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<br />. <br /> <br />V PRESENT OWNERSHIP & IDENTIFICATION OF THE PROPERTY: <br />The subject property consists of two (2) center pivot sprinkler systems with <br />irrigation wells, These sprinklers are located approximately 3 miles east of the Iliff exit <br />between County Gravel Road #385 and 1-76, in East Central Logan County. The <br />property acreage allocation is 122.5 Deeded Acres with 38.55 Acres State Lease irrigated <br />for the West Sprinkler, and 127.5 Deeded Acres of irrigated allocated to the East <br />Sprinkler. Each sprinkler is irrigated by a separate irrigation well. The owner of these <br />properties is in the process of completing a major augmentation project which will provide <br />augmentation equivalent to 2.5 acre feet coverage per irrigated acre ofland. This plan is <br />inclusive of the subject property as well as additional lands not included in this appraisal <br />analysis. This is the best information available as provided by the owner of the property, <br />Alan Stromberger, the Logan County Records and the FSA acreage information. <br />The subject property is included with other properties, under Assessor's Parcels <br />#6826010,#6827003,#38048513400219. <br /> <br />VI. DATE OF VALUE ESTIMATE: <br />The date of value estimate and inspection is March 12, 2003, Photographs of the <br />subject property were taken when the property was inspected. <br /> <br />. <br /> <br />VII. LEGAL DESCRIPTION: <br />LOGAN COUNTY COLORADO <br />Township 8 North Range 50 & 51 West of the Sixth Principal Meridian <br />#23 & #24 "Wilhelm Company Edsons' Ranch Survey" in Sections 13 & 24 and 18 & 19, <br />Together with non-exclusive right of ingress and egress over and across a road <br />easement in Section Thirteen (13), the Southeast Quarter (SEl/4) of Section Twelve (12), <br />both in Township Nine (9) North, Range Fifty-One (51) West of the Sixth P,M., and in <br />Section Four (4), Five (5), Six (6) and Seven (7), Township Nine (9) North, Range Fifty <br />(50) West of the Sixth P.M., Logan County Colorado, as more particularly described in <br />that Warranty Deed recorded February 11, 1995, in Book 795, Page 29, records of Logan <br />County, Colorado. Together with State Lease #S-38958 for 38.55 Acres. <br />Together with all water, water rights appurtenant to the property for domestic, <br />livestock, or irrigation use included but not limited to a pro-rata interest in the water <br />augmentation project under construction, and 7 units of GASP. <br />Together with all pumps, motors, electric panels & ancillary equipment associated <br />with the irrigation & domestic wells & domestic facilities located on said property <br />including but not limited to the following equipment: <br />- W-2289, #14711-F, 10-8-16, 1100 GPM, 132 Acres in SESE 13-09N-51W <br />- 1984 - 8 Tower Valley Electric Sprinkler Model #4865 Serial #48265. <br />- 125 H.P, U.S. Electric Motor #R-2021721. <br />- Western Land Roller Pump #B70190, <br />- W-2289, #14714-RF, 10-8-16,925 GPM, 158 Acres in NWNW 24-09N-51W <br />- 1984 - 9 Tower Valley Electric Sprinkler Model #4865 Serial #46124. <br />- 125 H.P. U.S, Electric Motor #R2021789. <br />- Western Land Roller Pump #D70114, <br />Said property containing 286 deeded acres more or less, <br /> <br />. <br /> <br />NIENHUSER APPRAISAL <br /> <br />- 9 - <br />