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SENT 6Y: 7- 2-97 ; 9 31Ah1 0 S M~ 98328106;# 6/12 <br /> i I <br /> Gutierrez Appraisal Service 0 � <br /> `l^)••I.1•i-I p t .).a•l..).q.a .l -t•a •h9.4•�1-F ha•b•1 b f-+a a•i••t•d-•F•1•a•+-E•i••!•a••t--1..l-.}.F.i..) +-l..l..i.d• <br /> Eliseo C. Gutlerrez CRO131570D <br /> Colorado State <br /> Candied Residential Appraiser <br /> Phone:(303)761-7964•Fax(303) 781.1407 <br /> 6431 S. Shermah,1.I41eton,CO 9012.1 <br /> December 15, 1995 <br /> First Commercial Capital <br /> 5655 South Yosemite Street <br /> Englewood, Colorado 80111 <br /> Attention; Mr. Don Johnson <br /> Dear Mr. Johnson, I <br /> Per our agreement, I have completed a narrative appraisal of Colorado <br /> Guest Ranch, Pa0nia, Colorado. <br /> The purpose of the appraisal is to estimate the Market Value as defined <br /> on page 2 of the report. The date of value is December 15, 1995, and the <br /> property rights appraised are the fee simple title. <br /> The attached report describes the property at well as• the . factors <br /> influencing real estate values in the area. The Market Data Approach, <br /> Cost Approach, and the Income Approach are also described in the report. <br /> As a result of this study, The' Market Value of the sub,iect property, as <br /> of December 15, 1995, is estimated to be, <br /> TWO MILLION FIVE HUNDRED THOUSAND <br /> :2,5W,0A0.00 i <br /> Respectful submi ed, i <br /> c; <br /> Elise.c C. Gutierrez . CR01315790 <br /> Certified Residential Appraiser <br /> ECG;ags <br /> Certified Residential Appraiser <br />