EDA Appraisal of Clover

d\,app"uiseUSAP.O. Box 220454

Ghantilly, VA 20153866-677.1 070 or 7 03-449-17 20

Fax 866 -677.1070

APPRAISAL REPORT

211 Acres ol'lndustrial Zoned Land Located at 852Middleburg Rd, Luray, VA22835

Effective Value Date:June 1,2010

ByGeorge Carver, MAl, MRICS MsBA

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ForEconomic Development AuthorityOf Page Gounty, Virginia117 S. Court StreetLuray, VA 22835

Rebecca Graves Hudson852 Middleburg RoadLuray, VA 22835

July 19,2010

Econom ic Development AuthorityOf Page County, Virginia117 S. Court StreetLuray, VA 22835

fl-nppr.iseuSAP.O. Box 220454

Chantilly, VA 20153703-449-1720

Fax703-449-8223

Rebecca Graves Hudson852 Middleburg RoadLuray, VS 22835

According to your request, I have completed and am enclosing herewith my written Summary AppraisalReport of 211 acres of industrial zoned land located at 852 Middleburg Rd, Luray, VA 22835.

This is a relatively complex appraisal in that there have been no sales of large industrial tracts in PageCounty within recent months. Therefore, comparables were only available from nearby counties.

My methodology in completing this appraisal involved identifying and visiting comparable sites and talk-ing with industrial park managers, county officials, economic development offices, knowledgeable realestate agents and industrialsite owners in Page County and nearby counties.

The purpose of the appraisal is to derive an opinion of market value of the subject property under feesimple ownership.

My Opinion of Market Value, which is the objective of this appraisal, was based upon current marketindicators and typical financing methods. Changes in the local market or financing methods could altermy opinion of value;

Effective Report Date

The Effective Date of this report is June 1,2010.

Effective Value Date

The Effective Value Date of this appraisal is June 1,2010.

Sales Gontract

There is no reported existing contract.

lntended Users

The intended users of this report are the Economic Development Authority Of Page County, Virginiaand Ms. Rebecca Graves Hudson only. lt is not valid for any other persons, entities or government ju-risdictions.

This Appraisal was made under the Assumptions and Limiting Conditions'attached herein. lt conformsto the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation (USPAP),

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FIRREA and FDIC Appraisal guidelines. lt also conforms to the Professional Appraisal Standards andthe Code of Ethics of the Appraisal lnstitute, as well as the Royal lnstitution of Chartered Surveyors.

As defined by USPAP, "an appraiser's obligation to intended users other than the client is limited to ad-dressing their requirements as identified in writing by the client at the time the appraiser accepts theassignment."

USPAP also stipulates that a party receiving a copy of an Appraisal Report in order to satisfy disclosurerequirements does not become an intended user of the appraisal unless the client identifies such party(in writing) as an intended user as part of the assignment.

The Uniform Standards of ProfessionalAppraisal Practice (USAPAP) stipulates that:

"lt is unethical for an appraiser to accept an assignment, or to have a compensation arrangementfor an assignment, that is contingent on any of the following:

1. the reporting of a predetermined result (e.9. opinion of value);2. a direction in assignment results that favors the cause of the client;3. the amount of a value opinion;4. the attainment of a stipulated result; or5. the occurrence of a subsequent event directly related to the appraiser's opinions and specific to

the assignment's purpose."

I have made my best efforts to comply with the above requirements.


Opinion of Market Value ("As ls")

211 acres of lndustrial Zoned LandLocated 852 Middleburg Rd, Luray, VA 22835

(Based Upon $37,000 per Acre)

Seven Milllon and Eight Hundred Thousand Dollars (Rounded)

$7,800.000

q s.___- ,/'iry-e-ofit., l/(4.=--G6orge V. Chrver, MAl, MRICSMsBA, Real Estate, USCCertified General AppraiservA#4001-004280

Clover Project Page 4 of. 71

Table of Contents

lntroductionLetter of Transmittal............Table of ContentsSubject Photographs ..............Location Map and Subject Tax MapCertification ...............Scope of WorkDisclaimer, Toxic Repods and Hazardous MaterialsSummary of Salient Facts and Conclusions .......

General Reporting RequirementsGeneral Reporting RequirementsSite Data and PlatsZoning and Land Use PlansTaxes and Assessment Analysis

Market OverviewOverview of the Local Area Market Property Productivity AnalysisHighest and Best Use...........

Valuation ProcessSales Comparison Approach

ReconciliationReconciliation

Qualifications, Assumptions and Limiting ConditionsQualifications of The AppraiserAssumptions and Limiting Conditions

Addenda

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Subject Photographs

Middleburg Rd Looking West Subject on the Left

Looking North From South End of Subject


Sewage Lift Station Nearest to the Subject

Looking South from South End of Subject

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Gertification

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

1. The statements of fact contained in this report are true and correct.2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions

and limiting conditions and are my personal, impartial, and unbiased professional analyses,opinions, and conclusions.

3. I have no present or prospective interest in the property that is the subject of this report, and nopersonal interest with respect to the parties involved,

4. I have no bias with respect to the property that is the subject of this report or to the parties in-volved with this assignment.

5. My engagement in this assignment was not contingent upon developing or reporting predeter-mined results.My compensation for completing this assignment is not contingent upon the development or re-porting of a predetermined value or direction in value that favors the cause of the client, theamount of the value opinion, the attainment of a stipulated result, or the occurrence of a subse-quent event directly related to the intended use of this appraisal.My analyses, opinions, and conclusions were developed, and this report has been prepared, inconformity with the Uniform Standards of ProfessionalAppraisal Practice.I made a personal inspection of the property that is the subject of this report.As of the date of this report, George V. Carver, MAI has completed the requirements of the con-tinuing education program of the Appraisal lnstitute.

10.l certify that the use of this report is subject to the requirements of the Appraisal lnstitute relatingto review by its duly authorized representatives.

Ll.This appraisal assignmentwas not based on a requested minimum valuation, a specificvalua-tion, or the approval of a loan.

MsBA, Real Estate, USCCertified General Appraiser#4001-004280

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Scope of Work I

The scope of work as defined in the Uniform Standards of Professional Practice is:"The amount and type of information researched and the analysis applied in an assignment. Scope

,

of Work includes, but is not limited to, the following:

. The degree to which the property is inspected or identified;

. The extent of research into physical or economic factors that could affect the property.

. The extent of data research; and;

. The type and extent of analysis applied to arrive at opinions or conclusions."

My methodology in completing this appraisal involved identifying and visiting comparable sites and talk-ing with industrial park managers county officials, economic development offices, knowledgeable realestate agents and industrialsite owners.

The Scope of Work of this appraisal conforms to the Uniform Standards of Professional Appraisal Prac-tice. The specific steps incorporated in my analyses are outlined as follows:

1. Completed a cursory walkthrough tour of the subject property. This was to assist me in estimatingthe market value of the subject. I am not an engineer, and the walkthrough observations are thoserelated to items that would be obvious and not hidden. I am not licensed or qualified to offer opin-ions on mold, toxic materials, drainage or any other adverse physical items and/or hazardous condi-tions whether above or below ground. The user/s of this report should employ professional exper-tise to advise them on any or all of the physical aspects of the property.

2. Evaluated the subject property from the viewpoint of its physical utility in its current state consistentwith its current zoning and market trends.

3, Reviewed the surrounding area on an area and neighborhood level to identify specific competitiveaspects.

4, Reviewed how current economic conditions might affect future demands for this property type. Alsoreviewed how the rental and sale prices might be influenced by current economic conditions.

5. Reviewed current and long term local and regional'iransportation plans to determine the impact, ifany, on the subject property.

6. Gathered data on comparable sales. Evaluated the sales for use in market comparison analyses ofthe subject and the most similar and most current sales selected for the report.

7. Considered current cost estimates where appropriate and/or helpful.

8. lnspected several sales comparables and consulted with sales and listing agents and/or buyers orsellers whenever possible to obtain more detailed physical information or more specifics of the saleprice and/or terms of sale.

L Reconsidered all the facts and analysis in their entirety to derive my conclusions and opinions of theestimated market value of the subject as of the date of the appraisal.

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Disc.laimer, Toxic Reports and Hazardous Materials

Toxic Reports

No toxic reports were provided to me.

Radon

No radon report was provided to me. Please note my disclaimer below for hazardous and toxic conditionsregarding the property.

Hazardous Materials

Unless othenvise stated in this repod, the existence of hazardous substances, including without limita-tion asbestos, mold, lead, polychlorinated biphenyls, petroleum leakage, or other chemicals, which mayor may not be present on the property, or other environmental conditions, were not called to the atten-tion of the appraiser, nor did the appraiser become aware of such during the appraisers' inspection.

I have no knowledge of the existence of such materials on or in the property unless othenrise stated.However, I am not qualified to locate, nor to test, such substances or conditions. lf the presence of suchsubstances, such as asbestos, mold, lead, urea, formaldehyde, foam insulation, or other hazardoussubstances or environmental conditions may affect the value of the property, the value estimated ispredicated on the assumption that there is no such condition on or in the property or in suih proximitythereto that it would cause a loss in value.

I assume no responsibilitv for anv such conditions, or for any expertise or engineering knowledge re-quired to discover them.


Summarv of Salient Facts and Gonclusions

Gommon Property Name: Clover ProjectLocation: 852 Middleburg Road, Luray, VA22835

Vacant lndustrial LandAssessor's Parcel Number:

72-(N-29K72-A)-zc52-(A)-51D72-(A\-LA72-(N-2L72-(A\-29L

lnterest Appraised: Fee SimoleDate of Value: 6t1t10Date of lnspection: 6t1t10Owner: Paqe Countv Economic Development AuthoritvOccupancv: Vacant LandHighest and Best Use

lf Vacant: lndustrialAs lmproved: lndustrial

TotalAcreage (Rnd): 211

Leoal Descriotion: See Deeds in Addenda to this ReoortZoninq: M1FINAL VALUE CONCLUSION $7,800,000

Subiect Previous Sale HistorvPreviousTransfers and

Tract Acreaqe Financinq Amount72-( A\-29L 11.65 4/t9/94 $210.00072-(A\-29K L20.23 DOT s/31/01 $59.00072-(A\-2r 3L.92 LlL9/90 $64,84072-(A\-tA 0.0s r/7819L $10072-(A\-2G 43.79 DOT 2/7s/89 $49,00062-(A)-51D 3.091 ut9/90 $15,000TotalAcres: ZIO.TII


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General Reporting Requirements

Report Type:Ihis report is a Summary Appraisal Report, meaning that allthejata and analyses necessary to develop and report the appraisanay not be contained herein. As stipulated in the Uniform Stan-jards of ProfessionalAppraisal Practice (USPAP) there are:hree options for reporting appraisals. They are Self-Contained\ppraisal Reports, Summary Appraisal Reports and RestrictedJse Appraisal Reports.

tropefi Type:

-ocation:ndustrialZoned Land152 Middleburg Road, Luray, VA

-egal Description: -ong Metes and Bounds. See Plats further in this report.

iffective Date of the Appraisal )1112010

iffective Value Date of the Ap-lraisal:

;t1t2010

rroperty Rights Appraised lhe real property interest being appraised is fee simple.ntended User/s: lconomic Development Authority Of Page County, Virginia, 117

S. Court Street, Luray, VA 22835 and Rebecca Graves Hudson352 Middleburg Road, Luray, VA22835t is not valid for any other persons, entities or government juris.jictions. As defined by USPAP " An appraiser's obligation to in.:ended users other than the client is limited to addressing their'equirements as identified by the client at the time the appraiseraccepts the assignment." USPAP also stipulates "A party re.;eiving a copy of an appraisal report in order to satisfy disclo.;ure requirements does not become an intended user of the ap-lraisal unless the client identifies such party (in writing) as arntended user as part of the assignment."

ntended Use of This Appraisal: lhis appraisalwill likely be used in financial considerations con-;erning the property. As defined by USPAP, "the use or uses ofrn appraiseds reported appraisal, appraisal review, or appraisal:onsulting assignment opinions and conclusions, [is]as identi-ied by the appraiser based on communication with the client athe time of the assignment." The intended use of this appraisalrccording to communication with the clienUuser is to derive anlpinion of market value of the subject property.

