR THIS APPRAISAL REPORT. THE SUPERVISORY APPRAISER AT MINIMUM HAS PERFORMED AN EXTERIOR INSPECTION OF THE SUBJECT PROPERTY ONLY AND DID NOT INSPECT THE SUBJECTS INTERIOR. THE SUPERVISORY APPRAISER HAS PERFORMED AN EXAMINATION OF DETAILED INTERIOR PHOTOGRAPHS. THE TRAINEE /ASSISTANT APPRAISER MAY HAVE PERFORMED THE INTERIOR INSPECTION OF THE SUBJECT AND HAS DEMONSTRATED A LEVEL OF PROFICIENCY TO COMPLETE THIS PROCESS. EXTRAORDINARY ASSUMPTIONS ANDIOR HYPOTHETICAL CONDITIONS 1 -2(5) ANY EXTRAORDINARY ASSUMPTIONS OF HYPOTHETICAL CONDITIONS ARE DESCRIBED IN THE BODY OF THIS REPORT OR ADDENDA. COMPETENCY PROVISION THE APPRAISER(S) ARE IN COMPLIANCE WITH THE COMPETENCY PROVISION OF USPAP VIA PREVIOUS EXPERIENCE WITH PROPERTIES OF THIS TYPE SUPPLEMENTED THROUGH VARIOUS COURSES AND SEMINARS. Site Comments There are no apparent adverse easements, encroachments or other adverse conditions. The subject is not located in a F.E.M.A. Special Flood Hazard Area.The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterior ation, 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 research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous Pddenckw Page 1 012 ADDENDUIIN Borrower. LAKSHMANYAGATI Fie No: 01- 1115313E-01A Property Address: 10346 SCENIC BLVD. Case No CiN: CUPERTINO State: CA Zio: 950142770 Lender. FLAGSTAR BANK wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. 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 hazards, this appraisal report must not be considered as an environmental assessment of the property." Additional Features The subject has concrete tile roof, stucco siding, concrete walkway and driveway. The kitchen has tile flooring, granite countertops and disposal. The dining area has tile floorin g. The living rooms has carpet floor and brick faced firepla ce. The family room has a tile flooring and fireplace. The bathroom has the flooring, tile countertop and tile shower over tub. All bedrooms have carpet flooring. The water heater is in average condition The FAU is in average condition. Additional Comments Due to the limitation of the local MLS appraiser wasn't able to provide reliable data in a few fields in 1004M C form and marked those fields as N /A. All utilities were connected and in working order at the time of the Inspection. OWNER OF THE PUBLIC RECORD: CUPERTINO CITY OF/KNAPP,DAVID & KAY L TR II The subject property is still owner occupied. Mtl ndm Page:: oft I I DMITRI ISAEV Market Conditions Addendum to the Appraisal Report File No. 01- 11153138 -01A The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market vends and conditions prevalent In the subject nelghbarMod. Tills Is a raquied addendum for all appraisal reports with an effective date pit or after April 1. 2009. Property Address 10346 SCENIC BLVD. City CU PERTINO State CA Zip Code 95014 -2770 Borrower LAKSHMAN YAGATI Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support far those conclusions, regarding housing vends and overall market conditions es reported in the Neighborhood section of the appraisal repot form. The appraiser roust fill in all the information to the extent k is available and reliable and must provide analysis es Indicated below. If any required data is unavailable or is consdered unreliable, the appraiser must provide an explanation. 