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100 Acres,Penrose,CO <br /> RECONCILIATION AND FINAL OPINION OF VALUE <br /> The concluding step in this section of the appraisal is the reconciliation and final opinion of <br /> value. Reconciliation is the process by which the appraiser evaluates, chooses and selects <br /> from among one or more alternative conclusions or indications to reach a single answer(final <br /> opinion of value). The final opinion of value is arrived at through the application of the above <br /> process of evaluation, choice and selection of the indications of value derived from each of the <br /> approaches utilized in the appraisal assignment. <br /> The value conclusion was derived through the application of acceptable appraisal principles. <br /> The final opinion of value is the conclusion that the appraiser truly believes to be logical, <br /> reasonable, convincing, and defensible, consistent with his best professional efforts at <br /> approximating and measuring the value sought, as defined in the appraisal problem. <br /> The purpose of this appraisal is to estimate the Market Value of the subject property with the <br /> final opinion of value consistent with the reactions and behavior of an informed, rational <br /> purchaser operating on the open market in competition with other informed rational buyers. <br /> Subsequently, it is the appraiser's opinion that the Opinion of Value of the subject property <br /> containing approximately 100 acres and located in Section 18, Township 18 South, Range 70 <br /> West of the 61 P.M. in Fremont County south of Penrose, Colorado, as of July 11, 2012, can <br /> be expressed as follows: <br /> MARKET VALUE CONCLUSION <br /> Appraisal Pre mise Intere st Appraised Date of Value Value Conclusion <br /> As Is Fee Simple 11-Jul-12 $210,000 <br /> Respectfully submitted, <br /> -y — <br /> Kevin J.Grantham <br /> Certified General Appraiser#CG40011696 <br /> ©2012 Grantham Appraisal Service <br /> All Rights Reserved <br />