\ppraisal Client: lconomic Development Authority Of Page County, Virginia, 1173. Court Street, Luray, VA 22835 and Rebecca Graves Hudson,352 Middleburg Road, Luray, VA22835t is not valid for any other persons, entities or government juris-iictions.


{ighest and Best Use: \s vacant, industrial use is the highest and best use.

\s improved, industrial use is the highest and best use.turpose of This Appraisal: lhe purpose of this appraisal is to derive an opinion of market

ralue as defined below.

Market Value: fhis appraisal has been prepared in accordance with theFederal Deposit lnsurance Corporation (FDIC) Final Rules, 123.F.R 323.2(f), which incorporates the following market valuelefinition:

The most probable price which a property should bring in acompetitive and open market under allconditions requisite toa fair sale, the buyer and seller each acting prudently andknowledgeably, and assuming the price is not affected by un-due stimulus. lmplicit in this definition is the consummation ofa sale as of a specified date and the passing oftitle from seller to buyer under conditions whereby:

Buyer and seller are typically motivated;Both parties are well informed or well advised, and acting inwhat they consider their own best interests;A reasonable time is allowed for exposure in the openmarket;Payment is made in terms of cash in U.S. dollars or in termsof financial arrangements comparable thereto; andThe price represents the normal consideration for theproperty sold unatfected by special or creative financing orsales concessions granted by anyone associated with thesale.

ixposure Time: ixposure time is estimated to be within 6 lo 12 months.Ularketing Time: ularketing time is estimated to be within 6 to 18 months.Sales History of Subject: lhe property was last transferred on January 9, 2009

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Site Data and AnalysisLocation: 852 Middleburg Road, Luray, VA 22835

Shape: lrregular

Topoqraohv: Gentle rolling to level

Land Area Acres: 211 Acres

Frontaqe On Hwy 340, Middleburg Rd and Goodrich Rd

Access and Visibility: The site has good access and exposure.SoilGonditions: I did not receive nor review a soil report. However, I assume that the

soil's load-bearing capacity is sufficient.

Utilities: All public utilities are available.Site lmprovements: The site is open farmland and woods.Title and easements: I do not know of any easements, encroachments, or restrictions that

would adversely affect the site's use.

Street lmprovements: Two-lane asphalt covered roads.Hazardous Substances: I observed no evidence of toxic or hazardous substances during my

inspection of the site. However, I am not trained to perform technicalenvironmental inspections and recommend the services of a profes-sional engineer for this purpose.

Overall Functionality: The subject site has good functionality.Site Dimensions, Area, and Shape The site is irregular in shape. See subject plat within this report.Distance and Direction to CrossStreet

The subject is located at the intersection of Hwy 340 and MiddleburgRoad.

Topography and Elevation Variation Gentle rolling.Drainage, Soil, and Subsoilcondi-tions

Conditions appear typical. l, however, am not trained or qualified toadvise on such matters. I recommend the services of a professionalengineer for this purpose.

Location of Building on Site NAEasements and Encroachments Appear $pical. l, however, am not qualified to advise on such matters.Functional Utility/Adequacy of theSite

Good

Railroad and Other Public Transpor-tation

There is a railroad passing through the subject property.

Conformity or Site The site has a high degree of conformity with similar competitive sitesin its market area,

Analysis of Units of Gomparison The price per acre defines industrial type large acreages. The FloorArea Ratio (FAR) is used where it provides for better analysis andcomparison of different zoned sites.

FinalSite Conclusions The subject site's location, topography, utility, access and visibility aregood. lt is competitive against other developed sites in the neighbor-hood.

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Subject Plats

PRESENT IVNER' REBECCA G. HUDSIINT.rt' 72-A-lAlDEeD 800l( t47!, PAGE 16S3Tfi! 72-A-a6'DEED lmK 113?, PASE !a5e7}... 1z-A-?t,DteD BA0r 1446, PA6E t.t8g

DEEB BOOK {47I, PAGE 1683TH' 72-A-a9K,!EE! l00K l43e PAGE$a37Te 72-A-291'DEED BoOK 1509, PAGglSa3Tlt' 7Z-A-e9Kl'IfiSTRtr4ENT 10e000400.tTlt, 5?-A-51!,DEE! 100( r4{5, PAGEllT,lS

TO ECON&IIC I]EVELOPH:NT AUiHC€ITY OF PA6ECOI'NTY, VIRGINIA, FIRST AY€RICAN TI]LE INSUEANCECOI{PANY, REBECCA G HUDSON

THIS IS TO CERTIFY THAT THIS I{AP OR PLAT ANDTHE SURVEY OIJ VHICH IT IS BASED VERE HA!: INECCI}iD4''ICE IJITH THE'NINIHUH STANDARD DETAILREOUIREHENTS FGR A!-TA,/ACSI LAND TIILE SURVEYS,'JOINTLY ESTABLISH'D AND AI]OPTE! IY ALTA A\D NSPStN 2005, AND rNCLUIES tTErtS 1,4,3,,r,6,7,9,1t,13. AND 15OF TAILE A TF;REOF. PURSUA}IT TO THE ACCURACYSTANDAROS AS ADOPTED !Y ALTA AND NSPS AND INEFFECT ON

'HE IATE OF THIS C€EIIFICATION,

UNDERSIGNED FI.'RThER CERTIFIES THAT IN HYPROF€SSIONAL C,3INI[]N, AS A LA,\' SUEVEYORREGISTERED IN TH: STATE OF VIRCTNIA. TH: RELATIVEPOSITIONAL ACCURACY BF THIS SURVEY DEES NOTEXCEED TH^T VHICH IS SPECIFIED THEREIN,

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PLAT REFEREIlcES,D,8, {3a, PG. eloD.B. 43e, P& a4aD.B. 434, PC! ?50D,8.444, P6.244DB. .t,(6, PG. ,189lNsr. x08800t962

I)TAX MAPr 7?-A-tA,?6,e1,?91,a9K,a9K1, AND6a-A-5tD

A)DATUH AS SHOVN HEREON IS ACCORDIN6TB RECERDED iNFORMATION AND IS ACURRENT FIELD SURVEY

3)OTHER RIGHTS OF VAY AND EASEHENTS,IF ANY, ARE NBT SHOVN

4)FEilA PANEL *5t0109-01a5, DAfED A/p/grSHOVS FLT]OD ZENE X

TOTAL ACREAGE = EIO.3I3 ACRESACREAGE 0F T.H. 72-A-291=u.64a AC.ACREAGE I]F T.H. 7E-A.IA,2G,?1,?9K,

a9Kl AND T.M. 6a-A-51D:198.671 AC.

ZflNED, AGRICULTURE

EASEPEN'S AS NSTED DN SISEIS A THROUGH 5UNLESS UNATLE TO DETERffINE IOCATIT]ND.B. laa, PG. 5a6r D.B. l3a, PG- 407/D.8. 2e4, P6. 96, D.B. eA5, PG. 6llrD.8. ee6, PG 6l?r INST. 11020004593

,'ALTA/ACSM' LAND TITLE STJRVEY''LOCATED AT lH' INTERSECTIBN OF STATE RtlJTE 1163INX' U.S, HIGI"iVAY EUSINESS X310, LYING EN EOTHSIDES OF THE N E. V RAILROAD,

I4ARKSVILLE HAGISTERIAL DISTRICTPAGE COUNTY, VIREINIA

PREPARED IYTVAI-LEY SURVEYIN6, P.L.L,C.525,i HAIN STR:trtiT, JACKSeN, vA eas42PilOIf' (EaO) 177-aAA<

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PREPAR€D 8YIVALLEY SURVEYIIt6, P.L.L,C.5?54 I{AIN S'REETHT. JACKSON, VA A28,IEPtr0Na' (540) 4 r-7-3626


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Zoning and Land Use AnalysisLocation: 852 Middleburq Road, Lurav, VA 22835Zoning Code: M1

Zoning Definition: Light lndustrialPrincipal Uses Light lndustrialGovenants, Gonditions andRestrictions

I am not qualified to advise on these matters. A title search would berequired to determine such covenants, conditions and restrictions.

Gonformity with the Zoning Ordinance I am not authorized to offer any legal advice on these mattersSpecial Provisions I am not aware of any special provisions to the zoning ordinance.

The subject has very good attributes for industrial development.

There is a public sewage pumping station and a deep public water well within a short distance tothe site.

The site, reportedly, can have railroad access. The site is a near grade with the railroad

The site appears to have relatively good drainage in that most of the site is above street grade.

The site has very good mountain views that would enhance the working environment.

The site's topography appears to be adequate for development.

The site is located only a few miles from Luray with access to Highway 211. Highway 211provides access to l'81, but with somewhat of a steep grade.

The site has several hundred feet of frontage on 3 roads.

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Clover Project ?age 2of,71

Regional Economic Gonditions

Northern Virginia has emerged

RegionNorthern VirginiaSuburban MarylandDistrict of Columbia

Overview of the Market Property Productivity Analysis

as the economic driver for the Washington Metro Area.

200946o/o32o/o22o/o

197027.Oo/o34.50/o37.50/o

The three areas had about an equalfoothold in 1983, when federal contracting began to accelerate.Federal contracting totaled $6 billion in 1983 compared with $87 billion in 2009, which contributed toNorthern Virginia's increased share in the local economy.Source: Washington Examiner

The location of Washington Dulles lnternational Airport is also a big reason for the shift, The airportlmakes it easier for anyone on any continent to set up shop in Northern Virginia.

