italicized, bold font - uaar

File No. #

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General Guidance Notes

OverviewThe guidance notes in this template are based on information in Farmer Mac's Collateral Valuation Supplement (CVSupplement) to its Seller/Servicer Guide, which is available for download from within the Collateral Valuation section onthe www.farmermac.com website. Questions regarding the guidance in this template should be directed to FarmerMac's Collateral Valuation Consultant, via email to [email protected]

This template set contains most of the UAAR pages an appraiser might use when the property includes buildingimprovements and permanent planting improvements.

Notes in capitalized font and shown in (BRACKETS) are entered on pages in this template set where necessary todescribe the kind of information expected. In certain instances, the standard UAAR Page has Farmer Mac entryannotations. Those appear in italicized, bold font, text.

The Farmer Mac Basic Template (Land Only) contains the UAAR pages that would be expected in an appraisal reporton a property without irrigated land or permanent plantings or structures that have significant contributory value. Asexplained below, the appraiser would add UAAR pages or Farmer Mac forms to the Farmer Mac Basic Template (LandOnly) to address such property characteristics as irrigation, permanent plantings, or structures with significantcontributory value, ranch properties, timber (if included in the subject property), etc., and narrative pages whennecessary to ensure knowledgeable readers understand the property, its market, and the appraiser's scope of work andreasoning in support of the appraisal.

Irrigated Property:If the property includes irrigated land, the appraiser would add the UAAR Irrigation Supplement including, if applicable,the Well/Pump Supplement page in the report. Information in those pages should be, in part, obtained from the FarmerMac 1013A - Irrigation and Drainage Supplement form, which is completed and signed by the loan applicant or the partyresponsible for the property. A copy of the Form 1013A may be included in the appraisal report addenda, or retained inthe appraiser's work file. The original is to be provided to the Seller by the loan applicant.

Permanent Plantings:If the property includes areas with permanent plantings that have significant contributory value, the appraiser would addthe Farmer Mac 1034 - Permanent Planting Data Summary form shown in this template set.

Structure Improvements:If the property includes structure improvements with significant contributory value, the appraiser would add the UAARImprovements page shown in this template set. If the property structures include a dwelling or dwellings with significantcontributory value, the appraiser would add as many residential building description (with RCN) pages as areappropriate.

Analysis Pages:This template set contains the Sales Comparison, Cost, and Income Approach pages that would be included in theappraisal report when the appraiser includes all three approaches in the appraisal. The appraiser would omit the pagesfor any approach that was not developed in the appraisal (e.g., omit the Cost Approach pages if a Cost Approach wasnot developed).

Report Exhibits & Photos:The appraisal report would include, at a minimum: (see Farmer Mac Form 1027A - Farmer Mac Appraisal ReportContent Requirements) -- Subject Property Location Map; Property Plat/s, Map/s, or Sketch; Property ImprovementSketch (for improvements with significant contributory value, such as in a "facility" or "rural residence/estate property);Photos, as appropriate to illustrate significant property characteristics; and Comparables Location Map/s.

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©1998-2012 AgWare, Inc. All Rights Reserved.

File No. #

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General Guidance Notes (Continued)

Report Addenda - The report addenda would contain, at a minimum:

Copy of the appraiser's engagement letter;Subject property legal description;Farmer Mac 1010A - Environmental Survey form (completed and signed by the loan applicant or party responsible forthe property);Sale Data Summary and Analysis pages for each comparable used in the appraisal;Other addenda, as deemed necessary by the appraiser, such as analysis worksheets and other supportingdocumentation, as described in the page that follows the "Appraiser's Certification" page in this template set;Farmer Mac Form 1027A -- Farmer Mac Appraisal Report Content Requirements.

Work file Documentation:An appraiser would typically use additional UAAR pages in the process of developing the appraisal or report, such asthe Quick Start page, Sales Adjustment analysis pages, Land Adjustment pages, and others.

Except when required by the appraiser's client or when deemed necessary by the appraiser to illustrate support for ananalysis result, the appraiser would not include those other pages in the appraisal report that is presented to the client.Rather, those other pages remain as part of the appraiser's assignment work file. In certain instances, such as inconnection with appraisal review, the appraiser may be required to provide copies of analysis worksheets to the clientor by the client to other intended users subsequent to delivery of the appraisal report.

Electronic FilesFarmer Mac requires an electronic file, which is typically an Adobe PDF file, of the appraisal report. The appraisershould make the electronic file delivery arrangements as part of the engagement process.

The appraiser's client may ask for the report on a CD, or as an attachment to an email. Whichever the client requested,the appraiser should transmit the file on the same day that the hard copy of the report is signed.

If, after sending the report package, the appraiser finds a need to revise or correct the report, simply complete therevisions and label the report as revised (be sure to show the date of the revision) and recreate the CD or email.

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File No.

Uniform Agricultural Appraisal Report

Prepared For:

Intended User:

Prepared By:

Date Prepared:

INCLUDING FARMER MAC SUPPLEMENTS

(INCLUDE "FARMER MAC" AS AN INTENDED USER)

(ENTER THE DATE THE REPORT IS SIGNED)


Uniform Agricultural Appraisal ReportExecutive Summary File No #

USE OF APPRAISAL CLIENT/OWNER INSPECTION DATE

EFFECTIVE DATE

PURPOSE OF REPORT DATE OF REPORT

USE/INTENDED USER(S)

RIGHTS APPRAISED

HIGHEST & BEST USE

SCOPE/EXTENT OF PROCESS

OWNERSHIP/SALES HISTORY Current Owner(s)

Ownership Longer than years. Currently Listed at $

Property Sold Within Last 3 Years Most recent: $ Date: Prior: $ Date:

PROPERTY LOCATION SUBJECT PROPERTY LAND USE

State Code County Code Code Livestock Capacity

Section Township Range Lot Deeded Acres ( )Attached: Legal Description Property Survey Eff. Unit Size ( ) Leased AUMs

Property Sketch Map Addendum Crop Acres ( )FEMA Map/Zone/Date Primary Land Type ( ) Crop Yield

Improvement Location: Primary Commodity ( ) Avg. P.I.

