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DEFINITION OF MARKET VALUE <br /> The following is a definition of market value typically utilized in the appraisal of real property. As <br /> per the extraordinary assumption, stated herein,the results ofthis appraisal may not equate to market <br /> value. <br /> Market Value is the most probable selling price in terms of money which a property should bring in <br /> a competitive and open market under all conditions requisite to be fair sale,the buyer and seller, each <br /> acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus. Implicit <br /> in this 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 /> 1. Buyer and seller are typically motivated; <br /> 2. Both parties are well informed or well advised, and each acting in what they consider <br /> their own best interests; <br /> 3. A reasonable time is allowed for exposure in the open market; <br /> 4. Payment is made in cash in U.S. dollars or in terms of financial arrangements <br /> comparable thereto; and <br /> 5. The price represents a normal consideration for the property sold unaffected by <br /> special financing or creative financing or sales concessions granted by anyone <br /> associated with the sale. <br /> Source: The Interagency Appraisal and Evaluation Guidelines, Federal Register, Volume 75, No. 237, <br /> December 10, 2010. <br /> PROPERTY RIGHTS APPRAISED <br /> Fee Simple Estate,Leased Fee Estate and Leasehold Interest are defined as follows: (The Dictionary <br /> of Real Estate Appraisal, 5th Edition, Appraisal Institute 2010): <br /> Fee Simple Estate: Absolute ownership subject only to limitations imposed by the State; also called <br /> a freehold. <br /> Leased Fee Estate: A freehold(ownership interest)where the possessory interest has been granted <br /> to another party by creation of a contractual landlord-tenant relationship (i.e., a lease). <br /> Leasehold Interest: The tenant's possessory interest created by a lease. <br /> The subject is currently operated as an Alamo Car Rental Agency. A lease agreement is believed to <br /> exist, but none was provided. As per the client's instructions the appraisal is to only encompass the <br /> underlying land as a fee simple estate. <br /> 3 <br />