RockSpringCluB-Hendricks Appraisal.pdf

PURPOSE OF THE APPRAISAL - PROPERTY RIGHTS DEFINED The appraisal is made for the purpose of estimating the Market Value of the property under its highest and best use in connection with a proposed acquisition and as of the date specified herein. 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 means 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: 1 buyer and seller are typically motivated: 2 both parties are well informed or well advised and acting in what they consider their own best interests; 3 areasonable time is allowed for exposure in the open market; 4 payment is made in terms of cash in U.S. dollars or in terms of financial 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 with the sale.” This example definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994. Source: Uniform Standards of Professional Appraisal Practice (USPAP) Published by the Appraisal Foundation - 2012- 2013 Edition. f i ] REAL ESTATE angOre APPRAISALS | & RESEARCH