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OIIIOJ <br /> October 31, 1997 Commercial c Industrial <br /> Machinery(.Equipment <br /> Appraisal Specialists <br /> Mr. Marcel Eibensteiner • <br /> Silverview Estates <br /> 4196 Lexington Avenue <br /> Shoreview, MN 55126 <br /> RE: Address: SE Quadrant of Highway 10 and Silver Lake Road. <br /> General Description: 8 parcels of vacant land. <br /> Dear Mr. Eibensteiner: <br /> Pursuant to your request, we haveared re p a <br /> p p Complete Self-Contained Land appraisal <br /> of the above referenced property for the purpose of estimating the current market value. <br /> The estimate of value as stated in this report is predicated upon the definition of market <br /> value contained herein. Implicit in the definition of market value is thata <br /> p yment is made in cash <br /> or its equivalency. The equivalency of cash is conventional financing at bank/institutional rates. <br /> The subject property is appraised based upon cash or equivalent financing. <br /> The property rights appraised consist of tide in fee simple. <br /> As a result of our investigation we have formed the opinion that the value of the subject <br /> •property "as is" as of October 20, 1997 and based on a marketing period of one year, is: • <br /> SIX HUNDRED EIGHTY FOUR THOUSAND DOLLARS <br /> $684,000 <br /> The undersigned certifies that they have personally inspected the subject property and that <br /> this appraisal is made subject to certain limiting conditions and assumptions as hereinafter <br /> expressed. Facts and information contained herein were obtained from sources that we considered <br /> reliable and are true to the best of our knowledge and belief. <br /> This appraisal also complies with USPAP standards. <br /> The following report describes our methods of approach, contains data gathered in our <br /> investigation, and demonstrates our analysis in arriving at the estimation of market value for the <br /> subject property. <br /> Respectfully submitted, <br /> Orion Ap yre , Inc. <br /> Theo. J. .�'*� er David M. Kimball <br /> • <br /> Certified General Real Property Appraiser Certified General Real Property Appraiser <br /> License #4003373 License #4002621 <br /> ORION APPRAISALS,INC. <br /> 1711 W. County Road B • Suite 210-S • St. Paul, MN 55113 • (612)636-1339 • 1(800) 274-9677• Fax(612) 636-2133 <br />