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Applegate and Company Real Estate Appraisers <br /> 1112 Grand Avenue, Suite One <br /> P.O. Box 1417 <br /> E.H. (Ted) Applegate III Glenwood Springs, Colorado 81602 <br /> Monte L. Gustafson (303) 945-8114 <br /> May 18, 1984 <br /> r <br /> Mr. Robert Delaney <br /> Executive Vice President & General Council <br /> Mid-Continent Resources <br /> P.O. Drawer 790 <br /> Glenwood Springs, Colorado 81602 <br /> RE: Real Estate Appraisal <br /> Mid-Continent <br /> Industrial Property <br /> Carbondale, Colorado <br /> File No. T-84-39 <br /> Dear Mr. Delaney: <br /> In accordance with a request from Mr . George Wear , I have completed <br /> my valuation study of the captioned property . A complete <br /> description of the property appraised and my definition of "Market <br /> Value" may be found in the report that follows. <br /> tThis narrative appraisal report summarizes the methods I have used , <br /> data that I have considered and conclusions that I have reached . <br /> All pertinent data gathered in my investigation has been included in <br /> the report. <br /> I hereby certify that I have personally assembled all of the data in <br />' support of my value conclusion. I have taken into consideration all <br /> of the component parts of "market value" , as defined . I further <br /> certify that I have no present or contemplated future interest in <br /> this property and that this valuation study has been completed in <br /> full conformity to the Rules of Professional Ethics of the American <br /> Institute of Real Estate Appraisers. <br /> In my opinion , the value of the property herein described , under <br /> conditions and assumptions as set forth, as of May 18 , 1984 , is: <br /> EIGHT HUNDRED THOUSAND DOLLARS <br /> [$800 ,000] <br /> Respectfully submitted , <br /> E. H. Applegate III <br /> EHA/vm <br />