The Northern Virginia economy is important to the Shenandoah area as it is within commuting distanceof many of the Shenandoah area residents. The Shenandoah area can also provide goods and serv-ices to Northern Virginia. The Shenandoah area is an attractive tourist area for Northern Virginia resi-dents.

The Shenandoah Regional Airport at Weyers Cave near Harrisonburg offers 3 daily flights to Dulles ln-ternational Airport, near Washington, DC.

The Shenandoah Valley has a large poultry industry.

The Valley hosts some large high tech companies such as SRI and Sl lnternational.

Sl lnternational is a provider of information technology and network solutions (lT) primarily to the fed-eral government. lt defines, designs, deve.lops, deploys, trains and operates mission-critical lT solu-tions. lt delivers a full spectrum of state-of-the-practice sybtems and services with a strategic focus onthe Federalgovernment's most urgent initiatives in the areas of:

. Federal lT Modernization. DefenseTransformation. Homeland Defense. Mission-CriticalOutsourcing

SRI lnternational is one of the world's largest contract research institutes. lt was founded as StanfordResearch lnstitute in 1946 by the trustees of Stanford University as a center of innovation to supporteconomic development in the region. Later it became fully independent and was incorporated as a non-profit organization under U.S. and California laws. SRI's headquarters are in Menlo Park, California,near the Stanford University campus. Other companies are following, making their own plans to moveinto the Shenandoah Valley.


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The Valley has its own transpodation challenges. Access to lnterstate 81 is steep for some communi-ties such as Luray.

The 6th Congressional District is home to more four-year colleges and universities than any other con-gressionaldistrict in the U.S. These schools and student bodies are a positive influence on the regionaleconomy.

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Some of the valley cities are revitalizing their downtown areas. These downtown areas are being filledwith art galleries, antique stores and restaurants.

See the following pages for demographics and economic data for the areas within 5, 25 and mile radi-uses ofthe subject.

Page County

The estimated population of Page County in 2004 was 23,730. This was an increase of 2.39o/o from the2000 census.

Median household income 2000Local $33,359National $41,994

ln 2002, the per capita personal income in Page County was $21,416. This was an increase of 18.5%fiom 1997. The 20O2figure was 69% of the national per capita income, which was $30,906.

While there is still an agricultural base in the Luray-Page County area, many local residents commuteto the Northern VirginiaAffashington, D.C. area. Seasonaltourism - particularly during the fall leafcolor and hunting seasons - provides a part-time economic base, as well. However, even with thisslightly mixed economic base, there is an extremely high unemployment rate. Luray Caverns are openyear round which is positive for the area. 'i

Notable features

. Luray Caverns is located in the western part of Luray.. Luray is the nearest town to the Thornton Gap entrance to Skyline Drive (to the east), as well asserving as the headquarters for Shenandoah National Park.

' One of the dominant hills in the town of Luray is the location of the Grand Old Mimslyn lnn, a1931 classic Southern mansion style hotel. The hotel is a popular site for wedding receptions. ltwas recently renovated.

' The community's closeness to the South Fork of the Shenandoah River provides recreationalopportunities connected with boating, white water rafting, and fishing as well as hunting in thefall.

It is interesting to note that 22o/o of the county's ancestries were Germans followed by English - 12%and lrish -9o/o.

Source: US Census and other sources

ii

ill!

tl


-T

Luray Land

Latitude: 38.607221

Longitude: -78.487055

123 Alans Rd

Luray,VA 22835

Badius: 5.0 mile

Offiee/lndustrial Expre$s PackPrepared by AppraiseUSA

123 Alans Rd 123 Alans Rd

Luray,VA22835 Luray,VA22835

Radius: 25.0 mile Radius: 50.0 mile

20002007

t"--I

- 2007 Population Annual Rate- 2012 Population Annual Rate

0.85%0.74%

Total Population

1.7%

1.48%2.64%2.3%

80000

60000

40000

20000

00000

80000

Source: U.S. Bure.u ot tha Ccnsus,2000 Ccnsus ol Populatlon and Houslng. ESRI converted 1 990 Census dat! lnto 2000 geography. ESRI lorecasts tor 2007 and 2012.

Clover Project Page 25ol 71

t''::;',' i:::Il; itl'rt:: :-:i*1 [:xp:'es* l';"*IIPrepared by AppraiseUSA

Luray Land

Latitude: 38.607221

Longitude; -78.487055

123 Alans Rd

Luray, VA 22835

Radius: 5.0 mile

'123 Alans Rd

Luray, VA 22835

.l23 Alans Rd

Luray, VA 22835


2000 - 2007 Civilian Employed Population2007 - 2012 Civilian Employed Population

1 6+ Annual Rate16+ Annual Rate

0.157o1.05%

2.01%1.75%

3%2.63%

6000

5500

5000

'1500

ll0003500

3000

2500

2000

r500

r000

500

ffil[.'' l

_Li

t000001

900001

,orro-l

:::::J,oouo -.1

,ooao-]

30000 -l2rcrr0-l

rocoo l

0_L___

Total Civilian Employed Population 16+

I L-,iRreat Itl

f ',*.;-l--


650rc0

500000

4500c0

,100000

350000

300c00

250C00

l00cc0

r500c0

100000

5irc00

0

Sourcc; t,S.BurcauofthcCensus,2000CensusotPopulationandHousing.ESRlconvertedlgg0Censusdalalnto2000gcography.ESRlforccastsfor200Tand20l2.



tlt?i*el irttlzs*i i'i a ! Hx pi'es s ?)aci r

Prepared by AppraiseUSA

Luray Land

Latitude: 38.607221

Longitude: '78.487055

123 Alans Rd

Luray,VA 22835

Radius: 5.0 mile

123 Alans Rd

Luray, VA 22835

Radius: 25.0 mile

123 Alans Rd

Luray, VA 22835

Radius: 50.0 mile

2000 - 2007 Population by lndustry Annual Rate

,tgricu:t!re. Fcresry. Fishing and Huntiag

.6.28itning

ConstLcUcn

l"lanulacurjng

Y,/hole$leTrade

Relaillrade

Transf orlaton'!/a.ehcusirg

lJil ries

lnlcrm

FtnancerlnsuGnce

Reer EstaleiBenlal,L€asirg

Proigssional, Scieil![c. arU Technicel Sgryices

ilanaggmen! ol Ccmpali:s/En!e:piises

ACrji . S!p[]( arl $,rasle f,1g0t. Se'!:ces

Eiucaticn3l Ser\ices

He3.:h Ca'9,S )aiil A5sisl&rte

ArlslEnt€rlairlrtnuRtcreat'on

Accoh[]cdalicrFood S;ruices

Oller S:rviqs

Pubii: Admini!liflicr

Dala Notq: lndustry dcscriptlons bascd on 2000 Ccnsus ot Populallon and Houslng dclinllions.


Luray Land

Latitude: 38.607221

Longilude: .78.487055

123 Alans Rd

Luray, VA 22835

Radius: 5.0 mile

Office/l ndustrial Express PackPrepared by AppraiseUSA


Luray,VA22835 Luray,VA22835


2000 - 2007 Households Annual Rate2007 - 2012 Households Annual Rate

1.26%0.99%

2%1.65%

2.91%2.43%

Total Households

5500

6oooI

'1500{000

bsoo

Total Households

Total Households

t"

ii,

lilil

Source: U.S. Bureau ot the Ccnsus, 2000 Census ot Populatlon and Houslng. ESRI convert€d l99(t Census dotr lnto 2000 geograFhy. ESRI forecasts lor 2OO? and 2012.

r100000

350000

l

300000

u 50000

s00000

1 50000

t000oo


Luray Land

Latitude: 39.607221

Longilude: -78.487055

123 Alans Rd

Luray, VA 22835

Radius: 5.0 mile

Officellndustrial Express PackPrepared by AppraiseUSA


Luray,VA 22835 Luray,VA 22835


2007 Household lncome

ffi Area 1 WArea2 l---lArea3

$t 5,000 -

, 520,000 . s24,999

s25,000 - $29,999

| $30,000 - $34,999

s3s,000 - $39,999

s40,000. s44,999

s45.000. $49,999

ss0.000. ss9.999

s60,000. s74,999

s7s,oco. $99,999

broo,ooo ' srz.r,9g9

brzs,ooo ' sr.tg,egg

s150,000. sr99,999

ieoo,ooo . szlg.ggg

s250,000. s.199

S500.000+

Median Household lncome200020072012

2000 - 2007 Median Household lncome Annual Rate2007 - 2012Median Household lncome Annual Rate

2007 Median NetWorth

$32,638$3e,431$45,355

3.07%2.84%

$65.325

3.36%2.57%

s87.523

3.73olo

3.12o/o

s1 13.668

iiiiltI'i

lii

l,l

l;i

ill'l

li

il

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il

$42,460$53,376$62,237

$37,544$46,146652,377

0ntaNoto: Delallmaynotsumlototalsduetorounding.lncomcreprcsentsonnuollncomofortheprecedlngyear.lncomelor200Tand20t2lsoxprossedlncurrcntdolhrs, lncluding on ifdlustment tor lnllatlon.

Source: U,S.BurcauoltheCensus,2000CcnsusofPopulatlonandHouslng.EsRllorocastsfor200Tsnd20l2.

Ciover Project Page 29of 71

Summary of Potential Demand

Page Gounty's population is growing slowly. The county is somewhat behind some of the nearby coun-ties in terms of industrial development. The county needs more industrial zoned land to establish theneeded infrastructure for potential new companies and investors. New companies are needed to estab-lish more jobs in the county. New jobs will not only provide income for workers but will have a multipliereffect for other jobs and services in the county. Leasing and lndustrial building sales are as shown be-low. Leasing prices tend to lead sales prices, and both sales and leases lead to purchases of largeopen tracts. As shown below, prices have declined some over the last two years.

isLing Reni trr Lural', {.'; Industri-l fc,r Lease (S.;SF, Veer;i

Jln 09 -lan 10

Srate --i ,t 1..\ llLoapll€t'

s3.0s -

s7.80 -

s7.60 -

57.40 -

s7.20 -

57.00 -

56.80 --

s6.G0 - ,

Jan 06 Jan 0? J&n 0S.

Luray lndustrial Property Market Trends

-lan 09 -l6n 10

Siat* ;,LoopNet'

Jsrr 0? -lan 03


Highest and Best Use

Highest and Best Use is defined in the Dictionary of Real Estate Appraisal by the Appraisal lnstitute as"The reasonably probable and legal use of vacant land or an improved property, which is physicallypossible, appropriately supported, financially feasible, and that results in the highest value. The fourcriteria the highest and best use must meet are legal permissibility, physical possibility, financial feasi-bility, and maximum productivity."l

Use of the Land as Vacant

lndustrial use is permitted. lt is presently being used for agriculture.

