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Resolution No 15-2026 Purchase of Property 1829-1837 Randpolph
1 RESOLUTION NO. 15-2026 A RESOLUTION OF THE BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA, REGARDING THE PURCHASE OF REAL PROPERTY LOCATED AT 1829-1837 RANDOLPH ST., SOUTH BEND, INDIANA WHEREAS, the City of South Bend, Indiana, Board of Public Works (the “Board”) has custody of and may maintain all real property owned by the City of South Bend, Indiana (the “City”) pursuant to I.C. 36-9-6-3; and WHEREAS, the City, acting by and through the Board, may purchase land or structures in accordance with the procedure stated in I.C. 36-1-10.5; and WHEREAS, on December 9, 2025 the South Bend Common Council approved Resolution 5156-25 pursuant to I.C. 36-1-10.5-5(1), and the Board now intends to purchase the real property located at 1829-1837 Randolph St., South Bend, Indiana, and more particularly described in attached Exhibit A (the “Property”); and WHEREAS, the Board has obtained two (2) appraisals of the fair market value of the Property, attached hereto as Exhibit B, and will provide copies of each to the South Bend Common Council in accordance with I.C. 36-1-10.5-5(2); and WHEREAS, the Board believes it is in the best interest of the City and its residents to purchase the Property. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: 1. The Board hereby appoints Ms. Erin Michaels, employee of the Department of Community Investment, as the Board’s authorized representative in pursuing the purchase of the Property and delegates to her all necessary authority to serve in the Board’s place as purchasing agent under I.C. 36-1-10.5. 2. The Board hereby approves and will execute simultaneously with this Resolution the form of purchase agreement attached hereto as Exhibit C. The Board instructs Ms. Michaels to deliver a signed copy of the purchase agreement to the owner of the Property. 3.The Board acknowledges that its authority to consummate the purchase of the Property, including the authority hereby delegated to Ms. Michaels, is expressly conditioned upon South Bend Common Council’s approval of the purchase in accordance with I.C. 36-1-10.5-5(1). 4.This Resolution shall be in full force and effect upon its adoption. ADOPTED at a meeting of the Board of Public Works of the City of South Bend, Indiana held on April 14, 2026, at 215 S. Dr. Martin Luther King Jr. Boulevard Suite 300, South Bend, Indiana 46601. 2 CITY OF SOUTH BEND BOARD OF PUBLIC WORKS ________________________________ Elizabeth A. Maradik, President ________________________________ Joseph R. Molnar, Vice President ____________________________ Breana N. Micou, Member ________________________________ Abigail E. Magas, Member ________________________________ Murray L. Miller, Member April 14, 2026 EXHIBIT A Description of the Property Parcel I: Parcel Key No. 018-7102-3649 State ID: 71-09-18-429-008.000-026 Legal Description: Lot 23 Roseland Park Add Commonly Known as 1829 Randolph St Parcel II: Parcel Key No. 018-7102-3650 State ID: 71-09-18-429-009.000-026 Legal Description: Lot 22 Roseland Park Add Commonly Known as 1833 Randolph St Parcel III: Parcel Key No. 018-7102-3651 State ID: 71-09-18-429-010.000-026 Legal Description: Lot 21 Roseland Park Add Commonly Known as 1837 Randolph St EXHIBIT B Real Estate Appraisals [See attached.] Page # 1 of 32 APPRAISAL OF REAL PROPERTY 1829 Randolph St South Bend, IN 46613 Lot 23 Roseland Park Add Erin Michaels 227 W. Jefferson Blvd. Suite 1400 S. South Bend, IN 46601 187,000 03/18/2026 Stuart Burns Valuation Services, LLC 23 Washington St Valparaiso, IN 46383 (219) 464-4138 stuart@valuationserv.com Form GA2V - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE LOCATED AT FOR OPINION OF VALUE AS OF BY Page # 2 of 32www.valuationserv.com 26-250COSBRESIDENTIAL APPRAISAL SUMMARY REPORT 1829 Randolph St South Bend IN 46613 St. Joseph Lot 23 Roseland Park Add 71-09-18-429-008.000-026 2025 1,667 43 NA Morton Roger Lynn & Andrea Lynn 0 South Side 43780 0031.00 Assist Client in establishing a market value. City of South Bend Department of Community Investment, Erin V. Michaels, Erin Michaels 227 W. Jefferson Blvd. Suite 1400 S., South Bend, IN 46601 Stuart Burns 23 Washington St, Valparaiso, IN 46383 60% 40 255 145 23 126 77 59 12 4 22 Other 3 Unknown South Bend, Indiana consists primarily of single family homes of varying ages and styles. This area is known for access to the University of Notre Dame and other surrounding colleges. Market is supported by education, health care, and manufacturing. Homes in this area have similar access to public transit, parks, schools, shopping & recreation. The predominate home is 76 years old and sells for approximately $145,000. North Border is Michigan / Indiana state line, East Border is Logan St, South Border is Lincoln Hwy / St Joseph Valley Pkwy, West Border is Highway 31 Lincoln Hwy. South Bend has a population 103k people, with a growth rate of -0.2% decline based of 2023 data per Data USA. Homeownership rate is reports at 60.2%, down from roughly 65.9% high over past few years. Total vacant units is reported between 13.5% and 17.27% of all housing. There is a mix of housing types with some subdivisions of smaller, older homes, and some of newer, larger homes built with better quality materials. The other land is parks, schools, etc. The one-unit housing prices above are based off 2-5 bedrooms homes within the subject's neighborhood, and can vary significantly due to garages, square footage, etc. 40' x 137'5,480 sf U1 Urban Neighborhood 1 Single Family Residence Single Family Residence The subject is legally permissible, physically possible, financially feasible, and maximally productive as a single family residence. Public/Typical Public/Typical Public/Typical Public/Typical Public/Typical Concrete Concrete Concrete Halogen Gravel Mostly Level 5,480 sf Rectangular Standard Residential A 18141C0213D 1/6/2011 The plat map provides no easement. Report assumes the utility and alley easements are typical. There is no known external obsolescence, encroachments, environmental conditions, or land uses that have any negative effect on marketability. 1 1.5 1.5 Story 76 20 Concrete Vinyl Composite Aluminum Aluminum No/Yes No Yes - Partial Yes - Partial None None None None 1,096 0% Exposed Wd Panel/Conc Concrete None Forced Air Natural Gas Air Condition LVP,Carpet Drywall Wood Tile Tile Wood 0 Concrete None Concrete Chain Link None 0 4 0 2 0 0 2 Concrete 8 3 2.0 1,436 Most windows, insulation, appliances, heating and cooling systems appear standard for the market area. The subject does have a tankless water heater, which is more efficient and produces continual hot water. The subject was built 76 years ago and appears to have well maintained long lived items. No significant deferred maintenance noted. Exterior has minor peeling and flaking paint which is typical. The subject's kitchen has received updated appliances within the past 5 years. The subject's bathrooms have received updated tile surfaces, and fixtures within the past 15 years reducing the subject's effective age. The subject's lofted room is less than 7' tall, which disqualifies it from being considered living space per ANSI standards, but buyer's would find this area "finished" and it is considered to have value like a finished room. There is no function obsolescence noted. Some buyer's consider the subject's location as both beneficial due to the adjacent park area, and a external obsolescence noted as the subject backs to commercial and railroad lands. Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:SUBJECTProperty Address:City:State:Zip Code: County:Legal Description: Assessor's Parcel #: Tax Year:R.E. Taxes: $Special Assessments: $Borrower (if applicable): Current Owner of Record:Occupant:Owner Tenant Vacant Manufactured Housing Project Type:PUD Condominium Cooperative Other (describe)HOA: $per year per month Market Area Name:Map Reference:Census Tract:ASSIGNMENTThe purpose of this appraisal is to develop an opinion of:Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments):Current (the Inspection Date is the Effective Date)Retrospective Prospective Approaches developed for this appraisal:Sales Comparison Approach Cost Approach Income Approach (See Reconciliation Comments and Scope of Work) Property Rights Appraised:Fee Simple Leasehold Leased Fee Other (describe) Intended Use: Intended User(s) (by name or type): Client:Address: Appraiser:Address:MARKET AREA DESCRIPTIONLocation:Urban Suburban Rural Built up:Over 75%25-75%Under 25% Growth rate:Rapid Stable Slow Property values:Increasing Stable Declining Demand/supply:Shortage In Balance Over Supply Marketing time:Under 3 Mos.3-6 Mos.Over 6 Mos. Predominant Occupancy Owner Tenant Vacant (0-5%) Vacant (>5%) One-Unit Housing PRICE $(000) Low High Pred AGE (yrs) Present Land Use One-Unit % 2-4 Unit % Multi-Unit % Comm'l % % Change in Land Use Not Likely Likely *In Process * * To: Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends):SITE DESCRIPTIONDimensions:Site Area: Zoning Classification:Description: Zoning Compliance:Legal Legal nonconforming (grandfathered)Illegal No zoning Are CC&Rs applicable?Yes No Unknown Have the documents been reviewed?Yes No Ground Rent (if applicable)$/ Highest & Best Use as improved:Present use, or Other use (explain) Actual Use as of Effective Date:Use as appraised in this report: Summary of Highest & Best Use: Utilities Public Other Provider/Description Off-site Improvements Type Public Private Electricity Gas Water Sanitary Sewer Storm Sewer Street Curb/Gutter Sidewalk Street Lights Alley Topography Size Shape Drainage View Other site elements:Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe) FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone FEMA Map #FEMA Map Date Site Comments:DESCRIPTION OF THE IMPROVEMENTSGeneral Description # of Units Acc.Unit # of Stories Type Det.Att. Design (Style) Existing Proposed Und.Cons. Actual Age (Yrs.) Effective Age (Yrs.) Exterior Description Foundation Exterior Walls Roof Surface Gutters & Dwnspts. Window Type Storm/Screens Foundation Slab Crawl Space Basement Sump Pump Dampness Settlement Infestation Basement None Area Sq. Ft. % Finished Ceiling Walls Floor Outside Entry Heating Type Fuel Cooling Central Other Interior Description Floors Walls Trim/Finish Bath Floor Bath Wainscot Doors Appliances Refrigerator Range/Oven Disposal Dishwasher Fan/Hood Microwave Washer/Dryer Attic None Stairs Drop Stair Scuttle Doorway Floor Heated Finished Amenities Fireplace(s) # Patio Deck Porch Fence Pool Woodstove(s) # Car Storage None Garage # of cars (Tot.) Attach. Detach. Blt.-In Carport Driveway Surface Finished area above grade contains:Rooms Bedrooms Bath(s)Square Feet of Gross Living Area Above Grade Additional features: Describe the condition of the property (including physical, functional and external obsolescence): Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Page # 3 of 32 26-250COSBRESIDENTIAL APPRAISAL SUMMARY REPORT IRMLS / Public Records 04/21/2021 0 IRMLS/PublicRecords 04/01/2003 0 IRMLS/PublicRecords The tax records and/or MLS shows prior sale of the subject within the past three years. The subject's more recent title transfers are considered non-armslength as there was no change in last name. Some of the comparable sales had a prior sale within 1 year of the date of sale of the comparable. 