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<br />-- <br />- <br />-- <br />- <br />I <br />- <br />- <br /> <br />I <br />- <br />I <br /> <br />~ <br />- <br />I <br />I <br />I <br />I <br />, <br />I <br />H~~' <br />iii":' [ <br />".". I: <br />, : <br /> <br />(K) The reported analyses, opinions, and conclusions were developed, and this report <br />has been prepared, in confomlity with the requirements of the Code of <br />Professional Ethics and the Standards of Professional Appraisal PraCtice of the <br />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 oftlle 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, we have formed the <br />opinion, as of December 4,2002, the subject properties had Market Values of the fee simple interest <br />of: <br /> <br />PARCEL 1 (ECHAVARRIA AND PRATS) <br />PARCEL 2 (R4.l\1UNNO) <br />PARCEL 3 (BRANIGAN) <br />PARCEL 4 (PATRIMONIAL CORP.) <br /> <br />$165,000 <br />$362,500 <br />$630,000 <br />'$187,500 <br /> <br />/1 J <br />! I \. <br /> <br />,~/'J1IuL , UJ~JL <br /> <br />J./M-tiRK QUINLfl/AN, MAl <br />SfrAJf CERTIFIED GENERAL ApPRAISER <br />(JERT1FICATION NUMBER: RZOOOO 112 <br />v ........" <br />./ <br />/ / <br /> <br />,/ '/L <br />....-,!~--- / ' A <br />-----...... <br />,10-./'.., . J ~ _ .... .. <br />./ ,.. '~.' _..__"_.,__ ~J <br />) r L/u/ /1.N /( . 7'--.~ ____ <br />'LANEEN F. HARRISON <br />STA TE REGISTERED ASSISTANT ApPRAISER <br />CERTIFICATION NUMBER: RZ0007253 <br /> <br />QUINLIVAN APPRAISAL <br /> <br />2 <br />