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Joel R. Hanson February ] 8, 2005 <br />Pane 2 <br />The valuation assignment and opinion of value are subject to the following specific <br />requirements, assumptions and limiting conditions, as well as, others described in the following <br />report: <br />The evaluation of the subject property assumes the land status and condition as described in <br />the following. appraisal report, with a current market valuation based on current market <br />conditions as of an effective date of opinion of January 10, 2005. <br />Any outstanding special assessments levied against the subject property after the current <br />year's installments are assumed to be paid -in -full at the appraised market value. <br />:- The appraised market value of this real estate excludes personal property such as sienage. <br />furniture, moveable fixtures, and movable equipment (FF&E). <br />v This valuation is predicated on the assumption that there are no hazardous material on, in, or <br />potentially affecting the subject property that would cause a loss in value. No responsibility <br />is assumed for any such hazardous conditions or any expertise or engineering knowledge <br />required to discover hazardous conditions. The intended user of this report is urged to retain <br />experts in this field if desired or concerned about these issues. <br />Based on the market evidence and the valuation reasoning*_ provided in this appraisal, it is our <br />opinion that as ofJanuaty 10, 2005 the market value of the subject land is as follows: <br />FIVE HUNDRED TII'EVTY THOUSAND DOLLARS 5520,000 <br />This opinion of market value is based upon an estimated exposure time of less than one year and <br />a marketing period of less than one year. <br />Upon your review of the report, we would be happy to discuss the contents with you. <br />Sincerely, <br />NICOLLET PARTNERS, INC. <br />re ,. • / ,lr <br />Steven M. DeCaster, 1\�IAI <br />Principal <br />Certified General Real Property Appraiser <br />MN License No. 4000943 <br />WI License ID No. 605 <br />://c_ <br />Bradley CNloore <br />Associ . Appraiser <br />Registered Real Property Appraiser <br />MN License No. 20444086 <br />PAGI? 2 <br />'005 by Nicoilet Partners <br />