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' m 1992 -American Society of Farm Managers and Rurat Appraisers, Inc,
<br />Robert H. Randle Appreisel Report # 0194TEMP
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<br />Uniform Agricultural:Appraisal Report .:..
<br /> Owner/Occupant: Tempel, Esgar, Relling, Holmes Deeded Acre Size: 825.29
<br />F Property Address: Lamar, Colorado Total Acre Size: 825.29
<br />r'. Property Location: west of Holly, coloraao Zip Code: 81047
<br />o Zoning; Agriculture Property Code:
<br />P Irrigated cropland "As IP Vaeant FAMC Commodity Grp:
<br />Highest & BCSt Uae:
<br />e Irrigated Cropland Am Improved Primary Land Type: IRRIGATED
<br />t UnR Type:® Economic Sized UnR ~ Supplemental/Add-On UnH Primary Commodity: Alfalfa
<br />y Legal Description:
<br /> Attached
<br />d . Rights Appaised: ®Fee Simple ~ Leased Fee Q Leasehold aSurface RigMa
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<br />t. FunCtiOrl of Repoli: Collateral Reclamation Bond
<br />i .. Purpose of Repoli: Estimate Market Value
<br />} slue Definition:
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<br />~~ The most probable price which a property should bring in a competitive and open market under all
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<br />a conditions requisite to a fair sale, the buyer and seller, each acting prudent Ly, knowledgeably end
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<br />~t assuming the price is not affected by untlue stimulus. Implicit in this definition is the consummation of
<br />~ a sale as of the specified date and the passing of title from seller to buyer under conditions vhereby:
<br /> Extent of Process:
<br />~~~~ Provers County courthouse search 6 interviews with Brea real estate people, farmers B lenders used to
<br />'.n. find market date which is then verified, analyzed and used in this report.
<br />Symmary of Facts.& Conclusions . '. .
<br /> Date oflnapection: 01/13/94 EtfectiveDateofAppreisal: 0l/13/9a
<br /> Value Indication -Cost Approach : .. . .............. . ............................... S o
<br /> Yalue Indication -Income Approach :............................................... ; 564, 000
<br /> Value Indication -Sales Comparison Approach : ................................. 568, 000
<br />A Value Conclusion - (Estimated Marketing Time t2 months ) 568 000
<br />p Cost of Repairs $ o
<br />r Cost o1 Additions S o
<br />.8 Allocation: Lsnd: S 56 a, 000 S 689.24 / ACRE ( 100%)
<br />I Landlmprovemerrts: S o S O.oo / ( 0%)
<br />s Structural Improvement Contribution: S o S o . oo / ( o °.6)
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<br />1 Non-Reakyltems: S o S 0.00 / ( o°,G)
<br /> Leased Fee Value (Remaining term of encumbrance o ) S o
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<br />' Leasehold Value g o
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<br />Income Data Summary
<br />o Income Estimate Cash Rent Share Owner/Operator= S 172.38 /ACRE (unit)
<br />r Expense Estimate;,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 100.00% =s 20•x0/ACRE (unit)
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<br />,,,,,,.,,,,, 81.76 a 91.89 ACRE Urllt
<br />Net Property Income ............. % S / ( I
<br />g Overall Cap Rate: 12 . o o°~ Overall S 688.2 / AcxE Building REL: o yrs.
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<br />m Area-Regional-Neighborhood Data & Trends Property Rating
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<br />Sales Activity
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<br />Location
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<br />a. Effective Purchase Power Soil Quality/Prod.
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<br />y Demand X Improvements
<br /> DesirebilRy Compatibility g
<br /> Property Compatibilky Rentability
<br /> Non-AgricuRural Influence X Market Appeal 7{
<br /> Overell Value Trend X Overall Prop. Rating
<br />'fhb brm must be completed by a pmbulonel Appraiser, wno should determine Me suitability br specific appliWlon. The pemem who hne coMnbuted to IM dewlopmsM or
<br />publiehing M this ben and the ASFMM make no reprMentetlone or wenentlM as to Ile sueeMllly or use; Ihay shell nM lM IIeMa for any ermm or mbnproNMatlons or br Incidental,
<br />wnsequeMlel, or any other tlemage reaueing hom the lumishlna, complallpn, or use of Mb brm. The ASFMRA recomngntle ffrot the 1962 Unaorm Agdcullwel Appraisal Popod
<br />' ll1AAR) Guidebooa be used for wmplelion of this lone report. Change to This loan may M meda q' iha ASFMRA al erry time, wMhoul nMlu. 7ha'Sallent Fecl Peps', when used m e
<br />Mete summery eapsretety Irom the l1AAR pacrege, Is rot to be conttrued d an eppmlal,
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