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BETTENDORF ROHRER KNOCHE WALL, INC. <br /> Analysis Of Raw Acreage Comparable Sales - Continued <br /> Property Rights <br /> The property rights appraised reflect fee simple title. Each of the transactions involved sale of <br /> fee simple title requiring no adjustment. <br /> Financing <br /> The definition of market value as stated in this report reflects cash or cash equivalent financing. <br /> All of the sales involved cash terms or terms reasonably similar to cash equivalent and require <br /> no adjustment. <br /> Conditions of Sale <br /> All of the comparables involved arms length transactions with no unusual conditions of sale. <br /> Market Conditions <br /> ' Consideration has been given to market conditions (time) between the date of sale of each of <br /> ' the comparables and the effective date of this report. A factor of +3% per year has been used <br /> in the analysis of each of the sales. The factor is considered a reasonable adjustment to reflect <br /> increasing land values and improving economic conditions in the last few years. <br /> Locational Appeal <br /> ' The subject property is located in an area of mixed housing values featuring some newer upper <br /> quality homes and older modest housing. The overall locational appeal is considered fair to <br /> ' average for the Lake Minnetonka area. <br /> ' Sale 1 is located along the north side of Watertown Road, just west of Hackberry Hill. <br /> Convenient access is available to Highway 12, 1/2 mile to the north. There has been recent <br /> construction of high quality homes in this area. The location is within the Orono School District <br /> ' which is perceived in the marketplace as being superior to the West Tonka School District in <br /> which the subject is located. A downward adjustment for locational appeal is indicated in the <br /> analysis of Sale 1. <br /> ' 45 <br />