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ORD 2004-08 P&ZTOWN OF TROPHY CLUB, TEXAS ORDINANCE NO. 2004-08 P&Z AN ORDINANCE OF THE TOWN OF TROPHY CLUB, TEXAS REPEALING ORDINANCE NO. 2000-18 P&Z, DETERMINING THE VALUE OF VACANT LAND IN THE TOWN FOR PURPOSES OF PARKLAND DEDICATION AND PAYMENT OF CASH IN LIEU OF DEDICATION; PROVIDING FOR THE INCORPORATION OF PREMISES; ADOPTING NEW PROVISIONS FOR THE FAIR MARKET VALUE OF VACANT LAND; PROVIDING A SAVINGS CLAUSE; PROVIDING A CUMULATIVE REPEALER CLAUSE; PROVIDING A SEVERABILITY CLAUSE; PROVIDING A PUBLICATION CLAUSE; PROVIDING FOR ENGROSSMENT AND ENROLLMENT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Town Council of the Town of Trophy Club, Texas adopted Ordinance No. 94-01 requiring developers of residential subdivisions to dedicate parkland or pay cash in lieu of dedication as a condition of plat approval; and WHEREAS, the Town retained the services of a qualified appraiser to determine fair market value of vacant land within the Town as required by Ordinance No. 94-01; and WHEREAS, after reasonable investigation and study and based upon the best available information as to land and property values within the Town, the Town's appraiser has arrived at a fair market value for such land and has provided the Town with an appraisal report for 2004, a copy of which is attached hereto and incorporated herein as Exhibit "A"; and WHEREAS, the Town Council has reviewed Exhibit "A" and has determined that it provides an appropriate fair market valuation for vacant land within the Town; and WHEREAS, finding that the 2004 appraisal is appropriate, the Town finds it necessary and appropriate to repeal Ordinance number 2000-18 P&Z and adopt a new Ordinance reflecting the valuation of land for 2004 as specified in Exhibit "A". NOW, THE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF TROPHY CLUB, TEXAS: SECTION 1. INCORPORATION OF PREMISES All of the above premises are found to be true and correct and are incorporated into the body of this Ordinance as if copied in their entirety. TOWN Or TROPHY CLUB, TEXAS - ORDINANCE - Page 1 ORD 2004-08 Repealing Ord 2000-18 P&Z determing value vacant land;adopting new provisions SECTION 2. FAIR MARKET VALUE OF VACANT LAND For purposes of fiscal year 2003-2004, the fair market value of vacant land within the Town is One Hundred and Forty -Five Thousand Dollars ($145,000.00) per acre. SECTION 3. SAVINGS All rights and remedies of the Town of Trophy Club, Texas, are expressly saved as to any and all violations of the provisions of any other Ordinance affecting sign regulations which have secured at the time of the effective date of this Ordinance; and, as to such accrued violations and all pending litigation, both civil and criminal, whether pending in court or not, under such Ordinances same shall not be affected by this Ordinance but may be prosecuted until final disposition by the courts. SECTION 4. CUMULATIVE REPEALER That this Ordinance shall be cumulative of all other Ordinances and shall not repeal any of the provisions of such Ordinances except for those instances where there are direct conflicts with the provisions of this Ordinance; provided however, that Ordinance No. 99-13 is hereby repealed. Ordinances or parts thereof in force at the time this Ordinance shall take effect and that are inconsistent with this Ordinance are hereby repealed to the extent that they are inconsistent with this Ordinance. Provided however, that any complaint, action, claim or lawsuit which has been initiated or has arisen under or pursuant to Ordinance No. 99-13 on the date of adoption of this Ordinance