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RESTRICTED APPRAISAL REPORT

Vacant Land Located At: King and Allen Roads

Woodhaven, Wayne County, MI 48183

At the Request of:

Patrick Tortora P.O. Box 700625

Plymouth, MI 48170

As of November 30, 2016

Prepared by: Alex J. Harb

President/Owner Benchmark Appraisal Services, Inc.

Prepared on December 5, 2016

Benchmark Appraisal Services, Inc.

12/2016 King & Allen Rd. File 16237 2

50425 Top of Hill Telephone (734) 453-8881 Plymouth, MI 48170 Fax (734) 453-8886

December 5, 2016 Patrick Tortora P.O. Box 700625 Plymouth, MI 48170

RE: Restricted Appraisal of (2) contiguous parcels of vacant commercial land located at King and Allen Roads, Woodhaven, Wayne County, MI 48183

File Number: 16237 Mr. Tortora- At your request, I have prepared an appraisal of the above referenced property (subject). I personally inspected the subject property on November 30, 2016, the effective date of this appraisal report. The purpose of this appraisal report is to derive an opinion of value of the subject property’s Fee Simple Estate. The estimated values reached are based on marketing conditions as of the effective date. It is my understanding this report will be used by the client for internal purposes. The attached report sets forth the data, research, analysis and conclusions for this appraisal. This report has been prepared in conformity with the 2016-2017 edition of the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and applicable state appraisal regulations. Given the purpose of this assignment, this appraisal is subject to the requirements of the Financial Institute Reform, Recovery and Enforcement Act of 1989 (FIRREA). The opinion of values is premised upon the assumptions and limited conditions contained within this appraisal report. Subject property being appraised consists of (2) contiguous parcels of vacant commercial land containing 38.0 Acres and 15.0 Acres, more or less. The parcels of land are located south of King Road, west of Allen Road, in the City of Woodhaven, Wayne County, Michigan. Based on the analysis contained within this report, the following value estimates are concluded for the subject property: Parcel 59‐039‐99‐0002‐716 / 15.0 Acres

Value Estimate Interest Appraised Date of Value Value Conclusion

As Is Market Value Fee Simple November 30, 2016 $675,000. Parcel 59‐039‐99‐0002‐717 / 38.0 Acres


As Is Market Value Fee Simple November 30, 2016 $1,500,000.



I have no past, present or contemplated interest in the subject property. Neither my employment nor my fee is contingent upon the values arrived at. The estimated values reached is subject to general assumptions and limited conditions stated within this report. In Michigan, appraisers are required to be licensed and regulated by the State of Michigan, Michigan Department of Licensing and Regulatory Affairs, P.O. Box 30018, Lansing, MI 48909. I am presently licensed as a State Certified General Real Estate Appraiser which allows me to appraise all types of real estate. Prior to receiving this assignment, I was competent to prepare an appraisal report of the subject property. If you have any questions or comments, please contact the undersigned. Thank you for the opportunity to be of service. Respectfully Submitted, Alex J. Harb State Certified General Appraiser License #: 1201068976 [email protected] Office (734) 453-8881



TABLE OF CONTENTS

General Overview: Page # Assumptions and Limited Conditions 5 Executive Summary 7 Subject Photos 8 Introduction: Purpose of Appraisal 10 Intended Use of the Appraisal 10 Effective Date 10 Intended User of the Appraisal 10 Property Interest Appraised 10 Scope of the Appraisal 11 Conduct/Disclosure Requirement 11 Identification of the Subject Property: Legal Description 12 Subject Property Ownership 12 Subject Marketing 12 Property Taxes and Assessments 13 Descriptive: Land Data 14 Valuation: Sales Comparison Approach 16 Reconciliation of Value 23 Certification 24 Addenda: Location Map Regional Map Assessor’s Field Sheets Flood Map Zoning Map/Ordinance Appraiser Qualifications



ASSUMPTIONS AND LIMITED CONDITIONS

1. No responsibility is assumed for the legal description or for matters including legal or title

considerations. Title to the property is assumed to be good and marketable unless otherwise stated.

2. The property is appraised free and clear of any or all liens of encumbrances unless otherwise

stated.

