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Summary Appraisal Report

Uniform Residential Appraisal Report File # 133 West Union
The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.
Property Address 133 West Union Street City Ashland State MA Zip Code 01721-1409
Borrower N/A Owner of Public Record Swift Acquisitions LLC County Middlesex
Legal Description Book 54296, Page 278
Assessor's Parcel # M:014/019.0-0103 Tax Year 2009 R.E. Taxes $
Neighborhood Name N/A Map Reference 15764 Census Tract 3851.00
SUBJECT

Occupant Owner Tenant Vacant Special Assessments $ None PUD HOA $ N/A per year per month
Property Rights Appraised Fee Simple Leasehold Other (describe)
Assignment Type Purchase Transaction Refinance Transaction Other (describe) Fair Market Value
Lender/Client Ashland Affordable Housing Trust Fund Address 101 Main Street, Ashland, MA 01721
Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No
Report data source(s) used, offering price(s), and date(s). MLS, Assessors, Public Info

I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not
performed.
CONTRACT

Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)
Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No
If Yes, report the total dollar amount and describe the items to be paid.

Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use %
Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit 92 %
Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $ (000) (yrs) 2-4 Unit 1%
NEIGHBORHOOD

Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths 130 Low New Multi-Family 0%
Neighborhood Boundaries To the North by Winter Street, to the South by town of Hopkinton, to the East by 700 High 270 Commercial 5%
Cedar Street, and to the West by Cross Street. 350 Pred. 50 Other 2%
Neighborhood Description The subject neighborhood consists of medium sized houses on average suburban lots. It appears to receive average
market acceptance. All employment centers, schools, churches, and shopping facilities are within typical, market expected proximity. There is no
apparent and measurable evidence of adverse locational factors which might adversely affect marketing or value.
Market Conditions (including support for the above conclusions) Market conditions within the subject's area during the last 12 months is considered average
at this time. Lower interest rates and an inventory of homes has created a market for buyers and sellers. Loan discounts, buydowns, and seller
concessions are not prevalent at this time, although they are sometimes used to enhance a sale.
Dimensions See deed at Registry of Deeds(attached) Area 3.14 Acres Shape Rectangular View Residential
Specific Zoning Classification Residential A Zoning Description 30,000 Minimum SF Lot Size / 150' Frontage
Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe) See addendum
Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe

Utilities Public Other (describe) Public Other (describe) Off-site Improvements - Type Public Private
Electricity Water Street Asphalt
SITE

Gas Sanitary Sewer Private Septic Alley None

FEMA Special Flood Hazard Area Yes No FEMA Flood Zone X FEMA Map # 25017C0626E FEMA Map Date 6/4/2010
Are the utilities and off-site improvements typical for the market area? Yes No If No, describe
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe

General Description Foundation Exterior Description materials/condition Interior materials/condition

Units One One with Accessory Unit Concrete Slab Crawl Space Foundation Walls Conct/Fldstn-Avg Floors HW/Vinyl/Tile/Avg
# of Stories 2 Full Basement Partial Basement Exterior Walls Clapboards-Avg Walls Drywall-Average
Type Det. Att. S-Det./End Unit Basement Area 2,321 sq.ft. Roof Surface AsphaltShngl-Avg Trim/Finish Wood/Paint-Avg
Existing Proposed Under Const. Basement Finish 0 % Gutters & Downspouts Aluminium-Avg Bath Floor Tile/Vinyl-Average
Design (Style) Colonial Outside Entry/Exit Sump Pump Window Type Double Hung-Avg Bath Wainscot Vinyl-Average
Year Built 1742 Evidence of Infestation Storm Sash/Insulated Yes/Yes-Average Car Storage None
Effective Age (Yrs) 25 Dampness Settlement Screens Yes-Average Driveway # of Cars 25
Attic None Heating FWA HWBB Radiant Amenities Woodstove(s) # Driveway Surface Asphalt(&gravel)
Drop Stair Stairs Other Steam Fuel Gas Fireplace(s) # 4 Fence Garage # of Cars
Floor Scuttle Cooling Central Air Conditioning Patio/Deck x2 Porch Carport # of Cars
Finished Heated Individual Other Pool Other Barn,Blcn Att. Det. Built-in
IMPROVEMENTS

Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)