DISTANCE/DIRECTION ( )From Nearest Services Miles Direction Comments:

From Nearest Market Miles Direction

Access Public Private Access Type

MARKET AREA DESCRIPTION SUBJECT DESCRIPTION

Major Commodities Subject is: ABOVE AVG. AVG. BELOW AVG. NONE

Location

Major Property Types Legal Access

Physical Access

Market Supply/Demand Contiguity

Oversupply Balanced Undersupply Shape/Ease Mgt.

Adequacy Utilities

Value Trend (Last /Months) Services

Stable Increase + %/Mo. Decrease ( )%/Mo. Rentability

Non-Ag Influence Compatibility

None Commercial Urban Market Appeal

Residential Minerals Recreation 1 2 3 4

Degree of Non-Ag Influence HAZARDS/DETRIMENTS

Large Moderate Slight None EASEMENTS/ENCROACHMENTS

ESTIMATE OF EXPOSURE TIME Mo. CURRENT ZONING

SUBJECT PROPERTY TYPE HIGHEST AND BEST USE

UNIT TYPE Economic Sized Unit As If Vacant/Unimproved

Supplemental/Add-on Unit

As Improved

SERVICES Gas Electric Sewer

Public Water Well Cistern ESTIMATE OF MARKETING TIME Mo.

VALUE CONCLUSION

VALUE INDICATED BY APPROACHES VALUE/UNIT TOTAL

COST $ Improvements / $

Land / $

INCOME $ Other: / $

SALES COMPARISON $ TOTAL PROPERTY VALUE $ / $

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AG. FINANCECLIENT:

(REFER TO THE ADDENDA FOR THE SCOPE SUMMARY)

(ENTER NAME/S AS THEY APPEAR IN THE PUBLIC RECORD)

(ENTER THE NAME OF THE NEAREST COMMUNITY)

(STATE WHETHER PHYSICAL & LEGAL ACCESS ROUTES MATCH, & STATE

THE APPEAL OF THE SUBJECT'S LOCATION RELATIVE TO ITS COMPETITION)

(STATE WHICH OF THE "ACRES" OR "UNIT SIZE" LABELS IS

TYPICAL IN THE SUBJECT'S MARKET AREA (E.G., DEEDED ACRES, NET

ACRES, IRRIGATED ACRES, WET ACRES, ETC., OR - IF A LIVESTOCK UNIT

OR FACILITY - AUs, MILKING COWS, BIRDS, ETC.)

(STATE "NONE" OR A PAGE REFERENCE)

(STATE "NONE" OR A PG. REFERENCE)

(STATE COMPLETE LABEL)

(STATE WHETHER ASSESSMENTS ARE ASSOCIATED WITH SERVICES)

(BE AS SPECIFIC AS PRACTICAL;

"AGRICULTURAL" IS A CLASS OF USES, NOT A USE ITSELF)

0

3 29©1998-2012 AgWare, Inc. All Rights Reserved.

File No #

Area-Regional Boundary: On and Off Property:

Up Stable Down

Value Trend:

Sales Activity Trend:

Population Trend:

Major Commodities: Employment Trend:

Market Availability:Under Over NoSupply Balanced Supply Influence

Above Avg. Avg. Below Avg. N/A Cropland Units:

Off Property Employment: Livestock Units:

Unlikely Likely Taking Place Recreational Tracts:

Change in Economic Base:

From

To

Forces of Value: (Discuss social, economic, governmental, and environmental forces.)

Are

a-R

eg

ion

al

De

sc

rip

tio

n

Exposure Time: months. (See attached definition and discussion)

Specific Market Area Boundaries:

Market Area: Rural Suburb Urban Market Area:Above Below

Type Avg. Avg. Avg. N/A

Up Stable Down Property Compatability

Value Trend Effective Purchase Power

Sales Activity Trend Demand

Population Trend Development Potential

Development Trend Desirability

Analysis/Comments: (Discuss positive and negative aspects of market area.)

Ma

rke

t A

rea

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File No #

(Location, use and physical characteristics)Property Description:

Above BelowSubject Description: Avg. Avg. Avg. N/A

Land Use Deeded Acres Unit Type Unit Size Location

( %) Legal Access

( %) Physical Access

( %) Contiguity

( %) Shape/Ease Mgt.

( %) Adequacy Utilities

( %) Services

( %) Rentability

( %) Compatibility

( %) Market Appeal

( %) FEMA Zone/Date

Total Deeded Acres Total Units ( 100 % ) Building Location

Above BelowComments Land Improvements: Avg. Avg. Avg. N/A

Domestic Water

Livestock Water

Interior Roads

Drainage

Un- Roll- Slop-Topography: dulat-

Level ing inging

Water Rights: No Yes Supplement Attached

Mineral Rights: No Yes Supplement Attached

Comments:

Overall Topography

Soils Description:

Soil Quality/Production: Above Avg. Avg. Below Avg. N/A Supplement Attached

Climatic: " Annual Precipitation ' to ' Elevation Frost-Free Days

Utilities: Water Electric Sewer Gas Telephone

Distance To: Schools Hospital Markets Major Hwy. Service Center

Easements/Encroachments: (Conservation, Utility, Preservation, etc.)

Hazards and Detriments:

Su

bje

ct

La

nd

De

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(USE THE SAMELABELS IN THISLIST AS USED ONTHE PROPERTYPLAT OR MAP)



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Act. Eff. Rem. Con-Type Size Construction Qlty Foundation Roof Floor Exterior Age Age Life formity Utility Cond.

Improvement Comments: (Discuss and/or expand any items affecting value structure-by-structure, if necessary)

Above BelowSite Improvements: Avg. Avg. Avg. N/A

Overall Structural Balance

Overall Structural Condition

Improvement Rating

Overall Property Rating

Overall Building REL years

Su

bje

ct

Imp

rov

em

en

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es

cri

pti

on

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(THIS PAGE SHOULD BE USED WHEN THE PROPERTY INCLUDES STRUCTURE IMPROVEMENTS THATHAVE SIGNIFICANT CONTRIBUTORY VALUE. USE THE RESIDENTIAL BUILDING DESCRIPTION PAGE IFTHE SUBJECT PROPERTY HAS A DWELLING WITH SIGNIFICANT CONTRIBUTORY VALUE.

