3. Tax Equalization Board reconvenes

Aorrower/r.lienf Arvid & Pamela Handeaard Pronertv Address 298 MaDle Or Citv Manletan Countv Cass State NO Zin Code 58059-4018 Lender Citizens State Bank of Lankin Supplemental Addendum IFile No 20042251 PaQe #81 File No 2004 225 . Small Income : Sales ComDarison Comments I researched the multi-family market on 2 to 4 unit properties in Mapleton and found no sales listed in the city for multi-family, Therefore I went to the West Fargo and Fargo Markets looking @ 2 to 4 unit dwellings from $80,000 to $150.000 and found six 3 unit dwellings that have sold over the past two years. All 6 comps are located in North Fargo. From that list I chose the best 3 comparable sales which are used in the sales comparison approach in this appraisal report. Comp 1 is and older 1 1/2 story dwelling with 3 Bedroom unit on main level, single bedroom unit up and 3 bedroom unit in basement. This property has newer siding with some updating so a 5% adjustment was made for superior condition, An adjustment was made for additional bedroom by multipllng additional $50/month rent by the GRM of $80 to arrive at $4,000, The subject is a larger dwelling and is adjusted @ $10/sf for additional GBA and another $4/sf for additional storage & laundry area in the basement. Subject has a larger lot, larger GBA and newer age, however this was felt to be offset by the North Fargo Location, so the offsetting adjustments are quite minimal. All line item, net and gross adjustments are within the 10%, 15% and 25% levels respectively, except the net on comps 2 & 3 exceed 15% slightly @ 16,0% & 19.8% respectively, However, these 3 comps are felt to be the best comparable sales available and given equal weight in arriving at a weighted average of $122,700 which rounds to $123,000. Form TADD - "TOTAL for Windows" appraisal software by a ia mode, inc. -1-800-ALAMODE