1829 Randolph St South Bend, IN 46613 Fee Simple B;AdjPark/AdjRR 5,480 sf N;Res 1.5 Story Q4 76 C3 8 3 2.0 1,436 1096sf0sfin 1rr0bd0.1ba2o Shop/DryBar/Loft FWA,C-Air Windows/Insul 2Garage CvPorch,Pto,Fnc Extra Features LVP,JT,Upgs 1911 S Ironwood Dr South Bend, IN 46613 0.20 miles SE 155,000 138.39 IRMLS#202545346;DOM11 MLS/PublicRecords Conventional 3500 -3,500 12/17/2025 Fee Simple A;AdjBusyRd 5,227 sf N;Res Ranch+Bsmt 0 Q4 23 -4,108 C3 8 3 2.0 0 1,120 +17,380 0sf +5,480 +2,000 Standard +10,000 FWA,C-Air Windows/Insul 2Garage Porch,Dk,Fnc +5,000 LVP +2,000 34,252 Net 22.1 % Gross 31.9 %189,252 1723 E Calvert St South Bend, IN 46613 0.12 miles SW 66,500 81.50 IRMLS#202604958;DOM10 MLS/PublicRecords Cash 0 03/04/2026 Fee Simple B;AdjPark/AdjRR 5,663 sf N;Res Ranch+Bsmt Q4 102 +864 C4 +35,000 5 2 1.0 +16,000 816 +34,100 816sf0sfin +1,400 +2,000 Standard +10,000 FWA,C-Air Windows/Insul 2Garage/0Carport CvPorch,Fnc +5,000 None +3,000 107,364 Net 161.4 % Gross 161.4 %173,864 1335 Randolph St South Bend, IN 46613 0.48 miles W 191,500 159.58 IRMLS#202516511;DOM3 MLS/PublicRecords Conventional 0 06/11/2025 Fee Simple N;Residential -25,000 4792 sf N;Res 1.5 Story Q4 106 +2,872 C3 7 3 1.1 +4,000 1,200 +12,980 364sf0sfin +3,660 +2,000 Loft +5,000 FWA,C-Air Windows/Insul 2Garage CvPorch,Dk,Pto,Fn -5,000 XLVP,XUpgs -1,000 -488 Net 0.3 % Gross 32.1 %191,012 The comparables provided are all located in the same market area as the subject. They bracket the subject in all major components, living area size, year built and lot size. Most comparables, like the subject, are one-story ranch design homes with three-bedrooms on a similar size lot. Most of the comparables provided have locational external features similar to the Subject's, but none have all the same features. No comparables are over twelve months old. No comparables are located over a mile from the subject. All comps are assumed to be considered equally by potential buyers. Some of the comparables provided may require a single adjustment over 10%, a net adjustment over 15% or a total gross adjustment over 25%, due to large adjustments for location, view, condition, above and below grade living area, and/or functional utility. Adjustments are based on market extraction, sales comparison, and/or estimated market response. Adjusted sales range from $173,864 to $193,645, with a median adjusted value of $190,132, and an mean adjusted value of $186,749. All sales are considered in the final opinion of value, with all the weight given to the mean, and rounded to the nearest thousand dollars at $187,000. 187,000 Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:TRANSFER HISTORYMy 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): 1st Prior Subject Sale/Transfer Date: Price: Source(s): 2nd Prior Subject Sale/Transfer Date: Price: Source(s): Analysis of sale/transfer history and/or any current agreement of sale/listing:SALES COMPARISON APPROACHSALES COMPARISON APPROACH TO VALUE (if developed)The Sales Comparison Approach was not developed for this appraisal. FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address Proximity to Subject Sale Price $$$$ Sale Price/GLA $/sq.ft.$/sq.ft.$/sq.ft.$/sq.ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust.DESCRIPTION +(-) $ Adjust.DESCRIPTION +(-) $ Adjust. Sales or Financing Concessions Date of Sale/Time Rights Appraised Location Site View Design (Style) Quality of Construction Age Condition Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count Gross Living Area sq.ft.sq.ft.sq.ft.sq.ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total)+-+-+-$$$ Adjusted Sale Price of Comparables $$$ Summary of Sales Comparison Approach Indicated Value by Sales Comparison Approach $ Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Page # 4 of 32 26-250COSBADDITIONAL COMPARABLE SALES 1829 Randolph St South Bend, IN 46613 Fee Simple B;AdjPark/AdjRR 5,480 sf N;Res 1.5 Story Q4 76 C3 8 3 2.0 1,436 1096sf0sfin 1rr0bd0.1ba2o Shop/DryBar/Loft FWA,C-Air Windows/Insul 2Garage CvPorch,Pto,Fnc Extra Features LVP,JT,Upgs 1345 E Victoria St South Bend, IN 46614 0.64 miles SW 250,000 131.30 IRMLS#202542132;DOM8 MLS/PublicRecords Conventional 3700 -3,700 12/02/2025 Fee Simple N;Residential -25,000 8340 sf -2,145 N;Res Ranch Q3 -15,000 74 -250 C3 7 3 1.1 +4,000 1,904 -25,740 0sf +5,480 +2,000 Standard +5,000 FWA,C-Air Windows/Insul 1Garage +5,000 CvPorch,XPto,Fnc -5,000 XLVP,XUpgs -1,000 -56,355 Net 22.5 % Gross 39.7 %193,645 1906 Leer St South Bend, IN 46613 0.56 miles W 175,000 151.91 IRMLS#202513252;DOM10 MLS/PublicRecords FHA 4000 -4,000 05/29/2025 Fee Simple N;Residential -25,000 6970 sf N;Res Ranch Q4 28 -4,200 C3 7 3 2.0 0 1,152 +15,620 0sf0sfin +5,480 +2,000 Shop +5,000 FWA,C-Air Windows/Insul 2Garage Porch,PtlFnc +10,000 LVP,XUpgs 0 4,900 Net 2.8 % Gross 40.7 %179,900 1826 E Donald St South Bend, IN 46613 0.22 miles S 174,900 224.23 IRMLS#202522002;DOM20 MLS/PublicRecords Conventional 0 07/31/2025 Fee Simple N;Residential -25,000 5200 sf N;Res 1.5 Story Q4 87 +962 C3 7 3 1.0 +6,000 780 +36,080 780sf780sfin -10,120 1rr0bd1.0ba1o -6,000 Loft +5,000 FWA,C-Air Windows/Insul 2Garage CvPorch +10,000 LVP,Upgs +1,000 17,922 Net 10.2 % Gross 57.3 %192,822 Form GPRES2.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 4 5 6 File No.:SALES COMPARISON APPROACHFEATURE SUBJECT COMPARABLE SALE #COMPARABLE SALE #COMPARABLE SALE # Address Proximity to Subject Sale Price $$$$ Sale Price/GLA $/sq.ft.$/sq.ft.$/sq.ft.$/sq.ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust.DESCRIPTION +(-) $ Adjust.DESCRIPTION +(-) $ Adjust. Sales or Financing Concessions Date of Sale/Time Rights Appraised Location Site View Design (Style) Quality of Construction Age Condition Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count Gross Living Area sq.ft.sq.ft.sq.ft.sq.ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total)+-+-+-$$$ Adjusted Sale Price of Comparables $$$ Summary of Sales Comparison Approach Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Page # 5 of 32 26-250COSBRESIDENTIAL APPRAISAL SUMMARY REPORT The cost approach is not considered relevant due to its lack of consideration for a builder's incentive, and the estimation of depreciation. Income approach is not valid to this property. The subject is not rented at market rent as tenant is a relative and given a discount on rents. 187,000 The sales comparison approach is given all the consideration in the final opinion of value. The cost approach is not considered accurate to the estimation of depreciation. The income approach is not valid for single family homes due to the lack of rental data. 187,000 03/18/2026 32 Scope of Work Limiting Cond./Certifications Narrative Addendum Photograph Addenda Sketch Addendum Map Addenda Additional Sales Cost Addendum Flood Addendum Manuf. House Addendum Hypothetical Conditions Extraordinary Assumptions Erin Michaels Erin Michaels emichaels@southbendin.gov 227 W. Jefferson Blvd. Suite 1400 S., South Bend, IN 46601 Stuart Burns Valuation Services, LLC (219) 464-4138 stuart@valuationserv.com 03/26/2026 CR62500005 IN 06/30/2026 03/18/2026 Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:COST APPROACHCOST APPROACH TO VALUE (if developed)The Cost Approach was not developed for this appraisal. Provide adequate information for replication of the following cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value): ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW Source of cost data: Quality rating from cost service:Effective date of cost data: OPINION OF SITE VALUE =$ DWELLING Sq.Ft. @ $=$ Sq.Ft. @ $=$ Sq.Ft. @ $=$ Sq.Ft. @ $=$ Sq.Ft. @ $=$ =$ Garage/Carport Sq.Ft. @ $=$ Total Estimate of Cost-New =$ Less Physical Functional External Depreciation =$() Depreciated Cost of Improvements =$ ''As-is'' Value of Site Improvements =$ =$ =$ INDICATED VALUE BY COST APPROACH =$ Comments on Cost Approach (gross living area calculations, depreciation, etc.): Estimated Remaining Economic Life (if required):Years INCOME APPROACHINCOME APPROACH TO VALUE (if developed)The Income Approach was not developed for this appraisal. Estimated Monthly Market Rent $X Gross Rent Multiplier = $Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM):PUDPROJECT INFORMATION FOR PUDs (if applicable)The Subject is part of a Planned Unit Development. Legal Name of Project: Describe common elements and recreational facilities:RECONCILIATIONIndicated Value by: Sales Comparison Approach $Cost Approach (if developed) $Income Approach (if developed) $ Final 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,subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda. Based on the degree of inspection of the subject property,as indicated below,defined Scope of Work,Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications,my (our)Opinion of the Market Value (or other specified value type),as defined herein,of the real property that is the subject of this report is:$, as of:,which is the effective date of this appraisal. If indicated above,this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report.See attached addenda.ATTACHMENTSA true and complete copy of this report contains pages,including exhibits which are considered an integral part of the report.This appraisal report may not be properly understood without reference to the information contained in the complete report. Attached Exhibits:SIGNATURESClient Contact:Client Name: E-Mail:Address: APPRAISER Appraiser Name: Company: Phone:Fax: E-Mail: Date of Report (Signature): License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Interior & Exterior Exterior Only None Date of Inspection: SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Supervisory or Co-Appraiser Name: Company: Phone:Fax: E-Mail: Date of Report (Signature): License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Interior & Exterior Exterior Only None Date of Inspection: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Definition of a Neighborhood, but the Dictionary of Real Estate Appraisal, Appraisal Institute; "a group of complementary land uses; a congruous grouping of inhabitants, buildings, or business enterprises." This means a neighborhood is typically larger than the subdivision a home is located within, as subdivisions are commonly only one land use. Think of it as where your a homeowner is most likely to go grocery shopping. That "neighborhood grocer" is most likely not located within the subdivision of a residential home being appraised. ANSI Declaration 1; Finished square footage calculations for this house were made based on measured dimensions only and may included unfinished areas, openings, in floors not associated with stairs, or openings in floors exceeding the area of associated stairs. ANSI 3.7 Ceiling Height Requirements; To be included in finished square footage calculations, finished areas must have a ceiling height of at least 7 ft. (2.13 m) except under beams, ducts and other obstructions where the height requirement 6 ft. 4 in. (1.93 m); under stairs where there is no specified height requirement; or where the ceiling is sloped. If a room's ceiling is sloped, at least one-half of the finished square footage in that room must be a vertical ceiling height of at least 7 ft. (2.13 m); no portion of the finished area that has a height of less than 5 ft. (1.52 m) may be included in finished square footage. - This definition of ceiling height requirements means the subject's "loft" bedroom / playroom area cannot be included in the calculation of finished living area as at the highest point the vaulted ceiling measures 6 ft. 8 in. No portion of the ceiling has was 7 ft high and so not more than 50% of the potential 8.4' wide by 11.7' deep "loft" room has a ceiling height of 7 ft or greater. Although the "Loft" is not considered in the GLA calculation or bedroom count, it does increase the subject's functional utility and it is considered in the sales grid under the functional utility section. This type of room has no negative effect on marketability and is similar to "A - Frame" design home, that often have a ladder to reach the loft area. Neighborhood Market Trends 1) I have considered the existence of sales or financing concessions in the subject's market area and have made an adjustment for the concession on the market grid if applicable. 