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EXPOSURE TIME/MARKETING TIME <br /> Final values reflect "market exposure" time of under 1 year before the <br /> Exposure Time: effective date of the appraisal. Changes in the market, use, lease <br /> and/or building subsequent to the effective appraisal date could impact <br /> value. <br /> Marketing Time: Marketing times for appropriately priced properties is generally 6 to 18 <br /> months <br /> DEFINITIONS <br /> MARKET VALUE - The most probable price which a property should bring in a competitive <br /> and open market under all conditions requisite to a fair sale, the buyer and seller each acting <br /> prudently, knowledgeably, and assuming the price is not affected by undue stimulus. Implicit <br /> in this definition is the consummation of a sale as of a specified date and the passing of title <br /> from seller to buyer under conditions whereby: <br /> a) buyer and seller are typically motivated; <br /> b) both parties are well informed or well advised, and each acting in what they consider <br /> their own best interest; <br /> c) a reasonable time is allowed for exposure in the open market; <br /> d) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements <br /> comparable thereto; and <br /> e) the price represents the normal consideration for the property sold, unaffected by <br /> special or creative financing or sales concessions granted by anyone associated with <br /> the sale. <br /> Source:The Dictionary of Real Estate Appraisal, 51h Addition. Appraisal Institute <br /> ENVIRONMENTAL & STRUCTURAL ISSUES <br /> Regarding any adverse environmental and/or improvement structural conditions (such as, but <br /> not limited to, hazardous wastes, toxic substances, mold, construction defects or <br /> inadequacies etc.) present in the improvements, on the site, or in the immediate vicinity of the <br /> subject property, none are apparent, however, appraiser is not an expert in this field, value <br /> assumes no hazardous or significant structural conditions exist. Value assumes any <br /> abandoned wells will be properly sealed. If any of these conditions exist the appraised value <br /> could differ significantly. <br /> Nagell Appraisal&Consulting 1 952-544-8966 1 www.callnagell.com 49 <br />