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9 <br /> RECONCILIATION <br /> Your appraiser has looked at this property to estimate the <br /> . market value as described. Throughout this report an attempt <br /> has been made to compare the competitive values with the <br /> subject property, these attempts have given value indications <br /> as shown from the following three different approaches. <br /> Indicated Value - Replacement Cost Approach $ Not Used <br /> Indicated Value - Market Approach $13, 100.00 <br /> Indicated Value - Income Approach $ Not Used <br /> The cost approach is at its best when improvements are new, <br /> well conceived and represents the best use of the property. <br /> Physical depreciation, functional obsolescence, and external <br /> obsolescence have been considered, with adjustments made to <br /> indicate value of subject property. <br /> The market approach is normally documented from the market <br /> place and is usually considered the strongest influence to <br /> value, although most of the comparables in the analysis do <br /> not have the exact characteristics of subject property, there <br /> is in each sale some similarities and adjustments have been <br /> allowed for each various different characteristics of the ' <br /> _ properties. ' <br /> The income approach is usuall su orted b a term of a ' <br /> Y PP Y <br /> , lease, reversion or a ross rent multi lier however this is ' <br /> 9 P , <br /> not being used in this report. , <br /> Based u on the above anal sis it i m <br /> P y , s y opinion the market <br /> value of the subject property, fee simple title as of May 25, <br /> 1988 is; <br /> THIRTEEN THOUSAND ONE HUNDRED DOLLARS <br /> ( 13, 100.00) <br />