2) I have considered the upward, downward, change in the average marketing time in the subject's competing marketing area and so noted it on the report. 3) The average list to sale ratio in the subject's MLS district is approximately 98% - 100%. Listings provided as comparables have been adjusted accordingly. This is an MLS statistic available at this time. 4) I have considered relevant competitive listings and/or contract offerings, in the performance of the appraisal and in the trending information reported in this report. If a trend is indicated, I have attached an addendum providing relevant competitive listing/contract offering date. Additional USPAP requirements Addendum I have performed no appraisal or any other 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. Based on market trends and comparable data appropriately priced homes in this segment of the market appear to sell within a three month period- exposure time for the subject property at the opinion of value is estimated at 45 days. EXPOSURE TIME: 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. The appraiser has not identified any purchaser, borrower or seller as an intended user of this appraisal and no such party should use or rely on this appraisal for any purpose. Such parties are advised to obtain an appraisal from an appraiser of their own choosing if they require an appraisal for their own use. This appraisal report should not serve as the basis for any property purchase decision or any appraisal contingency in a purchase agreement relating to the property. The predominate sale in the neighborhood is smaller in GLA and older in year built, resulting in a higher opinion of value for the subject. The subject is not considered overbuilt for the neighborhood. There is no apparent adverse effect on marketability. 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. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. As of the date of this report, I, Stuart Burns, have completed the Standard and Ethics Education Requirements for Candidates of the Appraisal Institute. Page # 6 of 32 Supplemental Addendum Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 26-250COSB NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code File No. Page # 7 of 32 26-250COSBAssumptions, Limiting Conditions & Scope of Work 1829 Randolph St South Bend IN 46613 Erin Michaels 227 W. Jefferson Blvd. Suite 1400 S., South Bend, IN 46601 Stuart Burns 23 Washington St, Valparaiso, IN 46383 STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS - The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. - If the appraiser provided a sketch in the appraisal report, it is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Survey was not provided. - Flood maps are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. - The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. - If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such. - The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. - The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. Sources include but are not limited to: public records, the client, owners and builders. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. - If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner. - An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. - The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. - An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs a non-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage the appropriate type of expert to investigate. The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions. Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.): Form GPRES2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.: Property Address:City:State:Zip Code: Client:Address: Appraiser:Address: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Page # 8 of 32 26-250COSBCertifications 1829 Randolph St South Bend IN 46613 Erin Michaels 227 W. Jefferson Blvd. Suite 1400 S., South Bend, IN 46601 Stuart Burns 23 Washington St, Valparaiso, IN 46383 APPRAISER'S 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 credibility of this report, for the stated use by the stated user(s), of 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 personal interest with respect to the parties involved. - Unless otherwise indicated, 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 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. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property. - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification. Additional Certifications: DEFINITION OF MARKET VALUE *: The most probable price, as of specified date, in cash or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) Erin Michaels Erin Michaels emichaels@southbendin.gov 227 W. Jefferson Blvd. Suite 1400 S., South Bend, IN 46601 Stuart Burns Valuation Services, LLC (219) 464-4138 stuart@valuationserv.com 03/26/2026 CR62500005 IN 06/30/2026 03/18/2026 Form GPRES2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.: Property Address:City:State:Zip Code: Client:Address: Appraiser:Address:SIGNATURESClient Contact:Client Name: E-Mail:Address: APPRAISER Appraiser Name: Company: Phone:Fax: E-Mail: Date Report Signed: License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Interior & Exterior Exterior Only None Date of Inspection: SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Supervisory or Co-Appraiser Name: Company: Phone:Fax: E-Mail: Date Report Signed: License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Interior & Exterior Exterior Only None Date of Inspection: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Page # 9 of 32 NA 26-250COSB 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels APPRAISAL AND REPORT IDENTIFICATION 2-2(a) 2-2(b) Comments on Standards Rule 2-3 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. - Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - Unless otherwise indicated, 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 the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My 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. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). 3 Months Per the comps provided, the marketing time ranged from 3 to 20 days on market. Comments on Appraisal and Report Identification Note any USPAP-related issues requiring disclosure and any state mandated requirements: Clarification of Intended Use and Intended User: The Intended User of this appraisal report is the lender/client. The Intended Use is to evaluate the property that is the subject of this appraisal for a the lender/client, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser. The attached supplemental addendum is an integral part of this appraisal report. Appraiser cannot be responsible for any partial distribution of the report to third parties. Any copies released must include all pages contained within the original report. FIRREA Statement - This report has been prepared in accordance with Title XI of FIRREA and any implemented regulations. Stuart Burns CR62500005 IN 06/30/2026 03/26/2026 03/18/2026 03/18/2026 Form ID20E - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower Lender/Client File No. Property Address City County State Zip Code This Report is one of the following types: Appraisal Report (A written report prepared under Standards Rule ,pursuant to the Scope of Work,as disclosed elsewhere in this report.) Restricted Appraisal Report (A written report prepared under Standards Rule ,pursuant to the Scope of Work,as disclosed elsewhere in this report, restricted to the stated intended use only by the specified client and any other named intended user(s).) Reasonable Exposure Time (USPAP defines Exposure Time as the 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.) My Opinion of Reasonable Exposure Time for the subject property at the market value stated in this report is: APPRAISER: Signature: Name: State Certification #: or State License #: State:Expiration Date of Certification or License: Date of Signature and Report: Effective Date of Appraisal: Inspection of Subject:None Interior and Exterior Exterior-Only Date of Inspection (if applicable): SUPERVISORY or CO-APPRAISER (if applicable): Signature: Name: State Certification #: or State License #: State:Expiration Date of Certification or License: Date of Signature: Inspection of Subject:None Interior and Exterior Exterior-Only Date of Inspection (if applicable): Page # 10 of 32 Form PICPIX.TR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Subject Photo Page NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Subject Front 1829 Randolph St Subject Rear Subject Street Borrower Lender/Client Property Address City County State Zip Code Page # 11 of 32 Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Page # 12 of 32 Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Page # 13 of 32 Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Page # 14 of 32 Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Page # 15 of 32 Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Page # 16 of 32 Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Page # 17 of 32 Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Page # 18 of 32 Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Page # 19 of 32 Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Page # 20 of 32 Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Page # 21 of 32 Form PICPIX.BR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Comparable 1 1911 S Ironwood Dr Comparable 2 1723 E Calvert St Comparable 3 1335 Randolph St Borrower Lender/Client Property Address City County State Zip Code Page # 22 of 32 Form PICPIX.BR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Comparable 4 1345 E Victoria St Comparable 5 1906 Leer St Comparable 6 1826 E Donald St Borrower Lender/Client Property Address City County State Zip Code Page # 23 of 32 Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Building Sketch NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client First Floor [1435.69 Sq ft] 7.7'2'10.3'46.8'21.9'0.8'4'3.35' 4'44.8'7.4' Cov'd Porch 5.2'12.3'Mud Room[80.93 Sq ft]7.5'11.5'3.7'1.4'3.8' Rear Porch 7'5.6'Unfinished Basement [1095.57 Sq ft] 32.9'33.3'32.9'33.3'Loft[126.41 Sq ft]KitchenEntry Living Dining Bedroom BedroomBedroomWICEn Suite Bath 2 Bath 1StaircaseStaircaseStorage "Bedroom"Dry BarRec Room*** Measurements follow ANSI Standards to the nearest 1/10th of a foot *** *** Due to Interior Measurements, Angles, Open Areas, Etc... *** *** Living Area is Approximate ***StaircaseMecLaundryBath (half) Crawlspace TOTAL Sketch by a la mode Area Calculations Summary Living Area Calculation Details First Floor 1435.69 Sq ft 46.8 × 10.3 = 482.04 7.4 × 11.5 = 85.1 7.7 × 10.1 = 77.77 34.7 × 11.5 = 399.05 11.1 × 33.3 = 369.63 7 × 0.8 = 5.6 4 × 3 = 12 0.5 × 3 × 1.5 = 2.25 0.5 × 1.5 × 3 = 2.25 Total Living Area (Rounded):1436 Sq ft Non-living Area Mud Room 80.93 Sq ft 7.5 × 10.1 = 75.75 1.4 × 3.7 = 5.18 Rear Porch 39.2 Sq ft 7 × 5.6 = 39.2 Cov'd Porch 63.96 Sq ft 12.3 × 5.2 = 63.96 Unfinished Basement 1095.57 Sq ft 33.3 × 32.9 = 1095.57 Property Address City County State Zip Code Page # 24 of 32 Form MAP.PLAT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Plat Map NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Page # 25 of 32 Form MAP_LT.FLOOD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Flood Map NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Page # 26 of 32 Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Location Map NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Page # 29 of 32 26-250COSB 1829 Randolph St South Bend IN 46613 NA 37 6.17 2 0.32 $143,500 18 $129,900 11 100.00% 13 4.33 10 2.31 $145,000 8 $124,000 85 100.00% 15 5.00 7 1.40 $120,000 10 $89,500 17 100.00% The Indiana Regional MLS indicated 31 of 65 (47.7%) of the closed sales in the market area between 03/18/2025 and 03/18/2026 contained seller concessions. Concessions ranged between $1,200 and $9,120, and the median concession was $4,197. For 7-12 months prior, 23 of 37 transactions (62.2%) had concessions. For 4-6 months prior, 6 of 13 transactions (46.2%) had concessions. For the 3 months prior to the effective date, 2 of 15 transactions (13.3%) had concessions. The Market Conditions Addenda was completed with data from Indiana Regional MLS with an effective date of 03/18/2026. Stuart Burns Valuation Services, LLC 23 Washington St, Valparaiso, IN 46383 CR62500005 IN stuart@valuationserv.com Form 1004MC2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.Market Conditions Addendum to the Appraisal Report MARKET RESEARCH & ANALYSISCONDO/CO-OP PROJECTSAPPRAISERThe purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009. Property Address City State ZIP Code Borrower Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the data in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc. Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend Median Sale & List Price, DOM, Sale/List %Prior 7–12 Months Prior 4–6 Months Current – 3 Months Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Total # of Comparable Active Listings Months of Housing Supply (Total Listings/Ab.Rate) Median Comparable Sale Price Median Comparable Sales Days on Market Median Comparable List Price Median Comparable Listings Days on Market Median Sale Price as % of List Price Increasing Stable Declining Increasing Stable Declining Declining Stable Increasing Declining Stable Increasing Overall Trend Increasing Stable Declining Declining Stable Increasing Increasing Stable Declining Declining Stable Increasing Increasing Stable Declining Seller-(developer, builder, etc.)paid financial assistance prevalent?Yes No Declining Stable Increasing Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc.). Are foreclosure sales (REO sales) a factor in the market?Yes No If yes, explain (including the trends in listings and sales of foreclosed properties). Cite data sources for above information. Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. If the subject is a unit in a condominium or cooperative project , complete the following:Project Name: Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Months of Unit Supply (Total Listings/Ab.Rate) Total # of Active Comparable Listings Increasing Stable Declining Increasing Stable Declining Declining Stable Increasing Declining Stable Increasing Are foreclosure sales (REO sales) a factor in the project?Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties. Summarize the above trends and address the impact on the subject unit and project. Signature Appraiser Name Company Name Company Address State License/Certification #State Email Address Signature Supervisory Appraiser Name Company Name Company Address State License/Certification #State Email Address Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009 Page # 30 of 32 Analytics Addendum NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels The listing inventory chart displays the number of properties actively for sale each day in the subject market from 03-18-2025 to 03-18-2026. This chart demonstrates the median sales to list price ratio for transactions in the market area between 03-19-2025 and 03-18-2026. This chart shows the median days on market for sales and active listings during each month starting 03-19-2025 through 03-18-2026. Form PIC3TACHARTW - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower Lender/Client Property Address City County State Zip Code Page # 31 of 32 Analytics Addendum NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels This analysis of the discount percentage between listing price and selling price from 03-21-2025 to 04-13-2026 predicts a discount of 3.14% with a range from -2.73% to 9.01%. This analysis of listing prices in the subject market from 08-23-2024 to 03-25-2026 shows a range of $87,449 to $177,646 for a likely sale on 03-18-2026. This chart shows the median days on market for sales and active listings during each month starting 03-21-2025 through 04-13-2026. Form PIC3TACHARTW - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower Lender/Client Property Address City County State Zip Code Page # 32 of 32 Analytics Addendum NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels For each month from 03-19-2025 to 03-18-2026 this chart shows the median price for both sales and listings in the subject market. This graph demonstrates the months of housing supply per month by taking the active number of listings during that month and dividing by the average number of sales per month over the 12 months trailing. This analysis of prices in the subject market from 03-21-2025 to 04-13-2026 yields a price range of $83,474 to $177,368 for properties in the subject market as of 03-18-2026. Form PIC3TACHARTW - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower Lender/Client Property Address City County State Zip Code Page # 31 of 32 Appraiser License & Qualifications Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 26-250COSB NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code File No. Page # 32 of 32 Appraiser License & Qualifications Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 26-250COSB NA 1829 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code File No. APPRAISAL OF REAL PROPERTY 1833 Randolph St South Bend, IN 46613 Lot 22 Roseland Park Add Erin Michaels 227 W. Jefferson Blvd. Suite 1400 S. South Bend, IN 46601 5,997 5,997 Stuart Burns Valuation Services, LLC 23 Washington St Valparaiso, IN 46383 (219) 464-4138 stuart@valuationserv.com Form GA2V - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE LOCATED AT FOR OPINION OF VALUE AS OF BY www.valuationserv.com 26-251COSB NA 0031.00 43780 1833 Randolph St South Bend St. Joseph IN 46613 Lot 22 Roseland Park Add Erin Michaels 227 W. Jefferson Blvd. Suite 1400 S., South Bend, IN 46601 Vacant Stuart Burns 59 12 2 2 11 11 2 1 Other 01/01/1900 Present 13 40 255 145 23 123 77 South Bend, Indiana consists primarily of single family homes of varying ages and styles. This area is known for access to the University of Notre Dame and other surrounding colleges. Market is supported by education, health care, and manufacturing. Homes in this area have similar access to public transit, parks, schools, shopping & recreation. The predominate home is 76 years old and sells for approximately $145,000. 40'x136'5,440 sf U1 Public/Typical Public/Typical Public/Typical Public/Typical Concrete Mostly Level 5440 sf Rectangular N;Res Standard The plat map provides no easement. Report assumes the utility and alley easements are typical. There is no known external obsolescence, encroachments, environmental conditions, or land uses that have any negative effect on marketability. 1833 Randolph St South Bend, IN 46613 $/Sq. Ft. B;AdjPark/AdjRR 5,440 sf Size 5440 sf Improvements Pad/Landscaped 405 E Fairview Ave South Bend, IN 46614 1.44 miles SW 6,000 1.12 IRMLS#202521622;DOM228 02/17/2026 N;Res N;Res 5360 sf +60 Landscaped +1,000 1,060 Net 17.7 % Gross 17.7 %7,060 Lot #32 Woodhaven South Bend, IN 46613 2.59 miles W 5,000 0.60 IRMLS#202250296;DOM524 11/05/2025 N;Res +1,000 N;Res 8400 sf -2,200 Pad +1,000 -200 Net 4.0 % Gross 84.0 %4,800 1532 Poland St South Bend, IN 46619 2.90 miles W 2,000 0.51 IRMLS#202517985;DOM77 08/29/2025 Adv;AdjRR;Res +2,000 N;Res 3920 sf +1,130 Landscaped +1,000 4,130 Net 206.5 % Gross 206.5 %6,130 No vacant land sales found in the subject's immediate subdivision. It was necessary to look over a mile from the subject's location to find comps that bracket the subject's features. South Bend has had 89 land sales in the past year ranging from $2,000 to $425,000, with lots between 3,485 sf and 8.86 acres. Predominate size is 9,148 sf, and price is $26,000. Some lots have river views. Vacant land sold between 0.51/sf & 1.12/sf, which developed a mean of $0.74/sf and was applied to comps to adjust for difference in lot size. The location near a park like the subject is estimated due to no market comps with similar location adjacent to parks, but was estimated from the adjustment developed from railroad adjacent properties. Comp #3 has more railroad tracks and has more external obsolescence compared to the subject. The sales comparison approach is given all the consideration in the final opinion of value. The cost approach is not considered applicable to vacant land. The income approach is not valid for vacant land. Comps developed a mean of $5,997, and a median of $6,130. The mean is estimated as an accurate representation of the market and supported by comp #1. 5,997 5,997 Stuart Burns 03/26/2026 CR62500005 IN 06/30/2026 06/18/2026 Form LAND - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE LAND APPRAISAL REPORT File No.SUBJECTBorrower Census Tract Map Reference Property Address City County State Zip Code Legal Description Sale Price $Date of Sale Loan Term yrs.Property Rights Appraised Fee Leasehold De Minimis PUD Actual Real Estate Taxes $(yr)Loan charges to be paid by seller $Other sales concessions Lender/Client Address Occupant Appraiser Instructions to Appraiser NEIGHBORHOODLocation Urban Suburban Rural Built Up Over 75%25% to 75%Under 25% Growth Rate Fully Dev.Rapid Steady Slow Property Values Increasing Stable Declining Demand/Supply Shortage In Balance Oversupply Marketing Time Under 3 Mos.4-6 Mos.Over 6 Mos. Present Land Use % One-Unit % 2-4 Unit % Apts.% Condo % Commercial % Industrial % Vacant % Change in Present Land Use Not Likely Likely (*)Taking Place (*) (*) From To Predominant Occupancy Owner Tenant % Vacant One-Unit Price Range $to $Predominant Value $ One-Unit Age Range yrs. to yrs.Predominant Age yrs. Good Avg.Fair Poor Employment Stability Convenience to Employment Convenience to Shopping Convenience to Schools Adequacy of Public Transportation Recreational Facilities Adequacy of Utilities Property Compatibility Protection from Detrimental Conditions Police and Fire Protection General Appearance of Properties Appeal to Market Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise)SITEDimensions =Corner Lot Zoning Classification Present Improvements Do Do Not Conform to Zoning Regulations Highest and Best Use Present Use Other (specify) Public Other (Describe) Elec. Gas Water San. Sewer Underground Elect. & Tel. OFF SITE IMPROVEMENTS Street Access Public Private Surface Maintenance Public Private Storm Sewer Curb/Gutter Sidewalk Street Lights Topo Size Shape View Drainage Is the property located in a FEMA Special Flood Hazard Area?Yes No Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions)MARKET DATA ANALYSISThe undersigned has recited the following recent sales of properties most similar and proximate to subject and has considered these in the market analysis.The description includes a dollar adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties.If a significant item in the comparable property is superior to or more favorable than the subject property,a minus (–)adjustment is made,thus reducing the indicated value of subject;if a significant item in the comparable is inferior to or less favorable than the subject property,a plus (+)adjustment is made thus increasing the indicated value of the subject. ITEM SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address Proximity to Subject Sales Price $$$$ Price $$$$ Data Source(s) ITEM DESCRIPTION DESCRIPTION +( )$ Adjust.–DESCRIPTION +( )$ Adjust.–DESCRIPTION +( )$ Adjust.