3. Responsible ownership and competent property management are assumed.

4. The information contained herein has been gathered from sources deemed to be reliable. No responsibility can be taken by this appraiser for its accuracy. Correctness of estimates, opinions, sketches and other exhibits which have been furnished to this appraiser and have been used in this report are not guaranteed. The value estimate rendered herein is considered reliable and valid only as of the effective date of this appraisal due to rapid changes in the external factors that could have an impact on value.

5. All engineering is assumed to be correct. The plot plans and illustrative materials in this report are

included only to assist the reader in visualizing.

6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering analysis that may be needed to discover them.

7. Information obtained from public records, files, brokers, owners, buyers and sellers, etc. that was utilized in preparation of this appraisal report is assumed to be accurate and correct. A reasonable effort has been made to verify all such information; however, no responsibility for its accuracy is assumed by this appraiser.

8. It is assumed that the subject property conforms to all applicable zoning and use regulations and restrictions unless a nonconformity has been identified, described and considered in this appraisal report.

9. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined and considered in this appraisal report.

10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment, easements or trespass unless noted in this appraisal report.

11. The distribution, if any, of the total valuation in this appraisal report between land and improvements applies only under the stated program of utilization. The separate allocations for land and improvements must not be used in conjunction with any other appraisal and are invalid if used.

12. Neither all nor any part of the contents of this appraisal report (especially any conclusions as to value, the identity of the appraiser or the firm with which the appraiser is connected, or any reference to the Appraisal Institute), shall be disseminated to the public through advertising media, public relations media, new media, sales media, or any other public means of communication without the prior consent and approval of the undersigned.



ASSUMPTIONS AND LIMITED CONDITIONS (CONTINUED)

13. Possession of this appraisal report, or a copy thereof, does not carry with it the right of publication.

It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of this appraiser, and in any event only with proper written consent and only in its entirety.

14. The appraiser herein by reason of this appraisal is not required to give further consultation,

testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made.

15. This appraiser assumes that there are no hazardous materials on the property and is not aware of the existence of potentially hazardous material on the property, unless otherwise stated within this appraisal report. This appraiser is not qualified to detect such substances and urges the client to retain an expert in this field if desired. The value estimated is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for such conditions or for any expertise or engineering knowledge required to discover them.

16. If proposed, this appraiser relied upon all information furnished by client/and or the borrower regarding the proposed improvements. Thus, this information is assumed to be correct, if found to be false, it may alter the conclusions reached in this appraisal report.

17. The estimated value reached in this appraisal report applies to the entire property and cannot be prorated to individual portions, or fractional interests. Any proration or division of interest will invalidate the conclusions reached in this report, unless such proration or division of interest is set forth in this appraisal report.

18. If the business entity value is estimated, it is under the extraordinary assumption that all income and expense data furnished to this appraiser is accurate. Thus, if found to be false could have a significant impact on the conclusions reached in this report.

19. This appraiser has previously performed an appraisal on the subject property within the past three years.

Respectfully Submitted, Alex J. Harb State Certified General Appraiser License #: 1201068976 [email protected] Office (734) 453-8881



EXECUTIVE SUMMARY PROPERTY TYPE: Vacant Commercial Land PROPERTY ADDRESS: King & Allen Roads Woodhaven, Wayne County, MI 48183 TAX ID NUMBERS: 59-039-99-0002-716 59-039-99-0002-717 OWNERSHIP: Patrick Tortora CLIENT: Patrick Tortora PROPERTY RIGHTS APPRAISED: Fee Simple HIGHEST AND BEST USE: AS VACANT: Retail Development INSPECTION DATE: November 30, 2016 EFFECTIVE VALUATION DATE: November 30, 2016 DATE OF REPORT: December 5, 2016 TYPE OF APPRAISAL REPORT: Restricted Report REPORT FORMAT: Condensed ZONING: Mixed Zoning; the majority of the land is zoned

TC-PUD, Town Center Planned Unit Development; small portions of the land (eastern) are zoned B-2, Community Business District and B-3, General Business District

LAND SIZE: 38.0 Acres, more or less 15.0 Acres, more or less PRESENT USE: Vacant raw land, no vertical improvements MARKETING PERIOD: 10-12 months EXPOSURE PERIOD: 10-12 months



