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Ile No. Summary epu a e # 1 ir,. .r,. ,.yrn APPRAISER'SCERTIFICATIOM: TheAppnlsercertltlesarMapreeaNat 1. I hava researohed tlq subjat market area and have sebcbd a minimum of Nroe recent sake of propertles most slmigr and Droalmab m the subject property for conslderatlon In Ne sales companeon anaysls and Aare made a doAar adjusbnem when aDDroDnab b reilecl Ne market reactlon b (hose Items bl sipnlilcam radatlen. N e epndicant Item In s comparabb property Is supedor b, or moro lavorobb than, Ne subject property, I have made a rrepatlve adjustrnent b reduce Ne adjusted sobs Drlee of the eompanbb and, d a slpnllkant Item In a comparabb property h Inlerlar b, or bss lavorabb than the subject property, I have made a postlha adjustment b Increase the adjusbd sales pdce of the comparabb. , ~• 2 I have taken Inb consbentlon the hctors that have an Nnpact on rabn In my devebpmenl of the esdmab of market rabn In iha appraisal reparl 1 ttavn not knowingy wdhheb arty eipnltlcam Infonnatlan from the appraisal roport and I beAere, b the best of my knowledge, that atl statements and Inlormatlon In Ne aPpnleal roport aro W e and correct ~ ~,' 3. I ambd In Ne appraisal ropoA Dray my own personal, unbiased, and pmlesslonal anaysls, opinions, and concbslOns, which are subject any b the contingent arM AmPonp conditlons speciAed In Nk roan. 4. I hate ra DreseM or prospecWe Interest In Na property Nat Is the subject b Nls report and 1 have no present ar prospectve personal Interest or bias with respect b the partlcipante In Ne transactlon. I did not base, either partlady ar compkby, my anaysls and/or the esamate of market value In the appraisal report on Ne race, cobr, nAplon, se>S handicap, famtllal stabs, or national odpln of either fie prospective owners or occupants of the subJect property or of the present owners ar occupants of the Dropertles In the rklnity of the subject property. 5. I have no present or conbmpbfed Nbre interest In dro subject property, arM nelNer my cameral or future emDbyment nor my compensatlan far perlarminq this appnbal la contlrrpent on the appraised value of the properly. 6. I was not required b report a predetemnined robe or direction In vaba that favors Ne cause al the client or arty reWhd parry, Ne amount of the value esamate, Ne affibmem o1 a speclAc rosuR or dre oceumnce o1 a subsequent event In ordm b recehe my compensatlon andlor empbyment for performing the appraisal I did not base die appraisal report on a requested minlmum raluatlon, a apacdb rabatlon, or the need b approve a specific mrortgage ban. 7. I performed Nls appraisal In conformity with Ne Unllomn Standards of Ralesslonal Appraisal Practice that were adopted and promulgated by Ne Appraisal Standards Board of The ApDrabal Faundatlon and drat were in place as of tits edectlre dale of Nis appraisal, wiN Ne eaceptlon of the departure provision of those Standards, whkh does net eppy.l acknowledge drat an nstlmab of a teasonabb tlme for emosurs In Ne open market Is a candldan b the detinldon a1 market vabe and Ow estlmab I darebped h eonskbnl wIN Ne marketlrq tlme rbbd b the nNghborflaod sectlon of Nis report, unless I have otherwise stated In tiro reconcAlatlon sectlon. S. I Aare peraonaly Inepecbd Ne Imerbr and eabrlor arose of Aro subject propary and the ealedor of aA proDeNes Asted as comDarabks In Ne appraisal report I hrNa certlry Nat I have noted arty apDarenl or known adverse conditlorre In tiro subject Improremen6, an Ne su6Jec1 site, or on any site wlNln Ne Immedlab vklnty of Ne subject propery of wAbh I am aware and have made adjuabronb for Nose adverse eonditlorrs In my anaysls o! Ne propery vales b Ne extent Nat 1 had market evl0ence b support Nem. 1 have oleo cemmenbd about Ne eUectel the adverse conditlons an Ne markefabiliry of Ne subject property. 9. 1 personaM DsePared aA concbsbns and opinbm about tlro real estab Nat wero sM torch b Na appraisal report It I reked on signltkant prolessbnal assbtance from arty Indhldual or IndNlduab In the performance of Ne appraisal or Ne preparatlon of Ne appraisal report, I have named such Indnldualjs) and dhcbsed An epeclBc tasks performed by Nem In Ne reconclAatlon sectlon of Nls appnbal report I certlry Nat arty IndNldual so named h quaA9ed b pertomn the hake. I have not aulhodted arryone b rtuke a change b any Aem In Ne rsporC Naefore, d an unaulhodred change b made b Ne aDDralsal epoR, I wIA fake no resporrsiblAty for R SUPERYISORY APPRAISER'S CERTIFICATION: n a supenlsory appraiser signed Ne appraisal report he or she certlTies and agrees Nat I dlrecM supervise Ne appraiser who prepared Ne appraisal report have rerkwed Ne appraisal report agree wIN Ne shtementt and conclusions of Ne appraiser, agree b be bound by tits appraiser's certlRcatlons numbered 4 Nrough 7 above, and am hklrrp IuA responslbikry for Ne aDPralsal and Ne appraisal report ADDRESS OF PROPERTY APPRAISED: NE4SN4,Sec.20,Twp13S,R90W, Gunnison County, Co. SUPERVISORY APPRAISER (only it required): Sgnabro: l_ Name: o c G I. Reid Slpnabre: Name: DabSyned: obey 3 1995 Dabsgned: ShbCertllba o ~: CR01314144 ShbCertldcatlon,r: or State Lk: t: or Stale license !: Stale: CO. Shb: Eaplratlon Dab of Certllkatlon or Lberrse: 12/ 1991 5rplratlon Date of Cerd9catlon or License: ^ Did ^ Did Not Inspect Property Munkres 6 Associates Freddie Mac Form 439 G93 Pape 2 of 2 Form ACR -- 'TOTAL 2000' appraisal software by a b mode Inc -- r.snn.a~ w unnc Fannie Mae Farm 10oAB fr93