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AG 23-221 - WIDENER ROSE ANN & DILLION
RETURN TO: PW ADMIN EXT: 2700 ID #: 4367 (Master - 4307) CITY OF FEDERAL WAY LAW DEPARTMENT ROUTING FORM 1. ORIGINATING DEPT/DIY: PUBLIC WORKS / Deputy Director 2. ORIGINATING STAFF PERSON: Desiree Winkler EXT: 2711 3. DATE REQ. Bv: 12/27/23 3. TYPE OF DOCUMENT (CHECK ONE): p CONTRACTOR SELECTION DOCUMENT (E.G., RFB, RFP, RFQ) ❑ PUBLIC WORKS CONTRACT ❑ SMALL OR LIMITED PUBLIC WORKS CONTRACT ❑ PROFESSIONAL SERVICE AGREEMENT ❑ MAINTENANCE AGREEMENT ❑ GOODS AND SERVICE AGREEMENT ❑ HUMAN SERVICES / CDBG 0 REAL ESTATE DOCUMENT ❑ SECURITY DOCUMENT (E.G. BOND RELATED DOCUMENTS) ❑ ORDINANCE ❑ RESOLUTION ❑ CONTRACT AMENDMENT (AG#): ❑ INTERLOCAL 0 OTHER Purchase & Sale Agreement 4. PROJECT NAME: Operations and Maintenance Facility - Property Acquisition Parcel #0921049314 5. NAME OF CONTRACTOR: Rose Ann and Dillion Widener ADDRESS: TELEPHONE: E-MAIL: FAX: SIGNATURE NAME: TITLE: 6. EXHIBITS AND ATTACHMENTS: ❑ SCOPE, WORK OR SERVICES ❑ COMPENSATION ❑ INSURANCE REQUIREMENTS/CERTIFICATE 0 ALL OTHER REFERENCED EXHIBITS ❑ PROOF OF AUTHORITY TO SIGN ❑ REQUIRED LICENSES ❑ PRIOR CONTRACT/AMENDMENTS CFW LICENSE # BL, EXP. 12/311 UBI # EXP. —/ / 7. TERM: COMMENCEMENT DATE: TBD COMPLETION DATE: 2/4/2024 S. TOTAL COMPENSATION: $ 490,000.00 (INCLUDE EXPENSES AND SALES TAX, IF ANY) (IF CALCULATED ON HOURLY LABOR CHARGE - ATTACH SCHEDULES OF EMPLOYEES TITLES AND HOLIDAY RATES) REIMBURSABLE EXPENSE: ❑ YES 13 NO IF YES, MAXIMUM DOLLAR AMOUNT: $ IS SALES TAX OWED: 0 YES ❑ NO IF YES, $ PAID BY: ❑ CONTRACTOR Cl CITY RETAINAGE: RETAINAGE AMOUNT: ❑ RETAINAGE AGREEMENT (SEE CONTRACT) OR ❑ RETAINAGE BOND PROVIDED 0 PURCHASING: PLEASE CHARGE TO: r36610-26110 9. DOCUMENT / CONTRACT REVIEW INITIAL / DATE REVIEWED INITIAL / DATE APPROVED ❑ PROJECT MANAGER ❑ DIVISION MANAGER _ 8 DEPUTY DIRECTOR DSW 9/20/23 ❑ DIRECTOR ❑ RISK MANAGEMENT (IF APPLICABLE) 8 LAW DEPT KVA9/21/2023 10. COUNCIL APPROVAL (IF APPLICABLE) SCHEDULED COMMITTEE DATE: COMMITTEE APPROVAL DATE: SCHEDULED COUNCIL DATE: COUNCIL APPROVAL DATE: 11. CONTRACT SIGNATURE ROUTING ❑ SENT TO VENDOWCONTRACTOR DATE SENT: DATE REC• D: 11/6/23 ❑ ATTACH: SIGNATURE AUTHORITY, INSURANCE CERTIFICATE, LICENSES, EXHIBITS ❑ CREATE ELECTRONIC REMINDER/NOTIFICATION FOR 1 MONTH PRIOR TO EXPIRATION DATE (INCLUDE DEPT. SUPPORT STAFF IF NECESSARY AND FEEL FREE TO SET NOTIFICATION MORE THAN A MONTH IN ADVANCE IF COUNCIL APPROVAL IS NEEDED.) INITIAL / DATE SIGNED ❑ FINANCE DEPARTMENT Vir AW DEPT SIGNATORY (MAYOR OR DIRECTOR) Z �lLi a CITY CLERK It ASSIGNED AG # G 'L A SENT: COMMENTS: EXECUTE " 1 " ORIGINALS Requesting a review of this offer package as the -TEMPLATE" for all offer packages on this project, Once this one is reviewed and approved, we will make all offers on these same forms, KVA 9/21/23 - template approved 1 /2020 I�errG� A C L S C O M P A N Y DATE: 12/21/2023 TO: City of Federal Way Attn: Desiree S. Winkler, P.E. Address: 2833 S 308" Ln Federal Way, WA 98003 Phone: (206) 456-8174 RE: Project Name: Operations & Maintenance Facility Property Acquisition Property Owner: Rose Ann Widener and Dillion Widener Project Parcel No. 0921049314 DOCUMENTS TRANSMITTED: ❑ Hanc1 Delivered M I IS Mail ❑ Pink -tin ❑ Other Date No. Item 10/19/2023 1 Offer Letter, acknowledged 10/19/2023 12/6/2023 2 Purchase & Sale A reement — needs city signature 12/6/2023 3 Warrant Deed — needs city signature 12/6/2023 4 REETA — needs city signature 12/21/2023 5 Real Property Voucher — for finance de t to process payment 12/6/2023 6 W-9 — for finance de t to process payment 12/6/2023 7 Seller Disclosure Statement 12/6/2023 8 Utility Service Provider Contact Sheet 12/6/2023 9 Escrow Agreement — needs city signature, for escrow to 2rocess closing ✓ For your Approval & Process ❑ For your Information ❑ As Requested COMMENTS: ✓ For your Signature ❑ For your Use ❑ For Review & Comment ❑ Other: Desiree, Please let me know when the signed original executed copies from the city are delivered to Escrow/Title in Puyallup. Marge R. Bailey Project Manager Tierra Right of Way Services, Ltd. 8685 Martin Way E., Ste 203, Lacey, WA 98516 253.439.7143 mobile RECEIVED B DATE: r 2- l 22 1-23 Tierra Right of Way Services, Ltd. Leslie Findlay, Designated Broker +27965 C 8685 Martin Way East, Suite 203 a Lacey, Washington 98516 a Phone: 206.363.1556 Right of Way a Cultural Resources • Environrnental Planning Toll Free: 800,887.0847 a www.tierra•raw.corn TI'IerJr4 A C L S C 0 M P A N Y October 19, 2023 Dillion Widener & Rose Ann Widener 2833 South 308'' Lane Federal Way, WA 98003 Offer Letter Project Title: City of Federal Way, Joint Operations & Maintenance Facility Parcel No.: 092104-9314 Dear Mr. & Mrs. Widener: The City of Federal Way (City) plans to proceed with the above -titled public project. The City will be constructing a new Operations and Maintenance Facility in the Steel Lake proximity. The purpose of this letter is to notify you of the following: ■ The City's interest in acquiring your property and/or property rights for this project. The City's determination of just compensation for your property and/or property rights. The basic protections afforded to you by law. As outlined below, the City has established an amount it believes is just compensation based on the market value estimated for your property. The City's offer is as follows: Land and Improvements Conveyed in Fee: $490,000 Total Amount: $490,000 Your property has been examined by a qualified appraiser and appraisal reviewer who have carefully considered all the elements which contribute to the market value of your property. You, or your designated representative, were provided with an opportunity to accompany the appraiser and appraisal reviewers on all inspections of your property. By law, the appraisers and appraisal reviewers must disregard any general increase or decrease in value caused by the project. Tierra Right of Way Service Leslie Findlay, Designate 8685 Martin Way East, Suit e LPA-350 Rev.. 8/2022 The City has determined that the project will displace you, your tenants, or your personal property. By law, you are eligible for relocation assistance consistent with state and federal law and have rights. Owners and tenants of dwellings, businesses, farm operations, or nonprofit organizations being displaced cannot be required to move from the referenced property without being given a written assurance of at least 90 days prior to the date by which they will be required to vacate the property. The City will provide this assurance as well as additional information regarding your eligibility in forthcoming relocation letter entitled, "Notice of Relocation Eligibility, Entitlements, and 90-Day Assurance". Occupancy of the property beyond the date the City acquires possession will require that a rental agreement be signed and rent be paid. If the occupant vacates the property within 30 days after the "payment date", the City will refund all prepaid rent. RCW 64.06 provides for a disclosure statement from sellers of residential property including multi -family dwellings up to four units and condominiums. The City, as Purchaser of your property, does hereby require the seller to provide a disclosure statement. If a mutually agreeable settlement is not reached, the City, acting in the public interest, will use its right of eminent domain to acquire property for public use. In conformity with the Washington State Constitution and laws, the City's legal counsel will file a condemnation suit to obtain a "Court Order of Public Use and Necessity", and a trial will be arranged to determine the just compensation to be paid for the property. This action is taken to ensure your rights as an individual property owner are protected. If a condemnation action is filed, you should consider consulting with an attorney to ensure that you receive appropriate representation. You may wish to employ professional services to evaluate the City's offer. If you do so, we suggest that you employ well -qualified evaluators so that the resulting evaluation report will be useful to you in deciding whether to accept the City's offer. The City will reimburse up to $750.00 of your evaluation costs upon submission of the bills or paid receipts. The Internal Revenue Service (IRS) requires that the City obtain your correct taxpayer identification number (TIN) or social security number (SSN) to report income paid to you as a result of this real estate transaction. Payment for your property and/or property rights will be made available to you as soon as reasonably possible after acceptance of the City's offer, provided that there are not delays in closing the transaction. The date on which payment is made available to you is called the "payment date". On that date, the City becomes the owner of the property rights purchased and responsible for its control and management. If you have personal property presently located on the property being acquired by the City that needs to be moved, the City will reimburse you for the cost of moving it through the Relocation Assistance program. LPA-350 Rev. 8/2022 Enclosed please find the following: ■ The necessary legal documents for the transferring of the property or property rights Real Estate Excise Tax Affidavit • Real Property Voucher • W-9 per IRS requirements Seller Disclosure Statement Utility Service Provider Contact Sheet ■ A copy of the valuation of your property ■ Title Report ■ Escrow Agreement ■ Transportation Needs and You Brochure (explaining the Right of Way acquisition process) This letter has been sent to provide a concise statement of City's offer and summary of your rights. Please feel free to direct any questions you may have to the undersigned. Thank you for your time and consideration. Sincerely, Sean Frankenfield Right of Way Agent Tierra Right of Way Services, Ltd 8685 Martin Way E., #203 Lacey, WA 98516 sfi-ankenfield tztierra-rLm.com (564) 214-5613 office Enclosures Acknowledgment of receipt of Offer Letter , � L �C a Si rnat«re: � � �" date' Signature above does not mean acceptance or rejection of offer. LPn-350 Rev 8/2022 REAL ESTATE PURCHASE AND SALE AGREEMENT THIS REAL ESTATE PURCHASE AND SALE AGREEMENT (hereinafter "Agreement") is entered into by and between Dillion Widener and Rose Ann Widener, a married couple (hereinafter "Seller") and The City of Federal Way, a municipal corporation and political subdivision of the state of Washington (hereinafter "Purchaser"). Seller and Purchaser may hereinafter collectively be referred to as "Parties" or individually as a "Party." AGREEMENT FOR AND IN CONSIDERATION of the mutual promises and covenants contained herein, the sufficiency of which is unconditionally acknowledged by Seller and Purchaser, the Parties agree as follows: 1. The Property. Seller is the sole owner in fee simple of a certain real property located in King County, Washington legally described on the attached Exhibit A (the Property). 2. Purchase and Sale. Seller shall sell and convey to Purchaser, and Purchaser shall purchase and accept from Seller, upon the terms, covenants, and conditions set forth in this Agreement, all of Seller's right, title, and interest in and to the Property, including all after - acquired property. Seller warrants that Seller has full right, title, authority, and capacity to execute this Agreement and sell the Property. Purchaser warrants that Purchaser has full right, title, authority, and capacity to execute this Agreement and purchase the Property. 3. Purchase Price and Payment The total purchase price for the Property (hereinafter "Purchase Price") is FOUR HUNDRED AND NINETY THOUSAND AND NO/100 Dollars ($490,000.00) and shall be paid by Purchaser to Seller by cashier's check, certified check, or wire transfer of immediately available funds to Seller at closing. 4. Conveyance of Tide. Seller shall convey title to the Property legally described on the attached Exhibit A to Purchaser by Statutory Warranty Deed (hereinafter "Deed"). 5. Closing; Possession. Closing shall occur upon payment of the Purchase Price to Seller from Purchaser and delivery of the executed Deed from Seller to Purchaser (hereinafter "Closing Date"), but in no event later than February 4 2024. The Parties agree to execute any and all documents necessary to effectuate the intent of this Agreement. Purchaser shall be entitled to possession of the Property legally described on the attached Exhibit A as of the Closing Date. 6. Risk of Loss. Risk of loss of or damage to the Property shall be borne by Seller until the Closing Date. Thereafter, Purchaser shall bear the risk of loss. In the event of material loss of or damage to the Property prior to the Closing Date, Seller shall promptly notify Purchaser in writing and Seller shall not be obligated to restore the Property nor pay damages to Purchaser by reason of such loss or damage. Upon receipt of written notice pursuant to Section 10 below, Purchaser may within five (5) business days terminate this Agreement by giving written notice of such termination to Seller and such termination shall be effective immediately; provided, however, that Purchaser may elect to purchase the Property in the condition then existing; provided that, Purchaser delivers notice of such election pursuant to Section 10 below within five (5) business days of receipt of Seller's notice of a material loss of or damage to the Property as provided for in this Section 8. 7. Closing Costs & Prorations. Seller shall pay its own attorney fees. Purchaser shall pay the cost of recording the Deed, its own attorney fees, and all other costs and expenses allocated to Purchaser and Seller pursuant to the terms of this Agreement; excepting only the Seller's payment Page 1 of 5 of its own attorney fees as provided for above in this Section 8 and any prorations for which it is responsible pursuant to the following sentence. Any taxes, liens, assessments, insurance, or charges imposed by law upon the Property shall be prorated as of the Closing Date, with such prorations to be a final settlement between the Parties. 8. Notices. Except as specifically set forth herein, any demand, request or notice which either Party desires or may be required to make or deliver to the other shall be in writing and shall be deemed given when personally delivered, or when delivered by private courier service (such as Federal Express), or three days after being deposited in the United States Mail first class, postage prepaid and addressed as follows: PURCHASER SELLER City of Federal Way Dillion Widener & Rose Ann Widener 33325 8th Ave. S. 2833 South 308t' Lane Federal Way, WA 98003 Federal Way, WA 98003 The foregoing addresses may be changed by written notices to the other party as provided herein. 9. Time. Time is of the essence in every provision herein contained. 10. Binding Agreement. This Agreement shall inure to the benefit of and be binding upon the heirs, personal representative, successors, and assigns of the Parties. 11. Attorneys' Fees. In the event of any litigation regarding the rights and obligations of the parties under this Agreement, the prevailing party shall recover its costs and attorneys' fees, including such costs and attorneys' fees for appeals. 12. Negotiation and Construction. This Agreement was negotiated by the Parties and shall be construed according to its fair meaning and not strictly for or against either Party. 13. Entire Agreement. This Agreement contains the entire understanding between the Parties and supersedes any prior understandings and agreements between them regarding the subject matter hereof. There are no other representations, agreements, or understandings, oral or written, between the Parties relating to the subject matter of this Agreement. No amendment of, or supplement to, this Agreement shall be valid or effective unless made in writing and executed by the Parties. 14. Counte_rparts. This Agreement may be signed in two or more counterparts, which taken together shall constitute the complete Agreement. 15. Invalid Provision. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by such illegal, invalid or unenforceable provision or by its severance from this Agreement. [SIGNATURES & ACKNOWLEDGEMENTS APPEAR ON FOLLOWING PAGES] Page 2 of 5 PURCHASER'S SIGNATURE PAGE City of Federal Way Date: 12 1 2-8 1 zo¢-m- EJ lsh, P.E. Director of Public Works STATE OF WASHINGTON ) ss. COUNTY OF KING ) , On this day of 6 e'1( 11'before me personally appeared EJ Walsh, P.E. to me known to be the Director of Public Works for the City of Federal Way, and that he executed the within and foregoing instrument and acknowledged the said instrument to be the free and voluntary act and deed of the City of Federal Way, for the uses and purposes therein set forth, and on oath states that he is authorized to execute said instrument. GIVEN under my hand and official seal the day and year last above written. (SE ATTEST: IFER'hrh IZ rye 0 o,`�9 Lich r' " )kw ��Aw V\ �\ j 4.1a tep ani rtney, C C, City Clerk in and fdr the ,siding at_ My commission expires APPROVED AS TO FORM: J. yan Call, City Attome Page 3 of 5 SELLER'S SIGNATURE PAGE Date: 1 ;,, � �-_J , i Dillion Widener Ann Widener STATE OF WASHINGTON ss County of ) On this tath day of Deum ' 2.U1,3 before me personally appeared Dillion Widener and Rose Ann Widener to me known to be the individuals described in and who executed the foregoing instrument and acknowledged that they signed and sealed the same as their free and voluntary act and deed, for the uses and purposes therein mentioned. GIVEN under my hand and official seal the day and year last above written. Sean ran en ie Notary Public Nota Public i and for the State of State of Washington Washington, residing at K IVIA cou-0-t My Appointment Expires 3/24/2027 Commission Number 23009264 My commission expires 21 [. G 2� Page 4 of 5 EXHIBIT A LEGAL DESCRIPTION LOT 3, AS DELINEATED ON THE FACE OF KING COUNTY SHORT PLAT NO. 1085010 RECORDED UNDER RECORDING NO 8607240740; TOGETHER WITH A NON EXCLUSIVE EASEMENT FOR INGRESS AND EGRESS AS DELINEATED ON THE FACE OF KING COUNTY SHORT PLAT NO. 1085009 RECORDED UNDER RECORDING NO. 8607240744 AND KING COUNTY SHORT PLAT NO. 1085010 RECORDED UNDER RECORDING NO. 8607240740, BEING A PORTION OF THE NORTHEAST QUARTER, SECTION 9, TOWNSHIP 21 NORTH, RANGE 4 EAST, W.M., IN KING COUNTY, WASHINGTON. SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON. Page 5 of 5 After recording return document to: City of Federal Way Public Works Department 33325 81h Ave S Federal Way, WA 98003 Document Title: Warranty Deed Reference Number of Related Document: Grantors: Dillion Widener and Rose Ann Widener Grantee: City of Federal Way Legal Description: LT 3, KCSP NO. 1085010, REC NO.8607240740, BEING PTN NE 1/4 SEC 9-21-4E, W.M. Additional Legal Description is on Page 4 of Document. Assessor's Tax Parcel Number: 092104-9314 WARRANTY DEED City of Federal Way, Joint Operations & Maintenance Facility The Grantors, Dillion Widener and Rose Ann Widener, a married couple, for and in consideration of the sum of TEN AND NO/100 ($10.00) Dollars, and other valuable consideration, hereby convey and warrant to the City of Federal Way, a municipal corporation, Grantee, the following described real property situated in King County, in the State of Washington, under the imminent threat of the Grantee's exercise of its rights of Eminent Domain: For legal description and additional conditions See Exhibit A attached hereto and