Legally Permissible

The subject site is zoned M-1, which allows a wide variety of light to medium industrial and commercialuses.

Physically Possible

The subject's topography would allow a variety of physical structures, including potential light to me-dium industrial and commercial uses.

Financially Feasible

There is increasing demand in the neighborhood for industrial zoned land, especially land with railroadaccess. Land prices are low enough to support various uses.

Maximally Productive

lndustrial use is the most productive use for the subject.

Highest and Best Use of the Property as lmproved

Current industrial land prices of $35,000 or more per acre indicate that industrial use is the highest andbest use for the subject property.

1 TheDictionarvof Real EstateApEaisal," FourthEdition,Appraisal lnstituteChicago2002


Valuation ProcessSales Com parison Approach

The Sales Comparison Approach is defined in the Dictionary of Real Estate Appraisal as "A set of pro-cedures in which a value indication is derived by comparing the property being appraised to similarproperties that have been sold recently, then applying appropriated units of comparison and makingadjustments to the sale prices of the comparables based on the elements of comparison."2

Relationship to Highest and Best Use

Our selections of sales comparables all have similar highest and best use factors as the subject. Theyare similar in location, overall functionality and appeal to the market. However, they are located in a l

nearby counties, as there have been no recent large industrial land sales in Page County.

2

Clover Project

il

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The Dictionary of Real Estate Appraisal Four*th Addition, The Appraisal lnstitute

Page 32of 71

Gomparable Sales Map

n3utr'bl"ta.!lu.,.i.t:. Halr*a I

fi* rnrS rt

Wffi}<..'j .z-

l*ralfill.aJl*r F letlc*r -r

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Clover Project Page 33 of 7'l

_l

I

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I

Comparable Land Sale # 1

Street:Gity, State:Neighborhood:Glosing Date:Gontract Date:Rockingham Tax lDTax lD:Deed Book/Page:Gurrent Use:lntended Use:Highest & Best Use:Tax Year:Total Assessment:Rockin g ham Assessment:Harrisonbu rg Assessment:Special AssessmentsProffers, Gov Required:Encumbrances:Utilities Available:Government Reg ulation :Perm itted Development:

Acorn Drive & N Liberty StHarrisonburg,VA22S0l

lndustrial2t8t10

NA94 4132

044 C23660/705

Vacantlndustriallndustrial

2010$2,523,000

$619,400$1,903,600

TypicalTypicalTypicalTypicalTypical

Commercial/lndustrial

Sale Price:Site Area:$/AcreZoning:FAR:$/FAR:Rights Gonveyed:Market financing:Gonditions of Sale:lmmediate Expense:Adjusted $/Acre:Frontage:Topography:View:Exposure:Externalities:Time on Market:Environmental:Access:Arms Length Sale:Rail:Verification:

GrantorAcorn LC

$2,300,00094.42

$24,359M1NA

No AdjTypicalTypicalTypicalTypical

$24,359GoodLevel

NeighborhoodAverage

TypicalNA

No report availableGood

YesNone

Keith May

GranteeLanb-lEby Enterprises

Valley Blox lnc

Transfer History:2t8t109114t00Description

Amount$2,300,000

$oQuadrant 2 NS Acorn Dr

Comments: This sale includes a 30.97acre adjoining tract that is assessed by Rockingham County for$619,400. This portion sold for $754,000 218110 in Deed Book 3360, page 753. The previous sale to that was for$785,600 on 9/13/00. The combined properties are up for re-sale for $4,700,000.


The sale for $24,359 per acre appears to have been on the low side of the market, The current asking price is onthe high side. The market range is likely from $35,000 to $40,000 per acre.

Orange line shows division of the City and County portions of the site, County portion to the right.


Gomparable Land Sale # I Gontinued

$wf,rm2 frffi, 44aE q &- 6te

\-\q\Sl,Nt

thIrlss.

\

)i+,t:-L:

\)'.l)I\

oaoa&

6W/$r rAr /J4P ilo. s1 (4) fi2

/Jo.96/ tlcffi ,fiF"!]t'- - \'ffiiidrilii'@{/tu77) 'jg."t\- a-., -,\------/ \'-L 41u.,- \ eW++,/Yo- -'1.o l4t ry e,

g.z"ilzf A€Rts (rafa;**+*i:**, ill'//77-Br E/Yl/1FtW$ oc -- l' -\ ""7#'--ffiffio {tstqr/ "*{1;l-l\

\ FRff&{ oi f#tCf Ata, ,/ \-.-\ H ?tev o/ h4Cf ilo. i *\ -\ r_r

\ -

tl\ -'?

'----- cJIy rAx,ta,P /to. (5 - n - .f

-\ ;,\---_,.,- (ffitvauj \ I

atwT/#p.a w'&

ftxtvffi4tl (t(rvTt tffiEry4AA tDq 4i t,r;40. E/4 4 r7-?z' I4'itl ltn I

Sll(77 / o{ 4

t{Gfrup.-tffi{ P/t/ FoIruE/ffi!/ t/// slTft?ffircsr fo[t\psl2fi€ Fd.(vO

rffi',$Hw &J'id,{n: te.T9,$i

, !t!'' Lr.1j ly Er/ 0.f l?/.?. t,.: t-z!

f ..\ r6ilai1 .t

\

'!\,

l/

rlclillrr #APsc!.f ," = Zaffi'

fi'f.&\d?lql( r1ittJlll i,{link'ilA UzA tV t*:ltR ttii & t./4

Rlir lb. t

6OFN a&k,-(60' R/o#r-af-tfnf)

tffi+aalFt&ilufl Ffftlcf I/+{ /45 Ffr LA fttl

dt ffil4.ffiffiwffi

t/f" c{lNroN P/f{€il 2159?6'

145,16'


Gomparable Land Sale # 2

Street:Gity, State:Neighborhood:Glosing Date:Gontract Date:Listed Price:Sale Status:Tax lD:Deed Book/Page:Current Use:lntended Use:Highest & Best Use:Tax Year:Total Assessment:lmprovement Assmt:Land Assessment:Special AssessmentsProffers, Gov Required:Encumbrances:Utilities Available:Government Regulation :Perm itted Development:

Radio Station RdStrasburg, VA

lndustrialand mixed5/16/082t14t08

$1,894,724Sotd

T M 016-A-145Book1412 Page 0618


2010TBDTBDTBD

TypicalPrm PIan Rvw

TypicalAil

TypicalTypical

Sale Price:Site Area:$/Acre:Zoning:FAR:$/FAR:Rights Gonveyed:Market financing:Gonditions of Sale:lmmediate Expense:

' Adjusted $/AcreFrontage:Topography:View:Exposure:Externalities:Environmental:Access:Arms Length Sale:MRIS #:DOM:Rail:Verification:

$1,894,72429.15

$64,999M1NA

No AdjTypicalTypicalTypicalTypical

$64,999Good

GentleNeighborhood

AverageTypical


YessH6198480

209None

LocalAttorney

Transfer History: Amount Grantor5/16/08 $1,894,724 Adams Development Group, lnc

GranteeNorth Shenandoah lnvestors, LLC

Gomments: This site was subdivided from a larger tract of approximately 49 acres. lt has been developedrecently with a warehouse. 20 acres of this original tract is for sale for $1,301,300; that is $65,000 per acre.


Comparable Land Sale # 2 Gontinued

Gomparable 2 Aerial Photograph


Gomparable Land Sale # 2 Gontinued

,ABool( ir12raru0Si6

luttf trsrils*ftmmfitllttm

@

fficerFfp souf rff fED

61'Jl'12'mI'tH

n$ r .*'FYlElitt*{?rrStr

PF t frll Ff mt*(s rs ptED)tr * *'&lt nlf|lf+lttlG

ry*ts"-f;tF -$ffi.ft--.F'-n d

#^t

rufv,l f ,uI i!.f ,JE'

tffie

nf,

e{t xit tD4t Furfl/fiEus. &tfiE t,srft'srs* ysIE7U,

@--*7

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:E$sbbt

t'rn ]r*Itr

fitx FrfrEH,P-;-1tJfi

N.Amz rCnHS

-t" lqr@

Page 39 of 71Clover Project

Gomparable Land Sale #3

Street:Gity, State:Neighborhood:Closing Date:Gontract Date:Sale Status:Tax lD:Deed Book/Page:Gurrent Use:lntended Use:Highest & Best Use:Tax BillTax Year:Total Assessment:lmprovement Assmt:Land Assessment:Special AssessmentsProffers, Gov Required:Encumbrances:Utilities Available:Government Reg ulation :

Perm itted DeveloPment:

Transfer History:Date12t301097t23t04

4656 Valley PikeStephens CitY, VA

Semi-Rural12130109

NASold

74-A-772009114179

VacantMixed

lndustrial$4,039

2010$688,600

$95,400$593,200

TypicalTypicalTypical

Across HighwayTYPicalTYPical

Sale Price:Site Area:$/Acre:Zoning:FAR:$/FAR:Rights GonveYed:Market financing:Gonditions of Sale (Auction):lmmediate ExPense:Adjusted $/Acre:Frontage:Shape:TopographY:Vibw:Exposure:Externalities:Time on Market:Environmental:Access:Arms Length Sale:Rail:Verification:

GrantorAmount$3,100,000$4,980,000

Newtown Vil LLCVista 1 LLG

Gomments: This property was originally zoned RA. The zoning was approved for a.combination of R1 to R3 and

l-1 as of the June z, ztooog meetini of t-he City Council. There iad been a bond on this property for $4,150,000'

Clover ProjectPage 40of 71

$3,100,000102.74

$30,173Mixed

NANo AdjTypicalTypical

20o/o

Typical$36,208

Goodlrregular

RollingGood

AverageTYPical

NANo report available

GoodAuction

Backs to rail. No sPur.Deeds

Grantee3OON LLC

Newtown Village LLC

Gomparable Land Sale # 3 Continued


*$

a

s

\se$

tQ,*

$s!rn.'t4

b}i\ 4?7 r.c:: 536

VOHUon

Roule I I

sgw'd'E.., ifi.29'tp3

\8*s{=$.h$q

e pott

hqrts ,,,bri"''li./ 4'.a/ \a

R/Wtpt

Pi ee U.

