C150233 Appraisal

• Contract/PO #: C150233
• Contractor Name: Tom Hill
• Contract Type: Loan
• County: Grand
• Loan Projects - Doc Type: Contract Documents

As concluded in the report. the subject property has. as of January 21. 2006 a:

FEE SIMPLE VALUE, "AS IS"

FIVE MILLION THREE HUNDRED THOUSAND DOLLARS

Thank you for the opportunity of working with you on this appraisal assignment

$5,300,000

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Stewart B. Thomson
Certified Residential Appraiser
In Colorado # CRO \316787

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Larry C: Whiteman A.R.A.
Certified General Appraiser
Colomdo No. CG0\314159

Wyoming Penn it No. 84

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TABLE OF CONTENTS

Cover Page. Lener ofTmnsmittal, Table of Contents......... ... ......... .............1-4

SUMMARY - SALIENT FACTS AND CONCLUSIONS
Authorization, Inspection, Type of Appraisal, Type of Report. ........ .............. 5
Effective Date, Identification of Property, Improvements. Ownership............. 5
Zoning, Highest and Best Use. Property Rights Appraised..................... .. .... 5
Purpose and Function of Appraisal..................... ............................. .... 5
Valuation Estimate. Analysis of Market Trends.................. ... ... ... ............ 5-6
Scope of Appraisal, Competency Provision.............. ................... ...... .... 6

ASSUMPTIONS AND LIMITING CONDITIONS.............................. 8

ANALYSIS - FACTUAL DATA
MarkeIValueDefined................................. ............... ................ .... 12
Arca and Neighborhood Analysis.................. ........ .......... ... ............... 13

PROPERTY DESCRIPTION
History, Location. Legal Description (Bricl), Water Rights....................... 16
Operation. Property Tax. Mineral Rights, Utilities, ZOning,Easements......... 17
Hazardous Material. Site Dala, Improvements.......................... ...... ...... 18

DATA ANALYSIS AND CONCLUSIONS
Highest and Best Use..... .................................... ....... ......... ...... ..... 21

Appmisal Process...... .............. ........................................... ......... 23

VALUATION
Sales Comparison Approach ............... .................................................. 25

Cost Approach........................... ..... ...................... ...... ............... 40
Reconciliation and Conclusion of Value.. ....................... .... ........... ...... 42

APPRAISAL CERTIFICATE...... .......... ........ ...... ................ ........ 43

QUALIFICATIONS O~'THE APPRAiSERS.................................... 45

ADDENDA
Lcgal Description (Complete)
Water Rights (Detailed)
Subject Photogmphs
Area Location Map
Comparable Sales Location Map

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