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v <br />Letter of Transmittal – Continued <br /> <br />The effective date for the below values is July 31, 2018: <br /> <br />Final Value Opinion – 135-Unit Apartment (100% <br />multifamily) $1,750,000 <br />Final Value Opinion – 63-Unit Apartment with Kwik <br />Trip <br />$820,000 Apartments + <br />$620,000 Kwik Trip = <br />$1,440,000 <br />Final Value Opinion – 63-Unit Apartment with General <br />Commercial <br />$820,000 Apartments + <br />$750,000 Commercial = <br />$1,570,000 <br />Final Value Opinion – 100% Commercial <br />Development $1,550,000 <br /> <br />Note: The estimated $110,000 +/- should be deducted from each value above to account for the non- <br />market cost to relocate the road. <br /> <br />Exposure Time / Marketing Time <br /> <br />Exposure Time: <br />Final values reflect “market exposure” time of under 1 year before the effective <br />date of the appraisal. Changes in the market, use, lease and/or building <br />subsequent to the effective appraisal date could impact value. <br />Marketing Time: Marketing times for appropriately priced properties is generally 6 to 18 months +/-. <br /> <br />Our company has 10 employees, has been in business since 1968 and has sufficient knowledge, <br />education, experience, resources and/or contacts to competently complete this assignment. The <br />accompanying report contains data secured from my personal investigation and from source s considered <br />to be reliable; however, correctness is not guaranteed. To the best of my knowledge and belief, the <br />statements contained in this report are true and correct. Neither my employment to make this appraisal, <br />nor the compensation, is contingent upon the value reported. This report has been prepared in conformity <br />with the code of professional ethics and standards of professional appraisal practice of the Appraisal <br />Institute and appraisal standards set forth by Uniform Standards of Professional App raisal Practice. <br /> <br /> <br />Please contact us if you have further questions. <br /> <br />Sincerely, <br /> <br /> <br /> Ethan Waytas, MAI William R. Waytas <br />Certified General MN 40368613 Certified General MN 4000813 <br /> <br />________________________________________________________________________________________________________________________________________ <br />www.nagellmn.com