# EDGAR Filing Document

**Accession Number:** 0002071014
**File Stem:** 0000929638-25-002128
**Filing Date:** 2025-6
**Character Count:** 24664
**Document Hash:** dab48c6ec751e89e5b4b794df1d4eace
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000929638-25-002128.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0000929638-25-002128

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250603

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hageman Capital 2025 Depositor, LLC
- **CENTRAL INDEX KEY:** 0002071014

**ORGANIZATION NAME:**
- **EIN:** 392082058
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-07747
- **FILM NUMBER:** 251020569

**BUSINESS ADDRESS:**
- **STREET 1:** 12821 E NEW MARKET ST., SUITE 300
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032
- **BUSINESS PHONE:** 7654303271

**MAIL ADDRESS:**
- **STREET 1:** 12821 E NEW MARKET ST., SUITE 300
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hageman Capital 2025 Depositor, LLC
- **CENTRAL INDEX KEY:** 0002071014

**ORGANIZATION NAME:**
- **EIN:** 392082058
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 12821 E NEW MARKET ST., SUITE 300
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032
- **BUSINESS PHONE:** 7654303271

**MAIL ADDRESS:**
- **STREET 1:** 12821 E NEW MARKET ST., SUITE 300
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM ABS-15G

#### ASSET-BACKED SECURITIZER

#### REPORT PURSUANT TO SECTION 15G OF

#### THE SECURITIES EXCHANGE ACT OF 1934
Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

☐ Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period

__________ to __________

Date of Report (Date of earliest event reported): __________

Commission File Number of securitizer: __________

Central Index Key Number of securitizer: __________

____________________________________________________________________________________________________________________________________________________________________________________

Name and telephone number, including area code, of the person to

contact in connection with this filing.

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) ☐

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) ☐

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) ☐

&nbsp;&nbsp;&nbsp;&nbsp;☒ Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor: 0002071014

Hageman Capital 2025 Issuer Trust

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________

(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): N/A

Central Index Key Number of underwriter (if applicable): N/A

Jay Weddle, (317) 927-8300

____________________________________________________________________________________________________________________________________________________________________________________

Name and telephone number, including area code, of the person to

contact in connection with this filing.

------

#### PART II – FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS

#### Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer

The disclosures required by Rule 15Ga-2 (17 CFR 240.15Ga-2) are attached as Exhibits to this Form ABS-15G. Please see the Exhibit Index for the related information.

------

#### EXHIBIT INDEX

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 Independent Accountants' Agreed-Upon Procedures Report , dated June 3, 2025

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: June 3, 2025

---

| | |
|:---|:---|
| HAGEMAN CAPITAL 2025 DEPOSITOR, LLC | HAGEMAN CAPITAL 2025 DEPOSITOR, LLC |
| (Depositor) | (Depositor) |
| By:  | <u>/s/ Shane Hageman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Name: Shane Hageman |
|  | Title: Authorized Signatory |

---

## Ex-99

EXHIBIT 99.1<br>

![](image00001.jpg)

KPMG LLP<br>

Suite 900<br>

8350 Broad Street<br>

McLean, VA 22102<br>

#### Independent Accountants' Agreed-Upon Procedures Report
Hageman Capital, LLC (the "Company")<br> Wells Fargo Securities, LLC<br> (together with the Company, the "Specified Parties"):

Re: Hageman Capital 2025 Issuer Trust – Data File Procedures

We have performed the procedures described below on the specified attributes in an electronic data file entitled "Hageman 2025-1 Final Tape.xlsx" provided by the Company on June 3, 2025 (the "Data File"), containing information on 16 tax lien asset bonds (the "Assets") and 16 related properties (the "Properties") as of May 1, 2025 (the "Cut-off Date"), which we were informed are intended to be included as collateral in the offering by Hageman Capital 2025 Issuer Trust. The Company is responsible for the specified attributes identified by the Company in the Data File.

The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.

The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.

Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "compared" means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the
 reporting threshold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "recomputed" means recalculated and compared the result to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if
 differences were within the reporting threshold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "reporting threshold" means that dollar amounts and percentages were within $1.00 and 0.1%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "Provided by Company", when used in the "Source Document(s)" column of Attachment A, means we were instructed by the Company to assume the attribute is accurate and not perform any procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "Compared Attributes" means the list of fields in the Data File which were selected by the Company for us to perform comparison procedures for and are listed in Attachment A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "Recomputed Attributes" means the list of fields in the Data File which were selected by the Company for us to perform recomputation procedures for and are listed in Attachment B.