4656 Vatley pike Originat ptat

---),-- t/5.71g Acres-E-t'ii

3);A*."",.3-:i?_

fu%1*Fst "€#^,

Clover Project

Page 42of 71

Gomparable Land Sale #4

Street:City, State:Neighborhood:Glosing/Appraisal Date:Gontract Date:Sale Status:Tax lD:Instrument #:Gurrent Use:lntended Use:Highest & Best Use:Tax Year:Total Assessment:lmprovement Assmt:Land Assessment:Special AssessmentsProffers, Gov Required:

4027 -29 Martinsbu rg PikeClear Brook,VA22624

Frederick County11t17t08

NASold

33-A-110 &10908 0013305

Vacantlndustrial & Businesslndustrial & Business

2008$931,200

Sale Price:Site Area:$/Acre:Zoning:FAR:$/FAR:Rights Gonveyed:Market financing:Gonditions of Sale:lmmediate Expense:Adjusted $/AcreFrontage:Topography:View:Exposure:Externalities:Time on Market:Environmental:Access:Arms Length Sale:DOM:Rail:Verification:

$2,200,00065.52

$33,578Planned for lnd/Comm

NANo AdjTypicalTypicalTypicalTypical

$33,578lrregular

GentleLevelGood

TypicalTypicalTypicalGood

Yes238 days

NoneDeeds

$0$1,558,500


AilTypicalTypical

Encumbrances:Utilities Available:Government Regulation :

Perm itted Development:

Transfer History: Amount11124108 $2,200,00012t30t03

Grantor GranteeBoyce Robin Lynn & Kay MA Frederick County lnvestors LLC

Boyce Robin Lynn & Kay MA

Gomments: Two parcels 33-4-109, 16.52 acres and 33-4-110 49 acres were sold for a total of 65.52acres. This land was not zoned industrial at its time of purchase.


Gomparable Land Sale #4 Continued

1033-A-1

Clover ProjectPage 44 of 71

Comparable Land Sale #5

Street:City, State:Closing/Appr Date:Contract Date:Sale Status:Tax lD:Deed Book/Page:Gurrent Use:lntended Use:Highest & Best Use:Tax Year:Total Assessment:lmprovement Assmt:Land Assessment:Special AssessmentsProffers, Gov Required:Encumbrances:Utilities Available:Government Regulation:Permitted Development:Development Status:

Shenandoah Shores RdFront Royal, VA 22630

ActiveActiveActive

NANA


2010NA

TBDTBD


AIITypicalTypicalPlatted

Sale Price: $4,640,000Site Area: 80$/Acre: $58,OOOZoning: l-1

FAR: NA$/FAR: No AdjRights Gonveyed: TypicalMarket financing: TypicalGonditions of Sale (Active Status): -20o/o

lmmediate Expense: TypicalAdjusted $/Acre: $46,400Frontage: RectangularTopography: RollingView: GoodExposure: AverageExternalities: TypicalTime on Market:Environmental: No report availableAccess: GoodArms Length Sale: YesRail:Verification:

Rail, No SpurBroker

Gomments: The property has been subdivided into sixteen S-acre lots with two planned roads foraccess. With the Norfolk Southern rail line passing along the southern edge of the property, thepossibility exists for a rail spur into the property. Available sites are a minimum of 5 acres and a maxi-mum of B0 contiguous acres.


Gomparable Land Sale # 5 Gontinued

Plat

t.1

' r!rn tr.,r+! :a,rrt lh'J

If

@ritt*'@

@r{a:.lrBg>r5

rronr ioyn,@@

g*n St

@t"".

.d "'$t"4'

$.99! Cr'+Rj

i ,1

:i

--@rPrrh!'ir'

(@ J6,-q{-rirrHa} )"t''

Clover Project Page 46of.71

Land Sale Gomparable #6

Street:Gity:Gity, State:Glosing/Appr Date:Gontract Date:Sale Status:Tax lD:Deed BooUPage:Gurrent Use:lntended Use:Highest & Best Use:Tax Bill:Total Assessment:lmprovement Assmt:Land Assessment:Special AssessmentsProffers, Gov Required:Encumbrances:Utilities:Government Regulation :

Permitted Development:

Sale History

l-81 & Hwy 651Toms Brook

VAActiveActiveActive

Lot 1 Mt Olive RdNA


NATBDTBDTBD


LevelGood

AverageTypicalTypical


NANone

Owner Partner

About 2 miles at Toms BrookTypicalTypical

Sale Price:Site Area:$/Acre:Zoning:FAR:$/FAR:Rights Gonveyed:Market financing:Gonditions of Sale (Active Status):lmmediate Expense:Adjusted $/SF:Frontage:Topography:View:Exfiosure:Externalities:Time on Market:Environmental:Access:Arms Length Sale:Rail:Verification:

$6,755,000193

$35,000M2NA

No AdjTypicalTypical

-10o/o

Typical$31,500

Two Roads

The present owners acquired the property on May 16, 2005 for $2,116,198.36.


Table 1: Parcel Informstlon

ParceI Tar Map Number Size of Psrcel (acres) Direction on the Site

Lot 1 23-A-t75 s8.8 Northwestern portion

I-at2 23-A-1754 9.00 Northwestern portion

Lot 3 23-A-1,74G 15.66 Central portion

I.at4 34-A-0088 63.68 Eastern Portion

br5 34-A'-009 1"4,25 Southeastem Portion

I-at6 34-A-0r8 62.75 Southwestern Portion

Lots2&3arezoned83

Comparable parcels are located on the left side of Mt Olive Rd from I-81 to US 11-

I

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Clover Project Page 48 of. 7'l

\

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,''- tf ii...^,.isr/'ir' zL\.. s?' 1l /ilr: \:' /r.. t:'/'' ,/\s f'r\1t- ttr-t -,r.*''"*'oEbto*r *.-*u


---_-__.----_--f,

Gommercial Sales Gomparison Grid #1

Address Subiect

1 2 3

Acorn Drive & N Libertu St Radio Station Rd 4656 Vallev Pike

Harrisonburo . VA 22801 Strasburo. VA Stephens CiV. VA

Sales Price (Est, Value)

Gross Land Area Acres

Sale/Appr Price $/AcreZoning

OtherAdjusted $/AcreClosing Date/ApprDate

Rights Conveyed

Financing Terms

Conditions of Sale

lmmediate Expenditures

Market Conditions/Time

Sub Total $/AcreLocation

Topography/Shape

Unit Size

Frontage

View/Exposure

Utilities

Grading and Drainage

Externality

Use/Zoning

Special Assessments:

Proffers, Gov Required

Rail

Encumbrances:

lnd Value (Acre)

lnd Value of Subi.(Rnd)

$7,500,000211.00

$35,545M1

611110

fee simple

typical

typical

typical

declining

good

good

typical

good

good

required

required

$picalindustrial

typical

typical

available

typical

rounded

rounded

$2,300,00094.42

M1

2t8t10equal

equal

low price

equal

superior

equal

equal

equal

equal

equal

equal

equal

equal

equal

equal

none

equal

$24,35e

$24,359

0.Oo/o

0.o%

40.o%

o.0%,1.5%

$33,737-10.0o/o

0.0%

0.0%

0.0o/o

0.0o/o

0.0%

0.00/o

0.0%

o.0%

o.0%

0.0o/o

10.0%

o.0%

$34,000

$7,200,000

$1,894,72429.15

M1

5/16/08

equal

equal

equal

equal

superiorequal

smaller

equal

equal

available

equal

equal

equal

equal

equal

none

equal

$64,999

$64,999

0.0%

0.Oo/o

0.0%

0.0%

-10.2o/o

$58,369-10.0%

O.Oo/o

-2O.Oo/o

0.0%

0.0o/o

-10.0%

0.0o/o

0.0%

0.0%

0.0%

0.0%

10.0o/o

0.0o/o

$41,000

$8.700.000

$3,100,000102.74

Mixed

12t30t09equal

equal

auction

equal

equal

equal

equal

equal

equal

equal

equal

equal

equal

equal

equal

no spurequal

$30,173

$30,173

0.0%

o.0%

2O.00/o

0.0o/o

-2.1%

$35,5740.0%

0.Oo/o

0.0%

0.0%

0.0%

O.0o/o

0,0%

0.o%

0.0%

0.0o/o

0.0o/o

5.O%

0.0%

$37,000$7,800,00

0


Commercial Listinos Comoarison Grid

Address Subiect

4 5 6

4027 Martinsburo Pike Shenandoah Shores Rd l-81 & Hwv 651

Clear Brook. VA.22624 Front Roval. VA Toms Brook. VASales Price (Est.A11Vahrc\ $7,500,000

211

$35,545

M1

$35,5456t1t10

fee simple

typicaltypicaltypical

declining

good

good

typicalinterior lot

good

required

required

typical

industrial

typicaltypical

available

typical

rounded

rounded

$2,200,00065.52

Plannedlnd/Com

11t17108

equal

equal

equal

egual

equal

equal

equal

equal

equal

available

equal

equalplanned

equal

equal

none

equal

$33,578

$33,s78

0.0%

0.0%

0.o%

0.Oo/o

-7.7%

$30,9920.0o/o

0.0o/o

0.0%

0.0%

O.Oo/o

-10.0%

0.0%

0.0o/o

1O.Oo/o

0.0o/o

O.0o/o

10.0%

0.0%

$34,000

$7.200,000

$4,640,000

80.00

6l'ln0equal

equal

active

equal

superiorequal

equal

equal

equal

equal

equal

equal

equal

equal

equal

rail, no spurequal

$58,000

I-1

$58,000

o.o%

O.0o/o

-20.o%

o.o%

O.Oo/o

$46,400-10.0%

0.0%

O.Oo/o

0.o%

0.0%

0.0%

0.0%

0.0%

0.Oo/o

0.o%

O.Oo/o

5.O%

o.0%

$44,000s9.300.000

$6,755,000

193.00

6t1t10equal

equal

active

equal

superiorinferior

equal

equal

equal

equal

equal

equal

equal

equal

equal

none

equal

$35,000

M1

$35,000

0.0%

o.o%

-'to.o%

o.o%

o.o%

$31,500-10.0%

10.o%

o.o%

o.o%

0.0%

0.0%

o.0%

O.0o/o

0.0%

O.0o/o

O.Oo/o

10.o%

O.Oo/o

$35,000

$7.400,000

Gross Land Area Acres

Sale Price $/Acre

Zoning

OtherAdjusted $/Acre

Closing Date/Appr Date

Rights Conveyed

Financing Terms

Conditions of Sale


Market Conditionsffime

Sub Total $/FARLocation

Topography/ShapeUnit Size

Frontage

View/Exposure

Utilities

Grading and Drainage

Externality

Use/Zoning

Special Assessments:

Proffers, Gov Required

Rail

Encumbrances:

lnd Value (Acre)

lnd Value of Subi, (Rnd)

Land Sale Gomparable # 1

This sale sold below the market in the expressed opinion of the broker involved for which I made apositive adjustment. The land is gentle. I adjusted downward for its superior location near the City ofHarrisonburg. I adjusted it upward for the lack of rail facilities. This sale was put back on the market for$4,700,000. The original sale price was low and the present asking price is high. lt would likely sell inthe $35,000 to $45,000 per acre range.

Clover Project Page 51 ol 71

Land Sale Comparable # 2

The sale is located near an l-81 lnterchange near the City of Strasburg which location is superior to thesubject. lt is located near existing buildings. The land is relatively level. I made positive adjustments forlack of rail facilities. I made negative adjustment for time, unit size and utilities.

