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~ Scone of the Aoaraisal The scope of an appraisal involves th extent of the research and analysis necessary to arrive at a credible, supportable opinion of value. The scope may vary with the differences in complexity, size, types, and value sought. The final v lue estimate was developed as a Complete Appraisal and reported in this Summary Report format. This Complete Appraisal has been made in conformity with the Uniform Standards of Professional ractice. The old improvements have essential ly no value and the cost approach was omitted. The in ome approach is not relevant ro vacant land in this area and it too was omitted. Thus, the sales co parison approach was the only meaningful approach to use in appraising property of this type. The subject is essentially a large trac of vacant commercial land on one of the major corridors entering Paris. As such, the market re earch was limited to the Bonham street corridor. The appraiser has appraised numerous ~acant and improved tracts in Paris and on Bonham s[ree[ and no steps were necessary to fulfill the co petency provision of the Uniform Standards of Professional Appraisal Practice. During the conduct of [his appraisal, t e appraiser personally inspected the subject property and its neighborhood, conducted research in o the present land use trends, comparable land sales and listings, inspected those sales and li tings, confirmed the sales data with one of the principals involved, developed an analysis of hi hest and best use, analyzed the sales in comparison to the subject property, formed an opinion f value and produced this appraisal report. In the analysis of the area, neighborhood, highest and b st use, supply and demand, and the gathering of cotnparable data, the appraiser surveyed the b okers active in the local commercial market lenders; governmental statistics and public rec rds; several local commercial investors and property owners on this strip; as well as the files of Pa Murphy and Associates. The subject was inspected on the datel of value and the date of this report was August 25, 2001. No personal property was included in the opinion of value. PAT M RPHY & ASSOCIATES