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Stone & Youngberg <br />March 15, 1984 <br /> 2 <br /> <br />Retail market value assumes individual lot sales and resulting <br />value rather than bulk sale or wholesale value. <br /> <br />Our valuation is predicated upon the plans and specifications <br />reviewed as well as numerous other documents including the <br />design guidelines, covenants, conditions and restrictions, <br />development plan, landscaping plan, etc. which significantly <br />affect the quality and resulting value of the property. <br /> <br />Approval of the proposed uses and corresponding land areas <br />including voter approval in the election on April 10, 1984 is <br />assum e d. <br /> <br /> It is further noted that this letter is merely a certification of our <br />fins:l value conclusion and must be viewed in the context and in <br />co;mection with the entire appraisal report document relative to each <br />property. The above list of assumptions is representative of the major <br />assumptions included in our valuation, however, should not be miscon- <br />strued to be an exhaustive or all inclusive listing of all our assumptions or <br />intermediate conclusions. <br /> <br />Respectfully submitted, <br /> <br />CUSHMAN AND WAKEFIELD OF CALIFORNIA, INC. <br /> <br />San Francisco Appraisal Division <br /> <br />C-2 <br /> <br /> <br />