20030353 Ver 1_Complete File_20030312

`o?0 VvntCRpG Michael F. Easley
Governor
r William G. Ross, Jr., Secretary
Department of Environment and Natural Resources
Alan W. Klimek, P.E., Director
Division of Water Quality
Mr. Justin Keith, Jr.
981 Schrams Beach Road
Belhaven, NC 27810
May 28, 2003
DWQ Project No. 03-0353
Beaufort County
Subject Property: Keith Property, 981 Schrams Beach Road, Belhaven, NC 27810
"Ned's Creek", UT to Jordan Creek [03-03-07, 29-34-41, SA HQW NSW]
Dear Mr. Keith:
As per your phone conversation with Mr. Bob Zarzecki of this office on April 23, 2003, you requested that the we remove
paragraph three from our letter dated March 25, 2003 and that the Division of Water Quality (DWQ) recognize your vested
property right for your entire lot regardless of the activity. The DWQ re-evaluated the information provided within your
March 11, 2003 letter and has determined that the March 25, 2003 letter accurately states the Division's position as it
pertains to your property. You have not provided any additional information since the March 11, 2003 letter. As such, the
DWQ has decided not to revise the March 25, 2003 letter.
You stated in the phone conversation that you wanted to construct a swing within the buffer. A swing or any other
"playground equipment" on single family lots where installation and use does not result in removal of vegetation is
"exempt" from the Tar-Pamlico Buffer Rule and does not require authorization from the DWQ.
Thank you for your attention to this matter and if this office can be of any assistance or if you have additional questions,
please do not hesitate to contact Mr. Bob Zarzecki at [phone].
Sincerely,
cc: Tom Steffens, DWQ Washington Regional
File copy
Central Files
bz
?elandOs/ rne , Supe r
401 Un it
ONorth Carolina Division of Water Quality, 401 Wetlands Certification Unit,
1650 Mail Service Center, Raleigh, NC 27699-1650 (Mailing Address)
2321 Crabtree Blvd., Raleigh, NC 27604-2260 (Location)
919-733-1786 (phone), 919-733-6893 (fax), http://h2o.enr,state.ne.us/ncwetiands/
O?O? \ NA
T F9QG
r
o ?
Michael F. Easley
Governor
William G. Ross, Jr., Secretary
Department of Environment and Natural Resources
Alan W. Klimek, P.E., Director
Division of Water Quality
May 27, 2003
Mr. Justin Keith, Jr.
981 Schrams Beach Road
Belhaven, NC 27810
Subject Property: Keith Property, 981 Schrams Beach
"Ned's Creek", UT to Jordan Creek [01
Dear Mr. Keith:
DWO Project No. 03-0353
Beaufort County
Belhaven, NC 27810
,29-34-41, SA HOW NSW]
As per your phone conversation with Mr. Bob Zarzecki of this office on April 23, 2003, you requested that the we remove
paragraph three from our letter to you dated March 25, 2003 a d that the Division of Water Quality (DWQ) recognize your
vested property right for your entire lot regardless of the activ' y.
The DWQ has decided to leave the March 25, 2003 letter aLaA. However, you stated in the phone conversation that you
wanted to construct a swing within the buffer. A swing or any other "playground equipment" on single family lots where
installation and use does not result in removal of vegetation is "exempt" from the Tar-Pamlico Buffer Rule and does not
require authorization from the DWQ.
Thank you for your attention to this matter and if this office can be of any assistance or if you have additional questions,
please do not hesitate to contact Mr. Bob Zarzecki at [phone].
cc: Tom Steffens, DWQ Washington Regional Office
File copy
Central Files
bz
North Carolina Division of Water Quality, 401 Wetlands Certification Unit,
1650 Mail Service Center, Raleigh, NC 27699-1650 (Mailing Address)
2321 Crabtree Blvd., Raleigh, NC 27604-2260 (Location)
919-733-1786 (phone), 919-733-6893 (fax), http://h2o.enr.state.nc.us/ncwetlands/
Sincerely,
?0? W A TF9Q
> ? -i
O ?
March 25, 2003
DWQ Project No. 03-0353
Beaufort County
Mr. Justin Keith, Jr.
981 Schrams Beach Road
Belhaven, NC 27810
Subject Property: Keith Property, 981 Schrams Beach Road, Belhaven, NC 27810
"Ned's Creek", UT to Jordan Creek [03-03-07, 29-34-41, SA HQW NSW]
Dear Mr. Keith:
In response to your letter dated March 11, 2003, you requested that the Division of Water Quality (DWQ) recognize your
vested property right to complete the work outlined in your phased development plan including the construction of a
gazebo and walks. A property or development is only exempt or "grandfathered" when it can establish in court that it has
acquired a "vested right" to continue development as planned. Although this determination can only be made by the
Courts, the DWQ can inform you of its position with respect to the question of "vested rights" for a project. In most cases,
if a project has a valid 401 Water Quality Certification to construct a project prior to the effective date of the Tar-Pamlico
Buffer Rules (15A NCAC 026 .0259, temporary adoption effective January 1, 2000), then the DWQ will not require
compliance with the Rule.
The proposed project (construction of the gazebo and walks) does not and never did require a 401 Water Quality
Certification. However, based on the information provided within your letter, the DWQ believes that you have a vested
right to complete the proposed project (construction of a gazebo (approximately 30 feet in diameter) and walks (6 feet
wide)) as depicted on the site plan labeled "Attch 2" provided with your letter dated March 11, 2003. As such, the DWQ
will not require compliance with the Tar-Pamlico River Buffer Rule (15A NCAC 2B .0259) for the proposed project.
This letter only addresses the applicability of 15A NCAC 2B .0259 as it pertains to the construction of the proposed
gazebo and walks and does not approve any other structures or activities within the buffers. In addition, you should obtain
or otherwise comply with any other required federal, state or local permits before you go ahead with your project including
(but not limited to) Erosion and Sediment Control and CAMA regulations.
Thank you for your attention to this matter and if this office can be of any assistance or if you have additional questions,
please do not hesitate to contact Mr. Bob Zarzecki at [phone].
cc
bz
Tom Steffens, DWQ Washington Regional
File copy
Central Files
Alan W. Klimek, P.E., Director
Division of Water Quality
Michael F. Easley
Governor
William G. Ross, Jr., Secretary
Department of Environment and Natural Resources
North Carolina Division of Water Quality, 401 Wetlands Certification Unit,
1650 Mail Service Center, Raleigh, NC 27699-1650 (Mailing Address)
2321 Crabtree Blvd., Raleigh, NC 27604-2260 (Location)
919-733-1786 (phone), 919-733-6893 (fax), http://h2o.enr.state.nc.us/ncwetlands/
Sincerely,
T
j
4 V,?t

