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<br />DAHLEN & DWYER, INC. <br /> <br />MARKET VALUE DEFINED <br /> <br />The most probable price which a property should bring in a competitive and <br />open market under all conditions requisite to a fair sale, the buyer and seller, each <br />acting prudently, knowledgeably and assuming the price is not affected by undue <br />stimulus. Implicit 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 whereby: <br /> <br />a. buyer and seller are typically motivated; <br /> <br />b. both parties are well informed or well advised, and each acting in <br />what he considers his own best interest; <br /> <br />c. a reasonable time is allowed for exposure in the open market; <br /> <br />d. payment is made in terms of cash in U.S. dollars or in terms of financial <br />arrangements comparable thereto; and <br /> <br />e. the price represents the normal consideration for the property sold <br />unaffected by special or creative financing or sales concessions granted <br />by anyone associated with the sale, or other special or creative terms, <br />services, fees, costs or credits involved in the transaction. <br />