shall continue to be governed by the provisions of such Ordinance and for that purpose the Ordinance shall remain in full force and effect. SECTION 5. SEVERABILITY CLAUSE If any section, article, paragraph, sentence, clause, phrase or word in this Ordinance or application thereof to any person or circumstance is held invalid or unconstitutional by a Court of competent jurisdiction, such holding shall not affect the validity of the remaining portions of this Ordinance, and the Town Council hereby declares it would have passed such remaining portions of this Ordinance despite such invalidity, which remaining portions shall remain in full force and effect. SECTION 6. PUBLICATION The Town Secretary of the Town of Trophy Club is hereby directed to publish, the Caption, Penalty and Effective Date of this Ordinance as required by Section 52.011 of the Texas Local Government Code. TOWN OF TROPHY CLUB, TEXAS - ORDINANCE - Page 2 ORD 2004-08 Repealing Ord 2000-18 P&Z determing value vacant land;adopting new provisions SECTION 7. ENGROSSMENT AND ENROLLMENT The Town Secretary of the Town of Trophy CIub is hereby directed to engross and enroll this Ordinance by copying the exact Caption, Penalty and Effective Date in the minutes of the Town Council and by filing this Ordinance in the ordinance records of the Town. SECTION 8. EFFECTIVE DATE This Ordinance shall become effective from and after its date of adoption and publication as provided by law, and it is so ordained. PASSED AND APPROVED by the I this /Pday of r� rrrrli.�r, 2004. Effective Date: February 21, 2004 [SEAL] ATTEST: O� TROp�/ 0 Town Secretary Town of Trophy Club, Texas z APPROVED TO AS FORM: Town Attorney Town of Trophy Club, Texas TOWN OF TROPHY CLUB, TEXAS - ORDINANCE - Page 3 PARKLAND DEDICATION 021604 Exhibit " Summary Appraisal Report January 29, 2904 SUMMARY APPRAISAL REPORT OF THE• REAL PROPERTY LOCATED AT 1.0 ACRE OF VACANT LAND WITHIN THE TOWN OF TROPHY CLUB, TEXAS TROPHY CLUB, TEXAS 76263 for TOWN OF TROPHY CLUB 10* MUNICIPAL DRIVE TROPHY CLUB, TEXAS 76262 as of JANUARY 29, 2004 by PIfILLIP ATLAS- IFA,MSA,MRA,MFLA PO BOX 565 KELLER, TX 76244 ATLAS REAL ESTATE SERVICES ATLAS REAL ESTATE SERVICES PO BOX 585 KELLER, TX 76244 817--431-9858 January 29, 2004 TOWN OF TROPHY CLUH 100 MUNICIPAL. DRIVE TROPHY CLUB, TEXAS 76262 Property - 1.0 ACRE OF VACANT LAND WITHIN THE TOWN OF TROPHY CLUB, TEXAS TROPHY CLUB, TEXAS 76262 Borrower- TOWN OF TROPHY CLUB File No. - 9131-A4 Case No. - Dear : In accordance with your request, I have personally inspected, made a Complete Appraisal, and prepared a SUMMARY APPRAISAL Report of the real property located at 1,0 ACRE OF VACANT LAND WITHIN THE TOWN OF TROPHY CLUB, TEXAS, TROPHY CLUB, TEXAS. The purpose of the SUMMARY APPRAISAL is to estimate the market value of the property described in the body ofthis teport. Enclosed, plcasc find the SUMMARY APPRAISAL which describes certain data gathered during our investigation of the property. The methods of approach and reasoning in ilia valuation of the various physical and economic factors or the subject property are contained in this report. An inspection of the property and a study of pertinent factors, including valuation trends and an analysis of neighborhood data, led the appraiser to the conclusion that the market value, as of JANUARY 29, 2004 is : 5145,000 The opinion of value expressed in this report is contingent upon the Limiting Conditions attached to this report. It has been a pleasure to assist you. If I may be of further service to you in the future, plcasc let me know. Respectfully submitted, ATLAS REAL ESTATE SERVICES PHILLIIATLAS - IFA,MSA,MRA,MFLA TX Certification #TX»1323565-11 COMPLETE APPRAISAL ANALYSIS - SUMMARY APPRAISAL REPORT I Amn AGOGAFSAI lsrmnri Plln hen in ATLAS REAL ESTATE SERVICES Berri TOWN OF TROPI IY CLUB Census Tract 203.02 Map Reference MAPSCO 331 OD, I I F Propedy Address 1.0 ACRE OF VACANT LAND WIT14IN THE TOWN OF TROPHY CLUB TEXAS o Clly TROPHY CLUB County DENTON SIaleTEXAS ZipCodo 76262 -d Legal Desuiplinn l,n ACRE OF VACANT LAND WITHIN THE TOWN OF TROPHY CLUB TEXAS _U11o.. V� Sale Prim $NIA Dale of Sale NIA Laan Tann NIA yrs. Pmpedy Rights Apprau¢d IFeu 0 Leas¢hoW 1 Dc Minirnis PUO 2 Add Real Falata Tales 5NIA (yr.) Lisan charges to bo paid ly selar SNIA Other sales mnneasions NIA n L.andedClianl TOWN OF TROPHY CLUB Address 100 MUNICIPAL DRIVE TROPHY CLUB TEXAS 76262 0—pant AS VACANT I -AND Appraise, PHILLIP ATLAS- IFA, InslmnhonsleAppmise TO ESTIMATE THE MARKET VALUE OF I.O +I- �A(-RFS WITHIN O' O CLUB QE VACAJIT I- N !.UB IDI Lecahon LJ Urban 1.,K.I suburban L_J Rural Goad Avg, Fell Puar Ball, Up Over 75?L 25%tp 75% Undor25% Employment Stability ❑n���� Growth Rale L Fully Dev. L'. Rapid ��, Steady :-,� Slow Ccnvan€ i to Employment I 1 �L property Volutm LSI Invnssing I�X1 Stable �Oeriairrg Convenience to shopping F �h Lx -.:'- Onmandfsupply shortage '�'v.11. Saloom Over Supply Cenvaa€encola Sdrwls D1�X� C�''; '.j Markeling7uno Li Under3Mos. u4.6Mos. iLOver6Mos. AdoguapyofPubi7ranspadation N L ]I I;EI .;, 0. Present Land Use 98 %I Family %Able. %Conda 7 %Commercial Recinalional Farlities _.. Q._% _%2-4Fam — _____ Industrial %Vacant 1D % Adnquacyof Utilities ❑OC- X � Ix Change in Present Land Use LI, Not Likely xi Likely ('j L_J Taking Plaw ('} Pmpedy Campahbiii7y D FXI E m: NProm VACANT To RESIDENTIAL Protection from Detrimental Canditianc ❑_x CLQ' S Pmdnminant OL_x_ Ower! T¢nanl %Vacant Pmlloe and Fine Prolaction n n F 1_7 ` 2 Single Family Prim Range S 150.000 Io$ 495,00n Predominant Value S 735,000 G—nalA _ ppemmnm of Pmpadies 1 Single Fami€y Agu NEW ym W:!o y.. PredpminaMAge 17 y1s. Appeal is Mattel: E THE TOWN OF Conavants including them faclutu, favorable er unravni affecting muhetabiuty Ie.g, public parks, schools, nasal AN ORDINANCE OF PLAT TROPHY CLUB TEXAS REQUIRING THE DEDICATION OF PARK LAND TO THE TOWN CONCURRENT WITH SUBDIVISION APPROVAL, PROVIDING FOR PAYMENT IN LIEU OF SUCH DEDICATION AND A PROCEDURE FOR DETERMINING MARKET VALUE OF ORDINANCE uA7-09 AND $6-30 F 11. ' ' , ce Additional Dimeastons PLEASE RELY ON CURRENT SURVEY. (A+y-ACRES Li Corner Lnt Zoning Classifioallicn SINGLE FAMILY RESIDENTIAL Present imprevemenla X do LI do opt ounromr to zoning regulations � Highest and best use: Prenenlusa .X.Other (specify) FUTUREDEVELOPMENT Public Other (Oesruibe) OFF SITE IMPROVEMENTS Topic GENTLE SLOPE TO THE STREET Flee. sleealAmess:_X�__ Pubic ❑Prorate Slza ADEQUATE FOR DEVELOPMENT Gas SurfamCONCRETE shape RECTANGULAR t__ Water Mulnlpnance: X Public Poi View TYPICAL FOR GENERAL AREA u _sen. sewn i� :z storm Smwe< N CurblGuttel Drainage APPEARS ADE UATE Underground Eli 6 Tal. �:3 Sidewalk 0 Shoat Lights Is the pmp¢dy located Ina HUD Idantihed Special Flood Hamm AMA7 LXJ No Yes Comments (favomho ar unfavomtdn hdudiry arty appamnl reverse easements, nrcinoachmenla or other advamu mnaiEons) TYPICAL UTILITY EASEMENT . PLEASE RELY ON CURRENT SURVEY FOR ACCURACY REGARDING DIMENSIONS EASEMENTS ENCROACHMENTS AND FLOOD HAZARD AREA. The undersigned hais matedl limo recent sales of properties most similar and prasmrato to subjed and has considered than in Ins market analysis. Thu description Indudea a dollar adjustment, rahedirq market reads to those deem of significant variation between