made a part hereof. It is understood and agreed that delivery of this deed is hereby tendered and that the terms and obligations hereof shall not become binding upon the City of Federal Way unless and until accepted and approved hereon in writing for the City of Federal Way, by its authorized agent. Project No. 36610 LPA-302 Page 1 of (4) Pages Parcel No. 092104-9314 10/2014 WARRANTY DEED lr;�Lj i Z-' Dillion Widener 1' Ras Ann Widener STATE OF WASHINGTON ss County. of K-E VA ) On this Ut A day of pQUVYdOPJV U13 before me personally appeared Dillion Widener and Rose Ann Widener to me known to be the individuals described in and who executed the foregoing instrument and acknowledged that they signed and sealed the same as their free and voluntary act and deed, for the uses and purposes therein mentioned. GIVEN under my hand and official seal the day and year last above written. n t,ffeld Atowpublic State bf W&019 W Appointment Expires IMPA7 Notary a tic UWd for the State of Washington, residing at 91V) My commission expires LPA-302 Page 2 of (4) Pages Parcel No. 092104-9314 10/2014 WARRANTY DEED City of Federal Way Date: EJ Walsh, P.E. Director of Public Works STATE OF WASHINGTON /'O'Lg ss County of King ) 'J On this day of ' 0% t4 efore me personally appeared EJ Walsh, P.E., to me known to be the Director of Public Works, for the City of Federal Way, and that he executed the within and foregoing instrument and acknowledged the said instrument to be the free and voluntary act and deed of said City of Federal Way, for the uses and purposes therein set forth, and on oath states that he is authorized to execute said instrument. GIVEN under my hand and official seal the day and year last above written. `t��N/NN111�t+ S !i #0 Y4 1F.4� = i ATTEST: thane' V � M 66 U H StourtneyC, City Clerk Date , )�Avl�—: �AmctgJ at ub is in an for the tat of Vas `� I� i ton residing at -(I-'� �� ��' 1 om ' ion expires O7 11 APPROVED AS TO FORM: [Ryan Call, City Attorne I IA Date LPA-302 Page 3 of (4) Pages Parcel No. 092104-9314 10/2014 WARRANTY DEED 1 *14 1 11 .13 1 W.1 LEGAL DESCRIPTION LOT 3, AS DELINEATED ON THE FACE OF KING COUNTY SHORT PLAT NO. 1085010 RECORDED UNDER RECORDING NO 8607240740; TOGETHER WITH A NON EXCLUSIVE EASEMENT FOR INGRESS AND EGRESS AS DELINEATED ON THE FACE OF KING COUNTY SHORT PLAT NO. 1085009 RECORDED UNDER RECORDING NO. 8607240744 AND KING COUNTY SHORT PLAT NO. 1085010 RECORDED UNDER RECORDING NO. 8607240740, BEING A PORTION OF THE NORTHEAST QUARTER, SECTION 9, TOWNSHIP 21 NORTH, RANGE 4 EAST, W.M., IN KING COUNTY, WASHINGTON. SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON Grantor's Initials tlu LPA-302 Page 4 of (4) Pages Parcel No. 092104-9314 10/2014 Department of 09QReal Estate Excise Tax Affidavit (RCW 82.45 WAC 458-61A) Revenue Only for sales in a single location code on or after March 1, 2023. Washington State This affidavit will not be accepted unless all areas on all pages are fully and accurately completed. Form 84 0001 a This form is your receipt when stamped by cashier. Please type or print. ❑ Check box if partial sale, indicate % sold List percentage of ownership acquired next to each name. 1 Seller/Grantor 2 Buyer/Grantee Name billion Widener and Rose Ann Widener Mailing address 2833 S 308th Lane City/state/zip Federal Way, WA 98003 Phone (including area code) 206.465.8174 3 Send all property tax correspondence to: m Same as Buyer/Grantee Name Mailing address City/state/zip - Name City of Federal Way, a municipal corporation Public Works Department Mailing address 33325 8th Avenue South City/state/zip Federal Way- WA 98003 Phone (including area code) 253 835-2700 List all real and personal property tax parcel account numbers 092104-9314 Personal Assessed property? value(s) ❑ $ 477,000-00 4 Street address of property 2833 S 308th Lane This property is located in Federal W2 (for unincorporated locations please select your county) ❑ Check box if any of the listed parcels are being segregated from another parcel, are part of a boundary line adjustment or parcels being merged. E egaI description of property (if you need more space, attach a separate sheet to each page of the affidavit). PLEASE SEE ATTACHED FOR FULL LEGAL DESCRIPTION 5 111 - Household, single family units 77-71 Enter any additional codes NIA (see back of last page for instructions) Was the seller receiving a property tax exemption or deferral under RCW 84.36, 84.37, or 84.38 (nonprofit org., senior citizen or disabled person, homeowner with limited income)? ❑ Yes is No Is this property predominately used for timber (as classified under RCW 84.34 and 84.33) or agriculture (as classified under RCW 84.34.020) and will continue in it's current use? If yes and the transfer involves multiple parcels with different classifications, ❑Yes m No complete the predominate use calculator (see instructions) 6 Is this property designated as forest land per RCW 84.33? ❑Yes ONo Is this property classified as current use (open space, farm and agricultural, or timber) land per RCW 84.34? ❑ Yes 0 No Is this property receiving special valuation as historical property per RCW 84.26? ❑ Yes 0 No If any answers are yes, complete as instructed below. (1) NOTICE OF CONTINUANCE (FOREST LAND OR CURRENT USE) NEW OWNER(S): To continue the current designation as forest land or classification as current use (open space, farm and agriculture, or timber) land, you must sign on (3) below. The county assessor must then determine if the land transferred continues to qualify and will indicate by signing below. If the land no longer qualifies or you do not wish to continue the designation or classification, it will be removed and the compensating or additional taxes will be due and payable by the seller or transferor at the time of sale (RCW 84.33.140 or 84.34.108). Prior to signing (3) below, you may contact your local county assessor for more information. This land: ❑ does ❑ does not qualify for continuance. Deputy assessor signature Date (2) NOTICE OF COMPLIANCE (HISTORIC PROPERTY) NEW OWNER(S): To continue special valuation as historic property, sign (3) below. If the new owner(s) doesn't wish to continue, all additional tax calculated pursuant to RCW 84.26, shall be due and payable by the seller or transferor at the time of sale. (3) NEW OWNER(S) SIGNATURE 7 List all personal property (tangible and intangible) included in selling price. N/A If claiming an exemption, list WAC number and reason for exemption. WAC number (section/subsection) 458-61A-206 Reason for exemption Threat of Eminent Domain Type of document VVarrantv Deed Date of document b.1 2-bZ- 3 - - Gross selling price 490,000.00 *Personal property (deduct) 0.00 Exemption claimed (deduct) 490,000.00 Taxable selling price 0.00 Excise tax: state Less than $525,000.01 at 1.1% 0,00 From $525,000.01 to $1,525,000 at 1.28% 0.00 From $1,525,000.01 to $3,025,000 at 2.75% 0.00 Above $3,025,000 at 3 % 0.00 Agricultural and timberland at 1.28% 0.00 Total excise tax: state 0.00 0.0050 Local 0.00 *Delinquent interest: state 0.00 Local 0.00 *Delinquent penalty 0.00 Subtotal 0.00 *State technology fee 5,00 Affidavit processing fee 5.00 Signature_ Signature Total due 10.00 A MINIMUM OF $10.00 IS DUE IN FEE(S) AND/OR TAX Print name Print name *SEE INSTRUCTIONS S I CERTIFY UNDER PENALTY OF PERJURY THAT THE FOREGOING IS TRUE AND CORRECT Signature of grantor or a enter Signature of grantee or agent Name (print) I—' G " ti 't '� t Name (print)_ �'� �� Date & city of signing 1 �� Date & city of signing Perjury in the second degree is a class C felony which is punishable by confinement in a state correctional institution for a maximum term of five ears, or by a fine in an amount fixed by the court of not more than $10,000, or by both such confinement and fine (RCW 9A.72.030 and RCW 9A.20.021r1)(c)). To ask about the availability of this publication in an alternate format for the visually impaired, please call 360-705-6705. Teletype (TTY) users may use the WA Relay Service by calling 711. REV 840001a (02/28/23) THIS SPACE TREASURER'S USE ONLY COUNTY TREASURER Print on legal size paper. Page 1 of 6 EXHIBIT A LEGAL DESCRIPTION LOT 3, AS DELINEATED ON THE FACE OF KING COUNTY SHORT PLAT NO. 1085010 RECORDED UNDER RECORDING NO. 8607240740; TOGETHER WITH A NON EXCLUSIVE EASEMENT FOR INGRESS AND EGRESS AS DELINEATED ON THE FACE OF KING COUNTY SHORT PLAT NO. 1085009 RECORDED UNDER RECORDING NO. 8607240744 AND KING COUNTY SHORT PLAT NO. 1085010 RECORDED UNDER RECORDING NO. 8607240740, BEING A PORTION OF THE NORTHEAST QUARTER, SECTION 9, TOWNSHIP 21 NORTH, RANGE 4 EAST, W.M., IN KING COUNTY, WASHINGTON. SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON. REAL PROPERTY VOUCHER AG 7 L City of Federal Way Pubhc Works Depariment 33325 Sth Ave S Federal Way, VVA 98003 liN—hy—"V Aww '-Ay or W"rw W-0* f Rm s1tP.a,,+N,p ANUA €WI�ElE pXH w.!iww O—V" .9—.1 M AQ" " Ra Pi * at A01 MI OWWO exvcAnFEnnminroR0Dsra.ArX0xr 0MV-1 iC GRANTOR OR CSAIMANT WAM!". Ar)DRESSI Dilllan Widener & Rnce Ana Wldonrr 283A sauth 3461h 1,,wne Fcrieral Wsy, WA 9800,1 TiNrS5H 537' 51- J700( pillion Widener X PROJECT NO. AND TITLE #36610 - Cily of Federal Way, dninl S? craiinns & Njaintrn>anre Fatility I kmr .Am Widener FEDERAL AID NO. 11,1 PARCEL NO. 91104-9314 h, €w! camq€Ws wnA Rai. day ! .ni saNimm��t ,r R,e eua or mwron€ cc^+Muria a, rs�aAMI, Aa p,,rzy ors Fvrn I„ gArr: 17, 2.1 3 $ AMOUNT Lund & Im rovements Conveyed in Fee S9l3.U0(l.tt •t- Cost to Cure Proximity Other + + 5FEGIAL BENEFITS JC (Jaat Compefts lon) Amount w Jill. Uneconomic Remnant Fxcess Acquisition + DEDUCTIONS: Amount Previously Paid Performance Bond Salvage Amount Pre Paid Rent Other AQMINISTRATNE SETTLEMENT sTATUTDRY EVALUATION ALLOWANCE 5750.pO ESCROW FEE REAL ESTATE EXCISE TAX OTHER: AGCPJISITJCIN AGENT r.;+ " QATE 12'/21/ts voucher No, PAID S490,750,00 AUT140R3£iD AGW? r0A AGENCY /fit... -tom PAIE �'1,1'L81 Oz3 Law.u„Maur. For Request for Taxpayer Give Form to the (Rev. October2018) Identification Number and Certification requester. Do not Department of the Treasury send to the IRS. Internal Revenue Service ► Go to www.irs.gov/FormW9 for instructions and the latest information. 1 Name (as shown on your income lax return). Name is required on this line; do not leave this line blank. y 2 Bu iness narneldtsregarded entity name, if different from above M 0 3 Check appropriate box for federal tax classification of the person whose name is entered on line 1. Check only one of the following seven boxes. Individual/sole proprietor or ❑ C Corporation ❑ S Corporation ❑ Partnership ❑ Trustlestate single -member LLC ❑ Limited liability company. Enter the tax classification (C=C corporation, S=S corporation, P=Partnership) ► Note: Check the appropriate box in the line above for the tax classification of the single -member owner. Do not check LLC if the LLC is classified as a single -member LLC that is disregarded from the owner unless the owner of the LLC is another LLC that is not disregarded from the owner for U.S. federal tax purposes. Otherwise, a single -member LLC !pia' is disregarded from the owner should check the appropriate box for the tax classification of its owner. ❑ Other (see instructions) ► 5 Address (number, street, and apt. or suite no.) See instructions. s�1 �7� c_ �r�f n� I„QI 6 City, state, and ZIP code — 7 List account numbers) here (optional) Identification 4 Exemptions (codes apply only to certain entities, not individuals; see instructions on page 3): Exempt payee code (if any) Exemption from FATCA reporting code (if any) (Applies to accounts maintained outside the U.S) Hequester's name ana aoaress (aptionw) Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid Social security number backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see How to get a TIN, later. or Note: If the account is in more than one name, see the instructions for line 1. Also see What Name and Employer identification number Number To Give the Requester for guidelines on whose number to enter. F_7_� I I I I I Under penalties of perjury, I certify that: 1. The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me); and 2. 1 am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and 3. 1 am a U.S. citizen or other U.S. person (defined below); and 4. The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct. Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. For mortgage interest paid, acquisition or abandonment of secure8 property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and generally, payments other than interest and dividen" arrot required to sign the certification, but you must provide your correct TIN. See the instructions for Part II, later. Sign Signature of Here I U.S. person ► Date► I 2 / b1 z oz3 General Instructions • Form 1099-DIV (dividends, including those from stocks or mutual funds) Section references are to the Internal Revenue Code unless otherwise . Form 1099-MISC (various types of income, prizes, awards, or gross noted. proceeds) Future developments. For the latest information about developments • Form 1099-B (stock or mutual fund sales and certain other related to Form W-9 and its instructions, such as legislation enacted transactions by brokers) after they were published, go to www.irs.gov1FormW9. • Form 1099-S (proceeds from real estate transactions) Purpose of Form • Form 1099-K (merchant card and third party network transactions) An individual or entity (Form W-9 requester) who is required to file an • Form 1098 (home mortgage interest), 1098-E (student loan interest), information return with the IRS must obtain your correct taxpayer 1098-T (tuition) identification number (TIN) which may be your social security number • Form 1099-C (canceled debt) (SSN), individual taxpayer identification number (ITIN), adoption a Form 1099-A (acquisition or abandonment of secured property) taxpayer identification number (ATIN), or employer identification number (EIN), to report on an information return the amount paid to you, or other Use Form W-9 only if you are a U.S. person (including a resident amount reportable on an information return. Examples of information alien), to provide your correct TIN. returns include, but are not limited to, the following. If you do not return Form W-9 to the requester with a TIN, you might • Form 1099-INT (interest earned or paid) be subject to backup withholding. See What is backup withholding, later. Cat. No. 10231X Form W-9 (Rev. 10-2018) SELLER DISCLOSURE STATEMENT (RCW 64.06.020) *J. Is there a boundary survey for the property? *K. Are there any covenants, conditions, or restrictions recorded against the property? 2. WATER Page 2 of 6 ❑ ❑ e !3 ❑ 0 YES NO DON'T N/A KNOW A. HOUSEHOLD WATER (1) The source of water for the property is: J6 Private or publicly owned water system 0 Private well serving only the subject property *0 Other water system: *If shared, are there any written agreements? 0 *(2) Is there an easement (recorded or unrecorded) for access to and/or maintenance of the 0 water source? *(3) Are there any problems or repairs needed? 0 (4) During your ownership, has the source provided an adequate year-round supply of potable 0 water? If no, please explain: *(5) Are there any water treatment systems for the property? 0 If yes, they are: 0 Leased 0 Owned *(6) Are there any water rights for the property associated with its domestic water supply, such 0 as a water right permit, certificate, or claim? (a) If yes, has the water right permit, certificate, or claim been assigned, transferred, or 0 changed? *(b) If yes, has all or any portion of the water right not been used for five or more successive 0 years? *(7) Are there any defects in the operation of the water system (e.g. pipes, tank, pump, etc.)? ❑ B. IRRIGATION WATER (1) Are there any irrigation water rights for the property, such as a water right permit, certificate, 0 or claim? *(a) If yes, has all or any portion of the water right not been used for five or more successive 0 years? *(b) If so, is the certificate available? (If yes, please attach a copy.) 0 *(c) If so, has the water right permit, certificate, or claim been assigned, transferred, or ❑ changed? *(2) Does the property receive irrigation water from a ditch company, irrigation district, or other 0 entity? If so, please identify the entity that supplies water to the property: C. Outdoor Sprinkler System (1) Is there an outdoor sprinkler system for the property? *(2) If yes, are there any defects in the system? *(3) If yes, is the sprinkler system connected to irrigation water? 3. SEWER/ON-SITE SEWAGE SYSTEM A. The property is served by: 0 Public sewer system ❑ On -site sewage system (including pipes, tanks, drainfields, and all other component parts) 0 Other disposal system, please describe- B. If public sewer system service is available to the property, is the house connected to the sewer main? If no, please explain. Seller's Initials: JL) Date: } �a3 Seller's Initials: Ill 0 0 IN ❑ 0 la ❑ 0 ❑ o a 0 0 0 J3 0 0 0 e J21 0 0 R' 0 0 19 0 0 0 0 ❑ ]a ❑ 0 0 0 0 0 if 0 0 0 0 0 ❑ 0 0 0 la 0 0 0 or YES NO DON'T N/A KNOW ❑ ❑ 0 Date: n SELLER DISCLOSURE STATEMENT (RCW 64.06.020) Page 1 of 6 INSTRUCTIONS TO THE SELLER Please complete the following form. Do not leave any spaces blank. If the question clearly does not apply to the property check "N/A." If the answer is "yes" to any * items, please explain at the end or on attached sheets. Please refer to the question numbers when you provide your explanations. For your protection you must date and initial each page of this disclosure statement and each attachment. Delivery of the disclosure statement must occur not later than five business days, unless otherwise agreed, after mutual acceptance of a written contract to purchase between a buyer and a seller. NOTICE TO THE BUYER THE FOrrf� WING DISCLOSURES ARE MADE BY THE SELLER ABOUT THE CONDITION OF THE PROPERTY LOCATED AT `7 S 300tO L VI ("THE PROPERTY"), OR AS LEGALLY DESCRIBED ON ATTACHED EXHIBIT A. SELLER MAKES THE FOLLOWING DISCLOSURES OF EXISTING MATERIAL FACTS OR MATERIAL DEFECTS TO BUYER BASED ON SELLER'S ACTUAL KNOWLEDGE OF THE PROPERTY AT THE TIME SELLER COMPLETES THIS DISCLOSURE STATEMENT. UNLESS YOU AND SELLER OTHERWISE AGREE IN WRITING, YOU HAVE THREE BUSINESS DAYS FROM THE DAY SELLER OR SELLER'S AGENT DELIVERS THIS DISCLOSURE STATEMENT TO YOU TO RESCIND THE AGREEMENT BY DELIVERING A SEPARATELY SIGNED WRITTEN STATEMENT OF RESCISSION TO SELLER OR SELLER'S AGENT. IF THE SELLER DOES NOT GIVE YOU A COMPLETED DISCLOSURE STATEMENT, THEN YOU MAY WAIVE THE RIGHT TO RESCIND PRIOR TO OR AFTER THE TIME YOU ENTER INTO A SALE AGREEMENT. THE FOLLOWING ARE DISCLOSURES MADE BY SELLER AND ARE NOT THE REPRESENTATIONS OF ANY REAL ESTATE LICENSEE OR OTHER PARTY. THIS INFORMATION IS FOR DISCLOSURE ONLY AND IS NOT INTENDED TO BE A PART OF ANY WRITTEN AGREEMENT BETWEEN BUYER AND SELLER. FOR A MORE COMPREHENSIVE EXAMINATION OF THE SPECIFIC CONDITION OF THIS PROPERTY YOU ARE ADVISED TO OBTAIN AND PAY FOR THE SERVICES OF QUALIFIED EXPERTS TO INSPECT THE PROPERTY, WHICH MAY INCLUDE, WITHOUT LIMITATION, ARCHITECTS, ENGINEERS, LAND SURVEYORS, PLUMBERS, ELECTRICIANS, ROOFERS, BUILDING INSPECTORS, ON -SITE WASTEWATER TREATMENT INSPECTORS, OR STRUCTURAL PEST INSPECTORS. THE PROSPECTIVE BUYER AND SELLER MAY WISH TO OBTAIN PROFESSIONAL ADVICE OR INSPECTIONS OF THE PROPERTY OR TO PROVIDE APPROPRIATE PROVISIONS IN A CONTRACT BETWEEN THEM WITH RESPECT TO ANY ADVICE, INSPECTION, DEFECTS OR WARRANTIES. Seller la is ❑ is not occupying the property. I. SELLER'S DISCLOSURES *If you answer "Yes" to a question with an asterisk (*), please explain your answer and attach documents, if available and not otherwise publicly recorded. If necessary, use an attached sheet. 