1979-12-28_GENERAL DOCUMENTS - C1981017

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'E. H. (Ted) Applegate 111 Real Estate Appraiser P.O. Box 1417 1614 Grand Avenue December 28 , 1979 Glenwood Springs, Colorado 81601 (303) 945-8114 Mr. Robert Delaney Executive Vice President & General Counsel Mid-Continent Resources P. 0. Drawer 790 Glenwood Springs , Colorado 81601 RE: Real Estate Appraisal Colorado Meadows Industrial Park Carbondale , Colorado Dear Mr. Delaney: At your request, I have made an inspection of the captioned property and surrounding neighborhood. The purpose of my study has been to estimate the market value of the complex. Market value , as used herein , is defined in the body of this report. A complete description of the property appraised may also be found in the pages that follow. This narrative appraisal report contains 18 pages and 12 ex- hibits. The methods that I have used and all pertinent data gathered in my investigation has been included in this report. I hereby certify that I have personally assembled all of the data in 'support of my opinion of value. I have taken into considera- tion all of the component parts of "Market Value" , as defined. I further certify that I have no present or contemplated future interest in this property , beyond this estimate of fair market value. In my opinion , the value of the described real estate , under conditions and assumptions set forth , as of December 28 , 1979 , is : TWO MILLION DOLLARS ($2 ,000 , 000) Respectfully submitted, E. H. Applegate , III EHA/db