11 is recognized that not all data sources will be able to provide data for the shaded areas below; if it Is available, however, the appraiser must Include the data in the analysis. 14a10 sources provide the required information as an average instead of the median, the appraiser should report the available Ague and identify It as an average. Sales and listings mttsl be properties that compete with the subject property, determined by applying the oberia that world be used by a prospective buyer 011ie subleol pro • v. The aptxaiser must explain any anon; Iles In the data, such as seasonal markets. new construction, foreclosures, etc. ' hnventorjy ,r • , ; '''5.:. - .:, Prior 7 -12 Months Prior 4 -6 Months Current - 3 Months Overall Trend Total I d Comparable Sales (Settled) 19 11 9 Irveasing X Stable Declining Absorption Rate (Total Sales!MoeMs) 3.17 3.67 3.00 Increasing © Stable Declining Total 4 of Comparable Active Listings '''1 ;' N/A 12 Y: DacIiakg Sratioblir' Inaeasng ::i. Months of House Su 1 (Total Us' • s/Ab Rule) 5�: N /A ". ; '. - r V 3 N /Ali`g'n- 4.00 it Decbn. v, > ® - Stab1S t f." z , .'i Inaeas{ ; Median Sate &`LIst:R fee,.DOM,SatelList% -; ;: •kti: Prior 7 -12 Months Prior 4-6 Months Garen - 3 Months Overall Trend Median Comparable Sale Price 1,333,169 1,405,818 1,377,556 Increasing X Stable Declining Median Comparable Sales Days on Market 66 39 19 Declining X Stable Increasing N Median Comparable List Price ,1 402719 +k14430343 ? 1,378,099 Inreasin a C X Si4ie i `. DeC1ningi1 Median Comparable Listings Days on Market AIM fitiAlgaf: r N/Ar:' W -` 49 : Qech n ing1 . X ',$(able A . l easlnV .' z Medien Sale Price as % d lktPrice 95.00% 98.00% 100.00% - Increasing X Stade Declining 4 Seiler•(devel• • -, builder, etc.)paid financial assistance prevalent? Yes X No Declin {n• X Stable Immesh. u Explain in detail the seller concessions trends for the past 12 months (e.g.. seller contributions increased from 3% to 5 %, increasing use of buydowns, closing costs, condo lees, options, etc.). a Concessions are not common in this segment of the real estate market. No any forms of concessions were noted. w w Are foreclosure sales (REO sales) a factor in the market? U Yes bij No If yes, explain (including the vends in listings and sales of foreclosed properdes). There are no comparables were REO properties, so REO factor is insignificant in that segment of the real estate market. Cke data sources for above Information. Most of data gathering for thls analysis was collected using MLS, NDCData and interview with real estate agents in the area, with some input from assessor office and building/planning departments. Summarize the above information as support for your conclusions In the Neighborhood section of the appraisal report