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Home My WebLink AboutCity Council Packet 04-22-2014 BOErp) City of Plymouth Adding Quality to Life To: Local Board ofAppeal and Equalization LOCAL BOARD OF APPEAL Et Prepared by: Janene Hebert, City Assessor EQUALIZATION MEETING Item: 2014 Local Board of Appeal and Equalization Reconvene April 22, 2014 Appeals in Person 1 Hildania Kristensen 15725 481° Avenue North, Plymouth MN 2 Mustafa Igdelioglu 18825 46th Avenue North, Plymouth MN 3 Feng Li & Wanli Jiang 16725 40th Place North, Plymouth MN 4 Michael & Karen Winter 17815 101° Avenue North, Plymouth, MN Appeals in Writing 2014 Market Value 11-12 Property Illinois LLP Original Recommended Comments 251,700 219,200 Staff Review $219,200 No Change No Change 460,800 440,700 Mutual Agreement 608,000 608,000 Staff Review $608,000 No Change the CBAE 622,400 600,100 Mutual Agreement 5 11-12 Property Illinois LLP 258,400 258,400 Property owner was not able 5541 Vinewood, Plymouth, MN No Change to provide an inspection - Reserve the right to attend the CBAE 6 I1-12 Property Illinois LLP 741,100 668,100 Mutual Agreement 14320 54th Avenue, Plymouth MN 7 I1-12 Property Illinois LLP 300,500 292,700 Mutual Agreement 5145 Larch Lane, Plymouth MN 8 Subu Mangipudi 553,200 529,400 Mutual Agreement 18925 33'd Avenue, Plymouth MN 9 James & Heidi Krocak 415,500 415,500 Reserve the right to attend 14610 13th Place North, Plymouth MN No Change the CBAE 10 Jacqueline Holmbeck 280,300 280,300 Reserve the right to attend 17620 25th Avenue North, Plymouth MN No Change the CBAE 11 Mary Plooster 610,400 610,400 Property owner was not able 16855 9th Avenue North, Plymouth MN No Change to provide an inspection - Reserve the right to attend the CBAE Changes Between March 28 and April 8, 2014 12 Joann McMahon 483,900 448,000 Mutual Agreement 13 Hemal Thakkar & Jesal Anarkat 309,500 293,000 Mutual Agreement 14 Natalie & Mathias Anderson 371,600 350,000 Mutual Agreement Page 1 15 Hemal Thakkar & Jesal Anarkat 231,800 223,900 Mutual Agreement 16 Hemal Thakkar & Jesal Anarkat 234,100 223,900 Mutual Agreement 17 Veerendra & Sunita Bika 198,000 192,000 Mutual Agreement 18 Arthur & Cynthia Wenter 497,100 475,400 Mutual Agreement 19 Sandra Raiche 299,200 287,200 Mutual Agreement 20 Boris & Marina Bershadsky 432,800 426,300 Mutual Agreement 21 Mark & Barbara Altringer 335,200 315,000 Mutual Agreement 22 Lattitude 45LLC 410,500 366,900 Mutual Agreement 23 Don & Antoinette Wagner 273,800 250,000 Mutual Agreement 24 Kelly & Kathleen Young 403,400 375,500 Mutual Agreement 25 Brandon Kreklau & Suzanne Brown 388,900 367,900 Mutual Agreement 26 Shunzhong Li 140,900 100,000 Mutual Agreement 27 Patricia Alagna 190,300 184,000 Mutual Agreement 28 Lee & Mary Brekke 535,200 497,000 Mutual Agreement 29 Lowell & Lynda Lankford 677,000 650,000 Mutual Agreement 30 Douglas & Wende Farrow t 624,700 610,700 Mutual Agreement 31 Andrea Undlin 216,300 202,500 Mutual Agreement 32 Michael & Becky Undlin 233,900 215,000 Mutual Agreement 33 Jeremy & Andrea Shields 552,500 480,000 Mutual Agreement 34 David Musliner 541,100 475,000 Mutual Agreement 35 Russell Jonas 318,500 310,000 Mutual Agreement 36 Sandra Pasmanter 291,200 282,000 Mutual Agreement Each ofthe aforementioned appeals is to be voted on individually by the Local Board of Appeal and Equalization. The properties have been reviewed and the changes presented on the previous page are recommendations made by the appraisal staff and approved by the City Assessor. For 2014, any changes made less than ten days prior to the Local Board of Appeal and Equalization need to be brought to the Board for approval on an individual basis. The purpose of the change is to provide a uniform method for adjusting values after the notification period. The reason for the individual vote is to allow for board members to recuse themselves on a vote if a conflict exists. The Local Board of Appeal and Equalization has the authority to accept the recommendations or to raise, lower, or sustain the value. However, the Board does not have the authority to make a change benefiting the property owner if access to the property is not provided. If a property owner attended the Local Board ofAppeal and Equalization and would like to bring their case to the County Board of Appeal and Equalization they must call in advance to schedule an appointment. The deadline for making an appointment with the County Board of Appeal and Equalization is May 21, 2014. The number to call is 612- 348-7050. The County Board of Appeal and Equalization is June 16, 2014. Page 2 rp)City of Agenda Plymouth Number: Adding Quality to Life To: Local Board ofAppeal and Equalization LOCAL BOARD OF APPEAL Ft Prepared by: Janene Hebert, City Assessor EQUALIZATION MEETING Appeal: In Person April 22, 2014 Item: Hildania Kristensen 09-118-22-32-0020 1572548th Avenue North, Plymouth NIN 1. ACTION REQUESTED: Approve the reduction of the 2014 market value from $251,700 to $219,200 on parcel 09-118- 22-32-0020. 2. BACKGROUND: Hildania Kristensen appeared before the Local Board of Appeal and Equalization on April 8, 2014. She presented the attached information for review and consideration to reduce the 2014 market value to between $180,000 and $200,000. Ms. Kristensen had previously agreed to a reduction to $219,200, however has reconsidered her situation and would like a further reduction. Plymouth appraiser Mike VanderLinden met Hildania Kristenson on April 8, 2014 at 15725 48th Avenue North, Plymouth, Minnesota and performed an interior inspection of the property. The property was purchased for $245,000 in August 2005. The transaction was a foreclosure sale, below market, and was not considered a good sale by the Department of Revenue standards. The condition of the property was not known at the time of the sale and it was purchased prior to the decline ofthe residential real estate market. The subject property is a three level split, built in 1985. During the inspection, Mr. VanderLinden noted several items of deferred maintenance including cracked siding, damaged windows, and water damage issues. After the inspection, Mr. VanderLinden identified three comparable sales and adjusted them to the subject. After consideration to the style of home and level of finish, and deducting $34,000 for additional cost to cure to bring it to below average condition, the value was reconciled to a range of $219,000 to $220,000. It is recommended that the Local Board ofAppeal and Equalization sustain the original agreed upon reduction from $251,700 to $219,200. Should the owner choose to appeal to the County Board of Appeal and Equalization, her option remains open. Page 3 REPORT #1 2014 BOARD OF APPEAL & EQUALIZATION STAFF REPORT AND RECOMMENDATION PROPERTY OWNERS NAME: PROPERTY ADDRESS: PID #: LEGAL DESCRIPTION: PROPERTY TYPE: SCHOOL DISTRICT: MOST RECENT SALE: Hildania Kristensen 15725 48th Avenue N 09-118-22-32-0020 Block 7, Block 4 Woodale North Single Family Wayzata School District 284 August 26, 2005 Purchase Price: $245,000 2013 VALUE PRIOR TO ASSESSOR'S MARKET VALUE LOCAL BOARD RECOMMENDATION LAND MARKET VALUE 84,000 No Change STRUCTURE MARKET 167,700 135,200 VALUE TOTAL MARKET 251,700 219,200 VALUE 0 ASSESSMENT 2012 2013 2014 HISTORY Total Market 212,300 219,200 219,200 Value Improvement 0 0 0 1IPage Page 4 SUBJECT PROPERTY 15725 48th Avenue N. 2014 Assessed Value: $251,700 Recommendation: adjust to: $219,200 This report is not an appraisal as defined by M.S.§82B.02 (Subd. 3) nor does it comply the Uniform Standards ofAppraisal Practice. It is intended to be used as a reference only and any use other than its intended use is prohibited and unlawful. The author does not represent this to be an appraisal and is not responsiblefor any inappropriate use. 21Page Page 5 Subject Location Map LOCATION: The subject property is located in the Wooddale North neighborhood, a homogeneous area of 85 homes built between 1985 and 1988. These are mostly bi level and 3+ level homes, with 2014 values between $204,500 and $341,600. The median proposed 2014 value is $238,530. There were eight qualified sales for the 2014 assessment with a median sales value of $279,218. 31 Page Page 6 Subject Ariel Map SITE: The subject property is situated on two parcels, a primary and a secondary parcel containing a total of 0.26 acres. The building value, and most of the land value, are attributed to the primary parcel. The secondary parcel has nominal value of $1000. 41Page. Page 7 Sales Comparison Approach The sales comparison approach is based upon the Principle of Substitution. This principle contends an informed purchaser would pay no more for a property than the price of acquiring an equally desirable substitute in an open, competitive market. To properly develop this approach, recent sales oflike kind real estate are needed. Recent and like kind are debatable terms. In our opinion, sufficient recent conveyances of similar property do not exist. That said, this approach is developed herein at the explicit request of our client. It lacks reliability because the conveyances used are minimally comparable hence require major adjustments for dissimilarities. In an appraisal, the real estate being appraised is referred to as the "subject" or "subject property." Properties possessing characteristics that are physically and locationally similar to the subject are called comparables" or "comparable sales." This approach compares prices, terms, and features of similar properties that have sold. Differences are noted. Dissimilarities between the subject and comparables are categorized into elements of comparison. To compensate for dissimilarities, adjustments are applied to the sale prices of the comparable sales. Then, a value estimate for the subject is reconciled from the range in adjusted sale prices. The resultant worth estimate is called "Market Value" or "Value in Exchange." Some of the following transactions may have employed favorable financing. As used herein, the term favorable financing means some type of debt arrangement the buyer could not reasonably have obtained from a disinterested, third party lender. Those transactions utilizing favorable financing were adjusted to a cash basis. Cash equivalency adjustments are required by USPAP and FIRREA. All conveyed on an "arm's length" basis except as specifically noted otherwise. An "arm's length" transaction is an agreement between unrelated parties under no duress. Numerous conveyances were considered on a preliminary basis. Those cited in this appraisal report were judged most comparable. 5 1 P a g e Page 8 Compariable Sales Comp 1: 4735 Upland Ln N This sale was selected for it's similar style, size, age and proximity. This property sold June 2013 for $270,000. Minor adjustments were made for number of bedrooms, basement finish and a fireplace. A more significant adjustment was made for deferred maintenance. This comp was determined to be most similar to the subject the most accurate indicator of market value. Comp 2: 4715 Ranchview Ln N This sale was chosen as a comparable due to it's similar style, age, size and neighborhood. Minor adjustments were made for bedrooms and finished basement. Significant adjustments were made for condition and deferred maintenance. Comp 3: This camp was selected for it's similarity in style, size, age and proximity to the subject. Adjustments were made for bedrooms, finished basement, walkout, fireplace and proximity to the subject. 6 1 P a g e Page 9 SALES COMPARISON ADJUSTMENT GRID 7 1 P a g e Page 10 Subject: Comp #1 Comp #2 Comp #3 ADDRESS: 15725 48th Ave N 4735 Upland Ln N 4715 Ranchview Ln N 15600 49th Avenue N PD 09-118-22-32-0020 09-118-22-32-0030 09-118-22-32-0055 09-118-22-32-0026 SALE DATE Jun -13 May -13 Oct -13 SALE PRICE 270,000 287,000 295,000 TWEAD USTMENT: 3.000/6 4.00% 1.50% ADJ. SALE PRICE 278,105 298,480 299,425 TYPE OF BUILDING: 3+ Level Split 3+ Level Split 3+ Level Split 3+ Level Split ABOVEGRADEFNISH 1119 1119 1136 1038 QUALITY: Q4 Q4 04 Q4 AGE 1985 1985 1986 1985 CONDITION: C5 C5 C4 25000 C4 25000 BEDROOMS: 3 4 40004 4000 3 OF BATHS: 2 2 2 2 FN.BSMTAREA 600 1060 11500 884 7100 910 7750 WALKOUT: no no no yes 7500 FIREPLACES: no 1 5000 no 1 5000 GARAGE 2 car attached 2 car attached 2 car attached 2 car attached DECK: yes yes yes yes PORCHES: no no no no CENTRAL AR yes yes yes yes DEFERRED MAINTENANCE 34000 34000 34000 NET ADJUSTMENT: 1 1 -54500 70100 1 -79250 ADI. SALE PRICE 1 1 $223,605 228,380 1 $220,175 7 1 P a g e Page 10 SHMIDT KE R 49TH AVE LU COMP #3 U x SUBJECT A 3 84 AVE J LD ( L J C) z COMP # < COMP #1 d w L) ¢ n, w 47TH r;b Comparable Sales Map] N City of rnis ra ase vsa vv EProamgatiandmlr+mation anu deskom dly. Oowary. pan andaver sown Ihp has 8 Plymouth, MN wRRedanesn pa ' d'--ado fns 81Page Page 11 VALUE CONCLUSION IMPROVEMENTS and FEATURES: The subject property has accumulated significant deferred maintenance beginning with the previous owner who lost the property through foreclosure and continuing with the current owner who is redeeming the property from her own foreclosure. These items are addressed in comparable sales analysis with an adjustment for deferred maintenance. Additionally, there are some condition issues, cited by the appeallent, that are accounted for with a C5 condition rating. OWNERS CONCERNS: The property owner is concerned that all of the maintenance and condition issues ofthis property have not been adequately accounted for in the 2014 valuation. RECONCILATION OF VALUE: Based on the strength of comparable 1 and the observed condition of the subject property, the indicated value is $223,605. The appraiser agreed to lower the value to $219,000 prior to the Board of Appeal meeting and as such is recommending the 2014 value be reduced to: 219,200 This value is for parcel 09-118-22-32-0020 which is under appeal. The value of the secondary property was not appealed or considered in the review. Z"":4 6/ Michael Vanderlinden, AMA 763) 509-5356 invanderlLt-pipiouthnYn. og_v 9 1 P 1 - Page 12 City of Plymouth Assessing Division 2014 Local Board of Appeal and Equalization Assessment Application 3400 Plymouth Blvd , Office Use Only Plymouth, MN 55447 Phone: 763-509-5360 Fax: 763-509-5060 Email: assessing@plymouthmn.gov Return this formto the City of Plymouth Assessing Division no later than April 4, 2014. By submitting this'application your appeal will be entered into the record. You are not required to attend the Board meeting. Date Returned: Received via: Date Withdrawn: Withdrawn via: Dist Nbad Appraiser Home Number: -703 - 783- r19 - Work Number: Cell Number: Owners Name(s) /f` MA Ai51DV56W Fax Number: Address: 15725 49 v A /i 1 np / NY,/ Zip Code: -6-5 Email: 11`1;i S rii J) 1 C4' 61VAyL, CONI Property ID: Purchase Dat • ,- 2015 Property Address: Ail} " Purchase Price:` ' M " 'e- N AAA1 5Cr11 I,/- Was it listed for sale? YesYM0vi"f Was the gNpgty a foreclosure, short sale, purcha ed from a friend or relative, or relocation ale? If yes, please explain: ( A+5 ,6 FOMC.-0.!.' P-1 i c? <An- N 5AL..: f' tlr S e r V n 2014 Assessor's Estimated Market Value: A 71/F cWr W i,vr451ae p4 ecrf-raw f='%t2 Nom/ vn pCc / f}ie(vMD,fiv,v vF l -A Z uJ, nt CD r AIAI S Additions, renovations, or Aersl-, LL)*n,, 54-1-X6 , f D 0'j improvements since purchase: WA<<S n/ •vF 13,E D. on1 p,vg /(N D l4JS L y,,/ & & - T"IoF F11. vl x fn"j3 N P ruu p F"-.5 Cost ofim roveme is since purchas : caN) 2 M iANF-m Owner's opinion of Estimated Market Value Ii l ^K 2 C as of January 2, 2014 rt-rwG!A t(e4K ry r A , lrk-" v a m What are the reasons or jp,,;E wN5 gc rJ2 oNy yf?L /vlJ i„pyv documentation supporting the a M a,•2 ,'7i iT 2ep f /NJy( e - owner's opinion ofmarket value? 77jj i% /)-4^ ;a,54T 7-V 7 -AV -L uri7-0o0s- i-(.Avi && wr Please attach supporting Qy c 7727me vrvvp'G y MA b€ Documentation) Jx.1F,9 LJTi+1- Fea4J" 1`5164eD -F ffLb !E1' j A ipc 9,E -P&A -&S T-kt ?— Signature of aippl•cant L n,nti O LZ)C-t-G1 a • ro *L-- Date i.JR 7i°rsz -/-b O PAI N 1unV HJ z 3 M[a ih ZE '.U, t w6 fid h; N 7' UJ ti 16D L:v Michael VanderLinden From: Hildania Kristensen [kristh0l @gmail.com] Sent: Tuesday, April 08, 2014 12:17 PM To: 'Hildania Kristensen; Michael VanderLinden Subject: RE: Schedule Inspection of the premises Plymouth, MN Forgot to mention, there is also water sitting in the backyard (partly due to drainage and another due to a neighbor adding soil to his land and pouring the drain into our backyard). When we bought this property, it had been foreclosed because it was oversold for almost twice what the original owner paid for the property. Almost all houses that were sold around 2005 have ended up in foreclosure or sold around $50k less than they were bough for. The only exception is a house almost identical to this one which was purchased by a banker around the time we bought this house from the original owner, that house has barely been taken care off, does not appears the owner has lived there since 2005 (appears to be rented to someone else), almost as if a banker purchased the house to keep prices high in this neighborhood. Ironically the treasurer in the neighborhood association is also a banker and gets his lawn mowed for free from as a perk from the rest of the neighbors paying fees. Something is wrong..... I know this property cannot be sold for $219k. I also have invested in the property more than what is worth and there are still many repairs to be made. When I moved inhere Plymouth welcomed me with open arms because I was an Relocation", an Engineer transferred by Medtronic. Now I feel a lack of support, I paid way more than my dues, fees and taxes. I have thankfully received support from Senator Amy Klobuchar's office dealing with US Bank, but not so from the city either from dealing with the bank or properly assessing the house value or the water bill (I had water bills that will equate to couple swimming pools, not to mention that empty house in the corner I showed you, the bill is outrageous they could be filling an Olympic pool the size of the Metrodome on a daily basis). While I realize that going back to last year value is what we talked about, that was an inflated number and I will like to see a more realistic number based on the condition of the house be placed on the valuation of the house. I strongly believe that on objective look at the condition of the property will allow us to conclude that $203 to $204k is really the highest number this property can be assessed at. Please let me know if the number can be lowered to $203 or $204k. Thanks! Regards, Hildania Kristensen 763-267-2910 From: Hildania Kristensen [mailto:kristh0l@gmail.com] Sent: Tuesday, April 08, 2014 11:54 AM To: 'mvanderl@plymouthmn.gov' Subject: FW: Schedule Inspection of the premises Plymouth, MN Good morning Mr. Vander Linden. Thank you very much for stopping by and looking at the property. Enclosed is one of the set of pictures I mentioned, which I had provided to US Bank regarding house damage done by the bank/ this speaks to the condition of the house Page 14 rp)City of Agenda 2PlymouthNumber: woommommusymord Adding Qualityto Life LOCAL BOARD OF APPEAL Et EQUALIZATION MEETING April 22, 2014 To: Local Board of Appeal and Equalization Prepared by: Janene Hebert, City Assessor Appeal in Person Item: Mustafa Igdelioglu 07-118-22-33-0009 18825 46th Avenue North, Plymouth MN 1. ACTION REQUESTED: Approve the reduction of the 2014 market value from $460,800 to $440,700. 