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File No. ,00 I ADDITIONAL COMMENTS Intended User BIG ELK MEADOWS ASSOCIATION Property Address 4000 Big Elk Meadows City LYONS County BOULDER State CO Zip Code 80540 Client BIG ELK MEADOWS RECONSTRUCTION SCOPE OF THE APPRAISAL THE INTENDED USER OF THIS APPRAISAL REPORT IS THE NAMED CLIENT. THE INTENDED USE OF THIS APPRAISAL IS TO EVALUATE THE PROPERTY THAT IS THE SUBJECT OF THIS APPRAISAL FOR PRIVATE PURPOSES,SUBJECT TO THE STATED SCOPE OF WORK,PURPOSE OF THE APPRAISAL,REPORTING REQUIREMENTS OF THIS APPRAISAL FORM AND DEFINITION OF MARKET VALUE.NO ADDITIONAL INTENDED USERS ARE IDENTIFIED BY THE APPRAISER.THE APPRAISAL IS BASED ON THE INFORMATION GATHERED BY THE APPRAISER FROM PUBLIC RECORDS,OTHER IDENTIFIED SOURCES,INSPECTION OF THE SUBJECT PROPERTY AND NEIGHBORHOOD AND SELECTION OF THE COMPARABLE SALES.THE ORIGINAL SOURCE OF THE COMPARABLES IS SHOWN IN THE DATA SOURCE SECTION OF THE MARKET GRID ALONG WITH THE SOURCE OF CONFIRMATION,IF AVAILABLE.THE SOURCES AND DATA ARE CONSIDERED RELIABLE.DATA BELIEVED TO BE UNRELIABLE WAS NOT INCLUDED IN THE REPORT OR USED AS A BASIS FOR VALUE CONCLUSION. NO VALUE FOR PERSONAL PROPERTY,FIXTURES OR INTANGIBLE ITEMS WAS INCLUDED IN THIS REPORT. LEGAL DESCRIPTION THE LEGAL DESCRIPTION ACCORDING TO A DEED OF TRUST PROVIDED BY THE CLIENT IS:40 ACRES IN THE E 1/2 OF THE N 1/2 OF THE N 1/2 OF S2-T3N-R72W. NEIGHBORHOOD PAVED AND GRAVEL ROAD ACCESS TO LYONS,LONGMONT AND BOULDER.PUBLIC SCHOOLS ARE BY BUS.THE BIG ELK MEADOWS ARE IS A RESIDENTIAL AREA WITH ITS OWN WATER DISTRICT,OUTDOOR POOL AND TENNIS COURTS.THE SUBDIVISION HAD SEVEN STOCKED LAKES WHICH WERE WASHED OUT BY THE FLOODING IN SEPTEMBER OF 2013. NO SIGNIFICANT ADVERSE FACTORS WERE OBSERVED. SITE THE SUBJECT SITE IS SIGNIFICANTLY HIGHER THAN THE MAIN PORTION OF THE BIG ELK MEADOWS RESIDENTIAL AREA AND DOES NOT APPEAR TO HAVE HAD ANY ADVERSE EFFECT FROM THE FLOODING IN THE MAIN PORTION OF THE BIG ELK SUBDIVISION IN SEPTEMBER OF 2013.A000RDING TO BOULDER COUNTY RECORDS,THE SUBJECT SITE IS PART OF A 160 ACRE PARCEL THAT IS OWNED BY THE BIG ELK MEADOWS ASSOCIATION.IT IS ASSUMED THAT THE 40 ACRE SUBJECT SITE WOULD BE DECLARED TO BE A LEGAL 40 ACRE BUILDING SITE BY BOULDER COUNTY. THE ACCESS TO THE SUBJECT SITE IS OFF THE BIG ELK MEADOWS ROAD WHICH IS A PRIVATE ROAD MAINTAINED BY THE BIG ELK MEADOWS ASSOCIATION FOR EGRESS INTO THE BIG ELK MEADOWS SUBDIVISION.. THERE IS A DIRT ROAD OFF THE BIG ELK ROAD WHICH IS ACCESS FOR THE SUBJECT PARCEL AND LEGAL ACCESS EASEMENTS FOR THE SUBJECT PARCEL IS ASSUMED.THERE IS A POWER LINE WHICH CROSSES THE SUBJECT SITE AND AT LEAST ONE SPRING ON THE SUBJECT SITE. THERE IS A SMALL HORSE SHED ON THE SUBJECT SITE BUT NO OTHER IMPROVEMENTS. THERE ARE NO ADVERSE ENVIRONMENTAL CONDITIONS OR HAZARDOUS TOXIC OR WASTE MATERIALS INCLUDING