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PURPOSE OF THE APPRAISAL <br /> The purpose of this appraisal is to estimate the current fair <br /> market value of the Mid-Continent Resources Industrial <br /> Facilities . "Market Value" , as used in this appraisal , is <br /> defined as follows: <br /> "The most probable price in terms of money which a <br /> property should bring in a competitive and open <br /> market under all conditions requisite to a fair sale , <br /> the buyer and seller , each acting prudently , <br /> knowledgeably and assuming the price is not affected <br /> by undue stimulus. " <br /> "Implicit in this definition is the consummation of a <br /> sale as of a specified date and the passing of title <br /> from seller to buyer under conditions whereby: ( 1 ) <br /> buyer and seller are typically motivated ; (2) both <br /> parties are well informed or well advised , and each <br /> acting in what he considers his own best interest ; <br /> ( 3 ) a reasonable time is allowed for exposure in the <br /> open market ; ( 4 ) payment is made in cash or its <br /> equivalent ; ( 5 ) financing , if any , is on terms <br /> generally available in the community at the specified <br /> date and typical for the property type in its locale ; <br /> (6) the price represents a normal consideration for <br /> the property sold unaffected by special financing <br /> amounts and/or terms , services , fees , costs , or <br /> credits incurred in the transaction. " <br /> The definition of value has been taken from " Real Estate <br /> Appraisal Terminology " , published jointly in 1981 by the <br /> American Institute of Real Estate Appraisers and the Society of <br /> Real Estate Appraisers . It is my understanding that this <br /> appraisal may serve as a basis for bond surety. <br /> LEGAL DESCRIPTION <br /> A 17 . 60 acre tract in Section 36 , Township 7 South , Range 88 <br /> West of the Sixth Principal Meridian , Garfield County , <br /> Colorado. <br /> A complete legal description can be found in the addenda. <br /> The property address is: <br /> 1676 County Road 100 , Carbondale , CO 81623 <br /> PROPERTY RIGHTS APPRAISED <br /> Property rights appraised in this valuation study are in fee <br /> simple ownership. No separate consideration has been given to <br /> a division of interests , fractional interests , partial <br /> interests or the interests of tenants in possession . The term <br /> -4- <br />