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<br />HISTORY OF OWNERSHIP <br /> <br />The Uniform Standards of Professional Appraisal Practice (USPAP) requires that <br />appraisers report and analyze any sale transactions involving the subject property that <br />occurred during the three years prior to the effective date of an appraisal. The subject <br />property is owned by the City of Arden Hills and has been for an extended period of <br />time. There have been no sales within the last three years prior to the effective date <br />of valuation in this appraisal. <br /> <br />. <br /> <br />COMPETENCY PROVISION <br /> <br />Roger M. Rohrer has been a full time professional real estate appraiser since February <br />1972. William E. Petersen has been a full-time real estate appraiser since November <br />1986. Provided later in this report are summaries of their professional qualifications. <br />The educational training and extensive work experience of the appraisers, each of <br />whom is licensed as a Certified General Real Property Appraiser, enable completion of <br />this appraisal assignment in a professional manner consistent with the intent of the <br />competency provision of the Uniform Standards of Professional Appraisal Practice. <br /> <br />MARKET VALUE DEFINITION <br /> <br />Market Value as defined by the United States Department of the Treasury through the <br />Comptroller of th'e Currency and the Office of Thrift Supervision is: <br /> <br />e <br /> <br />The most probable price which a property should bring in a <br />competitive and open market under all conditions requisite to a fair <br />sale, the buyer and seller, each acting prudently, knowledgeably <br />and assuming the price is not affected by undue stimulus. Implicit <br />in this definition is the consummation of a sale as of a specified <br />date and the passing of title from seller to buyer under conditions <br />whereby: <br /> <br />. buyer and seller are typically motivated; <br />. both parties are well informed or well advised, and each acting in what he <br />considers his own best interest; <br />. a reasonable time is allowed for exposure in the open market; <br />. payment is made in terms of cash in U.S. dollars or in terms of financial <br />arrangements comparable thereto; and <br />. the price represents the normal consideration for the property sold <br />unaffected by special or creative financing or sales concessions granted by <br />anyone associated with the sale. <br /> <br />This definition is part of the Uniform Standards of Professional Appraisal Practice <br />(USPAP) which was developed by the Appraisal Foundation. <br /> <br />- <br /> <br />BRKW APPRAISALS, INC. . <br /> <br />PAGE 14 <br />