<br> KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. <br>

------

![](image00001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "Calculation Methodology" means the formula listed in the Calculation Methodology column of Attachment B containing the calculation methodology for the Recomputed Attributes provided by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "Cashflow Tape" means the electronic data file entitled "8.0-1 (CURRENT) TIF Aggregate Cashflows (01.27.25).xlsx" provided by the Company, which we were instructed to use where applicable as a source
 document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "Sources and Uses" means the electronic data file entitled "1.18.1-1 Property S&U.xlsx" provided by the Company, which we were instructed to use where applicable as a source document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "Portfolio Appraisal" means the electronic document file entitled "1.18-1 CB24US014609 Hageman Capital Portfolio_v2.pdf" provided by the Company, which we were instructed to use where applicable as a
 source document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "Penn Electric Appraisal" means the electronic document file entitled "1.12.5-1 Appraisal (CBRE) - Penn Electric (03.06.23).pdf" provided by the Company, which we were instructed to use where
 applicable as a source document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "Instructions" means the instructions provided by the Company pertaining to a procedure, specific attribute, methodology, or value, as described in Attachment C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "Asset Files" means the electronic copies of source documents, which include the Cashflow Tape, Sources and Uses, Portfolio Appraisal and Penn Electric Appraisal, made available by the Company and
 listed in Attachment A. We make no representations regarding the validity or accuracy of any of the source documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "Provided Information" means the Cut-off Date, Calculation Methodology, Instructions and Asset Files.

Prior to being provided the Data File, we received one or more earlier versions of the data file on which to perform our procedures. In performing those procedures, we identified differences which were communicated to the Specified Parties. The Data File represents the revised information reflecting resolution of differences communicated as determined appropriate by the Company. We performed the procedures on the Data File, and the results of those procedures are reflected herein.

The procedures we were instructed by the Company to perform and the associated findings are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. We compared the Compared Attributes in the Data File (except for those with "Provided by Company" in the "Source Document(s)" column of Attachment A) to the corresponding information included in the Asset
 Files, utilizing the Instructions, as applicable. The Specified Parties indicated that the absence of any of the information in the Asset Files or the inability to agree the indicated information from the Data File to the Asset Files for
 each of the attributes identified, utilizing the Instructions as applicable, constituted an exception (except for those with "Provided by Company" in the "Source Document(s)" column of Attachment A). The document priority is the order
 provided by the Company, which is listed in the "Source Document(s)" column of Attachment A, with the highest priority document listed first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. We recomputed the Recomputed Attributes in the Data File using (i) the corresponding information contained in the Data File, (ii) the Calculation Methodology, and (iii) the Instructions, as applicable.

We found such information to be in agreement without exception.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and

------

![](image00001.jpg)

reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

The procedures performed were applied based on information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the Assets and Properties, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing the Assets and Properties being securitized, (iii) the compliance of the originator of the Assets with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Assets and Properties that would be material to the likelihood that the issuer of the notes will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations ("NRSROs").

The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.

This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.

