TYPE OF REPORT

This is a Narrative Appraisal Report which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a Narrative Appraisal Report. As such, it presents full discussions of the data, reasoning, and analysis that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analysis is included in the report. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated herein. The appraiser is not responsible for unauthorized use of this report, for the information contained herein.

INTEREST APPRAISED

FEE SIMPLE INTEREST

This appraisal considers the subject property to be in fee simple ownership, free and clear of all liens and encumbrances, excepting non-delinquent taxes and assessments of record. This is considered to be the most complete degree of ownership which encompasses all of the ownership rights guaranteed by law, but subject to certain governmental controls such as zoning and existing private agreements; i.e., deed restrictions. It is recognized by the appraiser that an encumbrance representing borrowed funds to proved leverage will likely appear.

VALUE IN EXCHANGE

The value, in terms of money, of real estate in a typical market.