[File No. 60321i1w.319] Page #1]

LOCATED AT: 2740 Grove Street

Land Lot 240, District 18, Lot 1, Block 5 Atlanta, GA 30319

FOR: Tbd

400 Northridge Road, Suite 325 Atlanta, GA 30350

AS OF: April 2nd, 2006

BY: Jon R. Webb

Form GA5 — "WinTOTAL" appraisal software by ala mode, inc. — 1-800-ALAMODE

File No. 60321i1w.319| Page #2

Borrower/Client

ZEEMAN, Sarah J.

Property Address

2740 Grove Street

City Lender

Atlanta Tbd

File No. 6032111w.319

County Dekalb

State GA

Zip Code 30319

APPRAISAL AND REPORT IDENTIFICATION This appraisal conforms to one of the following definitions:

[_]

Complete Appraisal

(The act or process of estimating value, or an opinion of value, performed without invoking the Departure Rule.)

Limited Appraisal

(The act or process of estimating value, or an opinion of value, performed under and resulting from invoking the Departure Rule.)

This report is one of the following types:

|| ||

Self Contained

(A written report prepared under Standards Rule 2-2(a) of a Complete or Limited Appraisal performed under STANDARD 1.)

Summary

(A written report prepared under Standards Rule 2-2(b) of a Complete or Limited Appraisal performed under STANDARD 1.)

Restricted

(A written report prepared under Standards Rule 2-2(c) of a Complete or Limited Appraisal performed under STANDARD 1,

restricted to the stated intended use by the specified client or intended user.)

Comments on Standards Rule 2-3 | certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct.

The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions and conclusions.

| have no (or the specified) present or prospective interest in the property that is the subject of this report, and no (or the specified) personal interest with respect to the parties involved.

| have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results.

My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. | have (or have not) made a personal inspection of the property that is the subject of this report.

No one provided significant real property appraisal assistance to the person signing this certification. (If there are exceptions, the name of each individual providing significant real property appraisal assistance must be stated.)

Comments on Appraisal and Report Identification Note any departures from Standards Rules 1-3 and 1-4, plus any USPAP-related issues requiring disclosure: Intended use: Estimate fair market value for mortgage loan purposes. Intended user: Sarah Zeeman

The digital signatures used in this report are scanned from original signatures, inserted into secure cells, compressed, scrambled, and

sent via Electronic Data Interface (EDI) to the lender. If the report is changed in any way, the signatures will be removed by the appraisal software.

APPRAISER:

Signature: Name:

Jon R. Webb

Date Signed:

)

SUPERVISORY APPRAISER (only if required):

A, Qhadl

Signature: Name:

April 4th, 2006

Date Signed:

State Certification #: CRo05397

State Certification #:

or State License #:

or State License #:

State: GA

State:

Expiration Date of Certification or License: 12/31/2006

Expiration Date of Certification or License:

[_] Did

[_] Did Not

Inspect Property

Webb Appraisal Services, Inc. (770)516-0707

Form ID5 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Webb Appraisal Services, Inc. (770)516-0707

File No. 60321i1w.319] Page #3

Uniform Residential Appraisal Report

File# 60321i1w.319

The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address

2740 Grove Street

Borrower ZEEMAN, Sarah J. Legal Description

Owner of Public Record

City Atlanta

State GA

John Thompson

County Dekalb

Land Lot 240, District 18, Lot 1, Block 5

Assessor's Parcel# 18-0240-05-026

Tax Year_2005

Neighborhood Name_

Map Reference

Grove Place/Brookhaven

R.E. Taxes $_3,077 Aero Map 825-K2

Occupant [><] Owner [] Tenant [| Vacant Special Assessments$ 0.00 ‘I Property Rights Appraised [Dx] Fee Simple [] Leasehold || Other (describe) Assignment Type [X] Purchase Transaction [_]| Refinance Transaction [| Other (describe) Lender/Client

Zip Code 30319

Thd

[-] PUD

Census Tract 0211.00

HOA$ None

[_] peryear

[|_| per month

Address

Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Report data source(s) used, offering price(s), and date(s).

Dx] Yes

[| No

| Per Fmls #3171606, the subject was listed on 10/28/2005 for $419,900. The asking price was

lowered to $397,500 (2/6/2006), and again on 2/23/2006 to $384,500.

|

did [_] did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not

performed.