SUBJECT PHOTOGRAPHS

WESTERLY VIEW

SOUTHWESTERLY VIEW



SUBJECT PHOTOGRAPHS

WESTERLY VIEW

STREET SCENE



INTRODUCTION SUBJECT PROPERTY APPRAISED Subject property being appraised consists of (2) contiguous parcels of vacant commercial land containing 38.0 Acres and 15.0 Acres, more or less. The parcels of land are located south of King Road, west of Allen Road, in the City of Woodhaven, Wayne County, Michigan. PURPOSE OF APPRAISAL The purpose of this appraisal report is to derive an opinion of value of the subject property’s Fee Simple Estate. The estimated values reached is based on marketing conditions as of the effective date. INTENDED USE OF THE APPRAISAL It is my understanding this report will be used by the client for internal purposes. EFFECTIVE DATE The effective date of this appraisal report is the date of inspection, November 30, 2016. INTENDED USER OF THE APPRAISAL This appraisal has been prepared for the client, Patrick Tortora. Possession of this appraisal report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of Benchmark Appraisal Services, Inc., and in any event only with proper written consent and only in its entirety. PROPERTY INTEREST APPRAISED The property interest appraised is the fee simple interest. The Fee Simple Interest is defined as the absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat, as defined in The Appraisal of Real Estate, Thirteenth Edition, “Appraisal Institute.”



INTRODUCTION (CONTINUED) SCOPE OF THE APPRAISAL The purpose of this appraisal report is to derive at an opinion in estimating the subject’s Fee Simple Estate. The value estimate is based on the effective date of value of November 30, 2016, which is the date of inspection. It is my understanding this report will be used by the client for internal purposes. The descriptions of the subject property were based upon the inspection of the subject property and public data gathered from municipal offices. Sizes and features were considered to be reliable based on the inspection and the review of information as provided. Benchmark Appraisal Services, Inc. reserves the right to append the analysis should a recent survey be provided that indicates total land size being different than utilized throughout this appraisal report. The appraisal process included the following steps:

Inspected the subject property and market area

Analyzed all sources of data and used best judgment in determining total land size used in this analysis

Reviewed data regarding real estate taxes, zoning, utilities, easements, and city services,

as applicable

Analyzed the highest and best use of the subject property as vacant

Estimated reasonable exposure and marketing times associated with the estimated value reached

Reconciled the results of this analysis into a probable range of market data, and finally concluded an estimated market value

CONDUCT/DISCLOSURE REQUIREMENT USPAP requires appraisers to disclose to the client any services they have provided in connection with the subject property in the prior three years, including valuation, consulting, property management, brokerage or any other services. This appraiser has previously performed an appraisal on the subject property within the past three years.



IDENTIFICATION OF THE SUBJECT PROPERTY PROPERTY ADDRESS King & Allen Roads Woodhaven, Wayne County, Michigan 48183 TAX ID NUMBERS The municipality identifies the subject property by the following Tax ID Numbers: 59-039-99-0002-716 / 15.0 Acres 59-039-99-0002-717 / 38.0 Acres CENSUS TRACT 5930 LEGAL DESCRIPTIONS See attached addenda SUBJECT PROPERTY OWNERSHIP According to public records, title to the property is currently vested in the name of Patrick Tortora. Based on our inspection of Wayne County Records, there have been no arm’s length property transfers of the subject in the past three years. SUBJECT MARKETING The subject is presently active with an asking price is $2,365,000/$44,623-Acre. The listing broker is Steve Valli from Thomas Duke.



PROPERTY TAXES AND ASSESSMENTS There are four values considered in establishing property values are as follows:

Assessed Value (AV): This is typically 50% of the true cash value of the subject property

State Equalized Value (SEV): This is the assessed value as finalized by County and

State Equalization Process. In most municipalities throughout the State of Michigan the SEV and AV are typically the same.

Capped Value: The capped value is basically the previous year’s SEV minus losses

increased by the consumer price index or 5% whichever is less, plus additions. Loss is a component of a property which is physically added.

Taxable Value: This value is simply the lesser of assessed value or capped value.

This figure is usually adjusted at the filing of a transfer of Ownership form. In essence, when a property is sold, the taxable value is then changed to the higher assessed value, thus raising the annual real estate taxes.

