C150150 Market Report - Laserfiche WebLink

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. . . . . . . . . . . . . . . . . I. . . . . . . . . . . . . . . . . . . . . . . . . . such member or candidate; except as hereinafter provided, the client may distribute copies of this report in its entirety to such third parties as it may select. However, selected portions of this report must not be given to third parties without the prior written consent of the signatories of the report. Neither all nor any part of the contents of this report (especially any conclusions as to: value, the identity of the authors, or the fIrms with which the authors are connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the authors. 19. The analyses, opinions, and conclusions were developed and this report was prepared in conformity with the Uniform Standards of Professional Appraisal Practice ("USP AP"), to the extent applicable to the property that is the subject of this report, except that the departure provisions of the USPAP do not apply. This report has been completed using the Sales Comparison or Market Approach to Value as defined by the American Institute of Real Estate Appraisers ("the Appraisal of Real Estate, February 1987"). 20. The authors reserve the right to alter statements, analyses, conclusions, or any value estimate in the report iffacts pertinent to the valuation process that were unknown at the time of the report preparation become known. 21. Acceptance of, and/or use of, this report by the client or any third parties constitutes acceptance of the above conditions. AUTHORIZATION AND SCOPE The Lower Arkansas Water Management Association ("LA WMA") authorized Attorney William A. Paddock, of Carlson, Hammond & Paddock, L.L.C., and Bill Milenski ofMilenski Appraisal Service, Inc., Swink, Colorado, to prepare a report on the estimated fair market value of the Keesee Ditch Water Rights, the current place of use of which is in Bent County, Colorado. Mr. Paddock is an attorney experienced in water law. Mr. Milenski is an agricultural consultant and a certified general appraiser. This report is a self-contained appraisal of water rights only. DEFINITION OF MARKET VALUE Market Value may be defIned as: The most probable price a property would bring in a competitive and open market under all conditions requisite to a fair sale when both Buyer and Seller act prudently and knowledgeably, assuming thatthe price is not affected by other than customary factors. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from Seller to Buyer under conditions whereby: Page 6 of 66