PROPERTY EVALUATION (RESTRICTED REPORT)
N/A
Previous Appraisal Value
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and acting in what they consider their best interests; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. The purpose of this evaluation is to provide a market value of the property described above. The use of the report is for internal decision-making purposes. 1. The following scope of services identifies all actions taken in the course of providing an estimate of the concluded Market Value for the subject as defined by the Uniform Standards of Professional Appraisal Practice (USPAP). Any procedures, processes or issues not specifically identified have not been performed. 2. This evaluation is prepared in accordance with the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994 and "OCC Comptrollers Handbook on Real Estate and Construction Lending, Appendix E, Interagency Appraisal and Evaluation Guidelines." This document is intended to meet the requirements of a Restricted Report as set forth under Standards Rule (S.R.) 2-2 (C) of USPAP. In accordance with a prior agreement between the client, Coachella Valley Water District, and the preparer, Frazier Capital Valuation, certain allowable USPAP departures have been invoked in the performance of this assignment. The departures are identified as S.R. 1-3 (a) and (b); and S.R. 1-4 (b), (d), (e), (f) and (g). The intended client and the preparer have discussed and mutually agreed to the adequacy of this document based on the limited investigation undertaken and its intended use to be used in underwriting a proposed or monitoring a commercial real estate loan. As a result of the limited appraisal process where certain allowable departures have been invoked, the client is aware that the reliability of the value conclusion(s) provided may be impacted to the degree that there is a departure from specific guidelines of USPAP. This report is intended only for the internal use of Coachella Valley Water District. 3. The evaluation was performed by Frazier Capital Valuation. Individual preparer's qualifications, general assumptions and limiting conditions and certification are kept on file. 4. Greg Moon has made a personal inspection of the property that is the subject of this report. Stephen Bethel has not.
Definition of Value
Assumptions and Hypothetical Conditions Affecting the Analysis and Conclusions None Purpose/Use :
36
Made with FlippingBook - Online magazine maker