Land Sale Comparable # 3

This property is located on US Hwy 11 within a few miles access to l-81. The land along this stretch ofUS 11 is mostly agricultural and low density residential. The land slopes up quite steeply from thehighway. This property was acquired by auction, which did not give it enough time on the market. I

made positive adjustment for the auction and the railwith no spur. I made negative adjustment fortime.

Land Sale Comparable# 4

This property is located on US Hwy 11 within a few miles access to l-81. The land along this stretch ofUS 11 is mostly agricultural and low density residential. The land is level. I made negative adjustmentfor time and utilities. I made positive adjustments for lack of rail and its lower zoning status at the timeof purchase.


This comparable is a listing for which I adjusted downward. I adjusted downward for location and up-ward for rail with no spur. lts location is a higher priced area closer to Washington,DC.


I am quite familiar with this property, as I made a preliminary study to establish an offering price for itabout six months ago. This propedy is most similar overall to the subject. lt is almost the same size. lthas more rolling topography. lt will have to get water and sewage access from the Town of TomBrooks, about two miles away. This situation is similar to the subject having to get sewage access fromthe Town of Stanley. I adjust downward for its active status and superior location for access to l-81 ofwithin one-quarter mile. I adjusted less for its active status than I did for comparable #5 because I be-lieve its asking price is closer to market value. I adjusted upward for its lack of rail access and steepertopography

Location, physical attributes, zoning and railroad access are the primary characteristics that cause differ-ences in sale prices. The adjustment grids indicate the most important items that potential customerswould consider. The adjustment grids show indications only. They tend to show an amount of precisionover what can be statically verified from the few number of sales available. The range of indicated val-ues of the subject is from $6,300,000 to $9,300,000. The adjustment for railroad frontage is somewhatsubjective because of the lack of sufficient sales comparables with railroad frontage. Many buyerswould not be looking for such frontage. For those who need it, they might pay apremium for it or notbuy a parcel at all which lacked railroad frontage. One knowledgeable broker suggested that a minimumpremium for railroad access capability would be 10 to 20%o or more. A ready, usable, installed spurmight sell for more. Most of the comparables will require additional cost for roads, grading, water and


sewage. I gave more weight to the sold comparables. On this basis, the subject's land is taken to be$7,800,000. That is approximately $37,000 per acre.

I did not adjust for any FAR differences on any of the comparable as modern industry mostly developsproperties in one story configurations. Most of the comparables used were zoned M1 and/or similarzoning.

ln addition to the comparables used in the previous grids most of the properties shown below providedhelpful data. They show a broad range of value from $25,000 to $110,365 per acre. The average priceis $61 ,726 per acre. The median is $50,533 per acre. Major adjustments would be location, unit sizeand railfrontage.

Status Location $/Price Acres $/Acre Rail 7n UtilitiesFor Sale industrial Dr, Winchester $2,300,000 20.84 $ 110,365 Rail Ind To siteFor Sale Augusta County ind Ct $5,875,000 167.OO $35,180 Bus To SiteFor Sale Keeleztown Rd, Mt Sidney $2,700,000 75.00 $36,000 Rail Ind To SiteFor Sale Keeleztown Rd, Mt Sidney $936,000 26.00 $36,000 Rail Ind To SiteFor Sale Rt 340, Elkton, VA $76L,250 30.45 $25,000 ind ElectricFor Sale Liberty St, Harrisonburg $4,250,000 39.50 $107,595 Mixed AvailableFor Sale Radio Station Rd, Strasburg $1,301,300 20.00 $65,065 Ind AvailableSold 8/7/07 Front Royal Tax ID 30387 $2,49O,168 31.68 $78,604 Ind To SiteAverages: $2,576,7L5 51.31 $6L,726Medians: $2,395,094 3L.07 $50,533


Adjustments Defined

Sale Price

The amount a particular person agrees to pay and a particular seller agrees to accept under the cir-cumstances surrounding their transaction.

Closing Date

The date on which ownership of a property is formally transferred from the seller to the buyer, i.e., thedate on which the seller delivers title and the buyer pays the agree-upon price for the property.

Property Rights Conveyed

Fee Simple

Conditions of Sale

An element of comparison in the sales comparison approach; comparable properties can be adjustedfordifferences in the motivations of eitherthe buyerorseller in a transaction e.g., when the comparabletransaction is not an arm's length sale,


The amount of money required immediately after closing to bring the purchased property up to marketstandards and/or safe and enjoyable use.

Market Conditionsffime

Changes in sale prices, supply, and/or demand from the closing date of the comparable sale/rental tothe effective value date of the appraisal.

Location

A9 uged in this appraisal it includes ditferences in prices for different sites, streets and neighborhood. ltalso includes differences in access, visibility, corner sites and overall desirability of the subject andcomparable sites. I used county incomes and home prices to develop a ratio to adjust for location be-tween Page County and the other counties.

Physical Attributes

As used in this appraisal, they include topography, frontage, view, utilities, and railfrontage.

Unit Size

An adjustment for substantial differences in size of the properties, given that smaller properties tend tosell more per square foot than do larger properties.


Reconciliation

Description of Reconciliation Process

The Reconciliation Process is one of the most important parts of the appraisal. The purpose is to reviewand reconsider the various approaches, the data and conclusions reached earlier in this report. lt is acomplete reconsideration of the totalappraisalto this point

Definition of Reconciliation, with Sources

1. The last phase of any valuation assignment in which two or more value indications derived frommarket data are resolved into a final value opinion, which may be either a final range of value ora single point estimate.

2. ln the sales comparison approach, reconciliation may involve two levels of analysis 1) derivationof a value indication from the adjusted prices of two or more comparable sales expressed in thesame unit of comparison and 2) derivation of a value indication from the adjusted prices of twoor more comparables expressed in different units of comparison."3

Valuation Process

The Valuation Process included only the sales comparison approach.

Data Accumulated and Conclusions derived in the report

The data accumulated included among other items published data, interview, visual observations andphotographs of the subject, sales comparables, land comparables, maps and other information.

Highest and Best Use as if Vacant and lmproved

The subject's highest and best use as vacant is industrial use. The subject's highest and best use asimproved would also be for industrial use.

Summary

There were adequate numbers of sales to derive a reasonable estimate of market value. I presentedadjustment grids to indicate the most important items that potential customers would consider. The ad-iustment qrids show indications onlv. They tend to show an amount of precision over what can bestatically verified from the few number of sales available. The range of indicated values of the subject isabout $30,000 to $41,000 per acre. I gave somewhat more weight to comparable #1 through #4, actualsold sales. On this basis, the subject's land is taken to be $37,000 per acre, for a total of $7,807,000rounded to $7,800,000. lf a suruey should determine the site to be more or less than 211 acres, the in-dicated value should be adjusted on the basis of $37,000 per acre.

3 The Dictionary of Real Estate Appraisal,"

Clover Project

Fourth Edition, Appraisal lnstitute Chicago 2002

Page 55 of 71

Qualifications of the Appraiser

George V. Carver, MAl, MRICS, MsBA

Brief Summary of Academic and Professional Education

Graduate: Master of Science in Business Admin. U.S.C., Major in Finance/Real EstateTheses: Anatomy of Limited Partnerships in Real Estate lnvestments.

Graduate: lnternational Economics, PERT/GPM, Operations Research, and Project Management, ln-dustrial College, Washington, DCUndergrad: Business/Real Estate, University of NebraskaProfessionalAppraisal Courses: Appraisal lnstitute an others: over 2,000 hours.Professional DesignationsMAl, Member #7866, Appraisal Institute awarded 1988. The Appraisal lnstitute dates back to 1937.Only about 3o/o of all appraisers have obtained this prestigious designation.MRICS Member#1290891 Royal Institution of Chartered Surveyors (RICS), London, UK. The RICSdates back to 1868. lt is a professional multi-discipline group with over 140,000 members living in over120 countries. lts goals and by-laws are subject to British Government approval.Virginia Gertified General R. E. Appraiser Number 4001-004280D.G. Gertified General R. E. Appraiser Number 10142Maryland Gertified General R. E. Appraiser 11715Licensed Real Estate Broker: 1972-1998Gertificate in Farm Management (528 hours)Department of Veterans Affairs Approved # 4280

Expert Testimony: Testified in Circuit Courts in Virginia, MD, and WA. Testified in Federal BankruptcyCourt in Alexandria, VA and Federal District Court in Washington, DC

Military Experience: Captain, Gommander, Signal Company in Vietnam, 2 Purple Hearts, 2BronzeStars. Participated as team communications otficer in two missions to extract POWs.

$ppnais.eltsA:


Military EducationCommunications and Electronics: Mid-level Management, 1 yr, US ArmyGuided Missiles Logistics and Repair: Mid-level Management, 1 yr, US Army. Honor GraduateNike Missile lnstallation, Logistics and Repair: Mid-level Management, 1 yr, US Army.

Published: Real Estate Development article: Absorption, Absorption, Absorption.

Significant Work Experience

Taught Appraisal Courses at the U.S.C. and the Northern Virginia Community Colleges.

Trained more than 100 appraisers/consultants in residential and commercial appraisal. These ap-praisers came from various backgrounds including civilian, government and military.

Go-authored the ASA Level-Three Appraisal Course and lectured the course for the American Soci-ety of Appraisers: served as President of Seattle Chap. American Society of Appraisers

CEO/D|rector of Valuation and Gonsulting, National Appraisal Firm: 1977-85,1987-98, 2003- 09with offlces in Washington, DC, Atlanta, Denver, Seattle, Portland, Hilton Head and New York. Firm had92 staff and contracting appraisers.

Realty Specialists General Services Administration: Wrote many $mill Plus leases.

Appraiser and Project Manager for the Pennsylvania Avenue Development Corporation:(PADC) in a $10 billion development program on and about Pennsylvania Avenue in Washington, DC

Financial/Budget Analyst, USDA RD Budget Division: Participated in a multi-agency task force includ-ing GAO, OMB Finance Office and other USDA agencies on a $12 billion annual budget. Completedtraining at the White House Conference Center on cash flow models and budget regulations and pro-cedures.

Significant Consulting Projects

Housing Base Study/ Data Design, Columbia South Caiolina for Center for Real Estate and EconomicsSki Lodging Review, Crested Butte, CONew City/Beach Resort, MexicoRegan Building Washington DCCompleted feasibility/project management scenarios for the $818 million Reagan Building.


Assumption and Limiting Gonditions

General Assumptions

This appraisal report has been made with the following general assumptions:

1. No responsibilitytitle considerations.stated.

2. The property isstated.

is assumed for the legal description provided or for matters pertaining to legal orTitle to the property is assumed to be good and marketable unless otherwise

appraised free and clear of any or all liens or encumbrances unless otherwise

3. Responsible ownership and competent property management are assumed.

4. The information furnished by others is believed to be reliable. However, no warranty is given for itsaccuracy.

5. All engineering studies are assumed to be correct. The plot plans and illustrative material in thisreport are included only to help the reader visualize the property.

