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100 Acres,Penrose,CO <br /> comments must not be considered an environmental assessment of the property, as would be performed <br /> by an environmental professional.No soils report concerning any portion of the subject property or <br /> information relating to geologic conditions and hazardous or toxic wastes has been provided other than <br /> that referenced in this appraisal report. This valuation is based upon the premise that soil and <br /> underlying geologic conditions are adequate to support standard construction consistent with highest <br /> and best use and that no hazardous or toxic wastes exist within the site. Further,the appraiser has no <br /> knowledge of any other circumstances, including hazardous or toxic wastes, substances or residues that <br /> may exist within or adjacent to the subject property that would prevent or impair development to <br /> highest and best use or otherwise affect this valuation and assume no responsibility for such conditions <br /> should any exist. <br /> This appraisal report is intended to be an "appraisal assignment". That is,the intention was that the <br /> appraisal service was performed in such a manner that the results of the analysis, opinion, or conclusion <br /> be that of a disinterested third party. This appraisal includes the sales comparison approach to value, <br /> written in a summary narrative format, consistent with the client's request. <br /> DEFINITION OF MARKET VALUE <br /> Market Value: <br /> The most probable price, which a property should bring in a competitive and open market under <br /> all conditions requisite to a fair sale,the buyer and the seller, each acting prudently, <br /> knowledgeably and assuming the price is not, affected by undue stimulus. Implicit in this <br /> definition are the consummation of a sale as of a specified date and the passing of title from <br /> seller to buyer under conditions whereby: <br /> 1. buyer and seller are typically motivated; <br /> 2. both parties are well informed or well advised, and each acting in what they <br /> consider their own best interest; <br /> 3. a reasonable time is allowed for exposure in the open market; <br /> 4. payment is made in terms of cash in U.S. dollars or in terms of financial <br /> arrangements comparable thereto; and, <br /> 5. the price represents a normal consideration for the property sold unaffected by <br /> special or creative financing or sales concessions granted by anyone associated <br /> with the sale. <br /> (Source: Code of Federal Regulations; Title 12-Banks And Banking; Chapter I-Comptroller Of <br /> The Currency, Department Of The Treasury;Part 34-Real Estate Lending And Appraisals— <br /> Subpart C—Appraisals Sec. 34.42 Definitions;Revised as of January 1, 2000.) <br /> Market Value As Is on Appraisal Date: <br /> Market value of the property appraised in the condition observed upon inspection and as it <br /> physically and legally exists without hypothetical conditions, assumptions, or qualifications on <br /> the effective date of appraisal. <br /> (Source: Federal Register, Volume 53, No. 3, 12 CFR 571.1(b), Page 383, January 7, 1988.) <br /> 7 <br /> ©2012 Grantham Appraisal Service <br /> All Rights Reserved <br />