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Scope of the Appraisal <br /> <br />The scope of an appraisal involves the extent of the research and analysis necessary to arrive at a <br />credible, supportable opinion of value. The scope may vary with the differences in complexity, size, <br />types, and value sought. The final value estimate was developed as a Complete Appraisal and <br />reported in this Summary Report format. This Complete Appraisal has been made in conformity with <br />the Uniform Standards of Professional Practice. The old improvements have essentially no value and <br />the cost approach was omitted. The income approach is not relevant to vacant land in this area and <br />it too was omitted. Thus, the sales comparison approach was the only meaningful approach to use <br />in appraising property of this type. <br /> <br />The subject is essentially a large tract of vacant commercial land on one of the major corridors <br />entering Paris. As such, the market research was limited to the Bonham street corridor. <br /> <br />The appraiser has appraised numerous vacant and improved tracts in Paris and on Bonham street and <br />no steps were necessary to fulfill the competency provision of the Uniform Standards of Professional <br />Appraisal Practice. <br /> <br />During the conduct of this appraisal, the appraiser personally inspected the subject property and its <br />neighborhood, conducted research into the present land use trends, comparable land sales and <br />listings, inspected those sales and listings, confirmed the sales data with one of the principals <br />involved, developed an analysis of highest and best use, analyzed the sales in comparison to the <br />subject property, formed an opinion of value and produced this appraisal report. In the analysis of <br />the area, neighborhood, highest and best use, supply and demand, and the gathering of comparable <br />data, the appraiser surveyed the brokers active in the local commercial market; lenders; <br />governmental statistics and public records; several local commercial investors and property owners <br />on this strip; as well as the files of Pat Murphy and Associates. <br /> <br />The subject was inspected on the date of value and the date of this report was August 25, 2001. <br /> <br />No personal property was included in the opinion of value. <br /> <br />PAT MURPHY & ASSOCIATES <br /> <br /> <br />