2004-04 VACATING RIGHT OF WAY - ADJACENT TO 3945 EAST PARK LANE

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Pa e#2 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all condftions requisite to a fair sale, the buyer and seller, each acting pNdently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummaUon of a sale as of a spec'rfied date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivarted; (2) both partles are well irrformed or well advised, and each actlng in what he consitlers his own best ir�erest; (3) a reasonable tlme is allowed for exposure in the open market; (4) paymer� is made in terms of cash in U.S. dollars or in terms of flnancial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated wfth the sale. *AdjustmeMs to the comparables must be made for special or creative financing or sales concessions. No adjustmeMs are necessary for those costs which are normally paid by sellers as a result of traditlon or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustmeMs can be made to the comparable property by comparisons to financing tenns offered by a third party institubonal lender that is not already involved in the property or Vansaction. Any adJustmeM shoutd not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amourrt of any adjustmer� should approximate ihe markeYs reaction to the financing or concessions based on the appraiser's judgemeM. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following condi�ons: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the tide to it. The appraiser assumes that the title is good and marketabte and, therefore, will not render any opinions about the title. The prope�ty is appraised on the basis of ft being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvemer�s and the sketch is included only to assist the reader of the report in visualizing the prope�ty and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flootl maps that are provided by the Federal Emergency Management Agency (or other data sources) antl has noted in the appraisal report whether the subject site is located in an ideM'rfietl Special flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees,exp�ess or implied,regarding this determination. 4. The raiser will not ive testimon or ear in court because he or she made an raisal of the o e in uestion unless s ec'rfic arran ements to do aPP 9 Y aPP aPP P� P �Y Q , P 9 so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost roach at its hi hest and best use and the im rovemer�s at their co�ributo value. These aPP 9 P ry separate valuations of the land and improvemerrts must not be used in conjunction witli any other appraisal and are invalid 'rf they are so used. 6. The appraiser has noted in the appralsal repo�t any adverse condi�ons (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing ' the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparer� conditions of the property or adverse environmerdal condi�ons (including the presence of hazardous wastes, topc substances, etc.) that would make the property more or less valuable, and has assumed that there are na such conditions and makes no guarantees or warrar�ies, e�ress or implied, regarding the condition of the property. The appraiser will not be responsible for any such condi�ons that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, ihe appraisal report must not be considered as an environmemal assessmeM of the property. 7. The appraiser obtained the irrformation, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibllity for the accuracy of such items that were fumished by other parties. 8. The appraiser will not disclose the cor�er�s of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or atterations on the assumption thaf completion of the improvemeMs will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/clier� specified in the appraisal report can distribute the appraisal report (including conclusions about the properry value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial instihrtion; or any depaRmem, agency, or instnimentality of the United States or any state or the Disfict of Columbia; except that the IendeNclier� may disfibute the property description section of the repart only to data collecUon or reportlng service(s) wiUiout having to obtaln the appraiser's prior written conser�. The appraiser's written conser� antl approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 6-93 P�e 1 of 2 Fannie Mae Form 1004B 6-93 Johnson Real Estate Appraisal Service(217)422-2404 Form ACR—"TOTAL for Windows"appraisal software by a la mode,inc.—1-800-ALAMODE