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The purpose of the appraisal is to estimate the fair market value of the fee simple interest. The <br /> function of this appraisal is to serve as a valuation basis for Mr. March, who intends to use this <br /> report for possible acquisition purposes. <br /> Fee Owner_ <br /> According to county records the owner is: Lake Area Utility Contract, with the mailing address <br /> of the subject. <br /> Five Year Sales History/Analysis of current offer: <br /> (Appraisal Standard #S) <br /> To determine the five year sales history, the records at the Washington County Courthouse were <br /> used. <br /> According to county records, the subject has not sold in the last five years. The subject last <br /> transferred on 10/1/1980. <br /> Reference to the Definition of the Value Being Es timated: <br /> The definition of market value is as follows: <br /> Market Value is defined as "the most probable price in terms of money, which a property will bring <br /> in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller <br /> each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus ". <br /> Implicit in this definition is the consummation of a sale as of a specified date and the passing of title <br /> from seller to buyer under conditions whereby: <br /> 1. Buyer and seller are typically motivated. <br /> 2. Both parties are well informed or well advised and each acting in what they consider their own <br /> best interest. <br /> 3. A reasonable time is allowed for exposure in the open market. <br /> 4. Payment is made in terns of cash in United States dollars or in terms of financial arrangements <br /> comparable thereto; and <br /> 4 <br />