TABLE OF CONTENTLEGAL DESCRIPTIONPROPERTY RIGHTS APPRAISEDDEFINITION OF MARKET VALUEHISTORY OF PROPERTY AND OWNERSHIPAPPRAISAL PROCESSSCOPE OF DATA COLLECTIONCITY MAPCITY DATAFINANCIAL TRENDSZONINGZONING MAPTAXES AND ASSESSMENTAERIAL PHOTO OF AREANEIGHBORHOOD DATAAERIAL PHOTO OF SUBJECTFLOOD MAPSITE DATAHIGHEST AND BEST USELAND VALUATIONSALES MAPSUMMARY SALESSUMMARY OF SALES AND ADJUSTMENT GRIDADJUSTMENTCONCLUSION OR RECONCILIATIONMARKETING EXPOSURE PERIODEXTRAORDINARY ASSUMPTION AND HYPOTHETICAL CONDITIONGENERAL ASSUMPTION AND LIMITING CONDITIONSCERTIFICATION OF VALUEAPPRAISER QUALIFICATIONSADDENDUM

December 9, 2006

Mr. Phillip Issacs, MAICollege of Business Administration University of Central Oklahoma Edmond, OK 73034

Dear Mr. Issacs,

This appraisal is in response to your request to prepare an appraisal of the agriculture property located at 2500 N Kelly Avenue, Edmond, OK 73003. I have personally made an inspection of the subject property. This inspection was made for the purpose of estimating the market value, as defined in this report, of the fee simple interest in the subject property as of the effective date of the appraisal, November 25, 2013.

The accompanying report, which comprises 50 pages, describes the sale comparison approach to value and the conclusions derived by application of the approach. Please note the assumptions and limiting conditions on page 48.

The appraisal is intended to conform to the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and the appraisal guidelines of the University of Central Oklahoma, Edmond, Oklahoma. The appraisal is also prepared in accordance with the appraisal regulations issued in connection with the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA).

Based upon my investigation and analysis of the data gathered with respect to this assignment, I have formed the opinion that market value of the fee simple interest in the subject property was, as of November 10, 2014, measured in the amount of

Value ConclusionAppraised Premise Interest Appraised Date of Value Value Conclusion Prospective Market Value Fee Simple November 10, 2014

If you have any questions or comments, please contact the undersigned. Thank you for the opportunity to be of service.

Respectfully submitted,

EXECUTIVE SUMMARYType of Property:Two vacant parcels located in the Single Family Residential totaling 160,000 net acres (6,969,600 square feet)Location:These parcels are located Southeast corner of Covell Road and Kelly Avenue in Edmond, OK.Type of Appraisal:

This is Summary AppraisalClient:Mr. Phillip Issacs, MAIAppraiser(s):Hang NguyenIntended Use of Appraisal:The intended use for this appraisal is to make a sale of property.Purpose of Appraisal:To estimate the Market Value of the appraised property, free and clear of mortgages and liens and exclusive of any furniture, fixtures, and equipment.Property Rights AppraisedFee Simple EstateDate of OpinionNovember 18, 2014Date of Market Value EstimateNovember 10, 2014Date of Physical InspectionNovember 10, 2014 LEGAL DESCRIPTIONNo legal description was provided by client. The subject property may generally be defined as follow:2500 N Kelly Avenue, Edmond, OK 73003-3172The NW4, NW4 of the NW4 of Section 23, Township 14N, Range 3W all being subject to easements of record.Parcel A: PT NW4 SEC 23 14N 3W BEING NW4 EX A TR BEG 450FT S OF NW/C NW4 TH E525FT S414.86FT W525FT N414.86FT TO BEGIN SUBJECT TO ESTIMATES OF RECORD. Said property contains about 155,000 acres or 6,751,800square feet.Parcel B:PT NW4 SEC 23 14N 3W BEG 450FT S OF NW/C NW4 TH E525FT S414.86FT W525FT N414.86FT TO BEGIN CONT 5 ACRES MORE OR LESS SUBJECT TO ESTIMATES OF RECORD. Said property contains about 5 acres or 217,800 square feet.Identification of PropertyThe property is located in a desirable area with good access to the Broadway Extensions. ¼ corner of map number 4692 Parcel Acres SF A 155.00 6,751,800 B 5.00 217,800PROPERTY RIGHTS APPRAISEDDefinition of Property Rights AppraisedFee simple estate is defined as an: “Absolute ownership interest unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.” (Source: The Dictionary of Real Estate Appraisal, Fourth Edition, 2002.)

