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APPENDIX C <br /> CERTIFICATION OF THE APPRAISAL <br /> <br />Cushman & Wakefield Appraisal Division <br />Bank of America Center, 555 CaliFornia Street, Suite 2700, San Francisco, CA 94104 <br />(415) 397-1700 <br /> <br />March 15, 1984 <br /> <br />STONE & YOUNGBERG <br />One California Street, Suite 2800 <br />San Francisco, California 94111 <br /> <br />Re: <br /> <br />Real Property Appraisal <br />Hacienda Business Park, Phase I <br />Southeast Corner Interstate 580 <br />and Hopyard Road <br />Pleasanton, California 94566 <br /> <br />Gentlemen: <br /> <br /> In response to your request, we have completed an analysis and <br />appraisal of Phase I of the Hacienda Business Park, Pleasanton, <br />California. The purpose of the appraisal was to provide market informa- <br />tion and analysis leading to an estimate of the retail market value of the <br />subject finished lots. <br /> <br /> On the basis of our analysis, the opinion has been formed that the <br />total of the retail fair market values of the subject sites as of the <br />fifteenth day of March, 1984 was the sum of: <br /> <br />Two Hundred Thirty-Two Million Eight Hundred Sixty Thousand Dollsrs <br /> <br /> $ 232,860,000 <br /> <br /> The preceding value conclusions are predicated on certain major <br />assumptions which are completely outlined in the referenced appraisal <br />reports and briefly summarized as follows: <br /> <br /> 1. Finished lot status as of the date of value. <br /> <br /> 2. Total net saleable acreage of both co-developer holdings: <br /> 492.197 acres. <br /> <br /> 3. Stable soil conditions. <br /> <br /> 4. Adequate support services and utilities available over the <br /> projected build-out. <br /> <br /> 5. Market value conclusions are inclusive of both in-tract and <br /> off-tract improvement assessments, present and future. <br /> <br />C-1 <br /> <br /> <br />