form. If you used any additional Information, such as an analysis of pending sales andlor expired and withdrawn listings, to formulate yore conclusions, provide both an explanation and support for your conclusions. After 2 years of steady decline, this segment of the real estate market, start to show sign of stabilization over the past 4-6 months and present condition of the values in the neighborhood can be described as stable. • Hate subject is a unit ins condominium or cooperative project, complete the following: Name: lowing: 1 Subject Project Data Pdor 7 -12 Months Prior 4-6 Months Current- 3 Months Overall Trend Total if of Comparable Sales (Settled) r Increasing Stable Declining Absorption Rate (Total Sales/Months) Increasing Stable Dedaog r i�> Total a d Active Comparable Listings ?- %Vg,A `' . a :' 1 Dadamg 4. ',...: If :;Siabre- 1naes1ng'!1<. Months d Unit Supply (Taal ListingslAb. Rate) , i.. tiL*AS fP111 ' '- DedYUg f :Stable t ,u', P:. ui Increasblg n ,=" Are foreclosure sales (REO sales) a factor in the project? Yes U No dyes. indicate the number d REO listings and explain the Vends in listings and sakes d foreclosed properties. u w 0 ce a a O 0 0 O Z o Sumnadze the above trends and address the Impact on the subject unk and project. APPRAIS SUPERVISORY APPRAISER (ONLY IF REQUIRED) E Signature Signature Name DMIT I I AEV Name cc Company Name DMITRI ISAEV Company Name a Company Address 820 IRIS AVENUE, SUITE 311 Company Address SUNNYVALE, CA 94086 State License/Certification #AR035129 . State CA State License/Certification # State Email Address USAPPRAISERAGMAIL.COM Email Address Raaea Mx Form 71 IA102109 Rub-ad oil /a 1eW171a1A .o∎∎Aciennn Fame Mu Ran 9 Pap Fa *50 ■ SUBJECT PROPERTY PHOTO ADDENDUM Borrower: LAKSHMAN YAGATI File No.: 01.11153136 -01A Property Address:10348 SCENIC BLVD. Case No.: City: CUPERTINO _State: CA Zip: 95014 -2770. Lender: FLAGSTAR BANK _ I 3 .. ro • .r..;'' FRONT VIEW OF •t '• - SUBJECT PROPERTY • : �w , k , . Appraised Date: JUNE 11, 2011 _ *1-1 Appraised Value: $ 1,440,000 i q i 4 �" '�'�^f i a ' ".,ark ,1 v r. , z r -; ' a 6 4`t I i a' * « w�*F REAR VIEW OF o -; f - "„� SUBJECT PROPERTY W b." '1 i, �. t E 1� '; .' ° t om `s' ii , ti �, g }p ` {{' of r -4 re &r - tt ` � . . STREET SCENE a o-? � '7Yfe, r p . . F xr � p; , Borrower: LAKSHMAN YAGATI File No.: 01- 11153136 -01A Case No.: Property Address:10346 SCENIC BLVD. City: CUPERTINO State: CA Zip: 95014 -2770 Lender: FLAGSTAR BANK Kitchen of the subject property �` � , ; . la- 6 ,,{ ,� r } � ,1 Bath of the subject property L - 9 - e 1, 1 Y LF - p — fii Y i. �_ + °s �l..d�i: i r � • 1C: Agi f4 .. 1 Fireplace of the subject property ({ i t .a• , ,A;°' - + ° t I p $ i » nw�m .ogAOsle+..mo.ninn....Y:.e.� nmwiuoia I Borrower: LAKSHMAN YAGATI _ _ File No.: 01-11153136-01A Property Address:10346 SCENIC BLVD. _ Case No.: City: CUPERTINO _ State: CA. Zip: 85014 -2770 Lender: FLAGSTAR BANK Second bath of the subject property � �m � ; f r f te, .� C Z , 1 ,, 4 �; ark " , 71. 