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<br />, <br /> <br />" <br /> <br />, <br /> <br />I believe that the average value of $330 per acre is reasonable. In any case, the total <br />appraised value of the land is almost three times the principal amount of the loan. Also, <br />we will require the Company to guarantee that the irrigated lands will continue to receive <br />water in the event of foreclosure. I recommend that we accept all of the 2,627 acres <br />included in the appraisal as collateral for the loan. <br /> <br />Cc: Mike Serlet <br />J an Illian <br />Linda Bassi <br /> <br />2 <br />