Leased fee interest is defined as: “An ownership interest held by a landlord with the rights of use and occupancy conveyed by lease to others. The rights of the lessor (the leased fee owner) and the lessee are specified by contract terms contained within the lease.” (Source: The Dictionary of Real Estate Appraisal, Fourth Edition, 2002.)

Leasehold interest is defined as: “The interest held by the lessee (tenant or renter) through a lease transferring the rights of use and occupancy for a stated term under certain conditions.” (Source: The Dictionary of Real Estate Appraisal, Fourth Edition, 2002.)

DEFINITION OF MARKET VALUEMarket value is defined as: “The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of the title from seller to buyer under conditions whereby:

1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised, and acting in what they consider their best

interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in United States dollars or in terms of financial

arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special

or creative financing or sales concessions granted by anyone associated with the sale.”(Source: 12 C.F. R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994)

HISTORY OF PROPERTY AND STATEMENT OF OWNERSHIPNo title commitment was available for review. anyone investing in this proerty should have a title abstract available for review. The appraised property consists of two parcel of land with 160 net acres located at the southwest corner of Kelly Avenue and Covell Road. The property type is agriculture. The first parcel (parcel A, ID: 168590390) contains 155 net acres. The current owner is Kelly Corner, LLC, who was granted the property on 2012 by Salyer Family Trust. The second parcel (Parcel B, ID: 168590370) located inside on the northwest side of the first parcel and contains five net acres. The current owner is Salyer Family Trust.

APPRAISAL PROCESSAppraisers usually consider the use of the three approaches to value when developing a market value opinion for real property. These are the cost approach, sales comparison approach, and income capitalization approach. Use of the approaches in this assignment is summarized as follows:

APPROACHES TO VALUEApproach Applicable to Subject Use in Assignment Sales Comparison Approach Applicable Utilized Cost Approach Not applicable Utilized Income Capitalization Approach Not applicable Utilized

The sales comparison approach is the most reliable valuation method for the subject property due to the following:

There is an active market for similar properties, and sufficient sales data is available for analysis. This approach directly considers the prices of alternative properties having similar utility.

The income capitalization approach is an applicable valuation method because: The probable buyer of the subject would base a purchase price decision primarily on the income generating potential of the property and an anticipated rate of return. There is sufficient market data regarding income, expenses, and rates o return, is available for analysis.

The cost approach is applicable to the assignment considering the following: There is an active land market, making estimates of underlying land value reasonably reliable. The user wanted this approach to be used.

SCOPE OF DATA COLLECTIONThe scope for this appraisal is the researching and comparing of sales, property data and local economic conditions. A physical inspection of the appraised and compared properties were made, unless otherwise noted.The sale comparison approach was utilized in valuing the subject property. As part of this investigating, numerous independent analysis were made. Along with the appraiser’s files, which are regularly updated, the sources used for the demographic, tax, site, improvements, legal, high and best use analysis included various governmental offices of the state, city, and country in which appraised property is located. Additional sources included but were not limited to private and public services, the Chamber of Commerce, various county records, local Realtors, investors. Data was collected through various interviews with owners, numerous brokers, several

local lenders. Sales data was obtained by researching in the appraiser’s files. this information was verified and additional data obtained by researching the records of various County Registrar of Deeds’ and County Assessor’s Office.