Finished area above grade contains: 13 Rooms 5 Bedrooms 3.50 Bath(s) 4,512 Square Feet of Gross Living Area Above Grade
Additional features (special energy efficient items, etc.). Subject has hardwood floors, two kitchens, two patios, one balcony, a detached barn, four
fireplaces, recent exterior paint, and landscaped yard.
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). The condition of the subject is average. Subject has
recent exterior paint, new roof, and some replacement windows. Subject is legally assessed as single family, however this appraiser believes
subject was once used as two family as two kitchens, and layout of floor plan. Subject barn is in disrepair, and should not be used in current
condition until a qualified engineer can ascertain safe condition of structure(evidence of rot and hazards present). Interior basement has sump
pump, and evidence of recent overflow or seepage. See photo addendum of property condition, images and materials surrounding exterior.
Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe

Freddie Mac Form 70 March 2005 Page 1 of 6 Fannie Mae Form 1004 March 2005

Form 1004 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

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Uniform Residential Appraisal Report File # 133 West Union

There are 10 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 0 to $ 500,000 .
There are 12 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 0 to $ 500,000 .
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3
Address 133 West Union Street 50 Prospect Street 82 East Main Street 112 Hayden Rowe Street
Ashland, MA 01721-1409 Ashland, MA 01721 Hopkinton, MA 01748 Hopkinton, MA 01748
Proximity to Subject 1.23 miles E 1.65 miles SW 3.06 miles SW
Sale Price $ $ 405,000 $ 250,000 $ 325,000
Sale Price/Gross Liv. Area $ sq.ft. $ 124.65 sq.ft. $ 126.01 sq.ft. $ 186.57 sq.ft.
Data Source(s) MLS, Assessors, Public Info MLS, Assessors, Public Info MLS, Assessors, Public Info
Verification Source(s) Exterior Inspection Exterior Inspection Exterior Inspection
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment
Sales or Financing None Disclosed None Disclosed None Disclosed
Concessions DOM 259 DOM 297 DOM 49
Date of Sale/Time 6/29/2010 12/10/2010 6/16/2010
Location Busier Street Busier Street Busier Street Busier Street
Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Site 3.14 Acres .91 Acres +20,000 1.03 Acres +20,000 6.50 Acres -30,000
View Residential Residential Residential Residential
Design (Style) Colonial Colonial Colonial Colonial
Quality of Construction Average Average Average Average
Actual Age 269 171 148
Condition Average Average-Good -101,000 Average Average
Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths
Room Count 13 5 3.50 9 4 3.50 11 3 1.50 +8,000 8 4 1.00 +10,000
Gross Living Area 4,512 sq.ft. 3,249 sq.ft. +25,260 1,984 sq.ft. +50,560 1,742 sq.ft. +55,400
Basement & Finished Full Full Full Full
Rooms Below Grade Unfinished Unfinished Unfinished Unfinished
Functional Utility Average Average Average Average
SALES COMPARISON APPROACH

Heating/Cooling Steam/No C/Air Similar/CAir -4,000 Similar/No CAir Similar/No C/Air

Energy Efficient Items Standard Standard Standard Standard
Garage/Carport None 3 Attached -9,000 None 2 Attached -6,000
Porch/Patio/Deck Patio,Patio,Blcn Porch,Ptio,Prch Deck,Prch,Ptio Deck +4,000
Other Large Barn Carriage House Large Barn None +6,000
Fireplace(s) 4 Fireplaces 1 Fireplace +3,000 1 Fireplace +3,000 None +4,000

Net Adjustment (Total) + - $ -65,740 + - $ 81,560 + - $ 43,400

Adjusted Sale Price Net Adj. 16.2 % Net Adj. 32.6 % Net Adj. 13.4 %
of Comparables Gross Adj. 40.1 % $ 339,260 Gross Adj. 32.6 % $ 331,560 Gross Adj. 35.5 % $ 368,400
I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain

My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s) MLS/Assessor/Public Information/Homeowner
My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
Data Source(s) MLS/Assessor/Public Information/Homeowner
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3
Date of Prior Sale/Transfer None in 3 years None in 1 year None in 1 year None in 1 year
Price of Prior Sale/Transfer N/A N/A N/A N/A
Data Source(s) MLS/Assessor/Public Info MLS/Assessor/Public Info MLS/Assessor/Public Info MLS/Assessor/Public Info
Effective Date of Data Source(s) Current Current Current Current
Analysis of prior sale or transfer history of the subject property and comparable sales No sales history three years for subject and one year prior for
comparables.