– Date of Sale/Time Adj. Location Site/View Sales or Financing Concessions Net Adj. (Total)+–$+–$+–$ Indicated Value of Subject $$$ Comments on Market Data RECONCILIATIONComments and Conditions of Appraisal Final Reconciliation I (WE)ESTIMATE THE MARKET VALUE,AS DEFINED,OF THE SUBJECT PROPERTY AS OF TO BE $ Appraiser Date of Signature and Report Title State Certification #ST Or State License #ST Expiration Date of State Certification or License Date of Inspection (if applicable) Supervisory Appraiser (if applicable) Date of Signature Title State Certification #ST Or State License #ST Expiration Date of State Certification or License Did Did Not Inspect Property Date of Inspection 08/11 Definition of a Neighborhood, but the Dictionary of Real Estate Appraisal, Appraisal Institute; "a group of complementary land uses; a congruous grouping of inhabitants, buildings, or business enterprises." This means a neighborhood is typically larger than the subdivision a home is located within, as subdivisions are commonly only one land use. Think of it as where your a homeowner is most likely to go grocery shopping. That "neighborhood grocer" is most likely not located within the subdivision of a residential home being appraised. Neighborhood Market Trends 1) I have considered the existence of sales or financing concessions in the subject's market area and have made an adjustment for the concession on the market grid if applicable. 2) I have considered the upward, downward, change in the average marketing time in the subject's competing marketing area and so noted it on the report. 3) The average list to sale ratio in the subject's MLS district is approximately 80% - 85%. Listings provided as comparables have been adjusted accordingly. This is an MLS statistic available at this time. 4) I have considered relevant competitive listings and/or contract offerings, in the performance of the appraisal and in the trending information reported in this report. If a trend is indicated, I have attached an addendum providing relevant competitive listing/contract offering date. Additional USPAP requirements Addendum I have performed no appraisal or any other 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. Based on market trends and comparable data appropriately priced homes in this segment of the market appear to sell within a three month period- exposure time for the subject property at the opinion of value is estimated at 45 days. EXPOSURE TIME: 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. The appraiser has not identified any purchaser, borrower or seller as an intended user of this appraisal and no such party should use or rely on this appraisal for any purpose. Such parties are advised to obtain an appraisal from an appraiser of their own choosing if they require an appraisal for their own use. This appraisal report should not serve as the basis for any property purchase decision or any appraisal contingency in a purchase agreement relating to the property. 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. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. As of the date of this report, I, Stuart Burns, have completed the Standard and Ethics Education Requirements for Candidates of the Appraisal Institute. Supplemental Addendum Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 26-251COSB NA 1833 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code File No. 26-251COSBAssumptions, Limiting Conditions & Scope of Work 1833 Randolph St South Bend IN 46613 Erin Michaels 227 W. Jefferson Blvd. Suite 1400 S., South Bend, IN 46601 Stuart Burns 23 Washington St, Valparaiso, IN 46383 STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS - The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. - If the appraiser provided a sketch in the appraisal report, it is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Survey was not provided. - Flood maps are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. - The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. - If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such. - The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. - The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. Sources include but are not limited to: public records, the client, owners and builders. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. - If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner. - An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. - The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. - An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs a non-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage the appropriate type of expert to investigate. The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions. Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.): Form GPRES2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.: Property Address:City:State:Zip Code: Client:Address: Appraiser:Address: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 26-251COSBCertifications 1833 Randolph St South Bend IN 46613 Erin Michaels 227 W. Jefferson Blvd. Suite 1400 S., South Bend, IN 46601 Stuart Burns 23 Washington St, Valparaiso, IN 46383 APPRAISER'S 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 credibility of this report, for the stated use by the stated user(s), of 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 personal interest with respect to the parties involved. - Unless otherwise indicated, 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 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. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property. - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification. Additional Certifications: DEFINITION OF MARKET VALUE *: The most probable price, as of specified date, in cash or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) Erin Michaels Erin Michaels emichaels@southbendin.gov 227 W. Jefferson Blvd. Suite 1400 S., South Bend, IN 46601 Stuart Burns Valuation Services, LLC (219) 464-4138 stuart@valuationserv.com 03/26/2026 CR62500005 IN 06/30/2026 06/18/2026 Form GPRES2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.: Property Address:City:State:Zip Code: Client:Address: Appraiser:Address:SIGNATURESClient Contact:Client Name: E-Mail:Address: APPRAISER Appraiser Name: Company: Phone:Fax: E-Mail: Date Report Signed: License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Interior & Exterior Exterior Only None Date of Inspection: SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Supervisory or Co-Appraiser Name: Company: Phone:Fax: E-Mail: Date Report Signed: License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Interior & Exterior Exterior Only None Date of Inspection: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 NA 26-251COSB 1833 Randolph St South Bend St. Joseph IN 46613 Erin Michaels APPRAISAL AND REPORT IDENTIFICATION 2-2(a) 2-2(b) Comments on Standards Rule 2-3 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. - Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - Unless otherwise indicated, 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 the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My 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. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). Comments on Appraisal and Report Identification Note any USPAP-related issues requiring disclosure and any state mandated requirements: Stuart Burns CR62500005 IN 06/30/2026 03/26/2026 5,997 06/18/2026 Form ID20E - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower Lender/Client File No. Property Address City County State Zip Code This Report is one of the following types: Appraisal Report (A written report prepared under Standards Rule ,pursuant to the Scope of Work,as disclosed elsewhere in this report.) Restricted Appraisal Report (A written report prepared under Standards Rule ,pursuant to the Scope of Work,as disclosed elsewhere in this report, restricted to the stated intended use only by the specified client and any other named intended user(s).) Reasonable Exposure Time (USPAP defines Exposure Time as the 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.) My Opinion of Reasonable Exposure Time for the subject property at the market value stated in this report is: APPRAISER: Signature: Name: State Certification #: or State License #: State:Expiration Date of Certification or License: Date of Signature and Report: Effective Date of Appraisal: Inspection of Subject:None Interior and Exterior Exterior-Only Date of Inspection (if applicable): SUPERVISORY or CO-APPRAISER (if applicable): Signature: Name: State Certification #: or State License #: State:Expiration Date of Certification or License: Date of Signature: Inspection of Subject:None Interior and Exterior Exterior-Only Date of Inspection (if applicable): Form PICPIX.TR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Subject Photo Page NA 1833 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Subject Front 1833 Randolph St Subject Rear Subject Street Borrower Lender/Client Property Address City County State Zip Code Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum NA 1833 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Form PICPIX.BR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page NA 1833 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Comparable 1 405 E Fairview Ave Comparable 2 Lot #32 Woodhaven Comparable 3 1532 Poland St Borrower Lender/Client Property Address City County State Zip Code Form MAP.PLAT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Plat Map NA 1833 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Form MAP_LT.FLOOD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Flood Map NA 1833 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Location Map NA 1833 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Appraiser License & Qualifications Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 26-251COSB NA 1833 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code File No. Appraiser License & Qualifications Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 26-251COSB NA 1833 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code File No. Page # 1 of 27 APPRAISAL OF REAL PROPERTY 1837 Randolph St South Bend, IN 46613 Lot 21 Roseland Park Add Erin Michaels 227 W. Jefferson Blvd. Suite 1400 S. South Bend, IN 46601 93,000 03/18/2026 Stuart Burns Valuation Services, LLC 23 Washington St Valparaiso, IN 46383 (219) 464-4138 stuart@valuationserv.com Form GA2V - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE LOCATED AT FOR OPINION OF VALUE AS OF BY Page # 2 of 27www.valuationserv.com 26-252COSBRESIDENTIAL APPRAISAL SUMMARY REPORT 1837 Randolph St South Bend IN 46613 St. Joseph Lot 21 Roseland Park Add 71-09-18-429-010.000-026 2025 6,321 43 NA Morton Roger Lynn & Andrea Lynn 0 South Side 43780 0031.00 Assist Client in establishing a market value. City of South Bend Department of Community Investment, Erin V. Michaels, Erin Michaels 227 W. Jefferson Blvd. Suite 1400 S., South Bend, IN 46601 Stuart Burns 23 Washington St, Valparaiso, IN 46383 60% 40 255 145 23 126 77 59 12 4 22 Other 3 Unknown South Bend, Indiana consists primarily of single family homes of varying ages and styles. This area is known for access to the University of Notre Dame and other surrounding colleges. Market is supported by education, health care, and manufacturing. Homes in this area have similar access to public transit, parks, schools, shopping & recreation. The predominate home is 76 years old and sells for approximately $145,000. North Border is Michigan / Indiana state line, East Border is Logan St, South Border is Lincoln Hwy / St Joseph Valley Pkwy, West Border is Highway 31 Lincoln Hwy. South Bend has a population 103k people, with a growth rate of -0.2% decline based of 2023 data per Data USA. Homeownership rate is reports at 60.2%, down from roughly 65.9% high over past few years. Total vacant units is reported between 13.5% and 17.27% of all housing. There is a mix of housing types with some subdivisions of smaller, older homes, and some of newer, larger homes built with better quality materials. The other land is parks, schools, etc. The one-unit housing prices above are based off 2-3 bedrooms homes within the subject's neighborhood, and can vary significantly due to garages, square footage, etc. 40' x 136'5,440 sf U1 Urban Neighborhood 1 Single Family Residence Single Family Residence The subject is legally permissible, physically possible, financially feasible, and maximally productive as a single family residence. Public/Typical Public/Typical Public/Typical Public/Typical Public/Typical Concrete Concrete Concrete Halogen Gravel Mostly Level 5,440 sf Rectangular Standard Residential A 18141C0213D 01/06/2011 The plat map provides no easement. Report assumes the utility and alley easements are typical. There is no known external obsolescence, encroachments, environmental conditions, or land uses that have any negative effect on marketability. 