aLk
FILE COPY
v arc ?s ?a?
?s Ups ? ?0-

03!0612003 10:50 9198457703 PIEDMONT LAND DESIGN PAGE 01
PID Piedmont Land Design, ALP
8366-104 Six Forks Road • Raleigh, WC 2?615 • [phone] • Fax: [phone]
w?LANDS/401 GRO
TRANSMITTAL. Up
MAR 0 g 2043
DATE March 6, 2003 A TERQUALITYSEC
TION
TO NC Division of Water Quality
ATTENTION Bob Zarzecki
REFERENCE Watauga Street
COPIES DESCRIPTION
1 BOM 1996 PG 287

1
Wake County Tax Map Information.
USA,CE Permit
FAX NO. 733-6$93
PAGES 6
0 FOR YOUR REVEEW
? FOR YOUR COMMENT
? FOR YOUR APPROVAL
? FOR YOUR USE

COMMENTS
-The recorded map shows this property as it exists today. It appears the adjacent propert
owner has added a small piece of property to gain frontage on Elm Street and recombined
the lots to the current configuration. This should address this question.
-The Corps ap roval is attached as requested.
-Who could we talk to regarding the economic analysis to be sure we get it in a format that
is acceptable?
-We are working on the remainder of the information you have requested.
Thanks,
FROM Ron Hendricks
COPY
JOB CODE RS WS
Civil bUineers • Landscape Archilects * Land Planners
,y

? 3;; A&6X.,? /,/Ye X 760 ?
-?? 003
WETLANDS/ 401 GROUP
MAR 1 2 2003
WATER QUALITY SECTION

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Mail after recording to: Conrad E. Paysour III
Attorney at Law (L) x
Post Office Box 65 a I-
Belhaven, North Carolina ?7810 = W
cn
Telephone: (25?) 943 - 3005 cc

