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<br />Happy Harbor Methodist Home <br /> <br />La Porte, Texas <br /> <br />3. Leasehold estate - "The interest held by the lessee (the tenant or renter) through a <br />lease conveying the rights of use and occupancy for a stated 1enn under certain <br />condi tions" ,I <br /> <br />The property right of ownership being appraised in this report is the fee simple. <br /> <br />Date or Valuation "As Is" <br /> <br />February 14, 2007 <br /> <br />Date of Report <br /> <br />February 20.2007 <br /> <br />MARKET VALUE: Market value is the major focus of most real propelty appraisal <br />assignments. Both economic and legal definitions of market value have been developed and <br />refined. Continual refinement is essential to the growth of the appraisal profession. The current <br />economic definition of market value can be stated as follows: <br /> <br />The most probable price which a property should bring in a competitive and open market under <br />all conditions requisite to a fair sale with the buyer and seller each acting prudently, <br />knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this <br />definition is the consummation of a sale as of a specified date and the passing oftitIe from seller <br />to buyer under conditions whereby: <br /> <br />a. buyer and seller are typically motivated; <br /> <br />b. both parties are well informed or well advised, and acting in what they consider <br />their own best interest; <br /> <br />c. a reasonable time is allowed for exposure in the open market; <br /> <br />d. payment is made in terms of cash in U.S. dollars or in terms of financial <br />arrangements comparable thereto; and <br /> <br />e. the price represents the normal consideration for the property sold unaffected by <br />special or creative financing or sales concessions granted _ by anyone associated <br />with the sale.2 <br /> <br />HISTORY OF THE PROPERTY: The subject property is currently under the ownership of <br />The Aldersgate Trust (Happy Harbor Methodist Home and Methodist Homes for Older People), <br />both being non-profit Texas Corporations, This entity has owned the property for a period <br />exceeding three years. The City of La Porte has contacted the current owner for the future <br />purchase of the subject site. Happy Harbor Methodist Home has purchased another site within <br />the City of La Porte for the development of a new home. The City of La Porte is interested in the <br />subject property due to the location along the Galveston Bay and being adjacent to existing park <br />land. <br /> <br />I Ibid. P. 204 <br />2 Uniform Standards ofProfe"sionaJ Appraisal Practice (USPAP). 2004 Edilion. P. 219. <br /> <br />The Gerald A. Teel Company, Illc. <br /> <br />4 <br />