FINANCIAL TREND

ZONING The subject site is zoned PUD 687, Planned Unit Development, by the City of Oklahoma City. This Planned Unit Development allows for a variety of commercial uses including professional offices.ZONING MAP

TAXES AND ASSESSMENTThe tax information provided by the County Assessor is illustrated on the following:

2014 2014 2014 2014 2014

Parcel AcresSize (sf) ID #

Market Value

Taxable Value

Assessed Value

Tax Rate

Estimate Taxes

A 155

6,751,800

168590390

99,773

99,773

10,974

0.010581

116.12

B 5

217,800

168590370

330,113

330,113

36,312

0.010581

384.22

Total 160

6,969,600

429,886

429,886

47,286

500.33

AREA/ NEIGHBORHOOD DATADefinition: market area is the geographic or locational delineation of the market for a specific category of real estate.Definition: neighborhood is a group of complementary land uses; a congruous grouping of inhabitants, buildings, or business enterprises.Location:Subject property located at single homes and commercial properties that provide services for local residents.

Infrastructure and Linkage:Land Use: Type of land use of the subject property is agriculture.Summary:The subject neighborhood is identified as the commercial sections in the southeast and it located near sides of the Broadway Extension. The immediate neighborhood is comprised of single family residential development, office buildings, commercial, and restaurant developments.The Broadway Extension (U.S. 77) has a major influence on the subject neighborhood. The Broadway Extension is a primary north/south traffic artery, connecting Edmond and north central Oklahoma City with the Oklahoma City Central Business District (CBD). Other neighborhood north/south traffic arteries include Kelly Avenue and Western. Interstate 44 extends to the south of neighborhood and connects the Broadway Extension with I-35 and Hefner Parkway.The traffic count on the Broadway Extension is reportedly over ±70,000 cars/ day. The redevelopment of the Broadway Extension is currently in progress. The redevelopment program reportedly extends form NW 36th Street on the south to about ½ mile south of Memorial Road on the north. The six-year project plans are to widen the road to a six-lane limited access freeway with a frontage road system. Upon completion, the heavily traveled Broadway Extension should accommodate computer traffic more efficiently between Edmond and the Oklahoma City CBD.The subject property is located in a commercial area that near banks, grocery stores such as Walgreen, wine shops, Lowe’s home improvements, etc. and Danforth Road that nears family homes. The neighborhood is served by all public utilities. The influence of major traffic arteries such as the Broadway Extension and the Kirkpatrick Turnpike has been a significant factor in the expanding development of the neighborhood. In addition of featuring access to fashionable housing and up-scale retail centers, the neighborhood features some of the finest office and service center project in suburban Oklahoma City. The areas economic vitality should continue to improve and stabilize with the completion of the Broadway Extension redevelopment project and the realignment of Kelly Avenue.

Area Photo of Subject

Flood Map

SITE DATAThis appraisal consists of two (2) parcels of land located in the southeast corner of Kelly Avenue and Covell Road. Each parcel will be described more detail below.The two parcel located in the southeast corner of Kelly Avenue and Covell Road. Property uses in this area include retail, groceries store (Uptown Grocery), pharmacy store (Walgreens) department store (Lowe’s Home Improvement, Hobby Lobby), banks (Prime Bank, RCB Bank, First Fidelity Bank), US Post Office, coffee shop, some single family residential and apartment complex.

Parcel ALocation: This parcel is located in the southeast corner of Kelly Avenue and Covell Road.SizeThe parcel contained 155 acres (6,751,800 square feet).Shape and Frontage

The parcel is irregular in shape and has about 2,536.9 feet of frontage on the north side (Covell Road) and about 2552.4 feet of frontage on the west side (Kelly Avenue). The wide and two side frontages will provide easier access, and potential development.Access/ Ingress/ EgressParcel A located along the north side of Kelly Avenue and the west side of Covell Road, and can easily access from the west of Danforth Road and north Broadway, Kelly Avenue also provide access to Broadway Extension on and off ramps. Visibility The site has excellent visibility from the Kelly Avenue and Covell Road, and good visibility from Boulevard Avenue and Danforth Road.TopographyThe level appears to have adequate drainage.Topography Map

Flood Hazard and SoilsAccording to Federal Emergency Management Agency (FEMA) and Federal Insurance Rate Map (FIRM) number 40109C0065H, parcel A is marked as Zone X, Zone Z (unshaded) indicated the areas of minimal flood hazard, which are the areas outside the Special Flood Hazard Area (SFHA) and higher than the elevation of the 0.2 percent annual chance flood.

