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sales comparison and replacement cost approaches and estimated the fair market value of the <br /> Project, assuming that the improvements to be financed with proceeds of the Series 2001 <br /> Bonds are completed, an"as completed and stabilized" fair market value of$8,200,000.00, <br /> and assuming the issuance of the Series 2001 Bonds. The appraiser assigned an "as is" <br /> market value to the currently vacant land of$837,000. A copy of the Appraisal may be <br /> obtained from the Underwriter, Miller Johnson Steichen Kinnard, Inc., 5500 Wayzata <br /> Boulevard,Suite 1450,Minneapolis,Minnesota 55416,during the term of the offering of the <br /> Series 2001 Bonds. <br /> The conclusion as to an estimated market value is solely the expression of an opinion <br /> by the appraiser and is no guarantee that upon sale the estimated market value would be <br /> realized. In the event of a forced sale it is likely that the estimated market value would not <br /> be realized The appraised value assumes a price negotiated on a voluntary sale basis, with <br /> a reasonable time in which to determine a buyer and the terms of sale, and does not account <br /> for any reduction in value which might occur in the event of a forced sale in connection with <br /> an event of default. The estimated market value also does not take into account the costs <br /> associated with any sale(such as real estate agent or legal fees), which would reduce the net <br /> proceeds from the sale actually realized by the seller. Also, the fair market value of the <br /> property may vary significantly over time. Finally, the appraised value of property has been <br /> known to vary from appraiser to appraiser, and sometimes significantly. <br /> Environmental Assessment <br /> At the request of the Borrower,EnPro Assessment Corp of St. Paul, Minnesota has <br /> prepared a Phase I Environmental Assessment Report,dated November 8,2000,of the land <br /> on which the Project Facilities are being constructed in conformance with the scope and <br /> limitations of ASTM Practice E1527-00. An environmental report generally involves the <br /> review of historical aerial photographs and real estate records to discover the prior use of the <br /> site and an on-site inspection to discover any open hazardous environmental conditions. <br /> Such studies are aimed at assessing the presence or likely presence of any hazardous <br /> substances or petroleum products on a property under conditions that indicate an existing <br /> release, a past release or a material threat of a release of any hazardous substances or <br /> petroleum products into structures on the property or into the ground,groundwater or surface <br /> water of the property. There can be no assurances as to the ultimate level of protection, if <br /> any, provided by the environmental report or any determination based thereon. <br /> The assessment revealed no evidence of recognized environmental conditions in <br /> connection with the Project. A copy of the Phase I Environmental Assessment Report may <br /> be obtained from the Underwriter, Miller Johnson Steichen Kinnard, Inc., 5500 Wayzata <br /> Boulevard,Suite 1450,Minneapolis,Minnesota 55416,during the term of the offering of the <br /> Series 2001 Bonds. <br /> THE BORROWER <br />