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<br />Happy Harbor Methodist Home <br /> <br />La Porte, Texas <br /> <br />· Analyzed infonnation on the local real estate markets that the subject serves, including <br />information on local real estate development trends as well as interviewing real estate and <br />nursing home professionals regarding trends in the local and regional industry. <br /> <br />· Conducted market research of occupancies, rental rates and operating expenses at <br />competing properties that involved interviews with leasing agents and/or property <br />managers, professionals and a review of our own databases. <br /> <br />· Prepared a stabilized net income schedule and capitalized the estimated net operating <br />income into a value conclusion by dividing the stabilized net operating income by a <br />market derived overall capitalized rate. This process or technique is referred to as direct <br />capitalization. <br /> <br />· Conducted market inquiries into recent sales of similar properties to ascertain sales prices <br />per square foot overall capitalization rates. This process involved telephone interviews <br />with sel1ers. buyers. and participating brokers. <br /> <br />· Reconciled the cost, income and sales comparison approaches to value. <br /> <br />With the foregoing in mind. the following report that sets forth the data and reasoning leading to <br />the opinions of value for the subject property. <br /> <br />INTENDED USE OF THE APPRAISAL: The intended use of the appraisal is for underwriting <br />purposes for a potential loan on the subject property. <br /> <br />INTENDED USER OF THE APPRAISAL: The intended user of this report is Amegy Bank, <br />N.A., and no other parties shall have any right to rely on any service provided by Gerald A. Teel <br />Company without prior written consent. <br /> <br />PROPERTY RlGHTS APPRAISED: The fee simple title is regarded as an estate without <br />limitations or restrictions. Anything less than the complete estate results from partial interests <br />that are created by selling, leasing or otherwise limiting the bundle of rights in a fee simple <br />estate. An assignment may require the appraisal of fee simple title or a partial interest such as a <br />leasehold estate or an easement. The thrcc most common types of property rights involved in the <br />appraisal process are defined below. <br /> <br />1. Fee simple estate - "Absolute ownership unencumbered by any other interest or <br />estate, subject only to the limitations imposed by the governmental powers of <br />taxation, eminent domain, police power and escheat". I <br /> <br />2. Leased fee estate - "An ownership interest held by a landlord with the rights of use <br />and occupancy conveyed by lease to others. The rights of lessor (the leased fee <br />owner) and leased fee are specified by contract terms contained within the lease".2 <br /> <br />I Tlte Dictionary of Real Estate II/J{)rai.wl, Fourth Edition, Appraisal Institute, 2004, P. 140 <br />2 iliil. P. 204 <br /> <br />The Gerald A. Teel Company, Inc. <br /> <br />3 <br />