Property appraisal

PURPOSE & SCOPE OF THE APPRAISAL The purpose of this appraisal is to estimate market value of the unencumbered fee simple interest in the subject property, in its "as is" condition, as of April 9, 2001 the date of our last inspection of the subject premises. The term "market value" as used herein and as jointly defined by the American Institute of Real Estate Appraisers and the International Society of Real Estate Appraisers is "the most probable price …

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