1. TITLE YES NO DON'T KNOW N/A A. Do you have legal authority to sell the property? If no, please explain: 0 0 0 0 *B. Is title to the property subject to any of the following? (1) First right of refusal 0 0 0 0 (2) Option 0 0 0 0 (3) Lease or rental agreement o 0 0 0 (4) Life estate? 11 0 0 0 *C. Are there any encroachments, boundary agreements, or boundary disputes? 0 13 0 0 *D. Is there a private road or easement agreement for access to the property? a 0 0 11 *E. Are there any rights -of -way, easements, or access limitations that may affect the Buyer's use of 13 0 0 0 the property? *F. Are there any written agreements for joint maintenance of an easement or right-of-way? 13 0 a 0 *G. Is there any study, survey project, or notice that would adversely affect the property? 0 0 0 11 *H. Are there any pending or existing assessments against the property? 0 0 0 0 *I. Are there any zoning violations, nonconforming uses, or any unusual restrictions on the property 0 B 0 0 that would affect future construction or remodeling? Seller's Initials: u) Date: l L!�' j Seller's Initials: Date: SELLER DISCLOSURE STATEMENT (RCW 64.06.020) Page 4 of 6 H. During your ownership, has the property had any wood destroying organism or pest infestation? 0 19 ❑ ❑ I. Is the attic insulated? ❑ ❑ ❑ J. Is the basement insulated? ❑ ❑ ❑ 5. SYSTEMS AND FIXTURES YES NO DON'T N/A KNOW *A. If any of the following systems or fixtures are included with the transfer, are there any defects? If yes, please explain. Electrical system, including wiring, switches, outlets, and service ❑ 0 ❑ 0 Plumbing system, including pipes, faucets, fixtures, and toilets 0 16 ❑ 0 Hot Water Tanks 0 0 0 0 Garbage Disposal 0 0 ❑ 0 Appliances ❑ 13 0 0 Sump Pump 0 E 0 0 Heating and Cooling Systems 0 0 0 0 Security System ❑ Owned 0 Leased 0 ❑ 0 .0 Other: 0 0 0 0 *13. If any of the following fixtures or property is included with the transfer, are they leased? (if yes, please attach copy of lease.) Security System 0 ❑ 0 B Tanks (type: } 0 ❑ 0 .] Satellite Dish 0 0 ❑ Id Other: ❑ ❑ 0 fil *C. Are any of the following kinds of wood burning appliances present at the property? (1) Woodstove? 0 e' 0 ❑ (2) Fireplace insert? 0 Ey ❑ ❑ (3) Pellet Stove? ❑ ,® ❑ 0 (4) Fireplace? ❑ in ❑ 0 If yes, are all of the (1) woodstoves or (2) fireplace inserts certified by the U.S. Environmental ❑ ❑ ❑ la Protection Agency as clean burning appliances to improve air quality and public health? D. Is the property located within a city, county, or district or within a department of natural resources 13 0 ❑ 0 fire protection zone that provides fire protection services? E. Is the property equipped with carbon monoxide alarms? if 0 0 0 (Note: Pursuant to RCW 19.27.530the seller must equip the residence with carbon monoxide alarms as required by the state building code.) F. Is the property equipped with smoke detection devices? 16 ❑ 0 ❑ (Note: Pursuant to RCW 43.44.110if the property is not equipped with at least one smoke detection device, at least one must be provided by the seller.) Seller's Initials: I- Date: (;`�a 3 Seller's Initials: 'D 'u Dater j l SELLER DISCLOSURE STATEMENT (RCW 64.06.020) Page 3 of 6 *C. Is the property subject to any sewage system fees or charges in addition to those covered in your 0 0 0 0 regularly billed sewer or on -site sewage system maintenance service? D. If the property is connected to an on -site sewage system: 0 0 p 0 *(1) Was a permit issued for its construction, and was it approved by the local health 0 0 0 0 department or district following its c nstruct'on? ��, (2) When was it last pumped? ❑ 0 ❑ 0 *(3) Are there any defects in the operation of the on -site sewage system? ❑ 0 0 (4) When was it last inspected? � �J^^ ❑ ❑ By whom? (5) For how many bedrooms was the on -site sewage system approved? ❑ ❑ E. Are all plumbing fixtures, including laundry drain, connected to the sewer/on-site sewage system? )tg ❑ ❑ ❑ If no, please explain: *F. Have there been any changes or repairs to the on -site sewage system? 0 ❑ 0 G. Is the on -site sewage system, including the drainfield, located entirely within the boundaries of �l ❑ 0 0 the property? If no, please explain: *H. Does the on -site sewage system require monitoring and maintenance services more frequently © 0 0 than once a year? . IF THIS SELLER DISCLOSURE STATEMENT IS BEING COMPLETED FOR NEW CONSTRUCTION WHICH HAS NEVER BEEN OCCUPIED, THE SELLER IS NOT REQUIRED TO COMPLETE THE QUESTIONS LISTED IN ITEM 4. STRUCTURAL OR ITEM 5. SYSTEMS AND FIXTURES. 4. STRUCTURAL YES NO DON'T N/A KNnw *A. Has the roof leaked within the last five years? *e. Has the basement flooded or leaked? *C. Have there been any conversions, additions, or remodeling? *(1) If yes, were all building permits obtained? *(2) If yes, were all final inspections obtained? D. Do you know the age of the house? If yes, year of original construction: *E. Has there been any settling, slippage, or sliding of the property or its improvements? *F. Are there any defects with the following: (If yes, please check applicable items and explain.) ❑ 0 ❑ o 0 6 0 0 JZ 0 0 0 0 0 e 0 a 0 s ❑ 0 0 0 0 0 13 0 0 0 0 a 0 0 Foundations 0 Decks 0 Exterior Walls 0 Chimneys 0 Interior Walls ❑ Fire Alarm 0 Doors 0 Windows ❑ Patio 0 Ceilings 0 Slab Floors 0 Driveways 0 Pools 0 Hot Tub 0 Sauna 0 Sidewalks 0 Outbuildings 0 Fireplaces 0 Garage Floors 0 Walkways 0 Siding 0 Wheelchair Lifts 0 Woodstoves 0 Elevators ❑ Incline Elevators 0 Stairway Chair Lifts 0 Other: *G. Was a structural pest or "whole house" inspection done? If yes, when and by whom was the inspection completed? da: 91 U Z-V-� S Seller's Initials: Date: 1-�- (a-3 Seller's Initials' — 0 0 0 ❑ Date: p3 SELLER DISCLOSURE STATEMENT (RCW 64.06.020) Page 6 of 6 If you answered "Yes" to any questions with an asterisk (*), use the following space to provide an explanation for each answer. Please refer to each question number. Attach additional pages if necessary (and initial and date each page): aJ v,a,-h Un 414 C . [J n�u�'�� �l,l p , l� �`Q-�--E- C�`►''lt� {�-��r�i..C�{..�� (,� i��i C, �'�^�``�`, B. Verification: The foregoing answers and attached explanations (if any) are complete and correct to the best of my/our knowledge and I/we have received a copy hereof. I/we authorize all of my/our real estate licensees, if any, to deliver a copy of this disclosure statement to other real estate licensees and all prospective buyers of the property. � �? jLej ,�-3 SELLER DATE L-lyV-? SEl ER DATE NOTICE TO THE BUYER: INFORMATION REGARDING REGISTERED SEX OFFENDERS MAY BE OBTAINED FROM LOCAL LAW ENFORCEMENT AGENCIES. THIS NOTICE IS INTENDED ONLY TO INFORM YOU OF WHERE TO OBTAIN THIS INFORMATION AND IS NOT AN INDICATION OF THE PRESENCE OF REGISTERED SEX OFFENDERS. II. BUYER'S ACKNOWLEDGMENT A. Buyer hereby acknowledges that: Buyer has a duty to pay diligent attention to any material defects that are known to Buyer or can be known to Buyer by utilizing diligent attention and observation. B. The disclosures set forth in this statement and in any amendments to this statement are made only by the Seller and not by any real estate licensee or other party. C. Buyer acknowledges that, pursuant to RCW 64.06.050(2), real estate licensees are not liable for inaccurate information provided by Seller, except to the extent that real estate licensees know of such inaccurate information. D. This information is for disclosure only and is not intended to be a part of the written agreement between the Buyer and Seller. E. Buyer (which term includes all persons signing the "Buyer's acceptance" portion of this disclosure statement below) has received a copy of this Disclosure Statement (including attachments, if any) bearing Seller's signature. DISCLOSURES CONTAINED IN THIS DISCLOSURE STATEMENT ARE PROVIDED BY SELLER BASED ON SELLER'S ACTUAL KNOWLEDGE OF THE PROPERTY AT THE TIME SELLER COMPLETES THIS DISCLOSURE STATEMENT. UNLESS BUYER AND SELLER OTHERWISE AGREE IN WRITING, BUYER SHALL HAVE THREE BUSINESS DAYS FROM THE DAY SELLER OR SELLER'S AGENT DELIVERS THIS DISCLOSURE STATEMENT TO RESCIND THE AGREEMENT BY DELIVERING A SEPARATELY SIGNED WRITTEN STATEMENT OF RESCISSION TO SELLER OR SELLER'S AGENT. YOU MAY WAIVE THE RIGHT TO RESCIND PRIOR TO OR AFTER THE TIME YOU ENTER INTO A SALE AGREEMENT. BUYER HEREBY ACKNOWLEDGES RECEIPT OF A COPY OF THIS DISCLOSURE STATEMENT AND ACKNOWLEDGES THAT THE DISCLOSURES MADE HEREIN ARE THOSE OF THE SELLER ONLY, AND NOT OF ANY REAL ESTATE LICENSEE OR OTHER PARTY. mt z.g Iznz3 BUY DATE Seller's Initials -J hate: � d BUYER Seller's Initials: t ., 1 Date: I v'- f DATE Form Made Fillable by eForms SELLER DISCLOSURE STATEMENT (RCW 64.06.020) Page 5 of 6 6. HOMEOWNERS' ASSOCIATIONS / COMMON INTERESTS A. Is there a Homeowners' Association? Name of Association and contact information for an officer, director, employee, or other authorized agent, if any, who may provide the association's financial statements, minutes, bylaws, fining policy, and other information that is not publicly available: B. Are there regular periodic assessments: $ per 0 Month ❑ Year ❑ Other: *C. Are there any pending special assessments? *D. Are there any shared "common areas" or any joint maintenance agreements (facilities such as walls, fences, landscaping, pools, tennis courts, walkways, or other areas co -owned in undivided interest with others)? 7. ENVIRONMENTAL *A. Have there been any flooding, standing water, or drainage problems on the property that affect the property or access to the property? *B. Does any part of the property contain fill dirt, waste, or other fill material? *C. Is there any material damage to the property from fire, wind, floods, beach movements, earthquake, expansive soils, or landslides? D. Are there any shorelines, wetlands, floodplains, or critical areas on the property? *E. Are there any substances, materials, or products in or on the property that may be environmental concerns, such as asbestos, formaldehyde, radon gas, lead -based paint, fuel or chemical storage tanks, or contaminated soil or water? *F. Has the property been used for commercial or industrial purposes? *G. Is there any soil or groundwater contamination? *H. Are there transmission poles or other electrical utility equipment installed, maintained, or buried on the property that do not provide utility service to the structures on the property? *I. Has the property been used as a legal or illegal dumping site? *J. Has the property been used as an illegal drug manufacturing site? *K. Are there any radio towers in the area that cause interference with cellular telephone reception? 8. MANUFACTURED AND MOBILE HOMES If the property includes a manufactured or mobile home: *A. Did you make any alterations to the home? If yes, please describe the alterations: *B. Did any previous owner make any alterations to the home? *C. If alterations were made, were permits or variances for these alterations obtained? YES NO DON'T N/A KNOW ❑ !0 O ❑ a 0 ❑ ❑ ❑ 13 ❑ ❑ ❑ ❑ ❑ a YES NO DON'T N/A KNOW ❑ )I ❑ ❑ ❑ q ❑ ❑ ❑ a ❑ ❑ ❑ 0 ❑ ❑ Il Gr ❑ ❑ ❑ Gr ❑ ❑ ❑ j;F ❑ ❑ ❑ 21 ❑ ❑ ❑ 0 ❑ ❑ ❑ 0 ❑ ❑ ❑ 0' Q ❑ YES NO DON'T N/A KNOW ❑ 91 ❑ ❑ ❑ ❑ ❑ IN ❑ ❑ ❑ Pr 9. FULL DISCLOSURE BY SELLERS YES NO DON'T N/A KNOW A. Other conditions or defects: ❑ JY ❑ *Are there any other existing material defects affecting the property that a prospective buyer should know about? n Seller's Initials: Date: Seller's Initials: Date: 4 �4 5 Name: Rose Ann Widener and Dillion Widener Phone: 206.465.8174 Address: 2833 S 308th Lane, Federal Way, WA 98003 UTILITY SERVICE PROVIDER CONTACT SHEET Water Name Address Z st S' Ci , State Zip p �/g Phone Number Fax Number Sewer Name Address City, State Zip Phone Number Fax Number Garbage Name,,AA// Address City, State Zip v Phone Number Fax Number Electricity Name Address City, State Zip Phone Number Fax Number c ejA 5`11065 Gas Name Address City, State Zip Phone Number Fax Number Internet Name M Address City, State Zip Phone Number Sc Fax Number 0q3 �i Cable Name Address City, State Zip Phone Number Fax Number Leased Equipment Name Address City, State Zip Phone Number Fax Number Other: ESCROW AGREEMENT TO: Chicago Title Company of Washington Lori Forbes 701 5" Avenue, Suite 2700 Seattle, WA 98104 (206) 628-5600 CTISeattleTitleUnit4@ctt.com Title Commitment Number: 0253211-04 Commitment Date: March 28, 2023 OWNER NAME: Rose A. Widener and Dillion Widener 2833 S 308'' Lane Federal Way, WA 98003 Parcel Number: 092104-9314 DATE: (e �� 3 City of Federal Way, and the undersigned, mutually agree and direct you to close this escrow in accordance with the following instructions: 1. The undersigned grantors hereby authorize the issuance of a City of Federal Way warrant payable solely to the above -named Escrow Agent, for our benefit. 2. Receive the Warranty Deed handed herewith from us as grantors to the City_ of Federal Way as grantee, conveying the lands described in your above -referenced Preliminary Commitment. 3. Receive the sum of $490,000.00 in the form of a City of Federal Way warrant that you are instructed to distribute as follows: Pay and eliminate of record all encumbrances on said premises shown in your Preliminary Commitments dated 3/30/2023, and no supplements, together with any other encumbrances appearing of record against said premises, on the statement of holder or holder's representative prior to closing, except those noted in paragraphs 1-15 & 17. 4. Note: All escrow and recording fees shall be paid by the City of Federal Way 5. The City of Federal Way, at its discretion, reserves the right to withdraw the funds for this transaction from escrow and close this transaction independently or deposit said funds with the Clerk of the Court if deemed necessary. 6. When ready to vest title in City of Federal Way, record instrument shown in instruction 2 above (no recording fee or excise tax is to be charged) and prepare CLOSING DETAIL STATEMENT as explained on the reverse hereof. 7. Remit the balance by your check to: Dillion Widener and Rose Ann Widener at 2833 South 3081 bane. Federal Way, WA 98003 with your CLOSING DETAIL STATEMENT. 8. Issue standard form Owner's policy of title insurance in the sum of $490.000.00 insuring City of Federal Way as owner of the estate conveyed. 9. Upon closing, mail recorded instruments, title policy, and copy of CLOSING DETAIL STATEMENT to City of Federal Way—Publie-Works Department, 33325 V AveS. Federal Wax, WA98003 City of Federal Wad Owners -L -z 1zdt3 By: i Date lie I�W p— i� L _ Widener Escrow Agreement doex By: billion WideYier Date r--)/ (jr, /-)3 By: RKse Ann Widener Date CLOSING DETAIL STATEMENT As indicated on the Escrow Instructions, the Escrow Agent shall famish, upon the completion of the escrow transaction, a CLOSING DETAIL STATEMENT that will show thereon: (a) The date of receipt and total amount of escrowed funds. (b) The fee for escrow services and a statement that the entire escrow fee has been paid solely by the City of Federal Way. (c) The date on which the City of Federal Way's grantor(s) is notified that the Escrow Agent is ready to disburse funds to the City of Federal Way's grantor(s). (d) Date of closing of the escrow. (e) Detail of a mortgage payoff that includes: Principal unpaid balance and date. Accrued interest and dates for which interest is paid. Prepayment penalty assessed, if any. Offset of reserves held by mortgagee. Net amount paid to mortgagee and date. (f) Sums, if any, withheld from distribution to the City of Federal Way's grantors at time of closing, and for what reason. (g) Endorsements to the effect that: 1. The statement has been read by the City of Federal Way's grantor, approved, and acknowledgment of receipt of the funds indicated as the net balance due from the Escrow Agent. 2. The closing officer certifies that the statement is true and correct. In case the Escrow Agent has withheld funds from distribution to the City of Federal Way's grantor(s) for any reason, the Escrow Agent shall famish to the City of Federal Way copies of correspondence transmitting such withheld funds at the time of their final disposition. Widener Escrow Agreementdocx American Home Appraisals Residential Appraisals Case Number: File Number: 23-4323 DC ********* INVOICE ********* File Number: 23-4323 DC 10/19/2023 Dilion & Rose Widener 2833 South 308th Lane Federal Way, WA 98033 Borrower: Rose & Dilion Widener Invoice #: 0 Order Date: 10/06/2023 Reference/Case#: PO Number: 0 2833 South 308th Lane Federal Way, WA 98033 $850.00 SFR Appraisal / Sound Trannsit acquiring PAID Via Zelle on 09/28/2023 Invoice Total: $850.00 State Sales Tax @ Deposit ($850.00) Deposit $0.00 Amount Due $0.00 Terms: Net due Upon Receiot Please make Check Payable To: American Home Appraisals 7683 SE 27th Street #300 Mercer Island, WA 98040 Fed I.D. #: 91-1456771 7683 SE 27th Street #300, Mercer Island, WA 98040 206-236-3037 File No. 23-4323 APPRAISAL OF LOCATED AT: 2833 South 308th Lane Federal Way, WA 98033 CLIENT: Dillion and Rose Widener 2833 South 308th Lane Federal Way, WA, 98033 AS OF: October 12, 2023 BY: David Connelly American Home Appraisals Page 1 of 52 Dillion and Rose Widener 2833 South 308th Lane Federal Way, WA, 98033 File Number 23-4323 File No 23-4323 In accordance with your request, I have appraised the real property at: 2833 South 308th Lane Federal Way, WA 98033 The purpose of this appraisal is to develop an opinion of the defined value of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the defined value of the property as of October 12, 2023 is- $465,000 Four Hundred Sixty -Five Thousand Dollars The attached report contains the description, analysis and supportive data for the conclusions, final opinion of value, descriptive photographs, assignment conditions and appropriate certifications. Sincerely, David Connelly American Home Appraisals 7683 SE 27th St #300, Mercer Island, WA 98040 Page 2 of 52 Residential Appraisal Report File No. 23-4323 The purpose of this appraisal report is to provide the client with a credible opinion of the defined value of the subject property, given the intended use or the appraisal. ClrerlNamefur rideuUser Dillion and Rose Widener E-lived Wdener.goseftrwil.00rn CIxmAAmress 2833 Sol 3Wth Lane city Federal Way Stare WA zp 98033 ! Udlional Intended user s7 The intended users of this re rT Ls the Chants Ilstetf above additional Intended Users are any mediation service or • court of com lent'urisdietion, and no other. Intended use The intended use of this appraisal Is to determine current Market Value to assist with n@pbabon with City of Federal Way - No other use Is fritended or authorized by the apwrafiser. The scope of this assignment is specific to the identified intended use. Pfolmirty Address 2833 South 308th Lane ciry Federal Way Sima WA 7098033 0%ma or public Record Dillion Widener and Rose Widener Counly Kin Lcud oescriplion Lot 3. as dellneated on the face of King Goun Short Plat 1085010 recorded under Rec No 86072407401 See Addendum " Assesser'sParcel r 092104 9314 Tax Year 2023 R.C" Tawas 5 4,867.20 Ner robw4cadvame Steel Lake 1,lab Rorerence TB 745 C3 Census Tract 300.06 Pr Mlhl, Acol Feb simpla El Leal Uatw ihal MY iew rl IX I dal I Idd liar raves n priam skis or Irany:Cr5 of lim su fit Iim [idea yeas p far 1e ilia FrIMWe dale or t1i5 a arsal" Prior Su enrururer: Dm 4-2 -2022 Price $440 000 sources Kin Co" and MLS Analysis of prior sale or transfer history of the subject propel (and comparable sales, if applicable) The subject proe was reoently listed under MLS#1905006 on 3121 /2022 for MID 000. Per listing roe event under contraz t 313OM22 and closed 4121 P202 2 for $440.000. There have been no other sales or transfer of fnterest in the previous three Mrs pe r NWMLS and Kinq County public records for the Sub'ecL There have be no prior sales In past 3 years for the comparable sales unless noted. Offerings, options and contracts as of the effective date of the appraisal No offerings, o [ions and or Contracts were noted or were twoU ht to the attention of the appraiser as of the effective date ofthis appraisal.The sub"I ct pl-operty is scheduled to be purchased by the City of Federal Way for the construction of a new Operations and Maintenance Facility. r1alpliburliootl CiuractrijddCf _ arb,uAnHcia rtyrrw4s "e Undo—v lai . rlri.nousex tocalydt until Subw n WW rho VzWes scream Stable owl PRICE ACC Orie�lJne 63 % yuirt•ll ❑vcr75ffi ;?3.35iG I]rldErZ$% pel Supoy Woo 2-4Un6 2 :u Grmuifl Rand N Stalk Urmw h1mYeG Tlme Urgler 3 rrMs 3•e mhrl I lover6milbs 215 Low 0 mufti•r 15 % Neighborhood Boundaries Neighborhood is bordered by S 288th St to the north Interstate 5 to the 1,400 Ho 120 Commercial 15 %. east, S 3201h St to the south and HyN 99 to the west. 625 Pred. 35 Other Pub 5 % Neighborhood Description See Attached Addendum 0 Market Conditions (including support for the above conclusions) See AtlaChed Addendum O'unerizona 71"37fbc213.91ftx250"18ftx98.77ft Arcs 14.960 SQY1. +I- Sties a Irregular view None hGlodin ClossirlCaLen RS7.2 Cl Fed Wa ton iiwl Residential 7200sf minimum lot slxe 1 See Addendum Lrxil C nee L f t NurcpdmIT ' arrdfedlbred Ilse No Io II aI 1 Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use?desuineOYes No If No, describe. See Addendum for comments on Highest and Best use. Utilities Public ottw(dri6Birbp Public (}lflnr descrtbel Off-AMIFLI OYexnents—I Public Priwie El"i X water treet halSol LJ IxJ Gas U U unknown Rill J ]( Private Onsite M Site Comments See Attached Addendum GENERALOESCRIPT -ON JUARIUM i EXTEWRDE3t;arPr[fifi malklirLR. I INTEWR lmmleb Url X One 0nawrAu unit Cecim Sian Craver Space roombbon will; Concrete Floes Hardwd iM r or Stoics 1 LJFullBaserwrit Aarpal ilaseircnl Eyfil waif. Bfich Wales Drywall Jt filet Att. S-08JEfte Unit Basement Area 5q. h. Rout Sul Metal Sh 1 Torwrinlxfl Wood K Exoi. Pirii—ed I JUnael Basement Finish % Guti G DoN.nspoun Metal Sam Finer Vinyl Dmqm (sarpi Rambler OwsadeEn dr 0&m*Pump WindowT pe Alum Firm Bathl4nIml Plaslic.Fbr Is 1?eaarBuib1954 Storm Sash/Insulated Insulated Co's[or a None Efe:INO rs 20 Screens Some Divewa #OfCom 2 AMC None Ile FwA HW H lRal Amenihps lWoudSirmfisi+ Di Surface Gravel Cr Stair Stales EleclnC ri ac s + x Ferim Cv tarCarS F'reu Sortie tuWAr Ccr;d.'