Copies of Flood Map taken from Oklahoma Country Assessor website and Floodplain taken from FEMA are attached in this appraisal. Nuisance and HazardsNo environmental survey was provided. While no environmental hazards were observed, the appraisers are not trained in the detection of such problems. It is recommended that an environmental study be made to ensure that no hazardous materials are present in or near the property. The property reportedly was not affected by wetlands. The appraisers is not an expert in this field and anyone planning to invest in this property should obtain a professional study. No endangered species or habitats were noted during inspection. UtilitiesAll utilities are available in the parcel. Easement and EncroachmentThe parcel is encumbered with easements for utilities, water sewer lines and right-of-ways.

Parcel BLocation: This parcel is located inside parcel A on the west bound, SizeParcel B contains five (5) acres (equal 217,800 square feet). Shape and FrontageParcel B is irregular in shape and having about 274 ft frontage on the west side of Kelly Avenue. Access/ Ingress/ EgressThe parcel located along the west side of parcel A, which can access to Kelly Avenue, and can easily access from the west of Danforth Road and north Broadway, Kelly Avenue also provide access to Broadway Extension on and off ramps. VisibilityThe site has excellent visibility from Kelly Avenue, good visibility from Covell Road and Danforth Road.TopographyThe level appears to have adequate drainage.Flood Hazard and SoilsFederal Insurance Rate Map (FIRM) number 40109C0065H, parcel A is marked as Zone X, Zone Z (unshaded) indicated the areas of minimal flood hazard, which are the areas outside the Special Flood Hazard Area (SFHA) and higher than the elevation of the 0.2 percent annual chance flood.Nuisance and HazardsNo environmental survey was provided. While no environmental hazards were observed, the appraisers are not trained in the detection of such problems. It is recommended that an environmental study be made to ensure that no hazardous materials are present in or near the property. The property reportedly was not affected by wetlands. The appraisers is not an expert in this field and anyone planning to invest in this property should obtain a professional study. No endangered species or habitats were noted during inspection. UtilitiesAll utilities are available in the parcel.Easement and EncroachmentThe parcel is encumbered with easements for utilities, water sewer lines and right-of-ways.

HIGHEST AND BEST USEHighest and Best Use is the reasonably probable and legal use of vacant land or as improved is property that is physically possible appropriately supported, and financially feasible and that result in the highest and best use.(Source: The Appraisal of Real Estate 13th Edition. Page 278)

A subject property must be analyzed as though vacant and as improved in order to prepare an assessment of highest and best use. This process must be implicit and applied in following four tests:

1. Legally permissible 2. Physically possible 3. Financially feasible 4. Maximally productive

Highest and Best Use as Vacant Legally Permissible There are no legal restrictions such as easements ordered restrictions that would limit the use of the property. The property area is zoned AA (Agriculture), which allows for creating and preserving for agriculture purposes and permits residential development on minimum five (5) acre lot sizes. Based on the current land use pattern, commercial uses are given more consideration in determining highest and best use of land. Physically Possible The physically possible uses include commercial, office, retail. The existing aspects of the subject property do not seem to establish abnormal limitations on development. In general, the physical characteristics of the property and the possibility of utilities result in practical utility suitable for a diversification of uses. Financially Feasible There is sufficient demand of commercial uses in the surrounding of the subject area. The commercial use of the property is thought to be financially feasible. Given the site is located very close to the intersection of Kelly Avenue and Covell Road, and anticipated population and employment growth in the subject’s area, we expect sales (or rent) and improved property values to increase to a level at which commercial use would be financially feasible in the future.Maximally Productive There is not another probable use of the land perceived that would create a higher land value than commercial use. The commercial use that is allowed by zoning laws is the maximally productive use of the property. Conclusion The highest and best use of the property would be developed for commercial use.