6. lt is assumed that there are no hidden or unapparent conditions of the property, subsoil, or struc-tures that render it more or less valuable. No responsibility is assumed for such conditions or for ob-taining the engineering studies that may be required to discover them.

7. lt is assumed that the property is full compliance with all applicable federal, state, and local envi-ronmental regulations and laws unless the lack of compliance is stated, described, and considered inthe appraisal report.

8. lt is assumed that the property conforms to all applicable zoning and use regulations and restric-tions unless nonconformity has been identified, described, and considered in the appraisal report.

9. lt is assumed that all required licenses, certificates of occupancy, consents, and other legislative oradministrative authority from any local, state or national government or private entity or organizationhave been or can be obtained or renewed for any use on which the value estimate contained in this re-port is based.

10. lt is assumed that the use of the land and improvements is confined within the boundaries or prop-erty lines of the property described and that there is no encroachment or trespass unless noted in thereport.

11. Unless othenivise stated in this repoft, the appraisers did not observe the existence of hazardousmaterials, which may or may not be present on the property. The appraisers have no knowledge of theexistence of such materials on or in the property. The appraise'rs, however, are not qualified to detectsuch substances. The presence of substances such as asbestos, urea formaldehyde foam insulationand other potentially hazardous materials may affect the value of the property. The value estimated ispredicated on the assumption that there is no such material on or in the property that would cause aloss in value. No responsibility is assumed for such conditions, or for any expertise or engineeringknowledge required to discover them. The intended user is urged to retain an expert in this field, if de-


sired.

12 lt is assumed that the information supplied by the addressee as to the parcel or parcels of real es-tate is correct and complete, including the legal description as it appears in this report. The appraiserassumes no responsibility for matters of a legal nature affecting the property or the title thereto, nordoes the appraiser render any opinion as to title. No attempt has been made to render an opinion of orstatus of easements that may exist.

13. lt is understood that exhibits included in this report are solely forthe purpose of assisting the readerto visualize or understand its content and are not intended to be exact in scale or detail. lt is under-stood that no survey has been made unless a specific statement to the contrary appears in this report,and that no encroachments exist.

14. lt is understood that material contained herein, which is stated to be or is obviously furnished byothers is believed to be reliable but has not been verified except as specifically stated. Such informa-tion is believed to be true and correct; however, the appraiser can assume no responsibility for accu-racy.

15. While it is believed the information, estimates and analysis given and the opinions and conclusionsdrawn there from are correct, the appraiser does not guarantee them and assumes no liability for anyerrors, in fact, in analysis, or in judgment.

General Limiting Gonditions

This appraisal report has been made with the following general limiting conditions:

1. Any allocation of the total value estimated this report between land and the improvements appliesonly under the stated program of utilization. The separate values allocated to the land and buildingsmust not be used in conjunction with any other appraisal and are invalid if so used.

Possession of this report, or a copy thereof, does not carry with it the right of publication. Any per-son other than the party to whom it is addressed without the written consent of the appraiser, and, inany event, only with proper written qualification and only in its entirety may not use it for any purpose.

3. The appraiser, by reason of this appraisal is not requireO to give further consultation, or testimony,or to be in attendance in court with reference to the property in question unless arrangements havebeen previously made.

4.Neither all nor any part of the contents of this report (especially any conclusions as to value, the iden-tity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the pub-lic through advertising, public relations, news, sales, or other media without the prior written consentand approval of the appraiser.

5. Any value estimates provided in the report apply to the entire property, and any pro-ration or divi-sion of the total into fractional interests will invalidate the value estimate, unless such pro-ration or divi-sion of interest has been set forth in the report.

6 Only preliminary plans and specifications were available for use in the preparation of the appraisal;the analysis, therefore, is subject to a review of the final plans and specifications when available.


7.The appraiser assumes that any proposed improvements have been completed unless othenrvisestipulated; any construction is assumed to conform to the building plans referenced in the report.8.The appraiser assumes that the reader or user of this report has been provided with copies of avail-able building plans and all leases and amendments, if any, that encumber the property.

9.No legal description or survey was furnished, so the appraiser; tax reference data was used.

10. This report is valid for a period of 180 days, afterwhich the appraiser reserves the right to reviewgeneral and local economic conditions and issue any letter as appropriate for update or change.

11. The appraiser is considered the owner of the report and delivery of it has only been to addresseefor his or her specific intended Real Estate decision as noted previously under Purpose of the Ap-praisal. This report is not valid for any other persons or uses.

12. Certain information contained herein is considered "not for public knowledge" and is approvedherein "under the strictest confidence." Said information shall be used only in connection with the busi-ness decision as specifically described in the function of the appraisal. No other use of any informationcontained herein is permitted. Said information shall not be re-used, shared,'disclosed, etc., except inaccordance with the certification, limiting conditions, function and purposes as contained herein. Anydeviation from this may subject the user to additional legal aciion for invasion of privacy.

l3.Acceptance and use of this report constitutes specific and implied consent to all conditions, limita-tions, etc. Fudher, the client shall hold harmless the appraiser for any un-permitted use or action re-sulting from such use.

14. Certain forms, formatting, and techniques contained herein are private property and proprietary innature. As such, they are protected under state and federal laws covering trademarks, copyrighting,etc. Copying or re-use is strictly prohibited without the expressed written consent of AppraiseUSA.

15. ln the case of new construction, the appraisal report and value conclusions are contingent uponcompletion of the improvements in a timely and workmanlike manner, and as of the effective date ofappraisal.

16. The forecast, projections, or operating estimates.contained herein are based on current marketconditions, anticipated short-term supply and demand factors, and a continued stable economy. Theseforecasts are, therefore, subject to changes with future conditions.

17. The Americans with Disabilities Act (ADA) became effective January 26, 1992. The appraiser hasnot made a specific compliance survey or analysis of the property to determine whether or not it is inconformity with the various detailed requirements of ADA. lt is possible that a compliance survey of theproperty and a detailed analysis of the requirements of the ADA would reveal that the property is not incompliances with one or more of the requirements of the act. lf so, this fact could have a negative irn-pact upon the value of the property. Since the appraiser has no direct evidence relating to this issue,possible noncompliance with the requirements of ADA was not considered in estimating the value ofthe property.


----------.-.-

Addenda

Clover Project Page 61 ot 71

Flood Map

. r,rr:!r,.,?r..''.r,rr!1rr,ttr'!..r,-lt'.fr'r"ilrl.f-"{F1..'rr'r rn.;rt rirt'rt<.ir*rf'

Clover Project Page 62of.71

Shenandoah Area Industrial ParksNameMartin SiteNatural Bridge Industrial ParkMill Place Commerce ParkMiddlebrook ParkBlue Mountain PropertiesBlue Mountain PropertiesAllied PropertyRockbridge Regional Industrial Park Buena VistaPleasant Valley Road Industrial ParkMeadowbrooke Corporate CenterHarrisonburg Technology Park)Acorn LC industrial ParkAcorn Industrial and Business ParkProject CloverLuray Industrial ParkUnited Country Tilles PropertiesNorthpointeMcClung SiteHolland PropertyBerkstresserAKB DevelopmentShenandoah Valley Industrial Park South CampusShenandoah Valley Industrial Park Central CampusRockingham Center for Research and TechnologyNorth Pointe Corporate CenterInterstate B1 ProjectGarst SiteValley of Virginia Warehouse SiteNorth Shenandoah Industrial & Business ParkMt. Jackson Press SiteBrookfield Business CenterMclntosh SiteOutlet Village SiteLew Dewitt BoulevardTotalAverageMedianMaxMin

Acres800800400800523523800

34.4619.1

322L.72

9467

210.650

22.r55B

59.47500260

27245

67365

7217.5

24.6767.5292

24.75224

26B3

L7.217627.r3

782.7969.75

800L7,2L

Largest200200

50200195195200

34.46Ll.43

325.34

9410

19833

9.5tL.4

40340230

1710020

32525

77.58,2

67.533.5

21.25224

15B3

L7.2L3263.29

r82.7937.23

340

LocalityAugustaAugustaAugustaAugustaAugustaAugustaAugustaBuena VistaHarrisonburgHarrisonburgHarrisonburgHarrisonburgHarrisonburgPagePageRockbridgeRockbridgeRockbridgeRockbridgeRockbridgeRockbridgeRockinghamRockinghamRockinghamRockinghamRockinghamRockinghamShenandoahShenandoahShenandoahShenandoahStauntonWaynesboroWaynesboro


Northern Shenandoah Area Industrial ParksStonewall Industrial ParkRoyal PhoenixGraystone Business ParkEastgate Industrial ParkLight TractHappy Creek Technology ParkBlackburn PropertyCarbaughCarroll Industrial ParkStephens Industrial Park

Total

AverageMedianMaxMin

270 100235 25160 160156 148

128.56 128.56LO7.5 107.5

TO7 BO

93.62 s3.572222.68 905.23

222.268 90.523158 90540 160158 90

540425

52.650

FrederickWarrenFrederickFrederickFrederickWarrenFrederickFrederickFrederickWarren


DOUCLAS C. WILL (1918-1994)

MARKN.REED&mail: lr$pakq@Enhlinlcncl

NANCYM. REEDE.mil: n$cymE d@codhtinl,ncr

R.EED & R.EED, P.C.ATTORNEYS AND COUNSELLORS AT LAW

16 SOUIH COURTSIREET

P.O, BOX 766

LURAY, VIROINIA T2835

March 25,2008TELEPT{ONS (540) 743-5t t9

RBAL ESTATE (540) 743-5t l0CoLLEC'nONS (540) 743-5t 15

FAX (s10) 7434805

Dr. Thomas CcdmanExecutive DirectorEconomic Development Authority of Page County117 South Court SbeetLway,YA 22835

RE: Rebecca G. Hudson property - Page County Tax Map Parcel Nos. 72-(A)-ZsLi 72-(tt)-2eK; 72-(A)aW 2-(A)-1A; 7 2-(Ar-2c & 62-(A)-slD.

DearTom:

In accordance with your request, we have examined the record title to the above

referenced properties situate in Marksville Magisterial Dishiot of Page County, Virginia, for aperiod of sixty years to the l2s dayof Marcb,2008, at 3:50 P.M. The results of our exarninationofthe record title for this period is set forth below as to each parcel.

Tax Map Parcel72-(Ar-29L containlng 11 acres 104 poles

Our examination of the reoord title for this tact roveals that fee simple title to thisproperty is duly and legally vested in Rebecca G. Hudson.

This property is SUBJECT to the following:

1. Deed of trust dated January 28,2003 to secure Branoh Banking and TrustCompany in the anount of $200,000.00, recorded as lnstrument No,200300000535.