.* PawDeck PerchCvd Do : aI Cars rirasrled Headed gefFeet ofharWaAH[ Pw OmerAa. Om. $ull•mA lehceFtlr Oi Adruairdve wesherlfh Dlher tl's:.nne Fuumedarea above rude commits 6 Rooms. 3 Bedrooms 2 Ball -is) 1.399 S re Feel of Gross I-ii Area Ahmre Grade Additional Features See Attached Addendum Comments on the Improvements See Attached Addendum _`�� Puv�[N-,g 1G—.M2U 8727 wnv, zc,.—aa Irn"t%TJ*4M'MAC-A WA—ei Gram. YR4e. �,—i P Page 1 of ISPAl Genwai Purpose ZWT I00!1 Page 3 of 52 eVitl Residential Appraisal Report File No 23-4323 FEATURE I SUBJECT COMPARABLE SALE NO 1 COMPARABLE SALE NO.. 2 COMPARABLE SALE NO 3 2833 South 308th Lane Address Federal Wa 2036 S 298th St Federal Wa WA 98003 817 S 317th St Federal Way WA 98003 29617 32nd Place S Auburn WA 98001 Proximity,toSutiecl 0-83 miles N_ 1.37 miles SW 0.74 miles NE Sale Price $ Js_ S 413.53 • .h.: MLS #2136683 _ 5000: '`l:�:_;_' s 520.000 50.W n 321,98 sq it I$ MLS #2074650 s 500,000 Sale PricelGrossLiv.Area $ 0 it so 378-79 sq H Data Source s) MLS #2070237 Verification Sources King Co Rec. Realist i Kina Co Rec. Realist Kina Cc Rec. Realist VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION •w snm-xvw•.x DESCRIPTION .p+sa DESCRIPTION •t-lS Arti Sale or Financing Concessons ClosingCst/FHA 7J2023 omd -2,000 NoneNoted/Cnv 6/2023 omd -o- ClosingCst/FHA 5/2023 ofnd -13.000 Date of Sale/Time 812023 clsd 6/2023 clsd 612023 clsd Location Steel Lake Steel Lake Terracing, Add -0- West Hill -0- Lea5el,old/FeeSi le Fee Simple Fee Simple Fee Simple Fee Simple Site 14 960sf 7 194sf 28.000 10 106sf 17.000 9,241 sf 21,000 View None/1-5 Noise None/None -27,000 None/None -27.000 None/ 1-5 Noise -0- Design JStyll Rambler Rambler Rambler Rambler Quality ofCoasintuion Averse Averse Averse Average AcWaJ Age 1954 Butilt 1967 Built 1968 BuJlt 1967 Built - Condition Averse Avers a/Good -63.000 Averse D. Aver e/Good -63,000 Above Grade Tnel u Twl I Ild— o.r�. T," s— I u,n,i T.J Oc'm. iyn, Room Count 6 3 1 2 7 4 2 7 4 1.75 7 F4 F t5 5500 Gross Living Area 140.00 1.399 s ft 1 330 s . fl 10,000 1 615 s . fL-30.000 1,320 sq It 11.000 • Basement & Finished RoomsBebw Grade None None None None FunLonal LW11 Low -Average Average -0- Average -0- Average -0- Heabol FA.LVauHLHtPot FA -0• Wall/GenerMcir S erior FA -0- Energy Efficient Items Double pane Double pane Double pane Double pane Gars elcar oTl 2 Car Driveway 2 Car Garage -24.000 2 Car Driveway -0. 2 Car Garage -24,000 Porch/Paliu/Deck Deck.CvdPch Pch Patio -0- Pch Dck -0- Pch Patio -0- W Monti (Tom $ 78.00 1 1 1 t $ 40.0001 X s 62,500 Adjusted Sale Price of Comparabies I Net Adj- -14-2% Gross 28.0% s 47 ODD 1Nei Adj- -7.7% Gross 14.2% s 480.000 Net Adj. -12-5% 1 Gross 27.5 % s 437,500 Summary of SalesComoarison Approach See Attached Addendum Indicated Value b Sales Comparison Approach $ 465.000 CA53'APpgdAC1F'fD.Y11LV E Site Value Comments See Attached Addendum ESTWTEd U REPRODUCTION OR WREPLACEMENT COST NEW OPINION OF SITE VALUE. -...-.... ........................... -.. = s 185.000 Source of cost data Craftsman Bk Company Dwellin 1.399 Sit, FLO$ ............ = S 310.402 Ouaday ratimi from cost service Averse Frfertivedate of w5i data 2023 .FL 0 $ . • 5 Comments on Cl Auipmart, rocs livin-g area calculation& de reciadori. etc.) Cost figures have been obtained from Craftsman Book Company, Gara Car an s . Ft. C- $ s Averse qualily brick construction. Total Estimate ofCosl-New = 5 310,402 Estimated Site Value based on land sales see addendum. Less 70 Physical Funcllonal External See attached floor 21an sketch for s ft area calculations. Depreciation $90 017 $27 000 = Sf 117,017 Site Improvements include: grading, utilities additional permits De rccialed Cast of Im rovements................. ........... - S 193,385 "As -is" Value or Site Improvements,. .5 25.000 Additional Permits Jm ac1 Fee Surveys 45,000 INDICATED VALLIE BY C45t APPRIGACH ......... = s 448,400 MCOM APPWACH To VALVE I Estimated Monthly Market Rent $ X Gross Rent Multiplier • = $ n/a Indicated Va1ueby Income Approach Summary of Income Approach (including support for market rent and GRM) See Addendum Methods and techniques m to ed: M Sales h ie Co]rA eoh LJ Income Approach Other: Discussion or methods and techniques employed, including reason for excluding an approach to value: See Addendum Reconciliation comments: See Addendum Based on the scope of work, assumptions, limiting conditions and appraiser's certification, my (our) opinion of the defined value of the real property that is the subject of this report os, of October 12 2023 , which is the effective date of this appraisal,is: ❑x Single point S 465 0-0-0 U Runge S to s ❑ Greaterthan ❑ Less than S This appraisal is made •AS r3.• 9;lUiC6 to carriplPtion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, ❑ subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed ❑X subject to the fallowing! See Scope of Work for Conditions of Value ^, - ., lIIrilu:r,l ini nCl wlrx;un B2 ol4 OR/wwn.,nvne cam TM1Nwm rnprigni'20091mfi AC- errs Muvrunermp,n nu,R'es4u1201 Paue20l4 (SPAR(:) General PurpmrA it Repro 312011 tPPARSIIN p 012110'�1 American Home Appraisals Page 4 of 52 Residential Appraisal Report File No- 23-4323 FEATURE SUBJECT COMPARABLE SALE NO- 4 COMPARABLE SALE NO, 5 COMPARABLE SALE NO.6 2833 South 308th Lane Address Federal Wa 29331 36th Ave S Auburn WA 98001 3206 S 291 st St Auburn WA 98001 25817 32nd PI S Kent WA 98D32 Proximity to Subject 0.97 miles NE 1.09 miles NE 3-12 miles NE Sale Price $ s 5 238-30 :.. -- 407.500 _ 5 'ems 335 B= - f 450.000 s 485,000 SalePr¢eJCuassliv.Area 5 0.00 s ft $ 480 20 s ft . MLS #2133411 Data Sou MLS #2126584 MLS #2035686 Verification Sources Kin Co Reg.Realist Kin Co Rec Realist Kin Co Rec Realist VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION -(as DESCR1PTtON .o-i sa I� DESCRIPTION -Idsq v� Sale or Financing Concessions j NoneNoted/Cnv 6/2023 omd -0. NoneNoted/Cnv 2/2023 omd -0• NoneNoted/VA 7/2023 omd -0- Dateot Sale/Time 6/2023 clad 3/2023.cisd 7J2D23 clsd Location Steel Lake West Hill -0- West Hill -0- Lake Fenwick -0- Leasehuld/TeeSm le Fee Simple Fee Simple Fee Simple Fee Simple Site 14 860sf 7 958sf 25,000 7 600sf 26.000 6 969sf 29.000 View Nor l-5 Noise None/ Some -27.000 None/ 1-5 Noise -0- None/ 1-5Noise -0- Desi n St Ip Rambler 1.5 S Rambler Rambler Oualit of Construction Average Avera e Average Avera e Actual Age 1954 Built 1962 Built 1966 Built 1967 Built Condition Avera a Fair 63.000 LOW Avera a -0- Avera /Good 63,000 Above Grade Talal Irmmr Dams Tow eom a.rm Tµi I Rd— I a.rh, Tarp cane ttj Room Count 6 3 2 8 3 1 20000 7 3 1-75 6A 3 1.5 5500 Gross Area140.00 1.399 s -ft 1,710 sq. ft -44,000 1,340 s . ft 8.000 1.010 SQ it 54-000 Basement & Finished Rooms Below Grade None None None None Functional Utility Low Average —Average -D- Average -0- Average -0- Heating/CoDlinq FA.WaIIHt.HtPm FA 1 -0- FA -0• FA/HtPum -0- Energy Efficient Items Double plane Double pane Double pane Double pane Gwa a/Car on 2 Car Driveway 2 Car Driveway -0- 2 Car Gara a 24-D00 2 Car Carport -12.000 Porch/PetiolDeck Deck.CVdPCh Pch Deck -0- Pch Patio -0- Pch Patio -0- Net Adjustment Total) s 37.0001 x r s .10 000 5 13.500 Adjusted Sale Price ofCr,nDWZble- Net Adj 9. 1 % Gro 43,9% $ 444,500IGmssAdi Net Adj 2.2 % 12.9% s 460.000 Net Atli 2.8 % GrossA 33.7% 498500 Summary of Sales Comparison Approach See Attached Addendum I I iaMnlv11Alt$rrur Ali 1.41 Arr: Inm 200: 2016 ACI., rv,fcml-, All R,J, 1r 1 IrOr .lalpwlN T/.tmlrayY� (gPAR'") GanerA Nip... Apt �,.Il Regm 712W7 nPAk11N M 032720'1 Page 5 of 52 Residential Appraisal Report File No. 23-4323 FEATURE I SUBJECT COMPARABLE SALE NO.7 COMPARABLE SALE N0.8 CDMPARABLE SALE NO-B 2833 South 308th Lane Address Federal Way 1826 S 31 Oth St Federal Way WA 98003 29612 21 st Ave S Federal Way WA 98003 28311 loth Ave S Federal Way WA 98003 Proximity to Subject 0.64 miles SW 0.89 miles NW 1.60 miles NW Sale Price $ 3 550.000 , wr_ S 424.950 8 499.950 Sale Pnce/Gfoss Liv, Area $ 0.00 s ft s 398.55 su tt . S 389.86 s rt S 384.58 fL Data Sri uce _ _ MILS #2140369 T� _ _ MILS #2169958 MILS #2157884 Verif[adanSource Kin Co Rec, Realist Kin Co Rec.Realist Kin Co Rec.Realist VALllEADJUSTMENiS DESCRIPTION DESCRIPTION -•rsad m� DESCRIPTION 4•1sn rmw DESCRIPTION •C.ISM —I Sale or Financing Concessions NoneNoted/Cnv 7/2023 omd -0- Pending Sale 1012023 omd -0• Active Listing 9/22/23 List -0- Date of Salelrime 92023 clsd Location Steel Lake Steel Lake Steel Lake Redondo -0- Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Si le Site 14.960sf 10 OOOsf 18.000 8 5205f 23.000 7,208sf 28.000 View None/1-5 Noise None/None -2000 None/None -27,000 None/None -27.000 Des ri St l Rambler Rambler Rambler Rambler Onalit ofCnnslrLicuon Average Avera a Average Average Ariml Age 1954 Built 1954 Built 1967 Built 1970 Built Condition Avera.qe -63.000 Aver -0- Avera e/Good -63 000 Above Grade T-1 Bdlm,l pw Tnwt Dmnn eim. iaw peen OWh Tw[ F+�n Nw Room Count 6 3 1 2 6 3 1,75 7 3 1 20 000 7 3 1 20 000 Gross Livina Area 140.00 1,399 s . It 1, 380 s . R 3.000 1,090 sq fL 4 000 1.300 s . A.1 14 00 Basement 8 Finished Rooms Below Grade None None None None FuecunnnlUMIt LowAvera a Low Average -0- Average •0- Aver a - -0- Heating/Coolina 0—Heating/Coolie FA,WaIIHLHtPm FA -0- FA -0- FA -0. EnerQy Efficient tems Double pane Double pane Double pane Doublepane Gara elcar on 2 Car Driveway 2 Car Garage -24.000 Enclosed Gar -0- No Garage -0- Porch/Patio/Deck Deck.CvdPch Pch-Patio -0- Pch Patio •0- Pch.Patio -0- Net Ad'ustmenl finial) s 93000 s 59000 s 28,000 _ Adjusted Sale Price ofComoarables Net Adj -16.9% Gm" 24.5% s 457000 Nei Adj. 13.9 % Gross ' 26-6o S 483.950 Net Adj. -5.6% GrossAd'. 30.4% S 471950 Sumof Sales CempunwA oacn See Addendum for comments usirgnt.isrm•�nre n+t �.t.ar tvnwv.. itvcu rum nN�re (SPAR"uCHy�••rom.�R-.)Gryr>en>rn[e�rr :+Jh4 nyY '� i Addilxtnal CnmparaAl-. ')GenwalPwpnseletr.'n.: �i1r,G;1 . I0."Ai pr 71 h17i7G ]] Page 6 of 52 Residential Appraisal Report File No 23-4323 Scope of Work, Assumptions and Limiting Conditions Scope of work Is deli ned in the Uniform Standards of Professional Appraisal Practice as " the type and extent of research and analyses in an assignment" In short, scope of work is simply what the appraiser did and did not do during the course of the assignment. It incl udes, but is not limitedto: the extent to which the property is identified and inspected, the type and extent of data researched, the type and extent of analyses applied to arrive at opinions or conclusions. The scope of this appraisal and ensuing discussion in this repor are specific to the needs of the client, other identified intended users and to the intended use of the report. This report was prepared for the sole and exclusive use of the client and other identified intended users for the identified intended use and its use by any other parties is prohibited. The appraiser is not responsible for unauthorized use of the report. The appraiser's certification appearing in this appraisal report is subject to the following conditions and to such other specific conditions as are set forth by the appraiser in the report, All extraordinary assumptions and hypothetical conditions are stated in the report and might have affected the assignment results. 1. The appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or Lille thereto, nor does the appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership. 2, Any sketch in this report may show approximate dimensions and is included only to assist the reader in visualizing the property. The appraiser has made no survey or the property 3. The appraiser is not required to give testimony or appear in court because of having made the appraisal with reference to the property in question, unless arrangements have been previously made thereto. 4. Neither all, nor any part of the content of this report, copy or other media thereof (including conclusions as to the property value, the identity of the appraiser, professional designations, or the firm with which the appraiser is connected), shall be used for any purposes by anyone but the client and other intended users as identified in this report, nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media, without the written consent of the appraiser, 5. The appraiser will not disclose the contents of this appraisal report unless required by applicable law or as specified in the Uniform Standards of Professional Appraisal Practice. 6. Information, estimates, and opinions furnished to the appraiser, and contained in the report, were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished to the appraiser is assumed by the appraiser, 7. The appraiser assumes [hat there are no hidden or unapparent conditions of [he property, subsoil, or structures, which would render it more or less valuable. The appraiser assumes no responsibility for such conditions, or for engineering or testing, which might be required to discover such factors. This appraisal is not an environmental assessment of the property and should not be considered as such. 8. The appraiser specializes in the valuation of real property and is not a home inspector, building contractor, structural engineer, or similar "expert', unless otherwise noted. The appraiser did not conduct the intensive type of field observations of the kind intended to seek and discover property defects The viewing of the property and any improvements is for purposes of developing an opinion of the defined value of the property, given the intended use of this assignment Statements regarding condition are based on surface observations only. The appraiser claims no special expertise regarding issues including, but not limited to: foundation settlement, basement moisture problems, wood destroying (or other) insects, pest infestation, radon gas, lead based paint, mold or environmental issues. Unless otherwise indicated, mechanical systems were not activated or tested. This appraisal repon should not be used to disclose the condition of [he property as it relates to the presencelabsence of defects. The client is invited and encouraged to employ qualified experts to inspect and address areas of concern. If negative conditions are discovered, the opinion of value may be affected Unless otherwise noted, the appraiser assumes the components that constitute the subject property improvements) are fundamentally sound and in working order. Any viewing of the property by the appraiser was limited to readily observable areas Unless otherwise noted, attics and crawl space areas were not accessed The appraiser did not move furniture, floor coverings or other items that may restrict the viewing of the property 9. Appraisals involving hypothetical conditions related to completion of new construction, repairs or alteration are based on the assumption Ilia[ such completion, alteration or repairs will be competently performed, 10. Unless the intended use of this appraisal specifically includes issues of property insurance coverage, this appraisal should not be used for such purposes. Reproduclion or Replacement cost figures used in the cost approach are for valuation purposes only, given the intended use of the assignmenL The Definition of Value used in this assignment is unlikely to be consistent with the definition of Insurable Value for property insurance coverageluse 11. The ACI General Purpose Appraisal Report (GPARTM) is not intended for use in transactions that require a Fannie Mae 1004IFreddie Mac 70 form, also known as the Uniform Residential Appraisal Report(URAR). Additional Comments Related To Scope Of Work, Assumptions and Limiting Conditions Final appraiser(s) opinion of value reflects; 12) Appraisal assignment included providing a market value as of October 12. 2023. 13) The subject was visually walked through on October 12, 2023 by David Connelly of American Home Appraisals. Interior access to was provided by Dillion and Rose Widener, 14) The appraisal makes the assumption that all updating/repairs described by the clients has been completed. 15) The appraisal makes the assumption that the on -site septic system is functional. .— n�n�m ""ono v,rc.�,:.anrueraw. �.c �. r!,rL•n Grjry��'�}ypNAe.�rtu A+rteaG.�� r,l.Rpn Y.yiu,1 •'mr Page3u14 r;PAR'"'1 C*I10"_ r�'Av'�N �[ 1rA if Page 7 of 52 Hesiaential Appraisal meolan File No. 23-4323 Appraiser's Certification The appralser(s) certifies that, to the best of the appraiser's knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are the appraiser's personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3, Unless otherwise stated, the appraiser has no present or prospective interest in the property that is the subject of this report and has no personal Interest with respect to the parties involved. 