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Introduction <br />1 <br /> <br />Introduction <br />OWNERSHIP AND PROPERTY HISTORY <br />Title to the property is currently vested in the name of YOGINIVAS LLC according to Cass County. <br />Title to the property was transferred for a consideration of $1 on March 16, 2021 in Quit Claim <br />Deed #1625719 . The selling ownership entity is made up of four private investors/individuals <br />from the Patel Family and this is believed to be a related-party sale. <br />According to information provided for this assignment, the group acquired the property for <br />$625,000 through a purchase agreement created November 20th, 2020 which involved a total of <br />four hotels all in Fargo (Quality Suites @ $700,000, Quality Inn @ $625,000, Econolodge West <br />@ $400,000 and Super 8 Airport @ $450,000) totaling $2,175,000. The portfolio is believed to <br />include 267 rooms, implying a blended $8,146 per room acquisition price. The seller was First <br />Citizens Bank who had previously foreclosed on the assets and several of the assets were <br />shuttered for an unknown period of time. The sale was recorded December 15, 2020 (WD# <br />1616588). <br />Based upon the analysis contained in this report and given the property was acquired under <br />distressed conditions, the sale reflects below-market pricing. <br />To the best of our knowledge, there has been no ownership transfer of the property during the <br />previous three years. As of the value date, the property was not being publicly marketed for sale. <br />INTENDED USE OF REPORT <br />This appraisal is to be used for finance-underwriting purposes and no other use is permitted. <br />INTENDED USER OF REPORT <br />This appraisal is to be used by First Citizens Bank and no other user may rely on our report unless <br />as specifically indicated in the report. <br />Intended Users - the intended user is the person (or entity) who the appraiser intends <br />will use the results of the appraisal. The client may provide the appraiser with <br />information about other potential users of the appraisal, but the appraiser ultimately <br />determines who the appropriate users are given the appraisal problem to be solved. <br />Identifying the intended users is necessary so that the appraiser can report the <br />opinions and conclusions developed in the appraisal in a manner that is clear and <br />understandable to the intended users. Parties who receive or might receive a copy of <br />the appraisal are not necessarily intended users. The appraiser’s responsibility is to <br />the intended users identified in the report, not to all readers of the appraisal report. 3 <br /> <br />3 Appraisal Institute, The Appraisal of Real Estate, 14th ed. (Chicago: Appraisal Institute, 2013), 50.