the subjecl and wmpirmi properties. If a signifiranl item In the cornparaNe property is supenor to, m i- -" more favorable thin, the subinC property, a amus (-) adjustment is made. Ilius mduong the inr whi value of aubjed; if a slgmif t hem In the mmpamhla m infrnior to, or less favnmNa than, the subject poc a plus {+J atljuatmmnl is mads, thus Incmaslng the ladiralad value of the subject. ITEfd SubpolProppirty COMPARABLE NO. 1 COMPARABLE NO.2 COMPARAELE NO, 3 Address 1,0 ACRE OF LAND 37 PANORAMA CIRCLE 6 PANORAMA CIRCLE 62 PANORAMA CIRCLE ROPHY CLUB TROPHY CLUB TEXAS ROPI IY CLUA TEXAS ROPI IY CLUB TEXAS PmJmirytnSub] , SAME SUBDIVISION AME SUBDIVISION AME SUBDIVISION N Sales Fred S NIA 5 4n Oen S 40 1000 IS 34.000 Pew S NIA $ 166 666.67` $ 141,H57.14 E 147 H26.09 Q Data sou ce INSPECTION MLS H9505319 ILS 49505353 MLS 49505364 .2 '6. Data of sale and OESCRlPriON CEBCRPTION +1' S DESCRIPTION 'I' $ DESCRIPTION 't; ¢. Time Adjustment NIA 6/19/2003 3124/2003 nood$ 11114y2003 qt.ncatilm ISUBURBAN SAME NEIGH. AMENEIGH. I AMENEIGH. a SaelVia% IrYPICAL TYPICAL P]CAL I PICAL tK Sila Amn 1.0+I- ACRES 0.24 +1- ACRES 10.28 +!- ACRES 0.23 +1- ACRES UTILITIES AVAIL 1UTILITIFSAVAIL. 10-ILITIFSAVAIL ' UTILITIES AVAIL ' TYPICAL LOT I PICAL LOT TYPICAL LOT TYPI CAL LOT RESIDENTIAL 1RESIDFNTIAL RESIDENTIAL (RESIDENTIAL Sal¢s m Finandng NONE NOTED NONE NOTED NONE NOTED NONE NOTED Coneessl¢ns NONE NOTED 5166 666 PER ACRE S141.95 7 PER ACRE 147.826 PER ACRE Net Adj. Creel) 11 Plus Minas 5 Plus Minus S Ausi I Minus 5 Indiraled Valva Gross 0.0% Gross 0.0% J Gross 0.0% of Sui Net 0.0°,. S 40 f70n Net OA4 S 40000 Net 0.11% $ 34.000 Commanls an Market Data: THE MOST SIMILAR AND PROXIMATE SAI -ES WERE USED TO DERIVE THE DATA GENERATED IN THIS APPROACH. ALL SALES INFORMATION WAS OBTAINED THE SUBJECT'S GENERAL AREA. Comments and Condihons of Appmisat: THE LAND SHALL BE OF SUCH SIZE DIMENSION TYPOGRAPHY AND GENERAL CHARACTER AS IS z RE•SONABLY REQUIRED FOR THE TYPE OF USE PROPOSED. ANY LAND DEDICATED TO THE TOWN UNDER THIS ORDINANCE MUST 0. BE SUITABLE FOR PARK AND RECREATION USES. V3 Final Ramndliauan: IN THE FINAL VALUE ESTIMATE MOST CONSIDERATION WAS GIVEN TO THE SALES COMPARISON APPROACH. TH o COMPARABLE LAND VALUES RANGE FROM 5132 857. TO 5166 666. PER ACRE. VALUE SELECTED IS 5145,000 PER ACRE AS THE MARKET VALUE FOR ONE ACRE OF LAND IN TROPHY CLUB, TEXAS. I ESTIMA7E SHE MART VA;NE, AS UFFINEO, ofS ECT PROPERTY AS OF JANUARY 29 7004 to be S145000 I,L praism(s) Review Appraiser {Vfapp€irablo) °.X Did On Not Physically lnspezl Property slgnalum _ _ i Signalum Name PHILLIPkATLAS-IFA, ISA,MRA,MfchA 01139120(14 Name Date f Slots TX 1 License I X Cedlrienihm # TX_1373665-13 Stale i Cleanse Cedihcation # ATLAS REAL ESTATE SERVICES Flln N.A191_Ae USPAP COMPLIANCE.ADDENDUM Eumswararowne TOWN OFTROPHY CLUB Pmpedv Addrusn 1.0 ACRE OF VACANT LAND WITHIN THE TOWN OF TROPHY CLUB TEXAS C-ly TROPHY CLUB county DENTON Stale TEXAS Tip Cede 762fi2 Lender ar Cli-I TOWN OE TROPHY CLUB Purpose of the Appraisal. TO ESTIMATE MARKET VALUE OF THE SUBJECT PROPERTY Scope of Work THE SCOPE OF THIS APPRAISAL IS TO COLLECT VERIFY INSPECT ANALYZE AND RFPORT MARKET DATA FROM ALL AVAILA PUBLIC AND PRIVATE SOURCES WHICH ARE APPLICABLE TO THE OPINION OF VALUE OF THE SUBJECT PROPERTY. THESE DA SOURCES ARE USED IN EACH OF THE RELEVANT APPROACHES TO VALUE. THIS APPRAISAL WILL ADDRESS TFIE REAL PROPS ONLY AND WILL NOT INCLUDE ANY PERSONAL PROPERTY EQUIPMENT, OR INVENTORY UNLESS SPECIFIED. BY MUTUAL AGREEMENT OF THE CLIENT AND THE APPRAISER THE INCOME APPROACH HAS NOT BEEN COMPLETED. THE DEVELOPMENT THE OPINION OF VALUE CAN BE RELIABLY BASED