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� , �_ . <br /> R0 6 Y & A S S 0 C I AT E S I N C■ REAL ESTATE APPRAISERS <br /> , <br /> 257 S. Park Street • Decatur, Illinois 62523-1369 • Phone 2171428-3451 <br /> Fax 2171428-3453 <br /> November 4, 1993 <br /> CHARLES R.McCOY,SRA <br /> DAVID A.OeROCCHI <br /> KENNETH F.DILLS,SRA <br /> KEVIN E.MILLER <br /> VERNE E.ROBY,SRPA(Ret.) <br /> Attorney John Cobb <br /> First of America Bank Building <br /> Landmark Mall <br /> Decatur, Illinois 62523 <br /> Re: Appraisal of Real Estate <br /> 42 South Shores Drive <br /> Decatur, Illinois 62521 <br /> Dear Mr. Cobb: <br /> At your request I have physically viewed subject lakeside <br /> land parcel for the purpose of estimating it's Market <br /> Value. Market Value for the purpose of this report is <br /> defined as the most probable price which a property should <br /> brinc� in a competitive and o�en market under all <br /> conditions requisite to a fair sale, the buyer and seller, <br /> each acting prudently, knowledgeably and assuminc� the <br /> price is not affected by undue stimulus. Implicit in this <br /> definition is the consummation of a sale as of a specified <br /> date and the passing of title from seller to buyer under <br /> conditions whereby: (1) buyer and seller are typically <br /> motivated; (2) both parties are well informed or well <br /> advised, and each acting in what he considers his own best <br /> interest; (3) a reasonable time is allowed for exposure in <br /> the open market; (4) payment is made in terms of cash in <br /> U.S. dollars or in terms of financial arrangements <br /> comparable thereto; and (5) the price represents the <br /> normal consideration for the property sold unaffected by <br /> special or creative financing or sales concessions granted <br /> by anyone associated with the sale. <br /> Based upon my inspection of the subject premises, sales of <br /> similar propert� and my general knowledc�e of the real <br /> estate market, it is my opinion the estimate of current <br /> Market Value for the lakeside unimproved land parcel as of <br /> the date of valuation, October 26, 1993, was as follows: <br /> Twelve Thousand Dollars <br /> ($12, 000) <br />