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PURPOSE OF THE APPRAISAL:  To determine the "value" of the subject property. It is my understanding that the appraisal report will be used by the owner of the business in decision-making involving a possible sale of the business equipment and clientele.

 

APPROACH TO VALUE:  Traditionally there are three approaches to valuing property - Cost, Market Value and Income. It is felt that the Market Value approach is most representative of this type of equipment.

 

MARKET VALUE:  The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably, and assuming the price is not afected by undue stimulus. Implicit in this definition is the consummation of a sale under present market conditions, and the passing of title from seller to buyer under conditions whereby (1) Buyer and seller are typically motivated; (2) Both parties are well informed or advised and are acting in what they consider their own best interests: (3) A reasonalbe time is allowed for exposure in the open market in/through normal marketing processes; (4) Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

 

SCOPE OF THE APPRAISAL:  Limited to the equipment and other physical assets of the business, including (if applicable), an estimate only of tenant improvements.

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HIGHEST AND BEST USE:  The reasonable and probable use that supports the highest present value, as defined, as of the effective date of the valuation. In this case, the equipment involved in this appraisal is being used in an established Children's Activity Center, and also constitutes the highest and best use.

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REASONABLE MARKETING PERIOD:  The equipment involved in this appraisal could reasonabley be marketed at any time as it is all located at or within a few miles of the main location. Should the need arise, a reasonable marketing period should be under 1 years time, although some of the items are "specialty" items and demand might be restricted.

 

MARKET CONDITIONS AND TRENDS:  In the past 20 years there has been an increasing interest in Sports, Educational and Entertainment facilities and programs for children. It is doubtful that this trend will decrease, especially in light of the increased quality of these types of programs in recent years.

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ASSUMPTIONS AND LIMITING CONDITIONS:  The attached report was prepared based on the following assumptions and limiting conditions: (1) Information furnished by owners, parties to the sale, lien holders, or others providing data or input to the report is assumed to be accurate and reliable. (2) No responsibility is assumed for hiden or unapparent conditions of the subject property that could have an effect on the value. If such conditions are discovered, the final value is contingent upon verification and/or correction by a qualified expert, and/or possible adjustments to the appraised value. (3) The value reported is based on current market conditions for the subject property, and the present status of the subject property. The appraiser assumes no liability for changes in market conditions, changes in the condition of the subject property, or lack of adequate market practices in the future that may have a negative or deteriorating effect on the subject property. (4) This report is not represented as a "warranty or guarantee" as to the value of the conclusions. Use of this report or reliance on the values and/or comments expressed in it is at the complete discretion of the client, and the appraiser assumes no liability for any consequences or actions as a result of its' use.

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VALUATION REPORT CERTIFICATION:  I certify to the best of my knowledge and belief that:

(1) The statements contained in this report are true and correct.

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(2) I have no present or prospective personal interest in the property associated with this report.

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(3) I have no personal interest or bias with respect to the parties associated with this appraisal.

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(4) My compensation is not contingent upon the value of the property, the attainment of a stipulated result, or the occurrence of any subsequent events.

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(5) I have made a personal inspection of the property that is the subject of this report. I feel comfortable that the data contained in this report is reliable. Information and comments are my observations of conditions as they exist with the subject property.

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(6) The appraised values of the property covered by this report are based on an accumulation of data from numerous sources, with the final values being established by myself base on the data obtained from these sources.

(7) This appraisal report has been prepared for the use of Tri-State CheerNastics, Inc. The appraiser disclaims any liability to any third party for any unauthorized use of this report.