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, <br /> RAY_ �0 �ELL� E�LTY <br /> � - Brokerage and Appraisals <br /> L, i�_' . <br /> (612) 890-2130 <br /> F E.B j. � �.�94 <br /> July 27 , 1988 <br /> Mr. Thomas J. Hunziker <br /> Dunkley, Bennett & Christensen, P.A. <br /> Suite 1400 <br /> 701 Fourth Avenue Souttl <br /> Niinneapolis, Minnesota 55415 <br /> Re : Germ-Tom Partnership Property <br /> 3412-3420 Shoreline Drive <br /> Orono, Minnesota <br /> Dear Mr. Hunziker: <br /> Pursuant to your request, I have made an appraisal <br /> of the above property for the purpcse of estimating <br /> the Fair Market Value as of the date of the take. <br /> The property is described in the Ideiltification <br /> Section of this report. <br /> Fair Market Value is defined as the price the <br /> property will bring in a competitive market under <br /> all conditions requisite to a fair sale, which <br /> would result from negotiations between a buyer and <br /> seller, each acting prudently, with knowledge and <br /> without undue stimulus . <br /> The rights of the property appraised are those of <br /> fee simple estate only. <br /> 12904 Nicollet Avenue • Burnsville , MN 55337 <br /> � <br />