ON THE SALES COMPARISON APPROACH AND THE COST APPROACIH AND NOT COMPROMISED BY NOT PERFORMING THE INCOME APPROACH TO VALUE. Report of the pdorsales history for the subject ropedy Is the subject pmperty c n4y I;ted7 L_jYes �X No List Pricn: 5 Has Ito pmpedy sold dunnq I" pdorlhme years" Yea l x l No It yes, describe helve THE SUBJECT PROPERTY WAS NOT LISTED FOR SALE WHEN THE PROPERTY INSPECTION WAS COMPLETED. PRIOR LISTING A SALES HISTORY INFORMATION HAS BEEN CONSIDERED AND ANALYZED ON THE SUBJECT PROPERTY FOR THE PAST 3 YEARS WHEN 1T IS AVAILABLE FROM RELIABLE SOURCES SUCH AS MLS AND LOCAL TAX DATA. Exposure Tlme What is your es&mate of up=m Iime for the suhjed pmpedy! 90 TO 180 DAYS ESTIMATED D—he heluw the Basis{raliamlo) far your eslimale7 1 ACKNOWLEDGE THAT AN ESTIMATE OF A REASONABLE TIME FOR EXPOSURE IN THE OPEN MARKET IS A CONDITION IN TU DEFINITION OF MARKET VALUE. EXPOSURE TIME IS ALWAYS PRESUMED TO PRECEDE THE AFFECi'IVE DATE OF THE APPRAI THE FOLLOWING DEFINITION WAS USED IN DEVELOPING THE EXPOSURE TIME AS STATED IN T1d18 APPRAISAL ASSIGNMENT. EXPOSURE TIME MAY BE DEFINED AS FOLLOWS: THE ESTIMATED LENGTH OF TIME THE PROPERTY INTEREST BEING APPRAI WOULD HAVE BEEN OFFERED ON THE MARKET PRIOR TO nIF HYPOTHETICAL CONSUMMATION OF A SALE AT MARKET VALI THE EFFECTIVE DATE OF TFIE APPRAISAL:A RETROSPECTIVE OPINION BASED ON AN ANALYSIS OF PAST EVENTS ASSUMING COMPETITIVE AND OPEN MARKET. Non4eal property transfers Does Ihu Imnsatlion mvolve Iha lransler of personal property, r lv s, ur intangihles that aro rtut raal property? _ ysT x No tr yaa, pmvidn tlnacriplirm ontl valval€nn hnEnw. THE APPRAISER DID NOT INCLUDE ANY PERSONAL PROPERTY EQUIPMENT, OR INVENTORY. Addltionac UmIlIng Condltlons orAddilfonal Comments THE INTENDED CLIENTS THIS REPORT IS INTENDED FOR USE BY THE IDENTIFIED CLIENT AND OR THEIR IDENTIFIED ASSIGNS USE OF THIS RFPORT BY OTHERS IS NOT INTENDED OR AUTHORIZED BY THE APPRAISER. Addiilonal Certification Statements or Add€clonal Comments HIGHEST AND BEST USE: THE HIGHEST AND BEST USE IS BASED ON EMPIRICAL DATA GATHERED FROM THE SUBJECT MARKI AREA, THE REASONABLY PROBABLE AND LEGAL USE OF PROPERTY THAT IS PHYSICALLY POSSIBLE APPROPRIATELY SUPPORTED, AND FINANCIALLY FEASIBLE AND THAT RESULTS IN THE HIGHEST VALUE IN THE APPROPRIATE MARKETPLACE THE CURRENT USE. Date: JununrV29, ZDOA Appraiser{sl: PHILLIP ATLAS - IFA.N SA,MRA,MF Data: Rnviaw Appraissrlsl: Copyright Haj 1P91 sofiwam for Real Eslats professionals ATLAS REAL ESTATE SERVICES LE aL. E ON 1NLY. TING Y S I -A4 PHOTOGRAPH ADDENDUM BerrmVeourewnn TCIWM npi,unpwv rrim Lender or CRant ATLAS REAL ESTATE SERVICES Calla FRONT VIEW OF SUBJECT PROPERTY REAR VIEW OF SUBJECT PROPERTY STREET SCENE OF SUBJECT PROPERTY LOCATION MAP` 13—oror Owne TOWN OF TROPHY CLUB Pmparty Address I.O ACRE OF VACANT LAND WM41N THE TOWN OF TROPHY CLUB TEXAS City TROPHYCLUB Cddnly DENTON Slate TEXAS Ip Code 76263 Lendorar Client TnwmnFTrlrIPLIvrr7rn ATLAS REAL ESTATE SERVICES est u E I FLOOR MAP B=ar or Owns- TOWN OF TROPHY CLUB Pmporly Addross 1.0 ACRE OF VACANT LAND WITHIN TFIE, TOWN OF TROPHY CLUB TEXAS C[ly TROPHYCLUB County DENTON SIM TEXAS ZlpCada 76262 Uedaror Cll"nl TOWN OF TROCHY CLU 'P rW Gr - YID �o CL } u W Tillt E—q Do s c qp c C �- ATLAS REAL ESTATE SERVICES File No, y 131-A4 APPRAISER'S CERTIFICATION: The Appraiser canifiies and agrees that 1. l have researched the subject market area and have selected a minimum of three recent sales of properties most slmllar and proximate to the subject property for consideration In the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market mention to those items of significant variation. If a significant item in a comparable property is superior to, OF more favorable than, the subject property, 1 have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant Stem In a comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. 