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<br />(K) The reported analyses, opinions, and conclusions were developed, and this <br />report has been prepared, in conformity with the requirements of the Code <br />of Professional Ethics and the Standards of Professional Appraisal Practice <br />of the Appraisal Institute, <br /> <br />(L) The use of this report is subject to the requirements of the Appraisal Institute <br />relating to review by its duly authorized representatives, <br /> <br />As of the date of this report, J. Mark Quinlivan has completed the requirements under the continuing <br />education program for The Appraisal Institute. <br /> <br />Based on the inspection of the property and the investigation and analyses undertaken, subject to the <br />assumptions and limiting conditions set forth in the Addendum of this report, I have formed the <br />opinion, as of .Tune 20, 2006, the subject property, based on its highest and best use, has a Market <br />Value of: <br /> <br />SEVENTEEN MILLION Two HUNDRED FIFTY THOUSAND DOLLARS <br /> <br />($17,250,000) <br /> <br /> <br />QUINLIVAN APPRAISAL <br /> <br />2 <br />