Highest and Best Use as Improved The subject property includes two parcel which are preserved for agricultural purposes and single family housing in rural area. Currently, parcel A is left vacant. The subject property would exceed its value, as if vacant, with the existing improvements. Therefore, this subject property would be maximally productive and at its highest and best use as improved.

Based on our analysis, there does not appear to be any alternative use that could reasonably be expected to provide a higher present value than the current use, and the value of the existing

improved property exceeds the value of the site, as if vacant. For these reasons, continued industrial use is concluded to be maximally productive, and the highest and best use of the property as improved.

Most Probable Buyer Based on the characteristics of the property, the most probable buyer would be a regional investor.

LAND VALUATIONSALES MAPSALES MAP

Sale one:

Sale two:

Sale three:

Sale four:

SUMMARY SALES

Summary of Sales

Parcels

1 2 3 4

Location In the area of intesection of NW 178th St & N Western Ave

NW of N Kelly Ave & W Sorghum Mill Rd

NW near intersection of N Kelly Ave and W Waterloo Road.

Bounded on N SantaFe Ave, W Sorghum Mill Rd, on N Kelly Ave, and on

Waterloo Rd

Date 6/26/2013

5/17/2013

11/20/2013

Buyer RHODES 48 LLC

CLUBCORP NV II LLC

OTBR LLC

OAK TREE GOLF REALTY II LLC

Seller COMMUNITIES FOUNDATION OF OKLAHOMA

OAK TREE PARTNERS LLC

VERDE LAND LLC

OAK TREE GOLF REALTY LLC

Book/Page 12304/924

12253/618

12411/43

10820/1200

Size (sf) 388,119.60

6,228,796.86

1,836,371.98

7,575,955.20

Size (ac) (A) 155.00; (B) 5

8.91 142.9935

42.1573

173.92

Zoning A-A A-A A-A A-A A-A

Topography Level

Level Level Level Level

Shape Irregularity

Irregularity

Irregularity

Irregularity

Irregularity

Frontage (A) N Kelly Ave & W Covell Rd; (B) N N Kelly Ave

NW 178th St

N Kelly Ave & W Sorghum Mill Rd

N Kelly Ave

N/A

Sale price $

320,000

$

10,000,000

$

2,500,000

$ 6,265,999

Price/sf $ 0.82

$ 1.61

$ 1.36

$

Adjusment Grid - Parcel A & B

Price/sf $ 0.82

$ 1.61

$ 1.36

$

Market conditions 0.00% 0.00%

0.00%

0.00%

Adjusted base $ 0.82

$ 1.61

$ 1.36

$

Adjustments

Location 5% 5% 0% 5%

Size 10% 0% 5% -5%

Shape/Topography 0% 0% 0% 0%

Frontage 5% 0% 5% 10%

Zoning 0% 0% 0% 0%

Total Adjustments 20% 5% 10% 10%

Indicated Value $ 0.99

$ 1.69

$ 1.50

$

Mean $ 1.27

SUMMARY OF SALES AND ADJUSTMENT GRIDADJUSTMENT (EXPLAIN)None of the sales required adjustments for property rights, financing and condition of sale. Sale One: is located in different the subject’s location. It is located in Oklahoma City but in overall, it has the same characteristics as the subject combining parcel A and B.However, considering the frontages, the subject has 2 sides of frontage while the sale one just has one side. Besides, sale one has the size much smaller the subject. Therefore, this sale is adjusted upward for size and location accordingly for parcel A and B.Sale Two: is overall similar to the subject in size. However, the shape and the benefit in location of the sale are not a developed location as the subject; and the length of frontages to main streets is smaller to the subject so the location of the sale adjusted upward. Sale Three: is similar to the subject in location. It is locate in the same developed location with the subject. Size of the sale is smaller than the subject about 5,000,000 square foots. Thus, size of the sale was adjusted upward. Sale Four: Because the sale has no sides of frontage to main streets, it loss the commercial advantages as the subject. Thus, the sale is estimated upward comparing to the subject. However, the size of the sale is a little bit larger the subject, so the size is adjusted downward of 5%. CONCLUSION/ RECONCILIATIONConclusion:the sales indicated a value range between $0.98 and $1.50 per square foot with a mean of $1.16 per square foot when compared to Parcel A and B. based on this analysis, estimated market values of

