RockSpringCluB-Hendricks Appraisal.pdf

PURPOSE OF THE APPRAISAL - PROPERTY RIGHTS DEFINED The purpose of the appraisal is to provide the client with an estimate of the Market Value for the subject property, in fee simple interest as defined herein. The property being appraised involves a closed, former private country club known as Rock Spring Club. The property is located at 90 Rock Spring Road, Township of West Orange, Essex County, New Jersey. It is most commonly known and designated as Block 46.01, Lot 22, Block 160, Lots 2 and 10, Block 160.01, Lots 30 and 34 on the Tax Maps of the Township of West Orange. The value of any furniture, fixtures or equipment that are not permanently affixed to the property or items which are leasehold are excluded from the valuation estimate reported herein. FEE SIMPLE ESTATE The fee simple estate is defined as follows: “Ownership of a title in fee establishes the interest in property known as the fee simple estate - i.e., absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by governmental powers of taxation, eminent domain, police power, and escheat.” Source: The Appraisal of Real Estate - Eleventh (11th) Edition. + 1996 Published by The Appraisal institute. INTENDED USE & USER OF THE REPORT The appraisal has been prepared for the client - Township of West Orange - Ms. Karen Carnevale, R.M.C., Township Clerk. It is my understanding that this appraisal, its contents and conclusions are to be utilized in connection with a proposed acquisition of the property by the municipality. In this regard, the intended use and users of the teport include the client, as well as authorized and elected municipal officials, appointed legal counsel and advisors. It is not the intention of this appraiser that the report, its contents or conclusions, either in whole or in part, be duplicated, distributed, utilized or relied upon by any other person(s) organizations, or entities for any purpose or application. In this regard, any use, duplication, or application of this appraisal, its contents or its conclusions, in whole or in part, shall be considered an unintended and unauthorized use. DATES OF VALUATION ESTIMATE The subject property has been valued as of the most recent inspection conducted on February 14, 2019. - 41 - fEAL ESTATE om APPRAISALS & RESEARCH