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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />.1 <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />PURPOSE OF THE'APPRAISAL <br /> <br />The purpose of this appraisal is to estimate the market value <br />of approximately 4.88 acres of vacant land located in the <br />City of LaPorte, Harris County, Texas. <br /> <br />PROPERTY RIGHTS APPRAISED <br /> <br />The unencumbered fee simple estate of the subject properties <br />as of March 7, 1986. <br /> <br />MARKET VALUE <br /> <br />*Market value is defined as the most probable price estimated <br />in terms of money which a property will bring if exposed for <br />sale in the open market allowing a reasonable time to find a <br />purchaser who buys with knowledge of all the uses to which it <br />is adapted and for which it is capable of being used. <br /> <br />Implicit in this definition is the consummation of a sale as <br />of a specified date and the passing of title from seller to <br />buyer under conditions whereby: <br /> <br />(1) buyer and seller are typically motivated. <br /> <br />(2) both parties are well informed or well advised, <br />each acting in what he considers his own best <br />interest. <br /> <br />(3) a reasonable time is allowed for e~osure in the <br />open market. <br /> <br />(4) payment is made in cash or its equivalent. <br /> <br />(5) financing, if any, is on terms generally available <br />in the community at the specified date and typical <br />for the property type in its locale. <br /> <br />(6) the price represents a normal consideration for the <br />property sold unaffected by special financing amounts <br />and/or terms, services, fees, costs, or credits <br />incurred in the transaction. <br /> <br />*Real Estate Appraisal Terminology, <br /> <br />Byrl N. Boyce, Ph.D. <br /> <br />1 <br />