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<br /> I <br /> ~ <br /> ,\ <br /> ,- <br /> J <br /> l <br /> , <br /> ; APPRAISAL RESEARCH ASSOCIATES, LTD. <br /> 1 <br /> STEVENSON-EDWARDS & ASSOCIATES <br /> ! 2310 County Road D . New Brir:hton. r-.1innesota 55112 <br /> i <br /> I (612) 636-2565 FAX: (612) 63J-0394 (612) 633-0779 <br /> i May 28, 1992 <br /> I <br /> I <br /> I <br /> I <br /> i Mr. Dennis Foster <br /> I 1415 Arden Oaks Drive <br /> I Arden Hills, Minnesota 55112 <br /> I RE: 4155 Lexington Avenue North <br /> Arden Hills, Minnesota <br /> I <br /> ! Dear Mr. Foster: <br /> ! <br /> I <br /> ; In accordance with request, we have completed an <br /> I your <br /> i appraisal of the above referenced property for the purpose <br /> I <br /> i of estimating its probable market value in the fee simple <br /> I interest. The following written report presents the <br /> , findings, analysis and conclusions of this appraisal. We <br /> i <br /> j ~ have made a complete inspection of the subject property and <br /> i have fully identified the real estate in our written report. <br /> I <br /> i <br /> I <br /> After careful consideration of the many factors influencing <br /> i valuer it is our opinion that the subject property has a <br /> value, as of May 20, 1992, based on the financing described <br /> ; herein, of: 9\tJ(, <br /> i <br /> ! V 01 <br /> ; T.Q1CAL FINAL ES.l'.J:Mll,TE OF VALUE: (t I ~ N/ <br /> , <br /> Market Value: ~ \ 1 <br /> ! One Million Six Hundred ~ ~ p V ~t-\y <br /> ! Thousand DOllar~ ~ <br /> $1,600,000 S CfJ <br /> \ ~t~ <br /> i <br /> We have no personal interest or bias with respect to the <br /> subjec't matter of this appraj ::;31 report 0:: th~ p:J::-tlcs <br /> involved. The cppraisal is made subject to CCI't3.:.r: <br /> assumptions and limiting conditions which are listed in this <br /> report. It conforms with accepted professionnl, ethical and <br /> performance standards of the real estate appraisal pr8ctice. <br /> If you have any questions or comments after reading this <br /> ,~ appraisal, please contact us. <br /> This report conforms to the Appraisal guidelines set forth <br /> by, FIERREA. the OCC, and the USPAP, as we understand those <br /> guidelines. <br /> \ <br /> -) <br />