l~ax: (?ti? ) 1)43 - 64?? X
Frr a: w
This instrument prepared by Conrad L". Paysour Ill . ..+,
Attornev at Lav, ,r
Brief Description.- Lot is 7, Windtide, Bcaulort Countv =
= Q
Reyenuc Stamps: S128,11)(- z
«+ }-
C
61"NI'RAL Vv ARRAN'fY DI-1:1) ?
L
BI,AUI OR l' Ct_>UNTY• NO RTI I CAR( '1,1N
TI 11S DEED made this /S' day ol' L vL`? 19 aY _ hv and [lie
tirantor and Grantee identified below
GRANTOR:
Robert Mac Dermott
and wi to
Helen Mac Dermott
Mailing Address.
3 Mountain View Crescent
Durbell, Durbanville 7550
South Africa
( iRAN'I I'I".
Justin Keith, Jr.
and wife
Nancv Lee Keith
Mailing Address.-
A0160 0R vi//c- Si
/"n1+ ?--?r?- Lam, i/?•? !r?'? ,J ?v j o/
The designation Grantor and Grantee as used herein shall include said parties, their heirs,
successors and assigns, and shall include singular, plural- masculine, feminine or neuter
as required by context.
WITNESSETI-1, that the Grantor, For a valuable consideration paid by the Grantee. the
receipt of'which is hereby acknowledged, has and by these presents does grant, bargain,
sell and convey unto the Grantee in fee- simple, ail that certain lot or parcel ol., land
situated in the State of North Carolina and more particularly described as follows:
SEE THE ATTACHED EXHIBIT A FOR DESCRIPTION
I_.OT -7, WIND FIDE. BEAUFORT COUNTY, N. CAROLINA
TO I- AVF' AND'TO HOLD the aforesaid lot or parcel of land and all priv,iieucs and
appurtenances thereto belonging to the Grantee in tee simple.
3EAUFORT ',GUiN7 LAND RECORDS
LR FORM0U1 =. 7•?7U
end Records Cff(";;ri .a r1

W. D. LINTON
WATERFRONT MARINE CONSTRUCTION S TAT E M E N T
200 RATTLESNAKE AVE.
BELEAVEN,NC 27810
7-8-1998
MR.JUSTIN KEITH CHECK IN THE COLUMN
981 SCHRAMS BEACH RD. THOSE ITEMS BEING PAID
BELHAVEN,NC 27810
PLEASE RETURN THIS STUB
WITH PAYMENT
I
REFERENCE DATE CO DESCRIPTION AMOUNT BALANCE REFERENCE caoE
AMOUNT
7-8-1998 6 TIE PILINGS 1,200.0 1
201
00
1
.
7-8-1998 PIER& TEE 9,800.0( 9, 80-') .00
I
G CR MEMO P- PAYMENT A- DISCOUNT F- FINANCE PLEASE
CODES
D- DR MEMO 1- INVOICE ALLOWED CHARGE PAY TOTAL $11, 000 .00
30 DAYS 60 DAYS 90 DAYS 120 DAYS
PAID IN FULL!

08 2() P H.D.#
BEAUFORT COUNTY, NORTH CAROLINA
PERMIT/RECEIPT
This permit is issued to:
Property Owner: ? _ 1•?l'?-e- Township
00
For the following work: Fee(s) collected
Total square feet: Heated Unheated Value $ l J? Qo0 4u
---Building & Insulation electrical Plumbing
,-7'HVAC Change of Service Temp./Pole Service
Re-Inspection Singlewide Doublewide
Contractor H.O1 Recovery Fund ($5.00) Other
Comments: M 60?
Location:
IV (61
Ott) ?
FLOOD ZONE BFE
Issued by:

2--- .
19
71 '-` ? H.D. #
BEAUFORT COUNTY, NORTH CAROLINA
PERMIT/RECEIPT
This permit is issued
Property Owner: Township
For the following work: Fee(s) collected $
Total square feet: Heated Unheated Value $
Building & Insulation Electrical Plumbing
HVAC Change of Service ? TvmVIPole Service
Re-Inspection Singlewide Doublewide
Contractor H.O. Recovery Fund ($5.00) Other
Comments:
Location:9?
FLOOD ZON BFE
Icluedbv' LI7/, LZt&t, Date
is C, ( '?'
I, Ruth Warner, Senior Administrative Support Specialist, certifies
that this is a that this is a certified copy of the original note.

