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100 Acres,Penrose,CO <br /> f / ' "ii 1116 Main Street, <br /> °� Canon City,Colorado 81212 <br /> �s i�t Phone(719)275-7705*Fax(719)269-8383 <br /> tju_!(tl l i�* �� E-Mail:homeappraiser(a)gwest.net <br /> 471E1, CI — .41 1W Web:wwW.granthanrappraisal net <br /> Rossidarntial *• Gommarcia - Vacsnt t_and <br /> August 9, 2012 <br /> Ron Gasser <br /> Penrose Water District, <br /> Penrose, CO 81212 <br /> RE: Appraisal of <br /> 100 Acres in 18-18-70 <br /> Penrose, CO 81240 File#12-11081 <br /> Dear Mr. Gasser <br /> In accordance with our agreement, I transmit herewith my complete appraisal assignment written in a <br /> restricted use narrative report of the market value (assuming the plating of the site as proposed) of the <br /> fee simple estate of the referenced properties on the valuation date of July 11, 2012, which is also the <br /> date of property inspection. The date of the report is August 9, 2012. <br /> The report sets forth my value conclusions along with supporting data and reasoning that form the basis <br /> of my opinion. The value opinion reported herein is qualified by certain definitions, limiting <br /> conditions, and certifications which are set forth in the report. This appraisal has been prepared in <br /> conformance with the current requirements of the Appraisal Foundation as set forth in the Uniform <br /> Standards of Professional Appraisal Practice(USPAP) and with the requirements of the federal banking <br /> agencies. It is also intended to comply with Title XI of the Financial Institutions Reform, Recovery and <br /> Enforcement Act of 1989 (FIRREA). <br /> The report was prepared for and my professional fee billed to Penrose Water District, the client. It is <br /> intended only for use by the client for loan underwriting purposes pertaining to the subject property. It <br /> may also be used for asset management or asset sale purposes. It is not intended for any other use or <br /> users. This appraisal report may not be distributed to or relied upon by any other persons or entities <br /> without my written permission. Any party who uses or relies upon any information in this report, <br /> without the preparer's written consent, does so at their own risk. <br /> A description of the subject site and the improvements is contained in the report along with <br /> photographs of the property. Kevin J. Grantham inspected the property and prepared this report. If you <br /> have any questions concerning the report,please contact me at(719)275-7705. <br /> Respectfully submitted, <br /> ,, - ' <br /> Kevin J. Grantham <br /> Colorado Certified General Appraiser#CG40011696 <br /> ©2012 Grantham Appraisal Service <br /> All Rights Reserved <br />