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BARBER APPRAISERS, INC. <br />1513 AQUARENA SPRINGS DRIVE <br />SAN MARCOS, TEXAS 78666 <br />Mr. Henry 0, es August 22, 1988 <br />San Marcos, Texas 76666 <br />FE: Approximately *12.258 acres out of Abstract 17-2 - Tract 28, J. M. <br />Veramendi SUrvey, San Marcos, Hays County, Texas- formerly known as <br />Bollman Industries on the corner of Uhland Road and Mill Street. <br />Dear Mr. Ol es: <br />As requested, I have inspected and appraised the above referenced <br />property. The purpose of the appraisal was to estimate the current market <br />value of the fee simple interest in the subject property as of August 22, <br />1988. <br />in my opinion, the current market value of the subject property 'as is', as <br />of August 22, 1988, is: <br />one million two hundred fifty thousand dollars <br />($1,250,000.00) <br />Market value is defined as "the most probable price which a property <br />should bring in a competitive and open market under all conditions <br />*requisite to a fair sale, the buyer and seller, each acting prudently, <br />knob,,rledge ably and assuming the price is not affected by undue Stimulus. <br />Implicit in this definition is the consummation of a sale as of a specified <br />date and the passing of title from seller to buyer under conditions <br />whereby: <br />1) buyer and seller are typically motivated, <br />(2) both parties are well informed or well advised, and each acting <br />in what he considers his own best interest; <br />3) a reasonable time is allowed for exposure in the open market; <br />(6-18 months for property of this kind)