2, First half2008 real estate taxes and subsequent years, a lien, which is not yet dueand payable.

3. Properly is in the Land Use Program and may be subject to roll back taxes iftheprogram is terminated.

4. Right of way to Potomac klison Company dated May 9, 1967 recorded in De€dBook #219, at Page 306.


Letter to Dr. Thotnas CardmanDated March 25,2008Page 2

5. Easenrent to virgiuia Telephone & Telegraph company dated January 18, 1968

recorded in Deed Book #226, at Page 61 0.

6. Easement to Virginia Telephone & Telegraph Company dated January 18' 1968'

recorded in Deed Book #226, at Pags 61 1.

'1, Easement to Virginia Telephone & Telegraph Company dated Ja:ruary 18, 1968,

recorded in Deed Book #226, atPage 612.

8. Easement to Virginia Telephone & Telegraph Company dated January 18, 1968,

recorded in Deed Book #226, at Page 613.

9. Riglrt of rvay to Northenr Virginia Power Company dated 1211/50 recorded inDeed Book #138, at Page 407.

10. Easement to The Potonrac Edison Company dated August 4, 1993 40 feet in rvidthrecorded in Deed Book #525, at Page 863.

11. Easement to The Potomac Edison Compauy dated April 24, 2002 10 feet in rvidthrecorded as Instrument No. 200200004583.

Tax Map No. 72-(A)-29K containiug 120 acres 37 poles

Our examination of the record title for tbis ttact reveals that fte simple title to this property isduiy and legally vested in Rebecca Graves Hudson,

This property is SUB,IECT to the following:

l, Deed of trust dated May 31, 2001, to seclre The page Valley Bank in the amountof $59,000.00, recorded as Instrunrent No. 200 I 0000 1 854.

2' First half2008 r'eal estate taxes and subsequent years, a lien, rvhich is not yet dueand payable.

3. Property is in the Land Use Progranr and nay be subject to roll back taxes iftheprogl am is telnrinated.

4, Right of way to Potornac Edison conrpany dated May 9, 196? recorded in DeedBook #219, at Page 306.

5' Easement to virgiuia Telephonc & Tclegraph company dated January Ig, 196grecorded iu Deed Book #226, at page 610.

Clover ProjectPage 66 of 71

Letter to Dr, Thomas CardmanDatedMarch 25,2008Page3

6. Easement to Virginia Telephone & Telegraph Company dated January 18, 1968,recorded in Deed Book#226, at Page 611.

7. Easement to Virginia Telephone & Telegraph Company dated Janqary 18, 1968,

recorded in Deed Book #226, at Page 672.

8. . Easement to Virginia Telephone & Telegraph Company dated January 18, 1968,recorded in DeedBook#226, atPage 613.

9. Right of way to Northern Virginia Power Company daled. 12lll50 recorded inDeed Book#138, at Page 407.

10. Easemeut to The Potomac Edison Company dated August d 1993 40 feet in widthrecorded in Deed Book #525, at Page 863.

ll. Easement to The Potomac Edison Company dated Api124,2002 l0 feet in widthrecorded as Instxrment No. 200200004583.

Tax Map No. 72-(A)-2I contalning 3lacres i47 potes, anaTax Map No. 72-(A)-1A containlng .03 acres

Our exunination ofthe record title for these tacts reveal that fee simple title to these propertiesare dulyand legallyvested inRebecca G. Hudson.

These properties is $@!@! to the following:

l. Deed of trust dated March 9, 1990, in the arnount of $48,500.00, payable toBessie V. Spitler, recorded in Deed Book #446, atPage 491.

2. Deed of kust dated May 31, 2001, to secure The Page Valley Bank in the amountof $59,000.00, recorded as Inshrument No. 200100001854.

3. Fint half2008 real estate taxes and subsequent years, a lien, which is not yet dueand payable.

4. Property is in the Land Use Program and may be subject to roll back ta"res if theprogran is terminated.

5. Right of way to Northern Virginia Power Company recorded in Deed Book #l2fatPage526.

Riglt of way to Northern Virginia Power Company dated May 14, 1947, recorded Irtter to Dr.

I

I

Clover Project

e4a"

Page 67 of 71

thomas CardmanDated March 25, 2008Page4

in Deed Book #128, alPage40.

6. Right of way to Northern Virginia Power Company recorded in Deed Book #128,

^tP^ge'12.

7. Right of way to Northern Virginia Power Company recorded in Deed Boold129,atPage3lT.

8. Right of way to Northern Virginia Power Company recorded in Deed Book #131,atPage 193.

9, Right of way to Northem Virginia Power Company recorded in Deed Book #156atPage67,

10. Right of way to Potomac Edison Company dated October 25, 1967, recorded inD e,ed B o ok #224, at P age 9 6,

11. Easement to Virginia Telephone & Telegraph Company dated March 2, 1968,recorded in Deed Book #226, atPage 622,

12. Right of way to Potomac Edison Company dated November 23, l97Q recorded inDeed Book #243, at Page 468.

13. Right of way to Potomac Edison Company of Virginia dated May 22, 1979,recorded in Deed Book #333, alPage 677.

14, Easement to Central Telephone Company of Virginia dated October 24, 1979,recorded in Deed Book #341, at Page 158.

15. Right of way to Potomac Edison Company dated February 4, 1988, rccorded inDeed Book *t419, at Page I 11.

16. Rigbt of way to Potomac Edison Company dated August 4, 1993, 40 feet in widthrecorded h Deed Book #525, at Page 863.

17. kr Deed Book ff47l, at Pago 683, Ivan Good conveyed unto Rebecca G. Hudson a

small parcel estimatcd to contain 1400 square feet, This parcel was joinedtogether with the tract convoyed to Hudson in Deed Book 11446, at Page 486,which said hacts may thereafter only be solcl as one single parcel without properapproval.

In Deed Book l*471, atPage 683, the Grantoq Ivan Good reserved an easement Letter to Dr.


Thomas CardmanDated March 25, 2008Page 5

for ingess and egress for the purpose of making reference to the comers and

comerstones as the sarne may relate to any survey,

Tax Map No.72-(A)-2G contalnlng 43 acres 128 poles

Our examination of the record title for this property reveals that fee simple title to theproperty is duly and legally vested in Rebecca G. Hudson.

This property is SUBJECT to the following:

l. Deed of tust dated February 15, 1989, payable to Bessie Spitler in the arnount of$49,000.0O recorded in Deed Book 11432, atPage 256.

2. Deed of kust dated May 31, 2001, to secure The Page Valley Bank in the amountof $59,000.00, recorded as Inshument No, 20010000 I 854.

3, First half2008 real estate taxos and subsequent years, a lien, which is not yet due

and payable.

Property is in the Land Use Program and may be subject to roll back taxes iftheprogam is terminated.

Right of way to Northem Virginia Power Company recorded in Deed Book #122,atPage 526.

Right of way to Northern Virginia Power Company recorded in Deed Book #128,

^lPaEe72,

Riglrt of way to Northem Virginia Power Company recorded iu Deed Book#129,atPage3lT.

Right of way to Nortlrem Virginia Power Company recorded in Deed Book #131,at Page 193.

Riglt ofway to Nodhem Virginia Power Compiiy recorded in Deed Book #156atPage67.

Nght of way to Potomac Edison Company dated October 25, 1967, recorded inDeed Book #224, at Page 96,

Easement to Virginia Telephone & Telegraph Company dated March 2, 1968,recorded in D ee d B ook #226, at P age 622,

4.

5.

7.

9.

10.

11.


Letter to Dr, Thomas CardmanDated March 25, 2008Page6

12, Rigbt of way to Potomac Edison Company dated November 23, 19?0, recorded inDeed Book #243, atPage 468.

13. Easement to Cental Telephone Company of Virginia dated October 24, 1979,recoided in Deed Book #341, at Page 158.

14, Rigbt of way to Potomac Eclison Company dated February 4, 1988, recorded inDeed Book 1419, at Page l l l.

Tar Map No. 62-(A)-51D containlng 3.091 acres

Our examination of therecord title for this property reveals that fee simple title to thepropedy isduly and legally vested in Rebecca G. Hudson.

This propertyis S@[ to the following:

1. Deed of hust dated May 31, 2001, to secure The Page Valley Bank in the amountof$59,000.00, recorded as Insrument No, 200100001854.

2, First ha1f2008 real estate taxes and subsequent years, a lien, which is not yet dueand payable.

3. Property is in the Land Use Program and may be subject to roll back taxes iftheprogram is terminated.

4, Right of way to Northem Virginia Power Company r€corded in De€d Book #122,atPa$e 526'

5. Right of way to Northem Virginia Power Company recorded in Deed Book #128,atPage72.

6. Right of way to Northern Virginia Power Company recorded in Deed Book#129,atPage3lT.

7, Right of way to Nodhem Virginia Power Company recorded in Deed Book #131,atPagel93.

8. Right of way to Northem Virginia Power Company recorded in Deed Book #156,atPa$e 67.

9, Right of way to Potomac Edison Company dated October 25, 1967, recorded inDeed Book #224, atPage 96.


Letter to Dr, ltomas CardmanDatcd Much 25, 2008PageT

10. Basement to Virginia Telephone & Telegraph Company dated March 2, 1968,recorded in DcedBook#226, alPage 622,

11. Right of way to Potomac Edison Company dated November 23, 1970, recorded inDeed Book #243, at Page 468.

12, Easement to Cental Telcphone Company of Virginia dated October 24, 1979,rccorded in Deed Book #341, at Page 158,

13. Right of way to Potomac Edison Company dated February 4, 1988, recorded inDeed Book i1419, at Pagc l l L

14, Easement to Central Telephone Company of Virginia dated November ?, 1988,10 feet in widtlU recorded in DeedBook 11430, at Page 457.

This report and opinion are based upon the accuracy ofthe indices and lhe records oftheClerk' OfFce and the Treasurer's Office ofPage County, Virgini4 and the undersigred assumesno liability nor responsibility for any inaccuracies in said iudices or records, nor any matters notof record in said Clerk'e Office, no! in any respect other than that of the use of due diligence inexamining the recotd title to said real estate for the period set forth above, The undersignedfurther acoepts no responsibility with respect to the metes ard bouads description ofthe realestate set forth in the deecUdeed ofbust in the chain oftitle nor any discrepancies, conflicts inboundary lines, shortages in are4 encroaolunents, easements or any other facts whioh a oonectphysical survey would disclose. The undersigred furthcr makes no representation as to thezoning of the real estate or its past or present environmental history or status,

Sincerely,REED&REED,P.C.Attomeys & Counsellors atLaw

MNR/drgCC: Lowell Baugfuan,

TimothyStowe,PE

MarkN. Reed

Ciover Project Page 71 ot 71

Documents

EDA Appraisal of Clover