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PURPOSE OF THE APPRAISAL <br /> The purpose of this appraisal is to estimate the fair <br /> market value of the subject property as if free and clear <br /> of all liens and encumbrances. <br /> DEFINITION OF MARKET VALUE <br /> Market value has been defined as follows : <br /> 1. The most reasonable price estimated in terms of <br /> money which a property is expected to bring if <br /> exposed for sale in the open market, allowing a <br /> reasonable time to find a purchaser who buys with <br /> knowledge of all the uses to which it is adapted <br /> and for which it is capable of being used. <br /> 2. Frequently, it is referred to as the price at <br /> which a willing seller would sell and a willing <br /> buyer would buy , neither being under abnormal <br /> pressure. <br /> 3. It is the price expectable if a reasonable time <br /> is allowed to find a purchaser and if both seller <br /> and prospective buyer are fully informed. <br /> The essential difference between market price and market <br /> value as defined above lies in .the premises of intelligence, <br /> knowledge, and willingness, all of which .are contemplated <br /> in market value but not in market price. Stated differently, <br /> at any-given moment of time, market value connotes what a <br /> property is actually worth, and market price what it may be <br /> sold for. <br /> li <br /> I <br /> I <br />