4. The appraiser has no bias with respect to the property that is the subject of this report or to the parties involved with this assignment 5. The appraiser's engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. The appraiser's 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. 7. The appraiser's analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice 6. Unless othewise noted, the appraiser has made a personal inspection of the property that is the subject of this report. 9. Unless noted below, no one provided significant real property appraisal assistance to the appraiser signing this certification. Significant real property appraisal assistance provided by Additional Certifications: The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. As per USPAP, I personally have not previously provided any service(s) for this property within the past 3 years. I have performed no (or the specified) services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the agreement to perform this assignment Definition of Value: OMarket value ❑Other Value: Source of Definition: "The Appraisal of Real Estate" 14th Edition, Appraisal Institute, Chicago, IL Market value means 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 and 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 acting in what they consider their own best interests; (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 ADDRESS OF THE PROPERTY APPRAISED: 2833 South 308th Lane Federal Way, WA 98033 EFFECTIVE DATE OF THE APPRAISAL: October 12, 2023 APPRAISED VALUE OF THE SUBJECT PROPERTY s 465,000 APPRAISER Signature:�h _ Name: LWId Connelly Company Name: American Home Appraisals Company Address: 7683 SE 27th St, #300 Mercer Island. WA 98040 Telephone Number: 208-236-3037 Email Address: david@AmericanAppraisals.com State Certification # 1700766 or License # or Other (describe): State p State: WA Expiration Date ofCenificadon or License: 1111712024 Date of Signature and Report: 10/19/2023 Date of Property Viewing: 10/12/2023 Degree of property viewing: X❑ Interior and Exterior ❑ Exterior Only ❑ Did not personally view SUPERVISORY APPRAISER Signature: Name: Company Name: Company Address: Telephone Number: Email Address: Stale Certification # or License # Slate: . Expiration Date of Certification or License Date of Signature: Date of Property Viewing, Degree of property viewing ❑ Interior and Exterior ❑ Exterior Only ❑ Did not personally view I:X.-M VJ .. , , w IT�GfiiKT�Fdi. I:IMIT1fr�IA1Iu Page 4 014 (gPAR-) Gei. I Purpose Apppp ' I Repn0 312017 GP/,R511A' 11 03272017 American Home Appraisals Page 8 of 52 2833 South 308th Lane, Federal Way WA 98003 Client: Widener APPRAISAL ADDENDUM LEGAL DESCRIPTION: (per 2022 Ticor Title Company Report #70183483) EXHIBI , Legal Description LOT 3, AS DELINEATED ON THE FACE OF KING COUNTY SHORT PLAT NO. 1085010 RECORDED UNDER RECORDING NO 8607240740: TOGETHER WITH A NON EXCLUSIVE EASEMENT FOR INGRESS AND EGRESS AS DELINEATED ON THE FACE OF KING COUNTY SHORT PLAT NO. 1085009 RECORDED UNDER RECORDING NO_ 8607240744 AND KING COUNTY SHORT PLAT NO. 1085010 RECORDED UNDER RECORDING NO. 0607240740, BEING A PORTION OF THE NORTHEAST QUARTER, WASHINGTON. SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON. KING COUNTY ASSESSED VALUES and TAXES Tax Information 1 h 1 Levy code 1205 1205 1205 Status Taxable Taxable Taxable Omit year 0000 0000 0000 Land value $154,000 $140,000 $121,000 Improvement value $338,000 $256,000 $218,000 Tax $4,680.94 $4,345.91 $3,965.89 Surface Water I $179.91 $165.05 $151.43 Noxious Weed $6.35 $5.45 $5,45 Total billed $4,867.20 $4,516.41 $4,122.77 Amount paid $2,433.60 $4,516.41 $4,122.77 Interest $0.00 $0.00 $0.00 Fena4 $0.00 $0.00 $0.00 Balance SZ433-60 Som $o.04 American Home Appraisals 23-4323 Page 1 Page 9 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener NEIGHBORHOOD DESCRIPTION The subject is located about 8 miles northeast of Tacoma between Steel Lake and Interstate 5 in the Steel Lake area of Federal Way. The City of Federal Way was incorporated in 1990 and is home to just over 101,000 people. The neighborhood includes a heterogeneous mixture of spot single-family dwelling development and homogeneous subdivisions over the past 70 years. Higher density residential usage and commercial/professional office buildings parallel Highway 99 and the Interstate 5 corridor. Homes are average to very good quality and typically display average upkeep. Location is convenient to support services and desired suburban amenities along Hwy 99 and at the Commons of Federal Way shopping complex to the southwest. All levels of the Federal Way School District serve the subject location. Wildwood Elementary School and Sacajawea Middle School are within 10 blocks to the northwest. Neighborhood has convenient access to Hwy 99, Interstate 5, SR 18 and HWY 167. 20+ minute commute to Tacoma CBD; 45-60 minute commute to Seattle CBD. Location has average current market appeal. MARKET CONDITIONS Median yearly sale prices on in the subjects marketing area for single family properties was analyzed from 2006 to 2023. Market trends indicate that Median sale prices for previously built single family properties in both the City of Federal Way, King County and Pierce County to the south overall began increasing in 2012 and generally continued into summer of 2022. k1melan Sala%PrlSe S 1 dMl ut e:r W r.w u 4M — Fw$ uV 010 — Nay — c111 rr'4cn, ; L^;.,», ',e"Lne- Q Uax- F SMUnM, F1 :Oc.. 2d��" :GWr .,*NA 1• �ftl ?��P r f,a,� .., _ '•!'A4 _a€ t.: 16 7 -0+ 1 ,:�N :O aR, • zvr 'i17.'? f�G[aa4 ii�ayA��,}.4 Fw...F riu.� «n n. rt.�Y•{.;,r r _.. N�r',x Narrowing to monthly changes over the past 3 years for previously owned properties provides a better representation of market fluctuation over the past 3 years due to the Covid 19 pandemic and its impact to local, regional, and national economies. American Home Appraisals Page 2 Page 10 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener r3"• L =4h,1 L Une . 0 a Yeas . i I MWU„ . Medan salsa Price s€rnM MR 704 /DFry \�.tioelfi:s w -W Sfl;iA I-29:Q I �J)I I i �iiiz] {'FAF 3".V2Y GFn;j .t Fr-- •wi ..,<ti .� ._F:�M1li �i, ,ti., .. 11.: %pl;. Analyzing the City of Federal Way over the past year shows that there were 695 residential sales of which 73.08% sold within 30 days for 100.71 % of their list price, an additional 12.41 % sold within 60 days for 98.23% of their list price. The median single family residential sale price over the past 12 months was $585,000 for a 2,010sf dwelling and the average sale price was $625,849 for a 2,100sf dwelling. List prices have ranged from $116,000 to $2,600,000 over the prior 12 months. Sale prices ranged from $197,000 to $ l ,850,000 over the past 12 months. The average CDOM' is 31 and the median CDOM is 10 days. There are currently 86 homes for sale with a median list price of $699,475. Less than 3 months of inventory trends toward an unbalanced market with increasing pressure on prices. Inventory levels were less than 2 months. The subject is a rambler style property, narrowing the data to rambler style properties over the past 12 months indicates that there were 195 sales. Of those selling, 77.11 % sold within 30 days with a median listing to selling price ratio of 101.52%, an additional 10.45% sold within 60 days. The median rambler sale price over the past 12 months was $500,000 for a 1,320sf dwelling and the average sale price was $524,344 for al,423sf dwelling. List prices have ranged from $200,000 to $1,894,000 over the prior 12 months. Sale prices ranged from $200,000 to $1,850,000 over the past 12 months. The average CDOM is 21 and the median CDOM is 7 days. Estimated Marketing Time Marketing time is estimated to be 0-90 days for the subject. This is the marketing time considered to take place going forward from the appraisal date in order to achieve the appraised value. 0-60 days is a reasonable time to find a buyer for this property. Closing through escrow would take another —30 days. Estimated Exposure Time The subject would have been expected to have had a 0-60 day exposure time. This is the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale, plus the escrow closing time, at market value on the effective date of the appraisal. 1 Per the NWMIS: The CDOM (Cumulative Days on Market) field on listings is designed to show a true and accurate representation of the market time for a property. Matrix will auto -calculate the CDOM field when the listing is submitted by the listing broker. Days on Market (DOM): The number of days from the "List Date" (the date chosen by the listing firm and seller in the listing agreemen t that the property will be submitted to NWMLS as an Active listing) to the 'off market" date (pending date, expired date, or inactive date) of the individual listing. Previous DOM: CDOM adds the Days on Market (DOM) of any previous listings of the some property if they have gone "off market" (Cancelled or Expired) within the last 90 days. If the property is sold and is listed by the new owner, the previous listing will not be included the CDOM calculation, even if it is relisted within 90 doys American Home Appraisals Page 3 Page 11 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener SITE: The subject site is an irregular shaped 14,960sf (per King County) parcel. Site is bordered by asphalt paved private road South 30811 Ln to the north, single family dwellings to the east and west and an undeveloped residential lot to the south. South 308'' Lan is an asphalt paved private dead-end street serving 6 homes. The Interstate 5 right-of-way is located east of the subject site. The edge of the undeveloped right-of-way is approximately 35ft east of the southeast corner of the subject site. The actual edge of the paved traveled lanes are approximately 300ft east of the eastern side of the dwelling. Per topography maps the traveled lanes are approximately 30ft below the subject improvements. Proximity to Interstate 5 exposes the subject site and improvements to 24 hour -a -day traffic noise. Traffic noise may reduce some locational appeal. American Home Appraisals Page 4 Page 12 of 52 2833 South 308th Lane, Federal Way WA 98003 Client: Widener King County Assessor Map 23-4323 J µ .. LEST ti ' •r :nS4 sr. LOT 7 ! rs,oa.tf � fx3� r k ' LOT 3-. 71, �. r x f81x If?T 7 , LOTI KC� 1a�fAf� As LOT :,•1 !t LET $ J. � fs3s ll3e� T113 alw : - — — ��.� a • r 1fi#• 4. I lb rwss� Rae -a; � I LOT T LOT i American Home Appraisals Page 5 Page 13 of 52 2833 South 308th Lane, Federal Way WA 98003 Client: Widener 2012 Survey Map s AL&ObVAM a ASSOC. A%r" LMO 23-4323 RECORD OF SURT j KING COUNTY, WASH1€�GT4N t� f — RIN fA,"— COMM lffil fRlpf .� f4RNnMa N d.0 CUNT lu nw= C &N•> Lt•I ��. N. ram` •.N++ w naw*, a shwow YW Aun i�•�ffi1' ss • w .nrr u wo �rwr u w nrrir ..a.® raxcr fct cxna�sv cseu n•: rtce.� �..v��e.i+a .�w.sn .�xt +r a.wn arr i •car eu .fae.� wy M ON.f�1�R. efµ^Y� ad�wllrV JfMf1IR.wYai Ibl%.'/� RC 1 r ti'IN f zrr ' V 1 .LFr w%Mlnf.�Y�T/s�w..Y�Ftp =�v ✓t MR ROdfN% 0. ' S American Home Appraisals Page 6 Page 14 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener Topography: The subject site has a gentle slope from west to the east per elevation maps in King County iMap and on -site visual inspection. Mostly level/gentle slope topography allows for good overall site utility_ I mom. �. __ � t American Home Appraisals Page 7 Page 15 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener ZONING: The subject is zoned RS7.2 per Federal Way or Single Family Residential 1 Unit per 7200sf nn: r �� , fi , n _ 1 r Ki► � i�rrwtr ' { ; SUBJECt f-`-i Official Zoning Map IMR t Jowu nM$MwMV4ft wrrRy u.e t«A w�. r.. a-r,frr.V#w* �� �IOlnf• +wry�ORR,rr►h� O tl.lieeusepw? �ebrr 0 errrOAlsw.►N+s+s aw...«R+ 0 o►.a..F,. O aOWW410s,. tlM.t•O�IrMr L7+wyPCLw dwaR . AN•Cr��,Mi �OMsw/MrR ■pk•p4�ia� q QMMMw/� coo �aMA �-. IriQ- A fA,Rr#A �fwl wa e - � u.r • r lrMt hr.►r w[i • 1 GrtiR,Mi R�rRs r�IR itil- I LhR7 ttM/11�RN�1 CAMS , YO r 7fiAIM Mrs i�A � �•-R•, f►iiHMrw American Home Appraisals Page 8 Page 16 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener ASBUILT The subject site is served by an on -site sewage system(OSS). Attached "as -built" diagrams were found in the King County Health Departments on-line search system. The appraiser makes the assumption that the systems has been well maintained and is operating properly. %% or two lvq, �Y l� MVIN eaaav 1315 so" Ara � •yy Rn+wR WA 10372 4 MMel lax S mow. . - • � s ,K,K1W W' XI OLD mC TANK /Q 0 0 G,,wNS L - sor ex ns1 wxu M.11M IEi.!} 2 �0 MET w urlwhs SCALE o ra r.+�• . o. o a. OWNER 00i�YV— f c s wsra� LOT SIZE � 5 ,%, .X Fi. S • i Or American Home Appraisals bit Page 9 Page 17 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener Highest and Best Use Highest and best use is defined as:2 The reasonably probable use of property that results in the highest value........ To be reasonably probable, a use must meet certain conditions. A determination of highest and best use is guided by the following parameters: 1) physically possible; 2) legally permissible; 3) financially feasible; and 4) maximally productive. Highest and best use is analyzed both on an as vacant and as improved basis. As if Vacant Physically Possible: The subject property consists of an individual tax parcel being 14,960sf in size'. The parcel has adequate size, shape and topography to allow development of a single-family dwelling as if vacant. Site is mostly average in size for the immediate neighborhood, and appears to have adequate width and depth for development. Legally Permissible: Current City of Federal Way RS7.2 zoning designates development to be single family dwellings. Current zoning designation generally restricts the property to single-family residential uses, though a handful of other single-family complimentary uses such as schools and daycares are permitted as well. The subject's individual site appears to have minimum requirements for development which is 7200 square feet. As a conforming site legally shorth-platted and recorded, it is assumed that development with a detached single-family residence would be allowed is vacant. Financially Feasible and Maximally Productive: Current market trends in the immediate area indicate continued development of vacant sites with detached single-family dwellings occurring. As the property is zoned for residential usage, per Federal Way the site is a buildable and legal conforming site, the development of a new detached single family dwelling would maximize use as of vacant. As Improved: The subject is currently improved with a 1954 built rambler. Improvements are average in size and typical in style for the area. Functional plan generally appears to conform with current market appeal for older homes in the area with additions and or converted garages. Current age, condition and size of the subject do not appear to currently maximize the highest and best use. Extensive remodeling combined with the addition of a garage and ADU would maximize the highest and best use. 2 From The Appraisal of Real Estate, Fourteenth Edition, 2013, Appraisal Institute, page 332 3 Per King County Assessor American Home Appraisals Page 10 Page 18 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener IMPROVEMENTS ADDITIONAL FEATURES/COMMENTS ON IMPROVEMENTS The dwelling is a 1954 built rambler style dwelling. Per King County Assessor records the dwelling is 1,380sf. Appraiser measured sqft area based on exterior measurements indicates the dwelling is 1,399sf. Appraiser calculated sqft area has been utilized in the Comparable Sales Grid and Cost Approach analysis. The main floor functional plan includes foyer, living room, dining room, kitchen, 3 bedrooms, 2-baths and laundry room. The living and dining room has hardwood floors; western bedrooms have hardwood floors; primary bedroom has newer carpeted flooring; older remodeled kitchen features luxury vinyl flooring, white powder coated cabinets, formica laminate countertops with quartz composite sink, stainless Whirlpool dishwasher, stainless space saver microwave and smooth -top electric range oven; remodeled 3/4-bath has vinyl flooring, head- board wainscot, quartz countertop vanity and plastic shower surround; older remodeled primary bath has vinyl flooring, oversized jetted soaking tub, one piece fiberglass shower; single sink vanity cabinet. Since 2022 purchase owners have installed a new cedar privacy fence; professionally removed popcorn ceiling throughout; repaired hardwood flooring; installed new carpeting in the primary bedroom; professionally serviced the electric panels and secured wiring; repaired multiple damaged drywall areas and repainted. Systems include updated electric furnace with heat pump and updated 200amp electric service panel. Exterior features include brick siding, updated metal tiled roof, metal gutters, mixed dual pane aluminum clad windows and concrete foundation. Access to primary bedroom requires walking through bathroom. Lack of direct access to primary bedroom reduces some functional appeal. Lack of covered and or enclosed parking reduces some functional appeal. Deferred maintenance includes: • Minor cosmetic drywall repairs in the bedrooms needed • Primary bathroom cosmetic drywll repairs needed ■ Primary bathroom water damage observed around jetted tub • Previous water damage observed around some window sills • Missing door trim to primary bath along the hallway American Home Appraisals Page 11 Page 19 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener SUMMARY OF SALES COMPARISON APPROACH The subject is a 1954 built brick rambler. The subject's current condition, lack of garage parking and Interstate-5 traffic noise obsolescence led to multiple sale searches not only in the subjects immediate neighborhood but in the surrounding Interstate-5 corridor. Attempts were made to find sales with similar Interstate-5 noise obsolescence and similar condition/effective age. As the subject recently sold in March 2022 additional emphasis was placed on current sales, pending sales and active listings. Several sales have been included within the grid section with the attempt to bracket several marketable features of the subject. Marketing Time Adjustments: Median monthly sale prices from 2020 in the subject's marketing area have been analyzed for all previously owned single-family properties. Data indicates that monthly sale prices remained relatively stable since July. With prices indicating multiple changing trends over the past year a Polynomial trendline was applied to the monthly sale prices. Sales since July do not appear to require any time adjustments. Lace © 3 Ye`, 3 Months �. RMadlart Sales Price EEPFEMRER2023 FBG 4 MW S700K FederaE Way gfiU5.000I ,o 81�K: S660K 3400K S.550K — r G500K 1450M SV)DK t-2020 ]ir7 i 1-e0i2 1d!6U FaO xal Yh.