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FINAL ESTIMATE OF VALUE <br /> Land $1 ,000 ,000 <br /> Improvements $1 ,000 ,000 <br /> Total $2 ,000 ,000 <br /> CERTIFICATE <br /> I , the undersigned, do hereby certify that to the best of my <br /> knowledge and belief, the statements contained in this report , upon <br /> which the analyses , opinions and conclusions expressed herein are <br /> based, are true and correct; also, this report sets forth all of the <br /> limiting conditions affecting the analyses , opinions and conclusions <br /> contained in this report; also, this report has been made in con- <br /> formity with and is subject to the requirements of the Code of Ethics <br /> and Standards of Professional Conduct of the American Institute of <br /> Real Estate Appraisers of the National Association of Real Estate <br /> Boards. <br /> December 28 , 1979 <br /> Glenwood Springs , Colorado <br /> Respectfully submitted, <br /> E. 11. Applegate , III <br /> -18- <br />