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6 9 <br /> ADDENDUM <br /> Borrower. Earl Hemmerich File No.: Pequot5053Hemm <br /> Property Address: XXX County Road 112 Case No.: <br /> City: Pequot Lakes State: MN Zip: 56472 <br /> Lender. Earl Hemmerich <br /> such as the subject in the Pequot Lakes area. A value conclusion via the direct sales comparison <br /> method for the subject would be$55,000 per acre zoned as Multi Housing. (All comparables used all <br /> have similar zoning to the subject property.) <br /> Application is: <br /> 11.9 acres at$55,000 per acre equals$654,500 <br /> COMPARABLE LAND SALE ADJUSTMENT GRID <br /> PRICE PROP FIN. CO MKT. PRICE ADJ <br /> PAID RGTS ND COND ADJ for PHY OT NET PRICE <br /> PER AC CON OF (TIME) FIN,CO LOC CHR HE ADJ /SF <br /> V SAL N& R <br /> E TIME <br /> +13% <br /> 1 $19,861 0 0 0 +2% $20,258 +5% +3% +5% $22,891 <br /> -10% <br /> 2 $20,261 0 0 0 +2% $20,666 -20% +10% .0 $18,599 <br /> 3 $89,000 0 0 0 +8.8% $96,832 .0 -40% .0 -40% $87,148 <br /> Condition of Appraisal Comments <br /> This appraisal is based on market information at the time of this report. The subject is located in an area which is currently <br /> experiencing growth and increasing property values. The Appraiser assume the title to be marketable. <br /> Note: If electronic/digital signatures were used,it has been deemed acceptable appraisal practice by the USPAP. <br /> Addendum Page 4 of 4 <br />