} Prerhtir�:J+'�2tl, Res Jentia Location Adjustments: Sales are all located in the subject's general marketing area. Based on matched paired sales of similar age ramblers no location adjustments are warranted for sales just east of Interstate 5 in the West Hill area. Lot size Adjustments: Comparables have been adjusted for any surplus' land and or excess' land. Based on recent land sales (see Cost Approach) the incremental difference per square footage is $3.60/sf. Land sales are all potential residential building sites. Eight land sales were analyzed within the Cost Approach section of this appraisal. Sales involved parcel acquisitions with residential low density zoning. Based on a regression analysis of land sales, the market pays $3.62/sf for incremental differences in square footage, Comparables have therefore been adjusted at a rounded $3.60/sf for differences in square footage. ' Surplus Land is land that is not currently needed to support the existing improvement but cannot be segregated from the property and sold off. Surplus land does not have an independent highest and best use and may or may not contribute value to the improved parcel. 5 Excess Land is land not needed to support the existing improvements. Excess land may have the potential to be sold separately and, therefore, has been valued and adjusted for separately. American Home Appraisals Page 12 Page 20 of 52 2833 South 308th Lane, Federal Way WA 98003 Client: Widener . 90— Market Reaction to Incremental Differences in Lot Size 5 00,aaa 53 ,D00 ■ a5 2W," ......................... I...... 510E},OflO � �• 0 5000 1000D 150M zoom 250001 Lot Size - Square footage ......I Linear (5.&e511 I 1 y = S3_62x - S132,735.45 30Ii0o 35000 23-4323 The linear regression is an approach for modeling the relationship between a dependent variable y(Sales Price) and one or more explanatory variables (or independent variable) denoted X(number of square footage). A linear trendline is a best -fit straight line that is used with simple linear data sets. The data is linear if the pattern in its data points resembles a line. A linear trendline usually shows that something is increasing or decreasing at a steady rate. Views: Neither the subject or any of the Comparables have any measurable view amenities. Interstate 5 Noise Exposure: The subject is exposed to extensive traffic noise associated with Interstate .5. Several comparables have similar traffic noise obsolescence as they are similarly located adjacent the freeway. To determine any market reaction to the traffic noise, three matched paired sale analysis were completed. The 3 separate matched paired sale analysis compared recent traffic noise impacted sales directly adjacent 1-5 with similar non -impacted sales in the same neighborhood. Studies indicated the market reaction ranged from $18,000 to $35,500 or an average $27,000 or about 5% of the average $560,000 sale price. Comparables not impacted by Interstate 5 traffic noise have been adjusted downward $27,000 to reflect any market reaction to the subjects traffic noise. Target Properties Market Reaction 1 3340 S 290th St $26,000 2 3211 S 249th PI $18,500 3 29617 32nd PI S $35,500 Average $26,667 3340 S 290th St 1-5 Noise Impact saoo,000........................................... 5200,6fld l Uneai (ScrieslI _I _ _ 0 0.2 0_4 0.5 08 1 1,2 Crw 0= No Traffic Noise / .1= Traffic Noise American Home Appraisals Page 13 Page 21 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener p 5",000 ,Cr so 0 0: 3311 S 249th PI -Interstate 5 Noise impact 04 it 6 0.8 1 1.2 0=No Traffic Noise / 1= 1-5 Traffic Noise R Series1 ... Linear (eriesl"+ v=-�18,514.27X+ s6ha,114,27 29617 32nd Pl S - Market Reaction to Interstate S Obsolesence fi 55,4tlli[:' • seriasl ` •............... .°.. ,.°. Ltr,eariSeriesll 0- 553£}, 552aara .. ....... - - 5514,00 Y = -$35,577 26. t $535,,577.2i 3 55,�J ....s €3 C.2 04 ( 4.8 1 'i 2 fl=No Traffic Noise / 1= Interstate 5 Traffi-c Noise Quality of Construction: Comparables sales appear to have similar quality. Sales with minor differing levels of quality are a result of recent remodeling and consideration and has been included in the condition level. Condition and Age: Based on regression model of 58 recent sales in the subjects marketing area the average market reaction between differing levels of updating and remodeling is $63,000 for each level of updating based on listing agent comments and descriptions. The 58 sales were ranked as Fixers -Poor condition, Original -Average/limited updating and newly fully Remodeled. The subject is considered to be Original -Average based on it past older remodeling, recent updating over the past year and current deferred maintenance. (Market Reaction to Condition 5700'000 Lirar;SFriesll �54W.O00 7....... ...... -- ......� V=.r,53239•ETr-y%O2430155 9i 53m WC, 5200.O00 — 510o.C1) Cr — i7 & 1 2 Q= Fixer/Poor Condition / 4-0rional-RVerage / 2= Aemodeted-Updated Bedrooms: No bedroom adjustments were made for the differences between comparable sales as this has been included in the overall GLA adjustment. American Home Appraisals Page 14 Page 22 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener Bathrooms: The subject has 2 bathrooms similar to several of the comparable sales. Due to utilizing comparables with similar obsolescence, condition and or lack of covered parking some sales had inferior i and 1-1/2-bathroom function plans. Sales with inferior 1.5 bath functional plans have been adjusted $5,500 and sales lacking any second bath have been adjusted $20,000 (rounded). Market Reaction Between 1-Bath and 2-8aths S800,D00 � � sertesl $600.00046 ........................................................................� l r,,e3r (5eric s:l) S200, 000 Y = S19,625.38.x ; S51O. 40_653 0 0.2 0.4 0.6 08 1.2 0= 1 Bath / 1=2 oath w S600 000 � Saca,coa 4n 5200.000 5- Market Reaction Between I -Bath and 1.5-Bath p 0.2 ........................� 0.4 0-6 D-S 0= i Oath / 1=1.5 Bath 1 12 Adjustments per sqft: The appraiser analyzed 68 recent rambler sales and listing in the subject's marketing area. Dwellings ranged in size from 730sf to 2,887sf. A regression analysis to plot the finished sgft area against the sales price was completed. Using Single Line Linear Regression Analysis the appraiser arrived at the adjusted amount of $140.14/sf in incremental difference for finished living area. Comparables have been adjusted at a rounded $140/sf. Market Reaction to Differences in Incremental Square Footage 51,0M.000 I. sr0o 000 ... ... L-,r¢3r(Serdeslf 17 520Q,000 .. Y = 5340 1$r, + 5332,293- l3 Square Footage American Home Appraisals Page 15 Page 23 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener Heating/Cooling: No single line adjustments have been ascribed to the comparable sales for differences between the heating and cooling systems. Market differences between the subject and comparables HVAC systems cannot be credibly line itemed through paired sales to accurately ascribed adjustments. Garage: Based on a paired sales analyses garages are superior to carports, a 2-car garage is superior to a 1-car garage and a 3-car garage is superior to a two car garage. Adjustments reflect greater utility and security associated with garages. A regression analysis has been completed in the subject marketing area on 65 recent sales. After adjusting the sales price for differences in GLA and lot size the number of covered parking spaces was then measured against the equated sale prices. Based on linear trendlines there is a $12,380/sf market reaction per covered parking space. Comparables have been adjusted $12,000 per enclosed parking space. Assanooa A s4aff 000 $200000 W � Y ii 05 Market Reaction to Covered Parking �........ ......... ......... U............ I ........ 11.... I ...... g 1 1.5 2 25 $ Number Coverer! Parking ss�1 Urwar (Senesl Y = 512;3W 05X s S497;884 -- 3.5 Fireplaces/Deck/Porches/Patio: No single line adjustments have been ascribed to the comparable sales for differences between the number of fireplaces, the deck and or patio sizes, condition and or functional utility. Market differences between the subject and comparables for appeal, quality, size and condition of on -site amenities cannot be credibly line itemed through paired sales to accurately ascribed adjustments. American Home Appraisals Page 16 Page 24 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener COMMENTS ON EACH COMPARABLE SALE Comparable Sale #1 Address: 2036 S 2980' St, Federal Way WA 98003 Off Market Date: 7/20/2023 Sale Date: 8/31/2023 List Price: $549,950 Sale Price: $550,000 Marketing Time: 12 days Sale is a similar sized rambler located in the immediate Steel Lake area. Sale is located on a smaller non -Interstate 5 traffic noise impacted site. Comparable has been adjusted downward for superior condition and the subjects current deferred maintenance. Comparable has superior 2 car garage. Similar style, location, size and August 2023 sale date all warranted analysis. Overall the sale is superior due to condition, 2-car garage and the subjects traffic noise. There have been no other sales of the Comparable in the past 12 months. The property last sold 6/2017 for $313,000. American Home Appraisals Page 17 Page 25 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener Comparable Sale #2 Address: 817 S 317111 St, Federal Way WA 98003 Off Market Date: 6/11/2023 Sale Date: 6/30/2023 List Price: $499,950 Sale Price: $520,000 Marketing Time: 3 days Sale is a slightly larger rambler located southwest in the subjects marketing area. Sale is located on a smaller non -Interstate 5 traffic noise impacted site. Comparable is an estate sale with some older remodeling. Comparable lacks any covered parking similar to the subject. Similar style, location, size, lack of garage parking and June 2023 sale date all warranted analysis. Overall the sale is superior due to size and the subjects traffic noise. There have been no other sales of the Comparable in the past 12 months. The property last sold 2005 for $245,000. American Home Appraisals Page 18 Page 26 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener Comparable Sale #3 Address: 29617 32"d Place S, Auburn WA 98001 Off Market Date: 5/23/2023 Sale Date: 6/23/2023 List Price: $489,950 Sale Price: $500,000 Marketing Time: 5 days Sale is a similar sized rambler located northeast of the subject in the West Hill area. The comparable is located almost immediately adjacent the Interstate 5 corridor similar to the subject. Comparable has been adjusted downward for superior remodeled condition and the subjects current deferred maintenance. Comparable has superior detached 2 car garage. Similar I-5 traffic noise obsolescence, similar style, size and June 2023 sale date all warranted analysis even though the sale is located east of I-5. Overall the sale is superior due to condition and 2-car garage. There have been no other sales of the Comparable in the past 12 months. The property last sold 2016 for $242,000 and in 2006 for $288,450. American Home Appraisals Page 19 Page 27 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener Comparable Sale #4 Address: 29331 36'h Ave S, Auburn WA 98001 Off Market Date: 6/14/2023 Sale Date: 6/30/2023 List Price: $415,000 Sale Price: $407,000 Marketing Time: 6 days Sale is a slightly larger rambler with bonus room 1/2-story addition northeast of the subject in the West Hill marketing area. Sale is located on a smaller non -Interstate 5 traffic noise impacted site. Comparable is fixer estate sale in mostly original condition. Comparable lacks any covered parking similar to the subject. Inferior overall condition, location, size and lack of garage parking all warranted analysis. Overall, the sale is inferior due to its current condition. There have been no other sales of the Comparable in the past 25 years. Buyer remodeled and updated the property and is currently marketing the "Flipped Remodel" home for $634,950 as of 9/13/2023. No exterior inspection has been made at this time. Photo is from the mis listing 2126584. American Home Appraisals Page 20 Page 28 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener Comparable Sale #5 Address: 3206 S 29111 St, Auburn WA 98001 Off Market Date: 2/18/2023 Sale Date: 3/14/2023 List Price: $398,000 Sale Price: $450,000 Marketing Time: 95 days Sale is a slightly older transaction, yet location to I-5 and similar traffic obsolescence and similar condition heavily warranted analysis. Sale is a similar sized 1966 built rambler with superior 2 car garage northeast of the subject in the West Hill marketing area. Comparable was marketed as being in '`fair" condition and "needing TLC" by the listing agent. Comparable has superior 2 car garage parking. Similar style, I-5 traffic noise and similar condition all warranted analysis. Overall the sale is mostly similar. There have been no other sales of the Comparable in the past 25 years. No exterior inspection has been made at this time. Photo is from the mis listing 1996753. American Home Appraisals Page 21 Page 29 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener Comparable Sale #6 Address: 25817 32nd Pl S, Kent WA 9832 Off Market Date: 7/12/2023 Sale Date: 07/31/2023 List Price: $475,000 Sale Price: $485,000 Marketing Time: 7 days Sale is a smaller inferior 1.5 bath rambler northeast subject in the Lake Fenwick area. Although the sale is located north in the Lake Fenwick area of Kent, proximity to I-5 and similar traffic noise obsolescence heavily warranted analysis. Comparable has been adjusted downward for superior remodeled condition and the subjects current deferred maintenance. Comparable has superior double carport. Similar I-5 traffic noise obsolescence, similar style, smaller size and July 2023 sale date all warranted analysis even though the sale is located east of 1-5. Overall the sale is superior due to condition and carport. There have been no other sales of the Comparable in the past 12 months. The property last sold 2014 for $184,000. American Home Appraisals Page 22 Page 30 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener Comparable Sale #7 Address: 1826 S 3101' St, Federal Way WA 980032 Off Market Date: 7/30/2023 Sale Date: 09/20/2023 List Price: $549,000 Sale Price: $550,000 Marketing Time: 12 days Sale is a similar sized rambler located in the immediate Steel Lake neighborhood. Sale is located on a smaller non -Interstate 5 traffic noise impacted site. Comparable has been adjusted downward for superior condition and the subjects current deferred maintenance. Comparable has superior oversized 2-car garage. County records indicate the main house is only 1120sf and includes 1 bath. The additional sqft area and 3/4-bath is located in the finished bonus room behind the garage. Similar style, location, size and September 2023 sale date all warranted analysis. Overall the sale is superior due to condition, 2-car garage and the subjects traffic noise. There have been no other sales of the Comparable in the past 12 months. The property last sold 2000 for $13 5,000. American Home Appraisals Page 23 Page 31 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener Comparable Sale #8 Address: 29612 21"Ave S, Federal Way WA 98003 Off Market Date: 10/09/023 Sale Date: tbd List Price: $424,950 Sale Price: $tbd Marketing Time: 2 days Comparable is a current pending sale just north of Steel Lake. Pending sale is located on a smaller non -Interstate 5 traffic noise impacted site. Comparable was marketed as "having great bones" and a "blank canvas" and has similar overall condition. Pending sale has mostly enclosed garage and similar open parking. Comparable has smaller overall sqft area and inferior single bath functional plan. Similar style, location, smaller size and October off market date all warranted analysis. Overall the sale is inferior due to its size and single bath functional plan. There have been no other sales of the Comparable in the past 20 years. No exterior inspection has been made at this time. Photo is from the mIs listing 2169958. American Home Appraisals Page 24 Page 32 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener Comparable Sale #9 Address: 28311 20d' Ave S, Federal Way WA 98003 List Date: 9/22/2023 Sale Date: tbd List Price: $499,950 Sale Price: $tbd Marketing Time: 24 days Comparable is a current active listing northwest of the subject in the Redondo area. Listing is located on a smaller non -Interstate 5 traffic noise impacted site. The Listing has superior overall condition, similar sgft area, inferior 1-bath functional plan and similar open parking. Overall the active listing is superior due to its condition and non -traffic noise impacted site. There have been no other sales of the Comparable in the past 20 years. The last sale was in 2002 for $148,950. No exterior inspection has been made at this time. Photo is from the mis listing 2157884. American Home Appraisals Page 25 Page 33 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener Summary of Sales Comparables are all similar rambler style properties in the subjects marketing area. Comparables 1-7 are current closed sales; Comparable 8 is a current pending sale and Comparable 9 is a current active listing. Comparables 3, 5 and 6 all have similar Interstate 5 traffic noise obsolescence. Comparable 4 has inferior condition; Comparables 2, 5 and 8 have similar overall effective age/condition; Comparables 1, 3, 6-7 and 9 have superior remodeling. Comparables 2, 4, 8, and 9 have similar open parking and lack any garage parking; Comparables 1, 3 and 5-7 all have superior garage parking. Analyzing the 9 comparable sales the original sale prices ranged from $407,500 to $550,000. The adjusted sale prices ranged from $437,500 to $498,500. The Average adjusted sale price of all 9 comparables is $467,000. Proximity to the traveled lanes of Interstate 5, lack of covered parking and current condition warrant a lower correlated value, yet oversized yard, new fence, new flooring and past remodeling warrant a higher correlated value. An estimated value of $465,000 has been ascribed the Sales Comparison Approach. COST APPROACH Support for The Opinion of Site Value Eight land sales were analyzed and reviewed in the subject's general marketing area. Sales are similar residential building sites with generally similar low density zoning. Sales ranged from 8,454sf to 32,340sf in size. The average sales price was $184,219 for a 14,223sf site. Based on regression models the subjects 14,960sf lot would have an estimated value of $186,890 [(14,960sf x $3.62/sf) + $132,735] see trendline graph in lot adjustment support. An estimated value of $185,000 has been ascribed the cost approach reflecting the subjects site. LAND SALES: Listing Number Address City Zip Date Price Lot SF Zoning 1 2050961 28103 28th Ave S Federal Way 98003 $165,000 12610 RS9.6 2 1882518 1415 SW 356th St Federal Way 98023 3/4/2022 $110,000 9500 RS9.6 3 1967325 35110 24th Ave S Federal Way 98003 1/28/2023 $145,000 13000 R4 4 1924400 2565 S 298th St Federal Way 98003 5/6/2022 $225,000 19600 RS7 2 5 2138718 29929 Military Rd S Federal Way 98003 7/29/2023 $250,000 32340 RS7.2 6 1975776 2910135th Place S Auburn 98001 7/28/2022 $117,000 8454 R6 7 2025614 XXX S Star Lake Rd Auburn 98001 7/24/2023 $170,000 9600 R6 8 2059164 2020 S 304th St Federal Way 98003 5/13/2023 $291,750 8676 RS7.2 Average $184,219 14223 Source of Cost Data This report is based on the Craftsman Building Company. This is an estimate for a single-family residence built under competitive conditions, Washington in 2023. This estimate includes afoundation as required for normal soil conditions, excavation for foundation and piers on a prepared building pad, floor, wall, interior and exterior finishes, roof cover, interior partitions, doors, windows, trim, electric wiring and fixtures, rough and finish plumbing, built-in appliances, supervision, design fees, original permit only, utility hook-ups, the contractors' contingency, overhead and profit. This estimate assumes a single home is being replaced. American Home Appraisals Page 26 Page 34 of 52 2833 South 308th Lane, Federal Way WA 98003 Client: Widener BUILDING COST REPLACEMENT ESTIMATE Property Valuation Name WR*M Address 2833 S 30M Lahr fecleraf Way WA 9WW Nua+bar of Corrws 10 i= art*f% (bt FW Ba"N Blesses) Storks t Nurnhwtr of Badroorns. 3 Age 69 Dam 2023 Square FW 1399 Exirior Waa Tvpe Wsonry Numberof itomm 6 Nwrtbw of Badvobrrv%: 2 23-4323 ww vok~ aw k CaA OWN" Baautpaors tlakn FounOabon Rahthpwd cameras with grades charges 49,476 08 uss" Waft Raidorrad comt* btocit or brick 49,318 01 Exbrdor Phish Good yuaRy stucco or wood siWrg tome decorstrve trim or v4nn r 26.027 71 Rod and $90 Deed p4ch root with bar wood Vwnpios or that►% or concrawe tit 26 027 71 Pkrnbieg and Eiacuieat 3 slarKlard phmnbog Fadwas per badnoort, me n"d f ghting- 5 buiil-m appi arsm 31.233 25 Floor Struck" Standard wood frame or slab on grade wdh elev~ changes 25„ 304 70 SpwW Fwbwes 4 s endue greda kilchan apptisr�ces 6 327 42 ww4bws and Daces Good "Ilty windows, dreorakva frord door, good (gads rrowiw duos 13.013 85 Kkhsn 10 LF of rninlrr or waft and base cobawts. low-enst acryic or prasbc ce4je ter tm 1667313 Bwdfwnorns Good ptasbc tub and vhowar in master bath, ern rrx andr baBwown 10.411 06 Inkrrior Finish T►etured averaga q"* gypbowa. most wags are mctangtdar. 8' tadtings 1687313 Floor FhM Better shsat wql and average carpetm*s my or We at or*v 13,013 % sirom Fa" ftasidanea RC: E283 903 92 Base Cost $283.903 92 Daafl 0M Deck Cann ErgCrrM Z6e0 Oa NON" and Cooling Costs 12,723 79 Applim" Cogs 4165046 Parch Costs 616" 66 TOM Atl0{4ati31 Coats $26,498.90 TOWI RepWownent Coat: $310AIM82 ($221 67 per SF) Summary of the Cost Approach The cost approach indicates an estimated value of $448,400 after depreciation and Interstate 5 external obsolescence. Completing the Cost Approach was necessary to support the final estimated values and highest and best use. Summary of Income Approach The income approach was considered but not developed at this time. The appraiser did not complete the Income Approach at this time. Limited rental infonnation on current sold homes, small non owner occupied market and limited sales all heavily restrict the ability to provide a credible value. Therefore the income approach is not considered applicable to the valuation of the subject single family residential property and was therefore not completed. American Home Appraisals Page 27 Page 35 of 52 23-4323 2833 South 308th Lane, Federal Way WA 98003 Client: Widener FINAL RECONCILIATION Reasons for non -development of a value approach The final value for the subject property is arrived at by weighting each of the indicated values from the approaches used. The cost approach was considered and completed, the subject's effective age warrant completion of the cost approach to help support condition adjustments. Typical buyers may use this approach when contemplating equivalent properties or choosing to build verse buy an existing dwelling. Completing the cost approach was necessary to produce credible overall results. Cost approach value of $448,400 has been derived. The income approach was considered but not developed for this property at this time. The subject is currently not a rental property. Typical buyers of detached residential dwellings like the subject do not use this approach to arrive at their offer price. Although Income may be derived from renting, completing the income approach was not necessary to produce credible assignment results. Most purchasers of residential houses give the sales comparison approach the majority of all the weight in their purchase decision. Adjustments had credible support and were reasonable. In this report, the indicated value of $465,000 from the sales comparison approach was considered in arriving at the final opinion of value. Previous sale: The subject last sold in March 2022 for $440,000. Since the sale the owners had refinished the flooring, removed the popcorn ceiling, repaired and painted most of the dryway and added a new cedar fence. In March 2022 the median sale price for all ramblers less than 1500sf on similar sized site in Federal Way was $485,000 per data from Northwest Multiple Listing Service® and Info Sparks © 2023. As of September 2023 the median sale price has slightly increased to $492,000 or about 1.5% even though the median sale prices are down 1.8% over the past 12 months. rw.isF [; u�•�t L,CAc. Q I YWS _ 1: 6 F!D'l�Y •. MwaLmS 6t%Prlcp akv kl wws re o Way S�Mri rAraYlw/ 1[17 •Qf�•1R W Ivra. 144m aa.a. W,k K b t•Rw 4 MTM, �ml � +0_rs..i ..._ n,+.. �. u.;y �.n .MJ .Hi', t.A .. .o •. +.Ja �•.er<.•e .e.• Application of 1.54% to the subject's $440,000 March 2022 sale price would indicate a $446,804 value before recent owner improvements, updating and repairs were completed. Most consideration has been ascribed the Sales Comparison to value. A final opinion of subject's fee simple market value, on October 12, 2023 is: $465,000* *The ascribed value estimate utilizes multiple assumed conditions and assumptions. The application of these assumptions has affected the ascribed value. American Home Appraisals Page 28 Page 36 of 52 FLOORPLAN SKETCH CI&i. 01111on and Rose Widener File No.: 23-4323 Property Address! 28S3 South 30ath Lane Case No.: City: Federal Wad Slate: WA Zip: U8033 12' 7" J Kitchen Nook nc e 15r lee Primary Bedroom 18, -C 4j Primary Bedroom Bath c Living Bedroom Dining Roam RQ°m Ent it J 24' 10" First Floor [Area: 1399 ft2l r." 1393 Bd W F" T Flow ■ 1 xb . 1198.94 Ft- 0 :7 r a 2K Px 1 U(R. '"Onfe :1 i 45Tx T(KS= 171 42 P.; e-s 27 W,x !�a 88d"fP 36'x I.W. 1f171F✓ S jr tzrx 7. . 2'7'SSaRo Page 37 of 52 DIMENSION LIST ADDENDUM Client: Dillion and Rose Widener File No.: 23-4323 Propertv Address:2833 South 308th Lane Case No.: City: Federal Way State: WA lip: 98033 GROSS BUILDING AREA (GBA) 1,399 GROSS LIVING AREA (GLA) 1,399 Area Area %of GLA %of GBA Living Level Level Level Other 1.399 0 0 0.00 100.00 0.00 0.00 0.00 0 0.00 0.00 1,399 100- 00 100- 00 GBA Basement ❑ Garage ❑ Other ❑ 0 Area Measurements Area Type Measurements Factor Total Level Level Level Other Bsmt. Garage x x - - ❑ ❑ ❑ ❑ ❑ ❑ x x x - • x - ❑ ❑ D ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x ❑ ❑ ❑ ❑ ❑ ❑ x x - ❑ ❑ ❑ ❑ ❑ ❑ x x ❑ ❑ ❑ ❑ ❑ ❑ x x ❑ ❑ ❑ ❑ ❑ ❑ x x ❑ ❑ ❑ ❑ ❑ ❑ x x x r A x ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ x a = ❑ ❑ ❑ ❑ ❑ ❑ x x ❑ ❑ ❑ ❑ ❑ ❑ x r _ ❑. ❑ ❑ ❑ ❑ O x x • ❑ ❑ ❑ ❑ ❑ ❑ x x ❑ ❑ ❑ ❑ ❑ ❑ x x _ ❑ ❑ ❑ ❑ ❑ ❑ x x _ ❑ ❑ ❑ ❑ ❑ ❑ x x ❑ ❑ ❑ ❑ ❑ ❑ x x ❑ ❑ ❑ ❑ ❑ ❑ x x �_ - ❑ ❑ Q ❑ ❑ ❑ x x ❑ ❑ ❑ ❑ ❑ ❑ x x x x ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x _ ❑ ❑ ❑ ❑ ❑ ❑ _ _ x x x x x x - ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x El ❑ ❑ ❑ El El _ x x x x x a-. ❑ ❑ ❑ ❑ ❑ O ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ O ❑ ❑ O x x ❑ ❑ ❑ ❑ ❑ ❑ x x x x 0 ❑ ❑ ❑ ❑ x x - x x x x x x ❑ ❑ ❑ ❑ ❑ ❑ ❑ .❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ x x x x-= ❑ D ❑ ❑ ❑ ❑ O ❑ ❑ O ❑ O x x_- ❑ O ❑ ❑ O O x x ❑ ❑ ❑ ❑ ❑ O x x ❑ ❑ ❑ ❑ ❑ ❑ Page 38 of 52 SUBJECT PROPERTY PHOTO ADDENDUM Crent: Dillion and Rose Widener File No.: 23-4323 Property Address: 2833 South 308th Lane Case No.: City: Federal Way State: WA Zip: 98033 FIR NTVIEWOF SUBJECT PROPERTY Appraised Date: October 12, 2023 Appraised Value: $ 465,000 REAR VIEW OF SUBJECT PROPERTY STREETSCENE Page 39 of 52 Ciianu billion and Rose Widener File No.: 23.4323 Properly Address:2833 South 30M Lane Case No., Ci[ : Federal Way.State: WA Zip: 98033 ADDITIONAL FRONT ADDITIONAL REAR 4 ADDITIONAL FRONT 3 I w�= BACK YARD LIVING ROOM DINING ROOM AREA Client: billion and Rose Widener He No,: 23A323 Prowly Address; 2833 South 308th Lane Case No.: _ City: Federaf Way State: WA Zip: 080 3 KITCHEN KITCHEN KITCHEN LAUNDRY ROOM BEDROOM BEDROOM Client Dillion and Rase Widener Fife No.: 23.4323 Properly Aditw. 2833 South 3681h Lane Case No.: C : Federal Way Slate: WA Zip: 98033 pa, UPDATED 3/4 BATH PRIMARY BEDROOM UPDATED 3/4 BATH PRIMARY BEDROOM PRIMARY BEDROOM PRIMARY BATH NIUM umg AClpagqM 24@I!75k bM, PI IT6 C€ienl: Dilllon and Rase Widener File No.: 23A323 Property Address: 2833 South 3D8th Lane Case No.: Cit : Federal WAX State: WA Zip: 98033 PRIMARY BATH ELECTRIC SERVICE PANEL BACKYARD AND SHED FURNACE DRY ROT NEXT TO TUB RW.M..g AClpBgeg84of7W—mm PI IT6 LOCATION MAP Client: Dillion and Rose Widener File No.: 23-4323 Property Acfdress:2633 South 308th Lane Case No.: City: Federal Way State: WA Zip: 98033 �5ii'lwaic' -State Pane N�a:t -��«1'n i'i na111 i �> L F on N ComparabW Sate 6 25817 32nd P; 5 Kroll• WA 960S2 w000�ni~1r1 3-12 mulos ME 1 BEACH _ STAR LAKE R ,! Compnrnbla 641,7 O 25311 201" AVe 3 Fcdcrol Wny WA 9SW3 a 1.60 mile% NW �* � 6 � •v tamp5rs6to SX90 9 } 3206 3 2914t 51 + kCUC C U Auburn WA 110004 ` 1.09 miles NE .xr _ pf iw ^an . r fir¢ i E'.. u _=: Cnmriarahta Sase 6 2981 Z 215t Ave 3 •+i ' , ;.ram s Irodaml Way WA 911 c 0.69 miles Hybl 5 _ CoMp7r phfp Sel194 29321 Mm AVE! S Auburn WA 0a001 41a a.97 mltec HE comaarsble We 1 2036 9 298W St . rsl Way WA 98a 0.03 0.83 rr3ritr.e NWL'Omplr�bfe sale S + • 3u6rrue 24617 32" Puce 3 i Pt wok' h4r ki Winurm WA 98001 i arrfan 2933 South 308th L9nu Q p,741ntlra NC reaeral way4 WA 9$133 sxi s I , t t_akekanc North • Comparable Sale 2 817 8 *17th St i Federal tarty WA U003 = + s 1.37 milca 3W 3 s:rtu : FpCpfal Way ,.:.'ri:-i ;!ec! nark Comparable Sssie 7 1828 5 31Qth St Fadotnl way INA 99003 ❑.64 mI1iS SW � ,j� K S371ar;: 34nl N1t:r.l1 4'!'Ir .. .. �'t rVla� ffiIa Gi7:] CYxxjYe Page 44 of 52 AERIAL MAP Page 45 of 52 ADDITIONAL EXPLANATIONS Non -Banking Purpose Using a General All Purpose Form (GPAR] DEFINITIONS - CLIENT: the party or parties who engage, by employment or contract, an appraiser in a specific assignment. INTENDED USER: the client and any other party as identified, by name or type, as users ofthe appraisal report by the appraiser on the basis of communication with the client at the time of the assignment. Intended Users will only be identified within this report. Anyone who is not specifically identified as the Client or Intended Users should not use this report for any purpose. MARKET TIME FOR THE SUBJECT: Market Value of the subject is based upon the typical market time for similar properties in this area. Market time is indicated on the front page of the form report in the section -"Neighborhood; 2-4 Unit Housing Trends; Marketing Times". EXPOSURE TIME FOR THE SUBJECT: Exposure time is estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale, at market value, on the effective date of the appraisal. Comment: Exposure time is a retrospective opinion based on an analysis of past events assuming a competitive and open market. 1. PURPO.SEOFTHE APPRAISAL -To provide our client an accurate description ofthe subject property, assuming certain conditions, and an adequately supported estimate of Market Value. The report is supplied to our client for their personal, non -banking use. The report is prepared using Uniform Standards of Professional Appraisal Practice (USPAP) requirements and requirements issued by our client at the beginning of our assignment. 2. TYPE OF APPRAISAL_ - The attached is an Appraisal Report that contains a summary of the information used to analyze the market, neighborhood, comparables, and subject property. The report does not include all known information but a summary of facts utilized in the creation of the appraisal. 3. COMPETENCY OF THE APPRAISER -The appraiser has the appropriate knowledge necessary to complete this assignment. The appraiser is not a building inspector. He/She has only general knowledge of construction techniques and building or land use codes. Specific building codes and their applicability to the subject are unknown to this appraiser. As ofthe date ofthis report, Richard Hagar, SRA has completed the requirements ofthe continuing education program ofthe Appraisal Institute. By signing this report, I certify that the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 4. SCOPE OF THE APPRAISAL -The client desires to know the market value ofthe subject property; the following steps were followed in preparing this appraisal report: Usually, qualifications of the appraiser were reviewed by the client prior to ordering an appraisal. A request was made to the client that all information and documents, pertaining to the subject property, be sent to the appraiser. This information includes legal description & earnest money agreements and any documents related to the property's condition or legal status. Basic information about the subject property and market area is obtained from appropriate sources listed below. Potential comparable sales in the subject's market area are selected according to similarities in: size, age, style, functional utility, and/or price range. The subject neighborhood is viewed and the subject praperty Is given a cursory interior and exterior inspeclia_n. Exterior measurements, visually observed conditions and features (good & bad) are noted. Potential comparables are viewed and photo's taken from their exterior. If a personal interior inspection has been performed, it is stated on the report. Photographs used in the report may be the appraiser's personal photographs or have been supplied by alternative sources such as the local MLS, Google Earth &/or county records, Collected data is analyzed with relevant factors extracted and considered. Summarized data is placed on the attached form appraisal report. Three approaches to value (Cost, Direct comparison [Sales or Market], & Income) are considered and, where appropriate, one or more are used to derive a final value for the subject. Adjustments on the market grid section ofthe report were derived from market data such as past sales, matched- paired sales analysis, single- or multi -line regression analysis, GRIM studies &/or third party studies; see the appraisal's comments for specific information regarding adjustments. Final Reconciliation, additional comments and the appraiser's supported opirflwn of market value are written into the attached summary form report and addendum section. This is an appraisal of Real Estate and/or Real Estate Rights and as the term implies no personal property was included in the value estimate. 5. ADDITIONAL ASSUMPTIONS AND WARNINGS - ■ The scope of this appraisal assignment includes the appraiser performing a cursory interior and exterior examination, ofthe subject property, similar to the examination a potential purchaser would perform before submitting a purchase offer on Real Estate. This viewing is to gather basic information used in comparing the subject against other properties. This viewing does not examine the structural integrity or the correct operation of plumbing, sewer, electrical or heating systems, or other items. When the form indicates that a surface or component is in "Average" condition (or a rating on a 1-6 scale) - this refers to the exterior of the item. On the surface that component appears to be in average condition and properly working. "Average Condition" does not refer to the correct operation or integrity of that item. The appraisal does not guarantee or imply that the property or improvements are free of defects other than the items listed in this report. • Due to the limited extent of this inspection it is assumed that all major components of the subject, and comparables, are built to community standards typical ofthe era when the improvements were built or updated. We do not research building permits, well, or sewage disposal information. I/We do not know if building permits were obtained or what building codes were in effect at the time of the improvement's construction or modification. No verification of building or land use permits is performed. We assume that all hidden components (including but not limited to framing, foundation, plumbing, electrical, insulation, HVAC systems) exist, were built to local standards and are in working order. Typically, crawl spaces and attic's are not entered or viewed. This appraisal does not serve as warranty on the complete condition of the property. >• All required licenses, certificates of occupancy, or other legislative or administrative authority from any local, state or national governmental, or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in this report are based. • It is assumed that there are no structural defects hidden by floor or wall coverings or any other hidden or unapparent conditions of the property; that all mechanical equipment, appliances, electrical components, and roofing are functional. If the client has any questions regarding these items, it is the client's responsibility to order the appropriate inspections. The appraiser does not have the skill or expertise needed to make such inspections. The appraiser assume no responsibility for these items. EXPLAIN-GPAR I-11.1_2020 wp. © 1997 - 2020 American Home Appraisals Page 46 of 52 ■ On all appraisals, subject to satisfactory completion, repairs, or alterations, the appraisal report and value conclusions are contingent upon completion of the improvements in a workmanlike manner. r The Appraiser has made no survey of property lines or boundaries. The utilization of the land and improvements is within the boundaries of property lines of the property described and that there is no encroachment or trespass unless otherwise stated in this report. tr It is assumed that any and all rental income information supplied to the appraiser is accurate. The appraiser assumes no responsibility for independently verifying this information. If the client has any question regarding this information, it is the client's responsibility to seek whatever independent verification is deemed necessary. r The appraiser assumes the company, person or his/her agent, directly contracting for this appraisal, has made all the examinations necessary to satisfy themselves about the condition, hidden or other wise, of the subject property. ■ Appraiser notes that public building records, tax records and information supplied by the owner may differ with respect to the square footage of the building structure. Floor plans are often unique and difficult to measure. Appraiser's measurement is approximate. ■ In this appraisal assignment, the existence of potentially hazardous material used in the construction or maintenance of the building/property, such as the presence of urea -formaldehyde foam insulation, and/or the existence of toxic waste, or past illegal use including illegal drugs which may or may not present on the property, was not knowingly observed by me (us); nor do I {we) have any knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances. The existence of urea -formaldehyde form insulation or other potentially hazardous material may have an effect on the value of the property. I {we) urge the client to retain an expert in this field if desired. r Typically homes built prior to 1979 used lead based paint to varying degrees. If the existence of lead based paint is of concern to the lender or borrower, then they, at their expense, should hire the services of a qualified individual that can discern the extent, if any, of lead based paint. It is assumed that the comparable properties also have the same influences and do not require additional adjustments or comment. ■ It is assumed, unless other wise noted in the report, that surrounding properties will continue to be used under their current use. The unusual nature of zoning, comprehensive plans and changing community standards makes it extremely difficult to accurately determine what land use changes are in the planning or approval stages. ■ If the cost approach has been developed by the appraiser it was used as an analysis to support their opinion of the property's market value. Use of this data, in whole or part, for other purposes is not intended by the appraiser. Nothing set forth in the appraisal should be relied upon for the purpose of determining the amount or type of insurance coverage to be placed on the subject property. The appraiser assumes no liability for and does not guarantee that any insurable value estimate inferred from this report will result in the subject property being fully insured for loss that may be sustained. Further, the cost approach may not be reliable indication of replacement or reproduction cost for any date other than the effective date of this appraisal due to any or all of the following a) changing costs of labor and materials, b) changes in building codes, c) changes in governmental regulation and requirements, d) changes in builders entrepreneurial profit due to market demands. ■ If, at a later date, it is discovered that there are differences between the facts and what is stated in this report, the adjustments and value conclusions maybe inaccurate. r This appraisal is not to be utilized, relied or acted upon by any additional parties not identified as the client, in any way, in rendering decisions regarding the property that is the focus ofthis report. With the exception ofthe original client, any reliance on this appraisal by any other party is done so at their own risk. 6. DATA SOURCES - Data sources can be one or more of the following: FARES (First American Real Estate Solutions), Realist, Northwest Multiple Listing Service (NWMLS), some county records, F.E.M.A, maps, and office files, Construction Trade Publications, Building-Cost.Net, Marshall & Swift Residential Cost Handbook, discussions with local builders and suppliers are one or more of the means utilized in estimating the Reproduction Cost of new homes. The appraisers have not reviewed or have written confirmed information in their possession about the following: 1. If a Homeowners Association exists, documents relating to the operations of any Homeowners Association, budget documents, reserve accounts, quality of the management, managers, past maintenance of the project, meetings, discussions, or future plans for the subdivision, including common grounds, buildings and legal issues and/or CC&R's. 2. Any lawsuits or legal issues that may affect the Association subdivision, neighborhood, or market value. 