4 .:Ar i "'S.:: .., , .. . ...,,.,, . K _ , ,„, 3� „ - Y ,.. :'� �� t e ( j Dining room of the subject property _,...„.„._.... ...: 9 � • t • I 9 I ' 4 i 4L e a L y i r�I �� r Family room of the subject property n s ', � P n n Y , r, h .C.:77• w �? e ? • nr! : • t f a � -`-t noe d ACWor 800.a nmo,ema Borrower: LAKSHMAN YAGATI File No.: 01-11153136-01A Property Address:10346 SCENIC BLVD. Case No.: City: CUPERTINO State: CA Zip: 95014 -2770 Lender: FLAGSTAR BANK Halt bath of the subject property _ r� v Z) I a kxr t V 7 b ' kP f ;- S 1 4 . , Living room of the subject property ' ''''''.'-: ., ,''''X'. J :''''''?..' .. ,.. If' .,- ". -",,,' , r.:' , ', 1 '1 .. _ e "�"` -- s 4 . t 4- ` ` Office of the subject property T s , i s- ii ., « 7 i. i; 1u Reduced uYg AO Nwee,0007041777.v .ximbms PIM 10107010 COMPARABLE PROPERTY DHOTO ADDENDUM Borrower: LAKSHMAN YAGATI File No.: 01-11153136.-01A Property Address:10346 SCENIC BLVD. Case No.: City: CUPERTINO State: CA Zip: 95014 -2770 Lender: FLAGSTAR BANK * . COMPARABLE SALE #1 10326 SCENIC BLVD. CUPERTINO Y _ Sale Date: 03/24/2011 -COE . � ' Sale Price: $ 1,555,000 C s � t� t ea ',. „a COMPARABLE SALE #2 Er 10332 SCENIC CIRCLE CUPERTINO Sale Date: 08 /03/2011 -COE Sale Price: $ 1,385,000 4 e COMPARABLE SALE #3 10465 SAN FERNANDO AV. CUPERTINO ' Sale Date: 02/22/2011 -COE 8 Sale Price: $ 1,450,000 {{ ' "" t n �,va COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: LAKSHMAN YAGATI File No.: 01- 11153138 -01A Property Address:10346 SCENIC BLVD. Case No.: City: CUPERTINO State: CA Zip: 95014 - 2770 Lender: FLAGSTAR BANK M a . i r'. �` ' , COMPARABLE SALE #4 x ",r ,,,,",,,..:,',"„P , t2" r ' ------ 1 21988 OAKLEAF COURT I R e ' ,. , CUPERTINO -' x`> s i" 4,',,::::::,,V,-,'" 1s ,'� , x4 Sale Date: 03/28/2011 COE 'i Sale Price: $1,500,000 'fit � �'•� 1� ev � .. ,n> wK_ _,_. � ,._ � t I R df N _ T.t * T *" ' 2 COMPARABLE SALE #5 A. . a 10382 SCENIC CIRCLE CUPERTINO ' . Sale Date: ACTIVE LISTING Sale Price: $ 1,668,000 1 _ i _ r a m COMPARABLE SALE #6 Sale Date: Sale Price: $ DIMENSION LIST ADDENDUM Borrower: LAKSHMAN YAGATI File No.: 01- 11153136 -01A Property Address: 10348 SCENIC BLVD. Case No.: City: CUPERTINO State: CA Zip: 95014 -2770 Lender: FLAGSTAR BANK GROSS BUILDING AREA (GI3A) 2,727 GROSS LIVING AREA (GLA) 2, 727 Area(s) Area %ofGLA %ofGBA 1 LMng 2.727 100.00 Level 1 2.727 100.00 100.00 ' Level2 3 0.00 0.00 Level3 3 0.00 0.00 Other D 0.00 0.00 GBA Basement ❑ 3 Garage ❑ 603 ❑ _ • I. Area Measurements Area Type Measurements Factor Total Leveil Level2 Level3 Other Bsmt. Garage 4.00 x 3 00 x 0.50 = 6.00 [I ❑ ❑ ❑ ❑ ❑ o 4.00 - 44.00 x'. 110 x 4 x 1.00 C ❑ 0 ❑ ❑ ❑ 28.00 896.00 XI 32.00 x x 1.00 C ❑ ❑ ❑ ❑ ❑ 36.00 x 23.00 x 1.00 . 828.00 [I ❑ ❑ ❑ 0 ❑ 14 00 x 4.00 x 1.00 = 58.00 [I ❑ ❑ ❑ ❑ ❑ 26.00 x 20 0o x 1.00 • 520.00 [I ❑ 0 ❑ ❑ 39.00 x 7 00 x 1.00 = 273.00 [I ❑ O ❑ ❑ 22 00 x 2 00 x 1 00 . 44 on [I ❑ 0 0 ❑ 0 12.00 x 5 00 x 1.00 . 80.00 CI ❑ ❑ ❑ 0 0 29.00 x 21.00 x 1.00 . 