C?y
Ale
pjtco
111+t-, ?.
11
24 August 1998
TO: Austin and Nancy Keith
981 Schrams Beach Road
Belhaven, NC 27810
FROM: Windtide Architectural Review Committee
We have reviewed the information you submitted to the Architectural
Review Committee on 15 August 1998. We approve the following:
a. the removal of trees from your property,
b. the location of your home on the property,
c. the location of your pier/ boat slips,
d. the height of your home, and
e. the location of the septic system.
2. The above approval is granted pending our receipt of the
application for architectural review which has been provided to you once you
have received the information necessary to complete the form.
Thank you for your cooperation,
The Architectural Review Committee
Chair: Cynthia Prejna _ L?-
Barbara Miller
Pam Quallich - approved via nhonecon
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Proposal Proposal No.
FROM Sheet No.
y
?/ /?? Date

Proposal Submitted To Work To Be Performed At
?
1
Name J W ` Street
?/
S
41 r
2-11,199
Street ?
.
City ¢/ State#-,V, e,
4 ilaf L ^ --e
City- Date of Plans
.
State Architect
Telephone Number 5: '"
We hereby propose to furnish all the materials and perform all the labor necessary for the completion of /

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All material is guaranteed to be as specified, and the above work to be performed in accordance with the drawings
and specifications submitted for above work and completed in a subrgantial workmanlike manner for the sum of
J Dollars ($ ?J . L) D.
with payments to be made as follows

Any alteration or deviation from above specifications involving extra costs, will be executed only upon written orders, and will
become an extra charge over and above the estimate. All agreements contingent upon strikes, accidents or delays beyond our
control. Owner to carry fire, tornado and other necessary insurance upon above work. Workmen's Compensation and Public
Liability Insurance on above work to be taken out by

Respectfully submitted
Per
-^7
Note -This proposal may be withdrawn by us if not accepted within ! days
ACCEPTANCE OF PROPOSAL
The above prices, specifications and conditions are satisfactory and are hereby accepted. You are authorized to do the work as
specified. Payment will be made as outlined above.

Accepted SignatureaL
Date Signature

LITHO IN U S. A _
Totem FoRta.a?ao
il' FannieMae Appraisal, Incorporated
? j' File No. 1543
Desktop Underwriter Quantitative Analysis Appraisal Report Case No.
THIS SUMMARY APPRAISAL REPORT IS INTENDED FOR USE BY THE LENDER/CLIENT FOR A MORTGAGE FINANCE TRANSACTION ONLY.
Property Address 981 Schrams Beach Road City Belhaven State NC Zip Code 27810
Legal Description Deed Book 1108, Page 228; Beaufort County Registry County Beaufort
Assessor's Parcel No. 15-004455 Tax Year 2001 R.E. Taxes $ 972(est) Special Assessments $ None
Borrower Justin & Nancy Keith Current Owner Justin & Nancy Keith Occupant i X I Owner I I Tenant I Vacant
Neighborhood or Project Name Windtide S/D Project Type j PUD I Condominium HOA$ None /Mo.
Sales Price $ N/A Date of Sale A r./9-6-'01 Description /$ amount of loan charges/concessions to be paid by seller None
Property rights appraised X I Fee Simple Leasehold Map Reference 7602-97-4693 Census Tract NA

