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~iiiiiiiiiiiiiiii iii 999 Munkres 8 Associates 3621 E50 Road Crawford, Colorado 81415 October 6, 1995 Mr. Phil G. Schmidt. Engineering Manager Mountain Caal Company Nest Elk Mine P. 0. Box 591 Somerset, Colorado 81434 Re: Appraisal: Mautz Cabin. NE1/4SN1/4, Section 20, Township 13 South, Range 90 West, 6PM, Gunnison County, Colorado Dear Mr. Schmidt: I have discussed the repair work done on September 11, 12, and 13. 1995 by the Jones Construction Services, Inc., with Mr. Steve Jones, the president of the company: and reviewed his documentation of the condition of the improvement at that time and the repairs the company completed. The diminished value of the improvement, in the appraiser's opinion, would have been the difference in marketability before and after the repairs. estimated between f1,500 and f2.000, dependant upon travel time, mileage and availability of labor. These figures are based on my own experience, discussions with local contractors and cost data from the Marshall and Swift Valuation Service with local and regional updates. This is a nonprofessionally constructed cabin built without the required Gunnison County building and septic system permits. It is not built to any building code. It is similar to a number of remote mountain cabins in the county that are used for hunting, recreation or cow camps. They have been built by the owners without professional plans or blueprints and not to any building code. Depreciation is a loss in value due to any cause. It is sometimes referred to as diminished utility. It is the difference between the market value of a structural improvement and it's replacement cost as of the date of the valuation. The improvement was built in 1994. No physical, functional or economic depreciation was estimated in the appraiser's opinion. The cost approach to value classification was. 'Low Cost Mountain Cabins', and data from the Marshall and Swift Valuation Service with local contractor and builder's imput was used to develop the cost approach. Sales of similar properties, with appropriate adjustments for dissimilarities, were researched from sources considered reliable including public offices. multiple listing service and local brokers and Realtors, to develop the Market Approach. No income data was available for similar properties and therefore was inappropriate and the income approach to value was not used. If ,you) have any further questions 7 an you for your-tru ess. ~~~~ y Reid er fied Residential Appraiser CR 314144 please do not hesitate to contact me. /,. Farm CYR -- 'TOTAL 2000' appraisal software by a la moEe, inc. •- 1.800-ALAMDDE