1 1 Ranch 77 26 Concrete Vinyl Composite Aluminum Aluminum No/Yes Yes None None None None None None Forced Air Natural Gas Air Condition Carpet,LVP Sheetrock Wood Wood Carpet Wood 0 Concrete None Porch None None 0 1 0 0 0 1 0 Alley - Gravel 5 2 1.0 1,113 None noted. All windows, insulation, appliances, heating and cooling systems appear standard for the market area. The subject was built 77 years ago and appears to have well maintained long lived items. No significant deferred maintenance noted. Exterior has minor peeling and flaking paint which is typical. The subject's kitchen has received updated appliances within the past 15 years. The subject's bathrooms doesn't appear updated within the past 15 years. Overall condition and improvements to mechanical systems and windows have the effect of reducing the subject's effective age. There is no function obsolescence noted. Some buyer's consider the subject's location as both beneficial due to the adjacent park area, and a external obsolescence noted as the subject backs to commercial and railroad lands. Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:SUBJECTProperty Address:City:State:Zip Code: County:Legal Description: Assessor's Parcel #: Tax Year:R.E. Taxes: $Special Assessments: $Borrower (if applicable): Current Owner of Record:Occupant:Owner Tenant Vacant Manufactured Housing Project Type:PUD Condominium Cooperative Other (describe)HOA: $per year per month Market Area Name:Map Reference:Census Tract:ASSIGNMENTThe purpose of this appraisal is to develop an opinion of:Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments):Current (the Inspection Date is the Effective Date)Retrospective Prospective Approaches developed for this appraisal:Sales Comparison Approach Cost Approach Income Approach (See Reconciliation Comments and Scope of Work) Property Rights Appraised:Fee Simple Leasehold Leased Fee Other (describe) Intended Use: Intended User(s) (by name or type): Client:Address: Appraiser:Address:MARKET AREA DESCRIPTIONLocation:Urban Suburban Rural Built up:Over 75%25-75%Under 25% Growth rate:Rapid Stable Slow Property values:Increasing Stable Declining Demand/supply:Shortage In Balance Over Supply Marketing time:Under 3 Mos.3-6 Mos.Over 6 Mos. Predominant Occupancy Owner Tenant Vacant (0-5%) Vacant (>5%) One-Unit Housing PRICE $(000) Low High Pred AGE (yrs) Present Land Use One-Unit % 2-4 Unit % Multi-Unit % Comm'l % % Change in Land Use Not Likely Likely *In Process * * To: Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends):SITE DESCRIPTIONDimensions:Site Area: Zoning Classification:Description: Zoning Compliance:Legal Legal nonconforming (grandfathered)Illegal No zoning Are CC&Rs applicable?Yes No Unknown Have the documents been reviewed?Yes No Ground Rent (if applicable)$/ Highest & Best Use as improved:Present use, or Other use (explain) Actual Use as of Effective Date:Use as appraised in this report: Summary of Highest & Best Use: Utilities Public Other Provider/Description Off-site Improvements Type Public Private Electricity Gas Water Sanitary Sewer Storm Sewer Street Curb/Gutter Sidewalk Street Lights Alley Topography Size Shape Drainage View Other site elements:Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe) FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone FEMA Map #FEMA Map Date Site Comments:DESCRIPTION OF THE IMPROVEMENTSGeneral Description # of Units Acc.Unit # of Stories Type Det.Att. Design (Style) Existing Proposed Und.Cons. Actual Age (Yrs.) Effective Age (Yrs.) Exterior Description Foundation Exterior Walls Roof Surface Gutters & Dwnspts. Window Type Storm/Screens Foundation Slab Crawl Space Basement Sump Pump Dampness Settlement Infestation Basement None Area Sq. Ft. % Finished Ceiling Walls Floor Outside Entry Heating Type Fuel Cooling Central Other Interior Description Floors Walls Trim/Finish Bath Floor Bath Wainscot Doors Appliances Refrigerator Range/Oven Disposal Dishwasher Fan/Hood Microwave Washer/Dryer Attic None Stairs Drop Stair Scuttle Doorway Floor Heated Finished Amenities Fireplace(s) # Patio Deck Porch Fence Pool Woodstove(s) # Car Storage None Garage # of cars (Tot.) Attach. Detach. Blt.-In Carport Driveway Surface Finished area above grade contains:Rooms Bedrooms Bath(s)Square Feet of Gross Living Area Above Grade Additional features: Describe the condition of the property (including physical, functional and external obsolescence): Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Page # 3 of 27 26-252COSBRESIDENTIAL APPRAISAL SUMMARY REPORT IRMLS / Public Records 04/21/2021 0 IRMLS/PublicRecords 04/01/2003 0 IRMLS/PublicRecords The tax records and/or MLS shows prior sale of the subject within the past three years. The subject's more recent title transfers are considered non-armslength as there was no change in last name. No prior sale of any comparables provided within 1 year of the date of sale of the comparable. 1837 Randolph St South Bend, IN 46613 Fee Simple B;AdjPark/AdjRR 5,440 sf N;Res Ranch Q4 77 C4 5 2 1.0 1,113 0sf Standard FWA Windows/Insul 0Gar/1Carport CvPorch,Patio Extra Features None 1534 E Bowman St South Bend, IN 46613 0.32 miles SW 85,000 118.06 IRMLS#202516868;DOM82 MLS/PublicRecords Cash 0 08/22/2025 Fee Simple N;Res 4,550 sf 0 N;Res Ranch+Bsmt +5,000 Q4 77 C3 -25,000 5 2 1.0 0 720 +21,615 720sf0sfin -3,600 Standard FWA,C-Air Windows/Insul 0Garage/0Carport +2,000 CvPorch +5,000 XLVP -2,000 3,015 Net 3.5 % Gross 75.5 %88,015 1610 E Donald St South Bend, IN 46613 0.33 miles SW 120,000 116.73 IRMLS#202545317;DOM91 MLS/PublicRecords Conventional 1500 -1,500 03/11/2026 Fee Simple N;Res -15,000 5220 sf 0 N;Res Ranch Q4 77 C4 5 2 1.0 0 1,028 +4,675 0sf 0 Standard FWA,C-Air Windows/Insul 1Garage/0Carport -3,000 Porch,Fnc 0 None -14,825 Net 12.4 % Gross 20.1 %105,175 1123 E Dayton St South Bend, IN 46613 0.76 miles W 123,888 108.29 IRMLS#202518367;DOM6 MLS/PublicRecords Cash 0 06/19/2025 Fee Simple Adv;AdjGraveYard 3772 sf 0 N;Res;Graveyard 0 2-Story -5,000 Q4 103 +1,611 C3 -25,000 5 2 1.0 0 1,144 -1,705 300sf0sfin -1,500 Standard FWA,None +5,000 Windows/Insul 1Garage/0Carport -3,000 EncPorch,+5,000 LVP,Upgs -2,000 -26,594 Net 21.5 % Gross 40.2 %97,294 The comparables provided are all located in the same market area as the subject. They bracket the subject in all major components, living area size, year built and lot size. Most comparables, like the subject, are one-story ranch design homes with two-bedrooms on a similar size lot. Most of the comparables provided have locational external features similar to the Subject's, but none have all the same features. No comparables are over twelve months old. Comparables located over a mile from the subject are located in similar subdivisions and likely considered equally by potential buyers. Additional comparables are provided. Some of the comparables provided may require a single adjustment over 10%, a net adjustment over 15% or a total gross adjustment over 25%, due to large adjustments for location, view, condition, above and below grade living area, and/or functional utility. Adjustments are based on market extraction, sales comparison, and/or estimated market response. Adjusted sales range from $76,586 to $110,715, with a median adjusted value of $92,655, and an mean adjusted value of $92,910. All sales are considered in the final opinion of value, with all the weight given to the mean, and rounded to the nearest thousand dollars at $93,000. 93,000 Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:TRANSFER HISTORYMy 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): 1st Prior Subject Sale/Transfer Date: Price: Source(s): 2nd Prior Subject Sale/Transfer Date: Price: Source(s): Analysis of sale/transfer history and/or any current agreement of sale/listing:SALES COMPARISON APPROACHSALES COMPARISON APPROACH TO VALUE (if developed)The Sales Comparison Approach was not developed for this appraisal. FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address Proximity to Subject Sale Price $$$$ Sale Price/GLA $/sq.ft.$/sq.ft.$/sq.ft.$/sq.ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust.DESCRIPTION +(-) $ Adjust.DESCRIPTION +(-) $ Adjust. Sales or Financing Concessions Date of Sale/Time Rights Appraised Location Site View Design (Style) Quality of Construction Age Condition Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count Gross Living Area sq.ft.sq.ft.sq.ft.sq.ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total)+-+-+-$$$ Adjusted Sale Price of Comparables $$$ Summary of Sales Comparison Approach Indicated Value by Sales Comparison Approach $ Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Page # 4 of 27 26-252COSBADDITIONAL COMPARABLE SALES 1837 Randolph St South Bend, IN 46613 Fee Simple B;AdjPark/AdjRR 5,440 sf N;Res Ranch Q4 77 C4 5 2 1.0 1,113 0sf Standard FWA Windows/Insul 0Gar/1Carport CvPorch,Patio Extra Features None 2405 Woodmont Dr South Bend, IN 46614 0.42 miles S 122,500 116.00 IRMLS#202549800;DOM9 MLS/PublicRecords Cash 0 01/23/2026 Fee Simple N;Res -15,000 12,000 sf -4,920 N;Res Ranch Q4 77 C4 5 2 1.0 0 1,056 +3,135 0sf 0 Standard FWA,None +5,000 Windows/Insul 1Garage/0Carport -3,000 CvPorch +5,000 FP,JT -2,000 -11,785 Net 9.6 % Gross 31.1 %110,715 1723 E Calvert St South Bend, IN 46613 0.13 miles SW 66,500 81.50 IRMLS#202604958;DOM10 MLS/PublicRecords Cash 0 03/04/2026 Fee Simple B;AdjPark/AdjRR 5,663 sf 0 N;Res Ranch+Bsmt +5,000 Q4 102 +831 C4 5 2 1.0 0 816 +16,335 816sf0sfin -4,080 Standard FWA,C-Air Windows/Insul 2Garage/0Carport -8,000 CvPorch,Fnc 0 None 10,086 Net 15.2 % Gross 51.5 %76,586 1902 Randolph St South Bend, IN 46613 0.05 miles E 62,000 93.94 IRMLS#202545997;DOM79 MLS/PublicRecords Cash 0 02/03/2026 Fee Simple B;AdjPark/AdjRR 4,000 sf 0 N;Res Ranch+Bsmt +5,000 Q4 79 +62 C4 5 2 1.0 0 660 +24,915 660sf0sfin -3,300 Standard FWA,C-Air Windows/Insul 2Garage/0Carport -8,000 CvPorch,Fnc 0 Lam -1,000 17,677 Net 28.5 % Gross 68.2 %79,677 Form GPRES2.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 4 5 6 File No.:SALES COMPARISON APPROACHFEATURE SUBJECT COMPARABLE SALE #COMPARABLE SALE #COMPARABLE SALE # Address Proximity to Subject Sale Price $$$$ Sale Price/GLA $/sq.ft.$/sq.ft.$/sq.ft.$/sq.ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust.DESCRIPTION +(-) $ Adjust.DESCRIPTION +(-) $ Adjust. Sales or Financing Concessions Date of Sale/Time Rights Appraised Location Site View Design (Style) Quality of Construction Age Condition Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count Gross Living Area sq.ft.sq.ft.sq.ft.sq.ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total)+-+-+-$$$ Adjusted Sale Price of Comparables $$$ Summary of Sales Comparison Approach Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Page # 5 of 27 26-252COSBRESIDENTIAL APPRAISAL SUMMARY REPORT The cost approach is not considered relevant due to its lack of consideration for a builder's incentive, and the estimation of depreciation. Income approach is not valid to this property. The subject is not rented at market rent as tenant is a relative and given a discount on rents. 