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South Athletic Complex Site <br /> City of Lino Lakes, Minnesota <br /> PROPERTY RIGHTS APPRAISED <br /> This report estimates the value of a fee simple interest in the <br /> real estate. A fee simple estate is: <br /> Absolute ownership unencumbered by any other interest or estate; subject only <br /> to the limitations of eminent domain, escheat, police power and taxation. <br /> DEFINITION OF MARKET VALUE <br /> Market Value as used in this report is: <br /> The most probable price that a property should bring in a competitive and open <br /> market under all conditions requisite to a fair sale, the buyer and seller <br /> each acting prudently and knowledgeably, and assuming, the price is not <br /> affected by undue stimulus. Implicit in this definition is the consummation <br /> of a sale as of a specified date and the passing of title from seller to buyer <br /> under conditions whereby: - <br /> 1. Buyer and seller are typically motivated; <br /> 2. Both buyer and seller are well informed or well advised, and acting <br /> in what they consider their best interests; <br /> 3. A reasonable time is allowed for exposure in the open market; <br /> 4. Payment is made in cash or in terms of financial comparable thereto; <br /> and <br /> 5. The price represents the normal consideration for the property sold <br /> unaffected by special or creative financing or sales concessions granted by <br /> anyone associated with the sale. <br /> STATEMENT OF OWNERSHIP <br /> According to the real property records of Anoka County, <br /> Minnesota, the subject property is owned by two different people. <br /> The westerly portion of the subject property is owned by Ester J. <br /> Noren, and the easterly portion is owned by Donald Lundgren. The <br /> particular ownership, as it appears is set out in the <br /> descriptions below. <br /> n <br /> Page 3 <br />