/s/ KPMG LLP

McLean, Virginia<br> June 3, 2025

------

#### ATTACHMENT A<br>

#### COMPARED ATTRIBUTES

---

| | |
|:---|:---|
| **Attribute** | **Source Document(s)** |
| TLAB ID | Provided by Company |
| TLAB Name | Provided by Company |
| Developer Name | Cashflow Tape, except in respect of the TLAB Name equal to 'McCord Square', for which the Developer Name attribute was Provided by Company |
| Issuing Municipality | Cashflow Tape |
| Issuing State | Cashflow Tape |
| Tax Payer Agreement | Cashflow Tape |
| Property Type | Cashflow Tape |
| Property Street Address | Portfolio Appraisal; Penn Electric Appraisal |
| Property City | Portfolio Appraisal; Penn Electric Appraisal |
| Property State | Portfolio Appraisal; Penn Electric Appraisal |
| Property ZIP Code | Portfolio Appraisal; Penn Electric Appraisal |
| Original TLAB Purchase Price ($) | Trust Indenture Agreement |
| Original TLAB Commitment Balance ($) | Trust Indenture Agreement |
| Coupon Rate | Trust Indenture Agreement |
| Closing Date | Trust Indenture Agreement |
| First Payment Date | Trust Indenture Agreement |
| First Principal Payment Date | Trust Indenture Agreement |
| Maturity Date | Trust Indenture Agreement |
| Municipal Call Date | Trust Indenture Agreement |
| Capitalized Interest End Date | Trust Indenture Agreement |
| Construction Start Date | Cashflow Tape |
| Estimated Target Project Completion | Cashflow Tape, except in respect of the TLAB Name equal to 'The Mill 2', 'Domino', 'Vista' and 'Ridgeview West Apartments', for which the Estimated Target Project Completion attribute was Provided by Company |
| Deferred Funding Date | Trust Indenture Agreement; Financing and Loan Agreement |
| Defeasance Allowed | Trust Indenture Agreement; Financing and Loan Agreement |
| Amortization Method | Provided by Company |
| Payment Frequency | Trust Indenture Agreement |
| Mortgage Debt ($) | Trust Indenture Agreement; Sources and Uses |
| Subordinate Debt ($) | Trust Indenture Agreement; Sources and Uses |
| Property Cost ($) | Cashflow Tape |
| Property Appraised Value (As Stabilized) ($) | Portfolio Appraisal; Penn Electric Appraisal |
| Appraisal Stabilization Date | Portfolio Appraisal; Penn Electric Appraisal |
| Interest Appraised | Portfolio Appraisal, except in respect of the TLAB Name equal to 'Penn Electric', for which the Interest Appraised attribute was Provided by Company |

---

------

 **ATTACHMENT A**

---

| | |
|:---|:---|
| **Attribute** | **Source Document(s)** |

---

---

| | |
|:---|:---|
| Appraisal Stabilized Occupancy | Portfolio Appraisal; Penn Electric Appraisal |
| Appraisal Stabilized Revenues ($) | Portfolio Appraisal; Penn Electric Appraisal |
| Appraisal Stabilized Expenses ($) | Portfolio Appraisal; Penn Electric Appraisal |
| Expense Ratio | Portfolio Appraisal; Penn Electric Appraisal |
| Appraisal Stabilized NOI ($) | Portfolio Appraisal; Penn Electric Appraisal |
| Stabilized Management Fee | Portfolio Appraisal; Penn Electric Appraisal |
| Capitalization Rate | Portfolio Appraisal; Penn Electric Appraisal |
| Appraisal Company | Portfolio Appraisal; Penn Electric Appraisal |
| Appraisal FIRREA Compliance | Portfolio Appraisal; Penn Electric Appraisal |
| Number of Buildings | Portfolio Appraisal; Penn Electric Appraisal |
| Number of Stories | Portfolio Appraisal; Penn Electric Appraisal, except in respect of the TLAB Name equal to 'Meridian 220', for which the Number of Stories attribute was Provided by Company |
| Number of Units | Portfolio Appraisal; Penn Electric Appraisal |
| Gross Building Area (SF) | Portfolio Appraisal; Penn Electric Appraisal |
| Net Rentable Area (SF) | Portfolio Appraisal; Penn Electric Appraisal |
| Condition | Portfolio Appraisal; Penn Electric Appraisal |
| Owner | Trust Indenture Agreement |
| Originator | Trust Indenture Agreement |
| Annual Debt Service ($) | Trust Indenture Agreement; Cashflow Tape |
| Sponsor TLAB Guaranty Type | Trust Indenture Agreement; Note; Guaranty |
| Sponsor TLAB Guaranty % | Trust Indenture Agreement; Note; Guaranty |
| Sponsor Mortgage Guaranty Type | Trust Indenture Agreement; Note; Guaranty |
| Sponsor Mortgage Guaranty % | Trust Indenture Agreement; Note; Guaranty |