3. Existing, contemplated, approved and not implemented, special assessments, repairs, and/or any form of capital improvement/repairprojects including LID's and/or other items impacting support systems (water, sewer, electricity, schools). 4. Existing insurance policies, past insurance claims in the Association, neighborhood, subdivision, individual property, or past owners, or the ability to obtain typical low cost homeowners insurance policy for the subject property or comparables. Knowledge about these items exceeds the scope of this appraisal assignment. The existence, or non-existence, of any of the above noted items may have a direct impact on the market value of the neighborhood, subdivision, individual property, sales comparables, and/or the ability to occupy, utilize, or sell an individual property. Unless otherwise noted, for the purpose of this appraisal and comparison, the appraisers assume that all items noted above are not in conflict, no adverse conditions exist (unless noted in the report) and all items and conditions are similar to the other Comparables in this market. If it is discovered or otherwise revealed to the appraiser that conditions exist that my impact utility, desirability, and/or value, the Client agrees to compensate the appraiser for additional analysis and the appraiser reserves the right to alter the final value conclusion, at a later date. 7. CONFIRMING INFORMATION - Information (sales price, down payment, dates, size, style, age & etc.) concerning the subject, sales and neighborhood is supplied by copies of: county, Realist, NWMLS, real estate agent &/or office records. Unless otherwise noted, information is cross checked against, at least, 1 additional source (county, NWMLS, or agent supplied). If a discrepancy exists, the appraiser selects information from, what he/she considers, the most appropriate source. Subject information concerning: site size, dimensions and zoning are supplied by copies of county records. No confirmation of this information is performed. Water and sewage system information is supplied by CoreLogic. When possible, this is confirmed by visual inspection &/or owner of property. Square footage & other information about new construction comparables, if not available via the county, is supplied by the agent &/or builder. • Unless otherwise noted, the seller or buyer of comparable sales are not contacted to confirm information. 8. TREND ANALYSIS - Long term availability of building sites will remain low with costs high. This is due to: 1. Growth Management Act rezoning of available land (outside city limits) to 5 10 & 20 acre min, site size. 2. Lengthy development time required for new plats (approximately 3 to 8 years for large and 2 years for short plats). 3. Recent changing of marginal use land to a non -buildable category (usually along creeks, rivers and lakes). Low supply of available building sites togetherwith recent increases in lumber prices & high permitfees will result in fewer new homes being built This will ensure long term increases in costs, regardless of fluctuating short term demand. 9. COST APPROACH - The Estimated Replacement Cost Approach lends support to the Market Data Approach in estimating the final value conclusion with the Market Data Approach being given most consideration in this form analysis. Construction costs are determined by extracting costs from nearby new construction or utilizing Building-Cost.net. 10. INCOME APPROACH - The wide swing in Gross Rent Multipliers (GRM) is common due to the lack of competing sales of rental properties. Adding to the difficulty in obtaining GRM's and rental data are the existence of partial owner occupied units in multi -family housing. The result is a reduced reliability of rental income data. The Income Approach is utilized when appraising multi -family properties. EXPLAIN GPAR_Wer- 2020w © 1997 - 2020 American Home Appraisals Page 47 of 52 11. DATE OF APPRAISAL - The value indicated in the report is for a specific date. The appraised value is not valid over a time period and can change from one day to the next. According to Fannie Mae (F.N.M.A) they will typically not accept appraisals that are more than 4 months old. 12. LIABILITY- No liability is assumed by the appraiser (or appraisal company) to third parties or parties other than the original client, who may rely on this appraisal report without the express written consent of the appraiser (or appraisal company). Written consent must be obtained at the time of contracting for the appraisal services. Any prior agreement the appraiser may have entered into, waiving privity of contract rights, with undisclosed third parties is superseded by this limiting condition should any undisclosed third party subsequently rely on this appraisal report without the express written consent of the appraiser. Limitations of Liability: Appraiser's liability for any and all claims relating to this engagement will be limited to the amount of the fees paid to the appraiser or appraisal company for the engagement. Clients understand that this limitation of liability is material to appraisers willingness to accept the assignment. Indemnification of Appraiser: Clients shall defend and indemnify Appraiser for any and all claims, causes of actions, damages, attorneys' fees and costs arising out of or relating to Appraisers services under this Agreement, including any claim or action by any party to this agreement and including any allegation by one Client or both Clients that Appraiser performed services under this Agreement in a negligent manner. Clients' agreement to indemnify Appraiser is a material consideration to Appraiser's willingness to perform the services described in this Agreement and Clients recognize that Appraiser would not accept the assignment without that obligation on Clients' part. The obligations of Clients to defend and indemnify Appraiser shall be joint and several. 13. SUBPOENAS AND TESTIMONY- In the event that Appraiser is required by subpoena or other legal process to provide testimony or produce documents relating to Appraiser's services or report(s) prepared under this Agreement, whether in court, deposition, arbitration or in any other proceeding, and regardless of the identity of the party requiring such testimony or production of documents, Client agrees to compensate Appraiser for the time incurred by Appraiser in connection with preparation for and provision of such testimony and/or documents at Appraiser's hourly rate of $300 and to reimburse Appraiser's reasonable actual expenses. 14. CERTIFICATION - I 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. I have no 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. I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. my engagement in this assignment was not contingent upon developing or reporting predetermined results. my compensation for com pleting 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 and the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.. • I have made a personal inspection of the property that is the subject of this report. (If more than one person signs this certification, the certification must clearly specify which individuals did and which individuals did not make a personal inspection of the appraised property.) 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.) I did not base, either partially or completely, my analysis and/or opinion of value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either of current or prospective owners or occupants of the subject property or other of properties in the vicinity of the subject property on any other basis prohibited by law. EXPLAIN GPAR miermr_2020 wpd © 1997 - 2020 American Home Appraisals Page 48 of 52 David R. Connelly 7683 SE 27th St Suite 300, Mercer Island, WA 98040 Office: 206.236.3037 David@AmericanAppraisals.com QUALIFICATIONS OFAPPRAISER Experience American Home Appraisals: 12/2013-Current Residential Appraiser / Real Estate Consultant Connelly Appraisal, Inc.: 1995-Current Owner/ Senior Appraiser / Real Estate Consultant Washington Mutual: 12/2000-3/2004 Staff Appraiser Stay Appraisal Service: 1986-1995 Staff Appraiser / Assistant Appraiser / Research Assistant Gouge Inspections: 1990-1997 Field Assistant Bradshaw Appraisal: 1989-1992 Assistant Appraiser / Research Assistant Expert in appraising complex properties and unique homes, including high end estates, waterfront properties, custom construction, equestrian properties and 2-4 family properties. Specialization in properties with detrimental conditions and or with secondary objectives such as loss of value involving legal questions, insurance, easements, divorce, landslides and floods. Experienced in retrospective and or hypothetical valuations. Market Studies have included Loss of View, Impact of Cellular Towers on Residential Properties, Valuation of Lake Frontage in Connection to Lot Size, Contributory Value of MooragelDock Ownership, Contributory Value of private community beach, Market Reaction to Surplus verse Excess Land and Impact of On -site Parking. Assisted in: Veterans Administration condominium project appraisals, proposed subdivision development appraisals, restaurants, warehouses and small commercial appraisals. Qualified Expert Witness: King County Superior Court Snohomish County Superior Court Pierce County Superior Court Certification / Licenses Certified Residential Real Estate Appraiser, State of Washington #1700766 Page 1 of 4 Page 49 of 52 Education Real Estate Education University of Washington Bachelor of Arts Degree, School of Geography, March 1992 Concentration in Real Estate, Land Use, Urban and Social Planning Real Estate Appraisal Fundamentals Completed 36 hours, March 1992, Lake Washington Institute of Technology Applied Residential Property Appraisal Completed 36 hours, June 1992, Lake Washington Institute of Technology Washington Real Estate License Training Completed 60 hours, August 2007 Continuing Education: All Day All Residential Training — Appraisal Institute - completed 7 hours, June 1, 2023 Highest and Best Use - completed 7 hours, April 20, 2023- The Hagar Institute 2022-2023 7-Hour National USPAP Update - completed 7 hours, April 13, 2023-The Hagar Institute New Construction: Essentially Luxury Homes - completed 3 hours, August 2022- McKissock How to Handle ADUs and MILs - completed 7 hours, August 2022-The Hagar Institute 2022-2023 7-Hour National USPAP Update - completed 7 hours, August 2022- Appraiser eLeaming Measuring With ANSI & the 2021 ANSI Update - completed 4 hours, February 2022 -Appraiser eLearning Appraisal Adjustments I1 - completed 7 hours, February 2022 -The Hagar Institute 2020-2021 7-Hour National USPAP Update - completed 7 hours, October 2020-McKissock Residential Construction and the Appraiser - completed 7 hours, October 2020-McKissock Matrix 1: Essentials - completed 3 hours, June 2020 -NWMLS Statistical Tools - completed 3 hours, June 2020 -NWMLS Realist Property Records - completed 3 hours, June 2020 -NWMLS Appraisal Adjustments II - completed 7 hours, September 2019-The Hagar Institute Finding Comparables - completed 7 hours, November 2018 -The Hagar Institute Practical Use of Excel - completed 2 hours, September 2018 -The Hagar Institute 2018-2019 7 hour National USPAP Update - completed 7 hours, May 2018- The Hagar Institute All Residential All Day - Al - completed 7 hours, April 2018 Photography and Inspections Requirements - completed 5 hours, December 2017- The Hagar Institute Condition Adjustments - "How The Cost Approach Helps" - completed 7 hours, November 2017- The Hagar Institute Persistent Appraisal Failures - completed 7 hours, November 2016- The Hagar Institute 2016 National USPAP Update - Completed 7 hours, November 2016-McKissock All Residential, All Day - completed 7 hours, May 2016-Appraisal Institute Water Conservation for Real Estate Professionals Part 11 - completed 3 hours, April 2015-S.E.E.C. LLC Water Conservation for Real Estate Professionals Part I - completed 4 hours, April 2015-S.E.E.C. LLC Navigating the Green Fields within the MLS input form - completed 3.5 hours, November 2014-S.E.E.C. LLC 2014-2015 National USPAP Update -Completed 7 hours, October 2014-McKissock Defining Market Value & How to Adjust for Concessions - Completed 4 hours, September 2014-The Hagar Institute Home Improvement & Fixer -Uppers - Completed 3 hours, May 2014-The Hagar Institute Rejected Appraisals— Issues Related to AQM & UAD Failures - Completed 7 hours, May 2014-The Hagar Institute Where Are Real Estate Prices Headed -Completed 3 hours, April 2014-The Hagar Institute Real Estate Fraud -Completed 6 hours, March 2014-The Hagar Institute Page 2 of 4 Page 50 of 52 Appraisal Subject Matter Electives -Completed 20.00 hours, July 2013 Statistic, Modeling and Finance - Completed 15.0 hours, June 2013 Residential Sales Comparison and Income Approaches - Completed 30.0 hours, June 2013 Residential Market Analysis and Highest & Best Use - Completed 15.0 hours, June 2013 Residential Report and Case Studies - Completed 15.0 hours, May 2013 Residential Appraiser Site Valuation and Cost Approach - Completed 15.0 hours, May 2013 Advanced Residential Applications and Case Studies - Completed 15.0 hours, May 2013 Appraising Green Homes: Construction Methods and Trends - 7 hours, September 24, 2010, Earth Advantage Institute Appraising Green Homes: Valuation Techniques - Completed 7 hours, September 25, 2010, Earth Advantage Institute Washington Real Estate Practices - Completed 30 hours, July 7, 2009, Train Agents Contemporary Trends in Real Estate - Completed 30 hours, September 12, 2009, Train Agents 2009 National USPAP Update - Completed 7 hours, September 25, 2009 REO & Foreclosures -Completed 5 hours, September 3, 2009 The New Residential Market Conditions Form (1004MC) - Completed 3 hours, March 24, 2009, Appraisal Institute All Residential, All Day - Completed 4 hours, March 24, 2009, Appraisal Institute Foreclosure Rescue and Short Sales - Completed 2 hours, May 21, 2008, Appraisal Institute Residential Appraising- How to handle a changing market -Completed 7 hours, March 28, 2008, Appraisal Institute The Dirty Dozen -12 USPAP requirements for every appraisal - Completed 3 hrs, Sept 11, 2007 ACOW IX -Key Elements of Narrative Report Writing - Completed 3 hours, August 17, 2007 ACOW IX - Fraud Update - Completed 3 hours, August 17, 2007 Residential Appraising- Planning for Success - Completed 7 hours, March 9, 2007, Appraisal Institute ACOW VIII - Hypothetical Conditions - Completed 6 hours, August 18, 2006 Changing Faces of Housing in the Urban Settings - Completed 4 hours, September 23, 2005, Appraisal Institute Subdivision Seminar - Completed 4 hours, September 21, 2005, Appraisal Institute Professionals Guide to the URAR- Completed 7 hours, September 9, 2005, Appraisal Institute ACOW VI -Fannie May Forms Workshop - Completed 3 hours, August 20, 2004 ACOW VI - If Only The Appraiser Had Said No...- Completed 3 hours, August 20, 2004 Data Sources: For Real Estate Appraisers - Completed 2 hours, May 19, 2004, Appraisal Institute 2004 USPAP Update - Complete 7 hours, February 20th, 2004, Value One, William King 2003 USPAP Update - Complete 7 hours, October 4, 2003, Appraisal Institute What is Back Yard Worth - Completed 7 hours, January 24, 2003, Appraisal Institute Standards of Prof. Practice, Part A (USPAP) - Complete 15 hours, September 25, 2002, Appraisal Institute Crossing The Line: Home Mortgage Fraud - Complete 4 hours, October 8, 2002, Appraisal Institute Residential Design and Functional Utility - Completed 7 hours, May 11, 2001, Appraisal Institute Advanced Real Estate Purchase & Sales - Completed 15.5 hours, March 29 & 30, 2001, Law Seminars International Regression Analysis in Appraisal practice -Completed 7 hours, March 9, 2001, Appraisal Institute Uniform Standard of Professional Appraisal Practice - Completed 15 hours, February 1999, Mykut Real Estate School The Examination & Inspection of Sites and Buildings for Appraisers - 16 hours, The ARIES Co., December 12, 1998 FHA Appraising & The 203 (k) Program - Completed 15 hours, April 29, 1997, Lee and Grant FHA Appraiser training - Completed 8 hours, January 29, 1997, Washington Mortgage Lenders The New URAR and FIRREA - Completed 7 hours, January 1994, Real Estate Education, Inc. Page 3 of 4 Page 51 of 52 Copy of Washington State Appraisal License STATE OF WASHINGTON ,....,.�....-u DEPARTMENT OF LICENSING-IIUSINESSANDPROFESSION$DIVISION +�L�CENSING 7 �<^ 7W CER1iAES7MTTNE KRSM OR 8U51NWHAMM SELOW IS ALFT O IIED ASA CIRTMED MMENTUL DEAL ESTATE APPRASEB DA17ID R CO?04ELLY 10202 NE 197TH ST BOTHE LL RA 98011-2452 1700766 oa:IA 201'4 I3 I" lflls Liceme Numbrr fti%v DAIr Eapratvon Darr_ Page 4 of 4 Page 52 of 52