1979-12-28_GENERAL DOCUMENTS - C1981017

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PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate the current fair market value of the property herein described. "Market Value" , as used herein , is defined as follows : "The highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting pru- dently, knowledgeably and assuming the price is not affected by undue stimulus. "Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in cash or its equivalent; (5) financing, if any, is on terms generally available in the community at the specified date and typical for the property type in its locale; (6) the price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees, costs or credits incurred in the transaction." The definition of value has been taken from "Real Estate Appraisal Terminology" , published jointly in 1975 by the American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers . It is my understanding that this appraisal will serve as a basis for bond surety. LEGAL DESCRIPTION See Addenda PROPERTY RIGHTS APPRAISED The property rights appraised in this study are in fee simple ownership. Existing liens , leases and encumbrances (except as otherwise noted) have been disregarded and the property has been valued as though free and clear, under competent management and responsible ownership. DATE OF VALUATION The date as of which this appraisal applies is December 28 , 1979 . -4-