RADON,FORMALDEHYDE FOAM INSULATION OR FRIABLE ASBESTOS KNOWN TO THE APPRAISER ON THIS SITE OR NEARBY.IT IS ASSUMED THAT NO SUCH MATERIALS EXIST.THE APPRAISER IS NOT AN EXPERT IN THESE FIELDS AND EXPERTS IN THESE FIELDS SHOULD BE CONSULTED,IF SO DESIRED. COMMENTS ON MARKET DATA SALE#1 IS LOCATED IN THE ALLENSPARK AREA ON A SIGNIFICANTLY SMALLER SITE WITH SOMEWHAT SIMILAR VIEWS.SALE#1 HAS NO IMPROVEMENTS ON THE SITE OTHER THAN A WELL. SALE#2 IS LOCATED IN THE NEDERLAND AREA ON A SIGNIFICANTLY SMALLER SITE THAT HAS INFERIOR VIEWS.SALE#2 HAS NO IMPROVEMENTS ON THE SITE AND NO WELL OR SEPTIC SYSTEM IN PLACE. SALE#3 IS LOCATED IN THE LEE HILL ROAD AREA ON A SLIGHTLY SMALLER SITE THAT HAS SIMILAR VIEWS, NO IMPROVEMENTS AND NO WELL OR SEPTIC SYSTEM IN PLACE.SALE#3 OCCURRED MORE THAN ONE YEAR FROM THE DATE OF INSPECTION OF THE SUBJECT AND WAS UTILIZED DUE TO THE LACK OF MORE RECENT AND SIMILAR SALES FROM THE SUBURBAN MOUNTAIN AREAS OF BOULDER AND SOUTHERN LARIMER COUNTIES. COMPARABLES#4 AND#5 ARE ACTIVE LISTINGS OF SOMEWHAT SIMILAR SIZE SITES FROM THE ESTES PARK AREA.COMP#4 IS LOCATED ON A STEEPER LESS USABLE SITE WITH SOMEWHAT SIMILAR VIEWS.COMP#5 HAS A SUPERIOR HORSE BARN WITH A FINISHED STUDIO WITH LIVING QUARTERS.ALL OF THE SALES UTILIZED ARE LOCATED MORE THAN ONE MILE FROM THE SUBJECT AND WERE UTILIZED DUE TO THE LACK OF MORE SIMILAR AND PROXIMATE SALES FROM WITHIN ONE MILE OF THE SUBJECT.SALES#1 AND#2 HAVE GROSS AND/OR NET ADJUSTMENTS THAT EXCEED THE RECOMMENDED GUIDELINES.THESE SALES WERE UTILIZED DUE TO THE LACK OF MORE SIMILAR SALES FROM THE SUBURBAN MOUNTAIN AREAS OF BOULDER AND SOUTHERN LARIMER COUNTIES. COMMENTS AND CONDITIONS OF APPRAISAL THE OWNER OF THE SUBJECT SITE WOULD HAVE TO FILE FOR A BUILDING SITE DETERMINATION WITH BOULDER COUNTY TO OFFICIALLY RECEIVE AN LEGAL BUILDING SITE DETERMINATION.IF THE SUBJECT SITE WERE NOT GRANTED A LEGAL BUILDING SITE DETERMINATION,THE ESTIMATED VALUE OF THE SUBJECT SITE WOULD MOST LIKELY BE SIGNIFICANTLY LOWER THAN THE ESTIMATED VALUE OF THIS APPRAISAL.THE APPRAISER RESERVES THE RIGHT TO AMEND THE ESTIMATED VALUE OF THIS APPRAISAL,IF AT A LATER DATE,THE SUBJECT SITE IS DETERMINED BY BOULDER COUNTY TO BE A NON BUILDABLE SITE.THE SUBJECT PARCEL HAS NOT SOLD IN THE PAST 3 YEAR ACCORDING TO BOULDER COUNTY RECORDS ADDITIONAL COMMENTS THE ESTIMATED VALUE OF THE 40 ACRES SUBJECT PARCEL IS$440,000.THE OTHER THREE 40 ACRES PARCELS OF THE TOTAL 160 ACRES OWNED BY THE BIG ELK MEADOWS ASSOCIATION ARE VERY SIMILAR TO THE SUBJECT SITE WITH SIMILAR VIEWS,TOPOGRAPHY AND ACCESS.IT IS THE APPRAISERS OPINION THAT EACH OF THESE ADDITIONAL 40 ACRE PARCELS WOULD HAVE AN ESTIMATED VALUE SIMILAR TO THE ESTIMATED VALUE OF THE SUBJECT PARCEL ASSUMING THAT BOULDER COUNTY WOULD APPROVE EACH PARCEL AS A LEGAL BUILDING SITE. . 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