IF THE PROPERTY HAS STRUCTURE IMPROVEMENTS THAT DO NOT HAVE SIGNIFICANTCONTRIBUTORY VALUE, AN APPRAISER CAN USE THIS FORM TO PROVIDE THE IMPROVEMENT DATAOR CAN USE A GENERAL COMMENTS PAGE INSTEAD. IF THE IMPROVEMENTS ARE OF NOCONSEQUENCE, THE APPRAISER CAN SIMPLY STATE THAT FACT IN THE "PROPERTY DESCRIPTION"SECTION OF THE PREVIOUS PAGE AND OMIT AN "IMPROVEMENTS" PAGE ALTOGETHER.)

(THE PERMANENT PLANTING SUMMARY PAGE THAT FOLLOWS THE RES. BUILDING DESC. PAGESHOULD BE USED WHEN THE PROPERTY INCLUDES SUCH PLANTINGS AND THOSE PLANTINGS HAVESIGNIFICANT CONTRIBUTORY VALUE. IF THE PROPERTY HAS MORE THAN FOUR PERMANENTPLANTINGS AREAS OR BLOCKS, THE APPRAISER SHOULD ADD PAGES TO DEAL WITH THE SITUATION.

NOTE THAT THE "TOTAL" COLUMN CELLS, THE "TOTAL PLANTED ACRES" CELLS, THE "YEAR" CELLS INTHE "PRICE PER UNIT (1)" COLUMN, ALL OF THE CELLS IN THE "GROSS INCOME PER BEARING ACRE"AND "AVERAGE/BEARING AC." SECTION, AND THE "OVERALL PLANTING EST. REL AVERAGE/BEARINGAC." CELL OF THE PERMANENT PLANTING SUMMARY [NEXT PAGE] DO NOT ALLOW ENTRIES; THOSECELLS CONTAIN FORMULAS.)

(LIMIT THE SUMMARY HERE TOIMPROVEMENTS TO THE FARMSTEAD SITE. DO NOTINCLUDE IMPROVEMENTS TO THE PRODUCTIONLAND. IF THE PROPERTY INCLUDES A "FACILITY"[SUCH AS A DRY-LOT DAIRY], INCLUDE THE FACILITYSITE IMPROVEMENTS IN THE TABLE LIST ABOVEAND INCLUDE FUNCTIONAL COMMENTS UNDER"IMPROVEMENT COMMENTS" ABOVE.)

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File No #

Residential Building Description with RCN & Depreciation Summary

Improvement #

Type

Size ( )

Construction Type

Quality

Foundation

Roof

Floor

Exterior

Actual Age

Effective Age

Remaining Life

Conformity

Building Utility

Building Condition

Re

qu

ire

d D

ata

Po

ints

& R

es

po

ns

es

1.

2.

3.

4.

Comments: (Expand on any items omitted, or add information on those listed) 5.

6.

7.

8.

9.

10.

11.

12.

13.

14.

15.

16.

17.

18.

19.

20.

21.

22.

23.

24.

25.

26.

27.

28.

29.

Appraiser's Cost & Depreciation Estimate 30.

( ) Cost New $ 31.

Less: % Physical Depreciation % 32.

Remainder After Physical Depreciation $ 33.

Less % Functional Obsolescence % 34.

Remainder After Physical/Functional $ 35.

Less: % External Obsolescence % 36.

Improvement Contribution $ 37.

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(THIS PAGE CAN BE OMITTED IF THE PROPERTY DOES NOT HAVE ADWELLING WITH SIGNIFICANT CONTRIBUTORY VALUE.)

(THE APPRAISER CAN TAILOR THE INFORMATION LIST TO THERIGHT AS NEEDED TO SUITE THE CHARACTERISTICS OF THEDWELLING. IN MOST CASES, THE LIST OF PROPERTYCHARACTERISTICS WILL FOLLOW THE LIST THAT APPEARS IN THEFANNIE MAE FORM 1004 (URAR) FORM (6/93 OR MARCH 2005VERSIONS)).


UAAR®

PERMANENT PLANTING DATA SUMMARY

File No #

Plat/Map Area Reference TotalsPlanting

Variety

Bearing Acres

Ave. Age

Spacing

Plants/Acre

Trellis Type

Irrig. System

Non-Bearing Acres

Ave. Age

Spacing

Plants/Acre

Trellis Type

Irrig. System

Total Planted Acres

Production Per Bearing AcreUnits--->

Year

Year

Year

Year

Year

Year

Price Per Unit (1)Year $ $ $ $

Year $ $ $ $

Year $ $ $ $

Year $ $ $ $

Year $ $ $ $

Year $ $ $ $

Gross Income Per Bearing Acre Average/Bearing Ac.Year $ $ $ $ $

Year $ $ $ $ $

Year $ $ $ $ $

Year $ $ $ $ $

Year $ $ $ $ $

Year $ $ $ $ $

Current Establishment Cost/Acre (2) $ $ $ $

Typical Economic Life

Overall Planting Est. REL

Notes: (1) Use the FOB Farm-gate equivalent commodity price (e.g., net of off-farm charges, such as hauling, grading, etc.)

(2) Use replacement cost, based on indexed historical or current cost studies, excluding the land and well with pump & motor.

Farmer Mac Form 1034 (03/05/2002) - Version 3.1 Page of

10/2001

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File No #

Ownership Longer Than Years

Owner Recording/Reference Date Price Paid Terms

Previous: $

Present: $

Currently: Optioned Under Contract Contract Price: $

Buyer: Currently Listed Listing Price: $ Listing Date:

His

tory

Current Zoning: Zoning Conformity: Yes No

Zoning Change: Unlikely Probable To:

Comments:

Zo

nin

g

Tax Basis: Assessment Year Forecast:

Agricultural Land $ Current Tax $

Building(s) $ Estimated/Stabilized $

$ Or ( Ac.) =$ /acre

Parcel #: Total Assessed Value $

Trend: Up Down Stable

Comments:

Ta

xe

s

Highest & Best Use is defined as that reasonable and probable use that supports the highest present value, as defined, as of the effective date of the appraisal. Alternatively, that use, from among

reasonably probable and legally alternative uses, found to be physically possible, appropriately supported, financially feasible, and which results in the highest land value.

