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BETTENDORF ROHRER KNOCHE WALL,INC. <br /> I <br /> IPROPERTY RIGHTS APPRAISED <br /> IThe property rights appraised are those of the fee simple estate. The source of the following <br /> definition of fee simple estate is page 140 of the Dictionary of Real Estate Appraisal, third <br /> Iedition, published in 1993 by the Appraisal Institute: <br /> I "An absolute ownership, unencumbered by any other <br /> interest or estate, subject only to the limitations <br /> imposed by the governmental powers of taxation, <br /> 1 eminent domain, police power and escheat. " <br /> I <br /> IMARKET VALUE DEFINITION <br /> IMarket Value as defined by the United States Department of the Treasury through the <br /> Comptroller of the Currency and the Office of Thrift Supervision is: <br /> IThe most probable price which a property should bring in a competitive and open market <br /> under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, <br /> I <br /> knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this <br /> definition is the consummation of a sale as of a specified date and the passing of title from <br /> seller to buyer under conditions whereby: <br /> • buyer and seller are typically motivated; <br /> • both parties are well informed or well advised, and each acting in what he considers his <br /> own best interest; <br /> I • a reasonable time is allowed for exposure in the open market; <br /> • payment is made in terms of cash in U.S. dollars or in terms of financial arrangements <br /> comparable thereto; and <br /> I • the price represents the normal consideration for the property sold unaffected by special <br /> or creative financing or sales concessions granted by anyone associated with the sale. <br /> I <br /> I12 <br />