93,000 The sales comparison approach is given all the consideration in the final opinion of value. The cost approach is not considered accurate to the estimation of depreciation. The income approach is not valid for single family homes due to the lack of rental data. 93,000 03/18/2026 27 Scope of Work Limiting Cond./Certifications Narrative Addendum Photograph Addenda Sketch Addendum Map Addenda Additional Sales Cost Addendum Flood Addendum Manuf. House Addendum Hypothetical Conditions Extraordinary Assumptions Erin Michaels Erin Michaels emichaels@southbendin.gov 227 W. Jefferson Blvd. Suite 1400 S., South Bend, IN 46601 Stuart Burns Valuation Services, LLC (219) 464-4138 stuart@valuationserv.com 03/26/2026 CR62500005 IN 06/30/2026 03/18/2026 Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:COST APPROACHCOST APPROACH TO VALUE (if developed)The Cost Approach was not developed for this appraisal. Provide adequate information for replication of the following cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value): ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW Source of cost data: Quality rating from cost service:Effective date of cost data: OPINION OF SITE VALUE =$ DWELLING Sq.Ft. @ $=$ Sq.Ft. @ $=$ Sq.Ft. @ $=$ Sq.Ft. @ $=$ Sq.Ft. @ $=$ =$ Garage/Carport Sq.Ft. @ $=$ Total Estimate of Cost-New =$ Less Physical Functional External Depreciation =$() Depreciated Cost of Improvements =$ ''As-is'' Value of Site Improvements =$ =$ =$ INDICATED VALUE BY COST APPROACH =$ Comments on Cost Approach (gross living area calculations, depreciation, etc.): Estimated Remaining Economic Life (if required):Years INCOME APPROACHINCOME APPROACH TO VALUE (if developed)The Income Approach was not developed for this appraisal. Estimated Monthly Market Rent $X Gross Rent Multiplier = $Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM):PUDPROJECT INFORMATION FOR PUDs (if applicable)The Subject is part of a Planned Unit Development. Legal Name of Project: Describe common elements and recreational facilities:RECONCILIATIONIndicated Value by: Sales Comparison Approach $Cost Approach (if developed) $Income Approach (if developed) $ Final 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,subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda. Based on the degree of inspection of the subject property,as indicated below,defined Scope of Work,Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications,my (our)Opinion of the Market Value (or other specified value type),as defined herein,of the real property that is the subject of this report is:$, as of:,which is the effective date of this appraisal. If indicated above,this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report.See attached addenda.ATTACHMENTSA true and complete copy of this report contains pages,including exhibits which are considered an integral part of the report.This appraisal report may not be properly understood without reference to the information contained in the complete report. Attached Exhibits:SIGNATURESClient Contact:Client Name: E-Mail:Address: APPRAISER Appraiser Name: Company: Phone:Fax: E-Mail: Date of Report (Signature): License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Interior & Exterior Exterior Only None Date of Inspection: SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Supervisory or Co-Appraiser Name: Company: Phone:Fax: E-Mail: Date of Report (Signature): License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Interior & Exterior Exterior Only None Date of Inspection: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Definition of a Neighborhood, but the Dictionary of Real Estate Appraisal, Appraisal Institute; "a group of complementary land uses; a congruous grouping of inhabitants, buildings, or business enterprises." This means a neighborhood is typically larger than the subdivision a home is located within, as subdivisions are commonly only one land use. Think of it as where your a homeowner is most likely to go grocery shopping. That "neighborhood grocer" is most likely not located within the subdivision of a residential home being appraised. ANSI Declaration 1; Finished square footage calculations for this house were made based on measured dimensions only and may included unfinished areas, openings, in floors not associated with stairs, or openings in floors exceeding the area of associated stairs. Neighborhood Market Trends 1) I have considered the existence of sales or financing concessions in the subject's market area and have made an adjustment for the concession on the market grid if applicable. 2) I have considered the upward, downward, change in the average marketing time in the subject's competing marketing area and so noted it on the report. 3) The average list to sale ratio in the subject's MLS district is approximately 98% - 100%. Listings provided as comparables have been adjusted accordingly. This is an MLS statistic available at this time. 4) I have considered relevant competitive listings and/or contract offerings, in the performance of the appraisal and in the trending information reported in this report. If a trend is indicated, I have attached an addendum providing relevant competitive listing/contract offering date. Additional USPAP requirements Addendum I have performed no appraisal or any other 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. Based on market trends and comparable data appropriately priced homes in this segment of the market appear to sell within a three month period- exposure time for the subject property at the opinion of value is estimated at 45 days. EXPOSURE TIME: 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. The appraiser has not identified any purchaser, borrower or seller as an intended user of this appraisal and no such party should use or rely on this appraisal for any purpose. Such parties are advised to obtain an appraisal from an appraiser of their own choosing if they require an appraisal for their own use. This appraisal report should not serve as the basis for any property purchase decision or any appraisal contingency in a purchase agreement relating to the property. The predominate sale in the neighborhood is superior in condition, has more bedrooms, and has garages, resulting in a lower opinion of value for the subject. There is no apparent adverse effect on marketability. 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. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. As of the date of this report, I, Stuart Burns, have completed the Standard and Ethics Education Requirements for Candidates of the Appraisal Institute. Page # 6 of 27 Supplemental Addendum Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 26-252COSB NA 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code File No. Page # 7 of 27 26-252COSBAssumptions, Limiting Conditions & Scope of Work 1837 Randolph St South Bend IN 46613 Erin Michaels 227 W. Jefferson Blvd. Suite 1400 S., South Bend, IN 46601 Stuart Burns 23 Washington St, Valparaiso, IN 46383 STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS - The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. - If the appraiser provided a sketch in the appraisal report, it is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Survey was not provided. - Flood maps are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. - The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. - If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such. - The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. - The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. Sources include but are not limited to: public records, the client, owners and builders. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. - If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner. - An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. - The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. - An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs a non-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage the appropriate type of expert to investigate. The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions. Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.): Form GPRES2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.: Property Address:City:State:Zip Code: Client:Address: Appraiser:Address: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Page # 8 of 27 26-252COSBCertifications 1837 Randolph St South Bend IN 46613 Erin Michaels 227 W. Jefferson Blvd. Suite 1400 S., South Bend, IN 46601 Stuart Burns 23 Washington St, Valparaiso, IN 46383 APPRAISER'S 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 credibility of this report, for the stated use by the stated user(s), of 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 personal interest with respect to the parties involved. - Unless otherwise indicated, 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 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. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property. - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification. Additional Certifications: DEFINITION OF MARKET VALUE *: The most probable price, as of specified date, in cash or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) Erin Michaels Erin Michaels emichaels@southbendin.gov 227 W. Jefferson Blvd. Suite 1400 S., South Bend, IN 46601 Stuart Burns Valuation Services, LLC (219) 464-4138 stuart@valuationserv.com 03/26/2026 CR62500005 IN 06/30/2026 03/18/2026 Form GPRES2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.: Property Address:City:State:Zip Code: Client:Address: Appraiser:Address:SIGNATURESClient Contact:Client Name: E-Mail:Address: APPRAISER Appraiser Name: Company: Phone:Fax: E-Mail: Date Report Signed: License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Interior & Exterior Exterior Only None Date of Inspection: SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Supervisory or Co-Appraiser Name: Company: Phone:Fax: E-Mail: Date Report Signed: License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Interior & Exterior Exterior Only None Date of Inspection: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Page # 9 of 27 NA 26-252COSB 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels APPRAISAL AND REPORT IDENTIFICATION 2-2(a) 2-2(b) Comments on Standards Rule 2-3 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. - Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - Unless otherwise indicated, 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 the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My 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. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). 