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l.buyer and seller are typically motivated; <br />Scope of Work <br />2.both parties are well informed or well advised, and acting in what they consider their own <br />best interests; <br />3.a reasonable time is allowed for exposure in the open market; <br />4.payment is made in terms of cash in U.S. dollars or in terms of financial arrangements <br />comparable thereto; and <br />5.the price represents the normal consideration for the property sold unaffected by special <br />or creative financing or sales concessions granted by anyone associated with the sale. 4 <br />INTEREST APPRAISED <br />The value estimated represents the leased fee interest as defined below: <br />Fee Simple Estate -Absolute ownership unencumbered by any other interest or estate, <br />subject only to the limitations imposed by the governmental powers of taxation, <br />eminent domain, police power and escheat. 5 <br />Leased Fee Interest -The ownership interest held by the lessor, which includes the right <br />to receive the contract rent specified in the lease plus the reversionary right when the <br />lease expires. 6 <br />Leasehold Interest -The tenant's possessory interest created by a lease. 7 <br />Going Concern -An established and operating business having an indefinite future <br />life. 8 <br />Extent to Which the Property is Identified <br />The property is identified through the following sources: <br />•postal address <br />•assessor's records <br />•legal description <br />Extent to Which the Property is Inspected <br />The extent of the inspection included the following: full interior/exterior walk-through. <br />Type and Extent of the Data Researched <br />CBRE reviewed the following: <br />•applicable tax data <br />•zoning requirements <br />•flood zone status <br />4 lnteragency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75 Number 237, <br />Page 77472. <br />5 Appraisal Institute, The Dictionary of Real Estate Appraisal,6th ed. (Chicago: Appraisal Institute, 2015), 90. <br />6 Dictionary of Real Estate Appraisal, 1 28. <br />7 Dictionary of Real Estate Appraisal, 1 28. <br />8 Dictionary of Real Estate Appraisal, 102. <br />2 Hobby Lobby Center, Fargo, North Dakota CBRE <br />Page 52