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Multifamily Opinion Letters

Form of Opinion Letters for

• Borrower & SPE Equity Owner’s Opinion – CME (08-10-2011)
• Guarantor’s Opinion – CME (08-10-2011)
• Borrower's Opinion – Portfolio (08-10-2011)
• Guarantor's Opinion – Portfolio (08-10-2011)
• New Borrower's Opinion – Portfolio (01-11-2012)
• New Guarantor's Opinion – Portfolio (01-11-2012)
• New Borrower and SPE Equity Owner's Opinion – CME (01-11-2012)
• New Guarantor's Opinion – CME (01-11-2012)