2. BACKGROUND: Mustafa Igdelioglu appeared before the Local Board of Appeal and Equalization on April 8, 2014. Mr. Igdelioglu presented the attached information for review and consideration. Plymouth appraiser Paul Kingsbury met Mr. Igdelioglu on April 8, 2014 at 18825 46ffi Avenue North and performed an interior inspection ofthe property. After the inspection, Paul Kingsbury identified three comparable sales and adjusted them to the subject. After consideration ofthe style of home and level of finish, the value was reconciled to $440,700. Paul Kingsbury contacted Mr. Igdelioglu to discuss the comparable sales; Mr. Igdelioglu agreed to the reduction from $460,800 to $440,700. Page 15 City of Plymouth Assessing Division 2014 Local Board of Appeal and Equalization Assessment Application 3400 Plymouth Blvd Plymouth, MN 55447 Date Returned: Phone: 763-509-5360 Fax: 763-509-5060 1 Received via: Email: assessing@plymouthnm.gov Date Withdrawn: Return this form"to the City;of Pl*&ithkA0"sessipa''E" Withdrawn via: y , i P1, ` ,.h 9 f •r; !.'-: I. Iii•;,,.,.,,. '!' ' ,, ,I ' I,, :. ' ',i! : ,yid 'r 4.4, r'• rr •:`,I; i i,l "1 i • r•;,W',Ij';; Division no Wei than April '4.2014. $y submitting this 'application your appeal will b6` enter into . tlie'record.' You are notrequired to attend'the Board ' Dist Nbad Appraiser 1: i41 , ,d I,; Irl, !I'nIl; l,r n,, " "; f't;tr• I I F . meeting. Date: 0't 2U 11t Home Number: ICT ' 1 : i k 33 Work Number: 5L32 -9-S2. 2{ Cell Number: J -(OT- A I 1 (1 S3 Owners Name(s) N\L-i 3, j,,1164 --A Fax Number: Address: 2S %t6 "`' N • try M Zip Code: 55A4 Email: 1ML.- 1!g + '44CC5 I('•aMca Property ID: 01 - I - 2-2 - 1 3 - Q, -A3 Purchase Date:Z- Property Address: 1 S6 2S .Li(. rN-f- ' N • Purchase Price: %k1xn . u I,,y M1• J 6 Was it listed for sale? Yes No >_ Was the property a foreclosure, short sale, purchased from a friend or relative, or a relocation sale? If yes, please exnlain• MI. 2014 Assessor's Estimated Market Value: h f;o , tOo , O . Additions, renovations, or improvements since purchase: Cost of improvements since purchase: N Owner's opinion of Estimated Market Value 4 A 2-0, U.N - o as of January 2, 2014 What are the reasons or documentation supporting the owner's opinion of market value? Please attach supporting "~ 4 u""' ` • t l,Yl. i'=-- s• mils! wl., (v1: vt.cie..s it••*n. f. 6T ,V( Documentation) y 6 a aha- N.r+mss Q t( Ir X7 Signature of app cant ` 1 Date U=t /0 V-1,!4. Page 16 r G r l' IVN E-+ 4h 00 Ln y t D y V CitJPNJpC5 ft p C NJW I j O C7 l] C F- CD W YELLOWSTONE LANF NORTH YF:LLOWSTONt LANE NORTH N v tti n a coCDwCD r, CP C) rel, AA V7 c c7 o z ro 1. 0) c m TT 4 a C3 C7 a C7 V1 w CJ AJC t%F i t.n ` co` c N Ul NJ LJ r G r l' IVN E-+ 4h 00 Ln y t D y V CitJPNJpC5 ft p C NJW I j O C7 l] C F- CD W YELLOWSTONE LANF NORTH YF:LLOWSTONt LANE NORTH N v tti n a coCDwCD r, CP C) rel, AA V7 µr J W A 4(, -S!. 9 cro r7 D m Cl fit\ y CD Page 17 71 o C 1. Ilyp x CD4 V1 w CJ AJC t%F i t.n ` co` c N Ul NJ LJ C) C7 µr J W A 4(, -S!. 9 cro r7 D m Cl fit\ y CD Page 17 71 rp)Agenda Plymouth Number: Adding Quality to Life To: Local Board of Appeal and Equalization LOCAL BOARD OF APPEAL & Prepared by: Janene Hebert, City Assessor EQUALIZATION MEETING Appeal in Person April 22, 2014 Item: Feng Li & Wanli Jiang 17-118-22-24-0029 16725 40th Place North, Plymouth MN 1. ACTION REQUESTED: Sustain the 2014 market value of $608,000. 3 2. BACKGROUND: Feng Li attended the Local Board of Appeal on April 8, 2014. She completed the attached application and submitted a letter requesting the property be reviewed for the 2014 assessment. Plymouth appraiser Mike VanderLinden met Feng Li March 18, 2014 at 16725 40`h Place North, and performed an interior inspection of the property as a result of a telephone inquiry earlier that morning by Wanli Jiang. After the inspection, Mike VanderLinden identified four comparable sales and adjusted them to the subject. After consideration to the style of home and level of finish, the value was reconciled to $608,000. Mike VanderLinden contacted the owners to discuss the sales, adjustments, and resulting market value later that week. Wanli Jiang did not agree with the conclusion of the analysis. Mike VanderLinden prepared the attached report for your review and consideration. It is recommended that the Local Board of Appeal and Equalization sustain the 2014 market value of $608,000. Should the owners choose to appeal to the County Board of Appeal and Equalization, their option remains open. Page 18 REPORT #3 2014 BOARD OF APPEAL & EQUALIZATION STAFF REPORT AND RECOMMENDATION PROPERTY OWNERS NAME: PROPERTY ADDRESS: PID #: LEGAL DESCRIPTION: PROPERTY TYPE: SCHOOL DISTRICT: MOST RECENT SALE Wangli Jiang & Feng Li 16725 40" PI N 17-118-22-24-0029 Lot 5, Block 3, Holly Creek 2°a Addition Single Family Wayzata School District 284 June 7, 2013 Purchase Price: $616,000 2013 MARKET VALUE VALUE PRIOR TO LOCAL BOARD ASSESSOR'S RECOMMENDATION LAND MARKET VALUE 175,000 No Change STRUCTURE MARKET VALUE 433,000 No Change TOTAL MARKET VALUE 608,000 No Change ASSESSMENT 2012 HISTORY 2013 2014 Total Market Value $565,400 520,200 $608,000 Improvement $0 0 0 1IPage Page 19 SUBJECT PROPERTY 2014 Assessed Value: $608,000 Recommendation: Sustain 2014 Value This report is not an appraisal as defined by M.S.§82B4O2 (Subd. 3) nor does it comply the Uniform Standards ofAppraisal Practice. It is intended to be used as a reference only and any use other than its intended use is prohibited and unlawful. The author does not represent this to be an appraisal and is not responsiblefor any inappropriate use. 21Pag: Page 20 Subject Location Map W 4425 4400 44x5 4470 4485 4475 4465 4470 4465 4486OMROCKFOMR0N 4350 1874016730 Z 40 4335 4345 4340 p 7J 4330 17215 F UNTAIIJ 4320 18745 r 4325 µ 4310 17135 4305 343004315 z 16735 16725 1310 AVE ' N 4300f 4290 4205 4M4245 42504,2404245 4275 4290 4255 4270 4235 4230 4225 4220 i70d0422. 5 4215 I1 4210 4215 4215 420018530 4205 17405 17050 17030 17020 16900 16820 42Np. - 18535 17010 16910 18810 ` p pp qq 8 B1 B 8 41, 17025 1892618800 4rAlb 40 43RD 17035 17D15 18825 1 /. 18915 F 18714 g 4085 F005 i' \ 10925\ 28725 411 dD 4j, T r 17010 Subject Property408. 5409' D o 4° A137 {{ • 4075 0 F 4080 4075d1.t', 1• ` 4085 16930 40 " PCN 4070 16620' ^- 17015 4456 18935 1 16725 4060TH0 r3S4015016940i8920i0 16625 4005 18950 16820. 16800 18950 3985 39954Pg'y A1664 5 18840 3975 3985 16905 3J. 16635 166303955173203985 3990 3975 18440 16920 16900 3975 39601.6825 1853D3945 39650. 18950 39TH PL N3970 3 16615. 16945 18925 398518805 3963 795$ 1' Y i 16955 3950 16B2S1+ 40 c59 17D 3Q45 IJ/1? 40 - i e noiu 4Vr N - LOCATION; The subject property is located in the Holly Creek neighborhood, a homogeneous area of 108 homes built between 1992 and 2002. These are mostly two story homes and a few ramblers, with 2014 values between $404,000 and $758,000. The median proposed 2014 value is $549,494. There were seven qualified sales for the 2014 assessment with a median sales value of $562, 414. 3agc Page Subject Arial Map SITE: The lot is .48 acres located on an interior loop with little thru traffic and backs up to a pond. 41, ,-,4 Page 22 Improvements and Features Front ofhome(MLS) Kitchen (MLS) Rear ofhome (MLS) Great Room (MLS) 5 1 P a g e Page 23 Additional Information from MLS rFlll Living room (MLS Tt Dining Room (MLS) Office (MLS) Master Bedroom (MLS) Master Bath (MLS) Lower Level Family Room (MLS) 6 1 P a g e Page 24 Additional Information from MLS 1999 Finished walkout lower level Includes bedroom with 2 large closets and walk-thru bath with shower, exercise room, tiled amusement area, wet bar with fridge, built-ins with big screen TV, gas fireplace, huge unfinished storage area and 2nd laundry 2000 Pool with auto cover - Pool new heater and liner (2011) 2000 CementSport Court 2000 Andersen windows 2003 Quartz countertops with huge island and seating for S. Cupboards underneath 2003 Maintenance free laminate floor with lifetime warranty - kitchen and mudroom 2006 Replaced Roof with Timberline 30 year shingles 2008 Professional landscaping front and back 2010 Kitchen - GE profile stainless appliances and top of the line Asko dishwasher 2010 Maintenance free deck - Azek flooring with black metal railing 2010 EACO steel siding (3 sides of home) with warranty 2010 Updated lighting 2012 New Lenox furnace 2012 New garage door opener Features 9 Tree lined back yard bordering a pond (used for winter ice skating) Central air Forced air - natural gas heat Air Exchanger - Van EE HOA fee - $125/year (includes common area maintenance) Pond treatment voluntary contribution is Freshly painted front exterior Automatic Outdoor Sprinkler system Landscape lighting front and back Paver driveway apron and front sidewalk and steps Close proximity to Plymouth grocery stores, restaurants, movie theater and library Several mile walking/bike path abuts the neighborhood Fresh interior paint Silhouette and honeycomb blinds New basement carpet 7 1 P a g e Page 25 Additional Information from MLS Features (Continued) Highly desired Holly creek neighborhood Wayzata School district Walking distance to top-rated Kimberly Lane Elementary Wayzata Central Middle School Close proximity to Wayzata High School Original Owner - Built in 1995 5 bedrooms (4 up, i lower level) Master bedroom has attached sitting room that closes off (can be used as mater TV room, nursery or office). Has built-in bookshelfand cabinet. Tray ceiling In master bedroom His and Her walk-in Master closets Master bath has two separate sink areas, whirlpool tub, separate shower, and private water closet. Two ofthe upstairs bedrooms have Jack and III] bath configuration (with heated door), while the remaining upstairs bedroom has it's own bathroom with shower and a walk-in closet Upstairs baths - died floors Walk -In closet in upper hall way Upper hallway large enough for children homework area Laundry chute from 2A level 3 Car garage with floor drain 2 Front entrances.1 into mudroom with a separate laundry room. The other Into a 2 - story foyer with a beautiful arched window and tiled floor. Foyer walk-in closet Main floor powder room Two staircases to upper level - foyer and family room 2 -Story family room with a wall of south facing windows 9 foot ceilings - main floor 2 -sided gas fireplace serves family room and 4 -season porch 4 -season porch with electric heat and ceiling fan - can be closed offwith French doors South facing back of house Light and bright Formal living and dining room can be closed off with French doors Informal dining room opens into kitchen, porch and family room Main floor office with built-ins Paver patio out walk -out lower level 8 1 P a g e Page 26 Sales Comparison Approach The sales comparison approach is based upon the Principle of Substitution. This principle contends an informed purchaser would pay no more for a property than the price of acquiring an equally desirable substitute in an open, competitive market. To properly develop this approach, recent sales of like kind real estate are needed. Recent and like kind are debatable terms. In our opinion, sufficient recent conveyances of similar property do not exist. That said, this approach is developed herein at the explicit request of our client. It lacks reliability because the conveyances used are minimally comparable hence require major adjustments for dissimilarities. In an appraisal, the real estate being appraised is referred to as the "subject" or "subject property." Properties possessing characteristics that are physically and locationally similar to the subject are called "comparables" or "comparable sales." This approach compares prices, terms, and features of similar properties that have sold. Differences are noted. Dissimilarities between the subject and comparables are categorized into elements of comparison. To compensate for dissimilarities, adjustments are applied to the sale prices ofthe comparable sales. Then, a value estimate for the subject is reconciled from the range in adjusted sale prices. The resultant worth estimate is called Market Value" or "Value in Exchange." Some of the following transactions may have employed favorable financing. As used herein, the term favorable financing means some type of debt arrangement the buyer could not reasonably have obtained from a disinterested, third party lender. Those transactions utilizing favorable financing were adjusted to a cash basis. Cash equivalency adjustments are required by USPAP and FIRREA. All conveyed on an "arm's length" basis except as specifically noted otherwise. An "arm's length" transaction is an agreement between unrelated parties under no duress. Numerous conveyances were considered on a preliminary basis. Those cited in this appraisal report were judged most comparable. 9 1 P a g e Page 27 1Q Page 28 SALES COMPARISON ADJUSTMENT GRID Subject: Comp 91 Comp #2 Comp #3 Comp #4 ADDRESS: 16725 40th Place N 3320 Queensland Ave N 685 Olive Ln N 3315 Zircon Ave N 4075 Garland Ave N PIT7. 17-118-22-24-0029 19-118-22-12-0014 31-118-22-14-0035 19-118-22-23-0062 17-118-22-24-0060 SALE DATE Jan -14 Jan -14 May -13 Jan -13 SALE PRICE: 595,000 600,000 601,000 742,000 TM ADJUSTAMEN T: 4.00% 5.50% SUBDIVISION: Holly Creek Boulder Crest Haw thorne Nice Churchill Farms Holly Creek ADJ. SALE PRICE 595,000 600,000 622,035 782,810 TYPE OF BUILDING: tw o story tw o story tw o story tw o story tw o story ABOVE GRADE FINISH 3333 3172 12075 3303 3224 4260 -69525 QUALITY: Q2 Q2 Q2 Q2 Q2 AGE 1995 1995 1991 21000 1994 1999 -27658 CONDITION: C2 C2 C2 JC2 C2 BEDROOMS: 5 5 5 4 4000 6 -4000 OF BATHS: 5 4 3000 4 3000 4 3000 7 -6000 FIN.BSMTAREA 1601 1417 64401580 1001 210001780 -6265 WALKOUT: yes yes yes yes yes FIREPLACES: 2 2 2 2 2 GARAGE 3 car attached 3 car attached 3 car attached 3 car attached 6 car attached -30000 DECK: yes yes yes yes yes PORCHES: no no no no no CENTRAL Ate: yes yes yes yes yes POOL &PLAY OOURT: yes no 5000 no 5000 no 5000 yes NET ADJUSTKU M. 26515 29000 33000 143448 ADJ. SALE PRICE 621,515 1 $629,000 1 $655,035 1 $639,362 Page 28 COMPARABLE SALES 3320 Queensland Avenue N Comp 1 was selected for it's similarity to the subject. It was adjusted for size, baths, finished basement and pool. The net adjustments are 4.5% resulting in an adjusted sale price of 621,515. This comp is best indicator ofmarket value. 685 Clive Lane N Comp 2 was selected for it's similarity to the subject. It was adjusted for age, baths, and pool. The net adjustments are 4.8% resulting in an adjusted sale price of 629,000. 3315 Zircon Comp 3 was selected for it's similarity to the subject. It was adjusted for bedrooms, baths, finished basement and pool. The net adjustments are 5.3% resulting in an adjusted sale price of $655,035. 4075 Garland Comp 4 was selected for it's similarity to the subject. It was adjusted for size, age, bedrooms, baths, finished basement and garage stalls. The net adjustments are 18.3% resulting in an adjusted sale price of $639,362. 