3. Tax Equalization Board reconvenes

IFile No. 2004 2251 Paoe #191 Operating Income Statement 2004.225 One- to Four-Family Investment Property and Two- to Four-Family Owner-Occupied Property Property Address 298 Maple Dr Mapleton ND 58059-4018 Street City State Zip Code General Instructions: This form is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwriter. The applicant must complete the following schedule indicating each unit's rental status, lease expiration date, current rent, market rent, and the responsibility for utility expenses. Rental figures must be based on the rent for an "unfurnished" unit, Currently Expiration Current Rent Rented Date Per Month YesN No il NA $ 525 YesN Noil NA $ 500 YesN No il NA $ 450 Yesil Noil $ $ Market Rent Per Month Utility Expense Electricity. Gas. Fuel Oil Fuel (Other) . Water/Sewer . Trash Removal. Unit No. 1 Unit No.2 Unit No, 3 Unit No, 4 Total $ $ $ $ $ 1.450 500 500 450 1.475 Paid By Owner Paid By Tenant o o o o ~ ~ ~ o o o o o The applicant should complete all of the income and expense projections and for existing properties provide actual year-end operating statements for the past two years (for new properties the applicant's projected income and expenses must be provided). This Operating Income Statement and any previous operating statements the applicant provides must then be sent to the appraiser for review, comment, and/or adjustments next to the applicant's figures (e.g. App/icant/Appraiser 288/300). If the appraiser is retained to complete the form instead of the applicant, the lender must provide to the appraiser the aforementioned operating statements, mortgage insurance premium, HOA dues, leasehold payments, subordinate financing, and/or any other relevant information as to the income and expenses of the subject property received from the applicant to substantiate the projections, The underwriter should carefully review the applicant's/appraiser's projections and the appraiser's comments concerning those projections. The underwriter should make any final adjustments that are necessary to more accurately reflect any income or expense items that appear unreasonable for the market. (Real estate taxes and insurance on these types of properties are included /n PIT! and not calculated as an annual expense item) Income should be based on the current rents, but should not exceed market rents. When there are no current rents because the property is proposed, new, or currently vacant, market rents should be used. Annual I ncome and Expense Projection for Next 12 months Income (Do not include income for owner-occupied units) Gross Annual Rental (from unit(s) to be rented} Other Income (include sources) Total Less Vacancy/Rent Loss Effective Gross Income By Applicant/Appraiser 17.400 (Market) $ + $ 17 .400 1,166 16,234 $ Expenses (Do not include expenses for owner-occupied units) Electricity Gas Fuel Oil Fuel . ........... (Type- Water/Sewer . Trash Removal Pest Control Other Taxes or Licenses Casual Labor This includes the costs for public area cleaning, snow removal, etc., even though the applicant may not elect to contract for such services. 468 216 Interior Paint/Decorating This includes the costs of contract labor and materials that are required to maintain the interiors of the living unit, General Repairs/Maintenance !iOfo..of.E:GI.. This includes the costs of contract labor and materials that are required to maintain the public corridors, stairways, roofs, mechanical systems, grounds, etc. Management Expenses 6'10. Cltl;.GI.. These are the customer expenses that a professional management company would charge to manage the property. Supplies This includes the costs of items like light bulbs, janitorial supplies, etc. 100 812 974 300 T etal Replacement Reserves - See Schedule on Pg, 2 Miscellaneous 1,347 T etal Operating Expenses $ 4,217 Fannie Mae Form 216 Aug 88 Freddie Mac Form 998 Aug 88 This Fonn Must Be Reproduced By Seller Page 1 of 2 Wastweet Appraisal & Consuiting, inc. Form INC2 - "TOTAL for Windows" appraisal software by a la mode, inc. -1-80Q-ALAMODE Adjustments by Lender's Underwriter $ + $ ( 6.7%) - %) $ $