| RETAIL APPRAISAL REVIEW | |||||
| Sample Plaza Shopping Ctr | |||||
| APPRAISER | Wrightcap Appraisals | ||||
| REPORT DATE | May 10, 2000 | ||||
| APPRAISAL EFFECTIVE DATE | May 1, 2000 | ||||
| FINAL VALUE | $ 12,000,000 | ||||
| FINAL VALUE COMMENTS: | no value to potential NetFood exp. area | ||||
| RENTABLE SF (per UW rent roll) | 83,400 | sf | |||
| VALUE / SF | $ 143.88 | / sf | |||
| CONCLUDED DIRECT CAP RATE | 9.000% | ||||
| APPRAISAL REVIEWED BY: | J. Truhart | ||||
| REVIEW CONSIDERATIONS: | REVIEWED | COMMENT | |||
| 1 | APPROPRIATE APPRAISAL CERTIFICATIONS | ||||
| 2 | APPROPRIATE COLLATERAL DEFINITION | ||||
| 3 | ACCURATE DESCRIPTION OF IMPROVEMENTS | ||||
| 4 | MARKET / SUBMARKET DELINEATION | ||||
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| 27 | REPLACEMENT COST / LAND VALUE ANALYSIS (EFF. AGE, REM. LIFE, DEPRECIATION) | ||||
| 28 | RECONCILIATION OF APPROACHES / SUPPORT FOR FINAL VALUE | ||||
| 29 | RESULTING LOAN/VALUE AND LOAN/COST | ||||
| 30 | COLLATERAL RELEASE PROVISIONS / LOAN/VALUE IMPACT | ||||