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DAHLEN � DW'r"ER ID�651-223-5�36 JUN 28'00 15�13 No.003 P.03 <br />The estimate of value as stated in this report is predicated upon the definition <br />of market value contained herein. Implicit in the definition of market velue is that <br />payment is made in cash or its equivalent, The equivalent of cash is conventional <br />financing at bank/institutional rates. The subject property has been appraised based <br />upon cash or cash equivalent financing and assuming a holding period or marketing <br />time of 6-12 months. <br />The purpose of this appraisal is to estimate the market value of the property <br />rights consisting of fee simple interest. Therefore, by virtue of my investigation, I <br />have formed the opinion that the market value of the subject property as of June 14, <br />2��� is as follows: <br />FORTY-FOUR THOUSAND DOLLARS <br />1+����i <br />This appraisal report has been prepared in conformity with the following: <br />1. The "Uniform Standards of Professional Appraisal Practice" of the <br />Appraisal Foundation, as mandated by the Financial Institution's Reform, <br />Recovery and Enforcement Act of 1989 IFIRREA). <br />� <br />3. <br />The "Standards of Professional Practice and Conduct" of the Appraisal <br />Institute. <br />12 CFR 1608.4 Appraisal Standards for National Banks as contained in <br />the Federal Register. This is a"Federally Related" Transaction. <br />4. The "Letter of Engagement" dated May 31, 2000 from Ms. Cathy <br />Capane Bennett, Economic Development Specialist from the City of <br />Rosevipe. <br />5, The appraisal assignment has not been based on a requested minimum <br />valuation, a specific valuation, or the approval of a loan. The estimate <br />of market value identified in this report was developed independent of <br />any undue influence. <br />