No unusual circumstances or conditions were apparent.

~4 Contract Price $ 379,000 Date of Contract March 3rd, :|s the property seller the owner of public record? Yes | |No Data Source(s) Public Record ea |s there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes [] No

4 If Yes, report the total dollar amount and describe the items to be paid.

Up to $4,500

Towards closing costs.

Note: Race and the racial composition of the neighborhood are not appraisal factors.

Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use % Location [] Urban [Xx] Suburban [| Rural Property Values [ | Increasing [x] Stable [| Declining PRICE AGE | One-Unit 94 % Built-Up [><] Over 75% [ ] 25-75% [| Under 25% | Demand/Supply [|__| Shortage Dx] In Balance [| Over Supply | $ (000) (yrs) | 2-4 Unit % eaGrowth [ | Rapid [xX Stable [_] Slow Marketing Time [| | Under 3 mths ><] 3-6 mths [ | Over6mths| 250 Low New | Multi-Family 3 % Neighborhood Boundaries

|The subject is bound to the north by Interstate 285, south by Interstate 85, | 3,000

east by Clairmont Road and west by State Route 400.

ro Neighborhood Description

High

90

500+/- Pred.

{Commercial

3%

10-15 | Other

%

Their areno apparent adverse factors that would affect the marketability of properties in the subject neighborhood. The subject is

= located in an area with convenient access to the central business district of Atlanta. Schools, shopping, recreational and public services are readily available. The economic base of the subject neighborhood is strong overall, and is influenced by Atlanta's positive growth.

Market Conditions (including support for the above conclusions)

The present market atmosphere is stable to active despite recent rate fluctuations. Sales

remain steady along with refinancing activity. Typical marketing time in this general area is between 1 & 6 months for realistically priced homes. At this time, it is common for sellers to pay part of the closing costs and/or discount points.

Dimensions 63.31. x 28.32 x 85.52 x 52.47 X 99.74

Area .15 Acres +/-

Specific Zoning Classification R100

Zoning Description Single Family Residential

Shape Mostly Rectangular

Zoning Compliance [x] Legal [ | Legal Nonconforming (Grandfathered Use) [| No Zoning [| Illegal (describe) Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Utilities

MY Electricity 7A Gas

Public

Other (describe)

x

[|

L]

Water

Public

[><] Yes

View Other Homes

[|_| No_If No, describe

Other (describe)

Off-site Improvements - Type

Public —_ Private

[|

Alley None

L

KC

Sanitary Sewer [Xx

Street Asphalt

FEMA Special Flood Hazard Area [ | Yes [X| No FEMA Flood Zone x FEMA Map # 13089Coo52H Are the utilities and off-site improvements typical for the market area? Yes [ | No If No, describe Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?

x

[

[|

FEMA Map Date 5/7/2001

Yes

[| No

If Yes, describe

The subject backs railroad tracks. See addendum.

General Description Foundation Exterior Description materials/condition | Interior materials/condition Units ><] One [__] One with Accessory Unit ||| Concrete Slab Crawl Space Foundation Walls Concrete/a Floors Carpet & Hrwd/a

of Stories¶

2 [] Full Basement [| Partial Basement | Exterior Walls 3xStucco&1xSdg/a|Walls Drywall/a Type [x] Det. [|] Att. [| S-Det/End Unit |Basement Area n/a_ sq.ft.) Roof Surface Shingle/a Trim/Finish | Wood/a [x] Existing [| ] Proposed [| Under Const.| Basement Finish Design (Style) 2 Sty-Trad. [] Outside Entry/Exit

Year Built 1994. Effective Age (Vrs) 5 Attic [| None

Dx] Drop Stair

|_| Stairs

o %|Gutters & Downspouts Metal/a Bath Floor = Ceramic Tile/a [|] Sump Pump —|Window Type Wd Double Hung/a|Bath Wainscot Ceramic Tile/a Evidence of [| Infestation Storm Sash/Insulated Thermopane/a Car Storage || None [] Dampness [|| Settlement Screens None [DX] Driveway #ofCars 4+ Heating [x] FWA |[| HWBB |[] Radiant] Amenities [|Woodstove(s) # | Driveway Surface Concrete

|_| Floor