1 have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, in the best of my knowledge, that all statements and Information in the appraisal report are true and correct. 3. 1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. 1 have no present or prospective Interest In the property that is the subject to this report, and 1 have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis andlor the estimate at market value In the appraisal report on the race, color, religion, sex, handicap. familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners nr occupants of the properties in the vicinity of the subject property. S. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal Is contingent on the appraised value of the property. 6. 1 was not required to report a predetermined value or direction in value that fevers the cause of the client er any related party, the amount of the vaFue estimate, the attainment of a specific result, or the occurrence of a subsequent avant in order to receive my compensation andlor employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. 1 performed this appraisal In conformity with the Uniform Standards of Professions$ Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board or The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure pmvislon of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure In the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood secllon of this report, unless I have otherwise stated in the reconciliation section. S. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables In the appraisal report. I further certify that I have noted any apparent or known adverse conditions In the subject Improvements, an the subject site, or on any site within the Immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions an the marketability of the subject property. 9. 1 personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional assistance from any Individual or Individuals in the performance of the appraisal or the preparation of the appraisal report. I have named such Individual(s) and disclosed the specific tasks performed by them In the reconciliation section of this appraisal report. I certify that any Individual so named Is qualified to perform the tasks. 1 have not authorized anyone to make a change to any Item In the report; therefore, If an unauthorized change Is made to the appraisal report. I will lake no responsibility for It. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she cerdfies and agmes that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's cartificalions numbered 4 through 7 above, and am laking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 1.0 ACRE OF VACANT LAN© WITHIN THE TOWN OF TROPHY CLUB, TEXAS, TROPHY APPRAISER: SUPERVISORY APPRAISER (onty If requlrad); Signature: E�i- L�oz� Signature: Name: PLIILLIP A S - IFA.M 'A.MRA.MFLA Name: Dale Signed: lunuarl,2+J 20(14 Date Signed: State Certification#: TX_1313665-IZ Stale Carificalion 4: or Slate License #: or Slate License M State: TX Slate: Expiration Date of Certification or 1.1canse: 913[1104 Expiration Date of Certification or License: ❑X Did ❑ Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fanniu Mae Farm 10048 8.93 ATLAS REAL. ESTATE SERVICES File Nu. 9131-A4 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisiie to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is