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<br />,~ <br /> <br />),,;, <br /> <br />_______--~-~, ..-II <br /> <br /> <br />///' (K) Th~()FteQ-a{~IYSes, 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 />.~' <br /> <br />/ <br />'--------_.---/' <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 October 18,2005, the subject property, based on its highest and best use, has a Market <br />Value of: <br /> <br />FIFTEEN MILLION DOLLARS <br /> <br />($15,000,000) <br /> <br />1 ,"'~'1 <br />)/1 '" I <br />/' I J ,I. <br />/ //'1 ,,/ _~;c L 'C:,' <br />1,__ ," t ~/~' /'V{... (....l\..:-J~ <br /> <br />J. ~Ju( QUINLlV AN, MAl <br />STriTE CERTIFIED GENERAL ApPRAISER <br />CERTIFICATION NUMBER: RZOOOOl12 <br /> <br />QUINLIVAN APPRAISAL <br /> <br />2 <br />