Analysis: (Discuss legally permissible, physically possible, financially feasible, and maximally productive uses)

Highest and Best Use: "As if" Vacant

"As Improved"

Discussion:

Hig

he

st

& B

es

t U

se

An

aly

sis

Valuation Methods: Cost Approach Income Approach Sales Comparison Approach

(Explain and support exclusion of one or more approaches)

Va

lue

Me

tho

ds

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(INCLUDE MARKET ACTIVITY [SALES OR EFFORTS TO SELL] FOR THE SUBJECT COVERING THE TIMEFRAME OF THE SALES USED AS COMPARABLES, OR 3-YEARS PRIOR, WHICHEVER IS LONGER.)

(STATE COMPLETE LABEL)

(IF "PROBABLE IS CHECKED, ATTACH A SUMMARY OF THE PREREQUISITES TO THE ZONING CHANGE)

(STATE SPECIFICS OF PROPERTY USE LIMITS & WHETHER IT COMPLIES, AS IS, WITH ALLAPPLICABLE REQUIREMENTS. IF THE PROPERTY DOES NOT COMPLY, EXPLAIN THE SITUATION INCLUDINGWHETHER THE IN PLACE USE IS A LEGAL BUT NON-CONFORMING USE. ALSO STATE WHETHER MARKETPARTICIPANTS EXPECT OR FORESEE A POSITIVE OR NEGATIVE CHANGE IN ZONING/USE REGULATIONS.)

(STATE HOW THE CURRENT ASSESSMENT CHANGES [REASSESSMENT OR ?], AND WHETHERTHE ASSESSMENT INCLUDES CHARGES FOR SPECIAL DISTRICTS, SUCH AS IRRIGATION OR DRAINAGEDISTRICTS.)

(SPECIFICALLY ADDRESS PHYSICAL ADAPTABILITY/SUITABILITY OF THE PROPERTY, CONSIDERING SOIL,CLIMATE, PROXIMITY TO SUPPORT SERVICES AND MARKETS FOR THE COMMODITIES PRODUCED, ETC., ANDECONOMIC FEASIBILITY. ALSO, IF AN INCOME APPROACH IS NOT COMPLETED, SUMMARIZE IN THIS SECTIONTHE PROPERTY'S ESTIMATED INCOME PRODUCING CAPACITY [GROSS & NET PROPERTY INCOME] AND THEOWNER-OPERATOR VS. CASH OR SHARE RENTAL RATIO.)

(IF THE PROPERTY LEGAL, PHYSICAL, & ECONOMIC CHARACTERISTICS ARE SUCH THAT THE H&BU ISOBVIOUS AND NOT LIKELY TO CHANGE, SIMPLY STATE THE FACTS AND THE LOGICAL H&BU CONCLUSIONDRAWN FROM THOSE FACTS; EXTENSIVE ANALYSIS IS NOT REQUIRED IN SUCH SITUATIONS.)

(BE AS SPECIFIC AS PRACTICAL; "AGRICULTURAL" IS A CLASS OF USES, NOT A USE ITSELF)

(IF THE CURRENT USE, AS IMPROVED, IS AN INTERIM USE, STATE THE MARKET'SEXPECTATION OF WHEN THE PROPERTY USE IS MOST LIKELY TO CHANGE AND UNDER WHATCONDITIONS.)

(A SALES COMPARISON OR AN INCOME APPROACH IS REQUIRED IN AN

APPRAISAL FOR USE IN A FARMER MAC-RELATED TRANSACTION.)

(A SALES COMPARISON APPROACH IS REQUIRED IN AN APPRAISAL UNLESS THE CLIENT HAS AGREED WITH ITS EXCLUSION, IN WRITING, AND THE

APPRAISER PROVIDES AN INCOME APPROACH WITH THE INCOME AND CAP RATE ANALYSES BASED ON MARKET DATA.)

(AN INCOME APPROACH IS REQUIRED IN AN APPRAISAL WHEN THE MARKET'S RESPONSE TO THE PROPERTY IS MOST CONSISTENT ON THE BASIS OF

ITS INCOME PRODUCING CAPACITY.)

(A COST APPROACH IS NOT REQUIRED IN AN IMPROVED PROPERTY APPRAISAL WHEN THE IMPROVEMENTS DO NOT HAVE SIGNIFICANT

CONTRIBUTORY VALUE. )


UAAR®

File No. #

Additional Comments

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(SUMMARIZE THE CURRENT SUPPLY AND DEMAND CONDITIONS FOR THE SUBJECT'S SPECIFIC TYPE OFPROPERTY IN ITS MARKET AREA, INCLUDING:

- HOW MANY SIMILAR PROPERTIES SOLD IN THE TIME FRAME ENCOMPASSED BY THE SALES USED ASCOMPARABLES,

- HOW MANY SIMILAR PROPERTIES ARE CURRENTLY AVAILABLE, AT WHAT ASKING PRICES,

- WHETHER SIGNIFICANT CHANGE IN SUPPLY OR DEMAND IS EXPECTED BY MARKET PARTICIPANTS.)

(IF MARKET ACTIVITY IS LOW [E.G., NO RECENT SALES], IT IS PARTICULARLY IMPORTANT TO INCLUDE ASUMMARY OF THE MARKET'S EXPERIENCE ON RECENT OR EXISTING EFFORTS TO BUY OR SELL, SUCH ASOFFERS REJECTED OR PRICES IN LISTINGS. THAT INFORMATION SHOULD BE PLACED IN CONTEXT WITHTHE SUBJECT AND THE AVAILABLE SALES AS PART OF THE MARKET ANALYSIS.)

(SUMMARIZE THE TRANSACTION DETAILS FOR EACH SALE USED AS A COMPARABLE [COST, PRICE, ORINCOME COMPARABLE] AND EITHER ILLUSTRATE THE ANALYSIS OF EACH SALE OR REFER THE READERTO THE SALE DATA AND ANALYSIS INFORMATION SHOWN IN THE ADDENDA. NOTE THAT THIS REFERS TOTHE ANALYSIS OF THE SALE, NOT THE COMPARISON OF THE SALE PROPERTY TO THE SUBJECT AND THEADJUSTMENTS USED IN THE COMPARISON PROCESS. THE COMPARISON AND ADJUSTMENT PROCESS ISILLUSTRATED, WITH COMMENTS PROVIDED, IN EACH OF THE "APPROACH" PAGES.)

