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Client: Mr. Pat Bassano <br />First Federal Community Bank <br />630 Clarksville <br />Paris, TX 75460 <br />Ap rp aiser: Pat Murphy and Associates <br />712 19th SE <br />Paris, TX 75460 <br />Identification of the Propertv <br />The subject was essentially six platted lo[s and two half lots comprising some 68,460 SF of <br />commercial ]and situated on the north side of Bonham street and the south side of Maple Avenue <br />some 160' west of 17'h NW street in the western portion of Paris, Lamar County, Texas. The street <br />addresses were 1726 and 1746 Bonham stree[ and 1735 [hrough 1753 Maple Avenue, Paris, Texas. <br />History of the Subject <br />The lots have belonged to R. C Nance and his estate for many years. Some of the four dwellings <br />have been rented but all were vacant at the inspection. The buyer will raze two dwellings and sell <br />the two others to be moved. The subject has been listed for sale since December 1, 1999, as two Iots, <br />a 210' x I56' facing Bonham and a 210' x 155' lot facing Maple for a total list price of $50,000. The <br />buyer offered $45,000 and the seller accepted the offer. The two halves were separated by a IS' <br />dedicated but undeveloped alley and they were zoned Two Family. Since the contract was signed on <br />June 22, 2001, the property was re-zoned General Retail and the alley has been approved [o be <br />closed. It will formally be closed on September 6, 2001, but aIl adjacent property owners have signed <br />the petition and it has received approval by the Director of Public Works, City Atrorney, and the City <br />Engineec The buyer offered $45,000 and the seller accepted the offer. The appraiser was unaware <br />of any other con[racts or offers to sell or purchase the property. <br />Purpose of [he Appraisal <br />The purpose of this appraisal was to develop an opinion of the market value of the fee simple estate <br />as of August 14, 2001. <br />Intended Use of the Appraisal <br />The intended use of this appraisal was to aid the client and intended user, First Federal Community <br />Bank in underwriting a mortgage loan on the subject. Its use by others or for any other use was not <br />intended by the appraiser. <br />L.eeal Description <br />The subject is legally described as L,ots 4, 5, 6 18, 19, 20 and the west half of Lots 3 and 17, Block <br />1, Warcen Addition to the City of Paris. As a result of the IS' alley closing, the each lot will have an <br />additional 7.5' of depth. <br />PAT MURPHY & ASSOCIATES 2 <br />