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<br />. The individual parcel written appraisal report will be consistent with a summary <br />appraisal, as per USPAP. The level of detail will depend upon the relevance of <br />specific issues to an appraisal problem. The primary object is to communicate <br />the analysis in a credible manner that is not misleading. <br /> <br />. Descriptive exhibits supplemental to the narrative of each project appraisal report <br />will include <br /> <br />1. Photographs of the subject site, site improvements (if any) and building <br />improvements (if any); photographs of the acquisition; photographs of all <br />comparable market data; other photographs as relevant to the appraisal <br />problem. <br /> <br />2. Maps of the neighborhood depicting the subject location; flood map <br />depicting the subject location; maps of comparable data; plat maps of <br />subject and comparable data; right of way plat maps, and other maps <br />appropriate to the appraisal problem, <br /> <br />3. Site sketch and or exhibits, depicting set backs, dimensions, lot layout, <br />functional utility and others appropriate to the appraisal problem. <br /> <br />4, Project construction plan. <br /> <br />. The appraisal problem requires the valuation of the site as though vacant; and <br />where necessary, as improved, both before and after the take. The difference <br />between the two value estimates is equivalent to the part taken and damages, <br />less special benefits to the remainder, if any, <br /> <br />. The appraisal development and reporting will consider the rationale for excluding <br />any of the three approaches. All applicable approaches used will be reconciled, <br />and a final opinion of value developed, both in the before and the after analyses. <br />The sales comparison approach, in this instance, is valid and will be included in <br />all project appraisals. <br /> <br />. Data research parameters will be appropriate for the various property types, and <br />the type of appraisal problem, in the context of the intended use. All data will be <br />reported in a manner consistent with that specified in USPAP, and all data will be <br />personally confirmed by a party to the sale, and against public records for <br />discrepancies. <br /> <br />. Each parcel appraisal report will summarize the taking and damages, properly <br />allocating the taking and damages. <br /> <br />Time of Completion <br />The work to be performed under this Contract shall be commenced on or before April 1, <br />2007 and shall be substantially completed on or before July 31, 2007. Time is of the <br />essence. The following constitutes substantial completion of work pursuant to this <br />proposal and contract: % of all appraisals completed. <br /> <br />Page 3 of4 <br />