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<br />. <br /> <br />I. PURPOSE OF THE APPRAISAL: <br />The purpose of this appraisal is to estimate the Market Value of the fee Simple <br />interests for the subject property "As Is"as of the Effective Date of the Appraisal, for <br />financing of the subject property through the Colorado Water Conservation Board <br />financing purposes. See definition of market value in section III below. <br /> <br />II. FUNCTION OF THE APPRAISAL: <br />This appraisal is prepared to aid in or support decisions related to the subject <br />property for the benefit of the Colorado Water Conservation Board for financing a loan on <br />the property appraised. <br /> <br />III. DEFINITION OF VALUE: <br />Market Value as defined in "Rules and Regulations", Federal Register, Vol 55, No. <br />129, page 27771; the MOST PROBABLE PRICE which a property should bring in a <br />competitive and open market under all conditions requisite to a fair sale, the buyer and <br />seller each acting prudently and knowledgeably, and assuming the price is not affected by <br />undue stimulus. Implicit in this definition is the consummation of a sale as of a specified <br />date and the passing of title from seller to buyer under conditions whereby: <br /> <br /> 1. <br /> 2, <br />. 3. <br /> 4. <br /> 5. <br /> <br />buyer and seller are typically motivated; <br />both parties are well informed or well advised, and each acting in what they <br />consider their own best interests; <br />a reasonable time is allowed for exposure in the open market; <br />payment is made in terms of Cash in United States Dollars or in terms of <br />financial arrangements comparable thereto; <br />the price represents the normal consideration for the property sold, <br />unaffected by special or creative financing or sales concessions granted by <br />anyone associated with the sale. <br /> <br />IV. PROPERTY RIGHTS APPRAISED: <br />The property rights considered in this report are those surface rights and interests <br />held by the subject property owner in fee simple title. Research with market area <br />landowners shows no evidence that there is value difference for farms and ranches with <br />appurtenant mineral rights compared with those that have had the mineral rights reserved <br />in whole or in part by the prior owner(s). This is primarily a result of the majority of <br />valuable minerals having already been reserved by the previous owners of mineral <br />producing properties. A detailed search of the mineral interests has not been completed on <br />the subject property, There is currently no mineral production on the subject property. <br />There are no known easements or encroachments that would detrimentally affect the value <br />of the property; subject, however, to the easements, public roads, public utilities, pipelines, <br />or any existing private easements of record. Refer to the additional comments in the <br />Assumptions and Limiting Conditions. <br /> <br />. <br /> <br />NIENHUSER APPRAISAL <br /> <br />- 8 - <br />