nal affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller am typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made In terns of rash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions" granted by anyone associated with the sale. "Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments am necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays those costs In virtually all sales transactions. Special or creative financing adjustmants can be made to the comparable properly by comparisons to financing terms offered by a third party Institutional lender that Is not already involved In the properly or tmnsacbon. Any adjustment shouid not he calculated on a mechanical dollar for dollar cast or the financing or concessions but the dollar amount of any adjustment should approximate the markers reaction to the financing or concessions Lased an the appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraisers certification that appears In the appraisal report Is subject to the following conditions: 1. Thu appraiser will not be responsible for matters of a legal nature that affect either the properly being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the litfa. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions or the improvements and the sketch Is included only to assist the reader or the report in visualizing the property and understanding the appraisers dalermination of its size. 3. The appraiser has examined the available flood maps that am provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site Is located in an Identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the end in the cast approach at its highest and best use and the Improvements at their contributory value. The separate vaivatinns of the land and Improvements must not be used In conjunction with any other appraisal and am Invalid if they are so used. B. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, atc.) observed during the Inspection of the subject properly or that he or she became aware of during the normal research involved In performing the appraisal. Unless otherwise stated In the appraisal report, the appraiser has no knowledge of any hidden or unapparenl oandAlans of the properly or adverse unvirenmenlal conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there am no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such condidons exist, Because the appraiser Is net an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appralser obtained the Information, estimales, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy or such items that were furnished by other portion. 8. The appmtser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements wilt be performed in a workmanlike manner, 10, The appraiser must provide his or her prior written consent before the andeddient specified in the appraisal report can distribute the appraisal report (including concusions about tho pmperty value, the appraisers Identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower, the mortgagee or its successors. and assigns; the mortgage Insurer, consultants; professional appraisal organizations; any slate or federally approved financial institution; or any department, agency, or instrumentality of the United Slates or any slate or the District of Columbia; except that the landerlcient may distribute the property description section of the report only 10 data collection or reporting sarvice(s] without having to obtain the apprafsefs prior written consent. The appraisefs written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 5.93 Page 1 of 2 Fannie Mae Form 1094B 6-93