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General Information <br />3 <br />• Buyer and seller are typically motivated; <br />• Both parties are well informed or well advised, and acting in what they consider their own <br />best interests; <br />• A reasonable time is allowed for exposure in the open market; <br />• Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements <br />comparable thereto; and <br />• The price represents the normal consideration for the property sold unaffected by special or <br />creative financing or sales concessions granted by anyone associated with the sale." <br />(Source: Code of Federal Regulations, Title 12, Chapter I, Part 34.42[g], also Interagency Appraisal and <br />Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472) <br />Definition of As Is Market Value <br />As is market value is defined as, "The estimate of the market value of real property in its current <br />physical condition, use, and zoning as of the appraisal's effective date." <br />(Source: The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute, Chicago, Illinois, <br />2010, also Interagency Appraisal and Evaluation Guidelines, Federal Register, 75 FR 77449, December <br />10, 2010, page 77471) <br />Definition of Property Rights Appraised <br />Fee simple estate is defined as, "Absolute ownership unencumbered by any other interest or estate, <br />subject only to the limitations imposed by the governmental powers of taxation, eminent domain, <br />police power, and escheat." <br />(Source: The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute, Chicago, Illinois, <br />2010) <br />Intended Use and User <br />The intended use of the appraisal is for asset valuation purposes. The client and intended user is City <br />of Concord. The appraisal is not intended for any other use or user. No party or parties other than City <br />of Concord may use or rely on the information, opinions, and conclusions contained in this report. <br />Applicable Requirements <br />This appraisal is intended to conform to the requirements of the following: <br />• Uniform Standards of Professional Appraisal Practice (USPAP); <br />• Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal <br />Institute; <br />• Applicable state appraisal regulations; <br />The Glenn Center <br />irr <br />Attachment number 1 <br />H -5 Page 336 <br />