_11911"t I
Note: Race and the racial ComDositlon of the nelahborhood are not annraNal factnra-
Location Urban X Suburban 11 Rural Property values I Increasing I X I Stable j Declining Single famlly houeln Condominium housing
PRICE AGE PRICE
Built U (il epplic) AGE
p Over 75% X 25-75% Under 25% Demand/supply Shortage X In balance Over supply $ (000) (yrs) $ (ooo) (yrs)
Growth rate I Rapid X! Stable j Slow Marketing time _ I Under 3 mos.1 X 13-6 mos. Over 6 mos. 30 Low New Low
Neighborhood boundaries The subject is located on Schrams Beach Road on the Ned's Creek. The 300 High 70± High
• subject is located South of Belhaven, East of Bath, & Northeast of A1lrora in the Eastern part of Predominant Predominant
Beaufort County. 100+ 35
Dimensions As Per Tax Card Site area 3.18 Acres Shape Irregular
Specific zoning classification and description None, Residential Permitted
Zoning compliance I Legal I Legal nonconforming (Grandfathered use) I Illegal, attach description I X I No zoning
Highest and best use of subject properly as improved (or as proposed per plans and specifications): I XI Present use J Other use, attach description.
Utilities Public Other Public Other Off-site Improvements Type Public Private
Electricity (XI Beaufort County Water ( X County Street Asphalt IXI I
Gas I Private LP Gas Sanitary sewer I, Septic Tank I Alley None L_..I L
Are there an apparent adverse site conditions easements, encroachments, special assessments, slide areas, etc.)? I X Yes No If Yes, attach description.
Source(s) used for physical characteristics of property: i X Interior and exterior inspection Exterior inspection from street X I Previous appraisal files
jMLS I X I Assessment and tax records I I Prior inspection 1 X I Property owner L Olher(Describe):
No. of Stories 1 .5 Type (Det./Att.) Detached Exterior Walls LO Root Surface Metal Sheet Manufactured housing I I Yes I X I No
Does the property generally conform to the neighborhood in terms of style, condition, and construction materials? X? Yes No If No, attach description.
Are there any apparent physical deficiencies or conditions that would affect the soundness or structural integrity of the improvements or the livability of the property?
L_1 Yes I XI No If Yes, attach description.
Are there any apparent adverse environmental conditions (hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the immediate
vicinity of the subject property? I Yes I X I No If Yes, attach description.
I researched the subject market area for comparable listings and sales that are the most similar and proximate to the subject property.
My research revealed a total of 5 sales ranging in sales price from $ 32,000 to $ 218,000
My research revealed a total of 9 listings ranging in list price from $ 49,900 to $ 387,000
The analysis of the comparable sales below reflects market reaction to significant variations between the sales and the subject property.
FEATURE SUBJECT SALE 1 SALE 2 SALE 3
981 Schrams Beach Road 6 Schrams Beach Road 497 Chambers Point Road 850 Sawmill Landing Road
Address Belhaven, NC Belhaven, NC Belhaven, NC Bath, NC
Sales Proximity t Price to Subject $ N/A 1 /2 $ mile 21East8 000 3.5 miles South 8 miles West
$ 285,000 t il $ 230 000
Price/Gross Liv. Area $ N/A I ! $ 131.64 $ 122.84 I r "" " $ 123.39
Date &VerificatiionSources County Rc'd/MLSCIosedSales County Rc'd/MLSCIosedSales County Rc'd/MLSCIosedSales
VALUE ADJUSTMENTS ! DESCRIPTION DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment
Sales or financing Convt. Financing 0 Convt. Financing, 0 Other Financing 0
Concessions I
Date ofSalelrime 4-4-'01 , 0 7-2-'01 0 11-15-'00 0
Location Windtide S/D Schrams Beach, 0 Ribbit Creek 0 Sawmill Landing) 0
Site 3.18 Acres 0.31 Acre +15,000 0.59 Acre 0 0.53 Acre +15,000
View Good/Creekfrontl Good/Riverfront 0 Good/Riverfrontl 0 Good/Creekfrontl 0
Design (Style) 1.5St'y Log ! 1.5St'yVinylSid'g 0 1.5St'yCedarSid'; 0 1.5St'y/WooclSid', 0
Actual Age (Yrs.) 1 a/Newe 8a/4e +5,000 12a/4e +5,000 16a/ +10,000
Condition Good Good 0 Good 0 Avera?e+ +5,000
I
Above Grade I Total iBdrms Baths Total Bdrms Baths Total 1Bdims Baths Total Bdrms I Baths f
Room count 7' 3 2.50 8 3 2.00 1 +1,500 7 i 3 l 2.00 +1,500 6 i 3 l 2.50 1 01
Gross Living Area - 2 366 Sq. Ft 1,656 Sq. Ft. +24,800 2,320 Sq. Ft. +1,600 1,864 sq. Ft. i +17,600
Basement & Finished _ None None 0 None ; 0 _ None 0
Rooms Below Grade 1 /2 Bath,Below None +1,000 None +1,000 None +1,000
Garage/Carport Park' Belo Home Park' Belo Home, 0 Park' Belo Home, 0 2 Car Att. Garag? 0
Amenities 1FS.P'ch Deck, Scrn.P'ch +5,000 Equal 0 Equal 0
• Amenities P7-p- ?
ier,Blkhead? Pier,Bulkhead +10,000 +BoatH'se,D'k ; -10,000 Equal 0
Net Adj. (total) $ 62,300 L .? + f_X.l $ -900_ lXl + L-1 $ 48,600
Adjusted Sales Price Net= 29% Net= 0% I Net= 21 %
• ofComparables Gross= 29% i$ 280,300 Gross= 7% 1$ 284,100 Gross= 21%
. $ 278,600
Date of Prior Sale I N/A N/A N/A N/A
Price of Prior Sale Is N/A $ N/A 1$ N/A $ N/A
Analysis of any current agreement of sale, option or listing of the subject property and analysis of the prior sales of subject and comparables: The subject is not
currently under contract and has not sold in the last twelve months.
Summary of sales comparison and value conclusion: These 3 sales are the most similar waterfront property sales found for comparison with
the subject at this time.
Adjustments are made for differences in site values, age/ condition, # of baths, size of heated areas, porches, yard
improvements, piers, decks,etc.
All 3 sales, as adjusted, are supportive of a similar reconciled value estimate for the subject property.
This appraisal is made I X I "as-is", (subject to completion per plans and specificatio s t b !!is of ypothetical cc tion that the improvements have been completed, or
.___I subject to the following repairs, alterations or conditions: Value estimate is based on "as is" condition.
BASED ON AN I I EXTERIOR INSPECTION FROM THE STREET OR AN I X I INTERIOR AN XTERInEl INSPECTION, I ESTIMATE THE MARKET VALUE, AS DEFINED,(
OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT TO RF S / 99n nnn 1\ e + t . n nnna
Fannie Mae For 2055 9-96 MacAppraiser" Real Estate Appraisal Software joffi T logics, IC' 622,8727. o Z:0
Page 1 of 3
YZOY,ZG?C/?? CA

