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Fractional interests , leasehold interests, interests of tenants in <br /> Possession and interests of easement and mortgage holders have not <br /> been considered separately unless specifically designated. <br /> The north 25 feet of subject is encumbered with a 25 foot road and <br /> road right of way. <br /> The subject enjoys a beneficial interest in the south 25 feet of the <br /> property to the north , which is a 25 wide road and road right of <br /> way. <br /> The combination creates a 50 foot road and right-of-way presently in <br /> place. <br /> DATE OF VALUATION <br /> The date to which this estimate of market value applies is May 18, <br /> 1984. Property inspections were made and comparable sales data were <br /> assembled during the months of April and May , 1984 . The date of <br /> writing of this report is May 18, 1984. <br /> CONTINGENT & LIMITING CONDITIONS <br /> This appraisal is subject to the following contingent and limiting <br /> conditions: <br /> 1 . I have no present or contemplated future interest in the <br /> real estate that is the subject of the appraisal report. <br /> 2. I have no personal interest or bias with respect to the <br /> subject matter of this appraisal report or the parties <br /> involved. <br /> 3. To the best of my knowledge and belief, the statements of <br /> fact contained in this appraisal report , upon which the <br /> analyses , opinions and conclusions expressed herein are <br /> based, are true and correct. <br /> 4. This appraisal report sets forth all of the limiting <br /> conditions (imposed by the terms of my assignment or by <br /> the writer ) affecting the analyses , opinions and <br /> conclusions contained in this report. <br /> 5 . This appraisal report has been made in conformity with <br /> and is subject to the requirements of the Code of <br /> Professional Ethics and Standards of Professional Conduct <br /> of the American Institute of Real Estate Appraisers of <br /> the National Association of Real Estate Boards. <br /> 6. No one other than the writer prepared the analyses , <br /> opinions and conclusions concerning real estate that are <br /> set forth in this appraisal report. <br /> 7. Title to the property is assumed to be good and <br /> -5- <br />