Summary of Sales Comparison Approach Each sale is a closed sale that has been verified through public records. Each appeal to to the same type of
buyer -- an owner or investor. The GLA is adjusted $20.00 per square foot. Full baths $4000, half baths $2000. Lot size adjusted $10,000 per
acre(rounded). Garages $2000 per stall. Fireplaces $1000 per. Decks, porches and patios $2000 per. Comp 1 adjusted 25% for superior
condition with recent upgrades/updates, and with less wear and tear throughout. All sales weighted equally in determining the value of the subject.

Indicated Value by Sales Comparison Approach $ 340,000

Indicated Value by: Sales Comparison Approach $ 340,000 Cost Approach (if developed) $ N/A Income Approach (if developed) $
Cost approach was not considered due to subjects age. Sales comparison approach deemed most reliable in this market.
RECONCILIATION

This appraisal is made "as is", subject to completion 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, or subject to the
following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting
conditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is
$ 340,000 , as of 6/3/2011 , which is the date of inspection and the effective date of this appraisal.
Freddie Mac Form 70 March 2005 Page 2 of 6 Fannie Mae Form 1004 March 2005

Form 1004 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

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Uniform Residential Appraisal Report File # 133 West Union

1. Appraiser believes the cost approach is applicable:
The cost approach has only been developed by the appraiser 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 any loss that may be
sustained. Further, the cost approach may not be a reliable indication of replacement or reproduction cost for any date other than the effective date
of this appraisal due to changing costs of labor and materials and due to changing building codes and governmental regulations and requirements.

2. Cost approach required by client but appraiser does not consider it meaningful:
At the request of the client, development of the cost approach as been attempted by the appraiser as an analysis to support their opinion of the
property's market value. Because there is insufficient market evidence to credibly support the site value/derivation of total appreciation, the cost
approach is not given any consideration in the appraiser's final analysis. Use of this data, in whole or in 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 any loss that may be sustained. The appraiser recommends that an insurance
professional be consulted. Further, the cost approach may not be a reliable indication of replacement or reproduction cost for any date other than
ADDITIONAL COMMENTS

the effective date of this appraisal due to changing costs of labor and materials and due to changing building codes and governmental regulations
and requirements.

COST APPROACH TO VALUE (not required by Fannie Mae)

Provide adequate information for the lender/client to replicate the below cost figures and calculations.
Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)
COST APPROACH

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE =$

Source of cost data DWELLING Sq.Ft. @ $ =$
Quality rating from cost service Effective date of cost data Sq.Ft. @ $ =$
Comments on Cost Approach (gross living area calculations, depreciation, etc.) =$
Garage/Carport Sq.Ft. @ $ =$
Total Estimate of Cost-New =$
Less Physical Functional External
Depreciation =$( )
Depreciated Cost of Improvements =$
"As-is" Value of Site Improvements =$

Estimated Remaining Economic Life (HUD and VA only) Years INDICATED VALUE BY COST APPROACH =$
INCOME APPROACH TO VALUE (not required by Fannie Mae)
INCOME

Estimated Monthly Market Rent $ X Gross Rent Multiplier =$ Indicated Value by Income Approach
Summary of Income Approach (including support for market rent and GRM) Income and expense ratios are used, and are derived from market studies.
However, I place little reliance on the Income Approach. Subject rental is based on rental of all units.
PROJECT INFORMATION FOR PUDs (if applicable)
Is the developer/builder in control of the Homeowners’ Association (HOA)? Yes No Unit type(s) Detached Attached
Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.
Legal Name of Project
Total number of phases Total number of units Total number of units sold
PUD INFORMATION

Total number of units rented Total number of units for sale Data source(s)
Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion.
Does the project contain any multi-dwelling units? Yes No Data Source
Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.

Are the common elements leased to or by the Homeowners’ Association? Yes No If Yes, describe the rental terms and options.

Describe common elements and recreational facilities.

Freddie Mac Form 70 March 2005 Page 3 of 6 Fannie Mae Form 1004 March 2005

Form 1004 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE