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TYPE AND DEFINITION OF VALUE <br />This report provides an opinion of market value. <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 <br />consider 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 <br />arrangements 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, 4th Addition. Appraisal Institute <br />ENVIRONMENTAL 8- BUILDING CONDITIONS <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 />30 Nagell Appraisal & Consulting ~ 952-544-8966 ~ www.callnagell.com <br />