(SHOW THE LOCATION OF THE SUBJECT AND ALL COST, PRICE, AND INCOME COMPARABLES SALES ONONE "LOCATION" MAP EXHIBIT. IF NEEDED, ADDITIONAL MAP EXHIBITS SHOULD BE USED TO SHOWLOCATION DETAILS FOR THE SUBJECT OR COMPARABLES.)

(PHOTOS OF COMPARABLES ARE NOT REQUIRED, BUT MAY BE USED TO ILLUSTRATE SALE PROPERTYCONDITIONS. TOPO MAPS, ASSESSOR'S PLAT OR PARCEL MAPS, OR SIMILAR EXHIBITS MAY ALSO BE USEDIN PLACE OF OR IN ADDITION TO PHOTOS TO ILLUSTRATE SALE PROPERTY CHARACTERISTICS.)

(NOTE: THE "MAP" AND "PLAT" AND "MAP ADDENDUM" PAGES THAT FOLLOW THIS PAGE IN THIS "NOTES"TEMPLATE ARE LOCATED IN THIS ORDER FOR CONVENIENCE. WHERE AN APPRAISER ELECTS TO PLACESUCH EXHIBITS, OR OTHERS, IS AT THE APPRAISER'S DISCRETION. SOME PREFER TO PUT ALL EXHIBITS INTHE ADDENDA, WHICH IS ACCEPTABLE.)

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File No. #

Map Addendum

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File No. #

Property Sketch

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File No. #

Map Addendum

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File No #

Sales Comparison Approach (1-5)

Sale Data Subject Sale #1 Sale #2 Sale #3 Sale #4 Sale #5

Grantor (Seller)

Grantee (Buyer)

Source

Date Eff

Eff Unit Size/Unit /Sale Price

Finance Adjusted

CEV Price

Multiplier

Sa

le D

ata

Expense Ratio

The Appraiser has cited sales of similar property to the subject and considered these in the market analysis. The description below includes a dollar adjustment

reflecting market reaction to those items of significant variation between the subject and the sales documented. When significant items are superior to the property

appraised, a negative adjustment is applied. If the item is inferior, a positive adjustment is applied. Thus, each sale is adjusted for the measurable dissimilarities and

each sale producing a separate value indication. The indications from each sale are then reconciled into one indication of value for this approach.

CEV Price/

LAND AND IMPROVEMENT ADJUSTMENTSLand Adjustment

Impvt. Adjustment

Adjusted Price

TIME ADJUSTMENTSYr Mo Periods

Smpl Cmp Rate

Auto Man Time Adjustment

Time Adj. Price

OTHER ADJUSTMENTS

Adjustment

Adjustment

Adjustment

Adjustment

Adjustment

Net Adjustments

ADJUSTED PRICE

Analysis/Comments: (Discuss positive and negative aspects of each sale as they affect value)

Sales Comparison Approach Summary:

Property Basis (Value Range): $ to $ Sales Comparison Indication:

Unit Basis: $ / X = $ $

Sa

le C

om

pa

ris

on

Multiplier Basis: $ X (multiple) = $

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XX

X


UAAR®

File No #

Cost Approach (Sales 1-5)Item: Sale #1 Sale #2 Sale #3 Sale #4 Sale #5

Grantor

Grantee

Source

Date

CEV Price

Deeded Acres

Location

Historic Allocation

Time Adjusted Allocation

Allocated Value ( 100% ) $ $ $ $ $

Allocated Value ( %) $ $ $ $ $








Sa

le L

an

d A

llo

ca

tio

n


Land Use Acres $/Acre Unit Type Unit Size $/Unit Total

$ $ $

$ $ $

$ $ $

$ $ $

$ $ $

$ $ $

$ $ $

$ $ $

$ $ $

$ $ $

Su

bje

ct

La

nd

Esti

mate

Total Acres: $ Total Units: $

Cost Approach Summary: (Check one of the following methods applicable to the subject and sale analyses)

Lump Sum Depreciation: Improvement Contribution % of Cost Estimate $

$Breakdown Depreciation: Improvement Contribution Indication

Breakdown Depreciation: Age/Life Depreciation Improvement Contribution Indication $

OTHER $

COST APPROACH INDICATION (Land & Improvements) $

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X X X X X

(USE THE SAME

LABELS IN THIS

LIST AS USED ON

THE PROPERTY

PLAT OR MAP)


0.00 0

0

X 0

0


UAAR®

File No #

Depreciation Analysis

Item: Sale #1 Sale #2 Sale #3 Sale #4 Sale #5

Grantor

Grantee

Date

Size

Financing

Location

CEV Price $ $ $ $ $

Land Total $ $ $ $ $

Improvement Contribution $ $ $ $ $Imp

rov

em

en

t A

bs

tra

cti

on

Improvement % of Price % % % % %

Replacement Cost

Reproduction Cost

RCN Improvements: $ $ $ $ $

Improvement Contribution $ $ $ $ $

Total Depreciation

% Depreciation of RCN % % % % %

Depreciation Allocation:

RCN Improvements: $ $ $ $ $

Less: % Physical: ( ) ( ) ( ) ( ) ( )

Physical Depreciated RCN: $ $ $ $ $

Less: % Functional: ( ) ( ) ( ) ( ) ( )

Physical and Functional $ $ $ $ $

Depreciated RCN:( ) ( ) ( ) ( ) ( )

Less: % External:

De

pre

cia

tio

n A

na

lys

is

Improvement Contribution $ $ $ $ $

Analysis and Comments:

De

pre

cia

tio

n D

isc

us

sio

n

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(THIS PAGE AND THE PREVIOUS PAGE MAY BE EXCLUDED IF THE PROPERTY DOES NOT HAVEIMPROVEMENTS WITH SIGNIFICANT CONTRIBUTORY VALUE.)