609.00 0 0 0 0 ❑ O 0 x x x - • � I 0 IC ❑ ❑ ❑ ❑ 0 x x - x x x x _ • El 0 0 0 - x x_• LI ❑ ❑ ❑ 11 ❑ x x _ _ x x _ x x _. - ❑ ❑ ❑ ❑ ❑ ❑ x x - _ x x x x - - ❑ ❑ ❑ ❑ ❑ ❑ x x x x x x _____ - ❑ ❑ ❑ ❑ ❑ ❑ x x x x x x _ - ❑ ❑ ❑ ❑ ❑ ❑ - x x x x x x _ _ ❑ ❑ ❑ ❑ ❑ ❑ x x_ - 0 ❑ ❑ ❑ ❑ ❑ - x x _ - x x x x _ • ❑ 0 ❑ ❑ ❑ ❑ - x x_ C) U E ❑ R ❑ C0C p ❑ ❑ ❑ ❑ x x_____. 0p ❑ 0 ❑ ❑ ❑ O ❑ - x x - x x • 4 Q - [1 0 U 0 R U x x_- uall x x x x x x_• C 0 0 0 0 O x x - - x x x x__ ❑ ❑ 0 0 0 ❑ x x _ - - z x _ • ❑ ❑ ❑ ❑ ❑ ❑ R,OSel v.:; AOlsu.a Smxlum...,aa. Rm. areaxa2C07 FLOORPLAN Borrower: LAKSHMAN YAGATI File No.: 01- 11153136 -01A Property Address:10346 SCENIC BLVD. Case No.: City: CUPERTINO State: CA Zip: 95014 -2770 Lender: FLAGSTAR BANK Mater Mostar B.th Bedroom > doom moan Family Z Dining Roan Kitchen Bedroom 12 FP Beth Laundry Bath Using Room FP Bedroom ogee >. h 3 Car Enemas Garage Comments: AREA 'CALCULATIONS SUMMARY LIVING AREA BREAKDOWN Code Desaiption .. Size Net Totals Breakdown CLA1 First Floor 2727.00 2727.00 First Floor GAR Garage 609.00 609.00 0.5 x 3.0 x 4.0 6.00 4.0 x 11.0 44.00 28.0 x 32.0 896.00 23.0 x 36.0 828.00 4.0 z 14.0 56.00 20.0 x 26.0 520.00 7.0 x 39.0 273.00 2.0 x 22.0 44.00 5.0 x 12.0 60.00 TOTAL LIVABLE (rounded) 2727 9 Calculations Total (rounded) 2727 PLAT MAP Borrower. LAKSHMAN YAGATI File No.: 01-11153136-01A Property Address:10346 SCENIC BLVD. Case No,: City: CUPERTINO State: CA Zip: 95014-2770 Lender: FLAGSTAR BANK • . 1 I I i f tri . I ! At y r..,. V ‘ ji I I 10 ..... l it i S III ... l . . . , I I ■ . e.i/IrAV ... US. • 1(19 . 1 S ' 74 'n1 Fa 1 r 1 d- ; 1 -.,' 1 . 15 ;., 1 e VIA, ' . . \i 1 1 ,,, ‘, 1 s• „ c 1 .D0 0 . 1 i • 4 I •. • .0 1 ,,,,,, ! - : I , 1 : z a ! ° I ti t, NI , 0 3 1 i' .• I ' ; . i et t 4 e jt / —•---.—eir----f--.5,1„—:— , 1 I r 1 re :1, , .., -- , a : t ,r0 4 , e, 1 0 ! . I 1 fZif . r 1 1 ■ ' ...krt. i ' • .. .. i •- ..) I. 4 tr ' r / — — 9 — 1 '';`. -;yr -- — - - `6 . •-.1 1 :z , 4; ..■ i ' en ,.. d A 1 VI t it : M- -• I, '1.../--It'-r • / ,,,, 1 3' • ... ,„- it —.. =tic .._? 1 2 1 t 8 i i isvot) '• ,..r 1 ' 1 ..... i'.. A. .* 1 a ' / ; 1 1 , I 4 91. - • i ..- , ... !,:rf■ .„„ I . 41. 1 .0 • - ' .6 -i I • ....- i 0 ■ f 1 , i I i ■ I t i I . i i ! ' I Borrower: LAKSHMAN YAGATI LOCATION MAP File No.: 01-11153135-01A Case No.: Property Address:10348 SCENIC BLVD. City: CUPERTINO State: CA Zip: 95014-2770 Lender: FLAGSTAR BANK G i ,',, ..--- ti } r ) ' 's• ; E 4 ; ti i [ C orm t i a da r a : .2. L fit. \ , 1 '} ` � l Wroiit >UiY t)f N f 1 -- I ; , Madan P.qr$ �. / • , A 1 r� 3 } .1 1 ,, i' 1 1 i i .. + �,! lr ' �t.d ...`Monte Gt ' ' ` i , I Fo,, r, } . _ Ga re9vuwr L 1 c I . , I C ..._' } ; OakvxW Lr, • I 21966 Oakleaf Ct f I. ; Gupertino,:CA 950141137 r E } (0 47 miles: NE) f f Ll t" vi _ E l f l I (_`" ' Z (r — rmiadaAva 44 ("I �c t ' ' _ Av , Y _ _ � 1 , I1 I • � ! . c'� � BtocAbei arm. � � wR n �•fi Ave i , > I F 1 i -‘,/`''--''' _ caB Ccirrse . Lnmr I — . F m :L iG �: C 'Sae' j 1 ' 'II!: i .o : 1 r'. I . -. �_: a% 10326Get11G'4,I "'Almader+Ave r ,prrJeA I _ 7 3" m 1 • .. / ! r CUpertlno, CA 950 r i 1. = a• -, (0 0 5 miles N) rrb Subject.' - ' r i sa8 er�an5lo FVB: 10345 Se Bin ' i.,‘ i.,‘ 70346 Scenic CA 9501.4. 