---

------

#### ATTACHMENT B<br>

#### RECOMPUTED ATTRIBUTES

---

| | |
|:---|:---|
| **Attribute** | **Calculation Methodology** |
| Cut-off Date TLAB Commitment Balance ($) | Recompute using the Original TLAB Commitment Balance ($) and First Principal Payment Date. Assume all scheduled payments of principal as per payment schedule under Trust Indenture Agreement are made and there are no prepayments or other unscheduled collections. |
| % Cut-off Date TLAB Commitment Balance | Respective Cut-off Date TLAB Commitment Balance ($) divided by sum of pool Cut-off Date TLAB Commitment Balance ($). |
| Construction Status | Equal to "Complete" if Estimated Target Project Completion equals "Complete". Otherwise, equal to "In-Construction". |
| Number of Days of Construction | Equal to "Complete" if Construction Status equals "Complete". Otherwise, difference between Estimated Target Project Completion and Construction Start Date. |
| Days Until Completed | Equal to "Complete" if Construction Status equals "Complete". Otherwise, difference between Estimated Target Project Completion and Cut-off Date. |
| Construction Completion % | Equal to "100.0%" if Construction Status equals "Complete". Otherwise, Number of Days of Construction minus Days Until Completed, divided by Number of Days of Construction. |
| Remaining Project Time (Years) | Equal to "-" if Construction Status equals "Complete". Otherwise, the number of years between Cut-off Date and Estimated Target Project Completion using a 360-day year. |
| Original Term (Years) | Sum of the number of years from and including the First Payment Date to Maturity Date using a 360-day year and 0.5. |
| Original Call Term (Years) | Sum of the number of years from and including the First Payment Date to Municipal Call Date using a 360-day year and 0.5. |
| Original Interest Only Period (Years) | Number of years from and including the First Payment Date to First Principal Payment Date using a 360-day year. |
| Original Amortization Term (Years) | Sum of the number of years from and including the First Principal Payment Date to Maturity Date using a 360-day year and 0.5. |
| Seasoning (Years) | Sum of the number of years from and including the First Payment Date to Cut-off Date using a 360-day year and 0.5. |
| Remaining Term (Years) | Original Term (Years) minus Seasoning (Years). |
| Remaining Call Term (Years) | Original Call Term (Years) minus Seasoning (Years). |

---

------

**ATTACHMENT B**

---

| | |
|:---|:---|
| **Attribute** | **Calculation Methodology** |

---

---

| | |
|:---|:---|
| Remaining Interest Only Period (Years) | Original Interest Only Period (Years) minus Seasoning (Years). |
| Remaining Amortization Period (Years) | Original Amortization Term (Years) minus the maximum of the difference between Seasoning (Years) and Original Interest Only Period (Years), and 0. |
| Cut-off Date TLAB Commitment Balance / Unit ($) | Cut-off Date TLAB Commitment Balance ($) divided by Number of Units. |
| Cut-off Date TLAB Commitment Balance / Net Rentable Area ($) | Cut-off Date TLAB Commitment Balance ($) divided by Net Rentable Area (SF). |
| Total Debt / Unit ($) | Sum of Cut-off Date TLAB Commitment Balance ($), Mortgage Debt ($) and Subordinate Debt ($) divided by Number of Units. |
| Total Debt / Net Rentable Area ($) | Sum of Cut-off Date TLAB Commitment Balance ($), Mortgage Debt ($) and Subordinate Debt ($) divided by Net Rentable Area (SF). |
| TLAB to Value | Cut-off Date TLAB Commitment Balance ($) divided by Property Appraised Value (As Stabilized) ($). |
| TLAB to Cost | Cut-off Date TLAB Commitment Balance ($) divided by Property Cost ($). |
| Total Debt to Value | Sum of Cut-off Date TLAB Commitment Balance ($), Mortgage Debt ($) and Subordinate Debt ($) divided by Property Appraised Value (As Stabilized) ($). |
| Total Debt to Cost | Sum of Cut-off Date TLAB Commitment Balance ($), Mortgage Debt ($) and Subordinate Debt ($) divided by Property Cost ($). |
| TLAB Stabilized NOI Debt Yield | Appraisal Stabilized NOI ($) divided by Cut-off Date TLAB Commitment Balance ($). |
| Total Debt Stabilized NOI Debt Yield | Appraisal Stabilized NOI ($) divided by the sum of Cut-off Date TLAB Commitment Balance ($), Mortgage Debt ($) and Subordinate Debt ($). |

---

------

#### ATTACHMENT C

#### INSTRUCTIONS
<br> 1. For those Compared Attributes with the source document indicated as "Provided by Company" we were instructed by the Company to assume the attribute is accurate and therefore, we did not perform any procedure.

<br> 2. For the Compared Attribute "Property Type", we were instructed by the Company to use 'Multifamily' as the value for the Compared Attribute for the Properties with TLAB Name equal to "Carmel Midtown" and "Federal Village".

<br>