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File No #

Income Approach

Basis of Income Estimate: Cash Share Owner/Operator FAMC See Attached

Unit Stabilized Total Production Cash/Share/Owner's Income

Income Source Units Measure Yield Stabilized $/Unit Gross Income Share % Income

$ $ $

$ $ $

$ $ $

$ $ $

$ $ $

$ $ $

$ $ $

Improvements Included in Land Rent Rent: $ /mo., $ /yr. $

Stabilized Gross Income = $

Comments: (Typical area rental terms and conditions)

Gro

ss

In

co

me

Es

tim

ate

Expense Items: Additional Expenses: Additional Expenses: Additional Expenses:

Real Estate Tax $ $ $ $

Insurance $ $ $ $

Maintenance $ $ $ $

Management $ $ $ $

$ $

$ $Total Expenses = $ ( %)

Ex

pe

ns

es

$ $

Sale Date Size Impvt % Gross Income Exp. Ratio Net Income CEV Price Cap Rate

% %

% %

% %

% %

% %

% %

Cap

Rate

In

fo

% %

Analysis/Comments:

Total Deeded Acres: Net Income / Cap Rate = Indicated Value

Gross Income: $ = $ / $ / % = $

Expenses: ( $ ) = $ /Income Approach Indication = $

Net Income: $ = $ /

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X

(IF THE GROSS INCOME IS BASED ON CASH OR SHARE RENTAL,INCLUDE IN THIS SECTION A STATEMENT OF THE RELATIONSHIP, AS A PERCENTAGE, BETWEEN THE NETPROPERTY INCOME [NPI] BASED ON RENTAL AND THE ESTIMATED NPI ON AN OWNER-OPERATOR BASIS.)

IF AN INCOME APPROACH IS NOT COMPLETED, THIS PAGE MAY BE EXCLUDED OR USED TO ILLUSTRATETHE DATA USED TO DEVELOP THE ESTIMATE OF PROPERTY INCOME PRODUCING CAPACITY, WITHOUTEXTENDING THE ANALYSIS TO RESULT IN AN INCOME APPROACH BASED VALUE INDICATION.)

(NOTE: THE FOLLOWING TWO PAGES IN THIS "NOTES" TEMPLATE ARE THE STANDARD FARMER MACASSUMPTIONS AND LIMITING CONDITIONS. THE PLACEMENT OF THOSE PAGES IN THIS LOCATION WITH THETEMPLATE IS ONLY TO ILLUSTRATE ONE POSSIBLE LOCATION. AN APPRAISER MAY ELECT TO PUT THOSEPAGES IN A DIFFERENT LOCATION, SUCH AS THE ADDENDA, WHICH IS ACCEPTABLE.)


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File No #

Assumptions and Limiting Conditions

(Singular includes plural)

The certification of the Appraiser appearing in the appraisal report is subject to the following assumptions and

limiting conditions and to such other specific and limiting conditions as are set forth in Item No. 18 of this

statement in accordance with Farmer Mac Collateral Valuation Standards and Guidelines.

1. The Appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or

the title thereto, nor does the Appraiser render any opinion as to title, which is assumed to be good and

marketable. The property is appraised as though under responsible ownership.

2. Sketches in the report may show approximate dimensions and are included only to assist the reader in

visualizing the property. The Appraiser has made no survey of the property. Drawings and/or plats are not

represented as an engineer's work product, nor are they provided for legal reference.

3. The Appraiser is not required to give testimony or appear in court because of having made the appraisal

with reference to the property in question unless arrangements have been previously made.

4. Any distribution of the valuation in the report applies only under the existing program of utilization.

Contributory value indications are only allocations and are not represented as separate valuations. The

intended use of those contributory value indications is only in underwriting. Any other use is without

obligation to the Appraiser.

5. The Appraiser has, in the process of exercising due diligence, requested, reviewed, and considered

information provided by the ownership of the property and client, and the Appraiser has relied on such

information being candid and complete, and assumes there are no hidden or unapparent conditions of the

property, subsoil or structures, which would render it more or less valuable. The Appraiser assumes no

responsibility for such conditions, for engineering that might be required to discover such factors, or the

cost of discovery or correction.

6. In an assignment where the Appraiser has not inspected the subject property, due to lack of

peaceful access or client approved assignment limitations, as described and documented in the

report, the appraiser has used subject property information developed in the course of public and/or

private record research. If public record information is subsequently found to have been in error,

responsibility for the impact of the error rests with its source, not the appraiser.

7. The Appraiser is not qualified to verify or detect the presence of hazardous substances by visual

inspection or otherwise, and is not qualified to determine the effect, if any, of known or unknown

substances present. Unless otherwise stated, the final value conclusion is based on the subject

property being free of hazardous waste contaminations, and it is specifically assumed that present and

subsequent ownerships will exercise due care to ensure that the property does not become otherwise

contaminated. (See Farmer Mac Form 1010A)

8. Information, estimates, and opinions furnished to the Appraiser and contained in the report were obtained

from sources considered reliable and believed to be true and correct. The Appraiser assumes no

responsibility for accuracy of such items furnished the Appraiser.

9. Unless specifically cited, no value has been allocated to mineral rights or deposits.

10. Acreage of land types and measurements of improvements are based on physical inspection of the subject

property unless otherwise noted in this appraisal report.

Farmer Mac Form 1037 Version 3.5 (Rev 06-2011) Page of

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File No #

Assumptions and Limiting Conditions (Continued)

(Singular includes plural)

11. Water requirements and information provided has been relied on and, unless otherwise stated, it is

assumed that:

a. All water rights to the property have been secured or perfected, there are no adverse easements or

encumbrances, and the property complies with the rules and regulations of local, state, or federal

agencies, including Bureau of Reclamation rules, as they apply to the subject;

b. Irrigation and domestic water and drainage system components, including fixed or hard-mounted

distribution equipment and piping, are real estate fixtures;

c. Any mobile surface piping or equipment essential for water distribution, recovery, or drainage, if

included in the subject property of this appraisal (e.g., pivot systems), is secured with the title to real

estate; and

d. Title to all such property conveys with the land.

12. Disclosure of the contents of this report is governed by applicable law and/or by the Bylaws and

Regulations of the professional appraisal organization(s) with which the Appraiser is affiliated.