111Pa L',C Page 29 OWNERS CONCERNS: The property owners are concerned that their value was unfairly adjusted, at 17%, due to the purchase oftheir home in 2013. The average increase in Holly Creek was 11.4%, it is an average of increases that varied from 3.3% to 19.5%. Recent buyers are not penalized in the assessment process. It is the qualified sales that, when compared to the assessors value, provide a primary market indicator. The application of movement in the market is based on the charactaristics of each property. RECONCILATION OF VALUE: Based on the strength of comp 1 and supporting evidence from the other comparables it is the opinion of the assessor that the value of the subject property for the 2014 assessment is $621,515. The assessor talked to the owner at length prior to the Board of Review meeting and agreed to sustain the value at: 608,000 Michael Vanderlinden, AMA 763) 509-5356 mvanderl 1ymouthmn. gov 1311''"I-(, Page 31 Appealing the Value of Our Property April 8, 2014 16725 401h PI N Plymouth, MN 55446 Long99river@yahoo.com 763-360-2696 Dear Board of Appeal and Equalization, This letter is to appeal the value of our property located at 16725 40th PI N, Plymouth, MN 55446. The EMV of this house from 2013 assessment was $520,200, and the EMV from the recent 2014 assessment is jumped to $608,000, which is $87,800 or 17% increase based on the 2013 assessment. This significant increase is big shock to us, which is really unreasonable or lacking of solid ground of justification. We've discussed our disagreement on the assessment with the assessor, unfortunately, he insists on that his assessment is reasonable. Therefore, we have to submit the formal appeal to the board to resolve the issue. We bought this house at $616,000 in June, 2013, which is the reason why it is assessed to 608,000. We found this fact during the discussion with the assessor. A house that was sold in the year before the assessment becomes a target to be assessed against the sale prices of other similar houses sold in the neighborhood. However, other houses that were not sold in the year before assessment are not assessed the same way as the house that was sold. In other words, the EMV of other houses that were not sold is not increased as significantly as the house that was sold in the year before assessment. Our house is in Holly Creek neighborhood, and there are many similar houses to ours in the neighborhood. Obviously, the EMV of the rest of the houses in the neighborhood are not going to be increased by 17% in 2014 assessment. Then the question is why our house should be increased by 17%? Have we completed any improvement on the house since we moved in last June? No, not at all. It is the exact same house as the house before our purchase. The only factor is that this house has a new sale price. However, the sale price is affected by several factors, i.e. negotiation skill, multiple offers, etc. In our case of purchase, our original offer was 580,000, but we had to increase our offer to $616,000 because the seller got multiple offers against ours. So the sale price may not represent the true market value of the house. Also, comparing the assessed EMV with the sale prices of other houses in the neighborhood is not a convincing comparison either, because as we all know the sale price is usually higher than the Page 32 EMV, which in fact makes the comparison between apples and oranges. We think the city should not use a different rule to assess the house that has new sale price, which actually penalizes the purchasers, who are the new residents moved into the new neighborhood and bring in new business to the city and contribute their tax to the government. Instead, the city should use just one rule for house assessment across the board, no matter it is a newly sold house or not. Using one rule will help to keep the assessment fair to all the residents in the same neighborhood. Otherwise, just like the issue we are facing today: it is difficult to explain why our house has a much higher EMV than many other similar houses in our neighborhood assume other houses have an average of 5% increase, our house would then be 12% higher than others, which would be really unreasonable). To help the board have a general idea about the EMVs of houses in our neighborhood, we cited the EMVs from the County website for ALL the houses that are on the same street as ours: Item ID EMV in 2013 assessment ($) House Numbers on the same street 1 441,500 4090 2 417,800 4080 3 386,200 4070 4 477,300 4060 5 (our house, ranked #3) 520,200 16725 6 500,500 16805 7 499,800 16815 8 601,600 16825 9 466,000 16905 10 480,800 16915 11 465,600 16925 12 494,100 16935 13 553,100 16930 14 484,500 16920 15 507,100 16910 16 478,900 16900 17 505,000 16830 18 470,600 16820 19 456,100 16810 20 467,800 4075 21 488,900 4085 Average of all houses 483,971 NA Percent higher of our house than the Average 520,200-483,971)/483,971 7% NA Page 3 3 As you can see, our house is already the third highest EMV and 7% higher than the average EMV compared with all houses on the same street, even though our house looks just similar to other houses in construction sizes, materials, ages, number of stories, and lot sizes, etc.. We already have a difficult time to understand why our house is 7% higher than the rest houses on the street; now we are completely shocked by the fact that the 2014 assessment increases the EMV by another 17%1 Based on the above information, we appeal to decrease the 17% increase on the EMV of our house in 2014 assessment to the value that will be at least maintained within 7% higher than the average EMV as illustrated in the above table, or the median value of the percentage of assessment increase over all houses on the same street, whichever causes the least increase on the EMV of our house in 2014 assessment. Thank you for your kind consideration and justice. Sincerely, Feng and Wanli Jiang Page 34 rp)City of Agenda Plymouth Number: Adding Quality to Life To: Local Board of Appeal and Equalization LOCAL BOARD OF APPEAL Ft Prepared by: Janene Hebert, City Assessor EQUALIZATION MEETING Appeal in Person April 22, 2014 Item: Michael & Karen Winter 31-118-22-14-0042 1781510th Avenue, Plymouth, MN 1. ACTION REQUESTED: Approve the reduction of the 2014 market value from $622,400 to $600,100. 2. BACKGROUND: 4 Michael Winter attended the Local Board of Appeal and Equalization meeting on April 8, 2014, spoke with Paul Kingsbury about his property, and requested that his property be reviewed. Paul Kingsbury had been to the property three times in the past two years. Upon review ofthe information it was recognized that the basement finish and construction style needed to be adjusted. Paul Kingsbury identified three properties with similar construction style which sold, adjusted them for minor differences. After consideration to the style ofhome and level of finish, the value was reconciled to 600,100. Paul Kingsbury contacted Mr. Winter to discuss the comparable sales, how they reconciled to his property, and the resulting value. Mr. Winter agreed to the reduction from $622,400 to 600,100. Page 3 5 rp) A enda Plymouth g Number: Adding Quality to Life To: Local Board of Appeal and Equalization LOCAL BOARD OF APPEAL Ft Prepared by: Janene Hebert, City Assessor EQUALIZATION MEETING Appeal in Writing April 22, 2014 Item: IH2 Property Illinois LP 03-118-22-43-0040 5541 Vinewood Lane, Plymouth MN I . ACTION REQUESTED: Sustain the 2014 market value of $258,400. 2. BACKGROUND: 61 Lindsay Cremona, an attorney with Anastasi Jelum, PA contacted the City of Plymouth Assessing Division on April 8th to appeal the value of 5541 Vinewood Lane owned by I1-12 Property Illinois LP, d/b/a Invitation Homes. Ms. Cremona was not able to arrange for access to the property because it is currently rented and access to the property could not be provided without the tenant's permission. As such, Invitation Homes has directed Ms. Cremona to simply request that I1-12 Property Illinois LP reserve the right to appeal the current 2014 valuation of the property to the County Board of Appeal and Equalization. Page 36 City of Plymouth Assessing Division 2014 Local Board of Appeal and Equalization Assessment Application 3400 Plymouth Blvd Plymouth, MN 55447 Phone: 763-509-5360 Fax: 763-509-5060 Email: assessing@plymouthmn.gov Return this form6 the City ofPlytnouth,Assessing Division no later than AMJ 4,2014. By submitting this application yourappeal will'be entered into the record. You are not required to atten=d the Board meeting. Office Use Only Date Returned: Received via: Date Withdrawn: Withdrawn via: Dist Nbad Appraiser Home Number '"-e93-1250 Work Number: Ccll Number: Owners Name(S)IMiProperty1111not4LP, aDelawarellreltelPartnerohip - Fax Number: Address: 3509N CLrnbertenJ Ste Spy chkaeo, It Zip Code: 60"a Email: Property ID: '3 I I_ $ I?- 4 3 00 Ll O Purchase Date: S -2'6-11t Property Address: 5541 Vinewood In N Plymouth, MN Purchase Price: _%'L 25, 000.00 Was it listed for sale? Yes_X No Was the property a foreclosure, short sale, purchased from a friend or relative, or a relocation sale? If yes, please explain: W ( A 2014 Assessor's Estimated Market Value: 12.55, N00 .00 Additions, renovations, or improvements since purchase: Cost of improvements since purchase: 16565.51 What are the reasons or documentation supporting the owner's opinion of market value? Please attach supporting Documentation) a Signature of applicant Date , 7 New po,l;o door, 37v 6 r- t,>JotCher, dv ev, W vz 1nGo ve v , orad gotvct Q door c 3e ,nem. Owner's opinion of Estimated Market Value as of January 2, 2014 A I I Co f (D cos. (o Page 37 In ANASTASI I JELLUM Y0tTR I fGA1. 1)i'. 1'A KT?0 EN -119 14985 60TH STREET NORTH I STILLWATER, MN 55082 PHONE: 651-439-2951 1 FAX: 651.439.1417 1 AJ•LAW.COM Lindsay W. Cremona Lindsay n AJ-Law.com Uircm (651) 332-8334 April 8, 2014 City of Plymouth Assessing Division Attn: Janene Hebert 3400 Plymouth Blvd. Plymouth, MN 55447 VIA EMAIL RE: Invitation Homes/Hennepin County, City ofPlymouth Taxes Payable in 2015 Our File No.: 16807 Dear Ms. Hebert: Our office represents I1-12 Property Illinois, LP, a Delaware Limited Partnership, d/b/a Invitation Homes ("Invitation Homes"), with respect to various matters, including the 2014 assessed market value appeal for that certain real property located at 5541 Vinewood Lane, Plymouth, Minnesota, PID No. 311822430040 ("Property"). According to the Hennepin County Assessor's Office, the 2014 assessed market value of the Property, as of January 2, 2014, is $258,400.00. It is Invitation Homes' position that the 2014 assessed market value of the Property is $226,665.61. This number represents Invitation Homes' purchase price of the Property of $225,000.00 and Invitation Homes' subsequent costs ofimprovements on the Property of $16,565.51. In support of Invitation Homes' 2014 assessed market value of the Property, enclosed herewith please find the warranty deed dated June 26, 2013; the closing statement; and the current lease agreement with respect to the Property. Please send all correspondence regarding the 2014 assessed market value appeal of the Property to the undersigned. Should you have any questions, please feel free to contact US. incere , indsa mona en . c: ania Tamarit @1Homes Page 38 rAjjA.,N,ASTASI, JEL.LUM y, \ • ; . April 4, 2014 I1-12 Property Illinois, L.P. 5509 N. Cumberland Ave., Suite 505 Chicago, IL 60656 14985 60"' STREET NORTH ' STILLWATER, MN sso82 P14014E:651.419.2951 . FAX: 651.439.140 A)-1,AW.cOM GAR•rH G. GAVENDA GARTHQDAJ -LAW.00M DIREC11 (651) 332.8312 VIA ELECTRONIC MAIL This shall confirm that IH2 Property Illinois, L.P., a Delaware limited partnership0142"), has retained our firm to represent it in various matters including, but not limited to, pursuit of property tax appeals and negotiations regarding the valuation of real properties ownedbyI112intheStateofMinnesota. We are very pleased that you have selected our firm to handle I142's legal matters, and we look forward to working with you. Please do not hesitate to contact us if you have questions at any time. Sincerely, s/ Garth G. Gavenda ANASTASI JELLUM, P.A. IS HEREBY AUTHORIZED TO ACT ON BEHALF OF IH2 PROPERTY ILLINOIS, L.P. I1-12 Property Illinois, L.P. a Delaware limited partnership) Nalali .acax asao-a,&d signorfor IH2 Property 115nois L.P., By: ADAM MW Panner" u•4 •/ Its: Page 39 FbrmAowawa fl4BNo.2baz-azes A ;M.xasknuem4!'M 4 curpNaueviurwvn -B-r--•,- TYPE OFLOAN _ BETTIEMENT8TATEMENT , 1. • FHA . y - •.••..'.. a:,''1C .IINWS .. Network Title Inc. t6 C VA e. U CONY.1NS; 371 Commerce Court •4. ESCROW FILENUMBER: 100048875-M 11-13 V 51) 48 Heights, 9514MN 65127 e. MORTOAOE a ..... RANNCECASENUMSM' ' Vadnal82-9 14 TL FINAL C, NOTE: Thin form Is famished to give you it statsrnent of ectusl astilsmem waft.-, Amourds paid band byt ieiellkmantaymt11.11 slw'wn. - " Ifems rtuAced '(P.O,C.j" Werepall oulaldethe cbatn0; they are Shown hero forNformstionatpurposes Brad SMnotMduded In the totals. _ JMLNftK: 72 roperlyIllinois . _.. -- ADDRESSOF BORROWER: 5509 N Cumberland Avenue Suite 505, ChlcaQo,.IL,60956 ADDRESS OFSELLER 14221 Dallas Parkway, Dallas, TX 75254 1705617699 /C121950 F, F7 ME OFLEt®ER: .. _ .-. _ . ............._ ......... _.,_.....w..-. ._ ADDRESS OFLENDER: O'PaoaERnwcnTwN: 5541 Vlnewood Lane N Plymouth, MN 55442 Hennepin County 03-118-22-43-0040 Lot 7, Block4 Base Lake.Te(Tace H.6ETn.EMENTAaENr. Network'ndeInc.. PUCEOFaFi rl. EHT: 371 Commerce Court. Vadnais Heights, MN 55127.. L SETTLEMENT DATE 11/123/2013 PRORATIONDATE 8/23f2013 DISBURSEMENT DATE ^ a/23r2013 _ • ,- _ K. SUMMARYOFSELLEMSTRANBACTION . '..'_........, P 101_ Contract Saks Price 225,0D0.00; 401, . ContractSales Prim Personal Propmly102. Personal Property v402 103 Settlement charges to aorroWer )400)" 1,362}23 , 403, 404, __.. .... , •_ _.. ,••t1104-• 106.• yfTown Taxes - - " ( 406.CNWEawn -Taxes- 107 CounlyTsxss T :407 ..CounlvT' - joa.•_Assessmsnls 406 Assaasmenls. ... _ _ 100,4pg, 4. - - - - - 119 ' Al).._ 104.- -.-,,.,, ., ,_ - ..... •:_ .414,., - .. :.: .: ^., _ 116.•___-- -- t_..11i,... .._.. _ - - -- — - 320 GRt949ASIWNTDUE FROM6DRfZOWER: 22(1,3 tS: eRo's3hlmouNfDuttos 7rkt - s .AM&IMTBDAIn4V rAfitI %1af&La, ;at•c•,:,r. i '.JdA.i fYILT[XI.O1Y .rYTCTriaa6sers• +. ?. -x':' 203- '06168. an s).takeh jAsct10 .. . 205.. 208 ......«..,.... .. .._ .. 211 -'`Coon 'Taxis' 07/01!19 1- 08.23113-' 212- Assessments 214. 217 ' 210. T2_t!n z1a, 219."_-- 902 `YLess amounlpiWWo; Borr"r.( Ona 220} 4. 30% CA:71(KFROM) ( n TO) BORROY/ER: --- 303. l... 6, Dt8TMENTS FORITEMS UMPAlO YSELEE£.... -- CilyrTownTsssi_-- Cou*Taxes Assessments T07ALAEDJCT10Na IN AMOUNTDUE 3- ER:.- 2n, R:._ 002.. Less reducin ams_ mtdue. SSFer (ine520).. ~ 1106,." (G_ Oon fFt-).t .%7 To)SELLS- Page 40 I wo.-;fo IrsOOMM SloW. ......1 117, IOCII NT, 0! Mu! 3M 0MAI tlII ER nnnasA>amC IHS.. OMSIOM M PAIDFROM•r 0 0OFCOAMkMS3!ON#MJPfd) AS FOLLOWS; DORACANIMIS FUNDS =9M 10-1: 3, -- , -, .11 b - --- -_ — — . - -- AT SETTLEMW I FUNDSAT 702. SETTLEMENT 703, Comirtloalonpall itsouliment 7441 t 80L 60a Y?So_rwollon Fee . RMI -WE Loan DiscountFee 003,- al**IFew 806 I. I.P. n Faj 000: Mortgage Mawance Appocatio 77777-= • - . BST, fteivmyj)cn F . ....... . 400. C L 3A 001. InterestFrom, _,ro -asiday % gays) 902.. "apInsurance m for—, WPremivaSiV 0031 kh!zyqklsWvtj" yeforofSt) t. 904, . .. ..... 11002.. IAoAgageLaurance ........ moulh 10ar- pe . a. 1004. 'Cinulty ProokyTaxes widy" 262.11 1005.MMI Axonsontents Mnlhj .2 1006, moniho a 1305 'Final Weller EIIIIII I REKEY FEE Mlnnae?to 1306, 1307-- 1hove cureldy wJwpd U*MLID-11 SethmarA Stalaffortand in [he better vV kromledge and babel, Kla alm and scruvoLo dolormt ofol lowiph; saddlebunownerto mom an my See attached axM* ower The HUM Sallorneall Slefewro vihkh Ihave loopanxi Is a VUS and wourato account al the trarmcUm lhove cmndaocal eros BIB lads bbatbWmodlnaccordo=wKhOds aboloment tw 9— --,- .1 , - SaftlomentAgent K%bMA WARMIRM it lea c*nb to kurfuln;lly malon falve atolormunts b the Unled States on He or any slnftrfwm; Panalges upon wn*Abn can kwlvdo a fine and Imomm"t For4walls am TIM IOU,B.apM SaWon 1001 find SectIcn 1010, Page 41 11IL2,mad TM insurance binder lift Dowment Oncludesabovellenwo umbom- pnd"d IN'00ii-VIORNT LanderI?7va" S 4 1201. Fees:" !!0ROffw1 a a 46.001 1305 'Final Weller EIIIIII I REKEY FEE Mlnnae?to 1306, 1307-- 1hove cureldy wJwpd U*MLID-11 SethmarA Stalaffortand in [he better vV kromledge and babel, Kla alm and scruvoLo dolormt ofol lowiph; saddlebunownerto mom an my See attached axM* ower The HUM Sallorneall Slefewro vihkh I have loopanxi Is a VUS and wourato account al the trarmcUm lhove cmndaocal eros BIB lads bbatbWmodlnaccordo=wKhOds aboloment tw 9— --,- .1 , - SaftlomentAgent K%bMA WARMIRM it lea c*nb to kurfuln;lly malon falve atolormunts b the Unled States on He or any slnftrfwm; Panalges upon wn*Abn can kwlvdo a fine and Imomm"t For4walls am TIM IOU,B.apM SaWon 1001 find SectIcn 1010, Page 41 Eat** 00W8676=IH3 HUD Lkw D. $NemselBam wr) tit Pgperty WhoM LP 66D0 N CurnbeABnd avenue, Sulo N6, CMMa, IL00068 HUD LbwE; !Nameor Sol" Federal NedondMat0epAeeodedan14121DelisPMsey„ Dabs, TX 7626!,1706617000 / C1218S0 I havecnFly mdewed the NUD.1 BalloonedS dwarfrd b Owbedof rry I Mkdp rd bdler, tb a 4ueend accurate Aabnant ofMnwjfe enddldunesn" madeonmyacaounlorbymeInIdsbeneedonIbaleroilyIMItawrxaMdampyofdaMUNISelland $kWn nL Barowa4 Sle arra: IN2 Properly ISbrob, LPW nl OnItedPennerstop ByNalan Zsd K IOAd .U0 SI WAAMID: kbaorb" topwnfroynabehlre&Mmwbb6sUdMgainantisorseyalriMrkrrM1 PonrlMsuponcoWdlonanInckwoaMas XWINIdennnartt Forded. see: 1We 16UA. Code Sedkn 1001 end Becton 1010„ Page 42 A u.aoVren.ew vrroumownanewoarearrar SET(LemENTSTATEMEMT Network T(Ue Inc. 371 Commerce Court Vadnais Heights, MN 55127 851)482-9314 FINAL 11. L_ FKA L U FMNA 0. CCONV. UNWS. 4. C VA S. Q COIW. INS. 1. ESCROW RLENUMBER T. LOAN NUMBER: 00048875-002 IH3 S. MORTOADEINSURANCE CASENUMBER C. MOTE: This formIs furnished to give you it statement ofedualsettlement web. Amounts paid toand by the sat8emard ageM are shown. Items madted •(P.O.C.p were paideutslde the ebslng; #lay ere shownhenfor Wormalbnd purposes "arm notIncluded In thelatele. 0• NAME OF BORROWER: I1-12 Property 1111nois LP ADDRESS OF0ORROWFA 5509 N Cumberland Avenue Suite 605 Chicago, IL 60566 E. NAME OFSELLER a Brei 8t onoMortgage Association ADDRESS OF SELLER 14221 Dallas Parkway, Dallas, TX 75254 1705617699/ C121950 F. NMIEDFLENDER; CASH ADORE88 OFLENDER: G. PROPERTYLOC1TIOR 5541 Vinewood Lane N Plymouth, MN 65442 Hennepin County 03-118-2243-0040 Lot 7. Block 4 Bass Lake Terrace _ N. SETTLEMENTAOENr: Network Me Inc. PLACE OF SETTLEMENT•. 371 Commerce Court, Vadnals Heights MN 55127 211. County Taxes I i 511. County Taxa 07/01/13 to 0MV13 1 SOe.32 220. TOTAL PND 9YlFORBORRONIER due iron Borwwar ( Ins 813. 