27 70 k r „. - • P , a JAcazar A i' � Com a r a ble Sale 3 1 p L ~ f E 1 San Fernando Aye 1 Comparable Sa 2' 1 ) ' Cupertino, C A: 950142634 10332 Scenic Cir:. (�, n= (0 25.mile� E SE) 'Cupertirio CA 9 10L_• r � j: 1� - (0 12 miles:SSE). . •-Z r d - - -- - J. ;Comparable 10362 Scenic Cir:. Cupertino '2766. r '.,..:%:,./7 I r.' 17 miles SS €) ` j r " / ffi - h5ccie1lan R Pa r -1 1 f. i n'f eAsA Rd ,/ ! l t 0 i6r Po f r , yr + ' ' r t . f ( r r(r wave • � ` � � ,^ "� �'. :11,,',.........,_..17.,... �� � n r I ;h, j_._ -- ••�` ` 4 : , :. .,d i+ itA 1 Q `:l W1f7 ,;f:?! I ail.C'r c Jt�itlCJ;kJn d .. Deep CAf Go{f Course I ^ I, : Borrower: LAKSHMAN YAGATI File No.: 01- 11153136 -01A Property Address:10346 SCENIC BLVD. Case No.; City: CUPERTINO State: CA Zip: 95014 -2770 Lender FLAGSTAR BANK .- -. �., , , y : ` w -r , _ sr w.i'. : -i .. ' . -i.�:� 'ii .- .FSiZ.l . -. — i. —.- I . � „_ y f + , $ CD Cr1 • ti.J \ i . �7 i = . co - '---, n p CrQ O. t GO _ CID CD '--- O ` c '• _' M ' CD _ CD C) cp �. .—, '"Ci C ,...., . ce t --+ .' r CD CD t CD r. �• ,4:=L,, 0 P PO 0 )"."÷) a t t C1> = t t., C:, 0;9. r CO CD tlit 1 co t - Q'` ; CD �' CD 1 Z �? n s t co' co ; — tin 1 e—r' CD PO CD $ -t=.- MI 61 — F +3.>"" ' 1...,1- — tit CID d ._.. 1--i I:=0 C,D CD CD - < .. `V~ ¢ ... `'"` c am -` ._ .-:-..---:::::•-.1,:,'''''-:,_ ir r ' l _ F: GENERAL STAR NATIONAL INSURANCE COMPANY . Genera /Starts b. Financial Centre N; — P.O. Box 10360 y Stamford, Connecticut 06904 -2360 ii, •; REAL ESTATE APPRAISERS ERRORS & OMISSIONS INSURANCE POLICY DECLARATIONS PAGE ' :, .. . Thla Is a claims made and reported policy. Please read :this poicy and all endorsements atteehments carefully. • Policy Number. NIA31149013 Renewal 01 Number: NIA311490A F. 1. NAMED INSURED: Dmitr0 aev T. STREET ADDRESS,: 620 Iris Avo#311 ' • t Suneyvale,.CA 94056 2. POLICY PERIOD: intoption' Data: 04/162017 Exelratton:Date 04/15!2012 Effective 1201 a.m.. Standard Time at the address of the Named: Insured. 3. LIMIT OF LIABILITY: • Each Claim: S 1,000.000 Aggregate: S 1,000,000 Claim Expenses Have a separate Limit of Liability: • . w Each Claim: $1,000,000 Aggregate: S 1,000,000 4. DEDUCTIBLE: Each Claim: S 550.00 Aggregate: S1,000,co 5. RETROACTIVE DATE: 06/16(2809 . r If a date is'inc0cated. this policy will not provide coverage - for any Malin arising out, Many act. error, omission or personal Injury which occurred before such data. I i 1 s: ANNUALPREMIUM: 3 850.00 7. ENDORSEMENTS This policy is made and accepted subject to the primed policy lone together with Ure following form(s)or endorsement(s). 0SN,07- AP- 122(0712007) . 03N- 07- AP -37.5 (1012907) 8. MANAGING AGENT Herbert H. Landy Irisurance Agency, Inc. a - rt 76 Second Avenue; Suite 410 Needham, Massachusetts 024942876 Authorized Representative • GSN-0T- AP- 720 (06/2007) .5 Copyright 2007, General Star (4arisgemerit.Company. Stamford, -CT Page 1 of 1 Producer Code 00026230 Clan Code: 7312S Deter 03/22/2011 Vie; • neeraa oi9A0 =Mai ®OLL0723 MMVr,mmm Foe EOOC