13. Neither all nor any part of the report, or copy thereof, shall be used for any purposes by anyone but the

client and intended users specified in the report without the written consent of the Appraiser.

14. Where the appraisal conclusions are subject to satisfactory completion, repairs, or alterations, the

appraisal report and value conclusion are contingent upon completion of the improvements in a

workmanlike manner consistent with the plans, specifications and/or scope of work relied upon in the

appraisal.

15. EXCLUSIONS. In analyzing the subject property and its market the Appraiser considered and, as

applicable, used the cost, income, and direct market sales comparison approaches to develop value

indications and reconciled the results of the approaches completed to develop a final value conclusion.

The explanation for excluding any of the three approaches in developing the final value conclusion is

provided in this report.

16. SCOPE OF WORK RULE. The appraisal reflects a scope of work that is based on information from

the client and this appraisal and report was prepared for the client's use and for use by Farmer Mac

at their sole discretion within the framework of the intended use stated in the report. The use of this

appraisal or report for any other purpose or use by any party not identified as an intended user

of this report is beyond the scope of work contemplated in the appraisal, and without creating an

obligation of the Appraiser.

17. Acceptance of the report by the client constitutes acceptance of all assumptions and limiting conditions

contained in the report.

18. Other Assumptions and Limiting Conditions, including any extraordinary assumptions or hypothetical

conditions (each applied on the basis of the client's written prior approval, a copy of which is contained in

the Addenda to this report):

Farmer Mac Form 1037 Version 3.5 (Rev 06-2011) Page of

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File No #

Reconciliation and Opinion of Value

Cost Approach $

Income Approach $

Sales Comparison Approach $

Su

mm

ary

Analysis of Each Approach and Opinion of Value:

Dis

cu

ss

ion

& C

orr

ela

tio

n o

f V

alu

es

Opinion Of Value - (Estimated Marketing Time months, see attached) $

Cost of Repairs $

Cost of Additions $

Allocation: (Total Deeded Units: ) Land: $ $ / ( %)

Land Improvements: $ $ / ( %)

Structural Improvement Contribution: $ $ / ( %)

Value Estimate of Non-Realty Items:

Value of Personal Property (local market basis) $

Value of Other Non-Realty Interests: $

Non-Realty Items: $ $ / ( %)

Leased Fee Value (Remaining Term of Encumbrance ) $ / ( %)$Leasehold Value $ / ( %)$Overall Value $ / ( 100 %)$

All

oc

ati

on

of

Va

lue

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0


UAAR®

File No #

Appraiser CertificationI certify that, to the best of my knowledge and belief:

1. the statements of fact contained in this report are true and correct.

2. the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions,

and are my personal, impartial and unbiased professional analysis, opinions, and conclusions.

3. I have no the specified present or prospective interest in the property that is the subject of this report and

I have no the specified personal interest with respect to the parties involved.

4. I have performed no the specified 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.

5. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

6. my engagement in this assignment was not contingent upon developing or reporting predetermined results.

7. 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.

8. my analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the

Uniform Standards of Professional Appraisal Practice.

9. I have have not made a personal inspection of the property that is the subject of this report.

10. no one the specified persons provided significant real property appraisal assistance to the person signing this

certification.

Effective Date of Appraisal: $Opinion of Value:

Appraiser:

Property Inspection: Yes NoSignature:Inspection Date:

Name:Appraiser has inspected verified analyzedLicense #:the sales contained herein.Certification #:

Date Signed:

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Deborah Martin

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File No #

MARKET VALUE DEFINITIONRegulations published by federal regulatory agencies pursuant to title XI of the Financial Institutions

Reform, Recovery and Enforcement Act (FIRREA)

The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale,

the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in

this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

1. Buyer and seller are typically motivated;

2. Both parties are well informed or well advised, and acting in what they consider their best interests;

3. A reasonable time is allowed for exposure on the open market;

4. Payment is made in terms of cash in United States dollars or in terms of financial arrangements

comparable thereto; and

5. The price represents the normal consideration for the property sold unaffected by special or creative

financing or sales concessions granted by anyone associated with the sale.

Other:

EXPOSURE AND MARKETING TIME ESTIMATES

Market value (see above definition) conclusion and the costs and other estimates used in arriving at conclusion of value is as of

the date of the appraisal. Because markets upon which these estimates and conclusions are based upon are dynamic in nature, they

are subject to change over time. Further, the report and value conclusion is subject to change if future physical, financial, or other

conditions differ from conditions as of the date of appraisal.

In applying the market value definition to this appraisal, a reasonable exposure time of months has been estimated.

Exposure time is the estimated length of time the property interest being appraised would have been offered in the market prior to the

hypothetical consummation of a sale at market value on the effective date of the appraisal; exposure time is always presumed to

precede the effective date of the appraisal.

Marketing time, however, is an estimate of the amount of time it takes to sell a property interest at the market value conclusion during

the period after the effective date of the appraisal. An estimate of marketing time is not intended to be a prediction of a date of sale. It

is inappropriate to assume that the value as of the effective date of appraisal remains stable during a marketing period. Additionally,

the appraiser(s) have considered market factors external to this appraisal report and have concluded that a reasonable marketing

time for the property is months.

Comments:

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File No. #

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(ADDENDA COMMENTS)

(INCLUDE IN THE ADDENDA --

-- A COPY OF THE ENGAGEMENT CORRESPONDENCE [LETTER, ETC.],

-- A SUMMARY OF THE SCOPE OF WORK

-- THE LEGAL DESCRIPTION OR, IF A LEGAL DESCRIPTION WAS NOT AVAILABLE, A COPY OF THEDOCUMENT/S USED TO REPRESENT THE PHYSICAL LEGAL DESCRIPTION [ASSESSOR'S PLAT, SURVEY,PRELIMINARY TRACT MAP, ETC.],

-- A COPY OF THE FARMER MAC ENVIRONMENTAL DISCLOSURE FORM [1010A] (OR AN EQUIVALENTENVIRONMENTAL DISCLOSURE FORM PROVIDED BY THE CLIENT) COMPLETED AND SIGNED BY THEAPPLICANT],