520. TOTAL REDUCTIONSWAMOUNT DUESPLUM 1 13.891,32 302. Loa smourd paid bylforBorrower(On 220) I ; 802. LAss reduc8on In amourd due.8aller (Sne 520) i 13,69132 300. CASH( C. FROM) (Cr TD) BOMDWER: 801 CASH 1 FACM) t ® TO) SELLER: 211,309.88 Page 43 I h.vwe 1dy nMeWad urH1.0.1 BetNmeH &etemar• am b Irs esad nMkrcnsrdOa erne MOd,1 r .ins •nd •sud• earned a al hoar anddMburwnaaameds an mT aeolad or r/ anI. tits Iranwdlon. Ikdiw mollyUrtI have r•c•Iwds copyaOla HUat Shcemrd BMrnml See attached anddbl sdlre Tho HUD•1 Shcwnwd SrtuwnlWhich I hovePrepared Isa Yueandaoesar .ecpnlof IdsLwandbn. Ihors owd or vR causeOw Andabbedisbursedin socadancowahMr erlsmehd BdMmerd Agent Data Network Title Inc WARNING: Ir acrime to rioWndy rnsIr rlw srletnofr b clsUntedSlain on Odavarysicrrhem. Penfiles cpmcondctionownkidder a Ahsand lmptloanehc Fordslehs sea; lila t1US. Coda Section1DDI andSection 1010. Page 44 EsorowNumber 00048675-0021H0 HUD flee D. (Hama ofBoeowso IH2 Prop" Whole LP 5508 N Cumbaland Avenue, Suke 505, Chicago, IL 60650 HUDUne E (Neneof Saler) Padaral Nelbnal Mongage Aeeedalbn 14221 DallasPaikwsy„ 0211", TX 75254,1705617699 1C121950 I We anergy reviewed GroHUD -1 SellemgdStstamanland b the bed ofrry kmdedge erd belel, ak eOur andsmunle debmn ofro remlpb end dlmurommudsmode mmrsowmtmbymebthhlremedbe. I brherea* Deall have recd acW oftheHUD1 Sollemnt SblemonL areSlanetura: Mwn* We Inn WAIWBNi:lis serknelcWevinolymkthe srlemenbbMeUngedSlatmonWacrarysht6erlem P5ne11dsupmcomWbmmkcludeakoxdknpdwnnmt Fordstdu sec Tit 18US. Code Bodlon1001 andBedlm 1010. Page 45 Esu Number. 00048875-002IH3 HUD 1113 DETAILED BREAKDOWN OF ADDITIONAL TITLE CHARGES Description Amount 1114. Bundled T18e Services to First Financial Title Agency of Minnesota, Inc. 475.001115. Wire Service Fee to Network Title, Inc. 10.00 Total as shown on HUD page 2 Line 01113 485.00 Page 46 C.V. flled_X _C.V. not req. No delinquent taxes Transfer Entered Sep 10, 2013 8:00 AM Hennepin County, Minnesota Mark V. Chapin CountyAuditor and Treasurer 11111111 Illi IIIII VIII ILII VIII IIII Doc No A10003977 Certified, filed andlor recorded on Sep 10, 2013 6:00 AM Office of the County Recorder Hennepin County, Minnesota Martin McCormick, County Recorder Mark V. Chapin, County Auditor and Treasurer Deputy 76 Pkg ID 1027297E CRV# 168403 Doc Name: Limited Warranty Deed Document Recording Fee $48.00 State Deed Tax Exempt $0.00 Document Total $48.00 PID(s) 03-118-22-43-0040 This cover sheet is now a permanent pert of the recorded document. Page 47 13-36657T LIMITED WARRANTY DEED State Deed Tax Due: $EXEMPT ( ECRV IDt D! Date: FOR VALUABLE CONSIDERATION, Federal National Mortgage Association, a corporation organized and existing under the laws of the United States of America, as grantor, hereby convey(s) and quitclaim(s) to IH2 Property Illinois, LP, a Delaware Limited Partnership, grantee(s), real property in Hennepin County, Minnesota, described as follows: Lot 7, Block 4, Bass Lake Terrace, Hennepin County, Minnesota. INFORMATIONAL NOTE: 5541 Vinewood Ln N, Plymouth, MN, 55442 Check here if all or part of the described real property is Registered (Torrans) THIS DEED IS EXEMPT FROM STATE REGISTRATION TAX PURSUANT TO MINNESOTA STATUTES SECTION 297.22(6). GRANTEE HEREIN SHALL BE PROHIBITED FROM CONVEYING CAPTIONED PROPERTY FOR A SALES PRICE OF GREATER THAN $270,000.00 FOR A PERIOD OF 3 MONTHS FROM THE DATE OF THE RECORDING OF THIS DEED. GRANTEE SHALL ALSO BE PROHIBITED FROM ENCUMBERING SUBJECT PROPERTY WITH A SECURITY INTEREST IN THE PRINCIPAL AMOUNT OF GREATER THAN $270,000.00, FOR A PERIOD OF 3 MONTHS FROM THE DATE OF THE RECORDING OF THIS DEED. THESE RESTRICTIONS SHALL RUN WITH THE LAND AND ARE NOT PERSONAL TO GRANTEE POWER OF ATTORNEY RECORDED ON 3/17/10 As Document No 9491011 together with all hereditaments and appurtenances belonging thereto. Grantor covenants and represents that: 1) This Deed conveys after-acquired title; and 2) Grantor has not made, done, executed or suffered any act- or thing whereby the above-described property or any part thereof, now or at any time hereafter, shall or may be imperiled, charged or encumbered in any manner, and Grantor will warrant the title to the above-described property against all persons claiming the same from or. through Grantor as a result of any such act or thing. Check box if applicable: X_ The grantor certifies that the grantor does not know of any wells on the property described herein. A well disclosure certificate accompanies this document. I am familiar with the property described in this instrument and I certify that the status and number of wells on the described real property have not changed since the last previously filed well disclosure certificate. Page 48 SEAL Federal National Mortgage Association BY Shapiro & Zielke, LLP, its attorney in fact Lawrence '( ielke Its Managing Partner STATE OF MINNESOTA SS. COUNTY OF DAKOTA ) The foregoing instrument was acknowledged before me this e day of August, 2013, byLawrenceP. Zielke Managing Partner of Shapiro & Zielke, LLP, as attorney-in-fact for Federal National Mortgage Association, a corporation organized and existing under the laws of the United States of America, on behalf of said corporation. Notarial Stamp or Seal 99C MRIWNota Public eeJ Tax Statements for the real Property Described in this instrument should be sent to: SHS, P(ope,,L., nois,L1 rlcay) q N, Cu be'rlahA hVoILv15L fic, bo&56 Drafted By: First Financial Title Agency of Minnesota, Inc. 12550 West Frontage Road, Suite 200 Burnsville, MN 55337 Phone:952-831-5010 7.- ... ....... ..- - Page. 49 EpdvTjholFoW rpgf I,E;1171D6DDB.561F.52: 5.CBED.F6135137D55: 6F TENANT INFORMATION Bryan and Erin Nielsen Address 15541 Vinewood Lane N, Plymouth, MN 55442 The Premises) , -- Home Phone Cell Phone ' 952-356-4575 Other Phone LANDLORD INFORMATION LANDLORD pH2 Property Illinois, LP, A Delaware Limited Partnership N Cumberland Ave #505 Chicago, IL 60656 Home Phone k7n gqa-1?5n Work Phone Cell Phone II Other Phone LEASE TE1;t14 sat 003 a. bnielsen429@gmail.com 11 Begins 4-1-14 Ends 3-31-15 Pro -Rated RENT (early move in) Daily Rent S 55.00 Pra=Rated Amount S NA For Days to Due if moving in prior To the firstof the mouth RENT Monthly Rent S 1650 Security Deposit S 1650 In consideration ofthe mutual agreements and covenants set forth below (the same being fully included as part of this Lease), Landlord hereby leases to Tenant and Tenant here by leases from landlord for a private dwelling the residence designated above, together with the fixtures and accessories belonging thereto, for the above term. All p arties listed above as Landlord and Tenant are herein referred to individually and collectively as Landlord and Tenantrespeetively. Lease Agreements and Covenants 1. RENT: Tenant shall on the FIRST day of each month (the due date) pay to Landlord in advance, the rent set forth above at the Landlord's address set forth above (or such other address as Landlord may designate in writing). The time of each and evcry payment ofrent is ofthe essence ofthe Lease, The first month's rent shall be paid by cashier's or certified check when this Lease is signed and is not refundable for any reason, including but not limited to failure ofTenant to enter into possession. 2. LAT& UYMENT FEE / RETURNED CHECKS: Ifthe monthly rental payment is not received within 5 days from the due date; the tenant shall'pey Landlord, -as additional rent, the sum of $100.00 per -day from the due date for every day rent is not received. Received is hereby defused as actual receipt, not the date deposited in the U.S. mal. In the event any check is returned unpaid, Tenant shall be responsible. for the late payment fee provided above, plus a $25.00 retumed check fee, all as additional rent, immediately due and payable. In the event any rent payment is returned unpaid, the Landlord may, at Landlord's option, demand that all subsequent rental payments be made by Cashier's or Certified Check, and Tenant's failure or refusal to remit payment by Cashier's or Certified Check, shall entitle Landlord to terminate this Lease. Tenants: a w Landlord or Landlord's Representative: Page 50 ` EpdvTjho!FoW rpgf 1,E;ll71D6DDB.561F.52: 5.CBED.F6B5B7D55: 6F 3. SECURITY DEPOSIT: Tenant has deposited with Landlord the security deposit set forth above for the performance ofeach and every covenant and agreement of this Lease. Landlord shall have the right, but not the obligation, to apply the security deposit In whole or in part in payment of any unpaid rent or other amount due because of an unperformed covenant or agreement by Tenant. Landlord's right to possession ofthe premises for nonpayment ofrent or any other reason shall not be affected by the fact that Landlord holds security. Tenant's liability is not limited to the amount ofsecurity deposit. On termination ofthe Losse and full payment craft amounts due and performance of all Tenant's covenants and agreements, the security deposit or any portion thereof remaining unapplied shall be returned with applicable interest to Tenant to not less than 21. days after the Lease Is terminated. Pursuant to Minn. Stat. 504B.178. Tenant must provide written proof that all ofthe final utility bills have been paid prior to Landlord disbursing the security deposit. Tenant must provide Landlord with his or her new address for return of the security deposit. All Security and/or Pet Deposits shall be paid by cashier's or certified check when this Lease is signed, and are non -refnidabie ifTenant attempts to cancel or fails to take occupancy. Retention ofany deposits shall not prejudice the right ofLandlord to pursue any other legal remedies which may be available to Landlord. 4. PEPS: Unless otherwise agreed herein, no pets shall be allowed on or about the premises. Ifpet+ are allowed within the terms of this Lease, Tenant represents that said pet has no history ofdisruptive or violent behavior. Tenant shall remove ail animal waste immediately and keep the residence and lawn clear of ali waste. If any un -permitted pet is on or about the premises. Tenant shall be in breach of this Lease, and in addition to all other rights ofLandlord, Tenant shall pay to Landlord S50.00 per day for each day such pet was or remains present, on demand, as additional rent N ofpets allowed: 3 Dog not larger than n/a lbs; n1a Cat; hila Bird other see rental criteria ADDITIONAL PET DEPOSIT — Refundable —X Non -Refundable 500 5. SMOKING: [Select ONLY ONE ofthe Following] Smoking ofany kind is NOT permitted. This residence is designated a non-smoking premises in accordance with Illinois law. Tenant agrees there shall be no smoking of any kind Inside the residential structure, including the garage. Without prejudice to any other remedies available to Landlord for breach, In the evert ofviolation ofthis covenant, Tenant agrees to pay on demand, as additional rent, a 200.00 cleaning tee. Smoking is permitted. Tenant shall at all times exercise due care to be sura all smoking materials aro properly and tally extinguished andshall not smoke near flammable substances or in bed. In consideration ofthe permission to smoke, $ shall be added to the Security Deposit to provide for the expense of additional cleaning,to remediste smoke odor and/or damage and for all other obligations forwhich the Security Deposit is held. 6. OCCUPANT: No other person shall occupy the premises except those listed as Tenant or "NAMES OF OTHE RS RESIDING WITH TENANT." If any person other than those allowed hereunder, occupy the premises, Tenant shall be in breach ofthis Lease, and in addition to all other rights ofLandlord, Tenant shall pay to Landlord, the additional sum of $250.00 per month. NAMES OF OTHERS RESIDING WITH Nicole Nielsen 3-28-92 TENANT" Samantha Nielsen 1-26-94 Tyler Norcross 11-7-90 7. SMOKE DETECTORS AND CARBON MONQXIDE DETECTORS: Tenant acknowledges that the residence herein has smoke detectors on ever y level and a carbon monoxide detector(s) within 15 feet ofall bedrooms. It shall be Tenants responsibility to notify Landlord in writing if the smoke detector(s) or carbon monoxide detector(s) become inoperative. It is the tenant's responsibility to test, maintain and change the batteries for the carbon monoxide detector(s) and smoke slarm(s). Tenant acknowledges receiving from landlord written information regarding testing and maintenance ofthe carbon monoxide detector(s)) and smoke slarm(s)r°e INITIALI•IERE—+—+ Tenant a 00 Landlord: `N_G. B. TENANT RESPONSIBILITIES: Tenant agrees to abide by all "Tenant Responsibilities"which are attached hereto and made a part hereof. Landlord reserves the right to modify the Tenant Responsibilities after the execution of this Lease, with notice to Tenant of said modification(s). 9. COMPLIANCE WITH -RULES: Ten ant shall comply with all rules and regulations, covenants, conditions and restrictions of any homeowner's association, townhouse association or condo association and Tenant shall be responsible for any penalties or expenses related to any violation thereof, all of which Tenant shall pay on demand, as additional rent. Ev" im; Tenants: ELandlord orLandlord's Representative: 2, Page 51 EpdvTJholFovf rpgf 1X;1171D6DDB.661F.52: 5.CBED.F6B5B7D55:6F 10. NOTICE OF PROHIBITION AGAINSTUNLAWFUL ACTIVITIES: A. Landlord and Tenantshall not unlawfully allow controlled substances in the Premises or in the common area or curtilage of thePremises. The Premises will not be used by Tenant orpersons under Tenant's Control to manufacture, sell, give away, barter, deliver, exchange, or distribute a controlled substance in violation ofany local, stateorfederallaw. B. Landlord and Tenant shall not allow prostitution or prostitution -related activity as definedin Minn. Stet. 617.80. Subdivision 4, to occur on the Premises or in the common area and curtilage of the Premises. C. Landlord and Tenant shall not allow the unlawful use or possession ofa firearm in violation ofMinn. Stat. 609.66, Subdivision la, 609.67 or 624,713 on the property, its lands, or common areas. The Following notice is required by Minn. Stat. 504B.305. A Seizure under 609.5317, Sub. 1, for which there Is not adefense under 609.5317.Subd. 3, constitutes unlawful detention by Tenant. 11. APPLICATION: The application for this Lease and all representations and promises contained therein are hereby made a part ofthis Lease. Tenant warrants that the information given Landlord in the application is true. Ifsuch information is false, Landlord may at Landlord's option, terminate this Lame and retain the security deposit as liquidated damages. 12. UPAIRS AND MAINTENANCE: Tenant has examined the residence and completed the Rental Property Condition List attached hereto and acknowledges that, except for'the work Landlord has agreed to do per the Rental Property a Condition List, Tenant is satisfied with We present physical condition of the residence and that neither Landlord nor Landlord's agent have made any representations or promises concerning the physical condition except those specifically set forth in this Lease. Upon reasonable notice from Tenant, Landlord shall keep in repairthe following property (except ifrepair is necessitated by Tenant's negligence or willfbl acts): a. Iffiunished by Landlord, the refrigerator, washer and/or dryer, stove, air conditioning units, and dishwasher; b. Equipment for heating the residence and for water heating; c. The plumbing and electrical facilities; d. The floor, interior and exterior walls, supports, ceiling and roof. The failure to keep any of the foregoing in repair shall not affect the obligations ofTenant to pay rent. in the ovent any repair or replacement is necessitated by negligence or willful not ofTenant, Tenant shall on demand reimburse Landlord for the cost thereof. Tenant shall comply With all applicable municipal codes and other regulations. Tenantshall not suffer or commit any waste in and about the residence and shall at Tenant's expense keep the residence in good order and repair (except to the extent Landlord has in this Leese agreed to make repairs). OnterminationoftheLease, Tenant shall return the residence to Landlord in like condition, reasonable wear excepted. dfTenant fails to keep the residence in such condition and repair. Landlord orLandlord's agent may enter and put the residence in good condition and repair. On demand, Tenantshall p ay Landlord the cost ofsuch work, Tenant isresponsible to pay the first $212 for any service call to the residence unless this is waived by Landlord. Tenant must notify Landlord Immediately if any repair is necessary to the residence or appliances. IfTenant fails to notify Landlord immediately regarding necessary repairs, Tenant shall pay forthe repair cost in Its entirety. 13. RESIDENCE The residence shall be usedand occupied by the Tenant exclusively as a private single family residence, and neither the residence noe'any,pad thereofshall be used at any time during the term ofthis Lease by the Tenant for purposes of carrying on any business, profession or trade of any kind, or for any purpose other than as aprivate single family residence. Neither Tenant nor guests, invitees, agentsnorpersonsresidingwithTenantshall, perform orpermit any pfactice that may damage the reputation of or otherwise be injurious to the residence or the neighborhood, or be disturbing to other tenants or neighbors or increase the rate ofinsurance on the residence. 14. SUBLETTiNG OR ASSIGNMENT: Tenant'shall neither sublet the residence or any part thereof, nor assign this Leas a without, in each case, the written consent ofLandlord. If Landlord agrees to an assignment oflease or sublease, Tenant shall not be released of liability until the Lease terminates. 15. ALTERATIONS: Tenant shall make no alterations, additions, painting or wallpapering without the prior written consent ofLandlord. Furthermore, Tenant shall not allow or install any major applfenbes on the premises without Landlord's written consent. All alterations, additions and fixtures 'shall remain partofthe residence. 16. j" NTRY INSPECTION AND ACCCE§S BY LANDLORD: Landlord and/or Landlord's agent(s) shall have the right at all reasonabletimesduringthetermoftheLeaseandanyrenewalthereoftoenterthepremisesforthepurposeofinspectingthepremisesandallbuildings and improvements thereon and/or to perform any necessary repairs or maintenance at the premises. 