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Scope of Work <br />Scope of Work <br />This Appraisal Report is intended to comply with the reporting requirements set forth under <br />Standards Rule 2 of USPAP. The scope of the assignment relates to the extent and manner in <br />which research is conducted, data is gathered and analysis is applied. <br />INTENDED USE OF REPORT <br />This appraisal is to be used for loan underwriting and-or credit decisions and no other use is <br />permitted. <br />CLIENT <br />The client is Cushman & Wakefield Global Services Inc. <br />INTENDED USER OF REPORT <br />This appraisal is to be used by Fieldpoint Private Bank and Trust and or affiliates and Cushman <br />and Wakefield Global Services, Inc. No other user may rely on our report unless as specifically <br />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 />PURPOSE OF THE APPRAISAL <br />The purpose of this appraisal is to estimate the market value of the subject property. <br />DEFINITION OF VALUE <br />The current economic definition of market value agreed upon by agencies that regulate federal <br />financial institutions in the U.S. (and used herein) is as follows: <br />The most probable price which a property should bring in a competitive and open market under <br />all conditions requisite to a fair sale, the buyer and seller each acting prudently and <br />knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this <br />definition is the consummation of a sale as of a specified date and the passing of title from seller <br />to buyer under conditions whereby: <br />3 Appraisal Institute, The Appraisal of Real Estate, 14th ed. (Chicago: Appraisal Institute, 2013), 50. <br />Hobby Lobby Center, Fargo, North Dakota CBRE <br />Page 51