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<br />USP AP REQUIREMENTS/SALIENT FACTS
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<br />Property Rights Appraised: Being 0.3894 acre situated in the County of Lamar, State of Texas, being a part of the George W. Cox Survey,
<br />Abstract No. 164, also being a part of Lot 9, Block 222-A, of the City of Paris, Lamar County, Texas. A fee simple estate is derIDed as "absolute
<br />ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent
<br />domain, police power and escheat"!
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<br />Scope of the Appraisal: The scope of the assignment included a complete analysis of the subject property and the subject neighborhood, In
<br />addition, research was conducted on surrounding properties, market trends and comparable land sales and comparable improved sales. A form report,
<br />TXDOT Form ROW-A-6, was prepared which summarized the data and my analysis and conclusions regarding the subject property.
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<br />While compiling information to complete this appraisal, I used several different data sources, including but not limited to: The City of Paris, Lamar
<br />County, local real estate experts, grantors, grantees and etc.
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<br />All methodology used to arrive at the estimate of market value can be found in The Appraisal of Real Estate, Twelfth Edition, published by the
<br />Appraisal Institute. The appraisal methodology and the value conclusion contained herein are in conformance with the Uniform Standards of
<br />Professional Appraisal Practice.
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<br />This appraisal report is for the exclusive use of Lockwood Andrews & Newnam, Inc. and The Texas Department of Transportation (client) for the
<br />purpose of assisting with the acquisition of right-of-way for the widening of Business US 82, Lamar County, State of Texas.
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<br />This is a summary appraisal report which is intended to comply with the reporting requirements set forth under Standards Rule 2-2 (b) of the
<br />Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such, it represents only surnmary discussions of
<br />the data, reasoning and analyses that were used, in the appraisal process to develop the appraiser's opinion of value. Supporting
<br />documentation concerning the data, reasoning and analyses is retained in the appraiser's files. The depth of discussion contained in this
<br />report is specific to the needs of the cli~t and for the intended use stated above. The appraisers are not responsible for unauthorized use of
<br />this report.
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<br />Within the appraisal process, the three accepted approaches to real property valuation (cost, income and sales comparison approaches) were
<br />considered (as applicable). In preparing this appraisal, the appraiser inspected the subject site and neighborhood. Information was gathered
<br />on comparable land and improved sales. The sales comparison approach was used to value the site as if vacant. When appropriate,
<br />information was obtained regarding comparable costs and the cost approach was utilized to value the site improvements. These approaches
<br />to value were reconciled to derive an' 'estimate of value for the whole property, the part taken, the remainder after the taking, severance
<br />damages and just compensation.
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<br />Jurisdictional Exception: This appraisal has been prepared in accordance with the Uniform Standards of Professional Appraisal Practice
<br />(USP AP). Jurisdictional exception provides for severability preserving the balance of USP AP if one or more parts of USP AP are "contrary
<br />to'law or public policy of a jurisdiction." According to USPAP, "law means a body of rules with binding legal force established by
<br />controlling governmental authority." This includes federal and state constitutions, legislative and court made law, and administrative rules,
<br />regulations and ordinances. As appraisals performed for eminent domain are subject to éertain constraints based on statutory and case law
<br />regarding compensibility, the issue of jurisdictional exception is invoked.
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<br />History of the Subject Property: The subject property is currently owned by the City of Paris. The City of Paris has owned the subject
<br />property in excess of five years. The appraiser is not aware of any other transaction involving the subject property since that time.
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<br />Exposure Period: One year at a value and highest and best use as state herein.
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<br />Marketing Period: One year approaching a value as stated herein.
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<br />Date of Inspection/Owner Contact: The appraisers contacted the property owners notifying them of our intent to inspect the subject
<br />property and offering the opportunity for a property owner representative to be present. A representative for the City of Paris granted the
<br />appraisers permission to inspect the property but was not present at the time of inspection.
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<br />Effective Date of Appraisal: The effective date of this appraisal is March 10,2004 the most recent date of inspection. Photos of the subject
<br />were taken during the initial inspection and photos of the sales were taken March 11,2004.
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<br />Date of Report: The date of this report is April 5, 2004.
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<br />1 Appraisal Institute. The Appraisal of Real Estate. 12th Edition. Chicago, 1996, p. 137.
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