17. RIGHT TOH4 0% Landlord and/or Landlord's agent(s) shall have the rightto show the premises to prospective tenants or buyers and may display "For Rent" or "For Sate" signs at the premises. Tenant agrees to allow showings as needed and authorizes Landlord orLandlord`s agent(s) to place a lock box on the property for keeping a key in said lock box. Landlord or Landlord's agent shall give Tixant advance notice ofany showing. Notice shall be deemed given ifLandlord or Landlord's agent(s) speak with the Tenant directly or leave a message with any person answering the Tenant's telephone or leave a voicemail message for the Tenant at any of the Tenant's telephonenumberslistedabove. Tenant shall hold Landlord, Landlord's agent(s) and an y multiple listing service that sponsors a lock box program harmless from any and all liability or obligations or demands against Landlord and Landlord's agent(s) as a result ofthis authorization exceptforcriminalorgrossnegligenceonthepartofAgentorlandlord, including but not limited to any and all liabilities, including attorney's fees and cost incurred byLandlord or Landlord's agent(s) as a result of this authorization. Tenant is advised to safeguard or remove valuables located within said premises and to obtain personal property insurance. More than 2 "reiLscd" showings will result in additional rent of 100.00 per occurrence. a rK a Tenants: (: Landlord or t andlord's Representative. Premisu woodlMIL&ELYMMIth Page 52 Epdolho!Fovif r f I,E;1171 D6DDB.561 F.52: 5.CBED.F6B5B7D55: 6F uargn to a ope ru: r+J4tsi f;u-nrr4-4nrZ-Azats-u34t;tirr37WU 18. SNOW REMOVAL/LAWN MAINTENANCE: Tenant shall remove all snow and ice from sidewalks and driveway to ensure there does not exist a hazardous condition. Tenant agrees to keep lawn maintained (grass cut) and keep yard free from debris. Tenant will receive a rent credit ofS100 per month credit as per Tenant(s) agreement to maintain the yard. Pursuant to Minn. Stat. 504.13.161, subd. 2. Monthly Rent Amount currently reflects er drein apin, lied. 08 4IMTIALHERE—• Tenants: Landlord: 19, UTILITZS: The Tenant Is responsible for the timely payment ofall utilities, including but not limited to electric, gas, telephone, water, sewer, garbage removal, cable, television, Internet, etc. 20. TENANT HOLD OVER If the Tenant remains in possession of the premises or any part thereof after the termination of the Lease by lapse of time or otherwise, then the Landlord may at Landlord's option within thirty (30) days of the termination of the Lease serve written notice upon Tenant that such holding over constitutes either (a) renewal of the Lease for one year, and from year to year thereafter, at double the monthly ront specified herein for.such period, or (b) creation of a month to month tenancy, upon the leans of this Lease except at double the monthly rental, or (c) creation' of a tenancy at sufferance, at a rental of $75.00 per day for the time Tenant remains in possession of the premises. Ifno such written notice is served then a tenancy at sufferance with rental as stated in (c) shall have been created. Tenant shall also pay to Landlord all damages sustained by Landlord resulting from Tenant remaining in possession of the premises. 21. DEFAULT: If tenant is in default in the payment of the above rent, or any part thereof; or in any of the covenants herein contained, Landlord may at any time at Landlord's election declare the term of the Lease ended and reenter the premises with or (to the extent permitted by law) without notice or process of law, and remove Tenant and aqy other persons occupying the premises, without prejudice to any remedies which might otherwise be used for arrears ofrent, and Landlord shall have at all times the remedy of distraint for rent due, and shall have a valid and first lien upon all personal property which Tenant now owns, or may hereafter acquire or have an interest in, which is by law subject to such distraint, as security for payment of the rent herein reserved. Immediate termination and forfeiture of the Lease shall result if Tenant falls to make payment In full of all amounts due within five (5) days of the date ofservice of written notice ofeviction for failure to pay rent. 22. LIMITATION OF LIABLY: Except as provided by Minnesota statute, the Landlord shallnot be liable for any damage occasioned by failure to keep the Premises m repair, and shall not be liablefor any damage done or occasioned by or from plumbing, gas, water, steam or other pipes, sewerage, or the bursting, leaking or runnini4orn any cistem, lank, washstand, water elos4t or'waste pipe, in, above, upon or about die Premises, nor for damage occasioned by water, snow or ice, being upon or coming through ,the roof, skylight, trap door orotherwise, nor for any damage arising from acts or neglect ofany owners or occupants ofadjaaont or contiguous property. 23. INSURANCE PROTECTION: Tenant is responsibly, O'obtaining insurance protections, on Tenant's own personal property, andpersonalliabilitycoverage. Tenant ,will obtain wltenler'a Xnsuri ice Pplicy covering Tenant's personal prOPeity. for its fbil Insurable value and with minimum liability limits ofSTper personimd,SlOQ•000 per occurrence; and shall maintiin sucb ipVe age in full three and effect so long as this lease Is in force (including renewals or extorisions)'or Tenant is in possession of6 Premises. Tenant shall provide Landlord with a cop y of the Declarations page of the policy, and"ohall.,"glve Landlord notice within 24 hours ofriceipi if Tenant receives a notice of intent to cancel or cancellation of the policy. Landlord reserves the right to modify limits of liability Ifreiluired to do so by Landlord's primary or umbrella carriers) and Tenant agrees to increase liability coverage ifrequested to do so by Landlord. 24. AS -IS: "Property is being rented in its current condition. Any alterations to the.current properly by tenant must be submitted in writing and approved or denied by Landlord. 25. ABANDONMENT: If at any time during the term of this Lease Tenant ebandons'the Premises, Landlord may, at Landlord's option, obtain possession ofthe Premises In the mannerprovided by law, without becoming liable to Tenant for damages or for anypaymentofanykindwhatsoever. If Landlord's right ofreentry is exercised followingabandonment of tl e'Premises by Tenant, then Landlord shall consider any personal property belonging to Tenantand left on the Premises to also have been' abandoned; in which case Landlord may dispose of all such personal property in any manner Landlord shall "deem proper, add Lan$lord is hereby relieved of all liability for doing so. 26. FIRE OR CASUALTY: If the premises arc tendered untenantoble by reason of fire or other casualty which is not the faultof the Tenant, the Landlord may, at Landlord's option, repair the premises within thirty (30) days or terminate ibis lease. In the event ofrepair, rent shall abate during such period as the premises are untenantable; in the event oftermination, rent shall be prorated to the date ofthe fire or other casualty, 27. EMINENT DOMAIN: If the whole of or any substantial part ofthe Premises is taken by any public authority under the power of eminent domain, or taken inany manner forany public or quasi -public use, so as to render the remaining portion ofthe Pfemises unsuitable for residential use, then the Term will cease as of the day possession will be taken by such public 'authority, and rent prorated to the d ay possession is taken. All damages awarded for such taking under the power ofeminent domain or any like proceedings will belong to and be the property ofLandlord; Tenant hereby assigns to Landlord Tenant's interest, if any, in such award. 28. ATTORNEY'S FEES: Should it become'necessary forLandlord to employ an attorney to enforce any ofthe conditions or covenants hereof, including the collection ofrents or gaining possession ofthe Premises, Ten ant agrees to pay all expenses so incurred, including reasonable attorney's fees and costs. 29. LATER SALE/ItEALTOR®: Should Landlord and Ten ant enter into any agreement pertaining to the sale ofthe premises to the Tenant during or atter the term ofthis Lease agreement or any extension thereof, -both parties do hereby agree that their respective REALTOR(S)ID werethe procuring cause ofthis transaction and will paybrokerage compensation as agreed inthe leasinglisting agreement. D2 a o Tenants: Land lord orLandlord Representative; Premises: 5541 Vinewnod Lane W, PI nuth_ 55442 Page 53 EpdvTjholFovt ipgf I.E;1171D6DDB.561F.52: 5.CBED.F6B5B7D55: 6F DocuSign Envelope ID: 764917t:9-13FF4-4nt•1-A%tY4-t$34t:tir/3Muo 30. UTILITIES: Tenant shall be responsible for arranging and for paying all utility services on the Premises unless otherwise provided for in this lease. Tenant agrees to pay the following utilities (all checked utilities are responsibility of Tenant). If Tenant falls to pay any utilities, Landlord reserves the right to pay said utilities, the cost ofwhich will be deducted from the Security Deposit. GAS,_ELECTItIC ){_WATER -X SEWER X_CABLE / INTERN /TELEPHONE Landlord makes no representations that property Is wired for cable nor that service may be providedor available to a property. If Property is not wired for cable/internet etc. and tenant wishes to install, Tenant MUST obtain Landlord permission in writing and agree to indemnify Landlord prior to Landlord providing any authorization to installation. Tenant would be responsible for all costs asAmcisted with the InUgllatlon of the Cable/Internet to the property. h:— 29 Landlord: E09 INITIAL HERE-+-+ 31. SEVERABILITY: If any provision of the Agreement or the application thereof shall, for any reason and to any exten4 be invalid or unenforceable, then the balance of this Agreement will not be affected thereby, but instead shall be enforced to the maximum extent permitted by law. 32. BINDING EFFECT: The covenants, obligations and conditions herein contained shall be binding on and inure to the benefit of theheirs, legal representatives and assigns ofthe parties hereto. 33. DESCRIPTIVE HEADINGS: The descriptive headings used herein arc for convenience of reference only and they are not Intended tohaveanyeffectwhatsoeverindeterminingtherightsorobligationsoftheLandlordorTenant. 34. NON -WAIVER: No indulgence, waiver, election or non -election by Landlord under this Agreement shall effect Tenant's duties and liabilities hereunder. 35. NOTICE: Any notice required or permitted under this Lease or under state law shall be deemed sufficiently given or served If delivered In person to Tenant in accordance with Illinois law, or ifsent by United States certified mall, return receipt requested, at the address set forth on page one (1) for Landlord and Tenant. 36. LEAD BASED URE: 1f applicable, prior to signing this Lease, Tenant /check one/X has has not received a completed Lead -Based Paint Disclosure; (check one/X has `has notreceived the EPA Pamphlet, "Protect your Family Front Lead in Your Home." 37. COUNTERP4R Cy-..,ELECTRONIC SIGNAT FS: This lease may be executed by facsimile or other electronlc signatures and/or in two or more"counterparts, each ofwhich shall be deemed an original, but all ofwhich shall constitute one and the same Instrument. IfLicensee isacting as a Dual Agent, Landlord and Tenant should initial the immediately succeeding paragraph. 38. CONFIRMATION OF DUAL AGENCY: The Landlord and Tenant confirm that they have prevlously consented to (Licensee) acting as a Dual Agent in pro viding brokerage services on their behalfand specifically consent to Licensee acting as a Dual Agent with regard to this Lease'transection. 39. ADDITIONAL j'ROYISIONS: DISCLOSURES Dated: 3/20/2014 atti, A{t1Stk. Tenants mgnature I"_Mr+ Cm TawrOstipature rm a Tenants: 1 Landlordor Landlord's Representativi>: Premises: 5541ewoo Lane N. Plymguth, MN 55447 Dated: 3/31/2014 G." WOF I' mgnature - authorisedsignerforIH2 Property Illinois, LP. a Delmvare LindiedPartnership Landlord's Signature Page 54 5 EpdvT)holFoW rpgf 6E;1171 D6DDB.561 F.52: 5.CBED.F6B5B7D55: 6F FOR INFORMATION ONLY 952-356-4575 773)893-1250 Tenant's Cell Phone Number(s) Landlord's Cell Phone Number(s) Landlord's Other Phone Number(s) Tenant's Other Phone Number(s) bnielsen4292,gmail.com chicagoleaseinfo@invitationhomes.com Tenant's E -Mail Address Landlord's E -Mail Address Landlord's E -Mail AddressTenant's E -Mail Address MLS# Landlord's Broker MLS# Tenant's Broker Kieren Eyenaen MLS# Landlord's Designated Agent MLS# Tenant's Designated Agent Fax Phone FaxPhone kevensen@invitationhomes.com Tenant's Designated Agent's E -Mail Landlord's Designated Agent's E -Mail Landlord's AttorneyTenant's Attorney Fax Phone FaxPhone Landlord's Attorney's E -MailTenant's Attorney's E -Mail Copyright 2007-2012 Heartland REALTOR® Organization. All rights reserved, Unauthorized duplication or alteration of the form or any portion thereof is prohibited. Revised 09/12 Off DS Landlord or Landlard' Ile resentativa: Tcnonls:: 71tnewoo3Lane N, Pl outh MN ?5442Premrsas, Page 55 EpdvTjho!Foviipgf 1Z;1171D6DDB.561F.52: 5.CBED.F6B5B7D55:6F As -Is Addendum PROPERTY ADDRESS 5541 Vinewood Lane N, Plymouth, MN 55442 Landlord Reference Number 2MNC2455) Tenant(s) Bryan and Erin Nielsen Eachadult overtheage of18 residing Inthe Unit) Landlord THR/ IH2/ IH3 Property Illinois. L. P. A Delaware Limited Partnership DATE OF LEASE 04/01/2014 This Addendum to Lease (this "Addendum") is attached to and made a part of that certain lease agreement dated as of the date first set forth above (the "Lease") between the Landlord and the Tenant; the Landlord and the Tenant are sometimes referred to collectively as the "Parties" for the property address described above (the "Property"). Term of this Addendum The Term of this Rider shall begin on April 1 20 14 and end on March 31 .2015 (the "Term"). The Term of the Lease, and therefore this Rider, shall not be less than twelve (12) months; provided, however, the initial Term of this Rider may be less than twelve (12) months to reflect the term of a previously executed lease. RENT The rent for this Property is `"nPW*WWd Y dd= ($ 1850.00) per month (the "RENT'). Rent shall not include any security deposits, pet fees, parking fees, or utilities that are not covered by the Landlord. AS -IS Condition Landlord and Tenant have completed a Move -In Inspection report regarding the current conditions of the property, copy ofsigned report attached. Tenant hereby acknowledges that they are taking possession of the above property in Its current As -Is Condition per the Move -In Inspection Report. Landlord will not provide any rent concessions/waivers for the current condition of property. Tenant hereby agrees to Indemnify and Hold Landlord Harmless for conditions of property when property is taken In "As -Is" condition. LEASE ADDENDUM Pae,e 112 Page 56 EpdvTjholFovirpgf IZ;1171D6DDB.561F.52: S.CBED.F6B5B7D55:6F Tenant hereby acknowledges that property includes 3 (# bedrooms above grade). of Tenant hereby acknowledges that property Includes the following number of bathrooms: 2 (# of full bathrooms) (# of half bathrooms) (# Three-fourths bath) Invitation Homes and its subsidiaries THR, IH2, IH3 Property Illinois, LP. a Delaware Limited Partnership as Landlord does not warrant norguarantee the functionality of a fireplace(s), if any exist in a home. Fireplaces will not be serviced, maintained and/or repaired by Invitation Homes. Tenant acknowledges and accepts that .he fireplace(s agp decorative only. 15NI fm Tenant y Zreby agrees to the above conditions: aw sit ofMT, enTenant/printed name 15jw Ail1k N. Signature ofTenanf Tenant/printed name Signature of Tenant/printed name Signature of Tenant/printed name LANDLORD, f _ 3/20FMM Dear 3/22/2014 Dttaet Date Date THR Property Illinois, LP, a Delaware Limited Partnership or IH2 Property Illinois, LP, a Delaware Limited Partnership or IH3 Property Illinois, LP, a Delaware Llmlted PartnershipW -dhr. 3/31/2014 Landlord Signature Date LEASE ADDENDUM Page212 Page 57 EpdvTjholFoWrpgfI.E;1171D6DDB.561F.52:5.CBED.F6 OM55:6F Utility Addendum This Utility Addendum is incorporated into the Lease Contract dated 4-1-14 between THR/IH2/IH3 Property IIlinois, LP, A Delaware Limitied Partnership("Landlord") and Tenant(s)") for property located at _5541 Vinewood Lane N In _ _ Plymouth. MN 55442 (city, state, zip) And is in addition to all terms and conditions in the Lease. To the extent that the terms of this Utility Addendum conflict with those of the Lease, this Utility Addendum shall control. 1. Tenant(s) ,agrees to arrange and pay for, when due, all utilities except NA which shall be paid by the Landlord. All Utilities and Services must be established by Tenant(s) prior to beginning of lease and account numbers provided herein. A FINE of $_will be assessed for non -transfer of each utility account. a. ELECTRIC service provided by Xcel Son -895.4999 Account number b. GAS service provided by _ C n e pint 612-372-4727 Account number c. WATER service provided by Pl=nuth City Hall 763-509-5950 Account number d. SEWER service provided by Account number e. TRASH service provided by Account number f. Other Service provided by Account number UTILITYADDENDUM Page 1 of 2 Page 58 EpdvTlho1Fovlrpgf IZ;1171D6DDB.561F.52: 5.CBED.F6B5B7D55:6F Tenant(s) Is aware that ALL UTILITIES are the responsibility of the Tenants from the time the Tenants take occupancy of the property. 2. We are not liable for any losses or damages you incur as a result of outages, Interruptions, or fluctuations in utility services provided to the unit unless such loss or damage was the direct result of negligence by us or our employees. You release us from any and all such claims and waive any claims for offset or reduction of rent or diminished rental value of the unit due to such outages, interruptions, or fluctuations. 3. You agree not to tamper with adjust, or disconnect any utility sub -metering system or device. Violation of the provision is a material breach of your Lease and may subject you to eviction or other remedies available 'to us under your Lease and this Utility Addendum. 