The subject property is assessed by the County of Wayne, City of Woodhaven, as follows: Parcel ID Numbers 59‐039‐99‐0002‐716 & 717

Tax Year 2015 2016

True Cash Value (TCV) $1,900,000/$35,849 Acre $1,995,000/$37,642 Acre

Assessed Value (AV) $950,000/$17,925 Acre $997,500/$18,821 Acre

Taxable Value $950,000/$17,925 Acre $952,850/$17,978 Acre

Annual Taxes $214,915/$4,055 Acres $62,970/Summer‐/Unpaid

School District Woodhaven School District

A tax search was conducted and the findings indicated that taxes for 2015-Winter and 2016-Summer have yet to be paid as of the effective date of this appraisal. Total taxes due are $69,037. Proposal A, as it is commonly referred to in Michigan, was passed by Michigan voters and enacted into law in 1994. One major effect of Proposal A is that it changed the way property taxes in Michigan would be calculated. Until 1994, a property was valued, for tax purposes, at half its assessed or market value. This is referred to as State Equalized Value (SEV). Local governmental units and school districts then levy tax rates, stated in mills. A mill equals $1 in taxation for every $1,000 in taxable value. While properties still have calculated SEV’s based on roughly half of the assessed or market value, Michigan now bases property taxes on what is referred to as a property’s Taxable Value. The Taxable Value is based on a property’s SEV at the time of a transfer of ownership. That Taxable Value is capped at the time of transfer and only allows yearly increases based on the consumer price index (inflation) or 5%, whichever is less.



LAND DATA

The following description of the land have been compiled from a physical inspection of the site and information obtained from municipal records Land Area: 15.0 Acres, more or less

38.0 Acres, more or less Apparent Easements, Encroachments, or Restrictions:

We have assumed no adverse easements, encroachments or other conditions affecting the marketability and utility of the site

Ingress and Egress, Access: The parcels are accessible from Wildflower Boulevard (Private Drive) to the east and King Road to the north

Topography and Drainage: Mainly street level; Surface drainage appears to be adequate

Soil and Subsoil Condition: Assumed sound; no soil report was provided

Environmental Hazards: Environmental evaluation is beyond our scope of expertise. A qualified engineer should be consulted on this matter. No obvious hazardous materials or conditions were observed during inspection

Street Improvements: King and Allen Roads are paved thoroughfares with curb-cuts, sidewalks and public lighting; Wildflower Boulevard is a paved artery with public lighting

Nuisances and Hazards: Zoned X, a non-flood zone, panel #26163C0413E, dated February 2, 2012; subject to certification

Detrimental Influences: The site is not located near any recognizable nuisances, hazards or potential detrimental influences

Utilities: All necessary utilities are available at the subject site or in close proximity, including gas, sanitary and storm sewer, telephone and electric

Site Improvements: No site improvements (raw land) Functional Utility: The subject land has characteristics which

are functional and marketable in the local market area. Its overall utility for future retail development is considered average. Regional accessibility to the subject property is average. The subject sites are served by all utilities. It is the opinion of this appraiser that the subject land is well suited for future retail development



SITE DATA (CONTINUED) PLAT MAP



SALES COMPARISON APPROACH The sales comparison approach is a set of procedures in which a value indication is developed by comparing the subject to similar properties that have recently sold or are listed for sale. The steps taken to apply the sales comparison approach are as follows:

Research recent sales of comparable properties

Select sales most similar to the subject and assemble pertinent data

Compare the sales to the subject under various elements of comparison and adjust the sale to compensate for the differences that affect value

Reconcile the adjusted prices of the sales into an estimated value indication for

the subject property

To apply the sales comparison approach, we surveyed sales activity for commercial land sales throughout the subject’s market area; relying upon sales that have occurred most recently as the best indication of current investor attitudes and market behavior. In analyzing the sales data, we have selected the sales price per acre as the unit of comparison. This is the unit of comparison most commonly quoted by brokers, sellers, and purchasers when discussing sales transactions and is considered the most relevant for the subject.

