Agmt17 Michael Yovino-Young, Yovino-Young, Inc.

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Appraiser"), and the Owner may select one of these appraisers to render a final appraisal value for the Dwelling based upon his/her review of the City's Appraisal and the Owner's Appraisal ("Final Appraisal"). K. Whereas, the City desires to hire Appraiser to serve as a Third Party Appraiser, and if an Owner selects Consultant, to render a Final Appraisal. AGREEMENT 1. Scope of Services: City hires Consultant to be available to serve as an independent third party appraiser for the purposes of appraising the Dwellings located at the Docktown Marina, 1548 Maple Street, Redwood City. Consultant consents to allow City to submit his/her name to Owners as a potential Third Party Appraiser. Should an Owner select Consultant as his/her Third Party Appraiser, Consultant agrees to render a Final Appraisal of the Owner's Dwelling that complies with the following conditions of service: a. Consultant will review the City's Appraisal and the Owner's Appraisal to render a Final Appraisal. Consultant will not conduct his/her own independent appraisal, but instead, will render a Final Appraisal based on his/her review of the City's Appraisal and the Owner's Appraisal. Any Final Appraisal will be for an amount that is no less than the City's Appraisal and no greater than the Owner's Appraisal. b. Consultant will not contact or consult with any Owner or resident of Docktown, employees of Overland, Pacific & Cutler, Inc. ("OPC"), or City staff in carrying out the work necessary to render a Final Appraisal. c. Should Consultant determine that the City's Appraisal and the Owner's Appraisal contain inconsistent information regarding the Dwelling, Consultant may contact either or both of the appraisers to obtain additional information. d. Consultant's Final Appraisal will provide a "fair market value" for the Dwelling or the most probable price at which the property will sell in its present state, provided however, that the fair market value must comply with Paragraph 1, subsection (a). Fair market value for the Dwelling must consist of the structure itself and does not take into account the location of the Dwelling or any underlying land or water value. e. Consultant's Final Appraisal will be consistent with the findings and requirements set forth in the Docktown Plan. f. Consultant's Final Appraisal will be based on a valuation date of March 1, 2017. g. Consultant will only perform appraisal services for City if Consultant is selected by an Owner. Should Consultant be selected by an Owner, the City will notify Consultant by sending Consultant the City's Appraisal and the Owner's Appraisal for the Owner's Dwelling ("City Notice"). h. Consultant will render a Final Appraisal to the City within ten (10) days of receiving the City's Notice. Should Consultant be prevented from rendering his/her Final Appraisal within the ten (10) day period, Consultant will immediately notify the City of the delay and provide the City with a date certain by which Consultant will provide the Final Appraisal. i. Consultant's Final Appraisal will be a written appraisal that will contain, at a minimum, Consultant's final opinion of the fair market value of the Dwelling, in accordance with this Scope of Services, and the basis for Consultant's determination. Page 2 of 4 ATT'/AGR/2017.188/APPRAISAL SERVICES — MICHAEL YOVI NO -YOUNG REV: 08-16-17 VR