-- IF AN IRRIGATED PROPERTY, INCLUDE THE UAAR IRRIGATION AND WELL/PUMP PAGES,

-- COPIES OF THE APPRAISER'S SALE DATA AND ANALYSIS WORKSHEETS, IF THAT INFORMATION WASNOT INCLUDED IN THE BODY OF THE REPORT,

-- IF THE MARKET ANALYSIS INCLUDED A DISCOUNTED CASH FLOW ANALYSIS [DCF], INCLUDE A COPY OFTHE DCF AND THE DATA ANALYSIS SUPPORTING THE CRITICAL ASSUMPTIONS, FORECASTS, AND RATESUSED IN THE DCF,

-- ANY OTHER INFORMATION, EXHIBITS, OR COPIES OF DOCUMENTS THE CLIENT REQUIRES AS PART OFTHE ENGAGEMENT OR THAT THE APPRAISER BELIEVES ARE ESSENTIAL FOR THE READER TOUNDERSTAND THE REASONING AND SUPPORT FOR THE APPRAISAL OPINIONS AND CONCLUSIONS.

-- THE FARMER MAC FORM 1027A - FARMER MAC APPRAISAL REPORT CONTENT REQUIREMENTS)

(NOTE: THE FOLLOWING PAGE IS A PLACE HOLDER TO ILLUSTRATE WHERE IN THE ADDENDA A COPY OFTHE ENGAGEMENT DOCUMENT SHOULD APPEAR. THE LAST TWO PAGES IN THE ADDENDA SHOULD BETHE FARMER MAC FORM 1027A.)

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File No. #

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File No. #

Legal Description

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(A COPY OF THE DESCRIPTION THAT APPEARS IN THE PUBLIC RECORD OR A RECORDABLE DOCUMENT ISACCEPTABLE [THE APPRAISER IS NOT EXPECTED TO TYPE THE LEGAL DESCRIPTION]. IF A LEGALDESCRIPTION IS NOT AVAILABLE, A COPY OF AN ASSESSOR'S PLAT, A SURVEY, OR A PRELIMINARY PLATMAP MAY BE USED, ON THE CONDITION THAT THE APPRAISER'S CLIENT OR ANOTHER RESPONSIBLE PARTYVERIFIES THAT THE PROPERTY APPRAISED MATCHES THE PROPERTY THAT SERVES OR IS TO SERVE ASCOLLATERAL.)

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File No #

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UAAR®

File No #

Farmer Mac Appraisal Report Content Requirements

Level of Information DetailThe information in the report must be specific to agricultural or rural setting property and mortgage financing. The reportmust be descriptive where necessary to ensure the user/reader of the appraisal report understands the subject's legal,physical, and economic characteristics, its market, and the appraiser's reasoning, logic, and analyses in support of the valueopinion and other assignment results.

The sequence of information elements in this table is not necessarily the sequence an appraiser might use in an appraisalreport.

The report must include statements or summaries to identify:

Information Element Content Requirement

Client The client's identity must be stated (it cannot be anonymous, and cannot bethe borrower, property owner, or their agent)

Intended Users Must include "Farmer Mac and its agents or assigns"

Intended Use Must include "agricultural property secured lending"

Scope of Work Must include a summary of the extent of research, verification, and analysescompleted by the appraiser

Purpose of the appraisal Must state "Market Value"

Date of Value Must be a "Current Date"

Defined Value Must state "Market Value"" as defined in Chapter CV101.1

Assumptions Etc. Must reference and attach Form 1037 or, with client's prior agreement, anequivalent set

Property Data

Location The property address and include, where possible, GPS reference

Legal Description State ownership interest and provide the physical and legal description

Personal Property Provide a description. (Call Farmer Mac for guidance)

Legal Limitations Those that affect the property utility must be stated

Physical Character Based on an on-site inspection (See detail for exceptions)

Irrigation Information With location, capacity, quality, durability, and economics detail

Drainage Information With location, performance, and economic impact information detail

Property Use/Econ. Summarize historical uses and economic productivity

R.E. Tax/Assessments Provide detail of assessments and tax amounts

Form 1027A (Revised August 2011) Page of27 29

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(Continued)

Market Analysis

Market Characteristics

Highest and Best Use

Market and Sales Data

Approaches to Value

Marketing History

Reconciliation

Time Periods

Certification

Signatures

Geographic, demographic, and economic information sufficient for the reader

Include income-producing capacity if any; if not producing, say so and why

See chapter CV 101.4-D (2) for criteria; include sales location map with each

Each approach must consider the subject property as a unit. See limitations

Sales Comparison:

Form 1027A (Revised August 2011)

to understand market condition, market trends, supply/demand balance andcompetition, and the subject's location strengths and weaknesses

sale with GPS references (when available)

on use of built-up or value-by-summation method

Required on all appraisals if an Income Approach is not completed

Required when the market's response to the property is most consistent onIncome Approach:

the basis of its income producing capacity

Cost Approach:Required when improvements contribute significantly to value-does not applyto a Land Property

Covering age of oldest comparable market sale, if longer than USPAP states

Include statement of final value conclusion

Exposure time and marketing period differences reconciled

Content in compliance with USPAP

Include appraiser's state or territory Real Estate Appraisal license orcertification number

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Addenda

Maps

Sketches*

Photos*

Market Sales Location Map

Environmental Supplement

Irrigation andDrainage Information

Marketing Documents

Value Allocation*

Plat:

When applicable, showing all dwellings with contributory value

Showing access, land use areas, improvements, and permanent plantings

Showing all sales and the subject on one overview map

Form 1010A or equivalent, signed by the applicant or the applicant's representative

If applicable, Form 1013A or its equivalent

Copies of the purchase agreements, options, or similar property marketing

Allocate value conclusions to primary property components and include Cost New

Form 1027A (Revised August 2011)

(Continued)

Soils:

Hazard Area:

Permanent Plantings:

Annotated with legal and physical access, etc., and adjacent land uses

With soil quality information stated or summarized

Identifying Environmental and Flood Hazard areas as applicable

Identifying blocks, with detail information in a table asapplicable

documents, (if the property is selling or on the market)

and REL for structures, permanent plantings, and any personal property. See thetable at the end of CV101.5

*Applies to Improved Property Appraisal Reports only.

Engagement Document Form 1023A Engagement Letter or an equivalent document

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