COMPARABLE LAND SALES SUMMARY TABLE

No. Location Sale Date Price Size/Acre Price/ Acre

1. 4891 S. Sheldon, Canton Twp., MI 06/12/2015 $165,000 5.72 $28,846

2. Pennsylvania, Romulus, MI 04/28/2016 $1,475,000 26.48 $55,702

3. Belleville, Van Buren Twp., MI 12/10/2014 $3,700,000 71.73 $51,582

4. Hildebrandt, Romulus, MI 04/10/2016 $659,000 15.18 $43,412



Land Sale No. 1

Property Identification Record ID 343 Property Type Vacant Land, Commercial Address 4891 S. Sheldon Road, Canton Twp., Wayne County, Michigan

48188 Location South of Michigan Tax ID 71-136-99-0001-000 MSA Detroit Metro Area

Sale Data Grantor Mamie Anna Lee Guenther Grantee Mohinderpal Samra Sale Date June 12, 2015 Property Rights Fee Simple Conditions of Sale Arm's Length Financing CNM Verification Broker/Joseph Van Esley; (734) 45-7570 Sale Price $165,000 Cash Equivalent $165,000 Adjusted Price $165,000 Land Data Topography Level with street Utilities All present Dimensions Rectangular Land Size Information Gross Land Size 5.720 Acres or 249,163 SF Indicators Sale Price/Gross Acre $28,846 Sale Price/Gross SF $0.66 Remarks Previously developed site. The intended use is unknown.



Land Sale No. 2

Property Identification Record ID 344 Property Type Vacant Land, Commercial Address Pennsylvania Road, Romulus, Wayne County, Michigan 48174 Location East of I-275 Tax ID 80-128-99-0011-000 MSA Detroit Metro Area

Sale Data Grantor Monte Vista Properties Grantee KJ Partners, LLC Sale Date April 28, 2016 Property Rights Fee Simple Conditions of Sale Arm's Length Financing CNM Verification Broker/Peter Rogers; (248) 351-2064 Sale Price $1,475,000 Cash Equivalent $1,475,000 Adjusted Price $1,475,000 Land Data Topography Rolling terrain Utilities All present Shape Rectangular Land Size Information Gross Land Size 26.480 Acres or 1,153,469 SF Indicators Sale Price/Gross Acre $55,702 Sale Price/Gross SF $1.28 Remarks The intended use is unknown.



Land Sale No. 3

Property Identification Record ID 310 Property Type Vacant Land, Commercial Address Belleville Road, Van Buren Twp., Wayne County, Michigan

48111 Location North of Van Born Tax ID Multiple MSA Detroit Metro Area

Sale Data Grantor AJJ-Van Buren, LLC Grantee Costco Corporation Sale Date December 10, 2014 Property Rights Fee Simple Conditions of Sale Arm's Length Financing CNM Verification Broker/John Porth; (248) 476-3700 Sale Price $3,700,000 Cash Equivalent $3,700,000 Adjusted Price $3,700,000 Land Data Topography Level with street Utilities All present Shape Irregular Land Size Information Gross Land Size 71.730 Acres or 3,124,559 SF Indicators Sale Price/Gross Acre $51,582 Sale Price/Gross SF $1.18



Land Sale No. 4

Property Identification Record ID 345 Property Type Vacant Land, Commercial Address Hildebrandt Road, Romulus, Wayne County, 48174 Location South of I-94; east of Middlebelt Tax ID 80-049-99-0001-705 MSA Detroit Metro Area

Sale Data Grantor Midfield Technology Park, LLC Grantee USF Holland Sale Date April 10, 2016 Property Rights Fee Simple Conditions of Sale Arm's Length Financing CNM Verification Broker/John Lominack; (248) 226-1850 Sale Price $659,000 Cash Equivalent $659,000 Adjusted Price $659,000 Land Data Topography Level with street Utilities All present Shape Rectangular Land Size Information Gross Land Size 15.180 Acres or 661,241 SF Indicators Sale Price/Gross Acre $43,412 Sale Price/Gross SF $1.00 Remarks According to the listing broker, the purchaser intends on constructing an industrial property.



TABLE OF ADJUSTMENTS

Subject Sale #1 Sale #2 Sale #3 Sale #4

Address King & Allen 4891 S. Sheldon Pennsylvania Belleville Hildebrandt

City Woodhaven Canton Twp. Romulus Van Buren Twp. Romulus

County Wayne Wayne Wayne Wayne Wayne

Sale Price N/A $165,000 $1,475,000 $3,700,000 $659,000

Sale Price per Acre N/A $28,846 $55,702 $51,582 $43,412

Financing CNM CNM CNM CNM CNM

Date of Sale Nov‐16 Jun‐15 Apr‐16 Dec‐14 Apr‐16

Location Suburban/Average Similar Similar Similar Similar

Land Size 38.0 / 15.0 Acres 5.72 Acres 26.48 Acres 71.73 Acres 15.18 Acres

Zoning Commercial Commercial Commercial Commercial Commercial

Utilities All Present All Present All Present All Present All Present

Sale Price Acre $28,846 $55,702 $51,582 $43,412

MARKETING CONDITION ADJUSTMENTS

Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple

Adjustment 0% 0% 0% 0%

Adjusted Unit Price $28,846 $55,702 $51,582 $43,412

Financing Terms CNM CNM CNM CNM CNM



Condition of Sale Arm’s Length Arm’s Length Arm’s Length Arm’s Length Arm’s Length



