RockSpringCluB-Hendricks Appraisal.pdf

Various Views - Interior Rock Spring Golf Course [ 7 | REAL ESTATE - 30 - APPRAISALS. a & RESEARCH

Various Views - Interior Rock Spring Golf Course coma Jt E38 REAL ESTATE APPRAISALS G&REBEARCH

Various Views - Interior Rock Spring Golf Course REAL ESTATE APPRAISALS & RESEARCH

Various Views - Interior Rock Spring Golf Course REAL ESTATE APPRAISALS & RESEARCH - 33 -

46.01, Lot 22 - Along Undercliff Terrace South = 3405

REAL ESTATE APPRAISALS & RESEARCH Hi Views Along Rock Spring Road as, BBs

Views Along Walker Road REAL ESTATE APPRAISALS & RESEARCH = 36 =

Views Along Northfield Avenue f : | sues = 378s a & RESEARCH

SCOPE OF THE ASSIGNMENT The accompanying report is an estimate of the Market Value of the fee simple estate. This document is a formal appraisal prepared in a narrative type reporting format. In my opinion, it is as complete in detail and content as the assignment warrants. The appraisal is designed to supply the reader with a description of the property, its location and the basis of valuation. The report has been prepared in conformance with the Uniform Standards of Professional Appraisal Practice (USPAP). The statement outlining the scope of the assignment including the specific analyses presented in this report will cover the following: 1) 2) 3) 4) 5) §) 7) 8) 9) The fee simple estate or right to be appraised and the effective date of valuation. A description of the property which is the subject of the appraisal. An opinion as to the highest and best use of the property. An opinion of the subject location and its neighborhood. A discussion of the valuation methods available and appraisal techniques employed in the appraisal and used as the basis for the opinion of value. An analysis of the appropriate valuation indicators in summary form into the final estimate of value. Certain exceptions are mentioned elsewhere in the report and the reader is directed to the limiting conditions of the report No opinion is conveyed or offered as to the structural soundness of the existing improvements, the condition of the soil or the ownership/title of the property. The scope of the assignment is limited to our opinion of market value as defined elsewhere in the report. fl e | asus Al =a8 a & RESEARCH

PURPOSE OF THE APPRAISAL - PROPERTY RIGHTS DEFINED The appraisal is made for the purpose of estimating Market Value as of the date of valuation. The appraisal is based on the assumption that ownership is in fee simple title. Includes all the rights of ownership subject only to the limitations of eminent domain, escheat, police power and taxation. DEFINITION OF MARKET VALUE Market Value is defined as " the most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under duress." Market Value has also been defined as "The most probable price which a Property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: ¢ buyer and seller are typically motivated: e both parties are well informed or weil advised and each acting in what he or she considers his or her own best interest; e areasonable time is allowed for exposure in the open market; * payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and ¢ the price represents the normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated with the sale, Source: The Appraisal of Real Estate - Fourteenth (14th) Edition - 2015 Published by The Appraisal Institute f ' D secs - 39 - a & RESEARCH Continued . . .