4. Where lawful, all utilities, charges and fees of any kind under this lease shall be considered additional rent and if partial payments are accepted by the Landlord, they will be allocated first to non -rent charges and to'rent last. Date Tenant S$vture:L6: `, ° (! "' Date 3/31/2014 Tenant Sigl, re ""` Date 3/31/2014 eeaso pr .. Tenant Signature Date 0—ft .aer. Landlord_l Date 3/31/2014 s:emeei iee As authorized signo.r for THR Property Illinois, LP, a Delaware Limited Partnership or IH2 Property Illinois, LP, aDelawareLimitedPartnershiporIH3PropertyIllinois, LP, a Delaware Limited Partnership UTILITYADDENDUM Page 2 of 2 Page 59 EpdvTjholFotaf rpgf 1,E;1171D6DDB.561F.52: 5.CBED.F6B5B7D55: 6F McHCAR TENANT RFSPONS[f3!!.1'[fESIlw„ t.M1I, „•.W. N aT1 )OlT 9003A I. REPORTiNG OF PROBUMiS: It is Tenaut's resputrsibility lit raport problems intrnediutely upott detection of lltcproblem so lint the problem can bo resolved promptly. 2. j%I_0jV T[;[i.UjM. Water beds of;viy type are prohibited. Disregard ofthis regulation will automatically result in torteilurr or Rental sn:ur[ty deposit and eviction ol'Tenant i, NQ SL: Tenant most have consideration fur the peace, quiet and enioyrotcnl ofalhcr lx:ople. Loud manic or voisr• parties art: not allot%cd. 4. :Cly. IjIMA'I (Jltli: Torkaut must maintnin the temperature in the leased residenea ut least dT degrees and all airregineri must he kept open at all times to prevent Iteezing ol'plumbing pili, in Winter, 3 JANIjI'.) JAI. ;LftyILa:: No,janiioriul serviveisprovided 6. fl. Aij ,;, ANiI URI-, OF III (IMIUM'l FI,Y• URNS ANT) HA'111Rt1f1\•1 h,XI IAI i,S'i' FAN: TenanunMI use due care and diligence to avoid cwcrtlowing any plumbing dimurce and u suitable Wilt mt%t must be placed in front of the batlitub and shower door / curutin must hecloyed when to use. If tenant litilsto rollowthe,c ler7nS and such litilure results in damage to the residence or olher areas offlie buildinu. 'tenant shall be responsible the the cost urrepaius. To prevent mildew damage, the fmthattan exhaust I:m shroud not be disconnected at anv Ione, mrd beuulired tt henewer the shower orbath are in use. 7, YARDAGE: All gurbagc must he placed in it plahhc ctur[ainer beforu being (dated at the street, Teuvi l is responsible for Lontractiug forgatbage removal. 3. FIURVINQ burning on thepremises is prohibited, Y. YARD MIAINTENAStCF..: 'recant %till keep yard fief; ofdebris and personal items and will mow lawn ou a weekly Icucis as necrssnry. 'i'cnant will utke wrerulfy ofall rose. pemonfals, hushes. trees. etc, This isnt include weeding, hocing, mulchiug, and walering. etcelao. 10. 1;ISMIl'S LINES: No exterior clothc4 lines %vill be allutwtxl, 11. VHNICLE-S: fenant will not ullowiuty non-apernhle car or %elticle to remain nn pnenuses over 10 dans, Tenaul will not pall, automobiles. nnolurcycles, sna%%mobiles, heals, trailers, cangxrs, etc, on luwn nrea Tenam herewith authorizes Landlord to arnutge Carate removal. towing, and storage ofany such itenty found in violittiou gl'this paragtapfs. Such personal property will be withheld f'rom'rennnt until Tcnant haspaid for removal andlorslnntso, 11, PET WASTE. if o pet is allowed under the terms ofthe lease, it is the Tenant'; responsibility to remove said aisle on a daily basis. I?. WA 1 UF1'f Nl'R AND FURNACE, F[I_'1'[_Wllf the premise is equipped with a »vter suilencr,'i'cnant shall keep rhe water sofiener mulata[ned andsupplied %vit[i snit. 'the'fenant sludI dLyo mplace the limtace filters every 60 days, 14. 1; kNGIi&l1AR'1 11 IONS. tii'C: No fences. ponts, slide, s%% inK, or the likeor other partition cony he erected byTenant %%ithtnd Landlord's wrhtenpermission. 15. WlNDOWS. *1cnanu is responsible for pn)perly maintaining and closing all windows, sercens, sarccn doors, storm doors, etc. AuY coat incurred to icpuir theabtrvv will he bonus by Tenant. 16. WINDOW COVL'RINQS: Shcet,, bluni eis and the like may not be used for curtains or partition;. 17. '[u IAN,1lSi LCI.:.'I'enmu shall molcbungclle orks n'ilhnut Landlend's prn..r nrritteu consent and open ehangmg the lucks>hull provide Ltundloid with u copy nl`a ke}'. at as to Tenan,IEU— Landlord or Landlords RepresenmtiiT, Page 60 EpdvTjholFovr rpgf I.E;1171 DBDDB.561 F.52: 5.CBED. FBB5B7D55: 6F I K. 4' IlItLfYJ:P!'t51'f Iu;FUND RFQLIMEMEN'GZ: lit order to receive if thtl return of the entire sectviq' deposits, the ('ulieming items must be completed prior to vacating the premises: a) Shampoo all carpets and %%-ash all hurl surface 11 wring; b) Wash ail cabinetry inside fund out; cr Cican all appliances; including washer, dryer, refrigcmtor and scrub stovd. own and brvikr. Carefully pull nut uli applianecs and t%arh stdcS attd back, ol`appiianacs and fluor berwelh; dl Windows and patio doors must be washed as, they were cleaned te:fare your uccupaancy: e) All blinds mut tic dwsNd/vacuumcd clean; 0 Wipe all harm prints, scutrmtuks, ere. flan urlis' whin an appruprialc Cleaner. gt Clean litter liom Imrlscape beds, remove %mic li'rxu yard and s%%eep gatngc; If) Remove AI.1, reAtse and garbage from promiws, i) All pond and cabin ct stn faces should be cleaned with Murphy% wood sirup. You ntust luive Lite ulvve perrurmcd prior to vaeating lha premises as any %tort: that must t>` completed by flue Latxliord will W :a die Termor, Cost at tie mic of $311 Un per hour for labor and any mulemal. THE LANDLORD WANTS F'O REFUND YOUR EN77RL' SIXURI I'Y DEPOSITS AND THE LANDLORD D62 -S, NiJ'I' VANT -1.0 CLL .AN THE 1'RUMISO, AFI'i_R YOU LEAVE. 11). PPR \r L: tenant. by signin' hclow, acknowledges receipt rzfthe'1'enant Reslmn.ibilitics andagwcs to c, mply with said Tenni ftespontvihilitiev Dated: 3/31/2014 oeagn.a er: qar— LAn ur s Jtt4.Ulawre hsA 1.01174d SIj4101 P r bvyatt, h( w. i.L1Lt. t'enant's Sigtrantrc L gra er. HLN. O' E tenant's Signature 2007 MelIenry Counly Association ofRlAl_TORS71t. All rights reserved. Unauthorized duplication or alterations of the runn or arty portion thercuris prohibited. Printed 11/2007 Losasw, LandlordorUmdlorJ'sRepresenlativc,_; 2 Page 61 EpdvTjholFovfrpgf I.E;1171D8DDB.561F.52: 5.CBED.1786587D55: 8F LEASE ADDENDUM FOR CRIME-FREE/DRUG-FREE HOUSING In consideration of the execution or renewal of a lease of the dwelling unit Identified in the lease, Owner and Resident agree as follows. 1, Resident, any members ofthe resident's household ora guest or other person under the resident's control shall not engage in Illegal activity, Including drug-related Illegal activity, on or near the said premises. "Drug-related illegal activity" means the Illegal manufacture, sale, distribution, purchase, use or possession with Intent to manufacture, sell, distribute, or use of a controlled substance (as defined In Section 102 or the Controlled Substance Act i22 U.S,C. 8011) or possession of drug paraphernalia. 2. Resident, any member of the resident's household or a guest or other person under the resident's cant rof shall t ig[ce in Pray pct intended to facilitate Illegal activity. Including drug-related illegal activity, on or near the said premises. 3. Resident or members of the household will ngt Permit the dwelling to be used for, or to laci state Illegal activityincluding drug-related Illegal activity, regardless or whether the individual engaging in such activity is a member of the hqusehold. 4. Resident or members bfthe household will not engage In,the,manufar tore, sale, or distribution of illegal drugs at any locations, whether on or 6ear'theAWelling unit'ptemises orotherwise. S. Resident, any member of the resident's household, ora guesi orother person under the resident's control shell Dot c`rjap6 III ,g • bf.Vloisgce.prs)rraats ofvtolencr, Including but not.limlted to the' unlawful discharge of firearms, prostltutlon; crfmInal'street gang activity, Intimidation, pr any other breach of the rental agreement -that otherwise leppardizesthe hgaith, safetV orweIfoeegfthe landlord, his agents or tenants., S. VIOtgTIONO('TI-IEAt}OVF.ft10VI9)ONSSiIAIibtAMATERIALVIOLATION"OF-THtASi:ANDGQOU. CAUSE FOR TERMINATION OTETTNANCY A singiga?iglttan ofany of the provisions of thls-added addendum snail be_de med Orlou,'sviolation and• mateilal•nRn,compllance with the hale, it is understoodand agreed that-a`1` g ''lo shal('be-spbd,¢ausp fo termtnpt(op of tiie,lease. Unless otherwise provided by lanot ri diro'C''dmmindl cnhv(ction, but shall be by the preponderance of the,evldeitce. 7, 1n case of conflict between the provisions ofthis adtlentlufn,and any other provisions of the lease, the provisions of the addendum shall govern. B. This ttASE ADDENDUM Is -incorporated into the lease kXecuted-or randwed this day. between Owner and Resident. MANAGEMENT 0. 51,,"dbr. My Igriorfar By ` `id TMvir nlldohi.P,, v r;r" 64 Mbr. GyaA AWsr.IA, Resident) d a: Resident) 4,/31/2014 3/22/2014DateSigneDate5lgned: Resident(s) acknowledge receipt of this addendum by signature of this document. G.WPUCATIONY,0110HAI APpticAFON DCIcumm?SWASEADOCNOUNI FOA CNrdC•fAMDRU0-FB EE HOUSING UDC Page 62 9 EpdvTjho!Fodrpgf I.E;ll71D6DDB.561F.52: 5. CBED. F6B5B7D55: 6F Disclosure of Information on Lead -Based Paint and/or Lead -Based Paint Hazards Lead Warning Statement Housing built before 1978 may contain lead-based paint. Lead from paint, paint chips, and dust can pose health hazards Ifnot managed property. Lead exposure is especially hamlul toyoung children and pregnant women. Beforerentingpre-1978housing,lessorsmustdisclosethepresencecfknownlead-basedpaintand/or lead-based paint hazards in the dwelling. Lessees must also receive a federally approvedpamphlet on lead poisoning prevention. Lessor's Disclosure a) Presence of lead-based paint and/or lead-based paint hazards (check (i) or (ii) below): i) Known lead-based paint and/or lead-based paint hazards are present in the housing explain). i) Lessor has no knowledge of lead-based paint and/or lead-based paint hazards in the housing. b) Records and reports available to the lessor (check (i) or (ii) below): i) Lessor has provided the lessee with all available records and reports pertaining to lead-based paint and/or lead-based paint hazards in the housing (list documents below). II) lessor has no reports or records pertaining to lead-based paint and/or lead- based paint hazards In the housing. Lessee's Acknowledgment (initial) A --- Lessee has received copies of all information listed above. Lessee has received the pamphlet Protect YourFarrmllyfrom Lead in YourHome. AgAc qnowledgment (initial) e has informed the lessor of the lessor's obligations under 42 U.S.C. 4852d and is aware of his/her responsibility to ensure compliance. Certification of Accuracy The following parties have reviewed the information above and certify, to the best of their knowledge, that the information they have provided is true and accurate. 4uthorized signor for 3/31/2014 Lessor 11-12(8-11 Property Illinois LP, Uate A Dela%%are Limitcd Partnersiyp Ce Date l 3/22/2014 a+aeeawoema Agent Date l (^ Manu, Date 3/20/2014 c oeaoxc oe,.- Lessee Date Agent Date Page 63 rp)City of Agenda Plymouth Number: Adding Quality to Life To: Local Board ofAppeal and Equalization LOCAL BOARD OF APPEAL Ft Prepared by: Janene Hebert, City Assessor EQUALIZATION MEETING Appeal in Writing April 22, 2014 Item: IH2 Property Illinois LLP 04-118-22-44-0029 1432054th Avenue, Plymouth NIN 1. ACTION REQUESTED: Approve the reduction of the 2014 market value from $741,100 to $668,100. 2. BACKGROUND: 2 Lindsay Cremona, an attorney with Anastasi Jelum, PA contacted the City of Plymouth Assessing Division on April 8th to appeal the value of 14320 54th Avenue owned by IH2 Property Illinois LP, d/b/a Invitation Homes. Tammy Anderson and Paul Kingsbury met Chris Nelson, Invitation Homes, at 14320 54' Avenue. The property is located in the Glacier Vista neighborhood overlooking Lake Pomerleau. The property was a custom built home that had many features that would not be recognized as exceptional in today's market. Tammy Anderson reviewed five recent sales similar to the subject. After adjusting the sales for minor differences, the reconciled value was $668,100. The analysis and conclusion were presented to Ms. Cremona on April 15, 2014, conveyed to the property owner, and accepted. Invitation Homes respectfully requests to reserve its right to appeal the valuation of the property to the County Board of Appeal and Equalization should they have an appraisal that supports a lower value. Page 64 City of Plymouth Assessing Division 2014 Local Board of Appeal and Equalization Assessment Application 3400 Plymouth Blvd Plymouth, MN 55447 Phone: 763-509-5360 Fax: 763-509-5060 Email: assessing@plymouthmn.gov Return this form to'thekCity. of Plymouth Assessing Divisio6 no later.than"lbiil 4' . By submitting this application your appeal w111 be entered into the record. You are not required to attend the Board meeting. Office Use Only Date Returned: Received via: Dale Withdrawn: Withdrawn via: Dist Nbad Appraiser Home Number: 713-393.1250 Work Number: Cell Number: Owners Name(s)'"2I-rtv10inoikLP. aoeuwueumuedPalnersNp Fax Number: Address: 5509 NCumnerland Ste SOS adca{c. x Zip Code: 6"18 Email: Property ID: g I i A 2 Z 4 4 UO 2 01 Purchase Date: _ (0 - Z 1^ 13 Property Address: 14320 54th Avenue N Plymouth, MN Purchase Price: 119.1!51.000 Was it listed for sale? Yes--)L—No Was the property a foreclosure, short sale, purchased from a friend or relative, or a relocation sate? If yes, please explain: N Ilk 2014 Assessor's Estimated Market Value: t-1yk 10go . 00 Additions, renovations, or improvements since purchase: Plus Nij imf'ajWmewPs, n.GW Washevmd clryer Cost of improvements since purchase: Owner's opinion of Estimated Market Value 7123.97 as of January 2, 2014 4 (0 3 2 , 12. Is .9-1. What are the reasons or documentation supporting the owner's opinion of market value? Please attach supporting Documentation) Signature of applicant Date /A. 7. Page 65 ANASTASI I JELLUM Y01'h I h(,A1. D1'I'AKTAIFNIR, 14985 60"' STREET NORTH I STILLWATER, MN 55082 PHONE: 651-439-2951 1 FAX: 651-439-1417 1 M-LAw.com Lindsay W. Cremona Lindsay@AI-Law.com Direct: (651) 332-8334 April 8, 2014 City of Plymouth Assessing Division Attn: Janene Hebert 3400 Plymouth Blvd. Plymouth, MN 55447 VIA EMAIL RC: Invitation Homes/Hennepin County, City ofPlymouth Taxes Payable in 2015 Our File No.: 16807 Dear Ms. Hebert: Our office represents I1-12 Property Illinois, LP, a Delaware Limited Partnership, d/b/aInvitationHomes ("Invitation Homes"), with respect to various matters, including the2014assessedmarketvalueappealforthatcertainrealpropertylocatedat1432054t1iAvenueNorth, Plymouth, Minnesota, PID No. 411822440029 ("Property"). According to the Hennepin County Assessor's Office, the 2014 assessed market value oftheProperty, as of January 2, 2014, is $741,000.00. It is Invitation Homes' position thatthe2014assessedmarketvalueofthePropertyis $632,123.97. This number represents Invitation Homes' purchase price of the Property of $625,000.00 and Invitation Homes' subsequent costs of improvements on the Property of $7,123.97. In support of Invitation Homes' 2014 assessed market value of the Property, enclosedherewithpleasefindthewarrantydeeddatedJune20, 2013 and the closing statementwithrespecttotheProperty. Please send all correspondence regarding the 2014 assessed market value appeal of thePropertytotheundersigned. Should you have any questions, please feel free to contactus. 4S erely, d y . Cremona enc cc: Tania Tamarit @ Invitation Homes ANASTASI . JELLUM April 4, 2014 I1-12 Property Illinois, L.P. 5509 N. Cumberland Ave., Suite 505 Chicago, IL 60656 14985 60"' STREET NORTH - STILLWATER, MN 55082 PHONF".:651.419.2951 . FAX:651.439-1417 AI-LAW.I:OM GARTH G. GAVENDA GARTH@Af-LAW.f:I1M DIRECT. (651) 332-8312 VIA ELECTRONIC MAIL This shall confirm that I1-12 Property Illinois, L.P., a Delaware limited partnership11-12'), has retained our firm to represent it in various matters including, but not limited to, pursuit ofproperty tax appeals and negotiations regarding the valuation of real properties owned by IH2 in the State of Minnesota. We are very pleased that you have selected our firm to handle IH2's legal matters, and we look forward to working with you. Please do not hesitate to contact us if you have questions at any time. Sincerely, s/ Garlh G. Gavenda ANASTASI JELLUM, P.A. IS HEREBY AUTHORIZED TO ACT ON BEHALF OF IH2 PROPERTY ILLINOIS, L.P. IH2 Property Illinois, L.P. a Delaware limited partnership) 1181a1, jbins as auitinu d signorfor IH2 Propedy Illinois L.P., By: ADdewel L ded PaltneM* u•4 •I Its: Page 67 A 'us,wYiMrlu ieiwune unu+w..am+.r e, -- -"••. "TYPIOfL.. .. 6E77L6MEM o"r 0. •. Muf f I'' lc u' unwsNetworkTitle OTAT6M Inc, . tinYA . WI1u. . . . 371 Commerce Court i6seRowr4elawl€fe WARK3 uweIt100047090-002 IH Vadnea He?hls, MN56127 1--- 651)482.8614 '..MOIITSAxsauRAne6e.sefasreui ' - -'— FINAL i a wr6 Tldefam1aheNsh:d le Olrs Yea s m11me 0eledwleesamnd Dasa. AmpunbOWNb+ndbyme eWsuersepemereefmwmIlerr4 ^'e0.b iP,O.C.l werePe10 muldeftoaerc OW we0swnhersforNermetbnelpwpo" and se callasbded M Iho folds, Al10REUOFSWW)WEA: 2075 South Cottonwood Drin Taupe, AZ86282 EMMOF no. WOOZI UZOWNe—sources - .'----' ADDRESSOI66LLM 120 Lon"W Drive Norwell, MA 02061 F. ROME OFLEn0E1C ..• - --- •--- - AOOMROFLEN06R; omacnly prS4wu . 14J2064th Avenue N " " – Pympulh, MN 85448 Hennepin County 04.118.2244-0028 Lot 17, Block 8, Gls wVats1ts6rYLtafrAscer:—'"NetworkTWsine. -- KACE orserrl2AK:ar. 971 COmmsrcs Court, Vedneis Helphb, MN 55127 LAID-f1lNr0AiE: - 0121Yi0t9 PROINTIONa16: 11122111013 ols6i11iandgerwTe: . _ _•..__ 1^VgMUW.K6Afjr1Q1L K. 81MAMRYOF SELL61r6TMNSAO_TpNb0.=' 01106 ANDUNtWli nflllttft€!>i - :. `d ®.`•v°'_:^^;i, ,. —' 101: OenhqSlee Prla BIa 000 00 -401- CWreq Seae Pyla 402. Pens" IRmp" •. 2.012.26 4 - AM ...... 0.7 AM.._...... 41 .. ... .. its_ _ - 1 —..... __ "'-.•-... — ---. __ - - _ _ . 20l- PnifOb lsnwiMoleswWn(et M ,r.two... 29L ME 2W. 200. 2od JUSiIRJITB Foemwwu -_aM TO 213. tl1. 602. 8dllertsnl eher6eeaea(er,lAne 14001 - 601 Edd6lsasnt7)aLa ro ..'