Appraisal, Incorporated
Desktop Underwriter Quantitative Analysis Appraisal Report Flie No. 1543
Project Information for PUDs (If applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)? I Yes No
Provide the following information for PUDs only it the developer/builder is in control of the HOA and the subject property is an attached dwelling unit:
Total number of phases
Total number of units
Total number of units sold
Data Source(s)
If yes, date of conversion:
Total number of units rented Total number of units for sale
Was the project created by the conversion of existing buildings into a PUD? Yes No
Does the project contain any multi-dwelling units? Yes j No Data Source:
Are the common elements completed? Yes No If No, describe status of completion:
Are any common elements leased to or by the Home Owners' Association? I I Yes No
Describe common elements and recreational facilities
It yes, attach addendum describing rental terms and options.
Project Information for Condominums (It applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)? Yes No
Provide the following information for all Condominium Projects: ` iI
Total number of phases Total number of units Total number of units sold
Total number of units rented Total number of units for sale Data Source(s)
Was the project created by the conversion of existing buildings into a condominium? Yes No If yes, data of conversion:
Project Type: I Primary Residence i I Second Horne or Recreational Row or Townhouse Garden ( Midrise Highrise
Condition of the project, quality of construction, unit mix, etc.:
Are the common elements completed? I Yes I No If No, describe status of completion:
Are any common elements leased to or by the Home Owners' Association? Yes No If yes, attach addendum describing rental terms and options.
Describe common elements and recreational facilities:
PURPOSE OF APPRAISAL: The purpose of this appraisal is to estimate the market value of the real property that is the subject of
this report based on a quantitative sales comparison analysis for use in a mortgage finance transaction.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under
all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected
by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller
to buyer under conditions whereby; (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and
each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment
is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the
normal consideration for the property sold unaffected by special or creative financing or sales concessions' granted by anyone
associated with the sale.
'Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary
for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable
since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the
comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the
property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession
but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the
appraiser's judgment.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the
following conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The
appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is
appraised on the basis of it being under responsible ownership.
2. The appraiser has provided any required sketch in the appraisal report to show approximate dimensions of the improvments and
the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraisers detemination
of its size.
3. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless
specific arrangements to do so have been made beforehand.
4. The appraiser has noted in the appraisal report any adverse conditions (such as, but not limited to, needed repairs, the presence
of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware
of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has
no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of
hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such
conditions and makes no guarantees or warranties, expressed or implied, regarding the condition of the property. The appraiser will
not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether
such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be
considered as an environmental assessment of the property.
5. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he
or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy
of such items that were furnished by other parties.
6. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional
Appraisal Practice.
7. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute
the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and
references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the
borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any
state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the
District of Columbia; except that the lender/client may distribute the report to data collection or reporting service(s) without having to
obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal
can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
8. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion per plans
and specifications on the basis of a hypothetical condition that the improvements have been completed.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion, repairs,
or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner.
Fannie Mae Form 2055 9-96 MacAppraiser- Real Estate Appraisal Software by Bradford Technologies, Inc. [phone]. Page 2 of 3
Desktop Underwriter Quantitative Analysis Appraisal Report File No. 1543
APPRAISER'S CERTIFICATION: -1lie Appraiser certifies and agrees that:
1. 1 performed this appraisal by (1) personally inspecting from the street the subject property and neighborhood and each of the
comparable sales (unless I have otherwise indicated in this report that I also inspected the interior of the subject property); (2) collecting,