“As is” land value Parcel Size (sf) Value Rounded A 6,751,800 7,832,088 7,800,000 B 217,800 252,648 250,000Reconciliation:The appraisal approaches utilized in this appraisal have produced the following indications of market value. Estimated Market Value

Parcel A $ 7,800,000 Parcel B $ 250,000In estimating the “As Is” market value the direct comparison sales approach was used and indicated the above value of each parcel individually.Therefore, it is concluded the “As Is” Market Value of the appraised property as of November 18, 2014, subject to the assumptions and limiting conditions, is:

“As Is” Market ValueParcel A

Seven Million Eight Hundred Thousand Dollars.Parcel B

Two Hundred Fifty Thousand Dollars.

MARKETING AND EXPOSURE PERIODBased on the current demand for desirable vacant sites, a marketing period of one year is considered reasonable for each parcel in its “As Improved” condition.

EXTRAORDINARY ASSUMPTION AND HYPOTHETICAL CONDITIONSCautionary statement regarding Forward-Looking Assumptions and Information Certain statements and information in this report constitute “forward-looking statements and information.” Certain, but not necessary all, of such forward-looking statement and information can be identified by the use of forward-looking terminology such as “anticipated”, “believes” “accepts” “may” “will” “reasonable to assume” “should” or other variations thereof or by discussion of planned construction or improvement or methods of property operations or maintenance that involve risk and uncertainty. The actual results of operation or market changes may be materially different from any historical or future results expressed or implied by such forward-looking statement. All forward-looking statement included herein are expressly qualified in their entirely by the cautionary statements in this paragraph

GENERAL ASSUMPTION AND LIMITING CONDITIONSThis appraisal report has been made with the following assumptions and limiting conditions:

● No responsibility is assumed for the legal description of for matters including legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated.

● The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated.

● Responsible ownership and competent property management are assumed. ● The information furnished by others is believed to be reliable. No warranty, however, is

given for its accuracy. ● All engineering is assumed to be correct. The plot plans and illustrative material in this

report are included only to assist the reader in visualizing the property. ● It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or

structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them.

● It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report.

● It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless nonconformity has been stated, defined, and considered in the appraisal report.

● It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any us on which the value estimate contained in this report is based.

● It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report.

● Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment.

● Any allocation of the total value estimated in this report between the land and the improvements applies only under the stated program of utilization. The separate values allocated to the land and buildings must not be used in conjunction with any other appraisal and are invalid if so used.

● Possession of this report, or a copy thereof, does not carry with it the right of publication.● I, by the reason of this appraisal, am not required to give further consultation or

testimony or to be in attendance in court with reference to the property in question unless arrangements have been previously made.

● Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, new media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report.

● No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies.

● I assume that the reader or user of this report has been provide with copies of available building plans and all leases and amendment , if any, that encumber the property.

● No legal description or survey was furnished, so I used the county tax plat to ascertain the physical dimensions and acreage of the property. Should a survey prove this information to be inaccurate, it may be necessary for this appraisal to be adjusted.

● The forecasts, projections, or operating estimated contained herein are base on current market conditions, anticipated shorted-term supply and demand factors, and a continued stable economy. These forecasts are, therefore, subject to changes with the future conditions.

● Any opinion of value provided in the report may apply to the entire property, and any proration or division of the total into fractional interests will invalidate the opinion of value, unless such proration or division of interest has been set forth in the report.

● The Americans with Disabilities Act (ADA) became effective January 26, 1992. I have not made a specific survey or analysis of any property to determine whether the physical

aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner’s financial ability with the cost to cure the non-conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner’s financial ability to cure non-accessibility, the value of the subject does not consider possible non-compliance. A specific study of both the owner’s financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance.