–”" 6-, PryoIIW1 ,-dmoim+WlaeiW - 6r1Q. 0a7.. . foAlaTnErTSFORITELSWAOD 6YSELLS& sit, c4ardy-raaas 610 _ 06Y/TownTeta 616. n 616. an. IRON) t Q TO)SMAN Page 68 SW, 1%ridenl:apxS«1.Pe , DOT,N,1 PPlbn lee ... _. _ -- --' 802. 1— an Plea a tl 6ii(AG'O7$Fbi:-`v'?;?'stF :v =!' - r-, ,. ^,-+^r•—• Doty InertFmm a T. 00; MaIIo mur_rco Pmnhim /« Mon01(OR r. 10.5 r _ - • r ..•r--'^-- pES@NF8Dg001 PWiTN •. • .r _ _ _ _ ___. _ ioc,: +lc.rim,um,a •a«m's -• -varean ..., _ _. _. .. . • _ Ivor. —'-- —9.00 P...m - _.... _ _. ... 100/, mmM®i_ P..." - _.,.. .. .,.••.: - ._ fim:—$gNimiM«eeNroa: a N.1woMmu•,ma r s. f 'f'.., ;-:F-'-0•t, :a_.: .1:-,.i. i tsooa INZ AMlrael «IBIs,9 rell ___ Hol Tri: ,r.mm upn lionlrie 110.4: IPmPn•tlon _ 1100., Nal aat ._. --, -..__ .. .. ._ _.-_ _.• ... 1107. Atlp_i•, ' tWWNWonMartywwww 1106; Tri -l..« o•NeaodtrdlclnS +•• r.•n.•.,.r». -,>- . 1tt leet'Sr..um n - 11( 2 AM . ... .. eDOViW1wi"- o• • iuiiYal9En,eN lcoea, ^', i • _ .. r -• .• P a - ..,,'_ N_ .. idln:F,ar.o:ds _ .uooA+oryspst a.ri e'et.,.___ - ._,._...,,_, ., { , 1x62 14.a1W.eW.npe P sds ixai ` saa 1 Anaroe Deals fHont,ns Y1'- iMAlOao'1i IdEeir.7.:3 ,f,_.fi•,-'=—,.._•,-,•.,'__,.. ... Y_ao•:`._:':r.'r' -• 1303. 1000 1, rorKas TCINROfia fErNraeMfOa,ea4on J•«q•M7eY, Jemm '" It— IQIQ Pnpnbrimeb, .. D UmlfedPsdms* 6Y N WZ di4 peA.111 TIaNU01 n1WiM11hn, beiaen0«abbwMNdliftSmedbn IbmMINWYAammIaad. bbebbmodInwadr okhft N""", BNYanW Appy ^ aeM WAffifft,b odmbbaWglYeaa blYF«ddea e•a Tae nUB,Cads 9«ibn /ODlenas.dmn1014 Page 69 A U.0. OVMTMSWOfHMGNO MD U"MDMI.OftAW SETTLEMENTSTATEMENT Network Title Inc. 371 Commerce Court Vadnais Heights, MN 55127 651) 482-9514 FINAL OF LOAN 1. LJ Fria 2. LJ FMNA 9. CONN. UNINS. 4. VA 6. CONV.INS. 6. ESCROWFILE NUMBER: 7. LOAN NUMBER: 00047990-002 IH S. MORTGAGE INSURANCE CASE NUMBER: F Fxs Form IN Twm3n6Q co glove you a statement Or actual settlement costs. Amounts paid to and by thesettlement agent are shown. Items melked "(P.O.C. i were paw outside the closing; they are shown here forinformational purposes and are not includedin thetotal& D. NAME OF BORROWER: 11-12 Property Illinois LP ADDRESS OF BORROWER: 2075 South Cottonwood Drive Tempe, AZ 85282 E. NAME of SELLER: Welchert Relocation Resources Inc. ---- — ADDRESS OFSELLER; 120 LOngwpter Drive Norwell, MA 02061 F. NAME OF LENDER CASH ADDRESS OFLENDER: 0. PROPERTY LOCATION: 14320 54th Avenue N Plymouth, MN 55446 Hennepin County 04-118-2244-0029 Lot 17 Block 3 Glacier Vista H. SETTLEMENTAGENT: Network Title Inc. PLACE OF SEMEMENT: 371 Commerce Court, Vadnais Heights, MN 55127 I. SETTLEMENT DATE,. 6/20/2013 PRORATION DATE: W(V2013 DISBURSEMENT DATE 210. Cit own Taxes 510. Citylrown Taxes 211. CountyTaxes 511• CountyTaxes 212. Assessments 1512. Assessments 213. 215. W-1 220. TOTAL PAID BYWOR BORROWER: 301. Cross amountdue from Borrower ( line 12 302. Lees amount pew by/for Borrower ( line 22 303. CASH ( FROM ) ( O TO) BORROWER: 515. 516. 517. 518. 619. 520. TOTAL REDUCTIONS IN AMOUNT DUE SELLER; 602. Less reduction in amount due Seder (line 5: 603. CASH I fC] FROM) ( ® TO) SELLER: 716,015.85 625,329.06 716,015.65 90,656.79 Page 70 I have carefuly redevsdthe HUD4 Sellement Statement and b thebastof my knowladpe and be8er, k Is elms and accuratestatement fa noel and disbursements made onmyaccountorbymeInthistransaction. 1 Airliner cwtlfy that1have received a owofthe HUM SettlementStatement. 7chRelocall $1s 1 Sellers TheHUai Sol antStatement Idr I have prepared It a Yueandaccurate accountofthistransaction. I have caused or all cause the fundo to be disbursed N accordancewiththis statement / nSettlementAgent `' Date Network Title Inc. WARNING: Me acrimeto knoWnply make fain statements tohe UnitedStates on he orany sImilerform. Penalles upon convictioncan Include aOne and Imprisonment Fordetalls see: Title 18 U.S. Cade Settlor 1001 and Section 1010. Page 71 Escrow Number. 00047990.002 IH BREAKDOWN OF PAYOFF ON HUD LINE 604 Wells Fargo Home Mortgage Description1HomeCampusPrincipalBalanceDesMoines, IA 50328 Loan # 0159370121 Total Payoff Total as shown on HUD line 504. 675,281.16 BREAKDOWN OF PAYOFF ON HUD LINE 506 Wells Fargo Description 2324 Overland Avenue Principal BalanceBillings, MT 59102-6401 Loan # 650.650-5484811-1998 Total Payoff Total as shown on HUD line 505. 56.00 Amount 675,281.16 676,261.16 Amount 56.00 66.00 Page 72 A. u.E.ovwnrENTaHOLOM wouasu VEALOPUEM B. TYPE OF LOAN SETTLEMENT STATEMENT 1. Lj FHA 2 0 FMHA 3. CONV.UNINS. Network Title Inc. 4. vA 6.0 CONN. INS. 371 Commerce Court 8. ESCROW FILE NUMBER: 7. LOAN NUMBER: 00047990-002 IH Vadnais Heights, MN 55127 651) 482-9514 8. MORTGAGE INSURANCE CASENUMBER: FINAL C. NOTE: This ram Is Rsnished togAre youa statement oractualsetilemerd costs. Amountspad toand bythe settlementagentare shown. Nems manked '(P.O.Cr werepall outside the dosing; they are ahawmhere lorlMommallonel purposesandarenot tnoAWed /n the totals D. NAME OF BORROWER: I1-12 Property Illinois LP ADDRESS OFBORROWER' 2075 South Cottonwood Drive Tempe, AZ 85282 E. NAME OFSELLER: Welchert Relocation Resources Inc. ADDRESS OF SELLER: 120 Longwater Drive Norwell MA 02061 F. NAME OF LENDER: CASE( ADDRESS OF LENDER: G. PROPERTY LOCATION 14320 54th Avenue N Plymouth, MN 55446 Hennepin County 04-118-22-44-0029 Lot 17, Block 3, Glacier Vista K SETTLEMENTAGENT: Network Title Inc. PUCE OFSETTLEMENr. 371 Commerce Court, Vadnals Heights, MN 55127 I. SETTLEMENTDATE: 6/20/2013 PRORATION DATE: 6/21)/2013 DISBURSEMENT DATE: J. SUMMARY OF BORROW'STRANSACTION K SUMMARY OF SELLER'STRANSACTION I1-,jjdw60AL%nNNMKMNJ==NWKW, 101. Contract Sales Price 625,000.00 401. Contract Solea Price 625,000.00 102. Personal Property 402. Personal Property 103. Settlement chargesto Borrower (line 1400) 2,012.25 403. 104. 404. 105. 405. 210. Ctlyrrown Taxes 510. CN /Town Taxes 211. CountyTaxes 511. Countif Taxes 212. Assessments 512. Assessments 213. 513 214. 614. 215. 515. 218. 516. 217. 517. 218. 618. 219. 6 220. 301. TOTAL PAID BYIFORBORROWER: Gross amount due from Borrower( line 120) 6,000.00 627,341.31 62a o 1 801. TOTAL REDUCTIONS IN AMOUNTDUESELLER: Gross amountdue to Seller (line 4201 716,015.85 625,329.08 302. Less amount paid by/forBorrower ( line 220) 6,000.00 602. Less reduction In amount due Seller (fine 620) 718,015.85 303. CASH ( MFROM) ( D TO) BORROWER: 621,341.31 603. CASH (® FROM) (0 TO) SELLER: 90,686.79 Page 73 I havecarelully reviewed tMHUD -1 SMeementSlaterreM le, and b thebest of myknowledge and CeIlis atrue and saxrate detenant ofatl bb anddisbursementsmade on my moue or by mein this transection. IUrhw canifythatI havereceiveda copyofIM HU061 Settlement Slatemant. / I1-12 Property Illinois, LP, a Delaware United Partnership By Naten Zadik, Its Authorized Signor Walyd R.I. RBidGrce Borrowers `,/ Sellers TheHUMSel Statementwhich I have prepared Is a trueand eccurab account ofthis transaction. I have causedorWI cause thepadsb be dtalwnedIn accordance withthis statement (- l3Sanl.mealAg.rN ar Dere Network Inc. WARNING: Kleacrimeto lanowkngly make false statements b theUnitedStates on Idsorany sirdlerform. Penalbs upon conviction can Inckede aft and Imprisonment Fordelalls see: Title 16US. Code Section 1001 andSection 1010. Page 74 EscrowNumber. 00047990-002 IH BREAKDOWN OF PAYOFF ON HUD LINE 504 Wells Fargo Home Mortgage Description 1 Home Campus Principal Balance Des Moines, IA 50328 Loan # 0159370121 Total Payoff Total as shown on HUD line 504. 675,281.16 BREAKDOWN OF PAYOFF ON HUD LINE 505 Wells Fargo Description 2324 Overland Avenue Principal Balance Billings, MT 59102-6401 loan # 650-650-5484811-1998 Total Payoff Total as shown on HUD line 505. 56.00 Amount 675,281.16 675,281.16 Amount 56.00 56.00 Page 75 C.V. filed_X_C.V. not req. No delinquent taxes Transfer Entered Aug 14, 2013 8:00 AM Hennepin County, Minnesota Mark V. Chapin County Auditor and Treasurer 11111111 IIII IIIII IllllIIfl1 IIIII IIIII IIIII IIIII ILII IIII Doc No A09993312 Certified, filed and/or recorded on Aug 14, 2013 8:00 AM Office of the County Recorder Hennepin County, Minnesota Martin McCormick, County Recorder Mark V. Chapin, County Auditor and Treasurer Deputy 33 Pkg ID 1016307E CRV# 155433 Doc Name: Warranty Deed Document Recording Fee $46.00 State Deed Tax (.0033 rate) $2,062.50 Conservation Fee $5.00 Document Total $2,113.50 PID(s) 04-118-22-44-0029 This cover sheet Is now a permanent part of the recorded document. Page 76 Individuals) STATE DEEDTAX DUE HEREON: S-21 U `+ " Date: June 20, 2013 Warranty Deed FOR VALUABLE CONSIDERATION, Chandra R. Holt and Matthew Dale Holt, wife and husband, Grantor(s) hereby convey(s) and warrant(s) to IH2 Property Illinois, LP, a Delaware Limited Partnership Grantee(s), real property in Hennepin County, Minnesota, described as follows: Lot 17, Block 3, Glacier Vista, Hennepin County, Minnesota. together with all hereditaments and appurtenances belonging thereto, subject to the following exceptions: Covenants, Conditions and Restrictions and easements ofrecord, ifany. Zk box if applicable: e Sellercertifies that the Seller does not know ofany wells on the described -real property. A well disclosure certificate accompanies this document. O 1 am familiar with the property described in this instrument and I certify that the status and number ofwells on the described real property have not changed since the last previously filed well disclosure certificate. Page 77 v ' I^/Idr, JR. Holt AffixDeed Tex Stamp Here Chandra Matthew Dale Holt STATE OF e-f'A —TZ LrtiO/S COUNTY OF CaO k On this day of 1 p/ 5-r 3 , before me, the undersigned, aNotary Public in and for said County andatq personally appeared Chandra R Holt fill in marital status), Grantor, known to me to be the person whose name is subscribed to the within instrument and acknowledged to me that s/he executed the same. NOTARIAL STAMP OR SEAL (OR OTHERTITLE ORRANK) om" ilml Aneek AhNs wn No" Pditft" 01on* COOCWAV My Cam. son Msy xx, x014 A+ELJ9 ,yr 9ri1 e,i '7ti4J STATE OFXIIDID1}3SATA-1L COUNTY OF LC SIGNATUREOF PERSON TAKING ACKNOWLEDGMENT Check heroifpart orall ofthe land is Registered (Torrens) Tax Statements for the real property described in this instrument should be sent to (Include name and address ofGrantee): On this day of L— , before me, the undersigned, a Notary Public in and for said Count and, ors ally appeared Matthew Dale Holt fill in marital status), Grantor, known to me to be the person whose name is subscribed to the within instrument and acknowledged to me at s/he executed the same. NOTARIAL STAMPORSEAL (OR OTHER TITLE ORRANK) OM" Nd AnMb ANWhnn Notary Ahim. @med mob MY Comm. DowMW !x, x014 I%f A A s r9yrl 1 THIS INSTRUMENTWASDRAFTED BY (NAME AND ADDRESS) F.R.S. 708758 418306-000564 120 Longwater Drive Norwell, MA 02061 SIGNATURE OF PERSON TAKING ACKNOWLEDGMENT Tax Statements for the realproperty described in this instrument should be sent to (Includename and address ofGrantee): IH2 Property Illinois, LP 1JLL.ULAWVVUj Dr 8526 575bg e-#1e.4f.0, CL, 606SZQ Page 78 City of Agendarp) Plymouth Number: Adding Qyality to Life LOCAL BOARD OF APPEAL & EQUALIZATION MEETING April 22, 2014 To: Local Board of Appeal and Equalization Prepared by: Janene Hebert, City Assessor Appeal in Writing Item: IH2 Property Illinois LLP 11-118-22-23-0077 5145 Larch Lane, Plymouth MN 1. ACTION REQUESTED: Approve the reduction of the 2014 market value from $300,500 to $292,700. 2. BACKGROUND: Lindsay Cremona, an attorney with Anastasi Jelum, PA contacted the City of Plymouth Assessing Division on April 8th to appeal the value of 5145 Larch Lane owned by IH2 Property Illinois LP, d/b/a Invitation Homes. Tammy Anderson and Paul Kingsbury met Chris Nelson, Invitation Homes, at 5145 Larch Lane. The property was purchased out of foreclosure August 2013 for $239,900. The property was in need ofapproximately $38,500 in improvements including new carpeting, flooring, and other items. Paul Kingsbury reviewed recent sales similar to the subject. After selecting the three properties most similar to the subject and adjusting for the condition and other minor differences, the reconciled value was $292,700. The analysis and conclusion were presented to Ms. Cremona on April 15, 2014, conveyed to the property owner, and accepted. Invitation Homes respectfully requests to reserve its right to appeal the valuation of the property to the County Board of Appeal and Equalization should they have an appraisal that supports a lower value. Page 79 City of Plymouth Assessing Division 2014 Local Board of Appeal and Equalization Assessment Application 3400 Plymouth Blvd Office Use Only Plymouth, MN 55447 Date Returned: Phone: 763-509-5360 Fax: 763-509-5060 Received via: Email: assessing@plymouthmn.gov Return this form to the City of Plymouth Assessing Division no later than "rill 4.2014. By submitting this application your appeal will be entered into the record. You are not required to attend the Board meeting. Owners Name(s)IH1property INtnots, LP, a DeMware t1m8edPartnership Date Withdrawn: Withdrawn via: Dist Nbad Appraiser. Home Number: 113.89317SO Work Number: Cell Number: Fax Number: Address: SS09 N Cumberland Ste 505Mugu, Il Zip Code: 6or1B Email: Property ID: I III b ZZZ 00 -1-1 Purchase Date: 4'+, - Z 3 - I$ Property Address: 5145 Larch Lane Plymouth, MN Purchase Price: _% Z'Vt , 10 0 • VO Was it listed for sale? Yes__ No Was the property a foreclosure, short sale, purchased from a friend or relative, or a relocation sale? If yes, pleaseexplain:_ I A 2014 Assessor's Estimated Market Value: ' $00, 500.00 Additions, renovations, or Nem cavpe'-rI 1pIOovlykj , COnG1 1rG WO rIC, improvements since purchase: `U\d$Ca?iV ol , (1OUVIV a yrs, 1;Ndge t fI G YICa G , waShe a Cost of improvements since purchase: 38539.95 What are the reasons or documentation supporting the owner's opinion of market value? Please attach supporting Documentation) Signature of applicant Date _ • 7• // Owner's opinion of Estimated Market Value as of January 2, 2014 A_ 1. -7 ) Li ,;9 •9 5 Page 80 ANASTASI I JELLUM 1'(WR LEGAL D1-1'AK—f,1,11:NTs 14985 60T" STREET NORTH I STILLWATER, MN 55082 PHONE: 651-439-2951 1 FAX: 651.439.1417 1 AJ-LAW.COM Lindsay W. Cremona Lindsay a.AJ-Law.com Direct: (651) 332-8334 April 8, 2014 City of Plymouth Assessing Division Attn: Janene Hebert 3400 Plymouth Blvd. Plymouth, MN 55447 VIA EMAIL RE: Invitation Homes/Hennepin County, City of'Pdymouth Taxes Payable in 2015 Our File No.: 16807 Dear Ms. Hebert: Our office represents I1-12 Property Illinois, LP, a Delaware Limited Partnership, d/b/aInvitationHomes ("Invitation Homes"), with respect to various matters, including the2014assessedmarketvalueappealforthatcertainrealpropertylocatedat5145LarchLane, Plymouth, Minnesota, PID No. 111182220077 ("Property"). According to the Hennepin County Assessor's Office, the 2014 assessed market value of the Property, as of January 2, 2014, is $300,500.00. It is Invitation Homes' position that the 2014 assessed market value of the Property is $278,439.95. This number represents Invitation Homes' purchase price of the Property of $239,900.00 and Invitation Homes' subsequent costs of improvements on the Property of $38,539.95. In support of Invitation Homes' 20I4 assessed market value of the Property, enclosedherewithpleasefindthewarrantydeedandtheclosingstatementwithrespecttotheProperty. Please send all correspondence regarding the 2014 assessed market value appeal of thePropertytotheundersigned. Should you have any questions, please feel free to contact us. S rely, ay W. Cremona cc:Tania Tamarit @ Invitation Homes ANASTASI : JELLUM sf April 4, 2014 IH2 Property Illinois, L.P. 5509 N. Cumberland Ave., Suite 505 Chicago, IL 60656 14985 60"' STREET NORTH - STILLWATER, MN 55082 PHOW 6SI-459.2951 FAX: 651.439.1419 AN AW.1:OM GARTH G. GAVENDA GARTH®AI-LAW.00M DIRECT: (651) 332.8312 VIA ELECTRONIC MAIL This shall confirm that IH2 Property Illinois, L.P., a Delaware limited partnershipIH2"), has retained our firm to represent it in various matters including, but not limited to, pursuit of property tax appeals and negotiations regarding the valuation of real properties ownedbyII12intheStateofMinnesota. We are very pleased that you have selected our firm to handle I1 -12's legal matters, and we look forward to working with you. Please do not hesitate to contact us if you have questionsatanytime. Sincerely, Is/ Garth G. Gavenda ANASTASI JELLUM, P.A. IS HEREBY AUTHORIZED TO ACT ON BEHALF OF IH2 PROPERTY ILLINOIS, L.P. IH2 Property Illinois, L.P. a Delaware limited partnership) Nalarcaws as autrcxzad slpnorfor IH2 ProperyINinas L.P., By: Allelerral~iliniladPArtnerahlp 6.4 • Its: Page 82 A. .LOMAIg11/fw1 o11aa10 alA41iWOMO,pRTRt`1p:NTSTATEMENr ®• TYPEOF LWW Nelw+Drk Title Ina 1. FfiA y Hwu s, 371 Commerce Court ` 0. s. O cow, Ris. S. EtCAOWFILENUMBM 7 Vadnait Heights, MN 65127 O8U2-o021H3 651) 482.9614 a MDRMGE1N8URANCECAN NWWR7 c. NoiCs 7NS Aum b Rsnl hed ro plYs yaB sa[a>fanen(olaaduslsemertaant costs. AMWtspsld to madbytbs,,ft srdenwFBd9%a.O.Grwwepaal M&dsla.d mye8 hownbaehrMomaBO'onBi gwrsemft D. NAME DF BORRDYYtlItIH21 A.,—{7 IwnOit puiposBs ffi7dsirrAQrrDMdadhNptorefc ADORE= OF BDRRowMt. 6609 N Cun bOftndAvenue suite 5D5 E NAMEOPs Ch 160696 US Sm NA M Tteerusfor RASC 2006-EMX3ADORFssoFeaLEt1525S. Belt Una Rd. Co I g VF. NAME OF LENDER: CASH ADORMOFLOOM O 4lg0tR { 3 L' a PROFS Y LOCATION: 5145 LB= Lane N Plymouth, MN 55442 Hennepin County 11-118-22-23.0077 PLACEOFSErnsmEmr 211 220. T'OTA1. PNO 9YB ORxnstv..e. 70A CABN (BIPR= 115worKTme 1nD. 171 um 600.00 Page 83 I/ I hvwcml* mWeflsddrHU6d SalI wdSWwnmtand b thebastof nykmwbdpa armbdd kb anus and mamma ditmwdof d nalpb arodhbutamwda mads m my edmmdarbymehttdslmmvdd6 Ilb * wcmW dW Ihawmd~ macp/dtb HU61 SsftnW SktwnsYt Seaede ' sAbb Ssaadadrad mdal eorrswsis The HUD-/SeflwnerdSmomemahkhIheropw&,odkabwpndsmumeatom" sfddstnrcadsom Itwosoundsrdpcwsedwkndabbedkbaasdhawwdmncewkhthle dKoffl rd SdkvwdApam Dan HebvakTAN Int. ' WARMWQ: Ak aaNrNkwvk* telefslnsbtemwb b hsUded $*a an Noasfyshbrfam. PahsAee tbon csmlekmcwlFicludeaMs wm Mnpdadmeh[ Fordafds sac 7bs16UA.CadoS*atbnlWl&W$*dbn1010. a Page 84 HUDLine D: (Name or Borrower) IH2 Property Illinois LP 5509 N CumbedandAvenue, Sults 505, Chicago, IL 80056 HUDLine E (Name of Ssaeq US Bank N.A. as Trustee for RASC 2006-EMX31525S. Bell Une Rd., Copell TX 75019 1havena rby n in thisd the ctl* nU0. 