confirming, and analyzing data from reliable public and/or private sources; and (3) reporting the results of my inspection and analysis
in this summary appraisal report. I further certify that I have adequate information about the physical characteristics of the subject
i
property and the comparable sales to develop this appraisal.
2. 1 have researched and analyzed the comparable sales and offerings/listings in the subject market area and have reported the
comparable sales in this report that are the best available for the subject property. I further certify that adequate comparable market
data exists in the general market area to develop a reliable sales comparison analysis for the subject property.
3. 1 have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the
appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject
site, or on any site within the immediate vicinity of the subject property of which I am aware, have considered these adverse conditions
in my analysis of the property value to the extent that I had market evidcfiog to support them, and have commented about the effect
of the adverse conditions on the marketability of the subject property. I have not knowingly withheld any significant information from
the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct.
4. 1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are
subject only to the contingent and limiting conditions specified in this form.
5. 1 have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal
interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the
estimate of market value in the appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national
origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties
in the vicinity of the subject property or on any other basis prohibited by law.
6. 1 have no present or conternplated future interest in the subject property, and neither my current or future employment nor my
compensation for performing this appraisal is contingent on the appraised value of the property.
7. 1 was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the
amount of the value estimate, the attainment of a specific result, or the occurence of a subsequent event in order to receive my
compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation,
a specific valuation, or the need to approve a specific mortgage loan.
8. 1 estimated the market value of the real property that is the subject of this report based on the sales comparison approach to value.
I further certify that I considered the cost and income approaches to value, but, through mutual agreement with the client did riot
develop them, unless I have noted otherwise in tite report.
9. 1 performed this appraisal as a lirnited appraisal, subject to the Departure Provision of the Uniform Standards of Professional
Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were
in the place as of the effective date of the appraisal (unless I have otherwise indicated in this report that the appraisal is a complete
appraisal, in which case, the Departure Provision does not apply).
10. 1 acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value.
The exposure time associated with the estimate of market value for the subject property is consistent with the marketing time noted
in the Neighborhood section of this report. The marketing period concluded for the subject property at the estimated market value is
also consistent with the marketing time noted in the Neighborhood section.
11. 1 personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. I futher certify
that no one provided significant professional assistance to me in the development of this appraisal.
SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees
that: I directly supervise the appraiser who prepared the appraisal report, have examined the appraisal report for compliance with the
Uniform Standards of Professional Appraisal Practice, agree with the statements and conclusions of the appraiser, agree to be bound
by the appraiser's certifications numbered 5 through 7 above, and am taking full responsibility for the appraisal and the appraisal report.
APPRAISER•
Signat
Name: n orty R. dAb eunis, Jr.
Company Name: Appraisal, Incorporated
Company Address: P.O. Box 8305 Greenville, NC 27835
Date Report Signed: September 13, 2001
State Certification #: T1561
or State License #:
State: NC
Expiration Date of Certification or License: 6-30-'02
ADDRESS OF PROPERTY APPRAISED:
981 Schrams Beach Road
Belhaven, NC 27810
APPRAISED VALUE OF SUBJECT PROPERTY $ 280,000
EFFECTIVE DATE OF APPRAISALANSPECTION Sept. 6, 2001
LENDER/CLIENT:
Name:
Company Name:
Company Address
Larry Rink
Internet Mortgage
11935 Riley, Overland Park, KS 66213
SUPERVISORY,A7PRAISER (O- _REQUIRED):
Signature: J y
Name: c
Company Name:
Company Address:
Date Report Signed: @r
State Certification #: g114PPNI 8
or State License #:
State: NC
Expiration Date of Certification or License:
orated
fIle, NC 27835
2001
6-30-'02
SUPERVISORY APPRAISER:
SUBJECT PROPERTY
X1 Did not inspect subject property
Did inspect exterior of subject property from street
Did inspect interior and exterior of subject property
COMPARABLE SALES
X! Did not inspect exterior of comparable sales from street
Did inspect exterior of comparable sales from street
Fannie Mae Form 2055 9-96 Maclppraiser- Real Estate Appraisal Software by Bradford Technologies, Inc. [phone]. Page 3 of 3
'."r
Borrower Justin & Nancy Keith
Property Address 981 Schrams Beach Road
City Belhaven County
Lender/Client Internet Mortgage
SKETCH ADDENDUM File No. 1543
Beaufort State NC zip code 27810
Address 11935 Riley, Overland Park, KS 66213
Scale: 1 inch =15 ft
10.0' 36.0'
•Cb(,va't
"----
C
r ©W D Do
I-
-
-1
1
G Iscceaned tility W
P
Porch ` 'Closet
16.1-
CL
B
g
10.0'
I ----
28.3' I I
I
L__ I I
10.0' Ikitcherj Master
I I
Bedroom
I I Screened I
Porch
4 5
9' 1
5.
'
l l? .
3 6.0'
I
I
6.3' (Dini ng
Roo I
Living Room
5. I 1st Floor
3.3' I
I
I 36.0'
I