Date of Sale Nov‐16 Jun‐15 Apr‐16 Dec‐14 Apr‐16



LOCATION/PHYSICAL CHARACTERISTIC ADJUSTMENTS

Location Suburban/Average Similar Similar Similar Similar


Land Size 38.0 / 15.0 Acres 5.72 Acres 26.48 Acres 71.73 Acres 15.18 Acres

Adjustment ‐5% 0% 5% 0%

Zoning Commercial Similar Similar Similar Similar


Utilities All Present All Present All Present All Present All Present


Improvements Raw Land Raw Land Raw Land Raw Land Raw Land


Net Adjustment (%) ‐5% 0% 5% 0%

Adjusted Sale Price per Acre $27,404 $55,702 $54,161 $43,412

Factor Before Adjs. % Change After Adjs.

High $55,702 0.0% $55,702 Mean $44,885 1.0% $45,170 Low $28,846 ‐5.0% $27,404



SALES COMPARISON APPROACH (CONTINUED)

After adjustments the above sales range between $28,846 and $55,702, per acre, with a mean of $45,170/Acre. Considering positive and negative factors of the Sales compared to Subject, and placing equal weight on the sales, the subject property's estimates of value, via Sales Comparison Approach, is as follows:

Value Indicated / Parcel 59-039-99-0002-716 Indicated Value Subject Size Indicated Value $45,000 x 15.0 Acres = $675,000. Indicated Value Rounded To: $675,000.

Value Indicated / Parcel 59-039-99-0002-717 Indicated Value Subject Size Indicated Value $39,000 x 38.0 Acres = $1,482,000. Indicated Value Rounded To: $1,500,000.



RECONCILIATION OF VALUE The Sales Comparison Approach is important as it gives indications of value reflected by buyers and sellers in the market place. It is the most direct approach to value and is most easily understood. Because the comparable sales represent the alternatives actually available in the marketplace, an analysis of recent property sales provides a reliable indication of value. Sufficient sales data was found that were considered useful in the analysis, and made adjustments based on similarities and differences. This approach provides a strong indicator of supporting the estimate value of the subject property. Considering the assumptions and analysis contained in the attached report, it is the opinion of this appraiser that the “As Is”, market value of the subject properties as a fee simple interest, as of November 30, 2016, was: Parcel 59‐039‐99‐0002‐716 / 15.0 Acres


As Is Market Value Fee Simple November 30, 2016 $675,000. Parcel 59‐039‐99‐0002‐717 / 38.0 Acres


As Is Market Value Fee Simple November 30, 2016 $1,500,000. Respectfully Submitted, Alex J. Harb State Certified General Appraiser License #: 1201068976 [email protected] Office (734) 453-8881



CERTIFICATION I certify that, to the best of my knowledge and belief:

The statements of fact contained in this report are true and correct.

The reported analysis, opinions, and conclusions are limited only by the reported assumptions and limited conditions and are my personal, impartial, and unbiased professional analyses, opinions and conclusions.

I have no present or prospective interest in the property that is the subject of this report

and no personal interest with respect to the parties involved.

I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

My engagement in this assignment was not contingent upon developing or reporting

predetermined results.

My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.

My analysis, opinions, and conclusions were developed, and this report has been

prepared, in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP).

I have made a personal inspection of the property that is the subject of this report.

No one provided significant real property appraisal assistance to the person signing this

certification.

This appraiser has previously performed an appraisal on the subject property within the past three years.

Respectfully Submitted, Alex J. Harb State Certified General Appraiser License #: 1201068976 [email protected] Office (734) 453-8881



ADDENDA:

LOCATIONMAP

REGIONALMAP

ASSESSOR’SFIELDSHEETS

FLOODMAP

ZONINGMAP/ORDINANCE

APPRAISER’SQUALIFICATIONS

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