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OnD <br /> October 31, 1997 Commercial&Industrial <br /> Machinery("Equipment <br /> Mr. Marcel Eibensteiner Appraisal Specialists • <br /> I Silverview Estates <br /> 4196 Lexington Avenue <br /> Shoreview, MN 55126 <br /> RE: Address: SEua <br /> Q dram 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 have prepared a 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 that payment 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 title in fee simple. <br /> As a result of our investigation we have formed the opinion that the value of the subject <br /> • <br /> property "as is" as of October 20, 1997 and based on a marketing period of one year, is: <br /> • <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 ApyC� , Inc. <br /> Theo. J. er David <br /> M. Kimball <br /> Certified General Real Property Appraiser Certified General Real Pro <br /> License #4003373 License <br /> Appraiser <br /> 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 />