CERTIFICATION OF VALUEI certify that to the best of our knowledge and belief:

● The statement of fact contained in this report is true and correct. ● The reported analysis, opinions, and conclusions are limited only by the reported

assumptions and limiting conditions, and is my personal, impartial, and unbiased professional analysis, opinion, and conclusions.

● I have no present or prospective interest in the property that is subject of this report and no personal interest with respect to the parties involved.

● I have no bias with respect to the property that sis the subject of this report or the parties involved with these assignment.

● My engagement in this assignment was not contingent upon developing or reporting predetermined results.

● My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction unvalued that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of subsequent event directly related to the intended use of this appraisal.

● My analysis, opinions and conclusions were developed, and this report has been prepared, in conformity with the uniform Standard of Professional Appraisal Proactive (USPAP).

● I have made a personal inspection of the property that is subject to this report. ● No one provided significant real property appraisal assistance to the person signing this

certification. ● The reported analysis, opinions and conclusions were developed, and this report has been

prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.

● The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.

As of the date of this report, I have not completed the continuing education program of Appraisal institute.

ADDENDUMDEFINITIONS

Effective Date The date at which the analyses, opinions, and advice in an appraisal, review, or consulting service apply.

Floor Area Ratio (FAR) The relationship between the above-ground floor area of a building, as described by the building

code, and the area of the plot on which it stands; in planning and zoning, often expressed as a decimal, e.g., a ratio of 2.0 indicates that the permissible floor area of a building is twice the total land area. (Dictionary)

Gross Building Area (GBA) The total floor area of a building, including below-grade space but excluding unenclosed areas, measured from the exterior of the walls. All enclosed floors of the building including basements, mechanical equipment floors, penthouses, and the like are included the measurement. Parking spaces and parking garages are excluded. (Dictionary)

Highest and Best Use The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meetare legal permissibility, physical possibility, financial feasibility, and maximum profitability. (Dictionary)

Leased Fee Interest An ownership interest held by a landlord with the rights of use and occupancy conveyed by lease to others. The rights of the lessor (the leased fee owner) and the lessee are specified by contract terms contained within the lease. (Dictionary)

Leasehold Interest The interest held by the lessee (the tenant or renter) through a lease transferring the rights of use and occupancy for a stated term under certain conditions. (Dictionary)

Market Rent The rental income a property would probably command in the open market; indicated by the current rents that are either paid or asked for comparable space as of the date of the appraisal. (Twelfth)

Market Value The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of the title from seller to buyer under conditions whereby: • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and • The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.” (Source: 12 C.F. R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994)

Net Net Net Lease A net lease under which the lessee assumes all expenses of operating a property, including both fixed and variable expenses and any common area maintenance that might apply, but the landlord is responsible for structural repairs. Also called triple net lease or NNN but better stated as a fully net lease. (Dictionary)

Prospective Value Opinion A forecast of the value expected at a specified future date. A prospective value opinion is most frequently sought in connection with real estate projects that are proposed, under construction, or under construction to a new use, or those that have achieved sellout or a stabilized level of longterm occupancy at the time the appraisal report is written. (Dictionary)

Rentable Area (RA) The amount of space on which rent is based, calculated according to local practice. (Dictionary)

Replacement Cost The estimated cost to construct, at current prices as of the effective appraisal date, a building with utility equivalent to the building being appraised,using modern materials and current standards, design and layout. (Dictionary)

Reproduction Cost The estimated cost to construct , at current prices as of the effective date of the appraisal, an exact duplicate or replica of the building being appraised, using the same materials, construction standards, design, layout, and quality of workmanship and embodying all the deficiencies, super adequacy, and obsolescence of the subject building. (Dictionary)

Usable Area The are available for assignment or rental to an occupant, including every type of usable apace; measured from the inside finish of outer walls to the office side of corridors or permanent partitions and form the center line of adjacent spaces; includes subdivided occupant space, but no deductions are made for columns and projections. (Dictionary)

Value As Is The value of specific ownership rights to an identified parcel of real estate as the effective date of the appraisal; relates to what physically exists and is legally permissible and excludes all assumptions concerning hypothetical market conditions or possible rezoning. (Dictionary)