15.2' I

15.0'
I

L
-----
------------ I
-----I
46.0'
6.0' 24.0' 6.0'
Eave Storage
28.0'
Bedroom Bedroom
CL CL

Loft ctl
0
6.0' 44.10' 6.0' I
I I
I I
I I
Open To Below I
I I
I I
L ----------
D
1 st Floor
E
2nd Floor
Eave Storage
28.0'
13/? 1h
2nd Floor
ketch Calculations
Location Dimensions Area
A 1/2 x 4.0'x 4.0' 8.0
B 112 x 4.0'x 4.0' 8.0
C 4.0'x 6.3' 25.2
D 36.0'x 45.9' 1652.4
1st Floor 1693.6
A 24.0'x 28.0' 672.0
2nd Floor 672.0
tal Gross Living Area 2,365.6
'5760, o
MacAppraiser" Real Estate Appraisal Software by Bradford Technologies, Inc. [phone].

SUBJECT PHOTO ADDENDUM File No. 1543
Borrower Justin & Nancy Keith
Property Address 981 Schrams Beach Road
City Belhaven County Beaufort State NC Zip Code 27810
Lender/Client Internet Mortgage Address 11935 Riley, Overland Park, KS 66213
FRONT OF
SUBJECT PROPERTY
Address
14 981 Schrams Beach Road
Belhaven, NC
Appraisal Date Sept. 6, 2001
Appraisal value 280,000
site 3.18 Acres
View Good/Creekfront
Design 1.5St'y Log
Age is/Newe
Square Feet 2,366
Total Rooms 7
Bedrooms 3
Bathrooms 2.50
Basememt None
Garage Park' Belo Home
' ,it• w,
11 Ir?)
*41
_ ? 1 J
I l?
1 1
REAR OF
SUBJECT PROPERTY
STREET SCENE
MacAppralser'" Real Estate Appraisal Software by Bradford Technologies, Inc. [phone].
eorlower Justin & Nancy Keith
Property Address 981 Schrams Beach Road
City Belhaven County
Lender/Client Internet Mortgage
LOCATION MAP ADDENDUM File No. 1543
Beaufort State NC Zip Code 27810
Address 11935 Riley, Overland Park, KS 66213

i

j

COMPARABLES 1-2-3 PHOTO ADDENDUM File No. 1543
Borrower Justin & Nancy Keith
Property Address 981 Schrams Beach Road
City Belhaven County Beaufort State NC Zip Code 27810
Lender/Client Internet Mortgage Address 11935 Riley, Overland Park, KS 66213
COMPARABLE SALE #1
Address
6 Schrams Beach Road
Belhaven, NC
Sale Date 4-4-'01
Sale Price 218,000
Site 0.31 Acre
view Good/Riverfront
Design 1.5S1'yVinylSid'g
Age 8a/4e
square Feet 1,656
Total Rooms 8
Bedrooms 3
Bathrooms 2.00
Basememl None
Garage Park' Belo Home
COMPARABLE SALE #2
Address
497 Chambers Point Road
Belhaven, NC
Sale Date 7-2-'01
Sale Price 285,000
Site 0.59 Acre
View Good/Riverfront
Design 1.5St'yCedarSid'
Age 12a/4e
square Feet 2,320
Total Rooms 7
Bedrooms 3
Bathrooms 2.00
Basement None
Garage Park' Belo Home
COMPARABLE SALE #3
Address
850 Sawmill Landing Road
Washington, NC
Sale Date 11-15-'00
Sale Price 230,000
Site 0.53 Acre
View Good/Creekfront
Design 1.5St'y/WoodSid
Age 16a/
Square Feet 1,864
Total Rooms 6
Bedrooms 3
Bathrooms 2.50
Basement None
Garage 2 Car Att. Garage
macAppralser" Real Estate Appraisal Software by Bradford Technologies, Inc. [phone].

.10e
11-0-110 1. 1
COMMENT ADDENDUM File No. 1543
Borrower Justin & Nancy Keith
Property Address 981 Schrams Beach Road
City Belhaven County Beaufort State NC Zip Code 27810
Lender/Client Internet Mortgage Address 11935 Riley, Overland Park, KS 66213
SITE COMMENT: According to FEMA Flood Map 370013 0455 B, printed 2-4-'87, the subject property
is located in Flood Zone A5.
y?
6
MacAppraiser" Real Estate Appraisal Software by Bradford Technologies, Inc. [phone]. Page 1 of 1
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