1 8stlemeM Slelemenl and b 0rebeffi d rryknowledge andtom, k h atnre end aoaxale ffiabnem of ffiI rgtpti anddhiursemente made onmyaecouNnbymaNthioIraneadbn. 1 turdrer carify that Ihave recalmd a cM dthe HUD -1 Sett n Sla tnlere. Bonoweft Signatures* IH2 PropertyIllinois, LP, a Delaware Limited Partnership By Natan Zad1k, Its Authorized Signor aellery Signawm: US Bank NA as Trustee forRASC 2008-EW3 by Ocwon loan Servvicing LLC Its AtI y M fad A Network 7TOe I ant Agent Dais WARNING., aisscrimtolm vftlytrain falaas0atemaneblieUnkedSlats$Onfdawarys"arform. Penageeser. Title 18U.S. CodeSection 1001 andSection 1010, aomlcUmCan i ckdeafire and Imprlaorarenl Fordelffile Page 85 Eamm Nanbsc 00046642-02 IFf9 HUD LiesD: ohm ofBamwep Bit PmpwW Ilinob LP 6609 NCm 6wWWAvamm, Suis MG, Chkago. IL60066 - HUDUrn E vemsofsses) US Suds NA as Tmoos for RASC2DO543IX3 1525 S. SetL.kaR(L, Copal, TX 75019 I lane osrekgy F04wad paHUD -1 SatGemedStdemeldsobftbegafnVkroaiedpe end 64\k a busand awLymedsbasN Of WI MOW arddbibUr Wwbmeds anmyseoouderbymebfNshamadlon.Ibrtwcw*Owflhewmo"deeWofftrHJC),I$W SWemeid. sow% : US Sot I asTrustee for RASC 2006eMXX333 byrvidAf1CReAComey y d( \\12 LA OVAevth, Nwhxnrk T1He Inr. WARNING: kbaedmsio arlatsbsssdemwac40relMW6tdoonslsorauyshierfam. PaisffesupammrmWfbncan Include aOne edkspdwnm-nt fordeWesetT&illUS. CodeSoc6o1110WandSedbn1014 Page 86 FsaowNW60c. OGDORI- 02013 HUD 1113 DETAILED BREAKDOWN OF ADDITIONAL TITLE CHARGES Dneription Amount 1114. Document Preparation to Prism Title 100.00 / 1115. Title Curative to Chicago Tote 100.00 Total as shown on HUD page 2 Line #1113 200.00 HUD 1200 DETAILED BREAKDOWN OF GOVERNMENT RECORDING AND TRANSFER FEES Amount 1202. City & County Tax/Stamps Amount 1203. State Tax'Stamps StateTax/Stamps: Deed SS1SM Total as shown on HUD page 2 Line 01203 815.58 Page 87 K suntEMENrOTATBIW Netvtaric Title Jm 871 Commerce Court Vadrgds Heights, MN 66127 1. ""' -" "^E iMW m851) 482-9514 G. NQr6: •7'h brtn m AmWNddDpvs /cN ateWadrAlaeCtlwneAf Ogef& Mp4TtSPad WW1dhY6m i9 WkipMfwalroWrtAwnmMwWjAO.C)•W"pkklAWdrOido*ngftasationahasbrj*mwftWpurpamxandwn0ftA vdhBamrers o. pp AuoRsseofuORROWRK* 6609 N CumbeAend Avenue 8utle 606 KwearsLLE•. US Bank kAMStms forRASC 2006-EUX3 AOORM OFBELIM 1525 S. Belt Una Rd. V CogsO_ 3, 75019 F. NAMEDPL$IoeR; CP1bJ1 ADORMS OFLOWSt G. ?RQPWYLMTIOM 5145, Lme N Plymouth, MN 65442 Hennepin County 11-118-22-23.0077 Lot 23, Block 7 Creekwood Htls 3rd Additlon H.•SeTnvmwrASw- Network TWe Ina - Page 88 C.V. filed_X C.V. not req. No delinquent taxes Transfer Entered Oct 10, 2013 8:00 AM Hennepin County, Minnesota Mark V. Chapin County Auditor and Treasurer Doc No T06123490 Certified, filed and/or recorded on Oct 10, 2013 8:00 AM Office of the Registrar ofTitles Hennepin County, Minnesota Martin McCormick, Registrar of Titles Mark V. Chapin, County Auditor and Treasurer Deputy 59 Pkg ID 1040530E CRV# 169402 Doc Name: Warranty Deed Document Recording Fee $46.00 State Deed Tax (.0033 rate) $791.67 Conservation Fee $5.00 Environmental Response Fund $23.99 SDT .0001) Document Total $866.66 PID(s) 11-118-22-23-0077 Existing Certs New Certs 1373639 1376601 This cover sheet is now a permanent part of the recorded document. Page 89 State Deed Tax Paip$1a. LP( SPECIAL WARRANTY DEED KNOW ALL MEN BY THESE PRESENTS: That U.S. Bank, National Association, as Trustee for RASC 2006-EMX3 ("Grantor"), a national banking association organized and existing under the laws ofthe United States ofAmerica, whose address is l 100 Virginia Drive, Fort Washington, Pennsylvania 19034 for valuable consideration to it paid by the grantee herein, the receipt and . sufficiency ofwhich are hereby acknowledged, does hereby bargain, sell, grant and convey, but without recourse, representation or warranty, except as expressed herein, to I112 Property Illinois, L.P., aDelaware Limited Partnership ("Grantee'l, whose tax mailing address is 2075 South Cottonwood Drive, Tempe, Arizona 85282, all ofGrantor's right, title and interest in and to that certain tract or parcel of land more commonly known as 5145 Larch LaneNorth, Plymouth, Minnesota 55442 more particularly described as follows: (the "Premises"): Lot 23, Block 1, Creekwood Hills 3rd Addition Parcel Number: 11-118-22-23-0077 Subject to covenants, easements and restrictions, ifany, appearing in the public records. Being the same real property acquired by the grantor herein by virtue of a Deed recorded in Document Number T4990757 ofthe Hennepin County, Minnesota Records. Tax Statements For The Real Property Described In This Instrument Should Be Sent To: 2075 South Cottonwood Drive, Tempe, Arizona 85282 And Grantor, for Itself and its successors does covenant, promise and agree, to and with Grantee, grantee's heirs and assigns, that Grantor has not done or caused to be done anything whereby the Premises hereby granted are, or may be, in any manner encumbered or charged, except as herein recited; and that Grantor will specially warrant title to the Premises against all persons lawfully claiming or who may claim the same, by, through or under Grantor but not otherwise. The Orentor covenants and agrees that the grantor has not previously done or committed or willingly suffered to be done or committed any act, matter, or thing that would cause the premises or any Special Warranty Deed Page 1 of 2 Property Address: 5145 Larch Lane North, Plymouth, Minnesota 55442 Page 90 rp)Agenda Plymouth Number: Adding Quality to Life To: Local Board ofAppeal and Equalization LOCAL BOARD OF APPEAL Et Prepared by: Janene Hebert, City Assessor EQUALIZATION MEETING Appeal in Writing April 22, 2014 Item: Subu Mangipudi 19-118-22-23-0059 18925 33rd Avenue, Plymouth MN 1. ACTION REQUESTED: Approve the reduction of the 2014 market value from $553,200 to $529,400. 2. BACKGROUND: 0 Paul Kingsbury met Mr. Mangipudi on April 9`h, 2014 at 18925 33rd Avenue. Paul Kingsbury's review of the interior of the property revealed that the finishes were inferior to what was noted in our records and inconsistent with the neighborhood. Paul Kingsbury identified three properties with similar construction style which sold and adjusted them for minor differences. The reconciled value of $529,400 was presented to Mr. Mangipudi on April 15, 2014 and he agreed to the value. Page 91 City of Plymouth Assessing Division 2014 Local Board of Appeal and Equalization Assessment Application 3400 Plymouth Blvd !' a4' (y:`gtr'.' 't 31;'Offy Plymouth, MN 55447 Date Returned: Phone: 763-509-5360 Fax: 763-509-5060 Email: assessing@plymouthmn.gov Return'ihis fbim;tothe;City o;Plymouth;lssessingb,',' 'i,;91 ',pr;;Y•t'.ti;;%"'i'I;i;!,!i• !;d., Divisionno',:nizl r' Ir ,.. ino' ter 0an`A'4 `264.tB ilu6 tting 0''e, althisapplicationykur "appeal'"will be entered into the record: ; You are riot equired to attend the B 0;; dIjE meeting ,,,,,! h}idai'„ „i'ay?`!?' .' Date: 4-11K Received via: Date Withdrawn: Withdrawn via: Dist Nbad Appraiser Home WE Work Number: p Cell Number: Owners Nam (s) _ 1 1 Fax Number: 4 L Address: 10 ZS 4yt Pi )y Zip Code: .ZQ -4'1O Email: tvViI I Ytive-f®. 1400• cov" Property ID: Purchase Date: Property Address: Purchase Price: i c,o0 Was it listed for sale? Yes No Was the property a foreclosure, short sale, purchased from a friend or relative, or a relocation sale? If yes, please explain: 2014 Assessor's Estimated Market Value: Additions, renovations, or improvements since purchase: Cost of improvements since purchase: What are the reasons or documentation supporting the owner's opinion of market value? Please attach supporting Documentation) Signature of applicant Date 4LI / i q Owner's opinion ofEstimated Market Value as of January 2, 2014 Page 92 City of Plymouth Assessing Division 2014 Local Board of Appeal and Equalization Assessment Application 3400 Plymouth Blvd Plymouth, MN 55447 Phone: 763-509-5360 Fax: 763-509-5060 Email: assessing@plymouthmn.gov Return this form to the`City' of Plymouth ;Assesstng Division no later than Aural 4.2014. By sulimittinv ; this application your,appeal will be entered Into'1 the record. You are'notrequired to attend the Board meeting. k Date Returned: Received via: Date Withdrawn: Withdrawn via: Dist Nbad Appraiser Home Number: Work Number: Cell Number: Owners Name(s) S q U Ha V\ G I 'D U Fax Number: Address: 18 l IS Zip Code: 5 -qq 7 Email: k; esu al /rll F1MRMWIRM[WAMISPS.MSMOTO "V Purchase Date: Property Address: / p 33lCC i411e N Purchase Price: Sgs, b Was it listed for sale? Yes No Was the property a foreclosure, short sale, purchased from a friend or relative, or a relocation sale? If yes, please 2014 Assessor's Estimated Market Value: 653, Dzo Additions, renovations, or improvements since purchase: Cost of improvements since purchase: Owner's opinion ofEstim ted Market Val e as of January 2, 2014 What are the reasons or documentation supporting the owner's opinion of market value? Please attach supporting Documentation) Signature of applicant Date Page 93 Paul Kingsbury From: Subu Mangipudi [vsmangipudi@gmail.com] Sent: Tuesday, April 08, 2014 3:30 PM To: Paul Kingsbury Subject: 18925 33rd Ave N Valuation Paul: Thank you for taking the time to talk to me about the 2014 Valuation Assessment for our home at 18925 33rd Ave N and the process you used to assess the increase in value of our home. As I mentioned, the assessed value of $553,000 (an increase of nearly $50,000 from previous year's value) sounds rather too high. As a reference point, my neighbor's house at 18915 33rd Ave N was sold late last year for $530,000. The data on Zillow.com estimates the value of our home to be about $525,000. While I have not had the need or opportunity to conduct a formal assessment on the value of our home, based on the comparisons I referenced in here, I think the value ofour home would be in the range of $525,000 to $535,000. 1 would like you and the City of Plymouth to consider this information and revise the assessment of my home's value appropriately. Once again, thank you for your time and consideration. If you have any questions, please feel free to call me at 612) 227-7232. Sincerely, Venkata S. Mangipudi 612-227-7232 Page 94 rp) Aenda Plymouth Number: Adding Quality to Life To: Local Board ofAppeal and Equalization LOCAL BOARD OF APPEAL Ft Prepared by: Janene Hebert, City Assessor EQUALIZATION MEETING Appeal in Writing April 22, 2014 Item: James & Heidi Krocak 28-118-22-44-0069 1461023th Place North, Plymouth NIN 1. ACTION REQUESTED: Sustain the 2014 value of $415,500. 2. BACKGROUND: Mr. Krocak appeared before the Local Board ofAppeal and Equalization in 2013 and his value was sustained. He proceeded to Hennepin County Board ofAppeal and Equalization and his value was increased. Mr. Krocak has expressed that he would like to reserve his opportunity to address the County Board of Appeal and Equalization. Page 95 rp)City of Agenda Plymouth Number: Adding Quality to life To: Local Board of Appeal and Equalization LOCAL BOARD OF APPEAL Ft Prepared by: Janene Hebert, City Assessor EQUALIZATION MEETING Appeal in Writing April 22, 2014 Item: Jacqueline Holmbeck 30-118-22-11-0026 1762025th Avenue, Plymouth MN 1. ACTION REQUESTED: Sustain the 2014 value of $280,300. 2. BACKGROUND: 10 Mike VanderLinden met Jacqueline Holmbeck on April 4, 2014 and performed an interior inspection. Based on his review of the property he pulled sales of several similar properties and adjusted the sales for items of differences. The adjusted values ranged between $262,000 and $275,000. Mike VanderLinden discussed the comparables with Jacqueline Holmbeck, Ms. Holmbeck did not agree to any value reduction. Instead, she has requested that her appeal is on record so she can bring the appeal before the County Board of Appeal and Equalization. Page 96 rp) Aenda Plymouth Number: NOMEMOMMMMMt Adding Quality to Life To: Local Board of Appeal and Equalization LOCAL BOARD OF APPEAL Et Prepared by: Janene Hebert, City Assessor EQUALIZATION MEETING Appeal in Writing April 22, 2014 Item: Mary Plooster 32-118-22-24-0035 16855 91h Avenue North, Plymouth MN 1. ACTION REQUESTED: Sustain the 2014 value of $610,400. 2. BACKGROUND: 11 Mary Plooster originally contacted our office on April 4, 2014. Despite staff's attempt to connect with the property owner prior to the Local Board of Appeal and Equalization on April 8, 2014, Ms. Plooster was not able to respond to our call until April 11, 2014. Because Ms. Plooster initially contacted our office prior to the April 8, 2014 deadline, her application is being placed into the record by Janene Hebert to reserve the property owner's right to attend the County Board of Appeal and Equalization. Page 97 rp) Plymouth Adding QNality to Life LOCAL BOARD OF APPEAL Et EQUALIZATION MEETING April 22, 2014 Agenda 12-36Numbers: To: Local Board of Appeal and Equalization Prepared by: Janene Hebert, City Assessor Properties reviewed and adjusted between March 28 and April Item: g, 2014 1. ACTION REQUESTED: Approve the recommend adjustments to parcels that were reviewed and agreed upon by the property owner, or their representative, between March 28 and April 8, 2014. 2. BACKGROUND: For 2014, any changes made less than ten days prior to the Local Board of Appeal and Equalization need to be brought to the Board for approval on an individual basis. In each situation, the property was inspected by a staff appraiser, evidence was provided by the property owner, and staff prepared an individual appraisal of the property that is available for review. Page 98 3. AGREED ADJUSTMENTS: 2014 Value Property owner Parcel Number Explanation for Change Original Revised 12 Joann McMahon 01-118-22-34-0011 Inspection, comparable sales, prepared 483,900 448,000 adjustment grid, 9/13 sale $420,000 and appraisal for $425,000. Owner agreed to 448,000. 13 Hemal Thakkar & 03-118-22-33-0035 Inspection revealed deferred maintenance, 309,500 293,000 Jesal Anarkat rental property. Comparable sales reviewed and adjustment grid prepared. 14 Natalie & Mathias 03-118-22-33-0046 Inspection, comparable sales, and adjustment 371,600 350,000 Anderson grid. 15 Hemal Thakkar & 04-118-22-22-0191 Inspection, adjusted for fireplace and 231,800 223,900 Jesal Anarkat bathroom. Pulled comparable sales, prepared adjustment grid. 16 Hemal Thakkar & 04-118-22-22-0198 Inspection, adjusted for fireplace and 234,100 223,900 Jesal Anarkat bathroom. Pulled comparable sales, prepared adjustment grid. 17 Veerendra & Sunita 04-118-22-23-0081 Inspection, adjusted for fireplace and 198,000 192,000 Bika bathroom. Pulled comparable sales, prepared adjustment grid. 18 Arthur & Cynthia 08-118-22-24-0028 Inspection, pulled comparable sales, and 497,100 475,400 Wenter prepared adjustment grid. Page 98 19 Sandra Raiche 10-118-22-22-0096 Inspection, base model - no upgrades, pulled 299,200 $287,200 comparable sales and prepared adjustment grid. 20 Boris & Marina 12-118-22-21-0040 Inspection revealed condition items due to 432,800 $426,300 Bershadsky large dogs. Pulled comparable sales prepared adjustment grid. 21 Mark & Barbara 17-118-2242-0101 Inspection, pulled comparable sales, 335,200 $315,000 Altringer prepared adjustment grid, recent sale for 308,000. Owner agreed to $315,000. 22 Lattitude 45LLC 19-118-22-31-0055 Interior inspection, prior tenants were heavy 410,500 $366,900 smokers. The flooring and carpeting is being replaced. Temporary adjustment for one year, will be reviewed for 2015 assessment. 23 Don & Antoinette 19-118-22-43-0019 Inspection revealed deferred maintenance 273,800 $250,000 Wagner and water damage. Pulled comparable sales prepared adjustment grid. 24 Kelly & Kathleen 22-118-22-12-0032 Inspection revealed deferred maintenance. 403,400 $375,500 Young Pulled comparable sales prepared adjustment grid. 25 Brandon Kreklau & 22-118-22-14-0061 2014 value was adjusted based on a review 388,900 $367,900 Suzanne Brown of the building drawing. 26 Shunzhong Li 25-118-2241-0021 Property has been vacant for over two years. 140,900 $100,000 Inspection revealed condition issues, foundation problems, and possible mold. 27 Patricia Alagna 26-118-22-42-0002 Inspection revealed inferior finishes. Pulled 190,300 $184,000 comparable sales and prepared adjustment grid. 28 Lee & Mary Brekke 29-118-22-23-0041 Inspection, pulled comparable sales, 535,200 $497,000 prepared adjustment grid, 7/2013 sale for 482,500. Owner agreed to $497,000. 29 Lowell & Lynda 29-118-22-23-0052 Inspection, pulled comparable sales, and 677,000 $650,000 Lankford prepared adjustment grid. 30 Douglas & Wende 31-118-22-14-0039 Inspection, pulled comparable sales, and 624,700 $610,700 Farrow prepared adjustment grid. 31 Andrea Undlin 33-118-22-11-0054 Inspection revealed incorrect land size and 216,300 $202,500 basement finish, pulled comparable sales and prepared adjustment grid. 32 Michael & Becky 33-118-22-11-0078 Inspection revealed condition issues 233,900 $215,000 Undlin resulting from day care use, pulled comparable sales, and prepared grid. 33 Jeremy & Andrea 33-118-22-12-0006 Inspection, comparable sales, adjustment 552,500 $480,000 Shields grid, 11/13 sale $411,738 and appraisal for 480,000. Owner agreed to $480,000. 34 David Musliner 33-118-22-12-0011 Inspection revealed pie shaped lakeshore lot 541,100 $475,000 with less frontage. Pulled comparable sales and prepared adjustment grid. 35 Russell Jonas 33-118-22-13-0027 Inspection revealed partial completion of 318,500 $310,000 remodeling project. Pulled comparable sales and prepared adjustment grid. 36 Sandra Pasmanter 33-118-2241-0050 Inspection, pulled comparable sales, and 291,200 $282,000 prepared adjustment grid. Page 99