3 Months Per the comps provided, the marketing time ranged from 6 to 91 days on market. Comments on Appraisal and Report Identification Note any USPAP-related issues requiring disclosure and any state mandated requirements: Clarification of Intended Use and Intended User: The Intended User of this appraisal report is the lender/client. The Intended Use is to evaluate the property that is the subject of this appraisal for a the lender/client, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser. The attached supplemental addendum is an integral part of this appraisal report. Appraiser cannot be responsible for any partial distribution of the report to third parties. Any copies released must include all pages contained within the original report. FIRREA Statement - This report has been prepared in accordance with Title XI of FIRREA and any implemented regulations. Stuart Burns CR62500005 IN 06/30/2026 03/26/2026 03/18/2026 03/18/2026 Form ID20E - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower Lender/Client File No. Property Address City County State Zip Code This Report is one of the following types: Appraisal Report (A written report prepared under Standards Rule ,pursuant to the Scope of Work,as disclosed elsewhere in this report.) Restricted Appraisal Report (A written report prepared under Standards Rule ,pursuant to the Scope of Work,as disclosed elsewhere in this report, restricted to the stated intended use only by the specified client and any other named intended user(s).) Reasonable Exposure Time (USPAP defines Exposure Time as the 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.) My Opinion of Reasonable Exposure Time for the subject property at the market value stated in this report is: APPRAISER: Signature: Name: State Certification #: or State License #: State:Expiration Date of Certification or License: Date of Signature and Report: Effective Date of Appraisal: Inspection of Subject:None Interior and Exterior Exterior-Only Date of Inspection (if applicable): SUPERVISORY or CO-APPRAISER (if applicable): Signature: Name: State Certification #: or State License #: State:Expiration Date of Certification or License: Date of Signature: Inspection of Subject:None Interior and Exterior Exterior-Only Date of Inspection (if applicable): Page # 10 of 27 Form PICPIX.TR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Subject Photo Page NA 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Subject Front 1837 Randolph St Subject Rear Subject Street Borrower Lender/Client Property Address City County State Zip Code Page # 11 of 27 Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum NA 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Subject Front & Side Rear & Side Rear & Side Rear Yard Carport Rear & Side Carport Front & Side Borrower Lender/Client Property Address City County State Zip Code Page # 12 of 27 Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum NA 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Carport Front Alley - East Alley - West Covered Porch Entry Entry / Living Area Borrower Lender/Client Property Address City County State Zip Code Page # 13 of 27 Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum NA 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Living Area Dining Area Kitchen Rear Entry Rear Entry / Laundry Laundry Borrower Lender/Client Property Address City County State Zip Code Page # 14 of 27 Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum NA 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Hallway Bedroom #1 Mechanical Closet Bathroom Bathroom Opposite View Bedroom #2 Borrower Lender/Client Property Address City County State Zip Code Page # 15 of 27 Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum NA 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Bedroom #2 Bedroom #2 Bedroom #2 Opposite View Blank Blank Blank Borrower Lender/Client Property Address City County State Zip Code Page # 16 of 27 Form PICPIX.BR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page NA 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Comparable 1 1534 E Bowman St Comparable 2 1610 E Donald St Comparable 3 1123 E Dayton St Borrower Lender/Client Property Address City County State Zip Code Page # 17 of 27 Form PICPIX.BR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page NA 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Comparable 4 2405 Woodmont Dr Comparable 5 1723 E Calvert St Comparable 6 1902 Randolph St Borrower Lender/Client Property Address City County State Zip Code Page # 18 of 27 Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Building Sketch NA 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client First Floor [1113.25 Sq ft] 30.5'36.5'30.5'36.5'C o v 'd P o r c h 9.6'5.8'Concrete Patio8'20.9' 1 Car Carport [339.7 Sq ft]21.5'15.8' *** Due to Interior Measurements, Angles, Open Areas, Etc... *** *** Measurements follow ANSI Standards to the nearest 1/10th of a foot *** *** Living Area is Approximate *** Entry Living Bedroom 1Bedroom 2Bath MecDining Kitchen Laundry Entry TOTAL Sketch by a la mode Area Calculations Summary Living Area Calculation Details First Floor 1113.25 Sq ft 36.5 × 30.5 = 1113.25 Total Living Area (Rounded):1113 Sq ft Non-living Area Concrete Patio 167.2 Sq ft 20.9 × 8 = 167.2 1 Car Carport 339.7 Sq ft 21.5 × 15.8 = 339.7 Cov'd Porch 55.68 Sq ft 9.6 × 5.8 = 55.68 Property Address City County State Zip Code Page # 19 of 27 Form MAP.PLAT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Plat Map NA 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Page # 20 of 27 Form MAP_LT.FLOOD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Flood Map NA 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Page # 21 of 27 Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Location Map NA 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code Page # 24 of 27 26-252COSB 1837 Randolph St South Bend IN 46613 NA 31 5.17 2 0.39 $139,000 18 $129,900 11 100.00% 12 4.00 10 2.50 $145,000 8 $124,000 85 100.00% 15 5.00 7 1.40 $120,000 10 $89,500 16 98.08% The Indiana Regional MLS indicated 27 of 58 (46.6%) of the closed sales in the market area between 03/16/2025 and 03/16/2026 contained seller concessions. Concessions ranged between $1,200 and $8,000, and the median concession was $4,197. For 7-12 months prior, 19 of 31 transactions (61.3%) had concessions. For 4-6 months prior, 5 of 12 transactions (41.7%) had concessions. For the 3 months prior to the effective date, 3 of 15 transactions (20.0%) had concessions. The Market Conditions Addenda was completed with data from Indiana Regional MLS with an effective date of 03/16/2026. Stuart Burns Valuation Services, LLC 23 Washington St, Valparaiso, IN 46383 CR62500005 IN stuart@valuationserv.com Form 1004MC2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.Market Conditions Addendum to the Appraisal Report MARKET RESEARCH & ANALYSISCONDO/CO-OP PROJECTSAPPRAISERThe purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009. Property Address City State ZIP Code Borrower Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the data in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc. Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend Median Sale & List Price, DOM, Sale/List %Prior 7–12 Months Prior 4–6 Months Current – 3 Months Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Total # of Comparable Active Listings Months of Housing Supply (Total Listings/Ab.Rate) Median Comparable Sale Price Median Comparable Sales Days on Market Median Comparable List Price Median Comparable Listings Days on Market Median Sale Price as % of List Price Increasing Stable Declining Increasing Stable Declining Declining Stable Increasing Declining Stable Increasing Overall Trend Increasing Stable Declining Declining Stable Increasing Increasing Stable Declining Declining Stable Increasing Increasing Stable Declining Seller-(developer, builder, etc.)paid financial assistance prevalent?Yes No Declining Stable Increasing Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc.). Are foreclosure sales (REO sales) a factor in the market?Yes No If yes, explain (including the trends in listings and sales of foreclosed properties). Cite data sources for above information. Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. If the subject is a unit in a condominium or cooperative project , complete the following:Project Name: Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Months of Unit Supply (Total Listings/Ab.Rate) Total # of Active Comparable Listings Increasing Stable Declining Increasing Stable Declining Declining Stable Increasing Declining Stable Increasing Are foreclosure sales (REO sales) a factor in the project?Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties. Summarize the above trends and address the impact on the subject unit and project. Signature Appraiser Name Company Name Company Address State License/Certification #State Email Address Signature Supervisory Appraiser Name Company Name Company Address State License/Certification #State Email Address Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009 Page # 25 of 27 Analytics Addendum NA 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels The listing inventory chart displays the number of properties actively for sale each day in the subject market from 03-16-2025 to 03-16-2026. This chart demonstrates the median sales to list price ratio for transactions in the market area between 03-17-2025 and 03-16-2026. This chart shows the median days on market for sales and active listings during each month starting 03-17-2025 through 03-16-2026. Form PIC3TACHARTW - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower Lender/Client Property Address City County State Zip Code Page # 26 of 27 Analytics Addendum NA 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels This analysis of the discount percentage between listing price and selling price from 03-31-2025 to 04-13-2026 predicts a discount of 3.12% with a range from -2.98% to 9.21%. This analysis of listing prices in the subject market from 11-30-2024 to 03-25-2026 shows a range of $94,519 to $181,988 for a likely sale on 03-16-2026. This chart shows the median days on market for sales and active listings during each month starting 03-31-2025 through 04-13-2026. Form PIC3TACHARTW - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower Lender/Client Property Address City County State Zip Code Page # 27 of 27 Analytics Addendum NA 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels For each month from 03-17-2025 to 03-16-2026 this chart shows the median price for both sales and listings in the subject market. This graph demonstrates the months of housing supply per month by taking the active number of listings during that month and dividing by the average number of sales per month over the 12 months trailing. This analysis of prices in the subject market from 03-31-2025 to 04-13-2026 yields a price range of $93,840 to $184,509 for properties in the subject market as of 03-16-2026. Form PIC3TACHARTW - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower Lender/Client Property Address City County State Zip Code Page # 26 of 27 Appraiser License & Qualifications Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 26-252COSB NA 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code File No. Page # 27 of 27 Appraiser License & Qualifications Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 26-252COSB NA 1837 Randolph St South Bend St. Joseph IN 46613 Erin Michaels Borrower Lender/Client Property Address City County State Zip Code File No. EXHIBIT C Real Estate Purchase Agreement BOARD OF PUBLIC WORKS AGENDA ITEM REVIEW REQUEST FORM Date 4/3/2026 Name Erin Michaels Department DCI BPW Date 4/14/2026 Phone Extension 5931 Review and Approval Required Prior to Submittal to Board Diversity Compliance and Inclusion Officer Officer Name BPW Attorney Attorney Name Dept. Attorney Attorney Name Michael Schmidt Purchasing Check the Appropriate Item Type – Required for All Submissions Professional Services Agreement Contract Proposal Open Market Contract Amendment/Addendum Special Purchase, QPA Bid Opening Bid Award Req. to Advertise Title Sheet Quote Opening Quote Award Reject Bids/Quotes Proposal Opening C/O & PCA No. PCA Chg. Order, No. Traffic Control Resolution Other: Temporary License Agreement Ease./Encroach Required Information Company or Vendor Name Roger Morton & Andrea Morton New Vendor Yes If Yes, Approved by Purchasing No MBE/WBE Contractor MBE WBE Completed E-Verify Form Attached Yes No Project Name Resolution Regarding the Purchase of Real Property Located at 1829-1837 Randolph St. Project Number Funding Source Account No. Amount Terms of Contract Purpose/Description The proposed Resolution approves the purchase of three parcels of real property located at 1829-1837 in connection with the CSO project per Resolution 5156-25 approved by the Common Council on December 9, 2025 For Change Orders Only Amount of Increase Decrease $ ($ ) Previous Amount $ Current Percent of Change: Increase Decrease % ( %) New Amount $ Total Percent of Change: Increase Decrease % ( %) Time Extension Amount: